0001387131-17-004079.txt : 20170811 0001387131-17-004079.hdr.sgml : 20170811 20170811060412 ACCESSION NUMBER: 0001387131-17-004079 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170811 DATE AS OF CHANGE: 20170811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NANOPHASE TECHNOLOGIES Corp CENTRAL INDEX KEY: 0000883107 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PRIMARY METAL PRODUCTS [3390] IRS NUMBER: 363687863 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-22333 FILM NUMBER: 171022889 BUSINESS ADDRESS: STREET 1: 1319 MARQUETTE DRIVE CITY: ROMEOVILLE STATE: IL ZIP: 60446 BUSINESS PHONE: 6303231200 MAIL ADDRESS: STREET 1: 1319 MARQUETTE DRIVE CITY: ROMEOVILLE STATE: IL ZIP: 60446 FORMER COMPANY: FORMER CONFORMED NAME: NANOPHASE TECHNOLOGIES CORPORATION DATE OF NAME CHANGE: 19970305 10-Q 1 nanx-10q_063017.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: June 30, 2017

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) of the
Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 000-22333

Nanophase Technologies Corporation

(Exact name of registrant as specified in its charter)

Delaware	36-3687863
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1319 Marquette Drive, Romeoville, Illinois 60446

(Address of principal executive offices, and zip code)

Registrant’s telephone number, including area code: (630) 771-6708

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

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

	Large accelerated filer ☐	Accelerated filer ☐

	Non-accelerated filer ☐	Smaller reporting company R

		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

As of August 4, 2017, there were 31,234,330 shares outstanding of common stock, par value $.01, of the registrant.

NANOPHASE TECHNOLOGIES CORPORATION

QUARTER ENDED JUNE 30, 2017

INDEX


		Page

PART I - FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
	Balance Sheets as of June 30, 2017 (unaudited) and December 31, 2016	3
	Unaudited Statements of Operations for the three months ended June 30, 2017 and 2016 and the six months ended June 30, 2017 and 2016	4
	Unaudited Statements of Cash Flows for the six months ended June 30, 2017 and 2016	5
	Notes to Unaudited Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	16

PART II - OTHER INFORMATION		16
Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17
Item 3.	Defaults Upon Senior Securities	17
Item 4.	Mine Safety Disclosures	17
Item 5.	Other Information	17
Item 6.	Exhibits	17

SIGNATURES		18

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

NANOPHASE TECHNOLOGIES CORPORATION

BALANCE SHEETS

	(in thousands except share and per share data)
	June 30,
	2017 (Unaudited)			December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	1,150		$	1,779
Trade accounts receivable, less allowance for doubtful accounts of $5 on June 30, 2017 and December 31, 2016		2,199			434
Inventories, net		763			772
Prepaid expenses and other current assets		407			442
Total current assets		4,519			3,427

Equipment and leasehold improvements, net		1,387			1,395
Other assets, net		18			20
	$	5,924		$	4,842

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Current portion of capital lease obligations	$	57		$	107
Accounts payable		1,004			669
Accrued expenses		984			521
Total current liabilities		2,045			1,297

Long-term portion of capital lease obligations		305			110
Long-term deferred rent		438			466
Asset retirement obligations		181			178
Total long-term liabilities		924			754

Stockholders’ equity:
Preferred stock, $.01 par value, 24,088 shares authorized and no shares issued and outstanding		—			—
Common stock, $.01 par value, 42,000,000 shares authorized; 31,234,330 and 31,229,996 shares issued and outstanding on June 30, 2017 and December 31, 2016, respectively		312			312
Additional paid-in capital		97,454			97,359
Accumulated deficit		(94,811	)		(94,880	)
Total stockholders’ equity		2,955			2,791
	$	5,924		$	4,842

See Notes to Financial Statements.

NANOPHASE TECHNOLOGIES CORPORATION

STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands except share and per share data)

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016

Revenue:
Product revenue	$	3,535		$	3,678		$	7,001		$	5,867
Other revenue		47			5			66			27
Total revenue		3,582			3,683			7,067			5,894

Operating expense:
Cost of revenue		2,381			2,170			4,662			3,925
Gross profit		1,201			1,513			2,405			1,969

Research and development expense		476			372			860			673
Selling, general and administrative expense		697			675			1,460			1,436
Income/(loss) from operations		28			466			85			(140	)
Interest expense		(6	)		(3	)		(16	)		(8	)
Other, net		—			—			—			—
Income/(loss) before provision for income taxes		22			463			69			(148	)
Provisions for income taxes		—			—			—			—
Net income/(loss)	$	22		$	463		$	69		$	(148	)

Net income/(loss) per share – basic and diluted	$	0.00		$	0.01		$	0.00		$	(0.00	)

Weighted average number of basic and diluted common shares outstanding		31,234,330			31,185,496			31,232,223			30,599,782

See Notes to Financial Statements.

NANOPHASE TECHNOLOGIES CORPORATION

STATEMENTS OF CASH FLOWS

(Unaudited)

	(in thousands) Six months ended June 30,
	2017			2016
Operating activities:
Net income/(loss)	$	69		$	(148	)
Adjustment to reconcile net income/(loss) to net cash used in operating activities:
Depreciation and amortization		183			361
Stock compensation expense		94			88
Changes in assets and liabilities related to operations:
Trade accounts receivable		(1,725	)		(1,197	)
Inventories		9			65
Prepaid expenses and other assets		35			(195	)
Accounts payable		335			156
Accrued expenses		432			178

Net cash used in operating activities		(568	)		(692	)

Investing activities:
Proceeds from disposal of equipment		96			—
Acquisition of equipment and leasehold improvements		(77	)		(63	)
Payment of accounts payable incurred for the purchase of equipment and leasehold improvements		—			(37	)
Net cash provided by/(used in) investing activities		19			(100	)

Financing activities:
Principal payments on capital leases		(82	)		(47	)
Proceeds from common stock issuance		—			988
Proceeds from exercise of stock options		2			—
Net cash (used in)/provided by financing activities		(80	)		941

(Decrease)/increase in cash and cash equivalents		(629	)		149
Cash and cash equivalents at beginning of period		1,779			1,275
Cash and cash equivalents at end of period	$	1,150		$	1,424
Supplemental cash flow information:
Interest paid	$	16		$	8
Supplemental non-cash investing activities:
Receivable from sale of property and equipment	$	40			—
Accounts payable incurred for the purchase of equipment and leasehold improvements	$	5		$	11
Proceeds from capital leases	$	227		$	—

See Notes to Financial Statements.

NANOPHASE TECHNOLOGIES CORPORATION

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

(in thousands, except share and per share data or as otherwise noted herein)

(1) Basis of Presentation

The accompanying unaudited interim financial statements of Nanophase Technologies Corporation (“Nanophase” or the “Company”, including “we”, “our” or “us”) reflect all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of our financial position and operating results for the interim periods presented. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.

These financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2016, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission.

(2) Description of Business

During June 2017, we entered into a series of agreements with Eminess Technologies, Inc. (“ETI”). ETI is an established entity in the polishing area, and we believed ETI could more effectively bring our products to market while allowing us to focus on the launch of Solésence ™. We provided ETI with the necessary know-how and exclusive license to make and sell some of our products in this space, for which ETI will pay us a royalty. For other products, we will continue to make them for ETI under an exclusive supply agreement. ETI paid us $36,000 for certain equipment used in product testing. Finally, in exchange for a one-time payment of $250,000, we are assisting ETI in its development of dispersion capabilities relevant to the polishing materials field. This $250,000 is recorded as deferred revenue in the accrued liabilities section of our balance sheet as of June 30, 2017.

The Company was incorporated in Illinois on November 25, 1989, and became a Delaware corporation in November 1997. Our common stock trades on the OTCQB marketplace under the symbol NANX.

While product sales comprise the overwhelming majority of our revenue, we also recognize revenue from other sources from time to time. These activities are not expected to drive the long-term growth of the business. For this reason we classify such revenue as “other revenue” in our Statements of Operations, as it does not represent revenue directly from our nanocrystalline materials.

(3) Earnings Per Share

Options to purchase approximately 795,000 and 821,000 shares of common stock that were outstanding as of June 30, 2017 were not included in the computation of earnings per share for the three and six months ended June 30, 2017, respectively, as the impact of such shares would be negligible. Options to purchase approximately 550,000 and 432,000 shares of common stock that were outstanding as of June 30, 2016 were not included in the computation of earnings per share for the three and six months ended June 30, 2016, respectively, as the impact of such shares would be negligible.

(4) Financial Instruments

We follow the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, along with the promissory note with no related borrowings and any borrowings on the working capital line of credit, each described in Note 5. The fair values of all financial instruments were not materially different from their carrying values. There were no financial assets or liabilities adjusted to fair value on June 30, 2017 or December 31, 2016.

(5) Notes and Line of Credit

During July 2014, we entered into a bank-issued letter of credit and related promissory note for up to $30 in borrowings to support our obligations under our facility lease agreement. No borrowings have been incurred under this promissory note. Should any borrowings occur in the future, the interest rate would be the prime rate plus 1%, with the bank having the right to “set off” or apply unpaid balances against our checking account if we fail to meet our obligations under any borrowings under the note. It is our intention to renew this note annually, for as long as we need to pursuant to the terms of our facility lease agreement. Because there were no amounts outstanding at any time during 2017 or 2016, we have recorded no related liability on our balance sheet.

During March 2015, we entered into a Business Loan Agreement (the “Line of Credit Agreement”) with Libertyville Bank and Trust Company, a Wintrust Community Bank (“Libertyville”), our primary bank. This Line of Credit Agreement was subsequently amended on April 13, 2015. Under the Line of Credit Agreement, as amended, Libertyville will provide a maximum of $300, or 75% of our eligible accounts receivable, whichever is less, of revolving credit, collateralized by a senior priority lien on our accounts receivable, inventory, equipment, general intangibles and fixtures. Interest on any borrowings would be the prime rate at the time plus 1%. Availability to draw on the line requires us to have at least $1 million in cash, including any amounts borrowed, at Libertyville on the date of any advance. Advances may only occur at the beginning or end of a fiscal quarter and must be repaid in full within five days of the advance. The Line of Credit Agreement was originally to expire on March 4, 2016, but during March 2016 was extended until March 4, 2017. During February 2017, this agreement was further extended to March 2018. No borrowing on this line was outstanding on either June 30, 2017 or December 31, 2016.

(6) Inventories

Inventories consist of the following:

	June 30, 2017			December 31, 2016

Raw materials	$	216		$	283
Finished goods		568			510
		784			793
Allowance for excess inventory quantities		(21	)		(21	)
	$	763		$	772

(7) Share-Based Compensation

We follow FASB ASC Topic 718, Compensation – Stock Compensation, in which compensation expense is recognized only for share-based payments expected to vest. We recognized compensation expense related to stock options of $46 and $94 for the three and six months ended June 30, 2017, respectively, compared to $41 and $88 for the three and six months ended June 30, 2016, respectively.

As of June 30, 2017, there was approximately $362 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under our stock option plans. That cost is expected to be recognized over a remaining weighted-average period of 1.9 years.

Stock Options and Stock Grants

During the six months ended June 30, 2017, 4,334 shares of common stock were issued pursuant to stock option exercises for proceeds of $2. During the six months ended June 30, 2016, no shares of common stock were issued pursuant to stock option exercises. During the six months ended June 30, 2017, 507,600 stock options were granted compared to 419,390 stock options granted during the same period in 2016. During the six months ended June 30, 2017, 19,568 stock options were forfeited compared to 15,000 stock options forfeited during the same period in 2016. We had 3,417,000 stock options outstanding at a weighted average exercise price of $0.79 on June 30, 2017, compared to 2,933,000 stock options outstanding at a weighted average exercise price of $0.81 on December 31, 2016.

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the periods presented:

For the three months ended	June 30, 2017	June 30, 2016
Weighted-average risk-free interest rates:	—	—
Dividend yield:	—	—
Weighted-average expected life of the option:	—	—
Weighted-average expected stock price volatility:	—	—
Weighted-average fair value of the options granted:	—	—

For the six months ended	June 30, 2017			June 30, 2016
Weighted-average risk-free interest rates:		2.1	%		1.4	%
Dividend yield:		—			—
Weighted-average expected life of the option:		7 Years			7 Years
Weighted-average expected stock price volatility:		94	%		95	%
Weighted-average fair value of the options granted:	$	0.55		$	0.34

As of June 30, 2017, we did not have any unvested restricted stock or performance shares outstanding.

(8) Significant Customers and Contingencies

Revenue from three customers constituted approximately 72%, 7% and 5%, respectively, of our total revenue for the three months ended June 30, 2017, and 70%, 7% and 5%, respectively, of our total revenue for the six months ended June 30, 2017. Amounts included in accounts receivable on June 30, 2017 relating to these three customers were approximately $1,410, $212 and $174, respectively. Revenue from these three customers constituted approximately 71%, 1% and 6%, respectively, of our total revenue for the three months ended June 30, 2016, and 71%, 2% and 6%, respectively, of our total revenue for the six months ended June 30, 2016. Amounts included in accounts receivable on June 30, 2016 relating to these three customers were approximately $1,064, $28 and $212, respectively. The loss of one of these significant customers, a significant decrease in revenue from one or more of these customers, or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition.

We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest customer, that have contingencies outlined which could potentially result in the license of technology and/or the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs. This outcome may occur if we fail to meet certain performance requirements, certain other obligations and/or certain financial condition covenants. The financial condition covenants in one of our supply agreements with BASF “trigger” a technology transfer right (license and equipment sale at BASF’s option) in the event (a) that earnings for the twelve month period ending with our most recently published quarterly financial statements are less than zero and our cash, cash equivalents and certain investments are less than $1 million, or (b) of an acceleration of any debt maturity having a principal amount of more than $10 million. Our supply agreements with BASF also “trigger” a technology transfer right in the event of our insolvency, as further defined within the agreements. In the event of an equipment sale, upon incurring a triggering event, the equipment would be sold to the customer at either 115% of the equipment’s net book value or the greater of 30% of the original book value of such equipment, and any associated upgrades to it, or 115% of the equipment’s net book value, depending on the equipment and related products.

We believe that we have sufficient cash and credit availability (See Liquidity and Capital Resources in Management’s Discussion and Analysis in Part I, Item 2 of this Form 10-Q for a further discussion, as well as the description of our Line of Credit Agreement described in Note 5) to operate our business during the remainder of 2017. If a triggering event were to occur and BASF elected to proceed with the license and related equipment sale mentioned above, we would receive royalty payments from this customer for products sold using our technology; however, we would lose both significant revenue and the ability to generate significant revenue to replace that which was lost in the near term. Replacement of necessary equipment that could be purchased and removed by the customer pursuant to this triggering event could take in excess of twelve months. Any additional capital outlays required to rebuild capacity would probably be greater than the proceeds from the purchase of the assets as dictated by our agreement with the customer. Similar consequences would occur if we were determined to have materially breached certain other provisions of the supply agreement with BASF. Any such event would also likely result in the loss of many of our key staff and line employees due to economic realities. We believe that our employees are a critical component of our success and it could be difficult to replace them quickly. Given the occurrence of any such event, we might not be able to hire and retain skilled employees given the stigma relating to such an event and its impact on us. Finally, any shortfall in capital needed to operate the business as management intends, including with respect to avoiding this triggering event as described above, may result in a curtailment of certain activities or anticipated investments.

Should events arise that make it appropriate for us to seek additional financing, such additional financing may not be available on acceptable terms or even at all, and any such financing could be dilutive to our stockholders. Such a financing could be necessitated by such things as the loss of one or more significant customers or a significant decline in revenue from those customers, currently unknown capital requirements, new regulatory requirements, the need to meet cash requirements under our BASF agreement to avoid a triggering event, or other circumstances not currently anticipated by us. The failure to obtain sufficient capital may impair or curtail our business plans and under such circumstances may raise doubt regarding our ability to continue as a going concern.

(9) Business Segmentation and Geographical Distribution

Revenue from international sources approximated $332 and $680 for the three and six months ended June 30, 2017, respectively, compared to $351 and $475 for the same periods in 2016. All of this revenue was product revenue.

Our operations comprise a single business segment and all of our long-lived assets are located within the United States.

(10) Recently Adopted and New Accounting Pronouncements

During May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers, and several related updates including ASU No. 2016-08 and ASU No. 2016-10, which supersede nearly all existing revenue recognition guidance under U.S. generally accepted accounting principles. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. Additionally, the guidance requires certain disclosures designed to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, which is our first quarter of 2018. The new standard allows application either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. We are evaluating the effect that ASU 2014-09 will have on our financial statements and related disclosures, but do not expect it to have a material impact on our financial position, results of operations, or cash flows.

During February 2016, the FASB issued ASU No. 2016-02 (“ASU 2016-02”), Leases (Topic 842). This standard requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of 12 months or less, a lessee can make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. Lessees will also be required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. The amendments in this standard are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, which is our first quarter of 2019, with early adoption permitted. We are currently evaluating the impact its adoption will have on the presentation of our financial statements and related disclosures.

During March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation - Stock Compensation. The objective of this update is part of the FASB’s Simplification Initiative as it applies to several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The update became effective for fiscal years beginning after December 15, 2016 and interim periods within that reporting period, or January 1, 2017 for us. The adoption did not have a material impact on the presentation of our financial statements, financial position, results of operations, cash flows and related disclosures.

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

Overview

Nanophase is an advanced materials and applications developer and commercial manufacturer with an integrated family of materials technologies. We produce engineered nano and sub-micron materials for use in a variety of diverse markets: personal care including sunscreens, architectural coatings, industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, energy (including solar control), and a variety of surface finishing technologies (polishing) applications, including optics. Finally, we have recently expanded our offerings beyond active ingredients to include targeted full formulations of skin care products, marketed and sold by our wholly-owned subsidiary, Solésence ™ LLC (“Solésence“™). We target markets in which we believe practical solutions may be found using our products. We work closely with current and potential customers in these target markets to identify their material and performance requirements and market our materials to various end-use applications manufacturers. Recently developed technologies have made certain new products possible and opened potential new markets. For example, we have applied our skills at producing precisely defined nanomaterials to now create and sell larger, sub-micron material products. Our focus is on customer need where we believe we have an advantage, as opposed to finding uses for one particular technology. We expect growth in end-user (manufacturing customers, including customers of our customers) adoption in 2017 and beyond. Our initiatives in targeted market areas are progressing at differing rates of speed, but we have been broadly moving through testing and development cycles, and in a number of cases believe we are approaching first revenue or next stage revenue with particular customers in the industries referenced above. For example, during 2015 we were granted a patent on a new type of particle surface treatment (coating), which became the cornerstone of our new product development in personal care, with first revenue recognized during 2016, and for the creation of our Solésence ™ subsidiary to manufacture and sell fully developed solutions to targeted customers in the skin care industry, in addition to the additives we have traditionally sold in the personal care area. During 2015 and 2016, we developed and began to sell new material solutions in the light energy management (particularly solar control) market. We believe that successful introduction of our materials with manufacturers may lead to follow-on orders for other materials in their applications.

At the same time, we look for opportunities to partner with established entities in order to further our mutual goals. During June 2017, we entered into a series of agreements with Eminess Technologies, Inc. (“ETI”), an entity that is well established in selling materials for surface finishing (polishing) applications. We intend to continue serving this market while devoting significant assets behind the launch of Solésence™. With these agreements, we accomplish both. ETI will sell our products, in some cases by making and selling those products themselves under an exclusive license and paying us a royalty, and in other cases through an exclusive supply arrangement. ETI purchased equipment from us for $36,000 and paid us a one-time fee of $250,000 for assisting ETI in its development of dispersion technology relevant to polishing solutions.

We expect that we will both work more deeply with current customers and attract additional customers, which should help us achieve growth in these markets in 2017 and beyond.

Results of Operations

Total revenue decreased to $3,582,000 for the three months ended June 30, 2017, compared to $3,683,000 for the same period in 2016. Total revenue increased to $7,067,000 for the six months ended June 30, 2017, compared to $5,894,000 for the same period of 2016. A substantial majority of our revenue for both periods was from our largest customer in personal care and sunscreen applications. The increase during the first six months of 2017 was primarily due to increased order flow from many of our largest customers, including our largest customer in personal care and sunscreen applications. The decrease during the three months ended June 30, 2017 related to more order volatility during 2016, featuring lower first quarter but higher second quarter activity, while 2017 was more balanced between the first two quarters and an overall increase in revenue during the six-month period. Product revenue, the primary component of our total revenue, decreased to $3,535,000 for the three months ended June 30, 2017, compared to $3,678,000 for the same period in 2016. Product revenue increased to $7,001,000 for the six months ended June 30, 2017, compared to $5,867,000 for the same period in 2016. Revenue from our top three customers was approximately 72%, 7% and 5%, respectively, during the three months ended June 30, 2017, compared to 71%, 1% and 6%, respectively, for the same customers during the same period in 2016. Revenue from our top three customers was approximately 70%, 7% and 5%, respectively, during the six months ended June 30, 2017, compared to 71%, 2% and 6%, respectively, for the same customers during the same period in 2016.

Other revenue was $47,000 and $66,000 for the three and six months ended June 30, 2017, compared to $5,000 and $27,000 for the same periods in 2016. This was comprised primarily of shipping costs paid by customers, as well as non-recurring project-based fees paid by customers. During the three months ended June 30, 2017, other revenue included $30,000 of non-recurring project-based fees paid by customers.

