UNITED STATES SECURITIES AND EXCHANGE COMMISSION

0001010412-11-000442.txt : 20110815 0001010412-11-000442.hdr.sgml : 20110815 20110815083956 ACCESSION NUMBER: 0001010412-11-000442 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110815 DATE AS OF CHANGE: 20110815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASTLE GROUP INC CENTRAL INDEX KEY: 0000918543 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 990307845 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23338 FILM NUMBER: 111033261 BUSINESS ADDRESS: STREET 1: 500 ALA MOANA BLVD. STREET 2: 3 WATERFRONT PLAZA, SUITE 555 CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085240900 MAIL ADDRESS: STREET 1: 500 ALA MOANA BLVD. STREET 2: 3 WATERFRONT PLAZA, SUITE 555 CITY: HONOLULU STATE: HI ZIP: 96813 10-Q 1 castle10q0630110810mmcomment.htm QUARTERLY REPORT ON FORM 10Q FOR THE QUARTER ENDED JUNE 30, 2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2011

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ____________ to____________

Commission File No. 000-23338

THE CASTLE GROUP, INC.

(Exact name of Registrant as specified in its charter)




Utah	99-0307845
(State or Other Jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

500 Ala Moana Boulevard, 3 Waterfront Plaza, Suite 555

Honolulu, Hawaii 96813

(Address of Principal Executive Offices)

(808) 524-0900

(Registrant’s Telephone Number)

N/A

(Former name, former address and former fiscal year,

if changed since last report)

Indicate by check mark whether the Registrant has (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [ ] No [ ]

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

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate by check whether the Registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act subsequent to the distribution of securities under a plan confirmed by a court.

Not applicable.

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the Registrant’s classes of common equity, as of the latest practicable date:

August 12, 2011 - 10,026,392 shares of common stock.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.


THE CASTLE GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, 2011 (UNAUDITED) & DECEMBER 31, 2010

ASSETS

		Jun 30, 2011	Dec 31, 2010
Current Assets
Cash and cash equivalents		$ 823,448	$ 539,701
Accounts receivable, net of allowance for bad debts		1,761,022	2,038,211
Deferred tax asset		217,500	217,500
Restricted cash		925,124	151,975
Prepaids and other current assets		384,759	279,890
Total Current Assets		4,111,853	3,227,277
Property plant & equipment, net		7,694,609	7,349,343
Goodwill		54,726	54,726
Deposits		24,477	24,477
Restricted cash		140,652	191,501
Investment in limited liability company		260,885	270,399
Deferred tax asset		1,929,045	1,827,977

TOTAL ASSETS		$ 14,216,247	$ 12,945,700

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable		$ 3,382,060	$ 3,136,776
Payable to related parties		94,873	139,464
Deposits payable		1,824,499	676,635
Current portion of long term debt		425,462	409,198
Current portion of long term debt to related parties		6,250	6,250
Accrued salaries and wages		802,952	720,926
Accrued taxes		53,515	199,693
Accrued interest		11,468	11,108
Other current liabilities		12,219	13,107
Total Current Liabilities		6,613,298	5,313,157
Non Current Liabilities
Long term debt, net of current portion		5,137,935	4,914,119
Deposits payable		115,640	354,337
Notes payable to related parties, net of current portion		141,795	144,921
Other long term obligations, net		3,433,831	3,230,902
Total Non Current Liabilities		8,829,201	8,644,279
Total Liabilities		15,442,499	13,957,436
Stockholders' Deficit
Preferred stock, $100 par value, 50,000 shares authorized, 11,050		1,105,000	1,105,000
shares issued and outstanding in 2011 and 2010, respectively
Common stock, $.02 par value, 20,000,000 shares authorized, 10,026,392		200,529	200,529
shares issued and outstanding in 2011 and 2010, respectively
Additional paid in capital		4,509,777	4,423,984
Retained deficit		(7,089,138)	(6,587,930)
Accumulated other comprehensive income (loss)		47,580	(153,319)
Total Stockholders' Deficit		(1,226,252)	(1,011,736)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT		$ 14,216,247	$ 12,945,700
	3
The accompanying notes are an integral part of these condensed consolidated financial statements


THE CASTLE GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
THREE AND SIX MONTHS ENDED JUNE 30, 2011 & 2010
(UNAUDITED)


	Quarter Ended	Quarter Ended	Year to Date	Year to Date
	06/30/2011	06/30/2010	06/30/2011	06/30/2010
Revenues
Revenue attributed from properties	$ 4,021,755	$ 3,474,227	$ 8,365,564	$ 7,263,555
Management & Service	197,106	404,551	749,509	939,910
Other Revenue	300	-	301	-
Total Revenues	4,219,161	3,878,778	9,115,374	8,203,465

Operating Expenses
Attributed property expenses	4,127,139	3,516,379	8,008,934	6,903,742
Payroll and office expenses	489,623	472,941	973,734	1,027,395
Administrative and general	74,637	80,506	236,129	257,164
Depreciation	60,885	58,548	117,942	118,185
Total Operating Expense	4,752,284	4,128,374	9,336,739	8,306,486
Operating Income	(533,123)	(249,596)	(221,365)	(103,021)
Foreign Currency Transaction Gain (Loss)	(242,843)	61,761	(202,929)	89,490
Investment Income (Loss)	(32,514)	-	(9,514)	-
Interest Expense	(86,278)	(98,208)	(168,468)	(198,487)
Loss before taxes	(894,758)	(286,043)	(602,276)	(212,018)
Income tax benefit	151,743	65,113	101,068	48,502
Net Loss	$ (743,015)	$ (220,930)	$ (501,208)	$ (163,516)


Other Comprehensive Income
Foreign currency translation adjustment	184,702	(45,884)	200,899	(76,307)
Total Comprehensive Income	$ (558,313)	$ (266,814)	$ (300,309)	$ (239,823)


Earnings (Loss) Per Share
Basic	$ (0.07)	$ (0.02)	$ (0.05)	$ (0.02)
Diluted	$ (0.07)	$ (0.02)	$ (0.05)	$ (0.02)
Weighted Average Shares
Basic	10,026,392	9,946,392	10,026,392	9,946,392
Diluted	10,026,392	9,946,392	10,026,392	9,946,392




The accompanying notes are an integral part of these condensed consolidated financial statements


THE CASTLE GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2011 & 2010
(UNAUDITED)


	Year to Date 06/30/2011	Year to Date 06/30/2010
Cash Flows from Operating Activities
Net loss	$ (501,208)	$ (163,516)
Adjustments to reconcile from net income (loss) to net cash from operating activities:
Depreciation	117,942	118,185
Amortization of discount	48,204	78,076
Foreign exchange (gain) loss on guarantor obligation	202,929	(89,490)
Deferred taxes	(101,068)	(48,502)
Interest on guarantor obligation	85,793	77,804
(Increase) decrease in
Accounts receivable	353,063	256,955
Other current assets	(98,907)	(110,253)
Restricted cash	(666,946)	59,298
Increase (decrease) in
Accounts payable and accrued expenses	82,013	(306,765)
Customer advance deposits	1,080,169	192,802
Net Change From Operating Activities	601,984	64,594

Cash Flows from Investing Activities
Purchase of assets	(7,563)	(7,610)
Net Change from Investing Activities	(7,563)	(7,610)

Cash Flows from Financing Activities
Proceeds from notes	150,000	150,000
Payments on related party notes payable	-	(1,563)
Payments on notes	(473,980)	(389,891)
Net Change from Financing Activities	(323,980)	(241,454)

Effect of exchange rate on changes in cash	13,306	(2,658)

Net Change in Cash	283,747	(187,128)
Beginning Balance	539,701	623,485
Ending Balance	$ 823,448	$ 436,357


Supplementary Information
Cash Paid for Interest	$ (28,241)	$ (36,379)
Cash Paid for Income Taxes	$ -	$ -



The accompanying notes are an integral part of these condensed consolidated financial statements 5

Notes to Condensed Consolidated Financial Statements (Unaudited):

Note 1 Summary of Significant Accounting Policies

Organization

The Castle Group, Inc. was incorporated under the laws of the State of Utah on August 21, 1981. The Castle Group, Inc. operates in the hotel and resort management industry in the State of Hawaii, New Zealand, and the Commonwealth of Saipan under the trade name “Castle Resorts and Hotels.” The accounting and reporting policies of The Castle Group, Inc. (the “Company” or “Castle”) conform with generally accepted accounting principles and practices within the hotel and resort management industry.

Principles of Consolidation

The consolidated financial statements of the Company include the accounts of The Castle Group, Inc. and its wholly-owned subsidiaries, Hawaii Reservations Center Corp., HPR Advertising, Inc., Castle Resorts & Hotels, Inc., Castle Resorts & Hotels Thailand Ltd., NZ Castle Resorts and Hotels Limited (a New Zealand Corporation), and NZ Castle Resorts and Hotels’ wholly-owned subsidiary, Mocles Holdings Limited (a New Zealand Corporation). All significant inter-company transactions have been eliminated in the consolidated financial statements.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation. The results of operations for the three and six month periods ended June 30, 2011, are not necessarily indicative of the results for a full-year period. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in Castle’s annual audited financial statements for the year ended December 31, 2010.

Revenue Recognition

The Company recognizes revenue from the management of resort properties according to terms of its various management contracts.

The Company has two basic types of agreements. Under a “Gross Contract” the Company records revenue which is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. Under a “Gross Contract” the Company pays a portion of the gross rental proceeds to the owner of the rental unit. The Company only records the difference between the gross rental proceeds and the amount paid to the owner of the rental unit as “Revenue Attributed from Properties.” The portion of the revenues that represent the unit owners’ percentages are not recorded by the Company as revenue or expenses. Under a Gross Contract, the Company is responsible for all of the operating expenses for the hotel or condominium unit. Under a “Net Contract”, the Company receives a management fee that is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. Under the Net Contract, the owner of the hotel or condominium unit is responsible for all of the operating expenses of the rental program covering the owner’s unit. Under a Net Contract, the Company also typically receives an incentive management fee, which is based on the net operating profit of the covered property. Revenues received under the net contract are recorded as Management and Service Revenue. Under both types of agreements, revenues are recognized after services have been rendered. A liability is recognized for any deposits received for which services have not yet been rendered.

The Company also provides consulting services which would include pre-opening services, acquisition due diligence consulting, renovation project management and consulting, and other technical services that may from time to time be requested from both our current clients as well as prospective clients. The Company recognizes revenues from these services when the services are performed.

Note 2 New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.

Note 3 Foreign Currency Transaction Gain / Loss

As part of the Company’s purchase of real estate in New Zealand, the Company has guaranteed an amount of up to $3,018,000 to the seller of the real estate and the Company recorded this guaranty as “Other Long Term Obligations” on its balance sheet. The loan issued upon the purchase of the New Zealand real estate is payable in New Zealand dollars. Due to the strengthening in the exchange rate of the New Zealand dollar against the US dollar, the obligation has been increased to $3,433,831 as of June 30, 2011. For the three months ended June 30, 2011 and 2010, the Company recorded foreign currency transaction (losses)/gains of ($242,843) and $61,761, and for the six months ended June 30, 2011 and 2010, ($202,929) and $89,490 respectively.

Note 4 Income Taxes

Income tax expense reflects the expense or benefit only on the Company’s domestic taxable income. Income tax expense and benefit from the Company’s foreign operations are not recognized as they have been fully reserved.

Note 5 Equity-Based Compensation

None issued during the quarters ended June 30, 2011 or 2010.

Note 6 Subsequent Events

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

Forward Looking Statements

Statements made in this Quarterly Report of the Castle Group, Inc. (“Castle” or the “Company”) which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and business of the Company, including, without limitation, (i) Castle’s ability to raise capital, and (ii) statements preceded by, followed by or that include the words “may,” “would,” “could,” “should,” “expects,” “projects,” “anticipates,” “believes,” “estimates,” “plans,” “intends,” “targets” or similar expressions.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which the Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, the Company’s ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting Castle’s operations, products, services and prices.

Factors that may affect forward-looking statements include a wide range of factors that could materially affect future developments and performance, including the following: Changes in company-wide strategies, which may result in changes in the types or mix of businesses in which Castle is involved or chooses to invest; changes in U.S. or New Zealand global and/or regional economic conditions, changes in U.S. and New Zealand global financial and/or equity markets, including significant interest rate fluctuations, which may impede Castle’s access to, or increase the cost of, external financing for its operations and investments; increased competitive pressures, both domestically and internationally, legal and regulatory developments, such as regulatory actions affecting environmental activities, the imposition by foreign countries of trade restrictions and changes in international tax laws or currency controls; adverse weather conditions or natural disasters, such as hurricanes and earthquakes, labor disputes, which may lead to increased costs or disruption of operations. This list of factors that may affect future performance and the accuracy of forward-looking statements are illustrative, but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

Plan of Operation

Principal products or services and their markets

General

Castle is a hospitality and hotel management company that prides itself on its ability to be both “Flexible and Focused,” which is the Company’s operations motto. Flexible, to meet the specific needs of property condo owners at the properties that it manages; and focused, in its efforts to achieve enhanced rental income and profitability for those owners. Castle earns its revenues by providing several types of services to property owners including, hotel and resort management and operations; reservations staffing and operations; sales and marketing; and accounting. In addition, Castle provides design services to properties that are furnishing, refurnishing or remodeling, as well as, pre-opening technical services for new hotel and resort properties being planned or under construction. Castle’s revenues are derived primarily from two sources: (1) the rental of hotel rooms and condominium accommodations; and food and beverage sales at the properties it manages and; (2) fees paid for services it provides to property owners. Castle also derives revenues from commissions and/or incentive payments, based on sales and performance criteria at various properties. Castle also receives investment income through its subsidiary in New Zealand and through its minority ownership of real estate located in Hawaii.

Marketing Strategy

Most of our marketing efforts are focused towards acquiring and retaining guests for the properties we manage. Castle does not own any hotels or resorts; however, it has made real estate investments in the properties that it manages in Hilo, Hawaii and New Zealand. Marketing is done through a variety of distribution channels including direct internet sales, wholesalers, online and traditional travel agencies, and group tour operators. Unlike many other hotel and resort operators, we do not market the properties we manage under the Castle brand. Instead of emphasizing the “Flag” or “Chain” name, Castle’s strategy is to promote the name and reputation of the individual properties under management. We believe that this allows the consumer to better choose the specific type of vacation experience desired based upon the specific attributes of the property selected.

Our website (www.CastleResorts.com) offers state-of-the-art functionalities, user-friendly navigation, interactive features and rich content, while offering attractive rates and a travel booking engine that supports a dynamic pricing model which maximizes revenues for all of our properties under management. We intend to continue to invest in optimizing our online presence directed specifically towards our own website, since revenue derived through our own branded website yields a higher margin utilizing retail rates. Castle supports its online presence with its own full service, reservation call center that provides a wide range of services from tour reservation processing and rooms control, to handling group bookings. The reservation center electronically connects resort property inventory and rates to the four major Global Distribution Systems (“GDS”). This connectivity displays rates and inventory of Castle’s properties to over 500,000 travel agents worldwide as well as Internet connectivity to over 1,200 travel websites worldwide.

For customer convenience, we offer direct to consumer online booking reservations of guest rooms at resort and condominium properties under contract and also vacation packages with attractions and activities related to our hotels and condominiums through Castle’s interactive web site at www.CastleResorts.com.

Diversity

Castle has a diverse portfolio of properties located in desired island resort destinations throughout the Pacific Region and beyond. We represent hotels, resort condominiums, and lodging accommodations throughout Hawaii, as well as in Saipan and New Zealand.

In Hawaii, Castle is the only lodging chain that represents properties on all of the five major Hawaiian Islands of Oahu (Waikiki), Maui, Kauai, Molokai and Hawaii (Big Island). This allows customers the option to island-hop, and provides Castle cross-selling opportunities. Our Honolulu headquarters serves as the epicenter for our international operations in Saipan and New Zealand. Our diverse destinations offer customers the opportunity to discover new experiences and varying geographic areas and cultures.

