0001213900-16-015841.txt : 20160812 0001213900-16-015841.hdr.sgml : 20160812 20160812161038 ACCESSION NUMBER: 0001213900-16-015841 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 34 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160812 DATE AS OF CHANGE: 20160812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CTD HOLDINGS INC CENTRAL INDEX KEY: 0000922247 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 593029743 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25466 FILM NUMBER: 161828337 BUSINESS ADDRESS: STREET 1: 14120 NW 126TH TERRACE CITY: ALACHUA STATE: FL ZIP: 32615-4816 BUSINESS PHONE: 386-418-8060 MAIL ADDRESS: STREET 1: 14120 NW 126TH TERRACE CITY: ALACHUA STATE: FL ZIP: 32615-4816 FORMER COMPANY: FORMER CONFORMED NAME: CYCLODEXTRIN TECHNOLOGIES DEVELOPMENT INC DATE OF NAME CHANGE: 19941012 10-Q 1 f10q0616_ctdholdingsinc.htm QUARTERLY REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: June 30, 2016

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ___________ to ___________

Commission file number: 0-25466

CTD HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Florida		59-3029743
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

14120 N.W. 126th Terrace, Alachua, Florida		32615
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: 386-418-8060

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

☒ Yes ☐ 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.

	Large accelerated filer	☐	Accelerated filer	☐
	Non-accelerated filer	☐	Smaller reporting company	☒

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

☐ Yes ☒ No

As of August 11, 2016, the Company had outstanding 66,776,820 shares of its common stock.

TABLE OF CONTENTS

	Description	Page

PART I	FINANCIAL INFORMATION	1
Item 1.	Financial Statements.	1
	Consolidated Balance Sheets as of June 30, 2016 (Unaudited) and December 31, 2015.	1
	Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2016 and 2015.	2
	Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2016 and 2015.	3
	Notes to Consolidated Financial Statements.	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	9
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	13
Item 4.	Controls and Procedures.	13
PART II	OTHER INFORMATION	14
Item 1A.	Risk Factors.	14
Item 6.	Exhibits.	14

SIGNATURES		15

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

CTD HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

	June 30, 2016			December 31, 2015
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	2,133,725		$	1,842,233
Accounts receivable, net		81,150			55,636
Inventory		616,562			610,166
Current portion of mortgage note receivable		27,228			-
Other current assets		10,739			14,851
Total current assets		2,869,404			2,522,886

PROPERTY AND EQUIPMENT, NET		1,810,054			1,892,943

OTHER ASSETS
Property held for sale		-			275,000
Deferred costs, net		65,342			66,424
Mortgage note receivable, less current portion		226,857			-
Total other assets		292,199			341,424

TOTAL ASSETS	$	4,971,657		$	4,757,253

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Accounts payable and accrued expenses	$	434,172		$	257,537
Notes payable		688,734			719,737
Line of credit					34,296
Total current liabilities		1,122,906			1,011,570

STOCKHOLDERS' EQUITY
Common stock, par value $.0001 per share, 100,000,000 shares authorized, 66,670,347 and 58,670,347 shares issued and outstanding, respectively		6,667			5,867
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, no shares issued or outstanding		-			-
Additional paid-in capital		10,894,782			9,015,582
Accumulated deficit		(7,052,698	)		(5,275,766	)
Total stockholders' equity		3,848,751			3,745,683

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	4,971,657		$	4,757,253

See accompanying Notes to Consolidated Financial Statements.

CTD HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015

REVENUES
Product sales	$	384,386		$	380,340		$	697,071		$	553,538

EXPENSES
Personnel		381,147			166,641			682,438			328,272
Cost of products sold (exclusive of amortization and depreciation, shown separately below)		56,169			57,406			93,003			79,872
Research and development		660,867			110,834			943,549			178,065
Repairs and maintenance		9,805			7,093			15,739			16,549
Professional fees		77,230			130,759			279,030			222,908
Office and other		195,459			85,042			307,315			127,787
Board of Director fees and costs		21,800			134,053			46,381			251,789
Amortization and depreciation		47,210			39,269			88,357			80,564
Freight and shipping		2,127			1,604			3,792			3,330
Loss (gain) on disposal of property and equipment		-			-			4,489			(700	)
		1,451,814			732,701			2,464,093			1,288,436

LOSS FROM OPERATIONS		(1,067,428	)		(352,361	)		(1,767,022	)		(734,898	)

OTHER INCOME (EXPENSE)
Investment and other income		3,440			80			4,843			2,240
Interest expense		(7,173	)		(7,899	)		(14,753	)		(15,778	)
		(3,733	)		(7,819	)		(9,910	)		(13,538	)

LOSS BEFORE INCOME TAXES		(1,071,161	)		(360,180	)		(1,776,932	)		(748,436	)

Provision for income taxes		-			-			-			-

NET LOSS	$	(1,071,161	)	$	(360,180	)	$	(1,776,932	)	$	(748,436	)

BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE	$	(.02	)	$	(.01	)	$	(.03	)	$	(.01	)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		60,803,680			54,455,882			59,737,014			54,454,132

See Accompanying Notes to Consolidated Financial Statements.

CTD HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended
	June 30,
	2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(1,776,932	)	$	(748,436	)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		88,357			80,564
Loss (gain) on sale of property and equipment		4,489			(700	)
Increase or decrease in:
Accounts receivable		(25,514	)		31,684
Inventory		(1,438	)		(26,877	)
Other current assets		4,112			(16,668	)
Accounts payable and accrued expenses		176,635			(18,995	)
Total adjustments		246,641			49,008

NET CASH USED IN OPERATING ACTIVITIES		(1,530,291	)		(699,428	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment and building improvements		(9,343	)		(225,175	)
Proceeds from mortgage note receivable		10,915			-
Proceeds from sale of property and equipment, net of closing costs		5,510			700
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		7,082			(224,475	)

CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes payable		(31,003	)		(29,562	)
Payments on line of credit		(34,296	)		-
Net proceeds from sale of common stock and warrants		1,880,000			-
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		1,814,701			(29,562	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		291,492			(953,465	)

CASH AND CASH EQUIVALENTS, beginning of period		1,842,233			2,380,054

CASH AND CASH EQUIVALENTS, end of period	$	2,133,725		$	1,426,589

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	$	14,753		$	15,778

Cash paid for income taxes	$	-		$	-
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING
Exchange of property held for sale for a mortgage note receivable	$	265,000		$	-

See Accompanying Notes to Consolidated Financial Statements.

CTD HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2016

The information presented herein as of June 30, 2016 and for the three and six months ended June 30, 2016 and 2015 is unaudited.

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of the more significant accounting policies of CTD Holdings, Inc. and subsidiaries (the “Company”) that affect the accompanying consolidated financial statements.

(a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990, as a Florida corporation with operations beginning in July 1992. We are a biotechnology company that develops cyclodextrin-based products for the treatment of disease. We have filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) for our lead drug candidate, Trappsol® Cyclo™ as a treatment for Niemann-Pick Type C disease (“NPC”), and recently filed an Investigational New Drug application (IND) with the FDA which describes our Phase I clinical plans in the US. The Company has also filed a Clinical Trial Application with the United Kingdom's Medicines and Healthcare Products Regulatory Agency, and launched an International Clinical Program for Trappsol® Cyclo™.

(b) BASIS OF PRESENTATION––The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

Operating results for the three and six month periods ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on March 30, 2016.

(c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less.

(d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, we have concluded that losses on balances outstanding at June 30, 2016 and December 31, 2015 will be immaterial.

(e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost (first-in, first-out) or market. Cost of products sold includes the acquisition cost of the products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense.

CTD HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2016

(f) PROPERTY AND EQUIPMENT––Property and equipment are recorded at cost. Depreciation on property and equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three to five years for computers and vehicles, seven to ten years for machinery and furniture, fifteen years for certain land

improvements, and forty years for buildings and building improvements). We periodically review our long-lived assets to determine if the carrying value of assets may not be recoverable. If an impairment is identified, we recognize a loss for the difference between the carrying amount and the estimated fair value of the asset. No impairments were identified or recorded for the six months ended June 30, 2016 or 2015.

(g) REVENUE RECOGNITION––We recognize revenue from product sales, royalties, and drying services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Product sales and shipping revenues, net of any discounts or return allowances, are recorded when the products are shipped and title passes to customers. Sales to customers are made pursuant to a sales contract that provides for transfer of both title and risk of loss upon our delivery to the carrier. Return allowances, which reduce product revenue, have been historically infrequent, and are recorded when they become known. Amounts received in advance are deferred and recognized as revenue when all four revenue recognition criteria have been met. There is no deferred revenue at June 30, 2016 and December 31, 2015.

(h) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred.

(i) INCOME TAXES––Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, tax benefits related to positions considered uncertain are recognized only when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

(j) NET LOSS PER COMMON SHARE––Basic and fully diluted net loss per common share is computed using a simple weighted average of common shares outstanding during the periods presented, as outstanding warrants to purchase 9,057,500 and 577,500 common shares were antidilutive for the three and six months ended June 30, 2016 and 2015, respectively, and have been excluded from the calculation of loss per common share.

(k) STOCK BASED COMPENSATION––The Company periodically awards stock to employees, directors, and consultants. An expense is recognized equal to the fair value of the stock determined using the closing trading price of the stock on the award date.

(l) CONCENTRATIONS OF CREDIT RISK––Significant concentrations of credit risk for all financial instruments owned by the Company are as follows:

(i) DEMAND AND CERTIFICATE OF DEPOSITS––We maintain bank accounts in Federal credit unions and other financial institutions, which are insured up to the Federal Deposit Insurance Corporation limits. The bank accounts may exceed Federally insured levels; however, we have not experienced any losses in such accounts.

(ii) ACCOUNTS RECEIVABLE––Our accounts receivable consist of amounts due primarily from chemical supply and pharmaceutical companies located primarily in the United States. Four customers accounted for 86% of the accounts receivable balance at June 30, 2016. Five customers accounted for 89% of the accounts receivable balance at December 31, 2015. We have no policy requiring collateral or other security to support our accounts receivable.

CTD HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2016

(m) LIQUIDITY––For the year ended December 31, 2015, the Company incurred a net loss of approximately $2,551,000 and used net cash in operations in the amount of approximately $1,989,000. For the six months ended June 30, 2016, the Company incurred a net loss of $1,776,932, used net cash in operations in the amount of $1,530,291, and received net proceeds of $1,880,000 from the sale of its securities. At June 30, 2016, the Company had a cash balance of $2,133,725 and working capital of $1,746,498. The Company seeks to raise capital from time to time through the sale of its common stock and other securities. In the event that the Company cannot raise sufficient capital when required, management may have to reduce expenditures related to its operations.

(n) USE OF ESTIMATES––The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates.

(o) NEW ACCOUNTING PRONOUNCEMENTS––The Financial Accounting Standards Board (FASB) has issued various Accounting Standards Updates (ASUs), including ASU 2014-09, Revenue from Contracts with Customers, as subsequently amended; ASU 2014-15, Presentation of Financial Statements-Going Concern; ASU 2015-03, Interest-Imputation of Interest (Simplifying the Presentation of Debt Issuance Costs); ASU 2015-17, Income Taxes; and ASU 2016-02, Leases, which are effective in future fiscal years. We do not expect the adoption of these standards to have a material effect on our financial position or results of operations.

(2) MORTGAGE NOTE RECEIVABLE

On January 21, 2016, we sold our real property located in High Springs, Florida to an unrelated party. This property was previously classified on our balance sheet as property held for sale, with a carrying value of $275,000. Pursuant to the terms of the sale, at the closing, the buyer paid $10,000 in cash, less selling costs and settlement charges, and delivered to us a promissory note in the principal amount of $265,000, and a mortgage in our favor securing the buyer’s obligations under the promissory note. The promissory note provides for monthly payments of $3,653, including principal and interest at 4.25%, over a seven-year period commencing March 1, 2016, with the unpaid balance due in February 2023.

(3) DEBT

We owed $506,042 and $516,685, at June 30, 2016 and December 31, 2015, respectively, on a mortgage note payable, collateralized by land and a building we acquired in September 2010. Monthly payments of $3,506, including principal and interest at 3.99%, are due, with a final balloon payment of approximately $350,000 due in July 2023. The note is secured by a mortgage on our Alachua property. The note has a voluntary prepayment penalty which was 3% of the principal repaid as of the date of this filing, and which decreases 1% on July 17 of each year. We were not in compliance with a debt coverage ratio covenant for the year ended December 31, 2015. As a result, we have reclassified the principal due in 2016 and beyond one year as current in the accompanying balance sheet.

We also owed this lender $182,692 and $203,052 at June 30, 2016 and December 31, 2015, respectively, under an equipment loan related to the installation of a pulse dryer and related building renovations. Monthly payments of $4,051, including principal and interest at 3.99%, are due through and including July 2020. The note is collateralized by all of our equipment. There is a prepayment penalty of 2% of the outstanding balance if we voluntarily repay the loan prior to July 17, 2018. Principal due under this loan has also been reclassified as current in the accompanying balance sheet due to our non-compliance with the loan covenant referred to above.

CTD HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2016

Scheduled debt obligations on both loans for the next five years and thereafter are as follows, assuming the bank does not call the loans due to the debt covenant non-compliance:

Year Ending December 31,	Year
2016	$	62,411
2017		64,982
2018		67,658
2019		70,446
2020		42,750
Thereafter		396,028
	$	704,275

(4) EQUITY TRANSACTIONS:

On January 21, 2015, the Company awarded 35,000 shares of common stock to a consultant for past services. The Company accrued and expensed $16,520 for this award in 2014.

On July 10, 2015, the Company entered into a Securities Purchase Agreement under which it issued 2.6 million shares of its common stock in a private placement, at a purchase price of $0.50 per share, for aggregate gross proceeds to the Company of $1.3 million. Scarsdale Equities LLC (“Scarsdale”) acted as financial advisor to the Company in connection with the private placement and was paid a cash fee in an amount equal to 6% of the gross proceeds of the private placement and it and its designees were issued seven-year warrants to purchase 156,000 shares of common stock at an exercise price of $0.50 per share.

On July 28, 2015, the Company received $78,616 from the exercise of previously outstanding warrants for 314,465 shares of common stock at an exercise price of $0.25 per share.

On August 20, 2015, the Company issued 1.3 million shares of its common stock in a private placement, at a purchase price of $0.50 per share, for aggregate gross proceeds to the company of $650,000. Scarsdale acted as financial advisor to the Company in connection with the private placement and was paid a cash fee in an amount equal to 6% of the gross proceeds of the private placement and it and its designees were issued seven-year warrants to purchase 78,000 shares of common stock at an exercise price of $0.50 per share.