Cost of revenue generally includes costs associated with commercial production and customer development arrangements. Cost of revenue increased to $2,381,000 for the three months ended June 30, 2017, compared to $2,170,000 for the same period in 2016. Cost of revenue increased to $4,662,000 for the six months ended June 30, 2017, compared to $3,925,000 for the same period in 2016. The increases in cost of revenue were primarily driven by the increase in six month revenue volume. We expect to continue new nanomaterial development, primarily using our NanoArc® synthesis and dispersion technologies, for targeted applications and new markets during 2017 and beyond. At current revenue levels we have generated a positive gross margin, though margins have been impeded by not having enough revenue to efficiently absorb manufacturing overhead that is required to work with current customers and expected future customers. We believe that our current fixed manufacturing cost structure is sufficient to support significantly higher levels of production. The extent to which margins grow, as a percentage of total revenue, will be dependent upon revenue mix, revenue volume, and our ability to manage costs and pass commodity market-driven raw materials increases on to customers. We expect that product revenue volume increases would result in our fixed manufacturing costs being more efficiently absorbed, leading to increased margins. We expect to continue to focus on reducing controllable variable product manufacturing costs, with potential variability related to the commodity metals markets, but may or may not realize absolute dollar gross margin growth through 2017 and beyond, dependent upon the factors discussed above.

Research and development expense, which includes all expenses relating to the technology and advanced engineering groups, primarily consists of costs associated with the development or acquisition of new product applications and coating formulations and the cost of enhancing our manufacturing processes. As an example, we have been, and continue to be, engaged in research to enhance our ability to disperse material in a variety of organic and inorganic media for use as coatings and polishing materials. Much of this work has led to several new products and additional potential new products.

Having demonstrated the capability to produce pilot quantities of mixed-metal oxides in a single crystal phase, we do not expect development of further variations on these materials to present material technological challenges. Many of these materials exhibit performance characteristics that can enable them to serve in various catalytic applications. We are now working on several related commercial opportunities using the same materials. We expect that this technique should enable us to scale to large quantity commercial volumes. We also have an ongoing advanced engineering effort that is primarily focused on the development of new nanomaterials as well as the refinement of existing nanomaterials, as dictated by our customer-driven marketing strategy. We are not certain when or if any significant revenue will be generated from the production of the materials described above.

Research and development expense increased to $476,000 and $860,000 for the three and six months ended June 30, 2017, compared to $372,000 and $673,000 for the same periods in 2016. We added personnel during 2016 and have increased outside product testing and evaluation during 2017 related to our Solésence™ products. We expect quarterly research and development expense to remain at current levels during the remainder of 2017 due to staffing and related expenses primarily due to the launch of Solésence ™ and energy-management solutions.

Selling, general and administrative expense increased to $697,000 and $1,460,000 for the three and six month periods ended June 30, 2017, compared to $675,000 and $1,436,000 for the same periods in 2016. We experienced minor fluctuations in professional fees, personnel, facility and marketing costs. We expect quarterly selling, general and administrative expense to remain at current levels during the remainder of 2017.

Inflation

We believe inflation has not had a material effect on our operations or financial position. However, supplier price increases and wage and benefit inflation, both of which represent a significant component of our costs of operations, may have a material effect on our operations and financial position in 2017 and beyond if we are unable to pass through any applicable increases under our present contracts or through to our markets in general.

Liquidity and Capital Resources

Our cash, cash equivalents and short-term investments amounted to $1,150,000 on June 30, 2017, compared to $1,779,000 on December 31, 2016 and $1,424,000 on June 30, 2016. The net cash used in our operating activities was $568,000 for the six months ended June 30, 2017, compared to $692,000 for the same period in 2016. The net use of cash during both periods was driven primarily by a significant increase in accounts receivable at the end of the period related to significant customer shipments during June of each year. Net cash provided by investing activities was $19,000 during the six months ended June 30, 2017, as opposed to cash used in investing activities of $100,000 for the six months ended June 30, 2016. We received $96,000 during 2017 related to the sale of fixed assets that we no longer utilize. Capital expenditures amounted to $77,000 and $63,000 for the six months ended June 30, 2017 and 2016, respectively. Net cash used in financing activities was $80,000 during the six months ended June 30, 2017, as opposed to cash provided by financing activities of $941,000 for the six months ended June 30, 2016. We paid off a financing lease in the amount of $60,000 during 2017 related to certain fixed assets that we sold. On February 10, 2016, we sold 2.6 million shares of our common stock to our largest stockholder for $988,000 in proceeds. We have used, and intend to continue to use, the proceeds from the sale of shares for working capital and general corporate purposes. We entered into a new capital (financing) lease for $175,000 during the first quarter of 2017, and another lease for $52,000 during the second quarter of 2017. These leases will be repaid over five years pursuant to their terms. We had no new capital leases during the first six months of 2016.

Our supply agreements with our largest customer, BASF, contain certain financial covenants which could potentially impact our liquidity. The most restrictive financial covenants under these agreements require that we maintain a minimum of $1 million in cash, cash equivalents and certain investments, and that we not have the acceleration of any debt maturity having a principal amount of more than $10 million, in order to avoid triggering the customer’s potential right to transfer certain technology and equipment to that customer at a contractually defined price. We had approximately $1.1 million in cash and cash equivalents on June 30, 2017, with no outstanding borrowings on our Line of Credit. This supply agreement and its covenants are more fully described in Note 8, and our line of credit is more fully described in Note 5, to our Financial Statements in Part I, Item 1 of this Form 10-Q.

We believe that cash from operations and cash, cash equivalents and unused borrowing capacity will be adequate to fund our operating plans through 2017. Our actual future capital requirements in 2017 and beyond will depend, however, on many factors, including customer acceptance of our current and potential nanomaterials and product applications, continued progress in research and development activities and product testing programs, the magnitude of these activities and programs, and the costs necessary to increase and expand our manufacturing capabilities and to market and sell our materials and product applications. Other important issues that will drive future capital requirements will be the development of new markets and new customers as well as the potential for significant unplanned growth with existing customers. Depending on the success of certain projects, we expect that capital spending relating to currently known capital needs for the remainder of 2017 will be between $100,000 and $300,000. If those projects are delayed or ultimately prove unsuccessful, or if we fail to obtain financing on terms acceptable to us, we would expect our capital spending to be below the lower end of that range. If certain projects are successful, the total capital spending may end up higher than that range for the remainder of 2017.

Should events arise that make it appropriate for us to seek additional financing, such additional financing may not be available on acceptable terms or even at all, and any such additional financing could be dilutive to our stockholders. Such financing could be necessitated by such things as: the loss of one or more existing customers or a significant decrease in revenue from those customers; currently unknown capital requirements in light of the factors described above; new regulatory requirements that are outside our control; the need to meet previously discussed cash requirements to avoid a triggering event under our BASF agreements; or various other circumstances coming to pass that we currently do not anticipate. The failure to obtain sufficient capital to fund our business plans may result in a curtailment or other change in those plans, and under such circumstances may raise doubt as to our ability to continue as a going concern.

On June 30, 2017, we had a net operating loss carryforward of approximately $82 million for income tax purposes. Because we may have experienced “ownership changes” within the meaning of the U.S. Internal Revenue Code in connection with our various prior equity offerings, future utilization of this carryforward may be subject to certain limitations as defined by the Internal Revenue Code. If not utilized, the carryforward will expire at various dates between January 1, 2018 and December 31, 2036. As a result of the annual limitation and uncertainty as to the amount of future taxable income that will be earned prior to the expiration of the carryforward, we have concluded that it is likely that some portion of this carryforward will expire before ultimately becoming available to reduce income tax liabilities. Changes in Illinois state law that began in 2011 will impact net loss carryforward duration and utilization on the state tax level.

Off−Balance Sheet Arrangements

We have not created, and are not party to, any special-purpose or off-balance sheet entities for the purposes of raising capital, incurring debt or operating our business. We do not have any off-balance sheet arrangements or relationships with entities that are not consolidated into our financial statements that are reasonably likely to materially affect our liquidity or the availability of capital resources.

As more fully described in Note 5 to our Financial Statements, in Part I, Item I of this Form 10-Q, during 2014 we entered into a letter of credit and promissory note for up to $30,000 supporting our obligations under our facility lease agreement. No borrowings have been incurred under this promissory note.

Safe Harbor Provision

We want to provide investors with more meaningful and useful information. As a result, this Quarterly Report on Form 10-Q (the “Form 10-Q”) contains and incorporates by reference certain “forward-looking statements”, as defined in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements reflect our current expectations of the future results of our operations, performance and achievements. Forward-looking statements are covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We have tried, wherever possible, to identify these statements by using words such as “anticipates”, “believes”, “estimates”, “expects”, “plans”, “intends” and similar expressions. These statements reflect management’s current beliefs and are based on information now available to it. Accordingly, these statements are subject to certain risks, uncertainties and contingencies that could cause our actual results, performance or achievements in 2017 and beyond to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties and factors include, without limitation: our ability to be consistently profitable despite the losses we have incurred since our incorporation; a decision by a customer to cancel a purchase order or supply agreement in light of our dependence on a limited number of key customers; the terms of our supply agreements with BASF, which could trigger a requirement to transfer technology and/or sell equipment to that customer; our potential inability to obtain working capital when needed on acceptable terms or at all; our ability to obtain materials at costs we can pass through to our customers, including Rare Earth elements, specifically cerium oxide, as well as high purity zinc; uncertain demand for, and acceptance of, our nanocrystalline materials; our manufacturing capacity and product mix flexibility in light of customer demand; our limited marketing experience; changes in development and distribution relationships; the impact of competitive products and technologies; our dependence on patents and protection of proprietary information; the resolution of litigation or other legal proceedings in which we may become involved; our ability to maintain an appropriate electronic trading venue for our securities; and the impact of any potential new governmental regulations that could be difficult to respond to or costly to comply with. In addition, our forward-looking statements could be affected by general industry and market conditions and growth rates. Readers of this Quarterly Report on Form 10-Q should not place undue reliance on any forward-looking statements. Except as required by federal securities laws, we undertake no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.

Item	3. Quantitative and Qualitative Disclosures About Market Risk

Not required for a smaller reporting company.

Item 4. Controls and Procedures

Disclosure controls

We are responsible for establishing and maintaining disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports filed by us under the Exchange Act is: (a) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and (b) accumulated and communicated to our management, including our principal executive and principal financial officers, to allow timely decisions regarding required disclosures. It should be noted that in designing and evaluating our disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and that our management necessarily was required to apply its judgment regarding the design of our disclosure controls and procedures. As of the end of the period covered by this report, we conducted an evaluation, under the supervision (and with the participation) of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at reaching that level of reasonable assurance.

Internal control over financial reporting

We implemented a new enterprise resource planning (“ERP”) system across the organization during April 2017 and discontinued the use of our prior ERP system. We expect the new ERP system to improve the efficiency of our business transaction processes and relevant analytics. We have considered changes associated with this conversion in the design of our internal control over financial reporting and testing for the effectiveness of our internal control over financial reporting. We have concluded that the implementation of the new ERP has not materially impacted the effectiveness of our internal control over financial reporting.

The Company’s management, including the CEO and CFO, confirm that there was no change in the Company’s internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not a party to any pending legal proceedings or claims that we believe will result in a material adverse effect on our business, financial condition, or operating results.

Item 1A. Risk Factors

In addition to the information set forth in this Quarterly Report on Form 10-Q and before deciding to invest in, or retain, shares of our common stock, you also should carefully review and consider the information contained in our other reports and periodic filings that we make with the Securities and Exchange Commission, including, without limitation, the information contained under the caption Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016. Those risk factors could materially affect our business, financial condition and results of operations. Additional risks and uncertainties that we do not currently know about, we currently believe are immaterial or we have not predicted may also harm our business operations or adversely affect us. If any of these risks or uncertainties actually occurs, our business, financial condition, results of operations, cash flows or stock price could be materially adversely affected. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016.

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

None.

Item 6.

Exhibits

	Exhibit 10.1*	Know-How License Agreement, executed by the Company on June 26, 2017, by and between the Company and Eminess Technologies, Inc., incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 29, 2017.

	Exhibit 10.2*	Exclusive Supply Agreement, executed by the Company on June 26, 2017, by and between the Company and Eminess Technologies, Inc., incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on June 29, 2017.

	Exhibit 10.3	Technology Development Agreement, executed by the Company on June 26, 2017, by and between the Company and Eminess Technologies, Inc., incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on June 29, 2017.

	Exhibit 31.1	Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act.

	Exhibit 31.2	Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act.

	Exhibit 32	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.

	Exhibit 101	The following materials from Nanophase Technologies Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, formatted in XBRL (Extensible Business Reporting Language): (1) the Balance Sheets, (2) the Statements of Operations, (3) the Statements of Cash Flows, and (4) the Notes to Unaudited Financial Statements.

*	Confidential treatment has been requested with respect to certain portions of this exhibit. Omitted portions have been filed separately with the Securities and Exchange Commission.

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.

	NANOPHASE TECHNOLOGIES CORPORATION

Date: August 11, 2017		By:	/s/ JESS A. JANKOWSKI
			Jess A. Jankowski President and Chief Executive Officer


Date: August 11, 2017	By:	/s/ FRANK J. CESARIO
		Frank J. Cesario Chief Financial Officer

EX-31.1 2 ex31-1.htm

NANOPHASE TECHNOLOGIES CORPORATION 10-Q

Exhibit 31.1

Certification of the Chief Executive Officer

Pursuant to

Rules 13a-14(a) and 15d-14(a) under the Exchange Act

I, Jess A. Jankowski, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nanophase Technologies Corporation;

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

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

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

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

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

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

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

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

(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: August 11, 2017

	/s/ JESS A. JANKOWSKI
	Jess A. Jankowski Chief Executive Officer

EX-31.2 3 ex31-2.htm

NANOPHASE TECHNOLOGIES CORPORATION 10-Q

Exhibit 31.2

Certification of the Chief Financial Officer

Pursuant to

Rules 13a-14(a) and 15d-14(a) under the Exchange Act

I, Frank J. Cesario, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nanophase Technologies Corporation;

(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: August 11, 2017

	/s/ FRANK J. CESARIO
	Frank J. Cesario Chief Financial Officer

EX-32 4 ex32.htm

NANOPHASE TECHNOLOGIES CORPORATION 10-Q

Exhibit 32

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 this quarterly report of Nanophase Technologies Corporation (the “Company”) on Form 10-Q for the quarter ending June 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Jess A. Jankowski, Chief Executive Officer of the Company, and Frank J. Cesario, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to our 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 result of operations of the Company.

Date: August 11, 2017

	/s/	Jess A. Jankowski
		Jess A. Jankowski Chief Executive Officer

/s/

Frank J. Cesario

Chief Financial Officer

EX-101.INS 5 nanx-20170630.xml XBRL INSTANCE FILE 0000883107 us-gaap:LetterOfCreditMember 2014-07-31 0000883107 2017-08-04 0000883107 2016-12-31 0000883107 2017-06-30 0000883107 2016-01-01 2016-06-30 0000883107 us-gaap:NonUsMember 2016-01-01 2016-06-30 0000883107 2017-01-01 2017-06-30 0000883107 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-06-30 0000883107 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-06-30 0000883107 us-gaap:LetterOfCreditMember 2017-01-01 2017-06-30 0000883107 us-gaap:LineOfCreditMember 2017-01-01 2017-06-30 0000883107 us-gaap:LineOfCreditMember 2017-06-30 0000883107 us-gaap:SupplyCommitmentMember 2017-06-30 0000883107 us-gaap:SupplyCommitmentMember 2017-01-01 2017-06-30 0000883107 us-gaap:SupplyCommitmentMember us-gaap:MinimumMember 2017-06-30 0000883107 us-gaap:SupplyCommitmentMember us-gaap:MaximumMember 2017-06-30 0000883107 nanx:CustomersOneMember 2017-06-30 0000883107 nanx:CustomersTwoMember 2017-06-30 0000883107 nanx:CustomersThreeMember 2017-06-30 0000883107 nanx:CustomersOneMember 2016-06-30 0000883107 nanx:CustomersTwoMember 2016-06-30 0000883107 nanx:CustomersThreeMember 2016-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersOneMember 2017-01-01 2017-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersTwoMember 2017-01-01 2017-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersThreeMember 2017-01-01 2017-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersOneMember 2016-01-01 2016-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersTwoMember 2016-01-01 2016-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersThreeMember 2016-01-01 2016-06-30 0000883107 us-gaap:NonUsMember 2017-01-01 2017-06-30 0000883107 2015-12-31 0000883107 2016-06-30 0000883107 2017-04-01 2017-06-30 0000883107 2016-04-01 2016-06-30 0000883107 nanx:CounterpartyNameMember 2017-01-01 2017-06-30 0000883107 nanx:CounterpartyNameMember 2017-06-30 0000883107 us-gaap:EmployeeStockOptionMember 2017-04-01 2017-06-30 0000883107 us-gaap:EmployeeStockOptionMember 2016-04-01 2016-06-30 0000883107 us-gaap:LineOfCreditMember us-gaap:MinimumMember 2017-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersOneMember 2017-04-01 2017-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersTwoMember 2017-04-01 2017-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersThreeMember 2017-04-01 2017-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersOneMember 2016-04-01 2016-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersTwoMember 2016-04-01 2016-06-30 0000883107 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember nanx:CustomersThreeMember 2016-04-01 2016-06-30 0000883107 us-gaap:NonUsMember 2017-04-01 2017-06-30 0000883107 us-gaap:NonUsMember 2016-04-01 2016-06-30 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares

30000

434000

2199000

1410000

212000

174000

1064000

28000

212000

.01

0.01

31229996

31234330

31229996

31234330

4842000

5924000

466000

438000

3427000

4519000

5000

312000

669000

1004000

97359000

97454000

107000

57000

110000

305000

.01

0.01

510000

568000

793000

784000

754000

924000

772000

763000

4842000

5924000

1297000

2045000

20000

18000

283000

216000

21000

-94880000

-94811000

442000

407000

10-Q 0000883107 2017 false --12-31 Q2 Smaller Reporting Company NANX

1779000

1150000

1275000

1424000

Prime rate

300000

0.01

.75

.014

0.021

P7Y

0.95

.94

.34

.55

NANOPHASE TECHNOLOGIES Corp No No Yes

821000

432000

795000

550000

2018-03-31

88000

94000

46000

41000

P1Y10M25D

4334

419390

507600

15000

19568

3 3

.70

.07

.05

.71

.02

.06

.72

.07

.05

.71

.01

.06

1000000

10000000 1.15 0.30

475000

680000

332000

351000

1.15

2791000

2955000

1395000

1387000

521000

984000

178000

181000

24088

42000000

0.81

0.79

We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest customer, that have contingencies outlined which could potentially result in the license of technology and/or the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs.

2017-06-30 31234330

-148000

69000

22000

463000

-148000

69000

22000

463000

8000

16000

6000

3000

-140000

85000

28000

466000

1436000

1460000

697000

675000

673000

860000

476000

372000

1969000

2405000

1201000

1513000

3925000

4662000

2381000

2170000

5894000

7067000

3582000

3683000

27000

66000

47000

5000

5867000

7001000

3535000

3678000

0.01

30599782

31232223

31234330

31185496

361000

183000

1197000

1725000

-65000

-9000

195000

-35000

156000

335000

178000

432000

-692000

-568000

88000

94000

-100000

19000

37000

63000

77000

96000

36000

941000

-80000

2000

988000

47000

82000

149000

-629000

8000

16000

40000

11000

5000

227000

1000000

362000

2933000

3417000

(1) Basis of Presentation   The accompanying unaudited interim financial statements of Nanophase Technologies Corporation (“Nanophase” or the “Company”, including “we”, “our” or “us”) reflect all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of our financial position and operating results for the interim periods presented. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.   These financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2016, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission.

(9) Business Segmentation and Geographical Distribution   Revenue from international sources approximated $332 and $680 for the three and six months ended June 30, 2017, respectively, compared to $351 and $475 for the same periods in 2016. All of this revenue was product revenue.   Our operations comprise a single business segment and all of our long-lived assets are located within the United States.

(2) Description of Business   Nanophase is an advanced materials and applications developer and commercial manufacturer with an integrated family of materials technologies. We produce engineered nano and larger, sub-micron, materials for use in a variety of diverse markets: personal care including sunscreens, architectural coatings, industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, energy (including solar control), and a variety of surface finishing technologies (polishing) applications, including optics. We have recently expanded our offerings beyond active ingredients to include targeted full formulations of skin care products, marketed and sold by our wholly-owned subsidiary, Solésence ™ LLC (“Solésence” ™). We target markets in which we believe practical solutions may be found using our products. We work closely with current and potential customers in these target markets to identify their material and performance requirements and market our materials to various end-use applications manufacturers. Recently developed technologies have made certain new products possible and opened potential new markets. We recently developed new material solutions in the light energy-management (particularly solar control) market that have been taken to potential customers, and have experienced early-stage revenue growth. We also developed a new solution for surface treatments (coatings) which we used to launch new products in personal care, including those of our subsidiary, Solésence ™, in the fall of 2016. Although our primary strategic focus has been the North American market, we currently sell material to customers overseas and have been working to expand our reach within foreign markets.   During June 2017, we entered into a series of agreements with Eminess Technologies, Inc. (“ETI”). ETI is an established entity in the polishing area, and we believed ETI could more effectively bring our products to market while allowing us to focus on the launch of Solésence ™. We provided ETI with the necessary know-how and exclusive license to make and sell some of our products in this space, for which ETI will pay us a royalty. For other products, we will continue to make them for ETI under an exclusive supply agreement. ETI paid us $36,000 for certain equipment used in product testing. Finally, in exchange for a one-time payment of $250,000, we are assisting ETI in its development of dispersion capabilities relevant to the polishing materials field. This $250,000 is recorded as deferred revenue in the accrued liabilities section of our balance sheet as of June 30, 2017.     The Company was incorporated in Illinois on November 25, 1989, and became a Delaware corporation in November 1997. Our common stock trades on the OTCQB marketplace under the symbol NANX.   While product sales comprise the overwhelming majority of our revenue, we also recognize revenue from other sources from time to time. These activities are not expected to drive the long-term growth of the business. For this reason we classify such revenue as “other revenue” in our Statements of Operations, as it does not represent revenue directly from our nanocrystalline materials.