Castle offers a wide range of accommodations at various price points from exclusive private villas, full-service all-suites hotels, oceanfront resort condominiums, to modestly priced hotels with up to 450 guest rooms. Our collection of all-suites condominium resorts, hotels, lodges and vacation rentals allows customers to select the best accommodation to suit their individual style and budget.

Our ability to deliver consistent financial returns to our property owners demonstrates Castle’s competency in managing and marketing a wide range of accommodations to our customers via multiple channels of distribution.

Brand Strategy

Each property Castle manages is individually branded in order to extract maximum value from its unique strengths. Our strategy is that we do not promote Castle as a brand name but instead, we focus on our customers, who are the owners of the properties we manage. As Castle does represent a diverse range of properties, its brand strategy is that one size does not fit all. The Castle brand stays in the background and our focus is on marketing the uniqueness of each property, while satisfying the needs and expectations of our owners. Each property we manage maintains its own brand identity and personality, while utilizing the Castle advantage of our powerful marketing resources, channel distribution, resort management expertise, industry partnerships, and networks.

Castle’s brand strategy is one of the areas that clearly differentiate us from the high profile branded hospitality companies. When a hotel owner or developer is considering contracting a large worldwide hospitality company for possible hotel management, there are several considerations that must be assessed. With major worldwide brands, usually come the high costs that the owner must bear to sustain the expensive marketing and operational expense that the brand demands to offset their marketing costs. There are also some tangible differences from the guest’s or customer’s perspective as well.

Castle markets each property with its own independent brand identity and deploys customized marketing programs to fit the specific demographics attracted to each of our properties. Through our brand building efforts, we begin the process of positioning each of our resort brands to our key market segments, niche targeted customers and distribution channels.

We also do not flag our properties with the Castle name. The advantages of doing so are several. There is a high demand for the independent smaller boutique hotels and condominiums, as travelers favor a more individualized and unique travel experience. This ongoing trend towards smaller, independent hotels, as opposed to the familiar chains, is not only occurring in Hawaii, but seen throughout the world tourism marketplace. This increased demand is fueled by the following traveler’s expectations:

Travelers seek personalized recognition, attention, and service.

Guests desire hotel and condominium accommodations that impart a sense of place and provide a

unique guest experience.

Customers demand quality and personalized service, which creates high retention and repeat customers.

Marketing Programs and Promotions

Castle has implemented numerous marketing programs and promotions directed towards both the consumer and trade markets to generate incremental revenue and market loyalty for the individual properties. We have developed a wide range of programs designed specifically to reflect the unique attributes of each of our resort properties, while providing various incentives. At any given time, we may have a number of ongoing marketing programs and promotions in place, some of which are seasonal to drive incremental room night revenues during valley or shoulder periods and some of which are ongoing throughout the year.

Growth Strategy

The majority of the properties presently managed by Castle are located within the state of Hawaii. Significant opportunities for Castle to obtain additional contracts within the State of Hawaii are also available to us due to a myriad of factors that include sales of properties, foreclosures, underperformance, and dissatisfaction with the current management of our competitors. In addition, Castle manages properties in New Zealand and Saipan, while at the same time keeping the option to strategically expand operations into Thailand and Guam. We believe that there are significant opportunities to expand Castle’s operations both in the markets it currently serves, as well as other Pacific Basin and Asian vacation destinations.

As part of Castle’s strategies to secure long term, multi-year management contracts, from time to time, we have found it advantageous to purchase or lease selected real property within a resort or condominium project. This occurred in 2004, when Castle’s wholly owned subsidiary, NZ Castle Resorts and Hotels Limited, entered into an agreement to purchase all of the shares of Mocles Holdings Limited (“Mocles”), a New Zealand Corporation. Mocles owns the Podium levels (“Podium”) of the Spencer on Byron Hotel in Auckland, New Zealand, which includes the front desk, restaurant, bar, ballroom, board room, conference rooms, back of the house facilities and other areas necessary for the hotel’s operation.

In July 2010, the Company acquired a 7% common series ownership interest in one of the hotels managed by the Company as compensation for consulting work done during the acquisition of the property by a third party. Castle will continue to pursue these types of arrangements in which the Company will receive a partial real estate ownership in a property, in addition to a long term management contract.

Profitability

The second quarter of the calendar year is the typical slow period for the travel industry in Hawaii. The Company did anticipate a loss during the quarter; however this was further exacerbated by various items which included:

1. The Company agreed to rebate $200,000 of fees to the owners of a property previously managed by

the Company, in order to preserve goodwill with the property ownership.

2. The New Zealand dollar strengthened during the second quarter, resulting in an exchange loss of $242,843.

Fluctuations in the currency exchange rates are outside of the control of the Company and due to the volatility in the currency exchange rates, large gains and losses shall continue to occur. As an example, between August 1, and August 8, the New Zealand dollar devalued from .88 to .83, which represents an exchange gain to the Company of $204,000 to the Company over only an eight day period.

The Company managed a property in New Zealand under a Gross Contract through July 31, 2011. Effective August 1, 2011, the contract with the property expired and the Company entered into a new management contract with the unit owners under a Net Contract arrangement. Under the Net Contract, the Company will receive fees based on the revenue and net operating profits of the properties room operations. Previously, the Company collected room revenues and paid a fixed amount to the unit owners; any room revenue remaining after this fixed payment was used to cover room operating expenses and any remaining profits belonged to the Company while shortfalls were funded by the Company. Since the Company owns the common areas of the property which includes the lobby, restaurant and bar, the Company will continue to own and operate the food and beverage operation. Over the previous ten years, the Company had operated the room operations at a loss. The property is now well known in the area with a mature base of customers and additionally, its food and beverage operations

have won various culinary awards. The Company believes that this combination of a net contract for the room operations and the profitable food & beverage operations will ensure future profitability for our New Zealand operation.

The Company also anticipates that it will receive a minority interest in another property, which is in escrow and is scheduled to close in the third quarter of 2011. The property currently has a large rental program and should be profitable. Additionally, the Company is in talks with the ownership of two additional properties for full management contracts.

The Company anticipates that it will be profitable for calendar 2011 due to the change in our contract in New Zealand, the World Rugby Cup which will be hosted by New Zealand in the fall, and the new property that it anticipates managing in the third quarter of 2011.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Plan of Operation” including statements regarding the anticipated development and expansion of Castle’s business, the intent, belief or current expectations of the performance of Castle and the products and/or services it expects to offer and other statements contained herein regarding matters that are not historical facts, are “forward-looking” statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the factors set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Plan of Operation.”

Revenues

Total Revenues increased over the prior year by 9% to $4,219,161 from $3,878,778 for the quarter and by 11% to $9,115,374 from $8,203,465 for the six months ended June 30, 2011. The increase reflects an increase over prior year in revenue from our New Zealand operations of 22%, from $1,840,510 to $2,238,926 for the three months ended June 30, 2011, and 21%, from $3,840,183 to $4,635,117 for the six months ended June 30, 2011. Domestic operations experienced a 3% decrease in revenues for the three months ended June 30, 2011, from $2,038,268 to $1,980,235, and a 3% increase, from $4,363,282 to $4,480,257 for the six months ended June 30, 2011. Included in our domestic operation for the quarter ending June 2011 was a fee rebate of $200,000 to the owners of a previously managed property. Without this rebate, revenues for our domestic operations would have increased by 7% for the three and six months ended June 30, 2011. The increases are attributed to increased demand and a recovery of the travel industries of New Zealand and Hawaii, and a strengthening of the New Zealand dollar against the US dollar. Both domestic and international operations in 2010 were affected by the decreasing room rates in the markets in which our properties are located. In response to the worldwide weakening of the economy in 2009, the hospitality business experienced severe discounting as travel companies compete to re-capture market share that was substantially reduced during to the worldwide financial crisis. The trend of decreasing travelers has subsided, and now companies are focusing on increased average daily rates and have refrained from using discounted rates in order to increase market share.

Revenues Attributed from Properties increased from $3,474,227 to $4,021,755, an increase of 16% for the three months ended June 30, 2011 compared to 2010, and increased by 15% from $7,263,555 to $8,365,564 for the six months ended June 30, 2011. The increase is attributed to an increase in demand in both our domestic and international operations, and a 3% and 8% appreciation in the value of the New Zealand Dollar against the US Dollar for the three and six months ended June 2011. Management and Service Revenues from our domestic operations decreased by 51%, from $404,551 to $197,106 during the quarter, and by 20% from $939,910 to $749,509 for the six months ended June 30, 2011. The decrease in domestic operations is due to a $200,000 rebate of fees to the owners of a previously managed property during the quarter ended June 30, 2011. Excluding this rebate, Management and Service Revenues would have decreased by 2% for the quarter and increased by 1% for the six months ended June 30, 2011.

Guaranty

balance sheet. The loan issued upon the purchase of the New Zealand real estate is payable in New Zealand dollars. Due to the strengthening in the exchange rate of the New Zealand dollar against the US dollar, the obligation has been increased to $3,433,831 as of June 30, 2011. For the three months ended June 30, 2011 and 2010, the Company recorded foreign currency transaction (losses)/gains of ($242,843) and $61,761, and for the six months ended June 30, 2011 and 2010, ($202,929) and $89,490, respectively.

Expenses

Attributed Property Expenses are those expenses related to the management of the resort and condominium properties which are operated on a Gross Revenue contract basis. Property expenses increased by 17%, from $3,516,379 to $4,127,139 for the quarter ended June 30, 2011 compared to 2010, and by 16%, from $6,903,742 to $8,008,934 for the six months ended June 30, 2011 compared to 2010. These expense increases are attributed to the strengthening of the New Zealand Dollar against the US Dollar and the 15% and 16% increase in Revenue Attributed From Properties for the three and six months ended June 30, 2011 compared to prior year.

Compared to the prior year, payroll and office expenses increased over prior year by 4% from $472,941 to $489,623 for the quarter and decreased by 5% from $1,027,395 to $973,734 for the six months ended June 30, 2011. The decrease in cost is a result of the Company making operational efficiency adjustments to the number of operational and corporate staff positions. The 5% decrease in expenses for the six month period was experienced despite an increase in Total Revenues of 11%.

Administrative and general expenses decreased by 7% from $80,506 to $74,637 for the quarter and by 8% from $257,164 to $236,129 for the six months ended June 30, 2011 as compared to 2010. This decrease was due to reductions instituted by the Company for professional fees, travel costs and a decrease in our insurance rates as compared to the prior year.

EBITDA (Earnings before Interest, Depreciation, Taxes and Amortization) reflects the Company’s earnings without the effect of depreciation, interest income or expense, or taxes. EBITDA is a non-GAAP measure. Castle’s management believes that in many ways it is a good alternative indicator of the Company’s financial performance. It removes the effects of non-cash depreciation and amortization of assets, as well as the fluctuations of interest costs based on the Company’s borrowing history and increases and decreases in tax expense brought about by changes in the provision for future tax effects rather than current income. A comparison of EBITDA and Net Income is shown below. EBITDA totaled ($472,239) and ($191,048) for the three months ended June 30, 2011 and 2010. EBITDA totaled ($103,423) and $15,164 for the six months ended June 30, 2011 and 2010. The decrease for the quarter is attributable to the Company recording a rebate of $200,000 of management fees to the owner of a previously managed hotel, and an increase in EBITDA loss of $93,837 from our New Zealand operations.

Comparison of Net Income to EBITDA:


	Three months ended Jun 30		Six Months Jun 30
	2011	2010	2011	2010
Net Income (Loss)	$ (743,015)	$ (220,930)	$ (501,208)	$ (163,516)
Add Back:
Income Tax Benefit	(151,743)	(65,113)	(101,068)	(48,502)
Net interest expense	118,791	98,208	177,982	198,487
Depreciation	60,885	58,548	117,942	118,185
Foreign Exchange (Gain) Loss	242,843	(61,761)	202,929	(89,490)
EBITDA-	$ (472,239)	$ (191,048)	$ (103,423)	$ 15,164

Investments

On July 23, 2010 the Company acquired a 7% common series interest in the ownership of a hotel located in Hawaii. The Company received the interest in exchange for the Company’s assistance to the buyers of the hotel in negotiating the purchase, performing due diligence work and other consulting services. The hotel was purchased for $17,300,000, of which

$13,000,000 was financed through a first mortgage on the hotel. The Company recognized $188,173 in revenue resulting from cash received for consulting fees and used those funds to acquire the 7% common series interest. The Company recorded investment income of $15,000 and $38,000 for the quarter and six months ending June 30, 2011, which represents the Company’s 7% share of the income from the limited liability company that owns one of the hotels managed by the Company. In addition, during the current quarter, the Company recorded a reduction adjustment of $47,514 to reconcile its share of the 2010 investment income upon receipt of the final financial statement and IRS form K-1 from the limited liability company.

Depreciation

Castle’s business does not require a great deal of capital expenditure for equipment or fixed assets. As a result, depreciation expense was $60,885 and $58,548 for the three months ended June 30, 2011 and 2010, and $117,942 and $118,185 for the six months ended June 30, 2011 and 2010 respectively.

Interest Expense

Interest Expense was $86,278 and $98,208 for the three months ended June 30, 2011 & 2010 and $168,468 and $198,487 respectively for the six months ended June 30, 2011 and 2010. Interest expense includes imputed interest on the note payable which was issued in the purchase of real estate and interest imputed on the guaranty of the note.

Net Income

Net loss for the three and six months ending June 30, 2011 was $743,015 and $501,208, respectively. Net loss for the three and six months ending June 30, 2010 was $220,930 and $163,516, respectively.

Foreign Currency Translation Adjustment

For consolidated entities whose functional currency is not the U.S. dollar, Castle translates their financial statements into U.S. dollars. Assets and liabilities are translated at the exchange rate currently in effect as of the financial statement date, and results of operations are translated using the weighted average exchange rate for the period.

Translation adjustments from foreign exchange are included as a separate component of stockholders’ equity. Changes in the carrying value of the assets and liabilities of the consolidated entities outside of the United States due to foreign exchange changes are reflected as Foreign Currency Adjustments. Foreign Currency Translation adjustments totaled $184,702 and ($45,884) for the three months ended June 30, 2011 and 2010, respectively; Foreign Currency Translation adjustments for the six months ended June 30, 2011 and 2010 totaled $200,899 and ($76,307), respectively.

Total Comprehensive Income (Loss)

Total Comprehensive Income (Loss) for the three months ended June 30, 2011 was ($558,313) as compared to ($266,814) for the prior year period. For the six months ended June 30, 2011, Total Comprehensive Income (Loss) was ($300,309) as compared to ($239,823) for the prior year. This is primarily a result of the changes in Revenue and Property and Operating Expenses, Investment Income, and foreign exchange rates noted above.

Liquidity

Our primary sources of liquidity include available cash and cash equivalents, and borrowing under the credit facility which was secured in October 2008, consisting of a $500,000 term loan and a $150,000 line of credit. As of June 30, 2011, the Company has utilized $100,000 of the line of credit. Additionally, our New Zealand subsidiary has an available NZ$300,000 (US$245,190) line of credit of which NZ$85,090 (US$69,544) was utilized as of June 30, 2011. These facilities contain representations and warranties, conditions, covenants and events of default that are customary for this type of credit facility but do not contain financial covenants. The Company is in compliance with the terms and conditions of these borrowing covenants. We do not believe the limitations contained in the credit facility will, in the foreseeable future, adversely affect our ability to use the credit facility and execute our business plan.

The Company manages a property in New Zealand, where the World Rugby Cup will be held during the fall of 2011. Room rentals are in very high demand during this period, and all reservations require a deposit or full prepayment in order to secure accommodation reservations. Our New Zealand property has received advance deposits for this period of $925,124 and $151,975 as of June 30, 2011 and December 31, 2010, respectively. New Zealand law requires that these funds be held in a separate trust account and not be used by the property until services have been rendered; accordingly, the Company has recorded these cash deposits as Restricted Cash on its balance sheet.

Expected uses of cash in fiscal 2011 include funds required to support our operating activities, including continuing to opportunistically and selectively expand the number of properties under our management.