On June 6, 2016, the Company issued 8 million units (“Units”) at a purchase price of $0.25 per Unit in a private placement, each Unit consisting of one share of its common stock, and a seven-year warrant to purchase an additional share of common stock at an exercise price of $0.25, for aggregate gross proceeds to the Company of $2 million. Scarsdale acted as financial advisor to the Company in connection with the private placement and was paid a cash fee in an amount equal to 6% of the gross proceeds of the private placement, and it and its designees were issued seven-year warrants to purchase 480,000 Units at an exercise price of $0.25 per Unit.

As of June 30, 2016, the Company had warrants outstanding to purchase 8,577,500 shares of common stock at exercise prices of $0.25 - $1.00 per share that expire in years 2021 through 2023. The Company also had warrants outstanding to purchase 480,000 Units which expire in 2023.

CTD HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2016

(5) INCOME TAXES:

The Company reported a net loss for the three and six months ended June 30, 2016 and 2015, respectively. The Company increased its deferred tax asset valuation allowance rather than recognize an income tax benefit.

(6) SALES CONCENTRATIONS:

Sales to two major customers accounted for 64% of total sales for the six months ended June 30, 2016. Sales to one major customers accounted for 49% of total sales for the six months ended June 30, 2015. A loss of one of these customers could have a significant adverse effect on the Company’s financial condition, results of operations and cash flows.

(7) OTHER:

On January 12, 2016, the Company entered into a non-binding Letter of Intent with C.E. Rick Strattan, a significant stockholder and one of the Company’s directors, to sell the Company’s cyclodextrin manufacturing and distribution business. The Letter of Intent has expired, and the parties have terminated their discussions with respect to the transactions contemplated thereby.

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

The following discussion and analysis provides information to explain our results of operations and financial condition. You should also read our unaudited consolidated interim financial statements and their notes included in this Form 10-Q, and our audited consolidated financial statements and their notes and other information included in our Annual Report on Form 10-K for the year ended December 31, 2015. This report may contain forward-looking statements. Forward-looking statements within this Form 10-Q are identified by words such as “believes,” “anticipates,” “expects,” “intends,” “may,” “will” “plans” and other similar expressions; however, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are subject to significant risks, uncertainties and other factors, which may cause actual results to differ materially from those expressed in, or implied by, these forward-looking statements. Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements to reflect events, circumstances or developments occurring subsequent to the filing of this Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”) or for any other reason and you should not place undue reliance on these forward-looking statements. You should carefully review and consider the various disclosures the Company makes in this report and our other reports filed with the SEC that attempt to advise interested parties of the risks, uncertainties and other factors that may affect our business.

Overview

CTD Holdings, Inc. (“we” “our” “us” or “the Company”) was organized as a Florida corporation on August 9, 1990, with operations beginning in July 1992. In conjunction with a restructuring in 2000, we changed our name from Cyclodextrin Technologies Development, Inc., or CTDI, to CTD Holdings, Inc.; CTDI was then incorporated as a Florida corporation and became a wholly owned subsidiary of CTD Holdings, Inc.

We are a biotechnology company that develops cyclodextrin-based products for the treatment of disease. We have filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) for our lead drug candidate, Trappsol® Cyclo™ as a treatment for Niemann-Pick Type C disease (“NPC”), and recently filed an Investigational New Drug application (“IND”) with the FDA which describes our Phase I clinical plans for a randomized, double blind, parallel group study at a single clinical site in the US. We have also filed a Clinical Trial Application with the United Kingdom's Medicines and Healthcare Products Regulatory Agency, and launched an International Clinical Program for Trappsol® Cyclo™.

While we also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs with continuing growth in research and new product development, our core business has transitioned to a biotechnology company primarily focused on the development of cyclodextrin-based biopharmaceuticals for the treatment of disease from a business which had been primarily reselling basic cyclodextrin products. Subsequent to the three-month period ended June 30, 2016, we listed for sale our real property located in Alachua, Florida. In the event we are able to complete the sale of this property, we expect to repay our secured loans and terminate our cyclodextrin manufacturing and distribution business. Our strategy going forward is to focus on biopharmaceutical opportunities in healthcare where we believe cyclodextrin applications have maximum value.

Substantially all of our revenues are derived from the sale of cyclodextrins, including bio-pharmaceuticals containing cyclodextrins, cyclodextrin complexes, resale of cyclodextrins manufactured by others for our clients to their specifications, and our own licensed cyclodextrin products. We have trademarked certain products under our Trappsol®, Aquaplex®, and AP™-Flavor product lines. We currently sell our products directly to customers in the diagnostics, pharmaceutical, and industrial chemical industries, and to chemical supply distributors.

Trappsol® Cyclo™

At the end of 2008, we provided Trappsol® Cyclo™ to a customer for compassionate use as an Investigational New Drug to treat a set of twins in the U.S. who were diagnosed with NPC, also known as Childhood Alzheimer’s. NPC is a fatal disease caused by a genetic defect that prevents proper handling of cholesterol in the body’s cells. The patient’s treatment with our Trappsol® Cyclo™ product proved to provide an ameliorative benefit. On May 17, 2010, the FDA granted orphan drug status to our customer for Trappsol® Cyclo™ for the treatment of NPC. To date, Trappsol® Cyclo™ has been administered to approximately 20 NPC patients in compassionate use programs around the world, including in the U.S., Brazil and Spain. Our annual sales of Trappsol® Cyclo™ decreased to $352,000 for 2015 from $901,000 for 2014. Sales of Trappsol® Cyclo™ were $380,000 and $386,000 for the three and six months ended June 30, 2016, respectively. In 2012, we began to offer 100ml vials of Trappsol® Cyclo™ in a liquid form from a contract manufacturer. In 2014, we completed validation of the Trappsol® Cyclo™ manufacturing process and submitted a Type II Drug Master File to the FDA. In 2015 we established an International Clinical Program that includes a team of experienced drug development companies and individuals. We have also obtained Orphan Drug Designation for Trappsol® Cyclo™ in both the U.S. and Europe.

Most recently, we filed our IND for Trappsol® Cyclo™ as a treatment for NPC with the FDA, as well as a Clinical Trial Application with the United Kingdom's Medicines and Healthcare Products Regulatory Agency,. Following approval of the IND, we expect to conduct a U.S. clinical study in which we will provide Trappsol® Cyclo™ intravenously to NPC patients two years of age and older in order to track biochemical markers of cholesterol metabolism and to measure effects on neurologic, lung and liver symptoms.

Resale of Cyclodextrin and Cyclodextrin Complexes

Our sales of cyclodextrins and cyclodextrin complexes are primarily to chemical supply houses around the world, to pharmaceutical companies, to food companies for research and development and to diagnostics companies.

We acquire our products principally from outside the United States, including from Wacker Biosolutions, a division of Wacker Chemie AG (Germany), with a production facility located in Adrian, Michigan and Hangzhou Pharma and Chem Co. (China), Quian Hui (China), and Cyclodextrin Research & Development Laboratory (Hungary), but are gradually finding satisfactory supply sources in the United States. We make patent information about cyclodextrins available to our customers. We also offer our customers our knowledge of the properties and potential new uses of cyclodextrins and complexes.

As most of our customers use our cyclodextrin products in their research and development activities, the timing, product mix, and volume of their orders from us are unpredictable. We also have four large customers (each of whom has historically purchased from us annually and, depending upon the year, may account for greater than 10% of our annual revenues) who have a significant effect on our revenues when they increase or decrease their research and development activities that use cyclodextrins. We keep in constant contact with these customers as to their cyclodextrin needs so we can maintain the proper inventory composition and quantity in anticipation of their needs. The sales to large customers and the product mix and volume of products sold has a significant effect on our revenues and product margins. These factors contribute to our revenue volatility from quarter to quarter and year to year.

Liquidity and Capital Resources

Our cash increased to $2,134,000 as of June 30, 2016, compared to $1,842,000 as of December 31, 2015, primarily as a result of the private placement we completed in June 2016 which resulted in net proceeds to us of $1,880,000. Our working capital was $1,746,000 as of June 30, 2016, compared to $1,511,000 at December 31, 2015. All of our debt has been classified as current at both June 30, 2016 and December 31, 2015 due to our non-compliance with a loan covenant as described below. We owed $506,042 at June 30, 2016 on a secured mortgage note and $182,692 under an equipment loan, with a bank that has a debt service covenant. We were not in compliance with this debt service coverage covenant for the year ended December 31, 2015. If we are unable to have the debt covenant modified, or we are unable to refinance the indebtedness, we may be required to use our cash on hand to repay the indebtedness, which will have a material adverse effect on our financial condition by diverting cash intended for use in our development of a clinical trial program or for other business development efforts.

Subsequent to June 30, 2016, the Company listed for sale its real property located in Alachua, Florida. In the event we are able to complete the sale of this property on terms acceptable to us, we expect to repay our secured loans and terminate our cyclodextrin manufacturing and distribution business. Our strategy going forward is to focus on biopharmaceutical opportunities in healthcare where we believe cyclodextrin applications have maximum value.

The Company presently believes that it has sufficient cash to meet its anticipated operating costs and capital expenditure requirements for at least the next twelve months. Additional capital will be required in the future to develop our drug product candidates through clinical development, manufacturing and commercialization. Our ability to obtain such additional capital will likely be subject to various factors, including the results of our clinical trials, our progress in obtaining regulatory approval for our drug candidates and market conditions.

On January 21, 2016, we closed on the sale of our real property located in High Springs, Florida, which had been previously classified on the our balance sheet as property held for sale, with a carrying value of $275,000. Pursuant to the terms of the sale, at the closing, the buyer paid us $10,000 in cash, less selling costs and settlement charges, and we received a promissory note in the principal amount of $265,000, and a mortgage in our favor securing the buyer’s obligations under the promissory note. The promissory note provides for monthly payments of $3,653, including principal and interest at 4.25%, over a seven-year period commencing March 1, 2016.

We plan to use our available cash primarily for the development of our Trappsol® Cyclo™ orphan drug product, including implementation of our International Clinical Program and U.S. clinical trials and designs, and other general corporate purposes.

We have no off-balance sheet arrangements at June 30, 2016.

Results of Operations - Three and Six Months Ended June 30, 2016 Compared to Three and Six Months Ended June 30, 2016

We reported a net loss of $(1,071,000) and $(1,777,000) for the three and six months ended June 30, 2016, respectively, compared to a net loss of $(360,000) and $(748,000) for the three and six months ended June 30, 2015, respectively.

Total revenues for the three month period ended June 30, 2016 increased 10% to $384,000 compared to $380,000 for the same period in 2015. Total revenues for the six month period ended June 30, 2016 increased 26% to $697,000 compared to $554,000 for the same period in 2015.

Our change in the mix of our product sales for the three and six months ended June 30, 2016 and 2015 is as follows:

Trappsol® Cyclo

Our sales of Trappsol® Cyclo™ were relatively unchanged for the three month period ended June 30, 2016, at $241,000, compared to $240,000 for the three month period ended June 30, 2015. Our sales of Trappsol® Cyclo™ increased by 25% for the six month period ended June 30, 2016, to $386,000 from $310,000 for the six month period ended June 30, 2015. Our sales to a particular customer who exports Trappsol® Cyclo™ to South America were $231,000 (96% of total sales of Trappsol® Cyclo™) for the three months ended June 30, 2016, compared to $213,000 (89% of total sales of Trappsol® Cyclo™) for the three months ended June 30, 2015; and our sales to that same customer who exports Trappsol® Cyclo™ to South America were $365,000 (95% of total sales of Trappsol® Cyclo™) for the six month period ended June 30, 2016, compared to $270,000 (87% of total sales of Trappsol® Cyclo™) for the six month period ended June 30, 2015. Our 2015 sales to this customer were $296,000 (84% of total 2015 sales of Trappsol® Cyclo™). This product is designated as an orphan drug; the population of patients is small and while we expect our future sales to increase, the timing of sales will be unpredictable and our ability to market the drug for use other than research is severely constrained by regulatory restrictions in the applicable jurisdictions.

Trappsol® HPB

Our sales of Trappsol® HPB increased by 9% for the three month period ended June 30, 2016, to $90,000 from $83,000 for the three months ended June 30, 2015. Our sales of Trappsol® HPB increased by 49% for the six month period ended June 30, 2016, to $228,000 from $153,000 for the six month period ended June 30, 2015.

Trappsol® other products

Our sales of other Trappsol® products decreased by 19% for the three month period ended June 30, 2016, to $25,000 from $31,000 for the three month period ended June 30, 2015. Our sales of other Trappsol® products decreased by 26% for the six month period ended June 30, 2016, to $40,000 from $54,000 for the six month period ended June 30, 2015.

Aquaplex®

Our sales of Aquaplex® were $21,000 for the three month period ended June 30, 2016 compared to $23,000 for the three month period ended June 30, 2015. Our sales of Aquaplex® were $21,000 for the six month period ended June 30, 2016 compared to $31,000 for the six month period ended June 30, 2015.

Our largest customers continue to follow historical product ordering trends by placing periodic large orders that represent a significant share of our annual sales volume. During the six months ended June 30, 2016, our three largest customers accounted for 73% of our sales; the largest accounted for 54% of sales. During the six months ended June 30, 2015, our three largest customers accounted for 65% of our sales; the largest accounted for 49% of sales. Historically, our usual smaller sales of HPB occur more frequently throughout the year compared to our large sales that we receive periodically. The timing of when we receive and are able to complete these two kinds of sales has a significant effect on our quarterly revenues and operating results and makes period to period comparisons difficult.

Our cost of products sold (excluding any allocation of direct and indirect overhead and handling costs) for the six month period ended June 30, 2016 was 15% ($93,000) compared to 14% ($80,000) for the same period in 2015. Our cost of products sold (excluding any allocation of direct and indirect overhead and handling costs) as a percentage of sales was 15% ($56,000) for the three months ended June 30, 2016 compared to 15% ($57,000) for the same period in 2015. Historically, the timing and product mix of sales to our large customers has had a significant effect on our sales, cost of products sold (excluding any allocation of direct and indirect overhead and handling costs) and the related margin. We did not experience any significant increases in material costs during 2015 or 2014, or the first six months of 2016.

Our gross margins may not be comparable to those of other entities, since some entities include all the costs related to their distribution network in cost of goods sold. Our cost of goods sold includes only the cost of products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense. We have six employees who provide receiving, inspection, warehousing and shipping operations for us. The cost of these employees, and our other employees, are included in personnel expense. Our other costs of warehousing and shipping functions are included in office and other expense.

As we buy most of our inventory from foreign suppliers, the change in the value of the U.S. dollar in relation to the Euro, Yen and Yuan has had and will continue to have an effect on our cost of inventory. Our main supplier of specialty cyclodextrins and complexes, Cyclodextrin Research & Development Laboratory, is located in Hungary and its prices are set in Euros.