(3) Earnings Per Share   Options to purchase approximately 795,000 and 821,000 shares of common stock that were outstanding as of June 30, 2017 were not included in the computation of earnings per share for the three and six months ended June 30, 2017, respectively, as the impact of such shares would be negligible. Options to purchase approximately 550,000 and 432,000 shares of common stock that were outstanding as of June 30, 2016 were not included in the computation of earnings per share for the three and six months ended June 30, 2016, respectively, as the impact of such shares would be negligible.

(4) Financial Instruments   We follow the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.   Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, along with the promissory note with no related borrowings and any borrowings on the working capital line of credit, each described in Note 5. The fair values of all financial instruments were not materially different from their carrying values. There were no financial assets or liabilities adjusted to fair value on June 30, 2017 or December 31, 2016.

(5) Notes and Line of Credit   During July 2014, we entered into a bank-issued letter of credit and related promissory note for up to $30 in borrowings to support our obligations under our facility lease agreement. No borrowings have been incurred under this promissory note. Should any borrowings occur in the future, the interest rate would be the prime rate plus 1%, with the bank having the right to “set off” or apply unpaid balances against our checking account if we fail to meet our obligations under any borrowings under the note. It is our intention to renew this note annually, for as long as we need to pursuant to the terms of our facility lease agreement. Because there were no amounts outstanding at any time during 2017 or 2016, we have recorded no related liability on our balance sheet.      During March 2015, we entered into a Business Loan Agreement (the “Line of Credit Agreement”) with Libertyville Bank and Trust Company, a Wintrust Community Bank (“Libertyville”), our primary bank. This Line of Credit Agreement was subsequently amended on April 13, 2015. Under the Line of Credit Agreement, as amended, Libertyville will provide a maximum of $300, or 75% of our eligible accounts receivable, whichever is less, of revolving credit, collateralized by a senior priority lien on our accounts receivable, inventory, equipment, general intangibles and fixtures. Interest on any borrowings would be the prime rate at the time plus 1%. Availability to draw on the line requires us to have at least $1 million in cash, including any amounts borrowed, at Libertyville on the date of any advance. Advances may only occur at the beginning or end of a fiscal quarter and must be repaid in full within five days of the advance. The Line of Credit Agreement was originally to expire on March 4, 2016, but during March 2016 was extended until March 4, 2017. During February 2017, this agreement was further extended to March 2018. No borrowing on this line was outstanding on either June 30, 2017 or December 31, 2016.

(6) Inventories   Inventories consist of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">June 30, 2017</td><td style="padding-bottom: 2px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">December 31, 2016</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; text-align: left; font: 10pt Times New Roman, Times, Serif">Raw materials </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">216</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">283</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif">Finished goods </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">568</td><td style="padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">510</td><td style="padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">784</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">793</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif">Allowance for excess inventory quantities </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(21</td><td style="padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(21</td><td style="padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 4px; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 4px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">763</td><td style="padding-bottom: 4px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 4px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">772</td><td style="padding-bottom: 4px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

Inventories consist of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">June 30, 2017</td><td style="padding-bottom: 2px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">December 31, 2016</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; text-align: left; font: 10pt Times New Roman, Times, Serif">Raw materials </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">216</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">283</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif">Finished goods </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">568</td><td style="padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">510</td><td style="padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">784</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">793</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif">Allowance for excess inventory quantities </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(21</td><td style="padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(21</td><td style="padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 4px; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 4px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">763</td><td style="padding-bottom: 4px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 4px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">772</td><td style="padding-bottom: 4px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

(7) Share-Based Compensation   We follow FASB ASC Topic 718, Compensation – Stock Compensation, in which compensation expense is recognized only for share-based payments expected to vest. We recognized compensation expense related to stock options of $46 and $94 for the three and six months ended June 30, 2017, respectively, compared to $41 and $88 for the three and six months ended June 30, 2016, respectively.   As of June 30, 2017, there was approximately $362 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under our stock option plans. That cost is expected to be recognized over a remaining weighted-average period of 1.9 years.   Stock Options and Stock Grants   During the six months ended June 30, 2017, 4,334 shares of common stock were issued pursuant to stock option exercises for proceeds of $2. During the six months ended June 30, 2016, no shares of common stock were issued pursuant to stock option exercises. During the six months ended June 30, 2017, 507,600 stock options were granted compared to 419,390 stock options granted during the same period in 2016. During the six months ended June 30, 2017, 19,568 stock options were forfeited compared to 15,000 stock options forfeited during the same period in 2016. We had 3,417,000 stock options outstanding at a weighted average exercise price of $0.79 on June 30, 2017, compared to 2,933,000 stock options outstanding at a weighted average exercise price of $0.81 on December 31, 2016.   The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the periods presented:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="width: 78%; text-align: center; padding-bottom: 2px; padding-left: 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">For the three months ended</td><td style="width: 1%; padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">June 30, 2017</td><td style="width: 1%; padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">June 30, 2016</td><td style="width: 1%; padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average risk-free interest rates:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Dividend yield:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average expected life of the option:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average expected stock price volatility:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average fair value of the options granted: </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">For the six months ended</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">June 30, 2017</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">June 30, 2016</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 78%; text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average risk-free interest rates:</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">2.1</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">1.4</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Dividend yield:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average expected life of the option:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7 Years</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7 Years</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average expected stock price volatility:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">94</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">95</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average fair value of the options granted:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.55</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.34</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   As of June 30, 2017, we did not have any unvested restricted stock or performance shares outstanding.

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the periods presented:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="width: 78%; text-align: center; padding-bottom: 2px; padding-left: 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">For the three months ended</td><td style="width: 1%; padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">June 30, 2017</td><td style="width: 1%; padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">June 30, 2016</td><td style="width: 1%; padding-bottom: 2px; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average risk-free interest rates:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Dividend yield:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average expected life of the option:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average expected stock price volatility:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average fair value of the options granted: </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">For the six months ended</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">June 30, 2017</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">June 30, 2016</td><td style="padding-bottom: 2px; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 78%; text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average risk-free interest rates:</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">2.1</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">1.4</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Dividend yield:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average expected life of the option:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7 Years</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7 Years</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average expected stock price volatility:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">94</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">95</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted-average fair value of the options granted:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.55</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.34</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

(8) Significant Customers and Contingencies   Revenue from three customers constituted approximately 72%, 7% and 5%, respectively, of our total revenue for the three months ended June 30, 2017, and 70%, 7% and 5%, respectively, of our total revenue for the six months ended June 30, 2017. Amounts included in accounts receivable on June 30, 2017 relating to these three customers were approximately $1,410, $212 and $174, respectively. Revenue from these three customers constituted approximately 71%, 1% and 6%, respectively, of our total revenue for the three months ended June 30, 2016, and 71%, 2% and 6%, respectively, of our total revenue for the six months ended June 30, 2016. Amounts included in accounts receivable on June 30, 2016 relating to these three customers were approximately $1,064, $28 and $212, respectively. The loss of one of these significant customers, a significant decrease in revenue from one or more of these customers, or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition.   We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest customer, that have contingencies outlined which could potentially result in the license of technology and/or the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs. This outcome may occur if we fail to meet certain performance requirements, certain other obligations and/or certain financial condition covenants. The financial condition covenants in one of our supply agreements with BASF “trigger” a technology transfer right (license and equipment sale at BASF’s option) in the event (a) that earnings for the twelve month period ending with our most recently published quarterly financial statements are less than zero and our cash, cash equivalents and certain investments are less than $1 million, or (b) of an acceleration of any debt maturity having a principal amount of more than $10 million. Our supply agreements with BASF also “trigger” a technology transfer right in the event of our insolvency, as further defined within the agreements. In the event of an equipment sale, upon incurring a triggering event, the equipment would be sold to the customer at either 115% of the equipment’s net book value or the greater of 30% of the original book value of such equipment, and any associated upgrades to it, or 115% of the equipment’s net book value, depending on the equipment and related products.   We believe that we have sufficient cash and credit availability (See Liquidity and Capital Resources in Management’s Discussion and Analysis in Part I, Item 2 of this Form 10-Q for a further discussion, as well as the description of our Line of Credit Agreement described in Note 5) to operate our business during the remainder of 2017. If a triggering event were to occur and BASF elected to proceed with the license and related equipment sale mentioned above, we would receive royalty payments from this customer for products sold using our technology; however, we would lose both significant revenue and the ability to generate significant revenue to replace that which was lost in the near term. Replacement of necessary equipment that could be purchased and removed by the customer pursuant to this triggering event could take in excess of twelve months. Any additional capital outlays required to rebuild capacity would probably be greater than the proceeds from the purchase of the assets as dictated by our agreement with the customer. Similar consequences would occur if we were determined to have materially breached certain other provisions of the supply agreement with BASF. Any such event would also likely result in the loss of many of our key staff and line employees due to economic realities. We believe that our employees are a critical component of our success and it could be difficult to replace them quickly. Given the occurrence of any such event, we might not be able to hire and retain skilled employees given the stigma relating to such an event and its impact on us. Finally, any shortfall in capital needed to operate the business as management intends, including with respect to avoiding this triggering event as described above, may result in a curtailment of certain activities or anticipated investments.    Should events arise that make it appropriate for us to seek additional financing, such additional financing may not be available on acceptable terms or even at all, and any such financing could be dilutive to our stockholders. Such a financing could be necessitated by such things as the loss of one or more significant customers or a significant decline in revenue from those customers, currently unknown capital requirements, new regulatory requirements, the need to meet cash requirements under our BASF agreement to avoid a triggering event, or other circumstances not currently anticipated by us. The failure to obtain sufficient capital may impair or curtail our business plans and under such circumstances may raise doubt regarding our ability to continue as a going concern.

(10) Recently Adopted and New Accounting Pronouncements   During May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers, and several related updates including ASU No. 2016-08 and ASU No. 2016-10, which supersede nearly all existing revenue recognition guidance under U.S. generally accepted accounting principles. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. Additionally, the guidance requires certain disclosures designed to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, which is our first quarter of 2018. The new standard allows application either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. We are evaluating the effect that ASU 2014-09 will have on our financial statements and related disclosures, but do not expect it to have a material impact on our financial position, results of operations, or cash flows.   During February 2016, the FASB issued ASU No. 2016-02 (“ASU 2016-02”), Leases (Topic 842). This standard requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of 12 months or less, a lessee can make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. Lessees will also be required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. The amendments in this standard are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, which is our first quarter of 2019, with early adoption permitted. We are currently evaluating the impact its adoption will have on the presentation of our financial statements and related disclosures.    During March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation - Stock Compensation. The objective of this update is part of the FASB’s Simplification Initiative as it applies to several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The update became effective for fiscal years beginning after December 15, 2016 and interim periods within that reporting period, or January 1, 2017 for us. The adoption did not have a material impact on the presentation of our financial statements, financial position, results of operations, cash flows and related disclosures.

250000

EX-101.SCH 6 nanx-20170630.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - BALANCE SHEETS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - BALANCE SHEETS (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - STATEMENTS OF OPERATIONS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - STATEMENTS OF CASH FLOWS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Description of Business link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Earnings Per Share link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Financial Instruments link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Note and Line of Credit link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Significant Customers and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Business Segmentation and Geographical Distribution link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Recently Adopted and New Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Inventories (Tables) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Description of Business (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Earnings Per Share (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Note and Line of Credit (Detail Narratives) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Inventories (Details) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Significant Customers and Contingencies (Detail Narratives) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Business Segmentation and Geographical Distribution (Detail Narratives) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 nanx-20170630_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 nanx-20170630_def.xml XBRL DEFINITION FILE EX-101.LAB 9 nanx-20170630_lab.xml XBRL LABEL FILE Short-term Debt, Type [Axis] Letter of Credit [Member] Geographical [Axis] Non-Domestic Revenue [Member] Antidilutive Securities [Axis] Stock Options [Member] Line of Credit [Member] Supply Commitment [Axis] BASF [Member] Range [Axis] Greater than [Member] Less than [Member] Customer [Axis] Customers One [Member] Customers Two [Member] Customers Three [Member] Concentration Risk Type [Axis] Customer Concentration Risk [Member] Concentration Risk Benchmark [Axis] Sales [Member] Counterparty Name [Axis] Eminess Technologies [Member} Document And Entity Information [Abstract] Entity Central Index Key Entity Registrant Name Document Type Amendment Flag Document Period End Date Trading Symbol Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity's Reporting Status Current Entity Filer Category Entity Public Float Entity Common Stock, Par Value 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 Trade accounts receivable, less allowance for doubtful accounts of $5 on June 30, 2017 and December 31, 2016 Inventories, net Prepaid expenses and other current assets Total current assets Equipment and leasehold improvements, net Other assets, net Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of capital lease obligations Accounts payable Accrued expenses Total current liabilities Long-term portion of capital lease obligations Long-term deferred rent Asset retirement obligations Total long-term liabilities Stockholders' equity: Preferred stock, $.01 par value, 24,088 shares authorized and no shares issued and outstanding Common stock, $.01 par value, 42,000,000; 31,234,330 and 31,229,996 shares issued and outstanding on June 30, 2017 and December 31, 2016, respectively Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Trade accounts receivable, less allowance for doubtful accounts Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Revenue: Product revenue Other revenue Total revenue Operating expense: Cost of revenue Gross profit Research and development expense Selling, general and administrative expense Income/(loss) from operations Interest expense Other, net Income/(loss) before provision for income taxes Provisions for income taxes Net Income/(loss) Net income(loss) per share - basic and diluted Weighted average number of basic and diluted common shares outstanding Statement of Cash Flows [Abstract] Operating activities: Net income/(loss) Adjustment to reconcile net income/(loss) to net cash used in operating activities: Depreciation and amortization Stock compensation expense Changes in assets and liabilities related to operations: Trade accounts receivable Inventories Prepaid expenses and other assets Accounts payable Accrued expenses Net cash used in operating activities Investing activities: Proceeds from disposal of equipment Acquisition of equipment and leasehold improvements Payment of accounts payable incurred for the purchase of equipment and leasehold improvements Net cash provided by/(used in) investing activities Financing activities: Principal payments on capital leases Proceeds from common stock issuance Proceeds from exercise of stock options Net cash (used in)/provided by financing activities (Decrease)/increase 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: Interest paid Supplemental non-cash investing and financing activities: Receivable from sale of property and equipment Accounts payable incurred for the purchase of equipment and leasehold improvements Proceeds from capital lease Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Presentation Description Of Business Description of Business Earnings Per Share [Abstract] Earnings Per Share Fair Value Disclosures [Abstract] Financial Instruments Debt Disclosure [Abstract] Note and Line of Credit Inventory Disclosure [Abstract] Inventories Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Share-Based Compensation Risks and Uncertainties [Abstract] Significant Customers and Contingencies Segment Reporting [Abstract] Business Segmentation and Geographical Distribution New Accounting Pronouncements and Changes in Accounting Principles [Abstract] Recently Adopted and New Accounting Pronouncements Schedule of inventories Schedule of assumptions used to calculate Black-Scholes option Pricing Model for stock options granted Statement [Table] Statement [Line Items] Sale of equipment Deferred revenue Antidilutive securities Letter of credit and related promissory note Basis spread variable interest rate Variable interest rate basis Interest rate Line of credit facility, maximum borrowing capacity Borrowing capacity as percentage of accounts receivable Minimum amount of cash on hand before advance is given Facility, expiration date Raw materials Finished goods Inventory gross, Total Allowance for excess inventory quantities Total Share-based compensation expense Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted Weighted-average period over which unrecognized compensation is expected to be recognized Common stock issued pursuant to option exercises (shares) Stock options granted Stock options forfeited Stock options outstanding, end of period Weighted average exercise price Weighted-average risk-free interest rates Dividend yield Weighted-average expected life of the option Weighted-average expected stock price volatility Weighted-average fair value of the options granted Number of major customers Revenue from top customers Accounts receivable Supply Agreement Cash, cash equivalents and investments Accelerated debt maturity - principal amount debt Equipment sale - net book value equipment and upgrades Equipment sale - original book value of equipment and upgrades Equipment sale - net book value equipment Revenue from international sources Number of business segments Customer one. Customers three. Customers two. Document And Entity Information [Abstract] Percentage of equipment's net book value to be sold to customer after a triggering event as stated in the supply agreement. Percentage of equipment's net book value, including upgrades; to be sold to customer after a triggering event as stated in the supply agreement. Percentage of equipment's original value, including upgrades; to be sold to customer after a triggering event as stated in the supply agreement. Line of credit facility maximum borrowing capacity as percentage of accounts receivable. EX-101.PRE 10 nanx-20170630_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Aug. 04, 2017
Document And Entity Information [Abstract]
Entity Central Index Key	0000883107
Entity Registrant Name	NANOPHASE TECHNOLOGIES Corp
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Trading Symbol	NANX
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		31,234,330
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2017

XML 12 R2.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 1,150	$ 1,779
Trade accounts receivable, less allowance for doubtful accounts of $5 on June 30, 2017 and December 31, 2016	2,199	434
Inventories, net	763	772
Prepaid expenses and other current assets	407	442
Total current assets	4,519	3,427
Equipment and leasehold improvements, net	1,387	1,395
Other assets, net	18	20
Total assets	5,924	4,842
Current liabilities:
Current portion of capital lease obligations	57	107
Accounts payable	1,004	669
Accrued expenses	984	521
Total current liabilities	2,045	1,297
Long-term portion of capital lease obligations	305	110
Long-term deferred rent	438	466
Asset retirement obligations	181	178
Total long-term liabilities	924	754
Stockholders' equity:
Preferred stock, $.01 par value, 24,088 shares authorized and no shares issued and outstanding
Common stock, $.01 par value, 42,000,000; 31,234,330 and 31,229,996 shares issued and outstanding on June 30, 2017 and December 31, 2016, respectively	312	312
Additional paid-in capital	97,454	97,359
Accumulated deficit	(94,811)	(94,880)
Total stockholders' equity	2,955	2,791
Total liabilities and stockholders' equity	$ 5,924	$ 4,842

XML 13 R3.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Trade accounts receivable, less allowance for doubtful accounts	$ 5	$ 5
Preferred stock, par value	$ 0.01	$ .01
Preferred stock, shares authorized	24,088	24,088
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ .01
Common stock, shares authorized	42,000,000	42,000,000
Common stock, shares issued	31,234,330	31,229,996
Common stock, shares outstanding	31,234,330	31,229,996

XML 14 R4.htm IDEA: XBRL DOCUMENT

STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Product revenue	$ 3,535	$ 3,678	$ 7,001	$ 5,867
Other revenue	47	5	66	27
Total revenue	3,582	3,683	7,067	5,894
Operating expense:
Cost of revenue	2,381	2,170	4,662	3,925
Gross profit	1,201	1,513	2,405	1,969
Research and development expense	476	372	860	673
Selling, general and administrative expense	697	675	1,460	1,436
Income/(loss) from operations	28	466	85	(140)
Interest expense	(6)	(3)	(16)	(8)
Income/(loss) before provision for income taxes	22	463	69	(148)
Net Income/(loss)	$ 22	$ 463	$ 69	$ (148)
Net income(loss) per share - basic and diluted	$ 0	$ 0.01	$ 0	$ 0
Weighted average number of basic and diluted common shares outstanding	31,234,330	31,185,496	31,232,223	30,599,782

XML 15 R5.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net income/(loss)	$ 69	$ (148)
Adjustment to reconcile net income/(loss) to net cash used in operating activities:
Depreciation and amortization	183	361
Stock compensation expense	94	88
Changes in assets and liabilities related to operations:
Trade accounts receivable	(1,725)	(1,197)
Inventories	9	65
Prepaid expenses and other assets	35	(195)
Accounts payable	335	156
Accrued expenses	432	178
Net cash used in operating activities	(568)	(692)
Investing activities:
Proceeds from disposal of equipment	96
Acquisition of equipment and leasehold improvements	(77)	(63)
Payment of accounts payable incurred for the purchase of equipment and leasehold improvements		(37)
Net cash provided by/(used in) investing activities	19	(100)
Financing activities:
Principal payments on capital leases	(82)	(47)
Proceeds from common stock issuance		988
Proceeds from exercise of stock options	2
Net cash (used in)/provided by financing activities	(80)	941
(Decrease)/increase in cash and cash equivalents	(629)	149
Cash and cash equivalents at beginning of period	1,779	1,275
Cash and cash equivalents at end of period	1,150	1,424
Supplemental cash flow information:
Interest paid	16	8
Supplemental non-cash investing and financing activities:
Receivable from sale of property and equipment	40
Accounts payable incurred for the purchase of equipment and leasehold improvements	5	$ 11
Proceeds from capital lease	$ 227

XML 16 R6.htm IDEA: XBRL DOCUMENT

Basis of Presentation

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

(1) Basis of Presentation

XML 17 R7.htm IDEA: XBRL DOCUMENT

Description of Business

6 Months Ended

Jun. 30, 2017

Description Of Business

Description of Business

(2) Description of Business

The Company was incorporated in Illinois on November 25, 1989, and became a Delaware corporation in November 1997. Our common stock trades on the OTCQB marketplace under the symbol NANX.