We experienced a net loss of $743,015 for the second quarter of 2011 and a net loss of $501,208 for the six months ended June 30, 2011. Total Current Assets were maintained at $4.1 million at the end of June 2011. The second quarter of the year is typically the low season for the travel industry in Hawaii which was also magnified by the rebate of $200,000 during the quarter to the owner of a previously managed property. Additionally, we recorded exchange losses of $242,843 and $202,929 for the three and six months ended June 30, 2011. The Company has established a trend of Operating Profitability in recent quarters as we reported Operating Profits in three of our four previous quarters. We anticipate that occupancy levels will show a slight increase over prior year, together with increases in average room rates for the properties currently under contract for the remainder of 2011. We will continue our efforts to expand the number of properties under management through the remainder of 2011, which will increase the overall revenue stream in 2011. The specific impact of these additions on revenue depends on the timing of when new properties are added during the year. More importantly, over the past two fiscal years we implemented a number of cost saving and efficiency programs that began to improve our profitability and cash flows. We are beginning to see the results of our operational changes as we reported operating profits in six of the last seven quarters. We project that we will continue to improve the overall profitability, cash flow, and working capital liquidity through 2011. This view is based on the following assumptions:

· An increase in occupancy levels as the global economy stabilizes rather than deteriorates resulting in increased visitor

trends to Hawaii and New Zealand.

·A slight increase in average daily rates at the properties we manage as compared to recent years.

·Focusing on increasing our properties room revenue through increased sales, advertising and marketing efforts.

·A continuation of the cost savings and efficiency measures put into place which will provide the basis for improved

operating trends throughout 2011.

·Expansion of the number of properties under management, with emphasis on Hawaii and New Zealand.

·The World Rugby Cup being held in New Zealand during the third quarter of 2011

·The conversion of our management contract in New Zealand from a gross contract to a net contract in August of 2011.

Our plans to manage our liquidity position in fiscal 2011 include:

·Continued improvement in our accounts receivable collection rates which will have a positive impact on our liquidity.

·Accessing additional sources of debt or equity financing at competitive rates.

·Continuing with only limited capital expenditures and projects.

We have considered the impact of the financial outlook on our liquidity and have performed an analysis of the key assumptions in our forecast such as sales, gross margin and expenses; an evaluation of our relationships with our travel partners and property owners and an analysis of cash requirements, other working capital changes, capital expenditures and borrowing availability under our credit facility. Based upon these analyses and evaluations, we expect that our anticipated

sources of liquidity will be sufficient to meet our obligations without disposition of assets outside of the ordinary course of business or significant revisions of our planned operations through 2011.

Off-balance sheet arrangements

None; not applicable.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.

Item 4. Controls and Procedures.

Evaluation of disclosure controls and procedures

Our management, with the participation of our chief executive officer (and acting chief financial officer), evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Based on that evaluation, our chief executive officer (and acting chief financial officer) concluded that, as of June 30, 2011, our disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules, regulations and forms, and that such information is accumulated and communicated to our management, including our chief executive officer (and acting chief financial officer), as appropriate, to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting

Our management, with the participation of the chief executive officer (and acting chief financial officer), has concluded there were no significant changes in our internal controls over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None during the quarter ended June 30, 2011

Item 1A. Risk Factors.

Not required to be enumerated by smaller reporting companies.

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

Recent Sales of Unregistered Securities

None during the quarter ended June 30, 2011.

Use of Proceeds of Registered Securities

No proceeds were received from the sale of registered securities during the quarter ended June 30, 2011.

Purchases of Equity Securities by Us and Affiliated Purchasers

None during the quarter ended June 30, 2011.

Item 3. Defaults Upon Senior Securities.

None; not applicable.

Item 4. Removed and Reserved.

Item 5. Other Information.

None reported

Item 6. Exhibits.

(a) Exhibits and index of exhibits.

31.1 302 Certification of Rick Wall, Chief Executive Officer

32 Section 906 Certification

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant has caused this Quarterly Report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE CASTLE GROUP, INC.






Date:	08/15/2011	By:	/s/Rick Wall
			Rick Wall
			Chief Executive Officer and Chairman of the Board of Directors and Acting CFO

EX-31 2 ex31.htm 302 CERTIFICATION OF RICK WALL Exhibit 31

Exhibit 31

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Rick Wall, certify that:

1. I have reviewed this Form 10-Q of The Castle Group, Inc.;

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

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

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

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

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

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

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

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

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

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



Date:	August 15, 2011	By:	/s/Rick Wall
			Rick Wall, Chief Executive Officer, Acting CFO, and Chairman of the Board of Director

EX-32 3 ex32.htm 906 CERTIFICATION Exhibit 32

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 the Quarterly Report of The Castle Group, Inc. (the “Registrant”) on Form 10Q for the period ending June 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I , Rick Wall, CEO and Chairman of the Board of Directors and acting CFO, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Registrant.





Date:	August 15, 2011	By:	/s/ Rick Wall
			Rick Wall
			Chief Executive Officer and Chairman of the Board of Directors and acting CFO

EX-101.INS 4 cagu-20110630.xml XBRL INSTANCE DOCUMENT 10-Q 2011-06-30 false CASTLE GROUP INC 0000918543 --12-31 10026392 Smaller Reporting Company Yes No No 2011 Q2

823448

539701

1761022

2038211

925124

151975

384759

279890

4111853

3227277

7694609

7349343

54726

24477

140652

191501

260885

270399

1929045

1827977

14216247

12945700

3382060

3136776

94873

139464

425462

409198

6250

802952

720926

53515

199693

11468

11108

12219

13107

6613298

5313157

5137935

4914119

115640

354337

141795

144921

3433831

3230902

8829201

8644279

15442499

13957436

1105000

200529

4509777

4423984

-7089138

-6587930

47580

-153319

-1226252

-1011736

14216247

12945700

4021755

3474227

8365564

7263555

197106

404551

749509

939910

4219161

3878778

9115374

8203465

4127139

3516379

8008934

6903742

489623

472941

973735

1027395

74637

80506

236127

257164

60885

58548

117943

118185

4752284

4128374

9336739

8306486

-533123

-249596

-221365

-103021

-242843

61761

-202929

89490

-32514

-9514

86278

98208

168468

198487

-894758

-286043

-602276

-212018

-743015

-220930

-501208

-163516

184702

-45884

200899

-76307

-558313

-266814

-300309

-239823

10026392

9946392

10026392

9946392

10026392

9946392

10026392

9946392

48204

78076

-202929

89490

85793

77804

353063

256955

-98907

-110253

-666946

59298

1080169

192802

82012

-306765

601984

64594

7563

7610

-7563

-7610

150000

-1563

-473980

-389891

-323980

-241454

13306

-2658

283747

-187128

623485

436357

-28241

-36379

217500

1824499

676635

50000

100.00

11050

20000000

0.02

10026392

Note 2 New Accounting Pronouncements   From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date.  If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Companys financial statements upon adoption.

Note 4 Income Taxes   Income tax expense reflects the expense or benefit only on the Companys domestic taxable income. Income tax expense and benefit from the Companys foreign operations are not recognized as they have been fully reserved.

Note 5 Equity-Based Compensation   None issued during the quarters ended June 30, 2011 or 2010.

Note 6 Subsequent Events   The Company managed a property in New Zealand under a Gross Contract through July 31, 2011.  Effective August 1, 2011, the contract with the property expired and the Company entered into a new management contract with the unit owners under a Net Contract arrangement.  Under the Net Contract, the Company will receive fees based on the revenue and net operating profits of the properties room operations.  Previously, the Company collected room revenues and paid a fixed amount to the unit owners; any room revenue remaining after this fixed payment was used to cover room operating expenses and any shortfalls were made up by the Company.

-0.07

-0.02

-0.05

-0.02

-0.07

-0.02

-0.05

-0.02

141795

144921

300

301

-151743

-65113

-101068

-48502

-101068

-48502

Note 1 Summary of Significant Accounting Policies   Organization   The Castle Group, Inc. was incorporated under the laws of the State of Utah on August 21, 1981. The Castle Group, Inc. operates in the hotel and resort management industry in the State of Hawaii, New Zealand, and the Commonwealth of Saipan under the trade name Castle Resorts and Hotels.  The accounting and reporting policies of The Castle Group, Inc. (the Company or Castle) conform with generally accepted accounting principles and practices within the hotel and resort management industry.   Principles of Consolidation   The consolidated financial statements of the Company include the accounts of The Castle Group, Inc. and its wholly-owned subsidiaries, Hawaii Reservations Center Corp., HPR Advertising, Inc., Castle Resorts & Hotels, Inc., Castle Resorts & Hotels Thailand Ltd., NZ Castle Resorts and Hotels Limited (a New Zealand Corporation), and NZ Castle Resorts and Hotels wholly-owned subsidiary, Mocles Holdings Limited (a New Zealand Corporation).  All significant inter-company transactions have been eliminated in the consolidated financial statements.   Basis of Presentation   The accompanying consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted.  In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation.  The results of operations for the three and six month periods ended June 30, 2011, are not necessarily indicative of the results for a full-year period.  It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in Castles annual audited financial statements for the year ended December 31, 2010.   Revenue Recognition   The Company recognizes revenue from the management of resort properties according to terms of its various management contracts.   The Company has two basic types of agreements.  Under a Gross Contract the Company records revenue which is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. Under a Gross Contract the Company pays a portion of the gross rental proceeds to the owner of the rental unit.  The Company only records the difference between the gross rental proceeds and the amount paid to the owner of the rental unit as Revenue Attributed from Properties.  The portion of the revenues that represent the unit owners percentages are not recorded by the Company as revenue or expenses.  Under a Gross Contract, the Company is responsible for all of the operating expenses for the hotel or condominium unit.  Under a Net Contract, the Company receives a management fee that is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units.  Under the Net Contract, the owner of the hotel or condominium unit is responsible for all of the operating expenses of the rental program covering the owners unit.  Under a Net Contract, the Company also typically receives an incentive management fee, which is based on the net operating profit of the covered property.  Revenues received under the net contract are recorded as Management and Service Revenue. Under both types of agreements, revenues are recognized after services have been rendered.  A liability is recognized for any deposits received for which services have not yet been rendered.   The Company also provides consulting services which would include pre-opening services, acquisition due diligence consulting, renovation project management and consulting, and other technical services that may from time to time be requested from both our current clients as well as prospective clients.  The Company recognizes revenues from these services when the services are performed.

Note 3 Foreign Currency Transaction Gain / Loss   As part of the Companys purchase of real estate in New Zealand, the Company has guaranteed an amount of up to $3,018,000 to the seller of the real estate and the Company recorded this guaranty as Other Long Term Obligations on its balance sheet.  The loan issued upon the purchase of the New Zealand real estate is payable in New Zealand dollars.  Due to the strengthening in the exchange rate of the New Zealand dollar against the US dollar, the obligation has been increased to $3,433,831 as of June 30, 2011.  For the three months ended June 30, 2011 and 2010, the Company recorded foreign currency transaction (losses)/gains of ($242,843) and $61,761, and for the six months ended June 30, 2011 and 2010, ($202,929) and $89,490 respectively.

0000918543 2011-04-01 2011-06-30 0000918543 2011-08-12 0000918543 2011-06-30 0000918543 2010-12-31 0000918543 2010-04-01 2010-06-30 0000918543 2011-01-01 2011-06-30 0000918543 2010-01-01 2010-06-30 0000918543 2009-12-31 0000918543 2010-06-30 iso4217:USD shares iso4217:USD shares EX-101.PRE 5 cagu-20110630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.LAB 6 cagu-20110630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Depreciation Total Non Current Liabilities Total Non Current Liabilities Restricted cash Restricted cash, current Income Tax Disclosure [Text Block] Net Change from Financing Activities Net Change from Financing Activities Increase (decrease) in Accounts payable and accrued expenses (Increase) decrease in Accounts receivable Foreign Currency Transaction Gain (Loss) Accumulated other comprehensive income (loss) Accrued salaries and wages Current portion of long term debt to related parties Payable to related parties TOTAL ASSETS TOTAL ASSETS Document Fiscal Year Focus Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] (Increase) decrease in Restricted cash Revenues {1} Revenues Statement [Table] Entity Well-known Seasoned Issuer Document Period End Date Accounting Changes and Error Corrections Net Change from Investing Activities Net Change from Investing Activities Adjustments to reconcile from net income (loss) to net cash from operating activities: Total Stockholders' Deficit Total Stockholders' Deficit Stockholders' Deficit Deposits payable, current Document Type Deferred taxes Amortization of discount Income Statement Supplementary Information Statement of Cash Flows Net Income (Loss) Net Loss Management & Service Current Assets ASSETS Common stock outstanding Subsequent Events Equity Weighted Average Shares Basic Total Comprehensive Income (Loss) Total Comprehensive Income (Loss) Interest Expense Interest Expense Total Revenues Total Revenues Other Revenue Current Liabilities Preferred stock par value Foreign Currency Disclosure [Text Block] Organization, Consolidation and Presentation of Financial Statements Cash Flows from Investing Activities Loss before taxes TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT Retained deficit Common stock, $.02 par value, 20,000,000 shares authorized, 10,026,392 shares issued and outstanding in 2011 and 2010, respectively Accrued taxes Investment in limited liability company Total Current Assets Total Current Assets Common stock par value Entity Current Reporting Status Entity Common Stock, Shares Outstanding Cash Paid for Income Taxes Foreign currency translation adjustment Total Operating Expense Total Operating Expense Deposits payable Total Current Liabilities Total Current Liabilities Deferred tax asset Goodwill Property plant & equipment, net Entity Registrant Name Stockholders' Equity Note Disclosure [Text Block] Description of New Accounting Pronouncements Not yet Adopted [Text Block] Net Change in Cash Increase (decrease) in customer advance deposits Cash Flows from Operating Activities Weighted Average Shares Diluted Administrative and general Accounts payable Accounts receivable, net of allowance for bad debts Cash Paid for Interest Net Change From Operating Activities Net Change From Operating Activities Foreign exchange (gain) loss on guarantor obligation Foreign exchange (gain) loss on guarantor obligation Accrued interest Preferred stock authorized Entity Voluntary Filers Amendment Flag Subsequent Events [Text Block] Payables and Accruals (Increase) decrease in Other current assets Income tax benefit Income tax benefit Preferred stock, $100 par value, 50,000 shares authorized, 11,050 shares issued and outstanding in 2011 and 2010, respectively Deferred tax asset, current Current Fiscal Year End Date Payments on related party notes payable Proceeds from notes Operating Income (Loss) Operating Expenses {1} Operating Expenses Revenue attributed from properties Additional paid in capital Other long term obligations, net LIABILITIES AND STOCKHOLDERS' DEFICIT Statement of Financial Position Entity Central Index Key Effect of exchange rate on changes in cash Purchase of assets Purchase of assets Earnings (Loss) Per Share Basic Attributed property expenses Total Liabilities Total Liabilities Deposits {1} Deposits Cash and cash equivalents Beginning Balance Ending Balance Notes payable to related parties Payments on notes Other Comprehensive Income Preferred stock outstanding Document Fiscal Period Focus Entity Filer Category Foreign Operations and Currency Translation Income Taxes Interest on guarantor obligation Earnings (Loss) Per Share Diluted Non Current Liabilities Current portion of long term debt Statement [Line Items] Document and Entity Information Cash Flows from Financing Activities Investment Income (Loss) Payroll and office expenses Notes payable to related parties net of current portion Long term debt, net of current portion Other current liabilities Prepaid and other current assets Common stock authorized EX-101.DEF 7 cagu-20110630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.CAL 8 cagu-20110630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.SCH 9 cagu-20110630.xsd XBRL TAXONOMY EXTENSION SCHEMA 152200 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED link:presentationLink link:definitionLink link:calculationLink 200000 - Disclosure - Organization, Consolidation and Presentation of Financial Statements link:presentationLink link:definitionLink link:calculationLink 250000 - Disclosure - Accounting Changes and Error Corrections link:presentationLink link:definitionLink link:calculationLink 124000 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE AND SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED link:presentationLink link:definitionLink link:calculationLink 400000 - Disclosure - Payables and Accruals link:presentationLink link:definitionLink link:calculationLink 500000 - Disclosure - Equity link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2011 & 2010 UNAUDITED link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 31, 2011 (UNAUDITED) & DECEMBER 31, 2010 link:presentationLink link:definitionLink link:calculationLink 104000 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, 2011 (UNAUDITED) & DECEMBER 31, 2010 link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - The Castle Group, Inc. Balance Sheet (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2011 & 2010 UNAUDITED link:presentationLink link:definitionLink link:calculationLink 820000 - Disclosure - Foreign Operations and Currency Translation link:presentationLink link:definitionLink link:calculationLink 870000 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 770000 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink XML 10 R3.htm IDEA: XBRL DOCUMENT

THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, 2011 (UNAUDITED) & DECEMBER 31, 2010 (USD $)	Jun. 30, 2011	Dec. 31, 2010
Cash and cash equivalents	$ 823,448	$ 539,701
Accounts receivable, net of allowance for bad debts	1,761,022	2,038,211
Deferred tax asset, current	217,500	217,500
Restricted cash, current	925,124	151,975
Prepaid and other current assets	384,759	279,890
Total Current Assets	4,111,853	3,227,277
Property plant & equipment, net	7,694,609	7,349,343
Goodwill	54,726	54,726
Deposits	24,477	24,477
Restricted cash	140,652	191,501
Investment in limited liability company	260,885	270,399
Deferred tax asset	1,929,045	1,827,977
TOTAL ASSETS	14,216,247	12,945,700
Accounts payable	3,382,060	3,136,776
Payable to related parties	94,873	139,464
Deposits payable, current	1,824,499	676,635
Current portion of long term debt	425,462	409,198
Current portion of long term debt to related parties	6,250	6,250
Accrued salaries and wages	802,952	720,926
Accrued taxes	53,515	199,693
Accrued interest	11,468	11,108
Other current liabilities	12,219	13,107
Total Current Liabilities	6,613,298	5,313,157
Long term debt, net of current portion	5,137,935	4,914,119
Deposits payable	115,640	354,337
Notes payable to related parties net of current portion	141,795	144,921
Other long term obligations, net	3,433,831	3,230,902
Total Non Current Liabilities	8,829,201	8,644,279
Total Liabilities	15,442,499	13,957,436
Preferred stock, $100 par value, 50,000 shares authorized, 11,050 shares issued and outstanding in 2011 and 2010, respectively	1,105,000	1,105,000
Common stock, $.02 par value, 20,000,000 shares authorized, 10,026,392 shares issued and outstanding in 2011 and 2010, respectively	200,529	200,529
Additional paid in capital	4,509,777	4,423,984
Retained deficit	(7,089,138)	(6,587,930)
Accumulated other comprehensive income (loss)	47,580	(153,319)
Total Stockholders' Deficit	(1,226,252)	(1,011,736)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 14,216,247	$ 12,945,700

XML 11 R4.htm IDEA: XBRL DOCUMENT

THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE AND SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues
Revenue attributed from properties	$ 4,021,755	$ 3,474,227	$ 8,365,564	$ 7,263,555
Management & Service	197,106	404,551	749,509	939,910
Other Revenue	300	0	301	0
Total Revenues	4,219,161	3,878,778	9,115,374	8,203,465
Operating Expenses
Attributed property expenses	4,127,139	3,516,379	8,008,934	6,903,742
Payroll and office expenses	489,623	472,941	973,735	1,027,395
Administrative and general	74,637	80,506	236,127	257,164
Depreciation	60,885	58,548	117,943	118,185
Total Operating Expense	4,752,284	4,128,374	9,336,739	8,306,486
Operating Income (Loss)	(533,123)	(249,596)	(221,365)	(103,021)
Foreign Currency Transaction Gain (Loss)	(242,843)	61,761	(202,929)	89,490
Investment Income (Loss)	(32,514)	0	(9,514)	0
Interest Expense	(86,278)	(98,208)	(168,468)	(198,487)
Loss before taxes	(894,758)	(286,043)	(602,276)	(212,018)
Income tax benefit	151,743	65,113	101,068	48,502
Net Loss	(743,015)	(220,930)	(501,208)	(163,516)
Other Comprehensive Income
Foreign currency translation adjustment	184,702	(45,884)	200,899	(76,307)
Total Comprehensive Income (Loss)	$ (558,313)	$ (266,814)	$ (300,309)	$ (239,823)
Earnings (Loss) Per Share Basic	$ (0.07)	$ (0.02)	$ (0.05)	$ (0.02)
Earnings (Loss) Per Share Diluted	$ (0.07)	$ (0.02)	$ (0.05)	$ (0.02)
Weighted Average Shares Basic	10,026,392	9,946,392	10,026,392	9,946,392
Weighted Average Shares Diluted	10,026,392	9,946,392	10,026,392	9,946,392

XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	3 Months Ended
Document and Entity Information	Jun. 30, 2011	Aug. 12, 2011
Document and Entity Information
Entity Registrant Name	CASTLE GROUP INC
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Entity Central Index Key	0000918543
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		10,026,392
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2

XML 13 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

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

" + text[p] + "

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

' + raw + '

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

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

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

'+ "\n"+'

'+raw+'

'+ "\n"+'

'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 14 R12.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Jun. 30, 2011

Subsequent Events

Subsequent Events [Text Block]

Note 6 Subsequent Events

XML 15 R8.htm IDEA: XBRL DOCUMENT

Payables and Accruals (USD $)	Jun. 30, 2011	Dec. 31, 2010
Payables and Accruals
Notes payable to related parties	$ 141,795	$ 144,921

- Definition

The amount for notes payable (written promise to pay), due to related parties.

+ References+ Details

XML 16 R6.htm IDEA: XBRL DOCUMENT

Organization, Consolidation and Presentation of Financial Statements

3 Months Ended

Jun. 30, 2011

Organization, Consolidation and Presentation of Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note 1 Summary of Significant Accounting Policies

Organization

Principles of Consolidation

Basis of Presentation

The accompanying consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation. The results of operations for the three and six month periods ended June 30, 2011, are not necessarily indicative of the results for a full-year period. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in Castle’s annual audited financial statements for the year ended December 31, 2010.

Revenue Recognition

The Company recognizes revenue from the management of resort properties according to terms of its various management contracts.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

XML 17 R9.htm IDEA: XBRL DOCUMENT

Equity

3 Months Ended

Jun. 30, 2011

Equity

Stockholders' Equity Note Disclosure [Text Block]

Note 5 Equity-Based Compensation

None issued during the quarters ended June 30, 2011 or 2010.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

XML 18 R10.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Jun. 30, 2011

Income Taxes

Income Tax Disclosure [Text Block]

Note 4 Income Taxes

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

XML 19 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 20 R11.htm IDEA: XBRL DOCUMENT

Foreign Operations and Currency Translation

3 Months Ended

Jun. 30, 2011

Foreign Operations and Currency Translation

Foreign Currency Disclosure [Text Block]

Note 3 Foreign Currency Transaction Gain / Loss

- Definition

The entire disclosure for foreign currency transactions and translation. This may include description of foreign currency transactions, foreign currency gains and losses, explanation of change in cumulative translation adjustment, description of effect of subsequent foreign currency exchange rate change, cumulative translation adjustment movement, foreign currency translation adjustment by component movement, translation adjustment for net investment hedge movement, adjustment for long-term intercompany transactions, schedule of long-term intercompany balances and any other foreign currency transactions and translation related items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32157-110900

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30857-110895

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 30, 31, 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32618-110901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30700-110894