Personnel expenses increased to $381,000 for the three months ended June 30, 2016 from $167,000 for the three months ended June 30, 2015. Personnel expenses increased to $682,000 for the six months ended June 30, 2016 from $328,000 for the six months ended June 30, 2015. The increase in personnel expense is due to an increase in the number of employees and employee healthcare benefits. We expect personnel costs to continue to increase in 2016 as the result of additional employees and our International Clinical Program product development activities.

Research and development expenses increased to $661,000 for the three months ended June 30, 2016, from $111,000 for the three months ended June 30, 2015. Research and development expenses increased to $944,000 for the six months ended June 30, 2016, from $178,000 for the six months ended June 30, 2015. The increase in research and development expense is due to the International Clinical Program. We expect research and development costs to increase in 2016 as we continue to seek regulatory approval for the use of Trappsol® Cyclo™ in the treatment of NPC.

Repairs and maintenance expenses increased to $10,000 for the three months ended June 30, 2016 from $7,000 for the three months ended June 30, 2015. Repairs and maintenance expenses increased to $16,000 for the six months ended June 30, 2016 from $17,000 for the six months ended June 30, 2015.

Professional fees decreased to $77,000 for the three months ended June 30, 2016, compared to $131,000 for the three months ended June 30, 2015. Professional fees increased to $279,000 for the six months ended June 30, 2016, compared to $223,000 for the six months ended June 30, 2015. Professional fees may further increase due to new initiatives in raising capital or compliance for developing new products.

Office and other expenses increased to $195,000 for the three months ended June 30, 2016 compared to $85,000 for the three months ended June 30, 2015. Office and other expenses increased to $307,000 for the six months ended June 30, 2016 compared to $128,000 for the six months ended June 30, 2015.

Board of Directors fees and costs decreased to $22,000 for the three months ended June 30, 2016, compared to $134,000 for the three months ended June 30, 2015. Board of Directors fee and costs decreased to $46,000 for the six months ended June 30, 2016, compared to $252,000 for the six months ended June 30, 2015.

Amortization and depreciation was $47,000 for the three months ended June 30, 2016, compared to $39,000 for the three months ended June 30, 2015. Amortization and depreciation was $88,000 for the six months ended June 30, 2016, compared to $81,000 for the six months ended June 30, 2015.

Freight and shipping was $2,000 for the three months ended June 30, 2016 and 2015, respectively. Freight and shipping was $4,000 for the six months ended June 30, 2016, compared to $3,000 for the six months ended June 30, 2015.

Interest expense was $7,000 for the three months ended June 30, 2016, compared to $8,000 for the six months ended June 30, 2015. Interest expense was $15,000 for the six months ended June 30, 2016, compared to $16,000 for the six months ended June 30, 2015.

We increased our valuation allowance to offset the increase in our deferred tax asset from our net operating loss and did not recognize an income benefit or provision for the three and six months ended June 30, 2016, and 2015, respectively.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

a. Evaluation of Disclosure Controls and Procedures.

Our management, with the participation of our principal executive and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this quarterly report (the "Evaluation Date"). Based on such evaluation, our principal executive and principal financial officer has concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective.

b. Changes in Internal Control.

We made no changes in our internal control over financial reporting (as defined in Rules 13a-15(f)) and 15d-15(f) under the Exchange Act) identified in connection with the evaluation of our internal controls that occurred during our last fiscal quarter that has materially affected, or which is reasonably likely to materially affect, our internal controls over financial reporting.

PART II. OTHER INFORMATION

Item 1A. Risk Factors.

We have identified no additional risk factors other than those included in Part I, Item 1A of our Form 10-K for the fiscal year ended December 31, 2015. Readers are urged to carefully review our risk factors because they may cause our results to differ from the "forward-looking" statements made in this report. Additional risks not presently known to us or other factors not perceived by us to present significant risks to our business at this time also may impair our business, financial condition and results of operations. We do not undertake to update any of the "forward-looking" statements or to announce the results of any revisions to these "forward-looking" statements except as required by law.

Item 6. Exhibits.

EXHIBIT NO.		DESCRIPTION

31.1		Rule 13a-14(a)/15d-14a(a) Certifications

32.1		Section 1350 Certifications

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

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

	CTD HOLDINGS, INC.

Date: August 12, 2016	By:	/s/ N. Scott Fine
		N. Scott Fine
		Chief Executive Officer
		(principal executive, financial and accounting officer)

EX-31.1 2 f10q0616ex31i_ctdholdings.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

I, N. Scott Fine, certify that:

I have reviewed this Quarterly Report on Form 10-Q of CTD Holdings, Inc.;

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;

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;

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:

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;

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;

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

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

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):

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

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 12, 2016	By:	/s/ N. Scott Fine
		N. Scott Fine
		Chief Executive Officer
		(principal executive, financial and accounting officer)

EX-32.1 3 f10q0616ex32i_ctdholdings.htm CERTIFICATION

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of CTD Holdings, Inc. (the “Company”) for the fiscal quarter ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, N. Scott Fine, certify, pursuant to 18 U.S.C. §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 results of operations of the Company.

Date: August 12, 2016	/s/ N. Scott Fine
	N. Scott Fine
	Chief Executive Officer
	(principal executive, financial and accounting officer)

EX-101.INS 4 ctdh-20160630.xml XBRL INSTANCE FILE 0000922247 2014-12-31 0000922247 2015-01-01 2015-01-21 0000922247 2015-04-01 2015-06-30 0000922247 2015-01-01 2015-06-30 0000922247 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2015-01-01 2015-06-30 0000922247 us-gaap:PrivatePlacementMember 2015-07-10 0000922247 us-gaap:WarrantMember 2015-07-10 0000922247 us-gaap:PrivatePlacementMember 2015-07-01 2015-07-10 0000922247 us-gaap:WarrantMember 2015-07-01 2015-07-10 0000922247 us-gaap:WarrantMember 2015-07-28 0000922247 us-gaap:PrivatePlacementMember 2015-08-20 0000922247 us-gaap:WarrantMember 2015-08-20 0000922247 us-gaap:PrivatePlacementMember 2015-08-01 2015-08-20 0000922247 us-gaap:WarrantMember 2015-08-01 2015-08-20 0000922247 2015-01-01 2015-12-31 0000922247 us-gaap:AccountsReceivableMember 2015-01-01 2015-12-31 0000922247 2015-12-31 0000922247 us-gaap:LandAndBuildingMember 2015-12-31 0000922247 us-gaap:BuildingAndBuildingImprovementsMember 2015-12-31 0000922247 2016-01-21 0000922247 2016-01-01 2016-01-21 0000922247 us-gaap:PrivatePlacementMember 2016-06-06 0000922247 us-gaap:WarrantMember 2016-06-06 0000922247 us-gaap:PrivatePlacementMember 2016-06-01 2016-06-06 0000922247 us-gaap:WarrantMember 2016-06-01 2016-06-06 0000922247 2016-04-01 2016-06-30 0000922247 2016-01-01 2016-06-30 0000922247 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2016-01-01 2016-06-30 0000922247 us-gaap:AccountsReceivableMember 2016-01-01 2016-06-30 0000922247 us-gaap:WarrantMember 2016-01-01 2016-06-30 0000922247 us-gaap:LandAndBuildingMember 2016-01-01 2016-06-30 0000922247 us-gaap:BuildingAndBuildingImprovementsMember 2016-01-01 2016-06-30 0000922247 ctdh:ComputersAndVehiclesMember us-gaap:MaximumMember 2016-01-01 2016-06-30 0000922247 ctdh:ComputersAndVehiclesMember us-gaap:MinimumMember 2016-01-01 2016-06-30 0000922247 us-gaap:MachineryAndEquipmentMember us-gaap:MaximumMember 2016-01-01 2016-06-30 0000922247 us-gaap:MachineryAndEquipmentMember us-gaap:MinimumMember 2016-01-01 2016-06-30 0000922247 us-gaap:LandImprovementsMember 2016-01-01 2016-06-30 0000922247 us-gaap:BuildingAndBuildingImprovementsMember 2016-01-01 2016-06-30 0000922247 2016-06-30 0000922247 us-gaap:WarrantMember 2016-06-30 0000922247 us-gaap:LandAndBuildingMember 2016-06-30 0000922247 us-gaap:BuildingAndBuildingImprovementsMember 2016-06-30 0000922247 us-gaap:WarrantMember us-gaap:MaximumMember 2016-06-30 0000922247 us-gaap:WarrantMember us-gaap:MinimumMember 2016-06-30 0000922247 2016-08-11 0000922247 2015-06-30 xbrli:shares iso4217:USD iso4217:USDxbrli:shares ctdh:Customers xbrli:pure CTD HOLDINGS INC 0000922247 false --12-31 10-Q 2016-06-30 2016 Q2 Smaller Reporting Company 66776820

2380054

1842233

2133725

1426589

55636

81150

610166

616562

27228

14851

10739

2522886

2869404

1892943

1810054

275000

66424

65342

226857

341424

292199

4757253

4971657

257537

434172

719737

688734

34296

1011570

1122906

5867

6667

9015582

10894782

-5275766

-7052698

3745683

3848751

4757253

4971657

0.0001

100000000

58670347

66670347

58670347

66670347

0.0001

5000000

380340

553538

384386

697071

166641

328272

381147

682438

57406

79872

56169

93003

110834

178065

660867

943549

7093

16549

9805

15739

130759

222908

77230

279030

85042

127787

195459

307315

134053

251789

21800

46381

39269

80564

47210

88357

1604

3330

2127

3792

700

-4489

732701

1288436

1451814

2464093

-352361

-734898

-1067428

-1767022

2240

3440

4843

7899

15778

7173

14753

-7819

-13538

-3733

-9910

-360180

-748436

-1071161

-1776932

-360180

-748436

2551000

-1071161

-1776932

-0.01

-0.02

-0.03

54455882

54454132

60803680

59737014

80564

88357

-31684

25514

26877

1438

16668

-4112

-18995

176635

49008

246641

-699428

1989000

-1530291

225175

9343

700

5510

-10915

-224475

7082

29562

31003

34296

-29562

1814701

-953465

291492

15778

14753

265000

<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The following is a summary of the more significant accounting policies of CTD Holdings, Inc. and subsidiaries (the “Company”) that affect the accompanying consolidated financial statements. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990, as a Florida corporation with operations beginning in July 1992. We are a biotechnology company that develops cyclodextrin-based products for the treatment of disease. We have filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) for our lead drug candidate, Trappsol® Cyclo™ as a treatment for Niemann-Pick Type C disease (“NPC”), and recently filed an Investigational New Drug application (IND) with the FDA which describes our Phase I clinical plans in the US. The Company has also filed a Clinical Trial Application with the United Kingdom's Medicines and Healthcare Products Regulatory Agency, and launched an International Clinical Program for Trappsol® Cyclo™. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">While we also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs with continuing growth in research and new product development, our core business has transitioned to a biotechnology company primarily focused on the development of cyclodextrin-based biopharmaceuticals for the treatment of disease from a business which had been primarily reselling basic cyclodextrin products.  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">   <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(b) BASIS OF PRESENTATION––The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Operating results for the three and six month periods ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on March 30, 2016. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, we have concluded that losses on balances outstanding at June 30, 2016 and December 31, 2015 will be immaterial. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost (first-in, first-out) or market. Cost of products sold includes the acquisition cost of the products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(f) PROPERTY AND EQUIPMENT––Property and equipment are recorded at cost. Depreciation on property and equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three to five years for computers and vehicles, seven to ten years for machinery and furniture, fifteen years for certain land <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">improvements, and forty years for buildings and building improvements). We periodically review our long-lived assets to determine if the carrying value of assets may not be recoverable. If an impairment is identified, we recognize a loss for the difference between the carrying amount and the estimated fair value of the asset. No impairments were identified or recorded for the six months ended June 30, 2016 or 2015. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(g) REVENUE RECOGNITION––We recognize revenue from product sales, royalties, and drying services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Product sales and shipping revenues, net of any discounts or return allowances, are recorded when the products are shipped and title passes to customers. Sales to customers are made pursuant to a sales contract that provides for transfer of both title and risk of loss upon our delivery to the carrier. Return allowances, which reduce product revenue, have been historically infrequent, and are recorded when they become known. Amounts received in advance are deferred and recognized as revenue when all four revenue recognition criteria have been met. There is no deferred revenue at June 30, 2016 and December 31, 2015. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(h) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(i) INCOME TAXES––Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, tax benefits related to positions considered uncertain are recognized only when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(j) NET LOSS PER COMMON SHARE––Basic and fully diluted net loss per common share is computed using a simple weighted average of common shares outstanding during the periods presented, as outstanding warrants to purchase 9,057,500 and 577,500 common shares were antidilutive for the three and six months ended June 30, 2016 and 2015, respectively, and have been excluded from the calculation of loss per common share. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(k) STOCK BASED COMPENSATION––The Company periodically awards stock to employees, directors, and consultants. An expense is recognized equal to the fair value of the stock determined using the closing trading price of the stock on the award date. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(l) CONCENTRATIONS OF CREDIT RISK––Significant concentrations of credit risk for all financial instruments owned by the Company are as follows: <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">(i) DEMAND AND CERTIFICATE OF DEPOSITS––We maintain bank accounts in Federal credit unions and other financial institutions, which are insured up to the Federal Deposit Insurance Corporation limits. The bank accounts may exceed Federally insured levels; however, we have not experienced any losses in such accounts. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">(ii) ACCOUNTS RECEIVABLE––Our accounts receivable consist of amounts due primarily from chemical supply and pharmaceutical companies located primarily in the United States. Four customers accounted for 86% of the accounts receivable balance at June 30, 2016. Five customers accounted for 89% of the accounts receivable balance at December 31, 2015. We have no policy requiring collateral or other security to support our accounts receivable. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(m) LIQUIDITY––For the year ended December 31, 2015, the Company incurred a net loss of approximately $2,551,000 and used net cash in operations in the amount of approximately $1,989,000. For the six months ended June 30, 2016, the Company incurred a net loss of $1,776,932, used net cash in operations in the amount of $1,530,291, and received net proceeds of $1,880,000 from the sale of its securities. At June 30, 2016, the Company had a cash balance of $2,133,725 and working capital of $1,746,498. The Company seeks to raise capital from time to time through the sale of its common stock and other securities. In the event that the Company cannot raise sufficient capital when required, management may have to reduce expenditures related to its operations. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(n) USE OF ESTIMATES––The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(o) NEW ACCOUNTING PRONOUNCEMENTS––The Financial Accounting Standards Board (FASB) has issued various Accounting Standards Updates (ASUs), including ASU 2014-09, Revenue from Contracts with Customers, as subsequently amended; ASU 2014-15, Presentation of Financial Statements-Going Concern; ASU 2015-03, Interest-Imputation of Interest (Simplifying the Presentation of Debt Issuance Costs); ASU 2015-17, Income Taxes; and ASU 2016-02, Leases, which are effective in future fiscal years. We do not expect the adoption of these standards to have a material effect on our financial position or results of operations.