XML 18 R8.htm IDEA: XBRL DOCUMENT

Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

(3) Earnings Per Share

XML 19 R9.htm IDEA: XBRL DOCUMENT

Financial Instruments

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Financial Instruments

(4) Financial Instruments

- Definition

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

+ References + Details

XML 20 R10.htm IDEA: XBRL DOCUMENT

Note and Line of Credit

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Note and Line of Credit

(5) Notes and Line of Credit

XML 21 R11.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2017

Inventory Disclosure [Abstract]

Inventories

(6) Inventories

Inventories consist of the following:

	June 30, 2017			December 31, 2016

Raw materials	$	216		$	283
Finished goods		568			510
		784			793
Allowance for excess inventory quantities		(21	)		(21	)
	$	763		$	772

XML 22 R12.htm IDEA: XBRL DOCUMENT

Share-Based Compensation

6 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

(7) Share-Based Compensation

Stock Options and Stock Grants

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the periods presented:

For the three months ended	June 30, 2017	June 30, 2016
Weighted-average risk-free interest rates:	—	—
Dividend yield:	—	—
Weighted-average expected life of the option:	—	—
Weighted-average expected stock price volatility:	—	—
Weighted-average fair value of the options granted:	—	—

For the six months ended	June 30, 2017			June 30, 2016
Weighted-average risk-free interest rates:		2.1	%		1.4	%
Dividend yield:		—			—
Weighted-average expected life of the option:		7 Years			7 Years
Weighted-average expected stock price volatility:		94	%		95	%
Weighted-average fair value of the options granted:	$	0.55		$	0.34

As of June 30, 2017, we did not have any unvested restricted stock or performance shares outstanding.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Significant Customers and Contingencies

6 Months Ended

Jun. 30, 2017

Risks and Uncertainties [Abstract]

Significant Customers and Contingencies

(8) Significant Customers and Contingencies

XML 24 R14.htm IDEA: XBRL DOCUMENT

Business Segmentation and Geographical Distribution

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Business Segmentation and Geographical Distribution

(9) Business Segmentation and Geographical Distribution

Our operations comprise a single business segment and all of our long-lived assets are located within the United States.

XML 25 R15.htm IDEA: XBRL DOCUMENT

Recently Adopted and New Accounting Pronouncements

6 Months Ended

Jun. 30, 2017

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recently Adopted and New Accounting Pronouncements

(10) Recently Adopted and New Accounting Pronouncements

XML 26 R16.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Jun. 30, 2017

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories consist of the following:

	June 30, 2017			December 31, 2016

Raw materials	$	216		$	283
Finished goods		568			510
		784			793
Allowance for excess inventory quantities		(21	)		(21	)
	$	763		$	772

XML 27 R17.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of assumptions used to calculate Black-Scholes option Pricing Model for stock options granted

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the periods presented:

For the three months ended	June 30, 2017	June 30, 2016
Weighted-average risk-free interest rates:	—	—
Dividend yield:	—	—
Weighted-average expected life of the option:	—	—
Weighted-average expected stock price volatility:	—	—
Weighted-average fair value of the options granted:	—	—

For the six months ended	June 30, 2017			June 30, 2016
Weighted-average risk-free interest rates:		2.1	%		1.4	%
Dividend yield:		—			—
Weighted-average expected life of the option:		7 Years			7 Years
Weighted-average expected stock price volatility:		94	%		95	%
Weighted-average fair value of the options granted:	$	0.55		$	0.34

XML 28 R18.htm IDEA: XBRL DOCUMENT

Description of Business (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Sale of equipment	$ 96
Eminess Technologies [Member}
Sale of equipment	36
Deferred revenue	$ 250

XML 29 R19.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Details Narrative) - shares	3 Months Ended		6 Months Ended
Earnings Per Share (Details Narrative) - shares	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock Options [Member]
Antidilutive securities	795,000	550,000	821,000	432,000

XML 30 R20.htm IDEA: XBRL DOCUMENT

Note and Line of Credit (Detail Narratives) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2014
Letter of Credit [Member]
Letter of credit and related promissory note		$ 30
Basis spread variable interest rate	1.00%
Variable interest rate basis	Prime rate
Line of Credit [Member]
Basis spread variable interest rate	1.00%
Variable interest rate basis	Prime rate
Line of credit facility, maximum borrowing capacity	$ 300
Borrowing capacity as percentage of accounts receivable	75.00%
Facility, expiration date	Mar. 31, 2018
Line of Credit [Member] \| Greater than [Member]
Minimum amount of cash on hand before advance is given	$ 1,000

XML 31 R21.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 216	$ 283
Finished goods	568	510
Inventory gross, Total	784	793
Allowance for excess inventory quantities	(21)	(21)
Total	$ 763	$ 772

XML 32 R22.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Detail Narratives) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation expense	$ 46	$ 41	$ 94	$ 88
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted	$ 362		$ 362
Weighted-average period over which unrecognized compensation is expected to be recognized			1 year 10 months 25 days
Common stock issued pursuant to option exercises (shares)			4,334
Proceeds from exercise of stock options			$ 2
Stock options granted			507,600	419,390
Stock options forfeited			19,568	15,000
Stock options outstanding, end of period	3,417,000		3,417,000		2,933,000
Weighted average exercise price	$ 0.79		$ 0.79		$ 0.81

XML 33 R23.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Details) - $ / shares	6 Months Ended
Share-Based Compensation (Details) - $ / shares	Jun. 30, 2017	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted-average risk-free interest rates	2.10%	1.40%
Dividend yield	0.00%	0.00%
Weighted-average expected life of the option	7 years	7 years
Weighted-average expected stock price volatility	94.00%	95.00%
Weighted-average fair value of the options granted	$ .55	$ .34

XML 34 R24.htm IDEA: XBRL DOCUMENT

Significant Customers and Contingencies (Detail Narratives) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Number of major customers			3	3
Accounts receivable	$ 2,199		$ 2,199		$ 434
Customers One [Member]
Accounts receivable	$ 1,410	$ 1,064	$ 1,410	$ 1,064
Customers One [Member] \| Customer Concentration Risk [Member] \| Sales [Member]
Revenue from top customers	72.00%	71.00%	70.00%	71.00%
Customers Two [Member]
Accounts receivable	$ 212	$ 28	$ 212	$ 28
Customers Two [Member] \| Customer Concentration Risk [Member] \| Sales [Member]
Revenue from top customers	7.00%	1.00%	7.00%	2.00%
Customers Three [Member]
Accounts receivable	$ 174	$ 212	$ 174	$ 212
Customers Three [Member] \| Customer Concentration Risk [Member] \| Sales [Member]
Revenue from top customers	5.00%	6.00%	5.00%	6.00%
BASF [Member]
Supply Agreement			We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest customer, that have contingencies outlined which could potentially result in the license of technology and/or the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs.
Equipment sale - net book value equipment and upgrades	115.00%		115.00%
Equipment sale - original book value of equipment and upgrades	30.00%		30.00%
Equipment sale - net book value equipment	115.00%		115.00%
BASF [Member] \| Greater than [Member]
Accelerated debt maturity - principal amount debt	$ 10,000		$ 10,000
BASF [Member] \| Less than [Member]
Cash, cash equivalents and investments	$ 1,000		$ 1,000

XML 35 R25.htm IDEA: XBRL DOCUMENT

Business Segmentation and Geographical Distribution (Detail Narratives) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Number of business segments			1
Non-Domestic Revenue [Member]
Revenue from international sources	$ 332	$ 351	$ 680	$ 475