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30690-110894

+ Details

ZIP 21 0001010412-11-000442-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001010412-11-000442-xbrl.zip M4$L#!!0````(``U%#S\[*OH(<1L``-*]```1`!P`8V%G=2TR,#$Q,#8S,"YX M;6Q55`D``[D324ZY$TE.=7@+``$$)0X```0Y`0``[%UM<^,VDOY\5W7_@5M7 M%2=5EDWPG3.9W=+8GHEW)[9C>Y)+OES!(B1A0Y$*7VQK?_TV0%(")9`47^3Q M5#:IQ+8$=C]H=#<:C0;X_=^>%[[R2**8AL&[(W2B'BDDF(0>#6;OCF@.B&>\K!2+LX_CF_CE"9$B<-I\H0C),LWIZ?LXY.83$YFX>,I?''*'AFI:*2CH[SYE/KK MYF?CCY]Y$]72U;S!^LNGIZ<33B^,9M!(U4]I$"<,>$'J.::EUD]ZT1:=_M^/ MG^XF<[+`HYVG?!K\+GL.N:Y[RK\MFNZT+.-A7S_@>$,9OJ4M\*?Q:(;Q=>1-SD=V2J<+E M\"99+/M]><;Y?+J+*,I>WJ+]!EPC+!_&7CD^1]D):.MPC\NY9&$>L%C2?8_Y7@J$::HQ'20-4RLE4/;@,.%XLPN$O"R>]W&1"%R!Y^.CJ`],-5;-T5ROUKH;+%J`/U"?1 M&0"=A9%4?G?`"YHHMV091@F#R;P@#E8BPQ*5[2YGDED_?Y?@)(UEK'XE<:D7 MT@>WJ/\<^FF0X"B#("5[%8I4MQ[8(O<+\?U_!.%3<$=P'`;$NXSC%'K?2+;B MP1T;W2C(!_A$BI=9:=D^MQZJ()I9<279GS094>$A3C9WI6_.<#P?!Q[[78VMYN)J)-&.#I(G!<&AVQ8),Y-IF1RPW$5EBZET\+TD0 M$VA\GK&AQ@&NL^T8\D<,-A/Z^[9EFM8:FF\JZD/`V.W M\[9NN+JA=P#Q,0R])^K[K?MM&K9F;1@6=-H3EWC_/4B?0PP24Y@#^"BW1J\9 MAJ@K96I=&4DL;V\V.V[K,GB$C]B0Q5=A,.DZ/V?:#8ZFC]ZZFJL:IF@Z=?2'@B)1 M5`=FS[(-[PVDHV]"AH8LS=B9RMK2EG1&8-7+*9L'_]`F*I: MZFZS<85K(=_(%K.+9>R;A,?"`8DO'4(?8P MNJ#X%`:S>Q(MSLE#YU61H9F&).[VUU!=Y#K[<[P*P6U)A=&USY9F M"IK=2']`-+O2Z(,%-"5*B7>'?>[DNXK#4377+*^+)63[&X6IH$)R9KQG&T'086D='VXZL6>F[@I#E_G355;7V$`0%["$!Q]%<3XU\0 MU2XE].N#=SR51O:+KK&.U8WY($TX!X%S@*:#!C,U^Z M2+G[/B=3.J'M'=#(5AT7Z4)0U\QD2$R[DAE9I@/AE]H9D?`U=^:LQ"$BB6*V M)92LVNL:K)`C MUP:Q;!A+J?;D*QMY0S5,$QV2;\.PVX9KBIO]AP!0.^:N[KI(;0,@_ZR#A6O( M11;:42^I4G>P8L=V;-OI3[YAR%P$,ZB]:ZD=^-2.C*.INF'M6N/6/BF-R"0Y M"^,DOIYV=;U(LV&E)*13=HGV8BH=+A-9NGTPIDWN5H4(5S<.Q[UV:"U7!0W2 M]N=>;$3`;/P+F&>'(79<2Q-R_]L$NW.3NE4;0@HT/+V=C21 MJMFZNR_?CR0@$?;AN[&WH`&O?$\@TLZKYUJ/K&U88B:T@?Q@4&3#[JBF.(F_ M#)0&G=!T"VDO+I\&C=%,&XFQ7AM0YP169ZR`AH9!:V79*CH2:75C(E,#TS'% M"O"^3!H&&)9RKEBIV)]=O;$C!^TEPNLE88,8S/)![."S;5/3Q&S0#LD>#*5N M&VE.*;(9CF&3Y]9URQ8CD"$YUT=9NFH9CM6:\R8QTGI<1RP!(T[&$J*]F,K& M=J3!2L.5]7,0I@WC.](TI(NQ[-#<:\=XA%1=%7>ZFKA_""-"9T&V[359W4^RC5ZBCKIE(GC&3=KCODCW M&[2BO1RR#[LN&AQ+LR754;)XLPTKV1"[CB8KQ.K'JBDFM!QIT5E?IO61H>L8 MCKTOTV+>8;G5,V!"@Q3FHWQB"H/<[(7:O'/X)4[HI+V%@\NQS9(T.C-_D4[( MPQ?'4L59\W5WHLGI6*JFB77FK[TW]>&5AC05'4#!KDC2)\RV#5T5ZVM+Y#HR MDNNFII:VIOLS:M(?4T4EKSH$QX80VF()VWTX5FTB5XR=>J[#8GQ5,I&JK6$ZI>S"GTHF36E#MC^P7<7] M)Q).O3.PX=/M2O,7%(Z$56?/,#)-1T="8%%#?!`0\AG$LAQQ&7)8$$VSBZZJ MNNJ^')J&Z$*')42'`?J%L+NZB#=^A*AC1J[2Q0.)KJ<[U^6\Q[$8_3BPTF68:[Q"K$WKN-2M M"8"#MZV]?.C>?6!73X+RWT3A(_6(]W[U.6:GN=>5&V.8XA][2MY24>FTW?X\ M#P&UOF+8,-W^2$'Z_&ZN^W`\^2.E$`B@]9&2)9Y[ MZ`BT8B`&E>BH+-+]61X":5-B&*F]D4+["2$>WSP4[R3H,9VQ,]*E0])R#OUA MU,]1?6'ETK2S%_9D>`FO#OH2!#+-Y3F[">C&= MDDER/;UXGLQQ,".WH,+70>NKK)L\H*Z+1S/:,#T,V@;96F+!4F>T\B;9SN)V MC-ICKY@5S0M+]#9<#P.WP9DZ-M(:K^COC+?%3?VJNQOH:KHAGJ_X(N\/D)V- MT"W=;!SD.ER;*^AHKTRMHXE'ZT2JW=@US!OE0YHU[-:U7/TZ6"J%+='LS&__ MTMMJ?K)K>KM>F<'>S"4K M:=NR=+,=Y_*E2MGVUCA-YF%4WLJ0;:U5W":XO1*H8S`@%DDV@RJSNX(D]Y5IY56T9A`+].2/Z&C.17 MDHR]<`DBEM00_?4;/WG[E]&(S)Y'HV]FR5OV]U*)DY5/WGWS1QHF;S]=7EV, M?KBX_/C#_1ND+9.WRH_CVX^75V]4&BC\OV62M2R>GP*;$HFSZT_7MV\>?#SY M_:WRX?KJ?G1W^=O%&U1^$B^6;X.'>,EIG#(B!<'3)?M-^7+86"Y%T100M+*1 MM%(6]>M#_9HERK)52D(71$E"_O-8"4"Z>"/=94FZ"O,^E+VGC[_[]Y?L,7R9P4+SU4<*R$4_Y)O`3+FU)H0G@&@CX2Q0.O^#4W_='IA[.4/).J#PU?-7.)9ML,'O#-L0N'*I)?A9(?D! M5(B2?;#QF%MO\6$8@0\)R)0RNP9?46W<7G&>#VCR/0/*69PH$E;@:-9DI]RU M5CB,K,9."=<'^-9.";Q7.`MX.(PYY%7FCQX("91IZ@-6"$A(]$B\7:?22?0O M;-IUAEF^4&KGFDQF&8TH>8_)'" MM'CQR"LOOA+[L)0-:Y^Z%`#N+BV&^8,$Z?ZLHS%%\E?0;P3Z; MDU*PD`B^_QBQ0\OL`'G$(MID'H7I;`ZF`[.*CC+3$8)QY6(=IH_361HG2M[F MF!O@I*#S1),Y_V3-'R9$&C%(P%Q<"Q"^W>$!/EAO8+[6$*+Z78)L,:^$3P$S M\Z(3K)Q[W04<16P'DSTN`O_,VS(*8NOC$A8>[T>\!IDH4P*+B0?NH/-0(,IO M@F5="(!(6-2"L5Y.66UEOJK).\TVOZ,0YOS-I"XBN@%Z-$QC?U5&,0E]%IT` M7_YP5%QSRMBREP!#AZ?TF8ERP2)@ODXK"^:MPNB(3\//!:;L%G<%3Q,N"!KG M9/+*!.4)HHN4=1<(3L)':"2"AR=)<1480\(XQ/,P2J;8]V/E"081!LX#',NM MY=Y`'GO\B1;1UOJTS(59R654_$8G0I\8'82\_)EE." MAV/?M`D+.,R7P5&_.]M7'OF!K4/I0TY^,`@==&)8"/WT8F@L?71#AJ7Z!5`O M\C:LUN_`>H$W7]6]:NH.^^L;TNO/;,F-1QV'5#N'>S*4^T3(1.CCO)F?(OK5V MKH4:'D6]&S0<<^M<4".(HAKF\")IX#08JE8B:@/J.IKA(#_*#,N6./2IA_,; M7FY8XB](\F/.'XI-A[OUGL,F0\#>,D-G`9W2"0X2(7L.]";@AK^F5#A2[M+% M`DE7:`\S[]?J25Z\YL28JV^M#]YHEQ],O.$Y\PG(JZ?*8[0:<\$4U MVQZ(EF&$LZBSR$/X^&F=,>`6R_[XG.`YRS?DV14-'2O(==")4D$_6YT3QH03 MFK,W6_`%.K@&6)V+R10:>$`S6A5MUTQ_P$^8TF,Q070L)FH68?`$'R=S;F^8 MPJI>Z$<2L65_@!=$*78T[+;*QTSIS9)K/\J%/\Q#,:,2RDIX2IP\Q]2A_;\MQ M[G.8@R#18[[C><:3P<`T6IY`BYM;9>P]LD0JN[,N(WVL;'D6+FKV7^Y?]FP& MR#'EF?!/B0?-KW[;?F+CLI1/=$&9I+[%I1SZ6>[5`?MWF;^LH[+9[:T0R^I8 M^3&<,`7_(?198=E>C$\$+SKV80R%<(@R<8XF^1@FFWM;8F$'F?C`).":D'NO M1NWXC^MJA8TE";FUB.'ZZX/YFD58Q`=6VUZ+"H*P`M9#P;T,76QKQ[7S,[J[`S)T'!(*KF"WV0)1L[PO3 MB$ED;4DG6W$D?)7ZV?0D5-.PAWFT.H](MH47TV<%(EN0X9(?Q).6#1RORW`* M')2/F`<>EF^#YNI1,,TQIKX_6A$,B5R"#XPX MYF,/,OMG&G`/OMD0E3[$MRA9RI4UB0@HN*ADY?B7E1_A(`!I9X9195"%!'F_ M,E&=@TS8O73%5O$@U15_(K=6O%OT-BOQ^L^\T*?H85TG%Z]WO=<5=\+ZB]<# M\T69L$V?>55>1P1S`8D6W'VP$/81+#Y,8UE10GRBO#Z)?"VC-6>UC$\AJ[!@ ME92K9;:PPS-PSUF0*?C,SWFAQV8)7ZY;$1;ZR99&1-Y&';)B;RJ4=6#FH%EQ M.(QMX\>AT2M@5CRQ.2)Y8 MJ%#-M$@/Y44HO#"E`0@K7]V(H?!]XR2)Z`/?D>6BO5E;976J:$LLZQ(9/I=& M)(\.MLMBA!789M3+=;:1)SVM4"@0#'%1!"-3S_+(EJMZ**,2+UG4PTJ&>9S@ M^T4/)$4VQ71;J5SU!B)6.6WD>+QM'TRG8WZT8>W>IH1D@GQ90]GNC+Q4JZ1; ME>3:2[NLK?^N[OIZVX2!^'._!0^5VDJDF)"UI&*5JK63JDG=0[:SY:3[SVGYDL4(78B>,G3C`F'IIC5WC3PV25CEM%,^ M6L7D3#>E1(Q9VJ[)G9.K4^0L8TV&1`Q#G*A[#IMY"$]X#.U&U($?N['_;]4\ MEA6=)O>"[^8AQP\](IR<>MA9"JNBSA,=401;W8-9.C/%TCCK8=(T,WFRTEE;+ M./_&#MB/FKTU>DR3O*C![LC4`L<"0;CN+#,:[J=O"N M;L=S\+KN(YPH'?;M#I1Y5"Y;6R(F$%C493S%&Z/(MP2SDE+8I)5S;T,!]'\F M]0@$M$PI+5XA::!1+]#XG`:N\$-7"*&`=06VQ43634OMK'J]<%.>MVQG;0-P M2M2"^0"&]PMXO,[G,=A8CI:9&Z=S15X@@.'C.'3(E9+@ MC4%A+-=L8%B#A,.[EN?HK%I)D>>CTH*&]W6J!V,)L83].3_M#_IN.`@N MB/#IE>]>7_F\`"JO0@<_W^H0$!-]=]@?2F+AT!T,!:%K7MWRH]S)WOEU@UUG MJJ3]=[)$VW\H/HD0M"_7]/LD`N0#?[]E"&CC*:Q-[\^FR^7BQO-6J]5EE<:7 MD^+%^_#XZ>P6+RD9^N$[3&!L7F.:GD$TX@BR;`!4IES>P]R^13'UQ*"'29]- M*=<"B1IUKGKXY415Q@TT1"-/L^)LYUKB=A#2\3A6M+*1^V<79AN_E\T"JU$ MU\[9%7NP^P?2Q?LSN]5`,3Q<`Q\ZTT#+@OR6_>/P7<(YUEQW!M`+UN/;K"H& M??_Z!IY$GBHD`OB2_;:\ZLDF4%'AF^^:YX&80))A4$/RAO6>ZAF&W@H>B#WZ M>");:KU(Q.[3>4$I.)ODMO1846J_%7E-+S57D?=S7.;PXQ=02P,$%`````@` M#44//[8Y,SN."0``FH```!4`'`!C86=U+3(P,3$P-C,P7V-A;"YX;6Q55`D` M`[D324ZY$TE.=7@+``$$)0X```0Y`0``W5U;<^(X%G[NJ9K_P&8>V*UJ0NAL MSW92G9URP$G8(D`!Z=FW*<4^$-48B9%D$N;7K^1+8HSE2V>REO/"Q3Y'G.]\ M1]+1Q>+K+T]KK[4%QC$E%^W>\4F[!<2A+B:KBS;FM//ER^>S3J_]R[]__.'K MWSJ=UI11UW?`;=WO6O;@VIIQ'PMH<;H4CXC!QY;E;A%1`GVZWO@"6&M("-TB M(7^!?Y1?G../\MYFQ_#J0;3^WO]'Z]/)R9?.IY->K]7IJ-_Q,/G]7+W<(PXM M:2'A%T/3C#Q\^!,+G3QSO*3R>QN*] M[G]O1W/G`=:H@PD7RM10D>-S'EP?42I\YI[_B) MNPE#E]A[_IF^=7W755XX^?GT)"&C2JD(_T`E\F9+&.>8\.U42^2%DDE$/9K!LJ?>[V3`;<%?=[6*7_;:XL?O6?#&RKV>3 MN^EPW.]/Q@-[/+<'\L-\,AH.K(4]N+1&UKAOSV]L>S&_M6;]F].>*NMN;-T- MAE)@8/?MVTM[%EP^.6H%L,_%;@,71QRO-Q[$UQX8+"^.'+3R.[$UBJ:?WLZ8 M[HMS'.0YOA<$W$A^WS,3G@00%]S84.6B>KRG[(T,]JB3-++MJ>I"63OIS'8R MEI:(WP?QX?/."J%-8'07/,'C*X';.R>]J'[\%%W^S>(!?MU,UN M/:8-8`F,@;M`3Z$A8Q!C2AQ?7B1"8W*!4A)*(BPLMH\*,2VUNM8?\GH^L"C\8_1TH:W?"YMH!M5/O+:+&XXI81,YF(?3;;O/QGB^VM*W4?L>1JO/]\VU]\O"+(]?6J(IX=D M"URL97WD0V(M96:!D0`^]^\Y=C%B&%3(4">X:A'W/Q03\4V*^PQTE>)U99K+ MZ2M]E1T(_S0D$&2&O@$F=E,/$2&-M__P\49AE8VVAN=<%7-IS$>:S=)G0UB: MR0!DV!'@]A%_D,8G8K(PD2BI;"YS9=%G<_BS(1R&^/JY5.W+F,M("DNVX_]E MBN,=A_HR5&;@`-ZB>P]DC2_@(4_%#%I2`/;8R05L=OH=U7#UIAKH+?)4+;=$ M'S&VPV3U#7D^:%@KIVL\?25=8'8JGS4(S*]S>1K&@)7IKN&+C9:?T(HWLYFA0X M&#?.!75^?Z">-)$K$&*G(:Y0K7XXQ9;7'EUEG9\,N#V$9B=2"5/S6_$,08.H M*6"A(5EMG)%/T4ZEXP6CCEC*(!I*C#:>L9E-Q9`(8++?B,S-KQL:X680HT-J M]L!!AA/SP9TC+YA9+1RG9PDW@Q\=4K.'"Y'50^+0- M`(PH62V`K0=P7S#(SI)L!BN9&,U.[\=40-PMSD!Z%=PI8L496;%>,R@K@=_L M*?MH]3Q&NRN:P,J6;@996JQF3^X'LS6EQSHZZ690I,6:3=$70RA*#1#V6X)R M0Z&43C/H*L"=3=J9(:0E(!8N,&?+&D12P21"\1JR*8.C5".MIJ[B9#4WY=BL[!NSTQ7+=7%HVA1AF63UT08+ MI-NBKY-N"'4ZK&;71AEA:TH"B+G;X])BS2#E$)W9^<:417O!"@G)DFP&)YD8 MS4XJ9B`0)N#:B!%,5CS13`]@B1VLWSY?J-@,TLIXH,J"RM=N&O!(?G_C)WGG M"_EZ:X\7\\G59&K/K,50WK7&4NAV.K-OI,+PFRVU)[?VXF9FV[>3\>)F;LNB M!HE'5]5SJL^/K[[MX[YO8G'MSP2_":K:NL]T@E:0N.9IU#G*S;#KBC)9;TDX M3>WL%@P1CIR@=2)N\"T,G6O9-*BTU&*8R\9AX#/Y.@6&J5O@C/_'+]?=P)8( MD8.Q]UN38?:P0=KY,M;1S97MR32,XQ1`LT<(+Y9>2-;* M)2QE<";VO`SD!RZPH^'N-276S71F;.[OG'N%N\RNE_HF*&YT0FCZ]KY*"74S M_1?$?3(N*CG/[#AX>80VQ%ZP@*@5?V<,Z]UB=@,?P26KPDXW2_*=D9CI#+,G MC6:P!>)KM\,\WZZ;J9PXVY]JB.&8W0I>`Y%X/)E]6^X:$\R%0K>%Z&E`#1M% M6@TAJ1!\B2:O4^=F&,S`$7W*!9\L;Z@`3WM<4X9D0TC*!%FB+:N5&)`#*74< MCK1/OR'I1:0I5.S!*C';72<'\5,ELG;_BE;:CN5`K"%<',(K,7-=)Q]Q(IG? MLZ2EZF;C+\^N4TXPO!(]PXH,OI0]YE*[4*23KIO$DM,=&3`K)0"U+P=)\9NK MT>37N7GK/M5-,VJ!I[KY)AT>%$ZU4*:*F9LE>+F5..%G: M3\X#(BN8(0$34NGLCTI%U-V`?0^MR?:MFK_,'K&J*NR/*!^OMD^M!+S:G/%>OP.ZVW M9>JJ*9/U&M3AVM$K^N"L`NIF^(WZX$Q?F]0@%U MLUX]PO?J=05/E>B5ZYP!TCCB>9;R>ZMZ5@%UD_Y&53W35V;O%4^C'9+#(Y7U MDX#%JG4S73VJ4].%);QC=KI]B"',3O%/L2P?UIL M:793:N^-V;17S$["K#5E`O\9.&FR5$.]`>9!XS-EL,;^6D-KL5ZS>2WA%[.[ MW/@`]6I+;D5:S2:UT"=F'W_7M&T@KR6K>'>(*>?:Z3.X:`9&[0D+3]4I/M/[ M.PMK-MO?ZT&S#],[1-7WN9!M#XO^IU?MMXG_4K!T..25\=ZB(-=?9A_3%V_. M"7N;J*O1_PN<5KSIE.J\8/9Y?`L``00E#@``!#D!``#M7=USXC@2?YZMVO^!FWW( M7=4P)).;O9FIG=MRP$G82H`",K-O6$6H%MC,9),POSU)_DC,<:RY0"Q1,U+ M`J8E=?=/7]UJM7_[_6'A-5:04(3]SR=G;T]/&M!WL(O\V><31''SPX?W'YMG M)[__]^>??OM'L]D8$.P&#G0;DW7#[EQ90QH@!AL43]D](/!-PW)7P!<$;;Q8 M!@R21M?W\0HPW@)]P[\X;]_PWY9K@F9SUOAG^U^-=Z>G'YKO3L_.&LVF:,=# M_M^?Q)$H+#!.?3IY]=SQI:?6JW[^_NW#Q/BO<5DUN(%SUL)X>N??WKU*B3^ M]$#11H'[\X3\K/7G[74N>R1/U_Z^%?V8H48%[#PJE0/Y*D(2$(=@#P[AM!%_O!MVM]M#/FNY M:-&*:5K`\UXW0F8_L?42?GY-T6+IP>39G,"IE(^$<:'Y]T+GOXC:6COS-.>, M$">8P"9_"GTQ:O;(8U[MN_/\6%?3A5,0>&R/'&_7O5=^\0*@?2IXJ^H]?8K(( M9[IRMATP"YI)Y2%_RG6G6.=]!/E(/+WA7S<:A0\,^BYTDV8%_WL1+6R]E=/\ MLS4ZGL,VH,R#5P0'2[Z>70!/S'BC.81LP-=`G\TA0PY0F+[R]5JAA<-IMP(3 M@H>8"0\[Z99//+&88G*2EOHD/::F@$["41#0Y@R`9DKP MHE"U2;-868)&0#DW>"GX!MY)`Q,7DFC?K`5.?%SV22BI^P5X`1Q`$LJ@A)>T ML'&XR=60C]\[7?"+.EP_8&(3+8RP"@,M7KQF$]BL:\+Q= M!,INQ6.>3]^^Y]2A8?O)P3[C9HCMA72?3RBN[;8U&M_85\/^ MW:#;:[?[O8[=&]D=_F'4O^EVK+'=N;!NK%[;'EW;]GCTQUW//C\55=WUK+M. ME__>L=OV[84]/#_CCT^?;=D=@I<#VH"'8/>'M7A\UJ)%*634FE!&@,,D[&:( M#)BHLV)I9_U%#+8#(MPQ2NK/TAJ#PI:0VIER;4#GEN^*?_:W`*V`Q_FE%FL# M0M9\:0]W8K(MC5)9`\!25()VQIWE.#C@G`ZA`SG7?/KO01;W.=F`*BIB`%3% M(FMGWW5B?\$8/$0S0BE`124,P*=08.WLN"'D$S-RN,69/P5(,"HM9@!0Y:*K MV70OZW9<`N3:#TOH4\A9[K,Y)!LKK=SU6%K2`,R4%)`/VW\TV>^I[/-,@$)) MZ1_J'"MX"0E;#SP0'3+SD;T44O'Y6#I("HH8`$FQR/D(?:P/H2N,W7OTY,/* MH/'XLP&:?Q)%8FR>UKD#6V**^&X^'+#23=<&D0$JSXHE47R-9O[6!J/KK_@C M(1GM8=\I7`\4"QL`E*H:)`#6Z!I(,=KUK>D4>8@+3$?!A"(7`8*@Z'W8"9]R MP?[`7(E?.'E`H&R@[5:G`7#OJ#1)+ZC1QY!GT)4.WY)"!N!8)K8$J!I=#84+ MG#D+6\F"5J.SX`:!"1_.#(4#-SP)G6./LT7%3I.M2US9RL4-`$E=%1(8:_0B MI'A7.X,H*&`65(JG$6=U^@IB]^X`K`N./+-4!L"P)9A$]S6Z##(L#J$G0G$& M@(B^HX9$IHQYN&2%EJ!4H]L@-OR28;TN.TW(IS8`&:F@DC/4>,-]B?C2%9 M=."DY'0GC](`+'(%E.!0H\NAA[E1E3N2BU$I+V<`1@K"2Q"KT%1)B`\"0B2D!I$;3/SQGW;:D)(C(J`V`1"JH!!.M['AE^]T$)"J` M4*.]GN+RR3NJ[D_)*6,6-'E"2U"JT;)/;]]+??<28A-PD8@I`40?(UZX49.- M2;0DJIGS.>4,@$E!>$FD;8TFOMRZ*AU02D4-P$U-!1+H:O0*1'N:*E-@40D# M@"H46()/C3Z`W.6TRM[!!$PD0DK0J-$!D&*T'`/#-"_5=XVV?N5S9+-/CJN? M%9_7:/=OYGLHN@N51VD`'+D"2G"HT=9/73XOO)"6)3,`@6W1).JO\U3>=5'$ MS@`@ODUO@R5B0!:Y+*,V``RIH!),:K3IAY!QF:%K`^(C?R9LJ&`1A+OR#E>N M@^2AM:4%#4!*17P):#7:_2DNPTVZ2#=+X%SD=US!Z%#B!E,1:]B?CL&#_.BE M4BT&P%E9,9*;GC5Z"+9W-LH;.!,0RA-/`D*-MGY98&*Y29-?S`"`RD67P)4U M_7]DZ=EOEI[1F/^]M7OC4?^R/["'UKC+?[5ZG.AV,+2O>8'N%YN7[M_:X^NA M;?.?1MT_;_N]\?7(YA5VGO+3B&0TCSEJ#IO0YW!LUYW[YW"2_4@3I,KJUJ#7 M-DW0$*Z@'\"R1$%;9`8L&=NB:9OH0$,.3/XMPG9:NQG-X`'`J$U:[[=Q"!#FMCRFA_ M6K@XYU'6"D9IG]H(6LF34[OU.0DPMWSW*U_%I)OK+)DY.&Q+J-U<=05]+I#' M.;3E$(:A%8S%DV!25LH<1GXF6*4&`V"KI!#M$E4^)0&*>EU)5+>4W`"@Y*)JEX9*5[ODT:`_2?$4J_I)@JP4T# M3$+%,D;0)&#BN':,HY>7EGD]]U2[`4CO39'ZY=V4B2;?$UN^&W[S0'J';!%$ M^9+1"0C_.X`$8;