<div>(c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less.</div>

<div>(d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, we have concluded that losses on balances outstanding at June 30, 2016 and December 31, 2015 will be immaterial.</div>

<div>(e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost (first-in, first-out) or market. Cost of products sold includes the acquisition cost of the products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense.</div>

<div>(g) REVENUE RECOGNITION––We recognize revenue from product sales, royalties, and drying services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Product sales and shipping revenues, net of any discounts or return allowances, are recorded when the products are shipped and title passes to customers. Sales to customers are made pursuant to a sales contract that provides for transfer of both title and risk of loss upon our delivery to the carrier. Return allowances, which reduce product revenue, have been historically infrequent, and are recorded when they become known. Amounts received in advance are deferred and recognized as revenue when all four revenue recognition criteria have been met. There is no deferred revenue at June 30, 2016 and December 31, 2015.</div>

<div>(h) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred.</div>

<div>(i) INCOME TAXES––Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, tax benefits related to positions considered uncertain are recognized only when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.</div>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold; border-bottom: 1.5pt solid black; text-align: left;">Year Ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">Year</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1379px; text-align: left;">2016</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">62,411</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">2017</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">64,982</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">2018</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">67,658</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">2019</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">70,446</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">2020</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">42,750</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt; text-align: left;">Thereafter</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">396,028</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">704,275</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> </tr> </table> <div> </div>

577500

9057500

P5Y

P3Y

P10Y

P7Y

P15Y

P40Y

5 4

0.49

0.89

0.64

0.86

1746498

10000

265000

0.0425

Over a seven-year period commencing March 1, 2016, with the unpaid balance due in February 2023.

3653

3506

4051

62411

64982

67658

70446

42750

396028

704275

516685

203052

506042

182692

Monthly payments of $3,506, including principal and interest at 3.99%, are due, with a final balloon payment of approximately $350,000 due in July 2023.

Monthly payments of $4,051, including principal and interest at 3.99%, are due through and including July 2020.

2023-07-31

2020-07-31

0.0399

350000

The note has a voluntary prepayment penalty which was 3% of the principal repaid as of the date of this filing, and which decreases 1% on July 17 of each year. Penalty of 2% of the outstanding balance if we voluntarily repay the loan prior to July 17, 2018.

35000

2600000

1300000

8000000

16520

1300000

650000

2000000

0.50

0.25

P7Y P7Y P7Y

156000

78000

480000

8577500

0.50

0.25

0.50

0.25

1.00

0.25

78616

314465

480000

Expire in 2023. Expire in years 2021 through 2023. 1 2 1880000

1880000

EX-101.SCH 5 ctdh-20160630.xsd XBRL SCHEMA FILE 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Consolidated Statements of Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Mortgage Note Receivable link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Debt link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Equity Transactions link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Sales Concentrations link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Other link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Debt (Tables) link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Mortgage Note Receivable (Details) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Debt (Details) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Debt (Details Textual) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Equity Transactions (Details) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Sales Concentrations (Details) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 6 ctdh-20160630_cal.xml XBRL CALCULATION FILE EX-101.DEF 7 ctdh-20160630_def.xml XBRL DEFINITION FILE EX-101.LAB 8 ctdh-20160630_lab.xml XBRL LABEL FILE Document and Entity Information [Abstract] Document and Entity Information [Abstract] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag Current Fiscal Year End Date Current Fiscal Year End Date Document Type Document Type Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Statement of Financial Position [Abstract] Balance Sheets [Abstract] Statement of Financial Position [Abstract] Assets [Abstract] ASSETS Assets, Current [Abstract] CURRENT ASSETS Cash and Cash Equivalents, At Carrying Value Cash and cash equivalents Cash and cash equivalents CASH AND CASH EQUIVALENTS, beginning of period CASH AND CASH EQUIVALENTS, end of period Cash and cash equivalents Accounts Receivable, Net, Current Accounts receivable, net Accounts receivable Inventory, Net Inventory Inventory Accounts, Notes, Loans and Financing Receivable, Net, Current Current portion of mortgage note receivable Other Assets, Current Other current assets Assets, Current Total current assets Total current assets Property, Plant and Equipment, Net PROPERTY AND EQUIPMENT, NET Property and equipment, net Other Assets, Noncurrent [Abstract] OTHER ASSETS Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent Carrying value of property held for sale Property held for sale Deferred Costs, Noncurrent Deferred costs, net Accounts, Notes, Loans and Financing Receivable, Net, Noncurrent Mortgage note receivable, less current portion Other Assets, Noncurrent Total other assets Assets TOTAL ASSETS TOTAL ASSETS Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities, Current [Abstract] CURRENT LIABILITIES Accounts Payable and Accrued Liabilities, Current Accounts payable and accrued expenses Accounts payable and accrued expenses Notes Payable, Current Notes payable Line of Credit, Current Line of credit Liabilities, Current Total current liabilities Total current liabilities Stockholders' Equity Attributable To Parent [Abstract] STOCKHOLDERS' EQUITY Common Stock, Value, Issued Common stock, par value $.0001 per share, 100,000,000 shares authorized, 66,670,347 and 58,670,347 shares issued and outstanding, respectively Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Preferred Stock, Value, Issued Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, no shares issued or outstanding Preferred Stock, Value, Issued, Total Preferred Stock, Value, Issued, Beginning Balance Preferred Stock, Value, Issued, Ending Balance Additional Paid In Capital Additional paid-in capital Additional paid-in capital Additional Paid in Capital, Beginning Balance Additional Paid in Capital, Ending Balance Retained Earnings (Accumulated Deficit) Accumulated deficit Accumulated deficit Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Stockholders' Equity Attributable To Parent Total stockholders' equity Total stockholders' equity Balance Balance Liabilities and Equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Common Stock, Par Or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock, shares outstanding Common stock, shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Preferred Stock, Par Or Stated Value Per Share Preferred stock liquidation preference Preferred stock, par value (in dollars per share) Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Preferred Stock, Shares Outstanding, Beginning Balance Preferred Stock, Shares Outstanding, Ending Balance Statements Of Operations [Abstract] Income Statement [Abstract] Revenues [Abstract] REVENUES Sales Revenue, Goods, Net Product sales Costs and Expenses [Abstract] EXPENSES Compensation Personnel Cost Of Goods and Services Sold Cost of products sold (exclusive of amortization and depreciation, shown separately below) Cost of Goods and Services Sold, Total Research and Development Expense Research and development Maintenance Costs Repairs and maintenance Professional Fees Professional fees Other Selling, General and Administrative Expense Office and other Noninterest Expense Directors Fees Board of Director fees and costs Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization Amortization and depreciation Shipping, Handling and Transportation Costs Freight and shipping Gain (Loss) on Disposition of Assets Gain on disposal of equipment Loss (gain) on disposal of property and equipment Costs and Expenses Total expenses Operating Income (Loss) Net operating losses OPERATING INCOME (LOSS) LOSS FROM OPERATIONS Nonoperating Income (Expense) [Abstract] OTHER INCOME (EXPENSE) Investment Income, Nonoperating Investment and other income Investment Income, Nonoperating, Total Interest Expense Interest expense Interest Expense, Total Interest expense Nonoperating Income (Expense) Investment and other income Total other income (expense) Income (Loss) From Continuing Operations Before Income Taxes, Extraordinary Items, Noncontrolling Interest Taxable income NET INCOME (LOSS) BEFORE INCOME TAXES LOSS BEFORE INCOME TAXES Income Tax Expense (Benefit) Deferred income taxes Income tax benefit Deferred income taxes Provision for income taxes Income tax expense Provision for income taxes Net Income (Loss) Attributable to Parent Net loss Net loss NET LOSS Earnings Per Share, Basic and Diluted BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE Weighted Average Number Of Shares Outstanding, Basic and Diluted WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING Statements Of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Increase (Decrease) In Operating Capital [Abstract] Increase or decrease in: Increase (Decrease) In Accounts Receivable Accounts receivable Accounts receivable Increase (Decrease) In Inventories Inventory Increase (Decrease) in Inventories, Total Inventory Increase (Decrease) In Other Current Assets Other current assets Other current assets Increase (Decrease) In Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities Total adjustments Total adjustments Net Cash Provided by (Used in) Operating Activities Net cash used in operating activities NET CASH PROVIDED BY OPERATING ACTIVITIES NET CASH USED IN OPERATING ACTIVITIES Net Cash Provided By (Used In) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES Payments To Acquire Property, Plant, and Equipment Purchase of property and equipment Purchase of equipment and building improvements Payments for (Proceeds from) Loans Receivable Proceeds from mortgage note receivable Proceeds from mortgage note receivable Proceeds from Sale of Productive Assets Proceeds from sale of property and equipment, net of closing costs Net Cash Provided By (Used In) Investing Activities NET CASH USED IN INVESTING ACTIVITIES NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES Net Cash Provided By (Used In) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES Repayments of Notes Payable Principal payments on notes payable Principal payments on notes payable Repayments of Lines of Credit Payments on line of credit Net Proceeds From Sale Of Common Stock And Warrants Net proceeds from sale of common stock and warrants Net proceeds from sale of common stock and warrants. Net Cash Provided By (Used In) Financing Activities NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES Cash and Cash Equivalents, Period Increase (Decrease) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Interest Paid Cash paid for interest Income Taxes Paid Cash paid for income taxes Noncash Investing and Financing Items [Abstract] SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING Mortgage Loan Related to Property Sales Exchange of property held for sale for a mortgage note receivable Summary of Significant Accounting Policies [Abstract] Significant Accounting Policies [Text Block] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Mortgage Note Receivable [Abstract] Mortgage Note Receivable Loans, Notes, Trade and Other Receivables Disclosure [Text Block] MORTGAGE NOTE RECEIVABLE Debt [Abstract] Debt Disclosure [Abstract] Long-Term Debt [Text Block] DEBT Equity Transactions [Abstract] Warrants issued to purchase common stock Stockholders' Equity Note Disclosure [Text Block] EQUITY TRANSACTIONS: Income Taxes [Abstract] Income Taxes Income Tax Disclosure [Text Block] INCOME TAXES: Sales Concentrations [Abstract] Risks and Uncertainties [Abstract] Concentration Risk Disclosure [Text Block] CONCENTRATIONS: SALES CONCENTRATIONS: Other [Abstract] Other [Text Block] OTHER: The entire disclosure for other information. Organization And Operations [Policy Text Block] ORGANIZATION AND OPERATIONS Disclosure of accounting policy for organization and operations. Basis of Accounting, Policy [Policy Text Block] BASIS OF PRESENTATION Cash and Cash Equivalents, Policy [Policy Text Block] CASH AND CASH EQUIVALENTS Receivables, Policy [Policy Text Block] ACCOUNTS RECEIVABLE Inventory, Policy [Policy Text Block] INVENTORY AND COST OF PRODUCTS SOLD Property, Plant and Equipment, Policy [Policy Text Block] PROPERTY AND EQUIPMENT Revenue Recognition, Policy [Policy Text Block] REVENUE RECOGNITION Research and Development Expense, Policy [Policy Text Block] RESEARCH AND DEVELOPMENT COSTS Income Tax, Policy [Policy Text Block] INCOME TAXES Earnings Per Share, Policy [Policy Text Block] NET LOSS PER COMMON SHARE Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] STOCK BASED COMPENSATION Concentration Risk, Credit Risk, Policy [Policy Text Block] CONCENTRATIONS OF CREDIT RISK Liquidity [Policy Text Block] LIQUIDITY Disclosure of accounting policy for liquidity. Use of Estimates, Policy [Policy Text Block] USE OF ESTIMATES New Accounting Pronouncements, Policy [Policy Text Block] NEW ACCOUNTING PRONOUNCEMENTS Schedule of Maturities of Long-term Debt [Table Text Block] Summary of long-term debt obligations Property, Plant and Equipment [Table] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Computers And Vehicles [Member] Machinery and Equipment [Member] Machinery and Furniture [Member] Land Improvements [Member] Building and Building Improvements [Member] Building and improvements [Member] Building and Building Improvements [Member] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Domain] Accounts Receivable [Member] Accounts Receivable [Member] Range [Axis] Range [Domain] Maximum [Member] Maximum [Member] Minimum [Member] Minimum [Member] Property, Plant and Equipment [Line Items] Summary Of Significant Accounting Policies Textual [Abstract] Summary of Significant Accounting Policies (Textual) Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Antidilutive securities excluded from computation of earnings per share Property, Plant and Equipment, Useful Life Number Of Customers Accounted Number of customers accounted Number of customers accounted. Concentration Risk, Percentage Concentration risk, percentage of major customer Percentage of revenue accounted by major customer Working Capital Working capital It represent working capital. Proceeds from Issuance or Sale of Equity Proceeds from sale of securities Selling Expense Selling costs and settlement charges Notes Payable Promissory note, principal amount Debt Instrument, Interest Rate, Effective Percentage promissory not, interest rate Debt Instrument, Maturity Date, Description promissory note, maturity description Debt Instrument, Periodic Payment Promissory note monthly payments Promissory note monthly payments Long -Term Debt Obligations Summary of Long -term debt obligations Long-Term Debt, Maturities, Repayments Of Principal In Next Twelve Months 2016 Long-Term Debt, Maturities, Repayments Of Principal In Year Two 2017 Long-Term Debt, Maturities, Repayments Of Principal In Year Three 2018 Long-Term Debt, Maturities, Repayments Of Principal In Year Four 2019 Long-Term Debt, Maturities, Repayments Of Principal In Year Five 2020 Long-Term Debt, Maturities, Repayments Of Principal After Year Five Thereafter Long-Term Debt Long-term Debt Total Long-term debt obligations Total Long-term debt obligations Schedule Of Long-Term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Financial Instruments Owned and Pledged As Collateral By Type [Axis] Financial Instruments Owned and Pledged as Collateral by Type [Axis] Financial Instruments Owned and Pledged As Collateral, Type [Domain] Financial Instruments Owned and Pledged as Collateral, Type [Domain] Land and Building [Member] Land and building acquired [Member] Commercial Real Estate [Member] Commercial Real Estate [Member] Short-term Debt, Type [Axis] Short-term Debt, Type [Domain] Notes Payable, Other Payables [Member] Notes Payable [Member] Debt Instrument [Line Items] Debt Instrument [Line Items] Debt Textual [Abstract] Debt (Textual) Notes Payable, Noncurrent Note payable amount Debt Instrument, Payment Terms Debt instrument, Payment terms Held-To-Maturity Securities, Debt Maturities, Date Maturity date of notes Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate Accrued interest rate per year Mortgage Loans on Real Estate, Periodic Payment Terms, Balloon Payment to be Received Payment of Final balloon (principal and accrued interest) Description Of Prepayment Penalty Description of prepayment penalty Description of prepayment penalty. Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Table] Sale of Stock [Axis] Sale of Stock [Domain] Private Placement [Member] Private Placement [Member] Equity Components [Axis] Equity Component [Domain] Warrant [Member] Warrant [Member] Subsidiary, Sale of Stock [Line Items] Stock Transactions Textual [Abstract] Stock Transactions (Textual) Stock Issued During Period, Shares, New Issues Shares issued under common stock transaction EX-101.PRE 9 ctdh-20160630_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 11, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	CTD HOLDINGS INC
Entity Central Index Key	0000922247
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		66,776,820