EXCEL 36 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 38 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 40 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 46 127 1 false 13 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://nanophase.com/taxonomy/role/DocumentandEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - BALANCE SHEETS (Unaudited) Sheet http://nanophase.com/role/BalanceSheets BALANCE SHEETS (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - BALANCE SHEETS (Unaudited) (Parenthetical) Sheet http://nanophase.com/role/BalanceSheetsParenthetical BALANCE SHEETS (Unaudited) (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - STATEMENTS OF OPERATIONS (Unaudited) Sheet http://nanophase.com/role/StatementsOfOperations STATEMENTS OF OPERATIONS (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - STATEMENTS OF CASH FLOWS (Unaudited) Sheet http://nanophase.com/role/StatementsOfCashFlows STATEMENTS OF CASH FLOWS (Unaudited) Statements 5 false false R6.htm 00000006 - Disclosure - Basis of Presentation Sheet http://nanophase.com/role/BasisOfPresentation Basis of Presentation Notes 6 false false R7.htm 00000007 - Disclosure - Description of Business Sheet http://nanophase.com/taxonomy/role/NotesToFinancialStatementsNatureOfOperations Description of Business Notes 7 false false R8.htm 00000008 - Disclosure - Earnings Per Share Sheet http://nanophase.com/role/EarningsPerShare Earnings Per Share Notes 8 false false R9.htm 00000009 - Disclosure - Financial Instruments Sheet http://nanophase.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock Financial Instruments Notes 9 false false R10.htm 00000010 - Disclosure - Note and Line of Credit Sheet http://nanophase.com/role/NoteAndLineOfCredit Note and Line of Credit Notes 10 false false R11.htm 00000011 - Disclosure - Inventories Sheet http://nanophase.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock Inventories Notes 11 false false R12.htm 00000012 - Disclosure - Share-Based Compensation Sheet http://nanophase.com/role/Share-basedCompensation Share-Based Compensation Notes 12 false false R13.htm 00000013 - Disclosure - Significant Customers and Contingencies Sheet http://nanophase.com/taxonomy/role/NotesToFinancialStatementsSignificantCustomersAndContingenciesTextBlock Significant Customers and Contingencies Notes 13 false false R14.htm 00000014 - Disclosure - Business Segmentation and Geographical Distribution Sheet http://nanophase.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock Business Segmentation and Geographical Distribution Notes 14 false false R15.htm 00000015 - Disclosure - Recently Adopted and New Accounting Pronouncements Sheet http://nanophase.com/role/RecentlyAdoptedAndNewAccountingPronouncements Recently Adopted and New Accounting Pronouncements Notes 15 false false R16.htm 00000016 - Disclosure - Inventories (Tables) Sheet http://nanophase.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlockTables Inventories (Tables) Tables http://nanophase.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock 16 false false R17.htm 00000017 - Disclosure - Share-Based Compensation (Tables) Sheet http://nanophase.com/role/Share-basedCompensationTables Share-Based Compensation (Tables) Tables http://nanophase.com/role/Share-basedCompensation 17 false false R18.htm 00000018 - Disclosure - Description of Business (Details Narrative) Sheet http://nanophase.com/role/DescriptionOfBusinessDetailsNarrative Description of Business (Details Narrative) Details http://nanophase.com/taxonomy/role/NotesToFinancialStatementsNatureOfOperations 18 false false R19.htm 00000019 - Disclosure - Earnings Per Share (Details Narrative) Sheet http://nanophase.com/role/EarningsPerShareDetailsNarrative Earnings Per Share (Details Narrative) Details http://nanophase.com/role/EarningsPerShare 19 false false R20.htm 00000020 - Disclosure - Note and Line of Credit (Detail Narratives) Sheet http://nanophase.com/role/NoteAndLineOfCreditDetailNarratives Note and Line of Credit (Detail Narratives) Details http://nanophase.com/role/NoteAndLineOfCredit 20 false false R21.htm 00000021 - Disclosure - Inventories (Details) Sheet http://nanophase.com/role/InventoriesDetails Inventories (Details) Details http://nanophase.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlockTables 21 false false R22.htm 00000022 - Disclosure - Share-Based Compensation (Detail Narratives) Sheet http://nanophase.com/role/Share-basedCompensationDetailNarratives Share-Based Compensation (Detail Narratives) Details http://nanophase.com/role/Share-basedCompensationTables 22 false false R23.htm 00000023 - Disclosure - Share-Based Compensation (Details) Sheet http://nanophase.com/role/Share-basedCompensationDetails Share-Based Compensation (Details) Details http://nanophase.com/role/Share-basedCompensationTables 23 false false R24.htm 00000024 - Disclosure - Significant Customers and Contingencies (Detail Narratives) Sheet http://nanophase.com/role/SignificantCustomersAndContingenciesDetailNarratives Significant Customers and Contingencies (Detail Narratives) Details http://nanophase.com/taxonomy/role/NotesToFinancialStatementsSignificantCustomersAndContingenciesTextBlock 24 false false R25.htm 00000025 - Disclosure - Business Segmentation and Geographical Distribution (Detail Narratives) Sheet http://nanophase.com/taxonomy/role/DisclosureBusinessSegmentationAndGeographicalDistributionAdditionalInformation Business Segmentation and Geographical Distribution (Detail Narratives) Details http://nanophase.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock 25 false false All Reports Book All Reports nanx-20170630.xml nanx-20170630.xsd nanx-20170630_cal.xml nanx-20170630_def.xml nanx-20170630_lab.xml nanx-20170630_pre.xml true true ZIP 42 0001387131-17-004079-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001387131-17-004079-xbrl.zip M4$L#!!0 ( )PP"TM#)XJ6OST .!E @ 1 ;F%N>"TR,#$W,#8S,"YX M;6SM?6ESXSBRX/>-V/_ ]:N9J(KPH=.27-V]X;*K^OE-75.NGI[9F(@.B(0D M3E&D!B1M:W[]9B8 7J(D4J)LR69_Z':+))"92.2-Q$__]V'J&'=<^+;G_GS4 M/&T<&=PU/G?LWA,__%/3*S;X[S=^*?+W(<_\*]F[_1A!%A?LP &Q.=_:ETW^OBOP??FX*+=NVCU_E]! MZ (6A'X$7>.AWY#_R,]_>@ 0[ O\MP$KY_H7#[[]\U&"(/?M4T^,SUJ-1O/L M[Y\^WIH3/F4GMNL'S#7YD?[*L=T?>=\U!X/!&3W5KRZ\B9/K.=IG^'@(E(I& M1@!7O+\ "3RU@NB#Y,O=,_DP]:J=^^JY?-76KUH\\Y[/S=.Q=W<&#^#]9N>D MT3QI-_7K@H^6@GQ^!D_UB[;O=5K-WBK\Y!OZ@] _&3,VBSX8,7](+ZL'"$PO M#0P\$9[#_=QOZ$G.1Z[GNN$T'RXK$&?!?,;/X*43>(L+VXR^6_]1^@. 7_. MAXZ>Y$!G>J$;B'G^DJB'>9^%0H T6O:=>IKS(7\P)_D?X9.<#VSWCOM!_B?R M&7[4SM"XP#\?^3;*\R/C3 \E MI9+IN0%_" S;^OGHTO\RDONL!^#]H;C]CX\\"+CX,KH2W+*#3WPZY$(#%(T# M(M@.YM&OT>^VA4]&-F@4 ING.%=3YNKF+T>_H,3L]]O-1N^GL^S'BP/[?#R% MIXD'ZI$%P#S,'-O4L!J6#6]*9:EPNKB=>"+XSL7TF@^#[T"@RP?;/_I%/\Y# M^:>SW-&3D)WE@Z9_S]!((3*#G>I9.90CH1O\$J](1!;U)#M^:B3]HUK@M:L. M3-\_:72>;&&W)I)"8*=$.C]IMG#G'BR1% *[YJ3SDUAF'1Z1% *[(=('X4UI M(1JH!@)/_GV ! .BB #-YU]B="()&#U;^ P<@\1'23KK)[NF:^>/++ F?QX;]!+&M6PG#.P[?LO!#;(#F_OO'TPGM+B%E,& M2PC;&#[[,GK/A&N[8_\K%[<3)OB[>?X Z2V^E'I/NN'WEA%7Z8::$9\?(QZ2 MYJF][Z?UO@]#@JUD'-OE+XMM%A"NF6:%?UXSRE[$]G8:;%BRXK?A;.;,0<]/ M[0"Q>2:KGL$JO>CY.#_7A2^@'VHF>"HF.$PUD4^[Z/$GV[6GX;3FHN5<5 :" M;\P=9]16BL+/57!MR'SLH6:^W3)?DL+/E?FXY_SQ]7VGU>Z#[J&SW"?V+T]_7:9]:^,>AT>N:C3+%9)TRL7X5JCKJJOKGGE*7GE\4\#995??=[]&9]W/R3K MH&;$9\R(^V<^%3X*_4S/MU5_0+K,]"_U<%L!/5RG;>MP='E@#B5MN[<6R>-M MR3IM6V_)?4K;UENR3MO6FW+OTK9[NRU7^>ZU\5IOREULROTP7OUGU-0@M>L\G*E2NC:DD]FH> + MJS_ES(???U&CPI]Z,/TD/06.MF3\WVZOEPZO+BR\@'=P*F\F763L$G3(PIDW:F+2:^YZ4]M=-^UZVF3G MS1M8/T]1(8^H"UG;=YX0WCU6!QB*1[_A#8!E[N\S< +Z"OG,L+AI3YGC_WQT MTC[ZI8T2Z*>S%?-F0;LTZ49(L(!,;M^QH8-&T!5=]ACDP:@O4EL)1J?=2<&Q M:I)M =+%P"L!PKY?NX=H\RZ4*X%O=IJ-_01>-M1:0_G67L*N&D*M)GSO$=AX M\R9VJV%OG.\I\$68IK^7H!?AF6WX'7L#>RY5@'UEXHL@$\^BRZEU,5EAD9S4 MW@D0;SY_./KE%&VQ$I-6!&>NI%X%9Z-"0.FY_R4,L"P(+UPO1LDED %#M :P M"W.A6YAJ6[ 6";<?*!N?1]'N2:;,7, MH7XG(Q1HO.*S%+)QNH-6I\ LUWS$0?I8WT 2<,2W$1S6X/O_#PU]:I)M@6H M$#$Z[?[& $FZ;6L#MSNM7LYR+%-;Z^8LAG6W.2@QI^-X]\PU^0=/7'OA,!B% MSJ*ZVI8.W31 9>:L'.!B^Z@Z@!/BA?34YLR4L2JR V\R<2%BE)U8D^8KFU?! M/.?G^6Y;>OC-@2A$ _"^\DWI-5!8(&5LSV7.5V9;-^X5F]D!@U^EV-@%$_?R1,Y]_&3KVF+(S6TO:9B,M:%=/LSU0Q:3(#F"J M0%$W,Z&$M3-5 EHQ4=/H;@?:5Z&4_"-[4,7FK0[:+?VHS<"]<>^ Y)Z8?[!= MVY]PZU?/LS8WB;L9/LP??G,@BNW1\_XV0/PJ/']S"O0&[?S):=CRDQ;"N-?O ME)CTH\V&MD.'U2H0/;V,TL@=?6,0BFFNU@8@I/=+M7&$QK)MN=99WP"JPG[R MYE!%_/29;\$HO58^D\*@92@M@V6),55L]F)II$:G6W+V+\&$"^F&5R!#6VFM MF3OXQA 4D[_^=);]/#GL>ZI/NZ*B7^?&M?C#7_B\ M\/C)RKVEH^5A\<'V3>;\@S/Q 7[Q"T^(?Z<1RHR4G.P2GEOTCL/&A:<8P2)Q M.4=J@.3(BF_CN=_+.KO"DYSH!HFK1EM.N*]4OE>.=']MY1$N,=(B6WRP'2ZN M )(QZ(S"$]T"F\-WQC<^\T2 7A4V>F'N/,DCJ:&3,W\7#%VDV_ETZ#F%Y_Q\ M^?GO(!.+*S!=93 6 M,T2;W6PH\S%A[!;S5GK9F.9CPGA>B(Z=C'>W$8S8CN;&]<%$QQUYS7U3V#/9 M#^EO# S6H<._P1YYQWR[Z$9?70;YRU=A3[DA8-!DEK<5F\&3E:& 53"O+SU-N<;%X5F]%H3N[4QP9GUQDW1H5L)) M,594&+XZ>%X4LD?#:-4J[0 ?.K949FDOL0\:'L5B8_AF,7.^>X1/>]V?SBJ' M>['$&UN],9];:". @T!>Z:40V#&+:#N/7_G*YOC3Y3T3U@=F"Q*IX$B$4]KM M/AY8^R XO\%6E]P/OBVQR'(N2%A+C4:SDRP0WS'4>T&F/$-K_2YI-9^:3L/U M$PZ+3(@>JPDN/IX$R)4P>7STR]?>/S($V D\3XMYK@W^E)A7Q62_HC.?P1F>:Y;5X71KH*,FR&SA[1M_7]Z^-[Z_O_KOSU\^?OGUYOVM<>6)63)DDQY]/\ MQ?7NW5O.?,_E%@4Q17$PO.1L2T9;G!8V*]B83,B04O%X6'JZS"@Y(5(9I(N" M6EC\4R+Z]@\\.;ENM(42Q.U:*%].T?HNZRHL;TB]-JC=S^2;*H'_T8BRZMZT M+8C2:;<.F"B;]=!?2Y3>H'O 1-FLG_M:HG0SH=F=$*52NTD;YM=TI-NUJK22 M=V3JY8&\%S3:Q-U^0AKE187@.UOV#KJN*"J'";_^2:--N;(24^>=@3$Q7Y]/ M)Y6M>;L0G5GYZGA7;BA;,VAN2>%-^^FK]7P-BN M-](J7-S9)L__]K/GWG$?70;?O> ?'& UO;%K_P=$@X9K9M(=O )BX)652^D>U\&>W:X)QK=KL6^^SC8KPJ1/1G7-Y\;[B6XOO7L<"_#]>>/MN?9(UC_ZQ2=[).L?_8:)]15HSP[WQY#US)]D:[)= M*^KP>D-Q*/2Q5AVRB_$*9S-GCMU\;/HH@[:JBBQ2]TN-'++UX\4 33E57X7M MFO:,.3+;@X6IEZ;)'>SZRZU/+,"L4:'*Y76XI>Z#+8);0WEBQ4!,885$F"$0 MR$C 0.\\3QZ C1X ;7Z;C06S5IZ.7(/<.JYKGC9U$6PIB);C\D788]ME3O3Y ME]'CHM0X;3?R4"H(V.(Y3-KC1<,*N1WE5T?/,T=!](1E %GELQ4&Y'SAS.I& M@!2ZCF'UB8%,/<$F@!1M]K\:D&[VE&P^(#KV\F6&.QZ+762O_*HB/@F]N'2J MDM)E3T1*;G:CFKX9K=X@O7KK^U%4V!NC->AV2\[^57BPJ,'\J\-((D5$VJ9G M2K.=J4-9-%ZF71_@\GN7W53-O#53AKLQ5<"_V1*R(6-7Y8UEBT8J"*Y[VW 6K;;%BBJ5:F7EKG MU<'[,*OI7M@X[5=QMJD^S:(]L$[9FUV!(GA/_CP.WN)L.$ERPI,1 MF]K._&+UE/3Y[_S/_]5LOU5"WYD;$W;'#8[UI;X-?_F$I,'&@G-IL-_;P<1X M=WG[@0X'>#("8[S^,YO.WOY7O]5JO,6'T?\VW[XY-KQ0& [@QWU08BKT&#C8;L>XG]CF!%X('0& 8#,'( )F"YW L%T8 MAAL.K#H6:WDCH)$Y<3W'&P/4KG7F"7K!!_L:G\Z$9X4F@0#@8/)YRL/Z2'VMJ-'MO_20( M+N>6?VK@&I[APND%/9OA7XE]4XB!\WJ%R.J LJU)XK_3_4)2H^63!C6O"2GSR6!X%30@LHL(#H%3>\9$GN'SO.WO@_B?;]3 5'D5ZIY\X6#36LNAQ98SUB CL&>VVW10OFG);;>B72[FMA=&3DDY^7^E) MA@QRJ1DV *#TGE[HZ%D!!.7V1M4 E&:Q+(.M!" *>U=O\&0ZZ"Y.M"$LI7FB MW]T=)"7E9G]'D&P@A\[+@G++'?"QQK]R%UYU0.I<6E-LWT]9]3M>I1AI=MII M\(K-71W$Y>4.G3%Z6HA+RJE,?^_'!K@TRYYG\KJ; 8SMBYDPL?'>-;_CCD<^ M?97,>]Y+2^"5,VX-7GEIF&'4G8-7\JQ>[_P1P2NO7'O95'H)\.A8SE?AC>RB MW036")U!QH5)3%!R[M)LU.ID;A'::NYR/-*$%RN:NS0#-+O-=M&Y\4SBEY$J M&9QG[K!8 P.UL=\% M4V0N0,V;9U-8RD?5SG<)2UEC8F>PE&:6;FE0DH_I@K3J9,B*_:MGVA2:#:1) M1IM7#$U9N=+N[@R:#21,IEBH"#39KC[8;-A$ Q4; ^6W+]BJ.V "O#535P#I M5KWW'AO2U:RW-Y"N9G31()V:PY>EBAN= >#7C]Q,&XS M@':'UD;] S#_W6JUVGN-UHJ]L3:MOZ]HK=Y(2]%J]KN=P7G5:%WSF8"99(1B:L"MGR@-F.R;P+LC6L*O"SYFLO_ MWKC%VNV7#_ T,T':(C-7!6UYTO8RP8EJH-57T-F%SPRM24V=KX,R,>/6X)6F MXLE"5<(VT*FKU*Y5+7+NE6H5Q2+74;4(*+M#J/PZM!\'(;TEOK)Y=7*CF\U" MKYFU$C!+D[B]EL2;@)DYXE$-07L+559K)ZX*V/)!VO9">4YI8,&MQ*/%7V7E MJO5N_IO/K1LW2A-?FH%])X_0Y-2L5"2G!PMU@UO M'L,RXN8[OE"56B%&.:7 MS^^B8VG^3)O#LVU'TF+P+*&V+)EZ)!YO9@["; ?3[C$L;Q0N5!Y7B)\Z\^%_ M]R[-?X>VX%]5L?P=K]"T:6>.5ZZ;M!(H"Q!ZW7W=>?/F'PRMINZAO99,^;-7 M"W?Y^//ZY2T(M_!,/*&!@%"#A-$G9DYLEXMY!