*FG8.YQR!2_I840D#YIU"@?7+ MWIJ$1R?O4KP`5+JESJP*0O8I51&XC(HZ#Z977]RF?G M.>?-6G'+:@9[@9"]/]UZQV71R*E6AP'X552*?DE>)0+$_5#UG:U5:S$76;EB M%'/$_@@:/US0.">_OKSI?QUI%A5>D2^=PKXKLOXCKEN5U:UQJ6U&%C?25M%UFF*ORS,J,F"A>(YZM#-/#7-R/K]+5G>" MUGF;_']!_(J4,1Y"OA([2/A8RL\\REX6O'O%1P#_/M2K74R=41%:^\%1)72K MSD3!"^$G_1ZRQ^T'.&$=1,-<^@,"%RA8R`9I:;DCP$Y!.=J%@I6'W`PA\-!W MJ;^J0@5'`'$5=6D7;Y:\W:K:P7Q9J2-`M50Q&L::1<$_$<4%ST*-%54I&.H6X;MZ&0XSA)=])(^I:)' MB6R>BG2,8LNPO?EN5V54,\6.$M&L:O0+@)//+W&.8W&!*4I,79X3]9F5'27T M:FK4+S9O6Y)V0!G?21#+70'?"2\=)N_=5NX'174<)?R%2M,OVDY=#3N[_X_+ M[:^AEU#"?'1'90]'.D45F8MMH7JT\SOR527V;5O.MP`1&.T7[A#W,S445F8MMH7JT,'H3U/O^%F+(RP% M%`N+'QFJQ:K2;F\L8[WB.)46/6)T5<9OC3MB=>%W7E&/:R75\#3/GDZAP_I3 M^\&9`W\&AUSBOB_DL?S0DRIR>:^`)SJF!,U*51B`9S65:'?2E\]H=+$OZSR3 M(%JI"@,0K:82[4[X\MFW^*Q#R)I/,(5O*%(J:RR&6TK0[A!O%"R7T9T/X`GF M+SU\W_6GF"S"8*VR=Z\IEC8`0&5%Z'ARE[PW'LEBT39(ZD6C6H?+BV>)Y-3. M;DSEGBE$8I/*7#`RTJI9>#_NQ:G>BQ,1LAZF`8%],@-^'#W;QC[%'G)!G#%A MP`>$@"^*K(TW]`@@E1@ZI[]@K09,@"^#M0;UYE;Z$-O/:/:3RHO=B[:ZO MN)Z74%'&UL M550)``.Y$TE.N1-)3G5X"P`!!"4.```$.0$``-U=ZV_DMK7_G`+]'WC3HMX% M[+6]BP39;=)BUH]T;MRU83O)#8J+@)8X8]UHJ`FE\2-%__?+AS2CD<2'1`Y% MYT.RMDR>GL?7?W]:I.`!D3S)\#=[QV^.]@#"418G>/[-7I)G!U]] M]<7[@^.]O__MCW_X^K\.#L`5R>)5A&)P]PS.3K^=7.>KI$`@SV;%(R1H'TSB M!XA9@Y-LL5P5B(`IQMD#+"B'?)_^$KW9IW];/I-D?E^`5R>OP=NCHZ\.WAX= M'X.#`\8G3?`O']C_[F".`)40Y]]\?E\4RP^'AX^/CV^>[DCZ)B/S0]KQW6'5 M\/,__N&SSWCC#T]YLM7A\5W5_/CP?_YY<1/=HP4\2'!>,%%%QSSYD//G%UG$ MA35@":0MV&\'5;,#]NC@^.W!N^,W3WE<$W26I&LV)Y-OOS]D6CCZ\MU1K0VC MTG/XK2ZE`H[?OW]_R/]:;TW)Q<6Z>9WZ%X?BCXW6B4*?Y\EBF:+/RV?W!,VZR:6$'++^AQC-88%BIL7W3(O'7S(M_JE\ M?`'O4/HY8"V_OYY*)7N_14MT.O0EXQ4B21:?X6'"-GI[EOJF@*2PD+O6WYOD MMW1!0X-DKO7T)VU6P'28M)N>0EJQS5UY$9S.\XS55^,(=PR=>W0Y06>?6$K_L'1\?E MVOBG\O'/IVA)4)3PE;BBSP?VS5YGD\.ZF*S=EJ`$Y=F*1*A!B?[SLXHAU]&> M1D>,U![[2E&J[*N)\,'W-WM_J]/[^G##M2GGA$0@(S$BY>>W+C8D4?6`_JB1 MIFQQ&&5T^5T6!Y5@O/N,9`N)YBJ.F4(?A^.`X"*!=TF:%`G*/]%1K0A!N)"@ MH;NM-2R4(MC@@[^[@-($)X(HJ+%2`<;["(KU*N-R&&/@7JF*Y@M@`"A_;\(U MR@N21'3-/X'Y_03'4_Q`'RVH2/I7P["S];O23TB;EV?#"42456@XZZ>()O"& M3->(2&3_G/VZ2AY@RB0TQ6"SFWOT201SB+M]4$Y&\`"4Z$(+/>4L^0/=%$?9 M`MW"I],DC](L7Q%T2S>T'RG+7R2`4W:Q!IN)0#9`$_0!90`V',"_&`_`F?QO M:)`ST4@3;N9SY`]JGU#!0']%LH>$'I<^/G^?([H"GR<8XBC!\TE4)`]\5R`! M7@\"UC#L+ZP-*"DW<')/GR#`YAZLV8`-'Y<[U]V,3KF=M1WB&&]>?S4UW\.A MD/7Z`2`(YN@4B7^G>!)%V8I^DJ[@,[Q+$?U6T2=DA>+:OEW^:1A"S,5'PV(0 MEI\3SA&\BDO>KT&"0<4>+`5_`'$,H)``H*X-^EK7'4*\+:`-H%]5C%Z#"M%;@"9K;B\'OFT-F8-5-H?^H'F>$93, ML;`"1<^W!.(<1LQZ^"U,\$66YQ_1C+:ANST)0OM0L`;J`'%M\%JR`Q4_4&,( M&$?PBO%\'1I:!ZBI"=K!T^H/N_0M6BU6*;M2N2SN$6%7UP3=T\]?\H#$(87) M2;=)ES,Y?OM2L<;P0+%M<%QC"3+&$T1UIG0-YN?65VF(8!ZHKR:@K>;9*ZC9 MKN4&II#0+P"H@HA+)'(MZEY29KO71_A/+P-JUH''>C2SH1':TA6 MH&HG?(TXYJ\@*;1XTO>SMWV8BF:#LNI2:YD1_JG.9B#-\!P4B"SHSO.N`$5& M-YMB05P*]J'ASUA1+;-`OTGTNK35CVC;LLE7.$4?%PN=7B0;)):$7P#>C%31 ML>R93H]'G.4YDMYHE7^T1\X6$RN7@LO;R068W-R2\E\O9Z6!'Z8W]`GB#@:;FSC:^H:>VY-9$D%M7S*Q/37JP M$1]4\@=]#3W6'#8_%>.B?\P;B6T?$N/;B$:W'=Q$=`NV@UN(P+W33#6COWU0 MS9E/C[0'A%(;NL9F&,73/%\ATIA$?7NKTY^1*#8P$0P`XW#P"V,! M*AY`,`D%-L;:J!$>\S,KLT'Z^#!4PIHA?%@NYT3TT$G:R>&`T$94-*`T0X) M*\K!=QD-%(KW;E"G!POA_)C3<\<9(1DYR0A!_+)>M[WJ1<*5N;V7P):WC=4Q MN&3(3\J<):CQ#`6*-GJ2F.8'S.SH7MLB7MM]AQB0U[9"389>VUK(>ORLQ/^W*@/7;K-KQ+22I.@VVSC)G%.=G&1L M<5E1B2^7B$"CCXT]8?M/D+/!67V8-E*(J^%2#O$B8/IB;+EDL3;L(;-+B2:9 M$(N^*W"-EP^AO2SN=-WZN#E&DD^#01;]UGZ.LM8MT-"HQ+#/3,-+KJ*]@H]@U M.NC(6*.?BUW;VVXI6869C?_9B76MSLB)48T1#`4!LH%V&=#:*O6Y6,P0!5F\ M#F0_$T&3'Q&F*[1\T5#WDR,QV/T@GF? M_U;ZBYRBNX(YB#";W!5!BV2UD)V2M?WL#\&FHEF=<6M,F`]37+((#77&RF@= M0OM-E.^\*^O+4,T66];:4;85J1@.$JVL:8>&*9H]3O$L(POA"Z08U):,#KJ9/6P6[(W(W@ M;7,YJZ33V9R57=QYXB@$A^YL2#+KQQK M;5S<*K99VEX?$,,Y?YO.$$P5_@8OE7<(/(0Q(%8_4P4D`3-0:3X#M@LC2\Z>YP M.]LZ"J>4B.`B%%PP"`TSRF%WQS$J5>\;,T9@<8T2IQ?Q`<>SFN%A;""<9(M% MAOF-T,T]I)-XN2I8,1%6C$8""V47:Y"8"&2UHG#Z(&<,0+:A'1J(3/30A)3Y MS/BT1MSEZ-<57?/.'IC#A];\(&GNP-Z@%L3.P%#1!H)X:&C2#;YM23"9!G\H M,O(V<.UAX-ZK0%`,#1QF7@-A>`K\B%@%,Q1/'A"A6_!/J\4=(I>SUG+W$>9) M),%)/QK6,!HDL@W**H:@Y`@$*\`9A`:^0=II8M-B1KUNM9HIZS3)#54]7&RT M=.+8NQ5N,=F=84F.0=\2&FP2(>>'D$&TN[I]YC$BF76O8'IVJ1-%W$4CN;VB>#4@A@@V!. MMX)%:*A0#;J5X4BK]E$*19I=/B@ZN"P9N<-KB)=19M'P0L)T.OPAZHJ4OJ#< MA'D%R27A?@;Q#S!=H2N*?':@DZ#+L+,UTOH):8.Z-:?26KV$!#PP)J%AKY]* MFC@<,G&CE=@PKX5GT-%U08T=U<5KU=%X(=7QS+6C*9\14*4\JQ2'FN^S&]KC M9@1U^=5WD>8SM'?"J7*=YM\<>_-AGME!\QH-(.0QNXG3;?':I?7WF`)$AW;; M>?8=4:+*JR"J0:U#L%!^2G^@HY!=H=E0=!298C4<&]0SQN".NO2J.MR?`8U+=P,FV&[FTE5UB[$K]]1]\.Z\!6=L*21#9T=!5[<<.YE9^]F7=QR"WN_(A2\H\2A7N\T3&#HG< M[C'%D]F,?L[I2IHSM]LD3G@1RDF>9Q%_2C_R_YTEN/B!-E\1*9SL:#HXE3D8 MDIU_324`6^#29)$P'\BTRDS$B^9"'-SRYD1O[?.:,RR,%,@F6S.WVK@-7'/G M*V,>MN9-8!/?QI<3;"==X>7P&&5#VO,.VZ2GRVWK+F^OMP*M@KVZ[J$,Q7YS M-Y?6_6J8E*"_1KQL,IXS<3I+5RJ;.ZA@HA;$*GQ&%#"IUJDU!R!8A((M4U6T MJY>83,J.460>#VK8R06B=AP36N%*K%@WXNQ=!LU#LQG7:CWI<^))% ME2]9L1$!P'5=@-!>%8_:[73Y]HD^CZ]T50:CC,J16;;:[>Q?%QEK^\/_FO0N M`KVLY#:P`?02?I0W4::`UGNC!LUHR>V9Z:VR0XN8-`GJ]?U<)[R7BV;S5C13 MWX>&*&,E:'+?ZR9HS,@A%PMY):(#`-IBO59-/,*^5$AIXAVBDY3(T>`Z]WL1OR3'%)ZN\R!:(3.(' M2-7$_$4KFZ[\GKX'#1>W^/U%MG,U%HS`J[AD^9K!-BJY`BC8@KCD&1J6!RFL MPR]@Z"2/'M6_OARRC>I7$=I55+^!\"ZC^C=7@B\NJM]`4X91_<;S/'HJ[-,D M7=&GIM4<^E+953ILG=@VB)8EQ"YYA@;F@1HR3(IM-K,>[>H(4_E2^JV8Q(L$ M<]L+"T14)_S5];*WPIN)9155MT681V/.!=?0$&FHC)85O\\D>0W09"?%_$KX M(T@0UFSE(C2SBZUE7"8G&:IKA63('7&9"FGS3_:>Z5SN^U M)LX2W._*[5U0#PTN7:.6I8H?T]G=_!1B?5SU>4QU;"D\'W(\#6-TVHJZ-D,, M^P1N?_(.)!=PS>6^M\5-"8+A&/FO7*>PJZT"]M_MX)")RNKKU%%$#"* M(GM+VSDMFN_7D;-;,#MIU3:L*707MT3TRR_T4<\K@ M&T:8ZEP>5#WL]S!Z<:PV,"5Y?JM6,0@-5`8Z:&U<3.=D3(8:+X8!F])N+T@D-B'Q7I_L,^L0_^?'QT5,^4_H4\2_KQ_M$71[^K#.D* M):L-'Z/F2>\*\U:;9E4]=A*O[]!(VP[6WZ_V!*'!R4`3)B'[3BRWIA:3DMEY MDD2)M:V5%T`ECY5I1[1T$<,.J`D@>,?BC@,=%!W=9B M-@M>(_XCA&)>W^H:+>$S#QZ[G%TC7N/D"I+B^13=*:+_S;J[R`302U#+4[2( M,LPP_0!R^NPC6SP#G!4H6+?#OBKJR!(P8#+'P2J+^]5XLDJ;.\5BER"6&2DX M;1&$PO$6,LZZAJ_"E7PB1LB_N"GO)X%05TMW.1C;[&V`L_&6*L^6KQCEUZ&! M1S%Z:2I#F?9'3-FIJRDM;>\^A:?3VL_-/)@Y^/?Q?W::R7.(^`4B.9*95MIC M"/8=D.E`F]1S;./W-7I`>(78BG[YB%'\#[JLI[)55-+806U#E1`VKT%)&<"B M(,D=BQL3G^.ER*,4H!^J6A?MJH;Z&?$8@!+'"?.;@RGS/9_B$[A,"BC+."=K M;1]VHA;#+N2M(DW/#DG,@^8%]=!PI%%"*Z;$9#(\)\N_R/#\%I$%.ZIHTV&J M>KA)3J\6Q^ICS6_84DH?T`_BHN9MFP>9NK#@&:$N9^<)ACA*Z%K-KB@\+\UQS`A6KT'#91RWM-'E])V['U;6H*`2F4QRCI^_0H` M!7HKHE!!R^]*-P6CF(/T%A^G1AT7^!#UF79?5ZK7Y9Z^H-3+*"1E8#(:N3A? MK@Q3:31R578O=Q=ZLJZQY_B2>KBDRIOITT#S(G4GQ0GD)!G MNIM0N?J;]=U1$GF)B%8.LBSY&//59R=^7K:HY.7R77`^FB7/^WY30%+(7I2/ M:)Y@MC>DN]R49>-[`0,ZP])CXIF(KC`8RQAO?R]]F*7V5[Y2'M/)U9P-:TZL MF\J-5'+M#7%/(O9IY08);;.,?*H[-8,BV_)Y#G"+-4Q#K;QK%O,ZOG]^3_]G M:=>=^>4[]XNN^>0'[Q6M4X2IYWT0WM(\JCE;+`FZ1SA/'M#&'?<3*BYGM_#I M*B/\;K&T-C!Q;S/Z-K&W2.,HZXBZ&U\==\.T]^O9DJ7TZ0X-\XZ5UNG]XQH< MXR91TU>FT/7:21HUQY4GFGG4:C'&H4'84!LFF=2<594P]:XXS:+58AU-*.II MG=-G7>G4Y&VMO"RT(EB9=TKB502H(`\X_5!P9*2$NL>%X43LUB.'9W4[H7O> M>4;D_CC;K1QXXW2R=>"+P^F"BG!(T%",N^V&H]"W"1PB.%_Q*3_Z\MT1G_!9 MDE9Y:LL0D@PS-\6MI+4I5/@"#J$P&"@6XMJ`J,IGO.')C6H55U!C&PJT+#15 MPIB#C=D/"A&&X=`UHU^T]8+40J8]UJ9>T; M.V5I064A.`FF9*V=>P@UQ-B-CU"@ ME?XTNM#Y"77.R2@>'QO[L'G43T%.X8NKGQ M"+):S)LZ.UA72WM`R=F[R.BT%$8[YC:["5]DA=:"`Y1<#RT8Z>9AA)BOBP2C M*?U1YN'3T=!=/%>+N9OHK7\QNH`3#B]=MG3LTA`MB>:''ZXJ^Q(]R@FKPA3/ M,K+0'?*-NED=O_H(YL1JR`[QI8&HQBH4S/152?W,UG^R1J_A5P8BVI>>5Q': M54T_`^&M_;AJI>?7[%Y>X3L#31D6P#.>9Y_V"1;SPEX\<;BMCKI2^X2DN0/[ MA%H0._M$13OL1&(Z';3M$B:SX7&3!E-(1-:`'^%<&CW0:F:_09,PMO3.H7]/ M14+IV2R)4+!A)K+AMW9H2L6'X,1HX;KHQV'1KYMB5<([VCYDAH:_/NHR]UD< MWU.Q5]JE765P&UF7JHI<,YK]^T>0Q?RQ:+#/>IJJOJ81^JIA?'RK#!R0=?3-=`"ZVX M)]VLU,=X07^BSZI']']W,$?TR?\#4$L#!!0````(``U%#S]-.)T'H1```(W] M```5`!P`8V%G=2TR,#$Q,#8S,%]P&UL550)``.Y$TE.N1-)3G5X"P`! M!"4.```$.0$``.U=W7/;-A)_;F?Z/^C2!]_-5+$=-VV2::[#2'*BUI$TDI*T M3QF8A"1<*4`%2=GN7W\`2=D4Q25`?8'P^,4?T@+O7R=?/\Y-?_?O?M+_]J-AL#SKS(Q5[C M^J[1:;]WAD%$0MP(V"2\01S_T'"\):*2H,7FBRC$O-&EE"U1*)X0_"#^<9__ M(+Y;W'$RG86-?[?^TWAQ=O:J^>+L_+S1;,KG^(3^]4;^N$8!;@@.:?#VV2P, M%V].3V]N;I[?7G/_.>/34]'PXG1%^.R[;[_Y)B9^HR:A02A931H&Y$T0?W[%W)A9C4ZDH_D:35`'GKU^_/HV_S5*+[KSPGCS;^\O3 MY,L<-2EAYUZI`LAO$B0Y\_$03QKR]Z=AMUC@4_GM*?'XUS9SHSFFX>JW0[T. M#4EXUZ43QN?S3B>O'WFHFG47'4NM?Z]=M^G M#ZPO.`X$6?SYE?A@[;'X-L34P][JP5*"O0@GGY\RX#,W^\P37QHGXR=964\V M915V];7L$<#:OH,`5$ZQ$AD84"&[80C9$_DF#<0_S9)`^BOY7@HQ% MMP5Z7_O:,GVOBU:LYQ?'UO,`<\*$#%X;A64*7Z>S5/,Y88LAN#@6!(Y@R9-L M7?IH6J#Z]>\M4WE.N&)5_W@L52=LMP0['/E=\?Z\_1W?@<-ZGLXRU0/"%D/P M\E@0M"(N!;TD@8O\/S'B\)@#DEH&!"QR,18_'=D=V'S.Z"AD[E^CF1`^Z$>A MG$?+=1CL&V6-+,-'1PW%2/U\7*0NB8]Y2UC.E'%XV%JGLA*+G*#%RG]U9#=) MO'B(%XR'PB9&0H]1`#M(,;F5<$"B%^/R^KBX?&9^))3($Z.!`0S'!+!YK;!W0I/.&2(MP(;N]C]!`77L0E%07.* MT"(Q?NR'P>J3O!>D'W^54PP`:BD9U06;#J++HJ`2O.5+B!='GL:3>9^1'6+RS8QFT M$`,;6X@^U.[U1IRW^&/6ONFUGW&F__?>IU+LYD5Y]Z MSJ=V5WS?[K0Z']]UAA?GXN.SK5?CA^#EH.OV0S#\M,)_6N$_K?"?5O@'0,`) M`AP&"G?.$=5%\Z6OU+Q@-=5\NB.K!4">UB(<-L2LW?*[A8*90SWYJ_-W1);( M%_P&3MA"G-^):5@\;X8FH%IMK8!+4PVU6Y`[KLLBP>D0NUAP+8;D'@Y3JX.< MJJR)%6"5"UV[-7D[C?*,T6TR*B@A*FMA!4*E(M=N[3W$8G@F;HB]XF$`0$G9 MS`JHU,(?*,ESIY#Q`A&O<[O`-,""Y7XXPWSMC0N'C94MK4!-2P4'ROG`ZZ6$D3*^`L%_I`.:/;8_2>,>^&^#Z`Q_W75NC^09A#)8;N,H];R.!3D+@[ M.'5;([)"Z7G!2O(^JXY@F`?8Z`BV,;WITJ7X2.HDZ#'JEKZ+-!M;`;*N(@Z5 M:KH]A!E&N]293(A/A,#!*+H.B$<0)UA:+G/C3X5@OS%"P\^"/!)8`,CNUJ<5 M@.^H-E6*:SW6T4H75C2R`DF5X`!4!D,>I:](FUZ-BE?B2QLG]5<$78O!("2Q MV\>[[S/F"X$".=,-[Q1!>>WF5@"LKPS`!`S&03*\Z^VGE#2P#2S-G95SD]&. M-$P]0',3L>8S]OX6K%7541I!1J%(@)(&,R7 MZ#&Q/"OTYG)A`@@*0F$V4 MD)QVJ4*;H%@3$(#!8&"@2T,L-!BF'EWN&0"Q%7!`@@*0&,Q^ MB'>.-U=6`"80M16@@*("J-1J;:^]IK<#BPHP_&QYE.TA5JL?GREH8QNL16(# M"!N,$V27`0F>:GJ!0<*VED!E(;X0!ZRP8`! MO$Y3.I564RN0TU,"`)[!&$,R+ZHR$):UL`*J4I$!A`Q&%`I?JU5F$7:@`H@) MX'%A^;Q0C9]UJ(%8_6@C5I7WQFW?#:^^_WUA,'*Q7C^E[*1:$:45@!2*""!A M,%J1*>10>F`P3V8%!IO"`0"8S#7P/)*P,T!$+!1::$%"!.6$0]16P`&*"J!B M,+8PQ"$2HG@=Q"FA4[F.B^91O"YHXPEQ"9QXK&QH!58Z"@!@,QA_R'`9+Q/D M96PK$"T,JJ`4[C&HQ4;,YQM"=S=F!4 M)"``PS9'.HS/RE4IF^IE57$S*\!5"P]`_6)WJ,U4W!J-Q<^/G=YXU+_L#SI# M9]P5WSH]0?1Q,.Q\$`VZGSNB=?]C9_QAV.F(KT;=/S[V>^,/HX[HL/U0:4J6 ME;JO-G78XER'8]M\':_#R68J*T&^N.X=4+'(AZA-%Y.RI["70M]/M;R>:GE5 M6F4M,8VPJIK7!EE=M*]80>6%@_5OW4PN%>Y2Z*5_(Y:)'UB(?;C<2B&Q810A MXRO`<$/,VGG21T31-+;)2XR#E&T`CF):"]``A*Q=9;9X?3U"_CV/<,V-0E(+ MH"@6L79%UE:B*%XLIC5>[8529O'6O4CZ"\R1O-DO+8BDF@O`]%9@6"(N[#S6 ME>YH$X[=L,6",.A/2J<&192&@51:Y%K&5Y&DM9L=K$YY.-3[(MZ@X#HG3V83 M$ILRUFY>\!Y3(9`O.'2\.:%$"A.2)4[%`U!1M;())*4&:C>#:&.A4UEI17`$ M)Z\^D-B$QKILM:N^NB&+[I3`-`A;3@7*(+!W7O>PM:B"+T-I%X!9$6M7(O>2 M<4RF-#FIX]Z-.:*!&`\$?^\1H9+I=W@B:.#M\"H]6`%<)974KH;N0W6PQ.X4 M1RM`R@LMK5X;WG,K7O=V*5,@$S M_"!JBX`K$+6D:*^%+MW#H7+>N4YC!7HYL?98[=?\>D$C)W'`>`Q)&')R'85R MZWO,DJOE55'C/?5NA97L397U*R@,B0;/Z!WJQ?_Y*#N_=S@)Q.NJ'7'Q#=YA"UE9CZKU806"%=52O_K5@`"I)>I>@UZU%YNQA56C*G]M M_NR&(/]P>=7_,JK9X8R*?-7K]$5%Y@VGR/+6R@NJ(LEVA[^W-LGIHW&29C_]%Z9U>8S;$+J,ND;$S]4Z:PAGWT/&C,(!] M*+AV&:.691_N!TF=M$23]>CG,@;^3\R>6-?AZ[!-@OCJE@''_NW1U=YJ8]V&R+`GR:#5] M)'CJ*`E.Y*P-MDGN0'H=0=GMM%I-'RFV14JJ8YYECNWUJ\VU<Z28YI53 MDJ)9&T!SEUC*@W[)#0CJXME;=O9(P==39$D&:&U,HA4%H9A1<,=;(NK&!W33 M>S+T+:&LCT=J`*5JJU]FIKX:=MY4,(WXOC<3'E4]#T#LY!S7'C:9RCJRV2Y* M%52[&*AX*Z61=L?].R(<)W/.`B$`="MT4,_Q7<.@UVX#J*"PW:LU>J0:] M!2#R>H[Y&L:Z?@,,I(S:92=D61WB1?JRZD\R5^'=R:T\#1Q+FS\Z7,N55;M\ M`HCUBKX*-GW4^.KXL,$YN;[P.[]93>.\[S=JV=ZD=3.MSF2"W;`_Z=RZ,T2G M>"ATU:=2$PZ-(\GRNHDE\J51`Y90J0LK;*&:4FJWXUG,:'(`-A\Z!#"MU(45 MF%932NUV.HO9=\28Q?F=&)Y*K^/3:FLQBAMJ@#/R`"$,/LH4;-F`QUJ-C0VBA8+/]8/\E=G?+ITPO@\`4EQSDJSM14VH*V* M.FYX)GE3\DI+1>)83&(:CVI&5Y0AEDA:NQA&IM98*1;K5#;#D9-7$6W8]SEB MF=;MLR#BN,^GB*8IWRU&`^83#Z5%7`:9Q_4GZ=H+^??#0K#M<>%]/?Z0IX+W MQ:.A8DN[\*PJR+67ODU5H=J%^0>;D+=`DBDE$^(B&J8)/[*ND>C/)3@8"Y-[ M)\3XZQ`ZW(8-T_6I]FF/:]6ICHZGXN5YN*'Z@:M6'`>1:44=SAEO,2YOLI#G MX78?D;6>OLDX!F=4_.DFCM1C MX9\X=#SA%N`YJ^WZ,CQN;8/S^L&:K11H;(Q)MTB"5IP1I.C) MQK*N\IPHQH>R%J:VJ3*[:)D=4_%^7!U?H%Z/43?Y!]JJJM:)X0%``[>U?:N* M&C+FZ,F]Y;O[=MK/<=PY?9BAO;GXX0JGS1$9J]>3OZ!>VN6#'E6K$_WVAKVS M&)/UZC[:JC#FBYEHT.X.F>WL.%Z9?6)5>]^49D+\;'@,\#>(RG3\4M_'2IL8 M@T"H^@ZP']'HM?.M-QYK:K-[G0WE M[C9`;FRO?IT?Y>P7I#>^X5B.P_JN/"CTUGZ9?B-_7*,`BT_^#U!+`P04```` M"``-10\_1)_%N20&``!M*0``$0`<`&-A9W4M,C`Q,3`V,S`N>'-D550)``.Y M$TE.N1-)3G5X"P`!!"4.```$.0$``.U:6W/:1A1^;F?Z'T[]4"4S%I),G,0N M)$-`-G1L\`!N\Y99I`5V*E;*2O*EO[YG5Q>$+1&(39-I>(@C:<_E.Y<]>X1. MX_W=PH,;*D+F\Z9FU4P-*'=\E_%94V.AK[]]>WRB6]K[=[_\W/A5U^%*^&[L M4!$2X*VOPCBB`KH<>[?D`@UA(=XX]0. M<2VX%VPVC^!%^R49;_C0*8F] MJ*G%_'-,/#9EU$7;/;J@/%HA*"Q'1,QHU"<+&@;$H56*%))\\?;VMG9;K_EB MAB2F97R\O!@I`S/(=Q[C?Y>16RD)#FDG&5K:%G M/(QDL(KT;K3J[I3XV$@6,](XU&>$!#GME(0319LN%$.#,?VI03`+(I4%\A;O M@X#QJ:]N?FI(Y*<9_"&=@C+[-+H/:/,@9(O`HP?IL[F@T^:!0V:QGKG\4R!H M#7%E),+WD*W2;+EL($N(H5:(+I:*,Q%$.(^D/`H+"O$#*B)&P]SW!\;SF.32 MZ;8F(0OC['LUR".3;0U"%NI]C[8XQ-O6%F1Q8F_'Z29EC-$&D!?7PUXN;Z5" M)8"8*SZ-NW:[-1I?V.?#P?55K]]N#_H=NS^R.W@Q&EST.JVQW1F-\>^EW1^/ M!F=(WCV[&/PU&O4^7@[ZX^[(1H[.']=]NVY*!?C/O.ZWKCL]Y#P`YC8/_A-- MB1M2/RQWPCOK^`B#`#J,<*^KZH[7B`82.*#P``*J00X)BIA@"0H&9Y*M"PH7 M(#!(D(&"!A(;U,U#4(?9;V01_"XO3DG$=%CJ>'\:"#L2,PG"96,\EL"I_,'E,E3]+17A3U"7;F8(V(-R%HC[PIY!K7*9A MN,^%W*,MQ_%C'F'7V9X3/J,AALP6PA=M7PCJJ-ZQ+.0;\55&]K@LLDN1D,I4 M`552H2#VAX_>]A5]<&4/6^,>KK;Z2'1Y-;2[R-#[TT;NP:4][@YM&Y=V?K0\ M+Y#*D^?HE?F<)\\2-2`V6,$-"7!0R-7R_G!Z2D&Z(O=DXJEZ@@5!X"M@:?TI M(ZM*AU>E!TDF01693,8^$+F+[,\QB^[+?)^N5+G[N-3="=,/[]\G=..JPA2J MXF5KV.[6K=VT_ALKJ\H"F0.O=M/])Z5VI<0J>%"W]C5VS=;VG5C&(?M?=FS8 M;D7W/3[UQ4*A*&SW3:C7!=]2)2#E+EZJIDZ)@H*L'SX\FVW6#ZV+5K]MC[JV M/1X5-F6>YAV[;5]^L(?JL;EM+=A6_+H$.'K2[D^10`+EX09_D0-ZF6[V#%A& M8^X3:ON(+QOM7>33EZ57-O3F4QOZ!^FTVI+OLVF#;)K3-@DCCYX+/PYZW/E` M//D%8S2G-+HB`DV>TX@AID*.;,ZS72&94T@$@Y*QFMV:MRI>W1V5OMZE46(I5;6XF&`J2]V','3>*)R']'*.-]DW5MX5'-)6! M>5,6F"4[)/Q[]^?NP4/37]`QN:.EGB\N5SG]3:G3$TY0K/\??S>,PN0$WJR, M5338(O!%!,D$S87OJ)4U$R#R3L_&0'3Y2+>.]+I5NPM=#?BC29R-ZB")TG,IX"Y*DH MMD"@N$MG=`SJ16'V1%].[51A63?H`QM#>3C$)2\V4+YV`"Q1GHYP`6>>)W]9 M;VJ1B.6$DYR%.L6#D?FNW$Q-S8V30U(#-?:A)11A)!B?];`)DU2:K$C:E'F? MUOT"U9H@%W$B#4AZE6F5)C2US7A#/"1P,99/U0M%!HDAF%V;5RBS7[*FE/2; M@M^PF_J285N+V<#HAI%L`[S\%U!+`0(>`Q0````(``U%#S\[*OH(<1L``-*] M```1`!@```````$```"D@0````!C86=U+3(P,3$P-C,P+GAM;%54!0`#N1-) M3G5X"P`!!"4.```$.0$``%!+`0(>`Q0````(``U%#S^V.3,[C@D``)J````5 M`!@```````$```"D@;P;``!C86=U+3(P,3$P-C,P7V-A;"YX;6Q55`4``[D3 M24YU>`L``00E#@``!#D!``!02P$"'@,4````"``-10\_(!B<#L`-```#RP`` M%0`8```````!````I(&9)0``8V%G=2TR,#$Q,#8S,%]D968N>&UL550%``.Y M$TE.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`#44//W12/0)7&@``%%`Q0````(``U%#S]-.)T'H1```(W] M```5`!@```````$```"D@4Y.``!C86=U+3(P,3$P-C,P7W!R92YX;6Q55`4` M`[D324YU>`L``00E#@``!#D!``!02P$"'@,4````"``-10\_1)_%N20&``!M M*0``$0`8```````!````I($^7P``8V%G=2TR,#$Q,#8S,"YX`L``00E#@``!#D!``!02P4&``````8`!@`:`@``K64````` ` end XML 22 R5.htm IDEA: XBRL DOCUMENT

THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash Flows from Operating Activities
Net Income (Loss)	$ (501,208)	$ (163,516)
Depreciation	117,943	118,185
Amortization of discount	48,204	78,076
Foreign exchange (gain) loss on guarantor obligation	202,929	(89,490)
Deferred taxes	(101,068)	(48,502)
Interest on guarantor obligation	85,793	77,804
(Increase) decrease in Accounts receivable	353,063	256,955
(Increase) decrease in Other current assets	(98,907)	(110,253)
(Increase) decrease in Restricted cash	(666,946)	59,298
Increase (decrease) in Accounts payable and accrued expenses	82,012	(306,765)
Increase (decrease) in customer advance deposits	1,080,169	192,802
Net Change From Operating Activities	601,984	64,594
Cash Flows from Investing Activities
Purchase of assets	(7,563)	(7,610)
Net Change from Investing Activities	(7,563)	(7,610)
Cash Flows from Financing Activities
Proceeds from notes	150,000	150,000
Payments on related party notes payable	0	(1,563)
Payments on notes	(473,980)	(389,891)
Net Change from Financing Activities	(323,980)	(241,454)
Effect of exchange rate on changes in cash	13,306	(2,658)
Net Change in Cash	283,747	(187,128)
Beginning Balance	539,701	623,485
Ending Balance	823,448	436,357
Supplementary Information
Cash Paid for Interest	(28,241)	(36,379)
Cash Paid for Income Taxes	$ 0	$ 0