XML 11 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 2,133,725	$ 1,842,233
Accounts receivable, net	81,150	55,636
Inventory	616,562	610,166
Current portion of mortgage note receivable	27,228
Other current assets	10,739	14,851
Total current assets	2,869,404	2,522,886
PROPERTY AND EQUIPMENT, NET	1,810,054	1,892,943
OTHER ASSETS
Property held for sale		275,000
Deferred costs, net	65,342	66,424
Mortgage note receivable, less current portion	226,857
Total other assets	292,199	341,424
TOTAL ASSETS	4,971,657	4,757,253
CURRENT LIABILITIES
Accounts payable and accrued expenses	434,172	257,537
Notes payable	688,734	719,737
Line of credit		34,296
Total current liabilities	1,122,906	1,011,570
STOCKHOLDERS' EQUITY
Common stock, par value $.0001 per share, 100,000,000 shares authorized, 66,670,347 and 58,670,347 shares issued and outstanding, respectively	6,667	5,867
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, no shares issued or outstanding
Additional paid-in capital	10,894,782	9,015,582
Accumulated deficit	(7,052,698)	(5,275,766)
Total stockholders' equity	3,848,751	3,745,683
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,971,657	$ 4,757,253

XML 12 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	66,670,347	58,670,347
Common stock, shares outstanding	66,670,347	58,670,347
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding

XML 13 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUES
Product sales	$ 384,386	$ 380,340	$ 697,071	$ 553,538
EXPENSES
Personnel	381,147	166,641	682,438	328,272
Cost of products sold (exclusive of amortization and depreciation, shown separately below)	56,169	57,406	93,003	79,872
Research and development	660,867	110,834	943,549	178,065
Repairs and maintenance	9,805	7,093	15,739	16,549
Professional fees	77,230	130,759	279,030	222,908
Office and other	195,459	85,042	307,315	127,787
Board of Director fees and costs	21,800	134,053	46,381	251,789
Amortization and depreciation	47,210	39,269	88,357	80,564
Freight and shipping	2,127	1,604	3,792	3,330
Loss (gain) on disposal of property and equipment			4,489	(700)
Total expenses	1,451,814	732,701	2,464,093	1,288,436
LOSS FROM OPERATIONS	(1,067,428)	(352,361)	(1,767,022)	(734,898)
OTHER INCOME (EXPENSE)
Investment and other income	3,440	80	4,843	2,240
Interest expense	(7,173)	(7,899)	(14,753)	(15,778)
Total other income (expense)	(3,733)	(7,819)	(9,910)	(13,538)
LOSS BEFORE INCOME TAXES	(1,071,161)	(360,180)	(1,776,932)	(748,436)
Provision for income taxes
NET LOSS	$ (1,071,161)	$ (360,180)	$ (1,776,932)	$ (748,436)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE	$ (0.02)	$ (0.01)	$ (0.03)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	60,803,680	54,455,882	59,737,014	54,454,132

XML 14 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,776,932)	$ (748,436)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	88,357	80,564
Loss (gain) on disposal of property and equipment	4,489	(700)
Increase or decrease in:
Accounts receivable	(25,514)	31,684
Inventory	(1,438)	(26,877)
Other current assets	4,112	(16,668)
Accounts payable and accrued expenses	176,635	(18,995)
Total adjustments	246,641	49,008
NET CASH USED IN OPERATING ACTIVITIES	(1,530,291)	(699,428)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment and building improvements	(9,343)	(225,175)
Proceeds from mortgage note receivable	10,915
Proceeds from sale of property and equipment, net of closing costs	5,510	700
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	7,082	(224,475)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes payable	(31,003)	(29,562)
Payments on line of credit	(34,296)
Net proceeds from sale of common stock and warrants	1,880,000
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1,814,701	(29,562)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	291,492	(953,465)
CASH AND CASH EQUIVALENTS, beginning of period	1,842,233	2,380,054
CASH AND CASH EQUIVALENTS, end of period	2,133,725	1,426,589
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	14,753	15,778
Cash paid for income taxes
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING
Exchange of property held for sale for a mortgage note receivable	$ 265,000

XML 15 R6.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of the more significant accounting policies of CTD Holdings, Inc. and subsidiaries (the “Company”) that affect the accompanying consolidated financial statements.

(c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less.

(h) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred.

(l) CONCENTRATIONS OF CREDIT RISK––Significant concentrations of credit risk for all financial instruments owned by the Company are as follows:

XML 16 R7.htm IDEA: XBRL DOCUMENT

Mortgage Note Receivable

6 Months Ended

Jun. 30, 2016

Mortgage Note Receivable [Abstract]

MORTGAGE NOTE RECEIVABLE

(2) MORTGAGE NOTE RECEIVABLE

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 17 R8.htm IDEA: XBRL DOCUMENT

Debt

6 Months Ended

Jun. 30, 2016

Debt [Abstract]

DEBT

(3) DEBT

Scheduled debt obligations on both loans for the next five years and thereafter are as follows, assuming the bank does not call the loans due to the debt covenant non-compliance:

Year Ending December 31,	Year
2016	$	62,411
2017		64,982
2018		67,658
2019		70,446
2020		42,750
Thereafter		396,028
	$	704,275

XML 18 R9.htm IDEA: XBRL DOCUMENT

Equity Transactions

6 Months Ended

Jun. 30, 2016

Equity Transactions [Abstract]

EQUITY TRANSACTIONS:

(4) EQUITY TRANSACTIONS:

On January 21, 2015, the Company awarded 35,000 shares of common stock to a consultant for past services. The Company accrued and expensed $16,520 for this award in 2014.

On July 28, 2015, the Company received $78,616 from the exercise of previously outstanding warrants for 314,465 shares of common stock at an exercise price of $0.25 per share.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: 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 3: 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))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: 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 5: 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(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: 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(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: 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=27012166&loc=d3e187143-122770

Reference 8: 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(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: 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 10: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: 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=27012166&loc=d3e187085-122770

Reference 12: 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 13: 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 14: 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 15: 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 16: 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 19 R10.htm IDEA: XBRL DOCUMENT

Income Taxes

6 Months Ended

Jun. 30, 2016

Income Taxes [Abstract]

INCOME TAXES:

(5) INCOME TAXES:

XML 20 R11.htm IDEA: XBRL DOCUMENT

Sales Concentrations

6 Months Ended

Jun. 30, 2016

Sales Concentrations [Abstract]

SALES CONCENTRATIONS:

(6) SALES CONCENTRATIONS:

XML 21 R12.htm IDEA: XBRL DOCUMENT

Other

6 Months Ended

Jun. 30, 2016

Other [Abstract]

OTHER:

(7) OTHER:

XML 22 R13.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
ORGANIZATION AND OPERATIONS	(a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990, as a Florida corporation with operations beginning in July 1992. We are a biotechnology company that develops cyclodextrin-based products for the treatment of disease. We have filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) for our lead drug candidate, Trappsol® Cyclo™ as a treatment for Niemann-Pick Type C disease (“NPC”), and recently filed an Investigational New Drug application (IND) with the FDA which describes our Phase I clinical plans in the US. The Company has also filed a Clinical Trial Application with the United Kingdom's Medicines and Healthcare Products Regulatory Agency, and launched an International Clinical Program for Trappsol® Cyclo™. While we also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs with continuing growth in research and new product development, our core business has transitioned to a biotechnology company primarily focused on the development of cyclodextrin-based biopharmaceuticals for the treatment of disease from a business which had been primarily reselling basic cyclodextrin products.
BASIS OF PRESENTATION	(b) BASIS OF PRESENTATION––The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on March 30, 2016.
CASH AND CASH EQUIVALENTS	(c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less.
ACCOUNTS RECEIVABLE	(d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, we have concluded that losses on balances outstanding at June 30, 2016 and December 31, 2015 will be immaterial.
INVENTORY AND COST OF PRODUCTS SOLD	(e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost (first-in, first-out) or market. Cost of products sold includes the acquisition cost of the products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense.
PROPERTY AND EQUIPMENT	(f) PROPERTY AND EQUIPMENT––Property and equipment are recorded at cost. Depreciation on property and equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three to five years for computers and vehicles, seven to ten years for machinery and furniture, fifteen years for certain land improvements, and forty years for buildings and building improvements). We periodically review our long-lived assets to determine if the carrying value of assets may not be recoverable. If an impairment is identified, we recognize a loss for the difference between the carrying amount and the estimated fair value of the asset. No impairments were identified or recorded for the six months ended June 30, 2016 or 2015.
REVENUE RECOGNITION	(g) REVENUE RECOGNITION––We recognize revenue from product sales, royalties, and drying services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Product sales and shipping revenues, net of any discounts or return allowances, are recorded when the products are shipped and title passes to customers. Sales to customers are made pursuant to a sales contract that provides for transfer of both title and risk of loss upon our delivery to the carrier. Return allowances, which reduce product revenue, have been historically infrequent, and are recorded when they become known. Amounts received in advance are deferred and recognized as revenue when all four revenue recognition criteria have been met. There is no deferred revenue at June 30, 2016 and December 31, 2015.
RESEARCH AND DEVELOPMENT COSTS	(h) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred.
INCOME TAXES	(i) INCOME TAXES––Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, tax benefits related to positions considered uncertain are recognized only when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.
NET LOSS PER COMMON SHARE	(j) NET LOSS PER COMMON SHARE––Basic and fully diluted net loss per common share is computed using a simple weighted average of common shares outstanding during the periods presented, as outstanding warrants to purchase 9,057,500 and 577,500 common shares were antidilutive for the three and six months ended June 30, 2016 and 2015, respectively, and have been excluded from the calculation of loss per common share.
STOCK BASED COMPENSATION	(k) STOCK BASED COMPENSATION––The Company periodically awards stock to employees, directors, and consultants. An expense is recognized equal to the fair value of the stock determined using the closing trading price of the stock on the award date.
CONCENTRATIONS OF CREDIT RISK	(l) CONCENTRATIONS OF CREDIT RISK––Significant concentrations of credit risk for all financial instruments owned by the Company are as follows: (i) DEMAND AND CERTIFICATE OF DEPOSITS––We maintain bank accounts in Federal credit unions and other financial institutions, which are insured up to the Federal Deposit Insurance Corporation limits. The bank accounts may exceed Federally insured levels; however, we have not experienced any losses in such accounts. (ii) ACCOUNTS RECEIVABLE––Our accounts receivable consist of amounts due primarily from chemical supply and pharmaceutical companies located primarily in the United States. Four customers accounted for 86% of the accounts receivable balance at June 30, 2016. Five customers accounted for 89% of the accounts receivable balance at December 31, 2015. We have no policy requiring collateral or other security to support our accounts receivable.
LIQUIDITY	(m) LIQUIDITY––For the year ended December 31, 2015, the Company incurred a net loss of approximately $2,551,000 and used net cash in operations in the amount of approximately $1,989,000. For the six months ended June 30, 2016, the Company incurred a net loss of $1,776,932, used net cash in operations in the amount of $1,530,291, and received net proceeds of $1,880,000 from the sale of its securities. At June 30, 2016, the Company had a cash balance of $2,133,725 and working capital of $1,746,498. The Company seeks to raise capital from time to time through the sale of its common stock and other securities. In the event that the Company cannot raise sufficient capital when required, management may have to reduce expenditures related to its operations.
USE OF ESTIMATES	(n) USE OF ESTIMATES––The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates.
NEW ACCOUNTING PRONOUNCEMENTS	(o) NEW ACCOUNTING PRONOUNCEMENTS––The Financial Accounting Standards Board (FASB) has issued various Accounting Standards Updates (ASUs), including ASU 2014-09, Revenue from Contracts with Customers, as subsequently amended; ASU 2014-15, Presentation of Financial Statements-Going Concern; ASU 2015-03, Interest-Imputation of Interest (Simplifying the Presentation of Debt Issuance Costs); ASU 2015-17, Income Taxes; and ASU 2016-02, Leases, which are effective in future fiscal years. We do not expect the adoption of these standards to have a material effect on our financial position or results of operations.