<1>N]J;SUY>W*;-RX)3[Q;B MJ%<,&HQ;CZ)-!IG7T=B#M'L'R)E._D+[< M$,'4PE?3^CDO6[N4Y^@.VB 5'L;1^?;ZJ&DS(FWMI9%VNQ9DJ2?AE] M]-PQMB2Z8C,[8,Y']$(2Q\@K 3B3ZRTQ?<60EZ_(RY:4;0QY_HW"\AA>U@NL MJ%"WR/75^0!4#7QY67+>J@YZ76?_E=F;95B+':7 X5,)%()V%RB%&]>,VBW%T-5U0/YA+0HGL_O-'M/00NZ?#VZ:CS;;&!5HX.= M]>I8VINCR 31QT/\XW7S#36D("RQA\57( &V.D424;>(8=0W8K&)!'TJ_[7' MN%)_#+!2GA"+;'>5TZ[MKL#,]01P?E$$OT]DGQ4&+$HM1I!)0Y>%H%? "<7> M(L*>&B/IY<*X/BRO:K@"*_Z9N=YL@F;R=]W=!'-+RQJP1*\GNK 8JA%*XC7= M[21^Z9B M%V\71 A3+Q\GQSL./G$"T5FGL3#T$]V@C$$'SG<# SF. :SD/(2 MQ]%/J&?2$)F#H8A!I?BOT)6=AZB+$[*]%D&Y M8R"/ @-R9"SP& -O@9>X11!DV>D_\J]L6 S4"_ F-=X^-@>AO3TD4VM%RD!"V*FSDM(X0?<)_6P2ZN($@P$ MFXF;?S83W@-X*"C@7K7;+5KA5^?]1FE=?(PJ%O4I*%YG?FR0&2>4] .Y^*K= M;:\4&<9[UG4&$[_]O)DU,%B]B64 M)J&7S(U-9\(&BYT!9[ECAQM#+7-\*7.(79CD!6J0Z+GC$P=#EJ#6J(H [3]U M4RPI.*5)?W-)8]^BGO9?'I%+9'P.(U;0>J/LL;BM M*;"75G=UM. @+/O8?R=W'*U8\(#O,$-K&:C-!-CITK8%%>>0/XB<;,F&%6 A MXR.00%/,.,.\,$TX8B:ROI"F/XR(.G-,]Z\8LE^L=)_UZ$$BTG!*@/S.E8H" MW](%^G!P"< _ &!I/FKP*HX-/QR>3&U3>(!:/!RJQ-!'CQDDXAWXLCR@"2T0 M> )^!Y+_ )EW@>K2)RUNHOB+8A$$@1^ZP->0^"$$M00K-@T=Q5H(^0_T(7%1E*'BRW"17#G46FA% M>>ASSFGV^XGG./,3[Q[[^ )7^#803X#Q=.LY<@^WVK"F'-A:AXPZ_=9;X^/' MJU0X:_'U9+PI\>4;HH?$(@$:F5ZRC_ ]J&'NV+!/ DDADGFHA-*+%7D9 2. MD66@S!P3(AI?&O[>$^#^@)H!.U#N)=V>'_&/6A1'O7]]%5-#U>UKZ#2[$_51 MA(!(P1=L$6T9.1P7N RX\V&)J7HM]LSE& 1A8MMZQ&U>2&;L"6ZY)!\ILL3B M )#ZIGE'RP\KS9/$8%.&_8ZY")B-?8OO(Z)@N,RW\02!"I?A:L=DP%<5LD0^ MS:AR,T43RM<4YO&"1.V=QY- [;:3.,('NX6!XC>!2P6 G]Y[FCQQE^DA" Z@ M_P_\MQ>#J!I@J]626U9UP4;3G9/4Y3C#B8_WBT4V^UAX]\&$L +*>PGR,<)' MHT&R3^_[0' 6!SVET$J$-)%#0U]VF798Z,(O*6(#05(",B$7 %-/ML!&CBB^ MWZ(HZ@B,41U4U)X*C!F.)VH7@"K4&QXA5W&(<=HX3+S8@&A'?\$@9,,FFT4+0Z+CO"$M/R3@""JB)1)/& M,?;5!"4=\]O!V ?/U_(IB-EU*+1J([];^MSW:&D$9&: M>*A+\7I7!YP:+8E M_?NI]*Z2&9)CX\8U3U/*Y/WWFV1&XM2 'PQI8G'8WD/4OKC?J<=X0G0;D6)& MMXQ),1&K$XO&D6WJI\"&!@?5JZ(%QE!D-0EUB9?R";8]RD['\>XI*43/Y,[R M:&8"0LD"P#MO,VOS/[&K8U.?!)3J6"_!)'HA3G%RY(?KW9],O'M"*V[_K_OJ M$[@_5* $MZ\/^U7+BA1B1"V@IS\#:7=,HD\*-CDQ?#H#)0O(,4-X<^8$\U., M^AH>1IACRP))2V_+JP'"& 1X;TK#XDHB!*"KR>)=<6N!7&4\VXC8>Q'YNFDB%EG0QBL%C\)+ QWB/SV+A6 MKUK=!DY%Z*#E!(Z]RG(1VX$1'D1FN_[(LGT4\722ALWBDV2"._R.R1L&T@P9 M:7^5#>".=6I\QU70 !@4:C(]85%T ::41QPC7::8G,ES9+#N\;P^-Y-YLB%S MR!R!;0+_=^PIVI%./_HC[P6M(JV2R5!SH80E?) M16*;DA]2=>JDA[S,!A41Z@GXKY3'E"V6_K_*C*KB@JA, %ZW!&I/\K@P& U: M9:J\'$,5&N@@ME3:*H7!?,PHPV9P4+^-\#H<4/@:1MAJR6H1!)8@4L^3OCSL M($3\-E7\$H=J*=]K!X;E ?P(N^"JX"*:S (/V40G0U(&!L/XE"GF8-OA_N:Q MLGQY6RIQRF8A#+ZNZU0EJ=\A1H?V)HPP(!BLP_HT&6);3JNN\AT0HDZ[59I6TC%:H-?Y(KV,7='J_%BIFK7T M,E;1ZF"V3/6:8JD>R"J,#\P6= XGSL+ZSUEI=*32^!#5S=VX?B#HFKPM\ZS[ MA?!SUQOJ!LR1AQ$X$@SQDB9.%-RB4,-3+,8[#_Z3BBE^N+Q]ERISSOWNRK/H M -M"N?;E[57JZ^_>S#8)J'X+Q!@B:2.DN,,,VF+&)["YPV0N*+'I:&GH@V,5 M>K/X"(UV6?M\AP,<)X*=&(H;"?!K*;.% G9*HR/TB2^BD+R,OOL8I])3&FP( M:4)75NJ$/;C\XR)FG7@>(MJ6EZ> M<[(3S%)(E)60)>U/50,6%U+;L4*(4NQX<%569^ ?/#Z4?(RQ5VJ-1BE2V4LQ M\>-,M6FC@@(5I>6R01U^B_YZN@@:.!>+G3TQIQ)N&?1W,8C@4,1KZ E!*0=5 M2.+.DS^I3:23;J8\4FF0!XW&'YV(!"G"2+Q@L=%0FG&?82Z"H9O=]C)K@X4% MN12*C$+MH&-"VL8"AN05O3"8R82@\S-R5)H&/E7?QZ,K\S-G>ZOC)%(4).02 M()TV[.&SA:+S93LS-IE66D*+?5*'0<4%UIO9#U7:1EUI&WVFHP/(71\5W\B3 MM$]A'AVJ!'OTY"ML.^"O3E[R=[ M:\Q0BA*%S DW25PKK6'8(UQ%D'!.="TYE84MT#,4!-&((+@),(GHA>HF M=#+1 E0G6)]"I*6E9G2D!]UL.F_G4R09_WO/Z;IS%6_ ?C-1)A/CS'YT#F_9 M,LN#&]QDH0R>)V0^FTHEF0K4!(051<(M:*JH"A#PUGJ\\> F8)63>)RPE1:;HY@F]Z*C01X^YQJ5F1^-UYC1M6L7% M+Z9<.Q(%'\%6$L'\SG; GGN',@%85B9I!""O3\J!56?\#D#HWZ9X_'XN/WB= MFC@>+CG9<:IJ"V6/*@I8!BEE1;%N#,S2N$8/7#593PK(PV!@#[?)$ +[[K=( M3"P;DH)M:H3C-.*R%D2Z5X#IE#U@.PVJFFACQ03LTU[W3\D:$Z[B>0P-4FJPF./EJ8P&[_X52KBE5%KNT1K60"SK%!>ZB= MKR=3@<1X0ENU[8:%BJI'CK6KA]S#7 )76D C^X%ZIYP:NON.02?.4G)WF2IA M050()$M,I&HY-2[O0+9K444)/':O;7>RU2-_4]85D<"#T5"V!L:KIC&%55"Y M:_1(DN6$")L6K!)&6$/)$D%Z*=6$%H**-CY^*,O5 4+YAZRM]5RL,B>U*E$" M7$$.N%0>1<<\Z7L@EH^%N?\.F0A4-?L4=P$=9D7]IP/L5*BLJ_\P=VFQN:]S ME1$,WU=P*#$]K/I85O>H\D);$%92,G3T:=-A&&A50D\("AG1AD% 7,F=@I$? M)_5M[]20\L;XP(#9[(/E=OI3GX3=>5#[7#INB1L)ZB-#!Q'% M3JX8U;/+?AI:%,KH-@B$BX/!?S@Y0E8 M%C"M>Q;,D8SF>4RZT)_BV>S61^01"FE5M0;/B"YZ[^PA(ALQ^Q#V_%C@.4E4 MCYZ E1\/7[<:G>-6NW_VO;&V8+?)(T6VY&PAH,Q (W?-^.5KO7A+5 M2USQ$C<;^['$^VL4[:$1650&5PWZMCJSU^\4&GLWT+]DP@^6&RO[O*/WW$*Y MQ#@OG<_&\@O^@.?[XTPE9M2PL0%&B6O-]MB:[76K^:B:[4V]LB]D9??75,EB MWZDN0KO[24JP [9 M\[JT88\7IRYMJ$L;GG<,N2YM>/Y+7)$862EW:L+^: M[:D3X/7*/M>5W5]3I2YM.*CT=UW:\'S7MBYMV(/2AJ+E"@L=$*-*B"\C;'W$ M79]A=[%OLA?7E><'/K6>?L=\;GV5MRM5TUIZ[PC_NB<;C5ZSGVCQG%SKJ+E8L_G6N*4V^PNLH-H\ M1_>;FLGO57M8??<7W1QCR1Y,^MHR:GI_(CLGJWO+_-2-,'?<#_2]G7J$W$ET MYSQLYTBP>K/HYMA7G7/JX?1JT$DW\(]Z2I>[\ !8$).]JK3E&/W^^4O!TB- M>QJ+[6?$?,]W6UWZNCEZS^)5^[Q%56,>MC(.W64L;:HVWYJ? M7<_%;8"7&">V2_(3R<="X)6 <@^-X>\@ZCQ*%[(F=@7>,NU2YV(6R.GL]+8; MIC8C1/!\:<,_$"KS@Z&#LK MQ#]NHTOA]&TL*+2DK/\5.4BVWPJ?5N$_CV7;>>MDNK%OC1[K'+?;G667Z% W M6]5>.=DB-R4Y^ ,7INW#YR/J6.F9G%LX%L'PJA5U&EP+#J@_UZL&%CUI83IT M&[WC<[Q.*&4JT*1:6-4JGWE<&G7\] :&2A^QU;$5M&^[@# "P,MM#6.)+_ MAI;_>B74Q19HP.I$-PLADGH6\>#=KNZ.?M-;#F9+'B,FF36RNA@,-/7 MI4:U]88L+K<=)Y37O\L+4>X8\#'>Y9RX:T5?L6(RQPS1AJ(W*>ASBYB8F M](\8\+LPNJ>=65!QP?>'E/^9U#%+PY.)XK7'S5PE)G[Z))8"IK\S8"1C;+\Q M%T]/I/;F)BO\J 6E-8\=%H^=[S>/[6]R=GD!2DK\EXSC9J(NPO9_G(Q0UJ=N MA/$OEB[4"ZZ*BJ+9K6)SU&5ISV@!#J8\;7/I<&WC32:N96"P@9 Y5!]3O/80'= M[E4+B3WCT7H!GH&0.!R#(I7!D'F)D\";76!>0OVO#ODTMA5%R2NQDX9*E'*] MR&0BC(W^V2%*"?CJ7;M7N[9>@#T3F]D:=>=0,Z7%S+._OL59NUQ^X\E2V?V*-$V6$U M02J7?MZZ&=+I\B.YU>'TIWIM-EB;YNGRIAN[6YL7$"^KTVM[[574"[!G;MW^ M6!MU>FT?674;I[MG_ -/ERWZV;7$J9>Q3O45%U9UJJ_P%(.=-;-;[NB\9')W M'XO<+]QP*9AK.R3V7-X):%NN;)QV=\:7!VQH[)+@[<=O(OJD7926IZG2X![V M <.EO3/NN6'9EN%Z@3$!$64P=VZ$NOT%!F[!5HDM%SR!SL4(KW/"OISZ+'E\ M=/CEG?F-^V%MV==J^6U@"Q]=WC-AO9_.'&_..76/^!H*7V,N>:Q^ACS"P]!U,>8 M#R3'5R_ ,TBR[GFRHJZSV&L.K!?@&8B [85ZCJ+PV'5>@&>@:S8MCS/N[-O4QYCJ]]A*]BGH!]LRMVQ]KHTZO[2.K M;N-T[\7YUWH9G\4RO@#3I4[U5<#I]3'FQR5W?8RY/L:\AZ=JZV/,CTSP^ACS MBF/,\9G5'1XRS9YGO?)H!2\+T04A78<]FPGNPIRS@SMSHM?YT;/3^1.O;A3\% M]]% MN_@X3&J12\41N %S(%'- L=%LX_:DD'\PF*^' ^#MQK;#S)ZHO/3XW+ M*1@C@6_8KNF$^-QV#6::]"-!(KC)[3M*.V3N;S!<+1%>II MBKUJ'G>:,,*K5K-%&+UJ]CIIG$Z-G!7)&W[%NC2!3DU)LO-MUX7 2)UM4^N" MD[0VFF3ENIPOK@N!D%@;8_FZG&^\+HWS#JY+7RX+K$]F60B([P ]B&R?\'.U MZ>6-P4'/0'\EE$$UQ@&DH 341BR,0PDFZ2(9CM@,9 [%@ MRL0,#!=V=Y(M0L=2O2P,1$_8L 3, KL5!N6C$6"$5,/E&8:^[7+?)U1#)Y!X MS;C445)PCVR7@="&,8#A+!L?O+PF%P>+V>^2:\Q0"!@6.)T8@S_ QO*!KPT_ MG,W@5S:&+4+M.(Q[.Y@8[RYO/X#*%C-/LH+Q6L?(6XVW^##ZW^;;-\?$2PY@ MB EBS8G'P+),-54QD\I?-F() P=8SS+N)[8Y44P[\P( 5@-()(,B3L%)89C M@^GDR\W!S8D+[N-XCNQYID4*<^@I;&HK- ED_N_0GB%.AA:B!G8E8>Z<()#B M(0*7,MPDC. !C()9*\-D6%@4S(%,(]C#-@X&CZ>\3FYK$F/ N<,+<\$Q8$"G51MB!!C=U-+ )[C,#O).-9@0B(^0*'4=O> "# M,+PA\%&\89$B^H6 !:41P*9FRZC5< B7J<)E7,4R"1P+P6L8Q88!- M0!HEE@XDE^N/ 'KR;HS7:H$)')0Z\>+1R@(C);F.Z"S][3>:15">PD#LC>0[ MSH0++.?'FNV>.W=*M:E6)*A]4%,0!HC24\^. MY1#19_^'CAA)E@04 M4#_CI^U&-(('D &'.:D/1K BYB0>G6PPM5OFV,?' X9$2S"'T+YO1'&UC"PO\E[Y[-;+3TOW$?MK+)26M\8BX; M\P5FP[!'Z/L@:B)I?PGL/O=M^NHKB%GCYMBX P?\BT\(N,(4]T\(19UM9,23+I* *0W9PZLUDRU7=-&$9 V,H& MLE+IJ7TM91]B/);>7"3/WQH3[QZ0$HF9P"_B&.N?I'P>[><@\(B,9B) %.Q! M2=B<]S4Q!)\YS-2,2K;B/2RO@XI:*1$75#V )J;H.=/;4Z4'7,#=]YF8)\A% M YE:N,]41,]2Q)T"\>#!/%(S$6W@33]DTOXCJBVLKAPT8#_(OP,3FTL_,6EX M@+*Z1'EM22L++2ZU<] @9G-?6WJD<@0?AK8C&2,R126Q88F&X/_.$0FM1DB3 M4Z,UR4%^;/AJ/+4: (7!T=0 /K;-@#@*D,8UCO1JS'^:!J& E Q:J;+!3'_L$7G0GEP$]1=2K!\(//T9H;C8@1T#4QN K]XEZG;+/T9SCH$GDFUZ9@3!/:IE,RO;#3Y1#W MH4-(36RA)0NM@?\#S$ 4,!$"8YQ%KD-@CZ( H!U=+1AI" MX/H/:-%@8(C@FG@B&,'_XXKH#8"^DN03+6]QRDC> JM.(WVBG#70;#)$!,#$ M/*&B-A0AN?-L2XKIO!V+[!_)?"4XT3V+V046+D3>=+1(T:S*,"Q$/( 6%L@% M&XWK((I51>;\Z?.U)=;C<["8/=LUNYV@?"'(:0^@?+)]);BFI+L"&1L%AQ$W M(5I;(7D3/N<_DII+N<'N^%@*FKQ'M)VTQ)$VI(S9HN[CV5B.NR#<5[! MQ]B5NVN@& M):BBTA(76K0T3"2_&;*TY85#M"?'3%C:@DU8GS(FB98IC&B,/)$N=S6S#U)S M(5/?WU38T+BTO%F@/ H<(D;;2-.F3H+OS0:Y)F^>(/\$ @3XK2-%ZH?+VW>& M[?LA+&AB(6^QW3O(%=_X;6:AFDSF1RYO?TNF1XS/WBF->-(89-_3OZ?3*8B* MG9N;QRH*S/FIJ'M48D%+0)](K>FC;TX*Q%%108N:?T?FLH&3*\#.3QHRZYGZ M#=/4TN$&]PMSAY:$ ]UME/9@O?,'VR=R:!TGP$4")4@1EW%H6Y2[D*+ZM]/; M4^7QH^\G]3_NDIBHLT@J2,V!^LY7A-::S%VDXZDU#S&FFF3,B[ZF1X'383"H)K6G$7#!2 MN'Z$&%P#8:=#C+=W=8%(VOVC0ZKV-!H@2AG0@J:'U\Q-F3D!E /:Z!R/BN/U M<]B0.1+WV_#+B23UI#OG4#4/J1EFR@R\2I@- MF:-NB$%?3 O=>,?@#!ASM%W*\0=1-F3HP4;"<4GN"8&VLTISHOU!K@S%T2A' MS+GXWS/$J@P^08 M6O-D8E"^%=<>G!KO/!4OC@>,!R$H;:2N#/UBRH(A(2ST]F70FH0A@9"JJQ^% MJ*D,4$_V--0TC](8WAV7X*FUH#S ;3B4L>E 3R-SIK'YDY@QRIZCW')];6*D ME-VQ1$#F1?4:FPY@2AZ_'B&& V2ST@LZ L%EH%#+,TU"S%X358"^?H#Q>%A+ M'0_ "B\;)*L.UKI\[,&[]#4M&/&'QD?.3( .>:JH,5J54\RCR1>5EF9$,@2^ MV=)%>?2*[Q\K6TLQF@G 4X2(N2FKS0--.)=)+"0#N/Y$&!QR@I$P2%B]FS7+!41$;#+BMAK@X0M M=C-%T:1X'H2=/DECT$&;$SII8ZBC-HG02C*2(;FK](ECXI4Q28)*DW482)IV4H9G?U:)WZ5]$KK/4E+1;DA-V&EI,>Y M5!&L%>SGJS5%KB,/<_P/<\FI:*H;GB@F09DKI;ZTZ$[?]9CGDI:1Y<>KG%>I M'-(.;-)F6*8&GID@*9%[J"*/D,U-7/,1!]5NJ5!J*LUPZ7\9Q:F%/V3 ZH\K M')P+% /SS\#2GXA!C\"8M>5GO]U>'V&&SYZ"&?KST4G[Z)=6MP'_)*["3,\* M0/UT]C 4CGV!_X;__?]02P,$% @ G# +2RBDXZGX" HT, !$ !N M86YX+3(P,3 _?57[C<:NFD:DKD='7E2\#JSWHW-Y6T$\__N7/"'XN_FI9Z(82 MYK30M;"M6SX6/Z >=DD+?2*<2*R%_ ']C)EO6L0-942BCG ]1C2!CG"D%CHY MJC>I@+;XH504-B3[E@8D*)>OHZDNSIN%8_JYTV:D\< M\_FOYJE^=C0?@]?76 .@Z?_;\77MW/QJ#NO-5N.L=7SV2TGK--:^2JRKS<]K MX4\Y]7NJ[$3Y'Z?*FYW-'^G7J<_/_ M,OQU83__.*''_\*W_PR'O%#VE+@8P43AZK*2BOVL<23DI'IT7>T8E"6OAC->Q<$:6YHJ>A*(U%';(FIXA]-!$O5>@ ^?J)5:M;C7HL[BMK M@K&7J(RQ&@7048=1.G*4N.#<=_.CXVA9U0N/5$'( BDBJ9WH M;5=:50 ;3'.^=4%/GG60,HD"CY,,4M>MQFD%ZP\C+F3AC9#N-1ECGP%WO_F8 MT3$E3@5I+"=$F^FN/&R3;7!QTF#.!>06+#Y1BVGS/ K) PU_NC"SK&6B.@3; MD7F %6<#N,9SP86[J!JQ*N2@;PS&W.ER3?7")*1T@[$JB#J7E4(),SK8$HSO MD#'E-# R2OLZLE"LGGX$*!1BH138174=)@7N*^+T^8_!LR>),@89F3MHB!0C MD0U*-F:VSW;369J2JQ(UQ''?F8F @"O,3+X/IH1H%49\M:DXQ,<05[/LDBC& M5^V[=J_318//W>YP@#Y\X=AWJ";.W]_#JQZP!,>F1%,P-R?6J_W%@6^4#CSZ ML()[H$0DL5+]<=\S>RT8+IKP&_J*"3A9(V P; ^[]]T>!+]_@_H/W\^!E=!WL)K>,#'+B?RRJSCP'PL#WVD//J.;N_Z_WP,/BX^B$-B'E$_QJI/M M* [ZJ7E_POZ8">5+8M8; X'$&*5!#B[,JYN9GM!$#>'6P^S@0A.6@;$+$ AS,$% MNFR"W/(7^"/D8AG%TOE1J%O,6WV=MQB+D@--BF =MTS1S#&U5\)5:N>TJ;,X MR,?K00YAK@P,2N,<7,3+9L> 3C@=P_F5ZXZOM'")5+! =037\ (F(+W#ZV0W ML&)J&QEJE^ H00\6PA7\=Z8WD4,FYN\C\80TX=IC.2P#4:X$^V>480= MA#9@]1,1$XF]J:FM&!TMZ<@_R%P.B'TD-OC"%FU'>'#RAK3JD5G;MH4?3/X' M"9/ YW9(5$CD;BK%Q'U<)RX&1Q%ZP!G@H^4 :'6$@^/M+78H0SQB9.NAM@1" M,;V9,D1JMX(^A! '6NS9L#-)$U,L4ASY3'EATQ;FP&E(55WZX_BM<4TTIDSU ML#2UG)>H^E!.M)B63$EB0]4'?8B 48)\H 2MUWSRN=DJ54Q+INB0K12],U)0 MA0A#DP1&;:Q*9 0+>3DN6Z6(R5ERH%&\W7D(N<]N+0%Q4:DEPXT"!O M>#'G9T%9X6(Z2I'\D8!1=96^:^XV5%47/-N1*U32497U;,C4#I-V- MKOM6E_=]H__7[P1?@.-":L0SMXN+KIF'%^3OA!U %:B8_ZQ8SS)-5OW8:M2/ MYLI96KJ+$'$867W3=8D:MC'JRE54Q?2MA'[V%,6C'Y[[7FD+D]W=F41"EX>JT)E,-.41N\QBY& MI-2B9VL)L9Q(=8Q#]92>;_QM2=W-R!6"IXV MFQ!]S2N[UX)*<4,CIT=#-9">]M4M).4V]3!KNR;*UV2D(> @!L,2Y]Y<' 9& M8H=*2V_U*]Q\Z;AK%'YUY;)B1Q<'T]ZZ@L,A5B[>P-WN;S[U3-, ,](C^DJ( MY^ R:-(!A_@O'ARF'9+0N*M2>>>_Q=Q1V9&WL53G9U_L82I@2,I^\A8MY M%U,ROA4+_8%.753#K38\_A=02P,$% @ G# +2YA]@=P"# 4HP !4 M !N86YX+3(P,3$/ILOE/W@9Q:58S>F'K/0EM?PYK';^=H:X;\0>VP[&!&7/_9-0I=S MDR-C@JPYH0Z=8<0?_WABSN/%>?/J_./E^2,QR>J[^*UY=;::@M8=TP6&XN__ MO.B:KL>WTIVO/IUO_FW(/SN8_+@1/YZ$=( E MX3;/SQ<#^VYFAAUC$1F%JH%E()+FETS>OKZX;_ MU[!IHN4*#!$^X[(1BK/E#'_%.>WW).'XAOOBW5/+='V7+'R,D=E"_*\>-JN+ MK^K-B_IE\VS%[5IH?-^"C#IHA*:&^ 3/VCZ5A,"#.RT:KKFBA"[6#=&L 5!Y M"W /Z!A=XF)W+7!C"U]L4,7G.V=H"AT&/*,>^HEX^$\RM.YZ"9V-8]%7:D;C M 'E],6]-1QAW/$?(Y45RI38^AB!#DX'Z<^1BRW1*295*69&(HK=W#GTI)5F"J#)8.0;V0X:X<&@9[\\A>;U0T4[:IR[B M$\@[T,C"IK.S2!\"*T-E<#Z$5T5&[IJ,0$;F0\3&<^@ 1:)FM3^=>>],S/RD MU<'<0G,[T/?(, M'Y2M=S:JP/(R7*N*=<)EZR)IVZ)41(1+A94"LM,!,,8S@J>0GXC;]KA+%U#E M@E>T*:1Z,H/R&E?2%PYZS FM@&;BDV$',](@@$_/)0:_(E?*\CQM-Y/20(JY( MT [B%L-+P7\PO?4X)!'..\@UL0,5!A.5Q7-AYB_%Y$C525F99>F/E]!5D=]^F(-571&?,7,[%B!\:NPP_>?Z?;.AW\&DZ9:9>CO*T/)L '\MS M_.80,'Y$*"#S(6(C.