XML 23 R7.htm IDEA: XBRL DOCUMENT

Accounting Changes and Error Corrections

3 Months Ended

Jun. 30, 2011

Accounting Changes and Error Corrections

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

Note 2 New Accounting Pronouncements

XML 24 R2.htm IDEA: XBRL DOCUMENT

The Castle Group, Inc. Balance Sheet (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Preferred stock authorized	50,000	50,000
Preferred stock par value	$ 100.00	$ 100.00
Preferred stock outstanding	11,050	11,050
Common stock authorized	20,000,000	20,000,000
Common stock par value	$ 0.02	$ 0.02
Common stock outstanding	10,026,392	10,026,392

- Definition

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

+ References+ Details

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

XML 25 FilingSummary.xml IDEA: XBRL DOCUMENT 2.3.0.11 Html 9 104 1 false 0 0 false 3 true false R1.htm 000010 - Document - Document and Entity Information Sheet http://CAGU/20110630/role/idr_DocumentDocumentAndEntityInformation Document and Entity Information false false R2.htm 000020 - Statement - The Castle Group, Inc. Balance Sheet (Parenthetical) Sheet http://CAGU/20110630/role/idr_TheCastleGroupIncBalanceSheetParenthetical The Castle Group, Inc. Balance Sheet (Parenthetical) false false R3.htm 104000 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, 2011 (UNAUDITED) & DECEMBER 31, 2010 Sheet http://CAGU/20110630/role/idr_THECASTLEGROUPINCCONDENSEDCONSOLIDATEDBALANCESHEETSJUNE302011UNAUDITEDDECEMBER312010 THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, 2011 (UNAUDITED) & DECEMBER 31, 2010 false false R4.htm 124000 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE AND SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED Sheet http://CAGU/20110630/role/idr_THECASTLEGROUPINCCONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONSANDCOMPREHENSIVEINCOMETHREEANDSIXMONTHSENDEDJUNE3020112010UNAUDITED THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE AND SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED false false R5.htm 152200 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED Sheet http://CAGU/20110630/role/idr_THECASTLEGROUPINCCONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSSIXMONTHSENDEDJUNE3020112010UNAUDITED THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED false false R6.htm 200000 - Disclosure - Organization, Consolidation and Presentation of Financial Statements Sheet http://CAGU/20110630/role/idr_DisclosureOrganizationConsolidationAndPresentationOfFinancialStatements Organization, Consolidation and Presentation of Financial Statements false false R7.htm 250000 - Disclosure - Accounting Changes and Error Corrections Sheet http://CAGU/20110630/role/idr_DisclosureAccountingChangesAndErrorCorrections Accounting Changes and Error Corrections false false R8.htm 400000 - Disclosure - Payables and Accruals Sheet http://CAGU/20110630/role/idr_DisclosurePayablesAndAccruals Payables and Accruals false false R9.htm 500000 - Disclosure - Equity Sheet http://CAGU/20110630/role/idr_DisclosureEquity Equity false false R10.htm 770000 - Disclosure - Income Taxes Sheet http://CAGU/20110630/role/idr_DisclosureIncomeTaxes Income Taxes false false R11.htm 820000 - Disclosure - Foreign Operations and Currency Translation Sheet http://CAGU/20110630/role/idr_DisclosureForeignOperationsAndCurrencyTranslation Foreign Operations and Currency Translation false false R12.htm 870000 - Disclosure - Subsequent Events Sheet http://CAGU/20110630/role/idr_DisclosureSubsequentEvents Subsequent Events false false All Reports Book All Reports Process Flow-Through: 000020 - Statement - The Castle Group, Inc. Balance Sheet (Parenthetical) Process Flow-Through: 104000 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, 2011 (UNAUDITED) & DECEMBER 31, 2010 Process Flow-Through: Removing column 'Jun. 30, 2010' Process Flow-Through: Removing column 'Dec. 31, 2009' Process Flow-Through: 124000 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE AND SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED Process Flow-Through: 152200 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2011 & 2010 UNAUDITED cagu-20110630.xml cagu-20110630.xsd cagu-20110630_cal.xml cagu-20110630_def.xml cagu-20110630_lab.xml cagu-20110630_pre.xml true true EXCEL 26 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\W,SDP-S4Y9E]D9#1A7S0U83A?.3AE8E\S-6$Q M-6(X865A96,B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E1(15]#05-43$5?1U)/55!?24Y#7T-/3D1%3E-% M1#(\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7 M;W)K#I7;W)K#I7;W)K#I7 M;W)K#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O6QE#I!8W1I=F53:&5E=#X-"B`@/'@Z M4')O=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T*/"]H M96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E M;F5D('=I=&@@36EC'1087)T7S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!296=I'0^2G5N(#,P M+`T*"0DR,#$Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^9F%L2!#96YT3PO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,#DQ.#4T,SQS<&%N M/CPO'0^+2TQ,BTS,3QS<&%N/CPO2!#=7)R96YT(%)E<&]R=&EN9R!3=&%T=7,\+W1D/@T*("`@ M("`@("`\=&0@8VQA2!& M:6QE'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^,C`Q,3QS<&%N/CPO M'0^43(\'1087)T7S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA2!P;&%N="`F86UP.R!E<75I<&UE;G0L(&YE=#PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA6%B;&4L(&-U6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA M3PO=&0^#0H@("`@("`@(#QT9"!C;&%SF5D+"`Q,"PP,C8L,SDR('-H M87)E3PO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'!E;G-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7)O;&P@86YD M(&]F9FEC92!E>'!E;G-E&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M/B@X.30L-S4X*3QS<&%N/CPO"!B96YE9FET/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ M-3$L-S0S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAAF%T:6]N(&]F(&1I'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\W,SDP-S4Y9E]D M9#1A7S0U83A?.3AE8E\S-6$Q-6(X865A96,-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO-S,Y,#'0O:'1M;#L@8VAAF%T:6]N+"!#;VYS;VQI9&%T:6]N(&%N9"!0F%T:6]N+"!#;VYS;VQI9&%T M:6]N(&%N9"!06QE/3-$)T-/3$]2.F)L86-K.R!& M3TY4+5-)6D4Z,3!P="<^3F]T92`Q(%-U;6UA6QE/3-$)TQ) M3D4M2$5)1TA4.C$R<'0[($U!4D=)3CHP:6X@,&EN(#!P="<^/&9O;G0@6QE/3-$)T-/3$]2.F)L86-K.R!&3TY4 M+5-)6D4Z,3!P="<^3W)G86YI>F%T:6]N/"]F;VYT/CPO<#X@/'`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`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`@("`\=&%B;&4@8VQA6%B;&4@=&\@'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)TQ)3D4M2$5)1TA4.C$R<'0[($U!4D=)3CHR<'0G/CQF M;VYT('-T>6QE/3-$)T-/3$]2.F)L86-K.R!&3TY4+5-)6D4Z,3!P="<^)FYB M6QE/3-$)TQ)3D4M2$5)1TA4.C$R<'0[($U!4D=)3CHR<'0G/CQF M;VYT('-T>6QE/3-$)T-/3$]2.F)L86-K.R!&3TY4+5-)6D4Z,3!P="<^)FYB M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&5S/&)R/CPO6QE/3-$)T-/3$]2.F)L86-K.R!&3TY4+5-) M6D4Z,3!P="<^3F]T92`T($EN8V]M92!487AE6QE/3-$)TQ)3D4M2$5)1TA4.C$R<'0[($U!4D=)3CHP:6X@,&EN(#!P="<^ M/&9O;G0@"!E>'!E M;G-E(&%N9"!B96YE9FET(&9R;VT@=&AE($-O;7!A;GDF(S$T-CMS(&9O2!H879E M(&)E96X@9G5L;'D@7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!4'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&5X=#X\(2TM96=X+2T^/'`@6QE/3-$)TQ)3D4M2$5)1TA4.C$R<'0[($U!4D=) M3CHP:6X@,&EN(#!P="<^/&9O;G0@6%B;&4@:6X@3F5W(%IE86QA;F0@9&]L;&%R&-H86YG92!R871E(&]F('1H92!. M97<@6F5A;&%N9"!D;VQL87(@86=A:6YS="!T:&4@55,@9&]L;&%R+"!T:&4@ M;V)L:6=A=&EO;B!H87,@8F5E;B!I;F-R96%S960@=&\@)FYB2!R96-O"!M;VYT:',@96YD960@2G5N92`S,"P@ M,C`Q,2!A;F0@,C`Q,"P@*"9N8G-P.R0R,#(L.3(Y*2!A;F0@)FYB3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%\W,SDP-S4Y9E]D9#1A7S0U83A?.3AE8E\S-6$Q-6(X865A96,-"D-O;G1E M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-S,Y,#'0O:'1M;#L@8VAA'0@ M0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\(2TM96=X M+2T^/'`@6QE/3-$)T-/3$]2.F)L86-K.R!&3TY4+5-)6D4Z,3!P M="<^3F]T92`V(%-U8G-E<75E;G0@179E;G1S/"]F;VYT/CPO<#X@/'`@2!M86YA9V5D(&$@<')O<&5R='D@:6X@3F5W M(%IE86QA;F0@=6YD97(@82!'2!W:6QL(')E8V5I=F4@9F5E2P@=&AE($-O;7!A M;GD@8V]L;&5C=&5D(')O;VT@&5D('!A>6UE;G0@=V%S('5S960@=&\@ M8V]V97(@2!S:&]R=&9A M;&QS('=E2!T:&4@0V]M<&%N>2X\+V9O;G0^/"]P/B`\ M<"!S='EL93TS1"=,24Y%+4A%24=(5#HQ,G!T.R!-05)'24XZ,G!T(#!I;B<^ M/&9O;G0@7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\>&UL('AM;&YS.F\],T0B=7)N.G-C:&5M87,M;6EC&UL/@T*+2TM+2TM/5].97AT4&%R J=%\W,SDP-S4Y9E]D9#1A7S0U83A?.3AE8E\S-6$Q-6(X865A96,M+0T* ` end