XML 23 R14.htm IDEA: XBRL DOCUMENT

Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt [Abstract]

Summary of long-term debt obligations

Year Ending December 31,	Year
2016	$	62,411
2017		64,982
2018		67,658
2019		70,446
2020		42,750
Thereafter		396,028
	$	704,275

XML 24 R15.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) Customers shares	Jun. 30, 2015 USD ($) shares	Dec. 31, 2015 USD ($) Customers	Dec. 31, 2014 USD ($)
Summary of Significant Accounting Policies (Textual)
Antidilutive securities excluded from computation of earnings per share \| shares			9,057,500	577,500
Number of customers accounted \| Customers			4		5
Net loss	$ (1,071,161)	$ (360,180)	$ (1,776,932)	$ (748,436)	$ 2,551,000
Net cash used in operating activities			(1,530,291)	(699,428)	1,989,000
Cash and cash equivalents	$ 2,133,725	$ 1,426,589	2,133,725	$ 1,426,589	$ 1,842,233	$ 2,380,054
Working capital			1,746,498
Proceeds from sale of securities			$ 1,880,000
Accounts Receivable [Member]
Summary of Significant Accounting Policies (Textual)
Concentration risk, percentage of major customer			86.00%		89.00%
Computers And Vehicles [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Property, Plant and Equipment, Useful Life			5 years
Computers And Vehicles [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Property, Plant and Equipment, Useful Life			3 years
Machinery and Equipment [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Property, Plant and Equipment, Useful Life			10 years
Machinery and Equipment [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Property, Plant and Equipment, Useful Life			7 years
Land Improvements [Member]
Summary of Significant Accounting Policies (Textual)
Property, Plant and Equipment, Useful Life			15 years
Building and Building Improvements [Member]
Summary of Significant Accounting Policies (Textual)
Property, Plant and Equipment, Useful Life			40 years

XML 25 R16.htm IDEA: XBRL DOCUMENT

Mortgage Note Receivable (Details) - USD ($)	1 Months Ended
Mortgage Note Receivable (Details) - USD ($)	Jan. 21, 2016	Jun. 30, 2016	Dec. 31, 2015
Mortgage Note Receivable [Abstract]
Carrying value of property held for sale	$ 275,000		$ 275,000
Selling costs and settlement charges	10,000
Promissory note, principal amount	$ 265,000
promissory not, interest rate	4.25%
promissory note, maturity description	Over a seven-year period commencing March 1, 2016, with the unpaid balance due in February 2023.
Promissory note monthly payments	$ 3,653

XML 26 R17.htm IDEA: XBRL DOCUMENT

Debt (Details)	Jun. 30, 2016 USD ($)
Summary of Long -term debt obligations
2016	$ 62,411
2017	64,982
2018	67,658
2019	70,446
2020	42,750
Thereafter	396,028
Total Long-term debt obligations	$ 704,275

XML 27 R18.htm IDEA: XBRL DOCUMENT

Debt (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
Debt (Details Textual) - USD ($)	Jan. 21, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt (Textual)
Promissory note monthly payments	$ 3,653
Land and building acquired [Member]
Debt (Textual)
Note payable amount		$ 506,042	$ 516,685
Debt instrument, Payment terms		Monthly payments of $3,506, including principal and interest at 3.99%, are due, with a final balloon payment of approximately $350,000 due in July 2023.
Maturity date of notes		Jul. 31, 2023
Accrued interest rate per year		3.99%
Promissory note monthly payments		$ 3,506
Payment of Final balloon (principal and accrued interest)		$ 350,000
Description of prepayment penalty		The note has a voluntary prepayment penalty which was 3% of the principal repaid as of the date of this filing, and which decreases 1% on July 17 of each year.
Building and improvements [Member]
Debt (Textual)
Note payable amount		$ 182,692	$ 203,052
Debt instrument, Payment terms		Monthly payments of $4,051, including principal and interest at 3.99%, are due through and including July 2020.
Maturity date of notes		Jul. 31, 2020
Accrued interest rate per year		3.99%
Promissory note monthly payments		$ 4,051
Description of prepayment penalty		Penalty of 2% of the outstanding balance if we voluntarily repay the loan prior to July 17, 2018.

XML 28 R19.htm IDEA: XBRL DOCUMENT

Equity Transactions (Details) - USD ($)			1 Months Ended		6 Months Ended
Equity Transactions (Details) - USD ($)	Jun. 06, 2016	Jul. 10, 2015	Aug. 20, 2015	Jan. 21, 2015	Jun. 30, 2016	Jul. 28, 2015
Stock Transactions (Textual)
Shares issued under common stock transaction				35,000
Accrued and expensed				$ 16,520
Outstanding warrants of common stock					480,000
Warrant expiration					Expire in 2023.
Warrant [Member]
Stock Transactions (Textual)
Term of warrant	7 years	7 years	7 years
Warrants issued to purchase common stock	480,000	156,000	78,000		8,577,500
Exercise price per share	$ 0.25	$ 0.50	$ 0.50			$ 0.25
Outstanding warrants of common stock, Value						$ 78,616
Outstanding warrants of common stock					480,000	314,465
Warrant expiration					Expire in years 2021 through 2023.
Warrant [Member] \| Maximum [Member]
Stock Transactions (Textual)
Exercise price per share					$ 1.00
Warrant [Member] \| Minimum [Member]
Stock Transactions (Textual)
Exercise price per share					$ 0.25
Private Placement [Member]
Stock Transactions (Textual)
Shares issued under common stock transaction	8,000,000	2,600,000	1,300,000
Aggregate gross proceeds from common stock issued	$ 2,000,000	$ 1,300,000	$ 650,000
Purchase price	$ 0.25	$ 0.50	$ 0.50
Exercise price per share	$ 0.25

XML 29 R20.htm IDEA: XBRL DOCUMENT

Sales Concentrations (Details) - Sales [Member] - Customer Concentration Risk [Member] - Customers	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Concentrations (Textual)
Number of major customers accounted for accounts receivable	2	1
Percentage of revenue accounted by major customer	64.00%	49.00%