^0C#%+9[!-\+;@%,X9-HVZ$5/N_ @=CP\*(\#B*$ME3 M4E%A+T#";'UFFLN&<)<&?N,[4/V\&4P=_A1\_;W%.2C0 M]IB8D0H?X)A/R/$?^SUH%VO64">PF ,2O1P^NG]Z^-ET1$76P>VI8>HLH\+2%$S7A">S5U?>H4X!B,%+H81(#O4HGWD%OMA+I4<:A=*49/1 M6SNPM@,>D#4;G&@K.3 NE8*1II=VQA\RM#2QW5V)&DV4[ -WCIADX)8BEH/J MO5*H2EA!.P0W4A9E5UVR3E;@>A.F'C*Z1,Q=#Z$\<\%+1&9FT_8@;$A*DXI:6V5#@B6 MV#6=>P3CL\&3@V>;MY>%:A31J0[&V9 DQ@$R!M#.Y<)">&BN114L7?K'VZN. MSM(XY2NL(S[,0W:9R)!#HCI6ET$I7VWM@-H352:99C37+X++*"-!JE$<3RD$ MI$+Y&R@@.FB*0$)[!$)N7B;)P)=/I5%D+T1.1G_M0//+TQ%R,?/GJ$OV/3EJ MC0)_(8AE[*$=F&.76C_FU %[D]OEP%,_BIC54'^6SC M)Z>QLE35SJ/:=+&@1 :39$O5L5L:D"PEM4-C]^YV:&*[1X):(2<^9Q&H#LG2 MV!2HK!U$([':@" [7 P$8PEO(2R+;*@/L(5SLJD,K>IY>FG@Y VA'89[]4*+ MV&62:C&EZBPEJUL,S=>.A176[0>J>6BYI["X+:-I3L-<-3\WXEK>P_]/L\8F M?<]49,'-I?2"&^-=A-W/QUPI5+"U*J+!^Y@&XTEKTGWH]D'ZP9TQ&'9'K4EO MT-=E\=#8=! ?H6=$/)3[?BW14.4X:4^6KY3:7%KR76O5@3S#\/%NGJ.I=GG7 M?U\F[5#IK54G'CE8\C35#I:OC'(^9'2:5[M&&JGN&RD2Y_0+G6W?IMP=3 -! M\P;?D6:J.T&Q_5/U2K%^77%$VB1K,NL12.;H'M3*"4AIC55WA1P-8I"D@:9; M=Q@ACD :U [[C4'^92[ @+&]@G4NFNKO(8R2EOW[=:(PX&)V)3@;\DHQ$^67O583![(YPS;Z1>$_%%4GQ(:=CV, MY&0*]5@SU9$]5>I$GSR]2^B&[E:WP UOH7C*G9/()% =X^41S]2V(!J?>)H^ M_X2NR/SVA]SY[79K_)MQ=S_XMR[SVV)G'B@$X^)G# :Y77_C"'K+MA9J65"O M;]Z+I73*W!CT*K[_C[+E^UP%0,8Z:7I'UBUP=M"2(0L'9SN(,TLW1P2T%N+4 MH;\BF^W3%FC*4&L04JN'MXSAM$/=/]SC-NL8L91)EHSVJJOAHR";;QSML(0@ MP\2"\ [:?/9(<@]Y;ATD0:UZ9=%1<"YC./T&N$GI]TY#*H-WA$P.Z ]O'>@4 M4[T%A(--[N%F@M3-[F6@E^,GYQ,?W[I/E#'N6W"6V'["0U+ EE3.!:[>N@MD MF.QMI/S8ML22>">HY2#_]#\ >8;AM$,]PR*;Z;GJIQND^:K<&62N_9FE"6U9 M?WJ8HZK) M-$2;40LAVW]3(5;K#:8/IC7'!+&U9)^79:#I!,2"(.3N"M/A-)\ ME2Y^6P;=>3"]IV0V06R1<5I WE*X$DPT384EG2"QAJZT&?6.CCW./;%)9C#= MV\@J%QX#>"@J^DBRES%E=F[ M2$:H%%Z6<,S=OIFWUD4D_127-"0S@,X(")7:7.Z2NHA2UW&EMFR-'N$N\V*+ MZ:LW?M[5=?NB-L_CH@I*_Q8)02M\):16"H+4?741Q9IQQ5)?_AYA#6#!O741 M(2_B0FZH_1491OKZ$R7F/^QRNHBJEPE5=SR-+5/?\R)L56M>XFJZB+[O$_DD MB+G&_@TUOK[[=]08^Y?4'--/#[NT+J+BA[B*(4\C8.IK!VR-'5\CSEC;L!*[ M%2ZB>:)8V LNQKL-Y7&/TI"ZR2XBMR(5M,A KM]#FNL^51/Z]FV(*@ MFHFW?!9=^BDJ:K=#-M6 MVCNQXWJ.;/]@' ED8NU53PN5@R9567VQJ?R6J1-TD>SS?C*@TM;Z8MCO:RX. MG&#/^2O-LFFTZ2$2R&2JK-E.NY+7S$;2O/2H^]1UBN1%M!%EDN/J F6.K,)K MKJ*-*)880$M.&)P0M%/_&.S?E[\UF\85@K9U9EP2 MLWF-)^0WXP[,X9GQ%6)(@4OH;\9W8'O\$W*%;$B-'IDO;.A"]L7ZP6?&QX/. M*3":306^WR&V"/WVGEY.<#D&;P0^N0=T[.CD[/#DW\IHG.!ZSD1 MNO;R.3HF"VQ<[9TT'DCII.7HP-"IZW#=KO3^O/V9FC. MX!PT$>8V-6$CI.)G+?_;L&FJY9(I(GS&42N$$W%FWUIN1!!O?-Q: M?QEOBG)8QT [Z,SQ);DA)G!][Y4B,H0M^/\UPV9-_E&S<]@\ZAPL':L1VLE7 M-B4V?( 3@_]F3A@]%8<^PCQOWG+!DF R7[5XLQ:SJC=GGL3Z4!^[R%UQ$].Y M#YN)XO.=43AA?8LY43-T*?[P7U1HW=6"]4L'\6[5,%H[X/5A7@";*W0=$W*[.(/)8,$'.F8/J=+RJ2J U@/. M[,HF+X60I8A*,ZN#&/M["AWNT"K>GT/R>E#)3GI'7.B,6(ABC4P$[(U&[M@8 M3&$1.^_"JR0E]P'%+'@[]Y .9ZP#R*"*VN]/O5< 43^^72+'M(G#]..,X-*] ML(GYM+NFE=B6I'2.HHNM&X29:7L46LA5 2X@V9_JK_$S^T7H:J.C$C2OPK6L ML8Z[;),';8O/*B%VE(85"=G^##!$4XPF+#YAM^N:1+/ M5_<]94KQV"S%AR<3;"=F>HP@(_!HPU?$2G7>U8XF:G(H$9<$]!(Z)D4+SG\P MN? <%D0J >&48Q1;4=JZ@N"[+9!_C782X=JD*<+ZST5_ L.PYM D$X7@71W=\1-BW$P#L^E.!!<;U'7!!V6ZQI*VC3RF10/>[H84V+S $J M"#I-O0?$_I.:$K@9A-?B"UHA<@YP]**S^QCSBU86^@832.DBO_).!AK M%D:"1Q4RB O22:R'#&"4,;"_+[HWW;M>WQC^T>^/AL:';QAX;#"&UJ_[PIE= M=4Z /E(&;7Q(L*M2"$EM.B' QRT!AJ/NJ'_;OV/@!U?&X+[_T!U=#^[VI?_\ MXG4"^7$N\EYW^(=Q=3/XY_X\1US?3N#^Q#MB-!_A/L,I#3(QDK35CR<[U;83 MLIQLRQ++1+E$X6RK0KT+J]X)H)^W@89D!J,S L(Z-:Y6XT[(=+HM4\26#>IL M"NL%A:3*5)]7^(XC[;2WD7)*/PAQ6NXH(76=)E J=B?DZFS+%4N_JQPD)37O M!,;#;8QKZ@M.;23)ZU3^;G7MA*1'*4DW/(V(J>]V";8U"UZ@J)T0]V,JC@2# MK1'/;7UQX]FM$4]O*W32W:K="0F/MR4,>1H!4U\XQM;8\#6V&>LZHFQ5DQ." MIZ8(L7'%^+"FK'06IE0 3T!.S01$P\P^\!>KAR?D2$T4!#,:XT/ SX@8_AIN M+PHE8F9.B&'S_4V$9F:L?J8Y 1S_& >LW^C,QD@T=H^\\>!XVSVK8T@.[[A0+LH-TVY(W_=&D(/DC7 M%6LBZQK!F8]6ZO'Q%=(%H.Z*;VCL+E&.BV6W+M5BF;5,F862BB<* MF(4VJM4:;+;@49,/>MTIA;YHV_ O@V*IR$0%6)1JMW0Y5V"T7'N07641V?.P M_=,8=-S)D+4LFX;5T!W'TBJ,[LLKLOO1KG9/+S+YV\:W(=P&ZP IJ_'6V8W' MI9LGN20A4'WQ3D14)-%S &59@@FAY5PQ+0R!#0>36V#.6/RF*Y:I]/_CH47< M3].]39'!.,N_]F!,Y3E)$3E$IJQWZ+R$$T@IM!X@RY&\G GD5D/M39.%5Z$W M?6EEI%/[JKZJ)5FIRF6Z&ON>7[WG5S]3?M7%+K*0[7%''T+3HTS3T.DO3=MC MW9&/SKR(XJV+>H/)=K^[6&4SR$_3*GVHWMG>'O2MVYPG&[%*:B&GK"=%W(<1 M5=SF#228U1E?YW12/P>I)ADMQT?Z\X5-5A .76(^#?R2MS!]#6B$)#4EL8I5GI0*N?%>$[,BAQ7BN=FAZEZ-,$'; MY&?.>X+VGJ#]WR9HPQFA[@C2^25\=$?L:?FIE:"YWDE1KHRZ!< 46-E$5DA0 M3_*2KVR)833/-LJRCD)DFU'6>-"OI9)!NW<*2K>2<&P%/)5"#61._PGY(E0]OU*UOF]XE&]83V MM"(S%)V40[L07E37.H?J O;0.23?,EW.O;G,*(EFXX\U[2;)<'$B@2E2^\=Z M1YTH?%T02LD++P I3&0WC<>?-*^"B3 KU+1JV>_QZ&[.-_F'YX8+"H$UP-\! M13R^/3#!.WD;0=0X:&^X0H+H.:--BI#8N!\7P9=-U:+Y7-Z8516$T7.REA3C MFF\/A([+D?N:L.[9Y)6?4IKF;ME2Y?'&K"H513@%T2;_O (FLI&[N@5+'L>C MV-$#"_:-NU++3&5\4Z^ARY7 3)?HW,UGJOU^1) MJ%N=)X65C4%L9.)_RNK9"J0U[>#(T[_$5"+QM5L'JM)P.J\9E6E5ML$7 M-6J]>SV4NU6^Q73?]_&^RT#CE>_W70;ONPQ^]ET&->TL*[K+('@3SO0OKY=@'Y#Q=K.2''7.)])XA*\2PG&GID**2L\BQ2415M-K/K67X:@7$)NS M.:!/A4/=%N6;BW>9DFNW-3&%.T1=>"Q-46H3_K(M(3-@MB+T#X2E6?"-A<0R MK*QS<.37"#O!I;5W4+Z@G-5RNA%%M!L/-P<&\C9 YY'I;&ME-$+>TN]E^VE3G&P3M[S*(6Y M=^CE4.EO*SEZX42CWO"SV0Z]OMOOR)RZ+DFR,_R\/_X6PB> M68!ESMC%5G1:G9^L<'QY\O(U91[Z6[2H+&67+P7SCGN*L(D6P%Y?A\D/NK*Q M ]K\U;'0NN6ODLT^#LJIU8@UMDU1(F;."^(.3)?[]L] 5S MG6^+*046%$T-"_'0W$0[R")<9:S04@.*I@@#.X(WF.QJ,$56;\ENA402KF+N MNZ/MW+O>DFER!!"N=.[_*&?RQ:V;4W3A6SWC;\YE#A5_;V[\M;E=R_*A /L: M3PB=BU^_?)AZA^T.;^E]/[GW?G*O\.S_+9_<"[''>X3D^)Z81._U&*FLNI5" M@F$K,33*+O<5D]1T<$^J=*(J@*:++65:2>?EE=(LJ?."RAW!WQS9,DJL45V' M\:2]A.0AUG.X"]9T\@[>!2VTOWHE 53/-9%P 6>PX*43A*>!3^6H7TBBO3WR MD2MT!U'6%'S.?_ K4]@G_P-02P,$% @ G# +2P>[^4ES*0 ."H" !4 M !N86YX+3(P,3S.[.:]\K>9\ZW'\ME.]NUMKE(4"2=G65MW_?FB I$CB"T%9 MO9 MJDTM@03^1+S2E65"P[$_DYR!9P2?L5?R!_^1+Y_^^YC0 X/ M'CHZ>GI[PR>6/9;_C9D;L7=L546TKJLFT^_ M7)Q_.;F-_TFS7\Z2F*9%_LMUD++E0Y!3\UN=!P0N$[__[^_/C/$_/MZ_^_CIPQ\^O?_# M_W%$5P3%*J_1'3__\5C^3ZK_.8G3WS[!/Z: CO=EFG]ZSN,?WS3:Y.G#6Y;- MC]X?'[\[^H^O5W?A UT$AW$*?1K2-Y46E*+3>_?QX\/N?1 MFZKQ10MF+*&W=$9$-3\5ZR6G>1X#2]^4GSUD=*8'DV39$>@?I73.>SR"'_H( M/_3N!_BA?RD_O@JF-'E#0))SUUBOCZVR2J4CWV!O:!:SZ"+=#G57>R3X?.QD MQ0LJT-3W7H5[5@3)5N";FMYA7]/M6GRCY[^E^1Q$MVOIAN9>8!9MNZBR%F03T6Y MJ_QP'@3+(Y@UCVA2Y-4GA_#)X?&[TGS_2_GQKWM$ZRJ@I!%O:T0REQ%#(^BRV+PT2VN%2?96S1"Z%L+-8C M^&LRK[-OPG9PX(+ M$Y ^("!/_@X:__?/1YO2Q^/0%2TXO,GL+*-17'REBRG-#!77B_IDD ULDT Z M.33\L8#KTD>*$C8C4IC\78HCX0XXZ'3!5PE?*)MGP?(A#H/$9H/,\E[M4!_L MEBTR":/A4Q_"+JF:8JA,T35+?\JM%J@EX9,R&FA-DC2^1D,+%5.7"%SB$PM M:%[$(;FECS1=4606YB0MXBA.5D7\2.]HN,KB(J;YQ7.8K+BK]IGW$<135H58 M+T]F%T&6QND\YVN8NX<@HZ=K?0$6&[777_1)60]-UQP">_PY-$-J_W7L#M&F M MEHH#+;%WQIQ]:4WA4L_&VRA+I;C;A%WN?XZ(7=9+=1& TW^Q J*Q.0(U(P M1V;U^=JUR-&H*W5B"*%AC5&:,I*A OB78>LELMDS6WO(B[ $;8M M0;2B7E35K8C5W)B$QZ2/V>SH)=%2R&I^ M3D_N/B,S.K<)S\46$U*U%^B84$74;?CQ?>H+,;7.(T7JX754'1D M?/:_%EZ3 RT!-#S0H5("5QD-(!Q:/ 0I,F/P-7CN)T5;QBLI=/!:I&@*X"&% M!I4:(L]SG(SX!\O.5GG!%C2S!9QT@GZY80+:)DA7"A%+#-"Z5*ED=C2=P)FG MP^H$E-RAAE-0-9))2K7VP"CEH]=[($*7&T1&[V\[+E-GYX1+[LPV]/7Y_1-S MZ/.&E/\^5R"J?5Z+(.OS+BYSGW-)?WW.Q5Q&>DMNA'Y786IZ?B.$K>\59);> M!UED_L 9]%-:9&)OX#;.?SM=]YS8L6KX]! K6\@]?2P<- -Z .IJ]60V7_[H*$YN5!EFO:$\O7RWH-Y=O@MB+Y.D$T MK+*A4S:#0!:=W5JE!*1U5;I1/W:)S/8MDU2Y= PQ@).M3T;47$M M;,_!FPXRR[+.(.EO86>%NEG::<5&IT(_MBX3+A9Q"K'>YBW$RI+\OSW1X9R% M*[&]G487:1$7:[B>F"W$1'@RS?F4&!:ZBKGI>:/*D&K4Q'%1PD&C 4B[I*I4 M"=_@#V?=^8G?A'OTI 9\+W2B[3 MB#[_A:X[+6"1\\&O7IC )Z/0Z/SI0Z88(4F14I@(:<+%QV/'+9W'0-&T MJ MK%Y7S"\W]"#;U&C+(&*&%IB!&!M9X:R,08O*I$%T2E.G]M>^:* #575_\SL4 MW:X!9)PW0&:,7C[AOQX!@L]),-?4H?.]KW[6PJHZNO4EBI[6(5*.X%D>#G*4TNLSS ME1+6/AB$49#(!:%A01$04#O\#?1(I4BDYGB$^IDEJ[0(LK7( M:=:-EEOD_!+( +--G(X0(L+HD1F)4HL3(3]BP$H:P5NZ9%D!DZK(XV:.O!C$ M/8>OK* [42RM+"+F6 'J"?1-3FKQ,O,>*8L9CTF"R&=\[IRSS!SX[$CYY8T6 M8ILN+1%$+-'A,EB7,G=E*3L>(6Y6TR0./R"JS@'*W439"(S:)5>P5@]H[Q?6LTO#5$=)V>A0&6WV1HO>Z-S; JR:S:E4A1P]M3*IM/=TCND%>?WRG!9Y M#PV[0EZSYVD!MA+>M230D$@+2]G3OKN[N+_#1(4RU.3$"$76/S$,<%5^= 21 MT42/SK2I%0B=3SAH31DE.8^G;4^$FH\L@ MCBZ>ES3-*3?3D^*!9BU/P5!E)TV?Q!E0E2:?'-30T,P=:Y=]I2:A4C47YHF! M-@E;KAX.6KH0<$2J]9)J//H4C=>P^IO--"5"(2B)<9.Q)H%J>S95"+""B4TR.D#2R(2+Y89>Q0Q+4QS M9,/(7O-.MAHE@ZQ/EEGA-NFE%43#*QNZ+J&$;&FG$!%'HK?:X3'F+?.$A7&F MLDY1F*:FJSB8QHE\W2.-Q$XT6#6:Y6#OBG5/G--=W>]K!\,JU7X#P4T7C7%'3J[/R=W]Y.PO_W-R=7YQ>_<-N?C?/UW>_PT=5=V" M\#:%D>CH$(XW2V.DW+# ?+)11!.=7\9@T<&=FTR3>"[2*?0LXOJ4_,;C72K0 M#L3;--"0S FFB6CB?#A+(,I&=!4X7TII-.3)5C12[;&YRB9YSQ2RP^ZP2"^,B4A6A!HN M@7P=UL3!)6<2C-]J,S)?>=:(S6]IAS88'A8,VAFFZ-^;DH(? C;+'HGJ5 MT)@H5Z3*ZI"E<_DJ_.OQJ,[IC/(Z1;>\6O(5P%XRVE5\\M %?)."-GDT[', M:29>5"J37=_P?&&(])86<29/P0XP>VZJWL.KCI51@J\]>F@8. "LXJV!*B=? MI8O/X#5HDD';FD-FSH7+G!T7\L\?YA$?Y7$-,? M',5O*GPCCIP6:R01UINLG, %1MMI9ZVDY\-8)JB=PU==,33,,6/3'*XJ':M< MWC_]U[?'[\@RR,@C:!V0]]\?'/_QCR27UU*#5?' LOB?7![./Z2L^B*&%#_R M0[:?JZLOR9A?7\VU'K-7Q/QFRM>#;&?);\N@X9L!F)H=7]QT-C#M^_<'Q\?' M\/\_P:'C]Q^^/_CPX5A0"O[S_<>#CQ]_L//-\2CS 7?D\B4-B_B1)CM-#_*" MU404B;MO07(3Q-%E6J[539ZL2=KKFL$.N;5,T(NB(; =G[(8J*4)G$P]C-,J M&H*#2WR)$\0IC2Z"+.6C(C\)P]5BE00%C?@B/ YCDROGHNCU=7#GBK2>#>_5 M0L,[9ZB:W8-*$&(C((F#>ZK3ZNS=CKU<<%LFX%IZ&O'IUYVY9H6 @S=]!YBV M//>$Z\C9-D?-5!?G/K/LO+PVI][/Z]EF'U:&5\]M MF^JU_+DA!:"9;;=!O>,KESCHW8X/W 39)!,I.2);AKJARN/%;/HJ9 [CF#31 M4'@0W-Y@3[WZQDA+F0GMI(XX.;6(JC0>#4T5,-.OJX&4=@:8O713@HAX:2=2 ME@^A7*4P-MW:P/NH)J51TZP%T95B,CR(EU[FM)W.6F,3S9"XTU$%->7Z4W>: M>(=Y[V.@F^>D.=(.R1 'ST$-#1G=L=JW5I#Y=4INW%ZGSJHQ$NE*4:EE=.*/TJ.0R.V\&4;RDLKIM6D)A\MD&Y%EW4QF55CVN&NH, MZP- .K$,G8=VF89L0>N,N#V'[8S2?O.<62&W4YYI1='0RHY/380&TF23OAA; MHN);^DC3%>U+5:R*^=W5UX-L[^&W9= 0Q@"LRY12#,GIR[L@H7D)Z0MC46Y. M.:47];HQ;P';VIK7R*&AB06<&DM@T2J$RP5"&@=C1%JB9B7,C-&+>D\;90"K M9(WJR*%AC 6*&/&F!BAN3)'RK3/[9 MYYU8Y+U:E3[8+=-B$L9C7WH0*D:FDJ\R%"#Q9:FY)^*2"!EJ3"(VO<4TT*K N M$X0$60H1'#2XI3GE;0:O-9QS>B9,)&DM39UQ*6?5\;LD=H#?7A];%-!8%1>4 MZLI9ZH@3HM%&JYJ&]$<,U?9H!ZL/)1]\F7.0[ JU!F%1&DU7B,BTH;Z6>F521\KL;H878WH5H MB?CART?)EY3.X1"'C3%Z>"I;I!0R P.QJ&N6LC;K[7SI4_(>/.RM@!)&-&J@ MF>B<8&I#BXCRT&]LZ&?>:V78KG37<"O8[($O#E* W;*/7!ST,>I MV&!J=C8EI7*DG+JF1>^ZJ"/CDS]:>$W6M 1P63D=M"X_N QIV2(/W T)X_<,9C3ZQ4D,9K,1*T;IQ_=Z+EM83Y9^[(*-\F\ M74EH./XB^%WJ5X610)9&4E$<[.0IQ"=A>686Z6'9^N3E9 ;O:W].V%/?:0*[ MBM^,,_W@V[EGS/)HJ.H 4DU361V?Y104SZ0++72':>'Y;8Y.>+$1C4[7/^64 MKZ[J^.X)))"3N?LUB[@>6NZJ<,_^Z X;I./([J!D-(-BI]4Q'\P)ZF*L9W/P MK%#>8^HA#2ZSUXAJ@7(2_6-51GCNV2V%?HH3VJK2/7,D8(^9VL]/^XW/WOH!DN>ZR"^(Z M ,!G@ R>@#JG\M\-FU]F4>Z_TNI<@.?=FX$5ZVSH.&JCH>5@R,H!\0?^7W"3 M/RU?-Q>6KYGU,Z,R93&?NCJ]9O&\GT6<5M9 M.@182=]Y!7SP1%/KX9CC.]5PF^!+):_NZ"/-IBRGV\WN;<"OXZUV;6TZ[X8/ M:0A%=70"&BK3R\&.WJN@H1[SZWCI_65[5'O9^'I-NYF[W\5$=W[OY771[:?U MANM1#P]YN'I/F_^#"TYO\0J'E$;B/@+D MJIG,O@;A0YS2;,T7#W!#0=SC-K2:L[;?O.>#JM3.?^ZDBH:UP_!J3OH+;7F) M-8KS)H!,X-.0 -.PZS$&Q1PN:IXH&3)@3]PPKXN M'K_,7]J+$_::/.O=>]2O8B$ZK"[&A>BR+)9,UT??EJO2[_C_52\;]6#Y'*=! M&NYI63JX< 2#9\L&<1A$ TM&X^#OM#K=\527@F]9>DN7Y=P[F5VQ='Y/LT5Y MG.4*9L7)-(GGUKED4 E^L\8-KEH[AYRS.C9W:CAT=<7*W:=XR1>I54F$+P!" M68;TEY"8_.;*'%Y5@<=E)[/&>Q@.*WJ#WEBQ%&LU3%$4K1(:\^J*U!XY"1M/ MEH@'<: 8?#04%9HLQ?BZ>*99&.>6QS)[]48+Z=FJ80SFZ910TM"&U$Y#6DK# M0E)RD2T1):5[F2NS%__H-3F]NW=V7\6*<5A=C"O&>I5XU%@[DIG& <8Q6* I M3M((_@6AT,<@ 6?GAF8QI(IJ'VHP-.BP(KQF6]^B,]34]X6,\R]9\Q(GG4=T[MZ/H^4[R4G30 M71%DQ?#>-4%7[F&8>I $!9G2>9Q"!AV8W"6[V".*Q*K3N);JIH5A+# M\"JW%AO:DJ\SKL^GE[H ).'!*J7F31";5K!MD3%26S?!Z?):P_=HB*,!94QE M#;<%&MGYQJ?Z?GWQQ$Z@O56Y=))HQLYMZJ$\$5==T9;@R MYVZP<'[+HU]BS" [>%CN3HG;=%%<<+N07Y;G=TY7O%V*OU&;#^*N[G>^&%:I M]KS@IHN&RP,!]]U'&__X%I]3G@5=CW_X<"S("I^TMA":>ZI\[,(4V&D=-Q4? MI!P"'HCH(C\Z^0: [-E9;.YLXS")DVP>I&5*)+#_+(FCH$RQ=,,;$%PB^,_) MK/2O@J1.'=K[ANQNRO;J1NRR.5K.Q"X*'GTD[*,V2FK-1MD'I%6ZL,/-\L%* MU[] -C^!+HTM9(G.)[-R_N&+"$/#:N1\TM\(LTEE10@-+4W(NA03K/$YI;C*<+@K>9G$GX/4<;I4>G2#.$-44@K4.F:C2\,&U^ZKW;TN&]F\3%?4;$Y M6299-#SJ =AE4R5.N#P1"N@31,,L!I'(/A:L0H4,:2N@LEZYF M?=:K1V=LMEFMF%4!