EXCEL 30 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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~~&PO=V]R:W-H965TA' !X;"]S:&%R C9613=')I;F=S+GAM;%!+!08 '0 = +T' J:0 ! end~~ XML 31 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 32 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 34 FilingSummary.xml IDEA: XBRL DOCUMENT 3.5.0.2 html 46 138 1 false 13 0 false 5 false false R1.htm 001 - Document - Document and Entity Information Sheet http://www.ctd-holdings.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 002 - Statement - Consolidated Balance Sheets Sheet http://www.ctd-holdings.com/role/ConsolidatedBalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://www.ctd-holdings.com/role/ConsolidatedBalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 004 - Statement - Consolidated Statements of Operations (Unaudited) Sheet http://www.ctd-holdings.com/role/ConsolidatedStatementsOfOperationsUnaudited Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 005 - Statement - Consolidated Statements of Cash Flows (Unaudited) Sheet http://www.ctd-holdings.com/role/ConsolidatedStatementsOfCashFlowsUnaudited Consolidated Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 006 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.ctd-holdings.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 6 false false R7.htm 007 - Disclosure - Mortgage Note Receivable Sheet http://www.ctd-holdings.com/role/MortgageNoteReceivable Mortgage Note Receivable Notes 7 false false R8.htm 008 - Disclosure - Debt Sheet http://www.ctd-holdings.com/role/Debt Debt Notes 8 false false R9.htm 009 - Disclosure - Equity Transactions Sheet http://www.ctd-holdings.com/role/EquityTransactions Equity Transactions Notes 9 false false R10.htm 010 - Disclosure - Income Taxes Sheet http://www.ctd-holdings.com/role/IncomeTaxes Income Taxes Notes 10 false false R11.htm 011 - Disclosure - Sales Concentrations Sheet http://www.ctd-holdings.com/role/SalesConcentrations Sales Concentrations Notes 11 false false R12.htm 012 - Disclosure - Other Sheet http://www.ctd-holdings.com/role/Other Other Notes 12 false false R13.htm 013 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://www.ctd-holdings.com/role/SummaryofSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://www.ctd-holdings.com/role/SummaryOfSignificantAccountingPolicies 13 false false R14.htm 014 - Disclosure - Debt (Tables) Sheet http://www.ctd-holdings.com/role/DebtTables Debt (Tables) Tables http://www.ctd-holdings.com/role/Debt 14 false false R15.htm 015 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://www.ctd-holdings.com/role/SummaryofSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://www.ctd-holdings.com/role/SummaryofSignificantAccountingPoliciesPolicies 15 false false R16.htm 016 - Disclosure - Mortgage Note Receivable (Details) Sheet http://www.ctd-holdings.com/role/MortgageNoteReceivableDetails Mortgage Note Receivable (Details) Details http://www.ctd-holdings.com/role/MortgageNoteReceivable 16 false false R17.htm 017 - Disclosure - Debt (Details) Sheet http://www.ctd-holdings.com/role/Debtdetails Debt (Details) Details http://www.ctd-holdings.com/role/DebtTables 17 false false R18.htm 018 - Disclosure - Debt (Details Textual) Sheet http://www.ctd-holdings.com/role/DebtDetailsTextual Debt (Details Textual) Details http://www.ctd-holdings.com/role/DebtTables 18 false false R19.htm 019 - Disclosure - Equity Transactions (Details) Sheet http://www.ctd-holdings.com/role/EquityTransactionsDetails Equity Transactions (Details) Details http://www.ctd-holdings.com/role/EquityTransactions 19 false false R20.htm 020 - Disclosure - Sales Concentrations (Details) Sheet http://www.ctd-holdings.com/role/SalesConcentrationsDetails Sales Concentrations (Details) Details http://www.ctd-holdings.com/role/SalesConcentrations 20 false false All Reports Book All Reports ctdh-20160630.xml ctdh-20160630.xsd ctdh-20160630_cal.xml ctdh-20160630_def.xml ctdh-20160630_lab.xml ctdh-20160630_pre.xml true true ZIP 36 0001213900-16-015841-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001213900-16-015841-xbrl.zip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
,CBS: M45I=&I(7?RY1V_J78UMTB86 S+IN!NH5@7@UM="=R%R7N@4O$' M8\3T3"RC+W,S?'S^R)S!&.LX$A-191EQ7G7-I'A(^2Q6*0*EN7<$P\5DFH8> M4RE4/OI0.JFVEB0O*OAO1:=U6?%E.LD2L7%ETM70;>X#W;7%R^&Q1;WZ7=)I M8[:HKXXN"90_>$;>FZ?JR"6CC[HC6J]VFH*<9:HT6RZ5*R>+*+( L<64N!$7YH$;1*VKW>^32KU6683 M##S; ;ZV6(U26.)Y_![>(@:#](9*]YAM_RRZ7!'9\XJE.R=F4_"OE>H_#OZK M6?O+Z%$MU?0-Z*%& ^,HX2V;\E?]WO"&)WXB.M= C[M'9C^P*YY;OUAZI5)F M$U55+U=U!;&MX-T8<4Q"N'MT]X(OZ.7RAO@*,+=#D\KP[ /11KW6W 91!'0K M5/FMM=UCVBA5J_4M,$4XMT/4>MC+DE;+C5II&T0!S@T1;>,!XSYQK;3JI?)F M_)N =1&^>V),6+%T'-+@6M'D3O7!%_GF^[$6:GJ]WDS!=)$1?V@8;V\?E$N5 M4BU%L61%@35XZQ%@IP)JK>?M3*7(I:3UJ[V0$6N6DU?H++^)M8O5J?MV)DLAM]!IM M%YMB"+=@_LHI>!]T;U/XE7\+[1=\2I68AT[R%8\>4I>@6@ _9),EB&Z0\M?D MYY*RI;4I^RNS3?"XA2\?GWPG%33Z^ ?'W,A)Q5*C6%$FE!_LJK5:Z3?^:7LKE1,16P\UMSC_!B M)2ID$RM-?-^BBNSB$5Y1Y']34Q0\'.%E)O@XL"H>7]JMF2 @X@0+EB, IO32Q#],CB];*HAY.@*MHH&A@CS3+ MI9Z\@JATZ-!I=M_3!UFK@98]0:,\CI)=2?N^'][YE6K"?\""[-Z3IB25N/.L!A8QM\*N8 MT <-_+SIQ=^3KZ?5NO/'5AH&KQBXWJ5![>#6]_F3+O"P$UESFD M'I_$8*^-3"I+[H95=X],*H_MAO>6(*,FT"21(.6,!*S)9*[YX'9",0UN.=;@;@&3V0$XO*&$.VX_^7'Y_@5X=6V ML24%GU]U<; 8WMW8$-TD_$_45*?KW,@\I_VST8O>@EZK)\7QGJAQ@"NPFUWR MX@HTFOD"[%(&O+@ U6;I=:_ VO&=3,G?G+WP^2WH?V8;OA^IAYYWB_>#.T_, M&U@^MPVBA[YXZJ?GK6]B?VY$SM6MM8V0VR5URLUTZJ3^O@OJJ.;?X5%G+7/_ MM?'.X?D/WSF)7MOV6NN\;0WJ++RFO!K5])/2(6^[?5 M<;OYF_":?-AV3/ZT MIYPL?6M]-IONV:SK2A[R,M!?9(R#07/1F99>K=9?6NCL$=XP-7=%/^, D=BM M8[4*POP*(W^C\S2U^$W+S%*:CC[0H)3F)S+\%L^X!WC6BV;%L%/=7<1 CS+M M5D='7GB_,O[I>O.WWB]<;_ZJ[ ]PQ7UQ)0!]IA+ .H39-54/_8;X8JJ6,Z$J M"VY$DQ4L;L3-^#-J0\*-><>4FB_K^E2D^/ B]D1Z<[@FO;"^!- M(6G7!6VF7DKTC2P@WO/XUUPX[1&1U8$"% ")?R\6M0O7#2A-JX^WGEU'*Q81 M/]MROKX=BF>7\ _MB7X*@-??'P$*5,C]2/SJN5CR;1P$T[>GIX^/CR=/]YY] MXGJCTW*I5#G%QZ?XXA$.?3HW-OV*GUAO\?_#/_\_4$L#!!0 ( &V!#$GC M3E4'K@< (<^ 1 8W1D:"TR,#$V,#8S,"YXB)"4L^-.=V>W@PCSN$_9Y+CS97CN?.B@CR=OWQQ) M;TI"C!06$Z*N<4ADA#URW)DJ%?5=]_'Q<<=3OC/E@<;*'8^'[MYN]V#WH*=M M!B0D3)US$9Z1,8X#==SY$>. CBGQ.^CM&PB#R3Y8F#8U^?8-,J""_F-OAXL) M:.UVW6]7EW<"^FP@+ZD&- M_6^7X*!LG-8 *),*,Z\8T$H2:=K=P\-#UTB7]/09F6!%_$H?AZ[@ 7%3M;R? M6#H3C*,%ET+S,%*54-!*.@H5D3FH1Z/F1+S(M>2>#L3 M_N"FP@JO7BP$S-PJ;"JM /N$VG$@T)#WJQ R\Z9VC)94^*'L@4AEAR4R#>RM M AFFGK3CC$C#NJLP23T[" 05$"B0FD=$6DMG)!6Y216)"F<@J? FR+AR8AZX M("U6*1+$>V(R8^&9^3S&GG+(+ HPPXJ+^3G\7V"4,Q:'=D.^$JY.U04E![2( MH%X!^S0P!]*K)V:,*ZQ@D3TYPE%$V9CKQ_I5[>MPAP!">O#E]J)^ 33)G7$O MUNOI)^9_9HJJ^048%*%QT$$4^*G56+CVR9@R:L*"%1,Y*(/EAYCY*+&!B4A4;8FFPF;Z' R\.JAVX!8[7(?V4,\D# MZNL)^!L.]*I\-R5$R83Q:K&=[CW@^ Z8(2G?>3Q*#:#$PD^N%V3>8%C'U90H M"L$\07Q1UUZ%7O,JH'<%@[]L=U46I,G!>! 18?S++PS'/C7GB')IG@+8Z_.^ MKCY+DXB/T=(H>K!_RQ:9$L^O8:[3>OD;:)C-'MKM%='(98 MS ?C.SIA< GR,&S5GCGA@N(-L.=1DFXL#77MM3G0.SF57L!E+(@N5&)-%R-G M#RT-HLSB]E7EB@LUP1-RS16Y)1ZA#W@4D*0*%3([Z[^66<_02,/1$K]]')^1 MD4J/J'IDY^]#F3^MNWU)9ML+F'UB)[.Z6B4P@R&"VC\$['! )V[P'":5GKG2OL@CLC'97-B8- M147L]C$[@.N%2+A,AG;V]LKL&>7MHRL]S?#ZLY'U/-448R] [_GG*KA'IJ,M M//CJC7RH3SYR>0A(_[<3_=YV%$#O$LP6$MAL]IX1A6G0:L)G$'L9]M>9[ZGI M+:R6_=90J$Z]BKT:*[>ZJOO%-G.O%PH_SW3^@9W7E7M;LMAL-X=I]D,R4W'V MFZOEN9U1ZTUNP2A*P5O([.H=KK J5(OM/#>YZ6WS1+9<3(I[9+7<2OC>RHW0 M=G_YWS"N_^B^B%LR1J;!H*\_, MF1J(_L_)<(Y^Y'3WG%YW9R;])+ 6_A<9M?2?X=KYM_=5-?2< ;3+_0;.:EN9 M*GP:?U:@2P(ELR?.TE33K&M:@.IBL<#2L;,TT38&6Y=5DR#RN.R?-:BP-FPU MBB,/7/RW1B0K[5Q-HEB S&@-[ZO=74W<+U')T%D::!M N5.LB?L,HP?KN"[W MC37RG8',J)WWIUHCFRQ&@1 %E%Z1#O4BV#U8)X*&2V'.NUK7N LP6UY6>WO:T)#&;5&8>R=B>V"X.SZ.7'4]X$^?\\T MMJPK9-HT;F*I[VC\-))PY?+2#\OZ9/B]F7IRO#1-V'UX!G?&"T5"??7I()QJ M'7>4B/7ATVC!<8]R?VAP?BS2EDM&@T#_WI;IRAC 5,5:^KO@<90YH6"^@]P3 MM)+?-5$W@GN$^/)<\%!?)P?C4QZ&G-TI[MU#(E^Q@.M\UG!HTFR%RF<+"G U M%7-;OF,I9>KY!A3.1Z1^R?@N \'+(.4$2 M<])XW%?9\V<6X"4"%Q/,Z%_)*\'\9?^<^>5^;DVI,633DKVD/V+JPSI0G5RU MRJ8E R]X%"LB)-3@#S*E7D#D%0E'V:=CDTZ=4B$AGX>8LE=[?YKUMZ6_%%M6 MAF?B-V@%@?T8J@+K=BP5#W7%DO"S#LUDI:]1RN="X=&$B->;G%^YN %)U0TJ%KS/ /7U@746$28+;[]-^,^]/YX@_@N]0#>" M/L ]^": NX1^/!@O.T!-9E4*FS3EAD2$@W%ZD,[%7GJ>#SGS_XKK: M6#T#FO/+L5V^2;P7OZ;!WF?FY2V5]]7O? O,!KW\V>Y^A?_D8G6+/^&UL[5UM4]LX$/Y^,_:L^[:S]\O/WW_W(:#LGULB M80\;,'G<&2L5ON_U[N_O]Q]N1;#/Q5WO]<'!46\NV$DDWS](NB1]?S27/>S] M\>7\VAO#A'0IDXHP[ULKW8VIW>&[=^]Z\?^BJ*3O9=S^G'M$Q2H4XMK+E=!_ M=>=B7?U1]_!U]^AP_T'Z'6T#P0.X@M%>_/CW:A;"<4?221AHV/%G8P&CXXZG M_#&V/WQS\.;H0+=^=<*9Y 'UB0+_(PFTIM=C "4[>[K3KU>#)>3807?, \V" MW/?XI*>%>OF=]#0ZCP1>%,1F.$ME$/ B7GG\16ZQXG$CT9329Q;UVJ8#)O/Q)\8C5Q^ER^EB)<^" P M[B22"Y*$&0(+.WCW0N['"_^K4S6'?\WB$8*_ P1^&\ %J!*>9VWF/F-V M_"E1KUTB:L"FB(V+&0*U$+,LYCX1RWA3PQ^Y9/BYJUQP!1)'^3DG;-WA4J(/ M]RFKH$S*YP\N\7FIQB#*9EB3L/L,F5"G5/Q82$5OI;+:]6)KP5@7G'E57&)1 MOFXW/J4RY)($GP6/P@'S@D@;&#_U.%.41>!?AB!BRH:"XZ]J-D0K*QRPND8) M)XBZE+[;?E"CP\=*]NHPVK;F+M9_IS "A.>?<*FG9_E>L"S7(A*7@;M8VIUS M=G<#8E*<6$L-V/6Z:P^CZ^E7NK1\;ODO,7OA*D/]&6Z359!FR[/*SX[7_RU%R5.C0PF!1PU8P5Z3$X[PXG[)N\\XWNF'9QX#> MU:6?S=8+6T!'%GGQ^LY+L%FH;_FRK8NG:98V3;QZ+)4V9P)D$9I% WNS1CV_ MD!#3:\KYNK@8E@;+$RHK3RN2;:-F!?Y+9*KB)?/(?X9,G"3O-2+Z;] ^PH@+ M2.1NR /(3P]*$+0Q943,!JA,?$@?6Z*N04Q:PH?5XY[PJ;6ORFVIDFQJP-7@ M ID%.Y,17 RB3Y&XGQ'/%E-L=*3B><5HG/F4"BTKHM @00":>0_!RP['V.]HJ@1/.=I[Z<&8H/!CKA /-[).U9KJ#=,Z1\2?_B MPX=.G7" ,K=DK!7_[1T^0R*Y6I9/:5\PW6*QL<"UFPX&SHHV+4Z3VKB.TURVV:XRV;)DX M&V630QP;1EEC)[6_D4-FJ5?UO7\C*B#W&D.+@E4Z<7$@6NC,O-]30=7BX-U M#3Q7X(P+A.X!^/&&S\J5MR7(+NI@1X@N4M/)9:U%Q/K\Z^4(/_$CK304SG/+ M-&X[N254=/FJMU8DR3.J7T?=,$D:.ZG_;>\PC0:7H\7+&BWJY#=Q<>A8J,J^ M_9VGF)/I;A'N^>*5CB6Y6VFS0^2M:+;E/);=\=>?:!6RL7?AFL+X;@XAL)0R MQ8KJ7;24K^J*OF2KTF_9&+]B;PB"0=1,V;V#C!N5W2BAKG\N\A1NE:^O-0TJ?