-=_ZK-DF G"9\#7 [B[Q. M$@V1K/!4MWU:-(P5.EO5KDR?E3)*CTR 5KEOU\Y&R:KA]QQ6+_3VL2RC.!IB]6,TY2Y>8[96FFKUF2R[RL@T MLQHOFSQFHO69,719LC?0Q97.^B6.6_F5ZZ7/Y7IAH5YG MU)TT0&OB?5&):-B]DVHH+N'&OL(01<.T'H *NZ0XJ>71&;MNA=QMG9/F MF$1SM'0.:FCIYV[GJB,NI"QB+9H#LKBYJ M4ILGLE$C[;*EP[!YTK,E6/T .MO_@L;JFQQV4_0K&5S6Z647Y?X>AE??! 47 M%=,B69.3B"TA; =#RCKH< RBN_"!1BMX!**.WI_!7;6TN(>K:[U>E+.Z5U=J M8*5:_I2C+AI2#P2L^/BE.L2?8VR[,9NZ*7'!DZ<@BRX6RX2M*17Y#V_*2Y7P M' 0<[I%7A?)\M9 9#0<2>@^_.,X8V%O3Z8?-SG\.X4C;5QUM@S/8Z,I'U0I& M^)HG7$'PG)PF0?C;(9=GX*K)')[@O(E4$E]9Q)L&+A^W4GP2OG!*^5R%9*Q7 M]^KN+>^R=H6\CB@MP-8@:$G@X:T.ED*U2HC\78@A MT+JCX2H3:;$NGL-D%=%(Y,I@B^6JR@:@W'];P K%XYCN-P]L*R =U).69:Q)ZB4:<[727KUFLQ06VZ3*H:& M9F9L7=)HKZ.#557Q'C,=:M]/VL)2Z:@@I&V5;)D MJ)=894?<&8%]I6!N7@ZY%S >95TJ9B:L31LI71T@&S-EXS&J$-Z9S.3-PL]! M&"=QL?X:/,>+U<;9.0N6_)MB;6B6847X9.@VE6MR=(@^&I9N 5KQ8LL+IZ4/ M.RM+.2 +60Z95@5!)DI1TIZ2G@VIS$F^&8!U[K9\DUZXTUY[*-];2K5]-$N= M@6V7A8\^*O95(\6+5D8$"7)XP*4LJO7F>U:7AF,2T&0";G_E^]D"G3%&D<%7 M Z;+A*]Q*FQD(()+PHS"&P L)0\0#)C2& V4\*77/'ZD2(ZRZ@;* MQ?,REO<6SBUQ "?-L>=^0U7ZIOR.&AH2NF-5,RM5,SJMY4F$QBFM3SG=!D]? M.2J^Q$M,2WJ#["@W_75PM5?\FX)HZ&1#IYR%#)ZX,UC*("/-9VZ \P<:?6$L MZF5-1W@4VF@!:WG3DL1''!T\38XM(4/F((2,.E\REO=2IA0:A2HM@%J*" E< MKYMJL9D3TLQ!ZH#<0['(^%&?\KNE.:2]7- JC\,8(7,LA1=H/GSY*/J5T M#M$T)T:9D"J;N4G"GH3##4?3 M2N[#NXFMVP&(1C-P(02&;8[X-I-*B">!C*]GNRI[/2PRJ$*MTR!.FF@%*21.).>B['5_![2K,@GK&YI MR.9I_$_>9' L?+*T9??W]-M>TW/[;,Y6JF\?/XQF8/JLK79F(:LTJY7:PSMD ML.%6'L$I&+S**6&0W&01@BR#>X+RXBRJ&Q1[:^@;\=3X9Y:5'X&<*=;G&\3O MPF!8&]B+Y= B^/V;$%NUN[;DKS2>/_#B#X-'FL&NS5(H$\;_DSP]Q.&#Q=#$ MN7 EPM+.3"G92.*P'L*:7N;YBD;GJPPN/XOJB;;.FZ;VXIEF8T]Y;4[7/>>_\ M9_",NKW53;V@A_>2[PL;@<_4,UJ]R"Q;8D_-K?VEUS3D+$VURR&G^9G?S9 S MU\T^Y&92#]6@F_8WP]30#+5C?;U:3&E6IC^PSG7[^#7O@V]_3:8,P-W_%*Y! MN+?ZV05ZPXI0(S) M-'S]^FN:-@?QC6RO=77%(XA53BF6F:2)6B]\@%>OU#72!D$J:$_ M9Y0V+Y?LNFOSZHZ]_( ^L:6]$->.ZAS.NW+ZQA^0DV$Z; MZ:*,!I_'CW'$71-?@UG_NZ]V,-N:<6^#6?>CO\_!;*FI^I21%"'KF":8_.MM MUAZVMH!<#Z;=SWW^X*M8_SHWW$Z6P+V_AFM4[K.*O7-KO?V8Q#-QXZQXH.5" M&=%@W97AZBPH?F8)+PUNM?B:9WL O-H)UZEA]S;S6G\=UV#W667WP2_W:L4* MF3S61;UR Z#=(>NTF_@2KKW5;>QEG\X!Q:LP!2]KXOWM\?9">/U&X47U[K4, M,ZY 'D&C[1/L;./8D+SA:_ /EM5/EE6Q_?J#3B.ZJ7A+L> (OLZ:T",_.D<' M@%0>EA%RP)T%Z).PDLJE/(7HJC#N)JB817KIN]QTT9#SL&0EZ)<_2X%/#_!'8I3 MQGX3*]7Z"WB0?REY7%-2GU@4>RH2L?NO+=,:RA=R+G^9%%H2JC^FB MA*M'!B!6SO&6JH3K$JE,&MKD[Y6^[R=?][A"0-5WSGB[/7?3>E"@7A=\DW>7 M##(!3\$,WB>+B %7\S.*20&(>!K%O!802X>L>'^IC@BDLO-E:#: M7!EE*/N,N[TR@JC0M^7* >]R># 3R%#%+_[T>R20UW@87CH-JX$[J^H V>^> M55>OYOD=5"S<0\T<7ZZR/%SE]$S/*"S;]0E$5%QP ZL&QI8E@-0OYU] (,UHC,^R,6$ MT)T,"/\FX+!X:2&D%$GA./5(3& AI5$NGB /EC&D4*=!3J]9VGW?RD4>6]^[ M@-5U>NL0>LK;$([&\+;,XXB6KQ!)H\O[5P2_0UD\2:#\<6(WP$J:+8.L6%\' M"V/,3"N&J]^L&-7W.#;Q@.F:I%Q>3*R-,MZ2D]9_0P94<;N _R,C\J/B(2C$ MGV*4%Q1>7>".WF:@%EF0YD$(O^.[?^O#L'E.B]QVMKEG X2 M4@>DE!NUD]ISI&:\BH,IN+0QM1%6E4+4O!9PJCM?BX[-WP84/L^% M3FV_$<39_!I\UA[8R(_4"2+UVP-+N+>00\Q"_VRS*H6H^2W@M(GN2M%OB!0F M)T61Q=-5(1Z]+QBY"7 ,"C@9[=0[?3J(^LH9JF74B&-A4GRL01,D-"^/E!B> ME^J((.H"$S+#D1ENH^A8@T'D:^9KHUFL;>/&UXC:5X>JV[9"ADBAD=JV/MMR MF89L0:\,R<4U8HC:VH:NV^:U+)'"Y%L0MV;5WV/S5XG>+$^)=400-;L)F;KB M+?/17?0_"+;7MJ[((>(K+.4L6'$BE(Q@:7XJGA"7;C"Z#.#JG,YIE-"JM I],)A!%-T=-MRL)=<\. MJH!CEY=EUM865N.B.#)J&-=LC6Z"]7"+6RJA[ET3UJ&VMM3'U''9BD:-D(]S MWW7TL'>?":Y[#T()I%'$2)T(N6Z"_.$F8Y#/.#I=_Y13[J+7:^Z3L(@?Y0:% M9B6@Z]Z7E8BHXW=4$>7.$2T(E$NJ@F%/^5LHFS/C.[*)=FS*/]"O?D:B3)FM M+[]G)R%?=V645X1C*M8WO)[B#+[NM50MZ9>JR.?5@JC^M&&:R5C(7LTI [EHBHPW=4 MD8&&O"X>K2&_Y>L!2>C)[(JE<\CDU#S$-IDF\=S,CP'JB,BP#6K-V=O*$K 9 M@5(."UX,*/UB8 >.[/='*] MR2S,W960CB!#]!'182O8NAQWPH43?S3*X?Z=*(EHEH.C+=YE_&]M?)VZ+8&H MKPS U*5W*79 A.#8#0WWRV068)K3[-$4&S%)8^P ,TAC9Y!:AU1*FHYI?G3% M_^(?5Q_Q?\"K,?R3_P]02P,$% @ G# +2X-)X0?Q&P 8:,! !4 !N M86YX+3(P,3F= MN87SNL&F8\-VS^P>&A@H$FUS6Q:]I)3$\^N/U)MEO9 E63+I;!:X25_"HJKJ M*9)59+'X\U^>EY[UB"C#Q/_ES>G;DS<6\AWB8G_^RYNODZ/!Y.+V]HW% MMW M;8_XZ)WIF6T='@'Y_1;Y+Z-?Q M;=;O(@A6GX^/GYZ>WOKDT7XB]#M[ZQ!8=Q,24@=E?8T^?[NZO!F,\1^(?KOP M,/(#]NW>]LEJ83-D39&S\(E'YABQ;W]_H-ZW=R>G'T]^>G_RS;?]Y]_%OTX_ MOGV><:DO[8!W*/[^W^\N3SZ)_YQ-3\\^O__X^=W'_P-R%]A!R#+N3IX_G<3_ MB\E_]K#__;/XSX/@CF/IL\_/#/_R)J>3I_=O"9T?OSLY.3W^^Y>[B;- 2_L( M^P)3![U)J40O572G9V=GQ]%?TZ:EEL]<$>DWWA^G[&0]\[]B2?L<)PQ_9A%[ M=\2Q@\@DE9^Q:EN(_^\H;78D?G5T^N[H_>G;9^:^294?:9 2#XW1S!(_N65E M7_53X+DY+8\#^YGX9+D^%LV..53ADIL''QA7?H"#M<"-+B.VN2A1OPN*9GS M<,LX2NU$?/Q/$-I@O>*#C6$Q5MY8QRWXC=@\MSVAW,D"H8"I^*ILW *JDK(C%L5H0P(7-IP-5V+VXG@HE2:GZH&U"YLMKCWRU(BS$E%G ML#+,NQ]1Q(1!0ZQ?0K([4]N#])X$B$WYNL,;.=CV-AJYYQ,K14UP;M-71TJ^ MLJG/5V0V0G2RX - Q6I=^_VI]]K&-%JT+C%S/,*X?M@4/0?G'G&^M]AZXV..M \I->NYCIALD=BT7:% MJXA\!II6%&3[ V""YSZ>\?7)#RY"%I E]W*Y55P0OM3[<^Y>XT[&0JO/[%$+ M:"Y^CM&*4,%0I];8H/..C'*,'/Y!;SUPR2I +E?T/7H:. X)(W6/*%=*R+V4 MB#V58*TZ,V,&F=H/'MIAK83WW>]L I,#1-P1HY>(.12O1/_#V7G(^"+"V"4* M;.QQ#X,*S^)1N?(WZJ0G[Z0ISU#Z_M;U^(O9!T'F#>RB(Z;38NGE:S*=K')Q+I\QOF^1\*4/^2YRTXZ$1CK; M?N*_%KTE6X:GUI&54N7_R7NPXBZL?!^)#*D4?'W>8MP3.W2$JM0=[8JFGQI4 M\#IXX"JVG2Q.\NP'Y$7=_RYH8:3';9A-E!SM&3+DO)V3QV,7X6/._P?Q#R'( MAZ.3TV3'\$_\5[_'/%QPAJBP Q<]_PVM*UCG;6N:%EG-6\> .A:A+J(YDQ:'*^BG;$C9X&]S)QFE"R;*C-1'%%)DE: I4_P>3U"^56@<,4VJ+8^C) M>OE O&KU%YH U?ZC26JOE%*'NB]"*D2\YOZQ[?T#V51J^/6M@2#\9!((*MGU M.3F_(<_[FT^>_ FR&?&1>\M8B&@U* H2(#(?34(&I 5]\/Q*O)!KD*ZCS!8F M@Z74% C')_/@J)%:'PS)^,V. ^*T&6E<5D,!!.7,/%#D.M"'360C%WPRG1,J M#94+#<%!FGE05(JL#X%1^.!AY]HC=M4N2\;U5C.H]@V,D2O$U:?[.QZNBQ,] M.TY;*"9D5.%02P+%Q*@8&J0&C2L'62Z)/PF(\SWBB W#($IVY=Q*UP\I'10I MH^)ON$)T!N6QCQX'J=?\=S6KO*0Y%!PCH_-:\?5C(N(F,"*YQE \C K;%:)7 MH/'S<4FZ._Z+7HZ*ZC-_MX^$WEE'5I::P?]]/K@;W%]<69._7EU-)]8/7WT[ M='& W/]I=1R4MZF9S1XB?$)V-+?ME3"LC\?("UCZF^C@*&=AR:]_SQ@,NW%&S#&\5$+4FRGZR"ID5ZWQTV-)-U/8+NBD<124%!* MS;4=,,DU7 5#C:AFH"&2UD5: O]Q]:\0/]H>9Y4-@@N;TC5W2")GLAX=(+FV MHRD0$*2-2":!F.0U,I'TR!E^\- ]"A)I)2-+2J7M?*L%9!#YS4 JR\WD#-8C ML]U*VU%7"R2JY#-#\R.*5C9VKYY%+IE(+1P&"T2W9*L'!$2L[6RL!4X-M&$& M?$"@VD'2_4E9FTE,H7S.^PSQ/[IWL=2U'$;L!22PO:BEYE%'5H@&ZQ$/E*( MD*^H*^'32N<_.96V0[8FKA]$<#-&5F[DWQ/?48VPFN;:CMJ:@"(5U0PT8NY4 M$YS&4[3F\<]+FW?+HC'UHHM-W% @' MH+AQ =&$&:BE$?O(7HMP';Q746RO[QBP+4IRR8U!AX9\<2[))@6HCD3?:> . M&,GE-P.F)OCL DQO.Q:-@0$A9D8 MX)AS%M]=AN HIX)"V-NVQXX00G1B!GI1U#I& :9Q -1L-,*HH6CVME^R(YI- M=&0&JCF!(3#6-(?BUMN^2W=1G12H@UQ#VVS)=+ )\\[4$/Y0MEY&J;%%#"LR M#BH;0Y'J+5AOC(U$9C- R66IJG) 2BVA8O'FGH9<=C, &HM"+CYRTSI+ \<)EZ%G!\CE?B]VL&0%@M!" M8>LM4F\,&UPC9B!8%K")SP!'J+<(NP/OX*7X@2JWJ?T!'1QG4\-PJ&XZM0&] MB?G5]:RWLO3?@[/TK1^VNGO-VN_/Z?$\\B10O";TDH0/P2STRHF>ZH.)9MT< M<,Y_&WV9L?AN!T-\@ UII A7=:.S,IBJI]=]:6 '=)NIR$18X[N.@S!8$(K_ MV,SE*CC+=+IO$W0&8YU*S(4OJ@K2$+J41O>-@HYAVU:%N9#)KUM+!&QSW[K' M?8-.P>OYRG4GVV[-UT$0L>YK"CL@V4 YQJ$)7_ZD1+IO-'2#GMD+7XE1U:I7 M2Z#[JD*7:)FXWC6L+5(G6IN5KK>3^2XQ@RUS>]^>4;SGM;4U\Z&P-3.9#J97 M7Z[NIQ-K>&T-1U?CP?1V>&]**85;GTN),H;5^S"U!%J/,QZ1'R) R81R2\T; M* K]ETXIJ@4U8W:;V!YB"8LWA+A,>FFNNK7N+8]:#1, \R:!$=T=R[,I!:.Z MM>Z-"R 8,E'- .,0UL(>MN$:#$>JK5_D"=SR6+OSY.+YX 51D*B>T^BV5JC ME-V,H75!&/<\$].3^=!;S71O*JB56_24*Z0T X ;2A@;43*3)8UL-=*])]!L M'%3(=^C3VICKFW,OR@9==#4E0;HP(P1-D$>[W-^ M@WP^:7B]TY",P";:<4,)+-I/Q;UCL\L $\BWUAW M'866/D19WD.?0V_] ''=JV?-4D/MM1*:85@C:'/\SF+\?#07IR#Z$8S"QGOB MDVTC50*JHM->2:'A& 6IP8SY81?4+ @KB@'QX*M-Y;K=D#WQ(3VL@Y-)XN] W3X"TFB MBF3$G7.'1AI+U1)H+R[1QE9J!3_\!>8>!1 _K]!,>_F)9BA6"GGH8[+X_OBY MS; C(D7LA8'L9%U)J+V&13-T@8HPPSOX#>'Y@G,U>.2+S1S=A\L'1(>SB/'< MR3(8S+;]::]>T0SCW=1FVOF\J(-][9&GFN/Y'Z7'\Q>#R5^MZ[OA;Z82 M*S+!&MV5J*#2NR(*AD:4/&*.[_GZ*T/^OYGF(1F4S)&#O$='!6VWS \)4#- M )[9Z.5KNA,>>K6=/@$RPP0O$0?,P9$V^+\]%.'FNX.E> #SC^CW]28%H]:= MD-$KBL426'!UFF$ :8R"W NR%)L*"LCKVNO.U-@CR'*5F0$KEYJ*4GJ7*/Z9 MDS,IKP'*6P7WH3L[I-=EH+DR336"\FWA)O!741N0F=(4&Q6X]4HZ_ W6LK3I M>SY\:#2QA2TR _)8NC:""K6\1/235X+2TIV5KP4U,0M8?P:DS71M+TT4^1(- MJ5#TO,VRDI$:D+'3UYI24$_K4Y]'1!\(0X9:0J&T>D-C*%&;D/[3@T'4:.GP M;6(W9[ROO6H#THSZWNCL0.N'?@Y=HX4X"Z:_\Y+&_6O/4NKNQ*2E;LV(D;DP M#D)NE#8EKF0-9U]LKC@?T77^3;]Z@P!WH#W7J&/X2J\A-M&C(>#;ZV3'<.!P M#BFJ?=-1@G^#/K0G*O5K HVU>?B!4)7,;BBTB%3!,X!4>^K3WNVE4G>';R:[ MZ;$O;\2 O*M>#:P;K;]0CSBI/-.;1]RX?^W/'W7G$;?4K1E.T1BMDHEY.+LC M_GR*Z++F=:YZHVC4B?:GDCJ&L7AMMK$^#W_!RX<#HJR8J%K,A]6F>A4LH*HA MU?Y&4Z\& ]:=&?/%5N0GV!NN(BFOGA%U,)/7DE62@O/+#AYJJ>[,@'HW7?3E M0ACPC%>O1M*-U@_=C14J&/BN^"'V$1YM3RRI(T2QN..X?;Q2;VG->C'@T;'& M+FD;/;U,VQCP84/IFH\&U?-F,'(#WCSKR!IJ--/:#%:1=7'V:/#O80R_OS/B MH;5^S$$(UXE!7/D&1"*3<+7R(C797JJF6W]&Z-(&/J,#[<" )]P:&T1#[9CA MAJ9U#\1S@;+HF9XQ$6 M4J0>>+OWK/TIMY93=!?Z-,,ZXD*S>.[C&79L/TBDFE+;9YQ9CD.TY(CM#9_Q MZ"8.6N+,:^2>UAO'SAU#;:.W3>8"$9VB6YAA:Q6C>8 &]C/QR7(=CU0^TR,V)17BW=MB55 _U/*Q.(0O M$7,HCHXLQ$ ^#QGV$6.M!G'-LI'[Q'"6?D RV@21@D;G 4JMIBL.12K:ZAI$ M *U6'UW46Y8!:U>Q5%>UU7\J6GU*9G$Z*R8TI^Z:>B&JIS"H?-R48WGN2?,$ M)"2:UQH5)HJ*<279#V09N;8QC6++S6AA95FVQM99<6QEW5JW/E=:&-7 M53*IAYB<2N,P T$$D\>&A^RY:J_YD71Z M4AQ)@M*R?=<2M,([2ZAUUAIZ")KL_]:UUUHN*<\28.34$F@>,W(L2E6-I%(? MR/*45G18RT39&E.GQ3&5+PJA\_BK) BDF(^$2.M9GAH5D#3FC"T /J73/8!I M&K :1>[IT4-MZ:NMT?.N.'IBZJAPEK5%KG$^S_B+$FPSEL;($WG4X@TQ%K$= MR9Q>6 (L73OVJW.)@[)^GF<=LA3NVK'N);,36RDNK=UH^T"6X-RQY$7( K)$ ME(ETI"AM=8YX:U7$>/J^-*ML^K2R3B/'=ZM;C9/,&+/O0LROOH-H8&,?5J]5 M0:;U 4G.DA\D)\>=@U_E# MZ;0OV3"VDBXC$:)A>H/(G-JK!1_"GJ )*'X(-?L%1;D!68*U%%J?003#IY;( MQ&&JPJGT "+9#UM9/. MM5[&:LT_8/1WT[OFZ:%#^RG=R>I.^0?B"\@V*::BJ&'-%%1*_,GMHED_Q)0Z M'XQY4=MI$V>!W%"47\HXO!"I?GX0*1JR[(-[.+AMMJ;*,<$'J-ERDPVX4II. MW<:;":/O=0=.,H9+.S^#)YNZ5\N51]8(11?&1R%UA,6(&EOB1#,>?8R%R_@F M>?-AW\-'7^+.W1Y0,F'^J:B4.%63+FC]D/1G91VV MFY'^+5((,X=L*J^S76RG&H,ED^MV*+;-("R*D:_U; (*?("A6_Y/22)G55O- M:-0H5XY COU\U16M&]&AN!?)90W6]_82#9ZQ!(?JU@>$1+4 N=?Y]%8-2]:X MP9RB2)0BNY=D:6/)TU(-NC #-)GYE8N 067;.$-=7K\J?NT+$F_6UJQ^=8UU M/Q39V,CREZKD&C#COJ-QU:A[OQA=6C\[JRM]H(\GI"_(C-$C\F6%2DH-=8]. M,*8U(IH0[A1S\6&13BF-O7Q%I+,@Y_7:R.$'0TJ5OH9"1CK@!H=" S_ +O9" M,;%,D!/2Z+KYU;/CA7SZBRZ2D^4J3"^Y%DWO?%W=@3RBZO6C!V07O>K!C/BN MFD-(6*>F- /I/8P@D-ET& MVY"OD=[+C K6UT6.ZLM63Z/92H892.1CQ8BB"YMPD_[?Y0@L].M6E">%-QG3 .2[*@I/I,^1WT>F$:YFRB'+VG MRX=_Y?"P0YQ&]PQ? QS=CJS! 8 MVT$*48P9@.:=_&O;P1X.UE_L9[%89ZO$A;WB?PG6L&!'W0L0U/X?7%*!VD8Y M/97=;\+*@&VL+2MGS>*G(6HVG\4WNOV$;I]4#7+W,ILTL&L>8TC^W.C1A?[> M4H(.1,5K"8;,FU?/*QQ7C;F4>ZD@8B X_;]YU&:6K%&%"6>GN6OK22IG]5&I MK&IDE@7Z>N&]:V'&]M,7;C+<"_8D@4%-\X.[RBX5VXR9+F/Q&ON8+9![0X@+ M@:;07G? O0,XE9(;ALX-)0R"2M).=ZR\ QI;DK:^*&+(D\>95-EU\C$'@N82 M>"185M#H#IAWP+56 \TQ/HLQ]M%7:@0LGFY9L]UK*I92.ZT6=(W=3(R0O0?0F(Y-L>4+I7V*!E6:Z,\.KRK+$ M^3J$'53-^3V)WHA$;E0GADW%A)7_NU!7_"SG&#ED[N,_N XV:>>2!7Y/G]?M MD?=B;GN%[H5;ZXC'H\2])C3YE6@GV=;:-Q^Z8YC#LE\IF&88ID MC"@/7_J;#\$, &WTT^'9Z/[@,R%O0[H77[,%7WYE3+$%_[KQ;M;&>VL[SUZ& MSE7G%F]Y75.$\MFY/4Q0\$^_Q.W^O2%VX.MHE;CB+,3AFK_$C]CED^,>#;3Z MTR_RA&!OD!EDH6W<69FXXA:9Y"2@SV^^R%W__D$RR!B[&GL%S_57P@&(LH_W M.&\J>'B9)PI[!_' C;=R0[0@>/1'D2R?*6E?>]@ 1E[D*8DF.(V(I0$/>,.2 MW$H/! /?\38LY^W%O>U]V.7FVCS;_5IU3G?=&I.KSH6KE;?F\_P2!]$\+B\Z M5]GZD)"H%,"0DG-%WC8+KJKL#8#4$) DYJ:"JBR3$96)BGPVQ*:'O5]&M%M$.OB-;;OLM!5T1+"F H5;[=3/<> 4#E57*9HO)_$KH) MQ:53>%5;,V87T%Q>Q7YN.&H$03P>(=ZER_&G*H+Y6/RH@)3)CW@8^)"V1(^=OF80/ MY)$!*9$9^ #L3@66<4\.I*.]Q*DJ$E 20C=]>HO' &98A NF#&-GP7/D.XNE M3;\WG@H+E&:,M[;S84&8W$4LH^!*N6P\,Y8HS8 +:I!* (OB&3%1B@?,6?+J M]3U2;X57-S=O4JPQP^).N$SZGMSN[3 VO5B3_:+& U=2&5^Y'R2%T2O1IF:N M)%]43J7]R A[% B\+7XOZM_A=Q2O2BKT7>S MAUQNHYNF4;*C9')MT(?N0YQ&%<&;*:8GSV1$L>_@E>W%KP2+=R#X_((\1$5F MZA<[$*\-5SV=(*BAQ+KK2\ !L@_925_U9T&R#_-2O_ M.<-N!B2,C]&*NQ;8GZLO!=13F)"&?I#W 50@O%X%,&PGWN2K "EK^1E(<1^@ MGN00,2E+80OXC_B5C;_S?\#4$L! A0#% @ G# +2T,GBI:_/0 X&4" M !$ ( ! &YA;G@M,C Q-S V,S N>&UL4$L! A0#% M @ G# +2RBDXZGX" HT, !$ ( ![CT &YA;G@M,C Q M-S V,S N>'-D4$L! A0#% @ G# +2YA]@=P"# 4HP !4 M ( !%4< &YA;G@M,C Q-S V,S!?8V%L+GAM;%!+ 0(4 Q0 ( )PP M"TLEJ=7B%0T !VH 5 " 4I3 !N86YX+3(P,3"TR,#$W,#8S,%]L86(N>&UL4$L! A0#% @ G# + M2X-)X0?Q&P 8:,! !4 ( !.(H &YA;G@M,C Q-S V,S!? =<')E+GAM;%!+!08 !@ & (H! !