<7Q M8K.G.MFX^(RZK_=,OZA)0[ X\[)84U^^I9_^A:A(Q)ZT6'(/!44_"TDP8!=( MPLT]!%/XPID:VX;HAOTV>W>F@;B\;^%:4S\7DW$EE?X$(F[N^;8\X+&[W2+^ M42T74W%U3?#IMMG%NAWN(.>)8B[>*EA9ES,>B6V2GO2W>YPG>KEX@6%U5>AT MJ^,\Z6\'*8_U86IW[XQ_]02P,$ M% @ ;8$,28;Q"D"^"P 0)X !4 !C=&1H+3(P,38P-C,P7V1E9BYX M;6SE75MSXR@6?M^J_0\IS[/;<3+=TTE-=LJY[:;*B5U)>F;?5%C"-AM)> $E M]K]?D.2++"&0+!FR_11'YJ#S\7$X<#C@W_]8!O[).R04X?"JT_]RVCF!H8L] M%,ZN.C]>[[O?.R=__./O?_O=1^';!%!XP@5">M69,[:X[/4^/CZ^+"?$_X+) MK'=V>GK>6Q?L)"4OEQ1E2G^_]^'+ZXO&WO"A%ES26'V(7L!B"4J\3:0GQ7W==K"L>=?MGW?/^ER7U-GKQ,A[;O&:W M@J^]Y,O.B6@O0%R"??@,IR?IQQ_/#WDY%+*>AX)>6J8'?)^_2BAQR58+>-6A M*%CX 41#YK4+=\W0UIB@. MPG843:H^2,^XBFX @PDD32J9J?<0#>=<&>)&$]C= &]0SZ+:#]$VQ&S0J,FD M%<8ZK1525>XR;\YKZ'\[_79^&M?R$@4!("L\?4&S$$V1"T(V<%T@L90#[MG.S#%6KR2KMS[(N1F'YQ<="+\5:K^$ 4MW#"TJI>X9)%P*^B M:H'T@?K<_3=";/5*0$B!*X;[.BTHK^10SH$/Z0WF3BQD!-15KZ266#\^6*(0 MB>=#KDQ&3=[(,/2@MU94U-=XEXKG MC-O-@7WA>30HN+K6T*Z"0VN8AV9P L M>J+A>M!G=/TD;LKN:3]UM[^DCYTQP7S 8*NQ+[0*/<'>@@\/Q(A^.IE+]7L%DV]\*@.E6X?13>-M>,R!9H'P@ M7;\H'5,K35*F! =U&CU5 =?'A8D'R56'UQ51KC->"'1BA#I)AO1+%X>,F\2= M#X4&:SA5:A[FYF;5N%U*^V=E"P-*>?KIR-,$U5*6M\"UH8@ M]!Z"!<'O\D$'I45#:5[=M;+*J:5* MU+DPO$[0H4*7Q#PT>R8QK7)HR]J@33(;714TPVD:_Z3/T(7H70PY2G\WL&X4P5+MN4"R:<\:**4UEIY33;R=, MJ>^FLFU9TMX["EO6^RLVN"T^I7K+6^@I'L$2!5&@$;38*>?T6PKBZOF$_>XL M"TCL:VQ/MW_DC:;5ZKOEG+[1<)YFJ^R6WD@6(N6GP.NK(?\B*%W^ +=B/#FA_1NZ?J1![U[WEI) M)#F>/(ZF=X"$(G=@#,G+'! X" 3\9BJ0G] MH' :^4,T+4MET)!V^D:"C*UT %VX;0[Z3Y$ /)K>1)3A0.P2)8"VF4/[([M< MPNFW$S8\)CPA= MWMV&F);%+S+EG#,C :56R,H#2]GYU0YV;@"=\R'['7'O?+WB8[3W$([X X$ MW('+W7CLP,NITZS$.6LG-F6(URJH4]*_6D"Z4)O[9?%'^.9WX(O-P &'0\B* M:_XG\*.R^8R6O'/64M3+Q'BK#3AE^5L;[C-Q>]I! .\<&"HYW'+EC"0T>0MZHD>Z! (F$B5, 6554"?\% MI4WD]I>T7W&'ENC]R7/W[U'(+1,!?PN-CCY"Z'$_./:A-^.?Z WV?<#X?,=7 M;$[6J,V&W'X)M<7]H"9&>X)<%0%H)8?7KM/X$8":=#;2-VP]*&!9#[%ED]>6 MKF+AUK'((MY)/M5*H\Z5-WM$X2#;+>98BM(>4S].9K71?=$6B-5&;=$&Z0T. M CXEXNWP#(%_1QF'JZ17+F3VR$,+G)9#M6C3Y&6."7N%)!#35HT#MH7E6SKL MT-ZT6XK"(A/+Z:B<%4DD6CK H#\KEK:V)CE;&/:XN@;9L65&VA1-%LXHGS"# M= Q68E08L3DDZ6?UE$0AV=9A$CW'56(IDNTG-9HF3$RR%Q%KJ9B[^SVB;)%5D'QMDX-Z&PQR%I8LGB2:6^/1\EV,*YC/(_A M.NL'[G>%6CM T#@W"@P6F@L"(FB]8_ZX%!:+I-B+J&@/!E^#U:BNP,ONJ#E#V7TUJM(D,I]P>,G!5P M691(MC>V0(*PA]QTC-$?5[-RAE+S#Q]:"V!8E%;VR">S,]ZWAAB$=!1N R=[ M>L>NX1KX/L;A^A&^ALEQS,)?V%:3 :4B:SX_58T@6AR@\[2EJ+_'K08T=>H@E%'@)DE>3_O##LO@TU MDES*!8W<>+G1:$22]GV$;(ZY1WWG_A3"'3VO5_G"ZV+*6S$;?(V)[!HU<9(( M5<.X/WEV3F$SJL+],AD;,FV:YE?5BPJ:P)[PP8YR3R#@'W>&:G5L6BEL/+6F ME 8)Q@2]B^FV#URH=8=CL8#99!8].RKF38['(KL3 M*R*A7.(7Q$EC',:'-13.L4RNI305&QVDJADLBN#NJ:@<50O+MY6MHN\+52U> M3)04C#VFV! _UCBZ1HFRT+_]!0CW!6JWEBEG]FY4J144,=;:MGB-JLUNH5^H>?N;T0R?O:XL MV5')*6Q/EZ]Y^9N1')YJC9Y3N-6[WX3_V=WHT+WF32%G*".G;A1='Y-%Z[M8 M7W%"''JWD+$ME*71MM]BS<;- [#HOJ_8N*X!]U8B5,;=%DB:E(@)>_+C=]LB M:<[8X ,0;QVKV1ZE% =-7N<@',5HZ#\%7/H0)@.I:H Z@@I&;WD\/?4#IQFY&Y!G-YNQN*8[;TL0=;+ZDZ;>T] +0.O49O6RR?I^IC]6B MB]/6"O(9=:+A*&*4@5!D+*KW( K%C-XQ69].)235C6BFS5:/.96HT6LC&S;& M?5@I@Q>M7 Z9O)DO2U%R+;#DZ)*\L-&K(FM.N^1 -DMRHYG6(CQ',[D)(A1:K])T]>;O,'/BU(99;SILES M 29[-J;:_"5(TWG).DSHYMD6KA+'\\TGN$[#$4L6YW%55C> M;&ZRCA%)PBJ1,IXHK&B[77G MH!E %IO7X7Q9[,@.),Y"][7^2:JY;LBT[FI$EKR1G-F?KU!1-0C(W M%*DA*7W\ \")2)$& MVZ_'Z;&L=$M/%#?T&@T_OK?3SN'/%(_L#WW;Z_> M?7OVBE#7]"S;W?[MU=WZZLW/K\A___U__Z^_.K;[Y=X(*&$$;O"W5P]AN/_E M[=NO7[]^^W3O.]]Z_O;M=V=GW[]-!KZ*1O[R%-BYT5^_3\:^>_O/F]G*?* [ MXXWM!J'AFDBK^RH8']2R#H9YYIA )"[;Q(Y0C^KS?)L#?\ M5V_>???F^W??/@76*[X&ON?0)=T0\?&_A,][^K=7@;W;.WS:XG<_JU+MT9(+<[_ ^?_[CWG_U_QKV?&/75>$3[R;CFMA/,AQRLB>OMW,L0, M;ZEO>];$;3;5$^I!Y[P*#3]L,>L,_4#S7GNAX32:<89RH+G.:;.U3>F&6E-F M[&BS-3U2=CC7L#A/[84\KB"WU/SG&?O\W,SH4TA=BUK)W#BEQ%H*QL+*"N/O MF3EF#C>WGI_':8;6 \/R[OW9^^_/!!+^FS\N/?.PHVXX=IG:AW;X/'4WGK\3 MYGI\'X2^888)(S%UP?Z/W][]^N'ZIQ]^^/C=Q[,_-!B]_7NR!+D9^S3P#KY) MM>!'WT)^:L;]'S??S]Y-/[Q__^L/OWZG,S7FV1@;[EBI^^9N]>KO"1DQ7(M$ MA"1#2?Z5T/Z_OT:3Z0X;<_GW7JH'&"&._;S,&;Z93)3]6(,Q'O'6]%A,L0_? MY+[*C>_MV@E9/"^OU6*]5=:L&*: &%#SVZWW^-:B-H/Z[@?^ ]>Z']ZG7U_4\_?G?VX>KZUP^__?KS]?OOOO^C MFGX [9I]_/CCAY]^^.[=Q^GLWEYJG[E^N+@^_R3[, TG,_4\">N="&O2<<(/:]3KHJ37PE8;_:D&PWUHRMCI'/TT':^!,$E;M( M_GYF\U)KW'-$P\IPFBU5->P4AA%VOPE I)=% / :]:P @EEPJ M295FO)QJ&)D_^HXK]IN@B3DOL,!@V8NX*@4I&Q>(P>@L?I=@4'B""JE3=@JG M]$/J2J2E5=I2:1)*B"']1!F6.J&*+2Z(C@P&!-1O5$I8K>\H4@Z1W;RR'>I? M,&^U]?RRW&9-,O>$'#[;?XJG(DTHAI%D'!IWT2$&!)G^4ME23/3G:0?)\WN[ MG>>N0L_\LGHPV+>^.(2\Q(A7-FDD_:5< $\ Y.BJLNF"B@BR$8D(2882W(<, M"0[RY$!!-NN.$60LFNG7Q@CN!<)#\&9K&'NN9._?4B<,DM^(ZHZ,ML6__F,5 M,LWF3F^QN;)=PS5MYOF\P*XI\2BU-WH\H3R4)O)3D4W)B+V2YD)1ZX H2&+&.CYN:NM@*)M ^M0I;N>R/ M2'*'Y)Q ^3?]Q-/XUGS&2N1N2>;FW7 MY4+)XO!H7CW!/5Y\ @-+V9?;'TS+#DS'"PX^O3[85GPG#X?$@@6(6DY#&C>J M<1H\G#1-[\#FL:0F97.Z=^B764-JOP%TVU./2*"6,2B<0J;[2@&<_W-CV;:K$&2/MM[OCBR8#N+'?MQ M:VPI<1F_E^!+E>5?R['63157UM&">5Q2U&@UDN?XLDM<\;WU[,YFO&9S)&L&&M.%7)+X;>OQN2K)D M8-Y<19^D?EW* ##$G;/%:%?A4,,,.@*HPRJ/B8\D6$L?M/&M/TZ66 L@E 13 MR?W*.0VM<)=VL/<"P[GVO<-^ZIK.@=<0L]^RQ0IM]T"M!;,.HG55M:%(8:@Z M\*X_%>0' MJ^+8/''I#]2QR,;S"?M\'&4LO:_&K1)VL$BF'U,DC7TZ_LC!C3?=4/;)UH47 MA,IWQ2N(H:.A4RP%2QC_G8@!O1JR-D&/,@PS@@&TE="1#(W8)D\YM#K,/'>[ MIOZN/H.O'[$TXPT5ES185=A4TP:($O*J4*+$O"< (4W+2R6N>7X Z*A-U3LFHV%O MRE6>HJ'P0Y5S7"_6XUE%W@L@1]YHGL"7]Y0\5CQT\*C4-NYMQPYMX1[%G?T' MS[&H'_ M9/C<-+NMSA?:4VFLP*G,94C33%;XC#7CW0;H='P^G4W7T\E*')VM MUHN+WSXN9I>3Y>HOXB!M_1F=L],5;27_I\P44)'KK]Z6!^,2#F!;11DJB3IB MN'G;'E!R[3:C?FA<6[V\R3=HU>10AQ&C)T^[:D;4%0E9L.C!8\&&FBY5D&V M"M^A+9O(>L43TZS)+B6%B@+*<9S*I1B5F!]<9=DZ &*M0N/H)4(D]?!E=,,' MQ2X-%IL+GUIVT^M&Y3R@G74%LF)([(K"@F@<3M^K"<44X]#Y%YFH*>XL2QC M[R*;[QXQ[1H5=XLHG(72[/.W )PC"8(<;;< $.UP&^YL 7J>=I7&Q9RXUE$X4'4(001A;_AQ#>[_^?;L[.P=;U]% MZZ>D3> MG9V-SJ+_HE\%Q#B$#YYO_X=:(_+^_>C]3V>C[W_X2:1!?OPY_6<\V!;K(O[H M'=M@CPC[VYZ:H?U('0S-,-I][2,BW#F>+FXMT9RG+=OB#M%8&K:UQ#41PE<% M"JZ%6875E'#7UCN\3L M"4B#PDB,,)K&[\V%RTZ%"X7M[A$=O,W6,U0*(7T5[="V>DE#PW:I-3%\+C[! MV#0/NX-CA-2ZI!O;M+7SJ"H-^)=2G$IH0D82*O,[0D9CP&U3[@49 LZBL M:!2B0!XMI+91?)]"B<)# **']R"M;:;&)D"!'?PYG>IVH(P2:B=0BJ+%^1N* M78$2J.@,.\A!HV(P@@T!-@1-]P)*.' %^&VF#!:X5QLC:0H;M#IMNL%[/ M#SI45T"L=E<-55S> %5TZ[/)]33 8'U0G.!AG*IV=G+]#K+@@T4O"U\\-&N) M%/,M]<7SUPUJ0*I9(2@+D>"4'T8S0K+P240:'4$01AR]AXXBZFN%LG!L^-IV MB>4YCN$'Q[/#0BH$PZE[G>BJ'L17\@%4R^@)^G%Z/JL;#4A900<"71.44$^E?RAC ^XSD6GRPW<7YX<@X9'D6TM26SM6AK#5'_>:3F$6T+=*JY)-"H=@!\X&&/ MFCXVN @ GC$KFXY>TDS& 4>(4Y.GJ;(FB))G#?&HI-"0>''MK).$'(,.M<@] MU;+#Z*_E&]\J%>LS!]6U3U-%^'+R-;U\C_B3-CW!1IZY4312C6,8R/S-U#6] M'14;MUV#KM.5Y%#A2S6>8DUS/(8)X^;XRF& K>>T.J)H)$F'2I" A2XU\B:- M6ZIHA[]@]DC= ]M[-&S+5:2'#DM*$!7OI41#L/;74H$P^329W\%T8=<4" V/ M4B >_!Z,X= @GL6UYUE!YG7P.O]13@MV%Z8<2<%S\&$D'CM[UL$,Q3.M>+HVRF1)?I&AC'#X,HH@Y)7-D[B->E,'4D)YCKHYWU(_\%R7XBF_JQ*5.F^1)X+P%(N-<%3\)@SU'VV3 M!BO/:5#@7LT)@[>H1%GF+_A.7 P7?B,A()P"G7!'1O^&SSZSP3-DWO:_=] M.9K?BFNT(A5?-6"%;V-5T_2R%6R&SV0$E*W, YO')8N='6_/$RNQ^U=UNC5, MH#QP';9B@B,:+^0Q0Y&$KPB*LEI!LHX4:)RWDOQ)/;F.:'<7E.7^H;#'Q>T=K9K\Z0*?SJ@.LZ2F@$MUM#^0V\=3J52 M4).8?$1B!M'CI#D6O05I;5Q/2^R;#=L71$]/<$;HW%$#$5?R5#I\AW^3T^5N ME$E2$F->VFR?SCXMT/%IM6S@WNJLPU=\]C*E2)20I#3]N$#]C9,^K'//\"V> MHT@&"JJ,^-1.7H]7&-9KA>=EU?0 M126O+N,S^/'B@[W?L^CB(UM]'F6P^:Q]PPWV;$YB1E7)F_(3*$5N8$>1JF@+ M=2XQX8@DI$)<\\0P*9]N@5[YU-X^A )=$#-!X^#UA%5^[*G&:FAUO#9L=^8% MP<*]M-E< O&*P&(S#@(:!N]T/7X=-VBG7XOV5#HY 7G-2;XA3-\R5#P^C>A0 MN<-F"!D<2PQG&WR&B_;UE9-^<(F0AVI[Z MX;,P.Y5PP0, ->U4B@%J6$&7ZZDZ_"(=7).S H+Z,CP4GBL5A@X8_7^KBZ[B=+,?KZ?R:3.<7BYL)^SH6JQ6F8B8U''S6Y&JY MN"$QHL4<7UVP1//5DO$E] !)=R\_C=B0ZMY65& $F'BOQ5B2>O<*IBTF^P;; M-<8F !?KCY-E:B7BVGL\S924Y;(N^5[#9?@[P8\T"/EF))I/=H:Z88.<%W3\ M4(.T>,$V&1ZKFTBUIQ2H?'%S:.F),[$%)2+'W.WWA;7.6$7_E)RWE-'P5B5W MPJCJLPMD<)T%3N=?%+?\.3@*OZLQ;=I7H;-V?D!_K3M_QUXM6=C3D@.V9RA5 MTIJV#'D:--L#W5A%P@@Z4)%AU-H6H(I1=%"]C !%!U&4X;]FN MX3]/0[H+&!RVIB%;7$< BNR@>F33XQ1@^R_UM:X5'8_BPU'^B>3XD=F>3M&' M)M90?.R(Y#Z8B$\6&X3,9Y/DPQ$4,0Z[M(Q>/.S;DXEMW@EKJ 683];Y!#4Y MGUPMEI/DE^OQ/XM]($!BY2%7122]%18"N,%8KX9=H4E9/Y\/XR39'&,O?4Y= MNK&UV]E4LH&.JJOQ53@:-C0MX\VOX1'F,7K&98=F(X7''S: M/ZR,O'6>,NN@1JV/[P=\_UGCBA33X>4\!D]8T5!:AU-^V)@G CNG/IE[68U* M?EOSEHTZK.IM?"E. PHML4.Q]P":KOR&IG2K;6/%M!)HM M0ZD^RL_L\4'RQM*Y$=@F;X!B.X=0_XVC6G;087H]WD*;QICB M^*3:B BJJ+E/1(#Y>32_(>'Y)KNYFL\_DY':R)&R# M?K.8D]7'\7*"SJ M=4LM5E/N4%%#X]4X%?J$$8DYD8@5[QM8^IX&M,[WO!J3Z?5'KO/C3Y/E^'I" MYGO :I_&D.3D$$"=8&TDWA\5M@2NC 7;6*J"KY:2DC@(TXGX1( M@UC4.G^^"Z@U==.:][$9VH]V:$L[N5=M*;0Y V[I]5>A;/\I1#EA0\Z?R6O. MB4S=;TC*C!RYH:M0[V(=+L:KC^1JMO@]?S5D?DW&%^OII^EZBNBLK+G\U^V. M==D.K?ECZ]^'J)HH6'M+RA?/=FAN6[_VVML&J4WM9P[0KKZGE2TT43E^#%E[ M)/T@4DQ LC^_',N$;6U#C_CIVKIQDI'_EO]L\F4]!.+(*G,ST4@_Y!=T@4R? MBJ\4 /4R <@&76DCJOI.7:5.2(T75'"DB+1IKRX$QR =(*SMS@46X>@(JC2F M46($4)_C4R.@ES3Z?\9(7!A[.S29V0?\/"@DQ4 M$+/ &A)T ][SB14S8*XE@U M7H 5XRI(%14WH25'8A3)A88H4SA^#W!:77'K"PYDX;"RQM55 -+XO6!BX//BQ2CQH3-PZPR7GC"K%*DJOLC<6LU)@;J0=HE MS B/&>,Q.L;3::#5&1Y$D5:UTFE&6B6,X$U*$O[=&L\\]N-9(]/T#TP2;./> M=D0JMWT(IO8I^&(SQ=71W?_%[**,:\209#@BC^@:+DJ*?I]!;\3HJWJIH@H# M.Y0&6UT:\':":F-+&L9C2A_QD@_L50.Z;C\3*O#K>.4&/8A'$5+VO(!1&QCC M^"$(KO! 0P8+3?LP,](0MM,/Q%L_J1O>ZG"&#FFU5J&^;O(^,8KV4$:Q>;^! MUM!K*XA0Q>GMX$[61%2'WBX7GZ:7DTMR_EFI/!0P/N\&\-V*@9W.T=3"=F9Y M-,)L#;9(K'C4<*^/*G@I9V15\/)5T*R"3YGAJ#7M;QU.J^"G\T^3%0+-[TQ* M%2*[!FR'UGRVPX\CS['YY\'VZ6W\)-4M^S9#_F!-\BJ5;ORFPQDZ?M-:A4(+ ME9B8;VYC7^K^/;,.(IIVV-E,'T3YF.IC9J"GL9UA3>$)L/<' MV^&W28F]8XOP2,$VM)TII$98H\$6RKA=>3Z;E$FI)3KRS3S#;5!#I\H-*GQ1 M1EMIP'@+J-<)+>%B]0T1Y'V6TNF7JS<'FH5&>-GVEC<0<+V08JNN&Q@C6.2E MIZ+2:$N1U>!&*#.7E>'0Q>8V?IC]D596E\@-N0)'\(A*!;5<=CD9][5'0HPO MW78 -(B!E@=0(W'/COV9-S?D0899]MHV?'2A+.9J444].[Q)DNZ3(R\A*=)- M,N2%94!4DIXJJ0^ $[YN0&93V:]CQ-_\3\GV=)SEP6*RKFS7<,U..A@T^03H MV*31JFB:MI09CCQO_^MQFN^]FL['\PMX"]"Y]+8_\9&Q']I"+.D^WC8M-G.V M1TQ*OE1#F&IZJ(!%@NA49H]#>7PM!B=E@BC"$ THM[[-1&IO..0(R16[_K02 M%$5>HU](8"%%G1I) XA*8DAC,+-=ROYWX5-+_[D/"2-HYR_#*+2&J[FH*Y@96@]";<[>?W\FE(;_AGOX M8J;BPMOM/'<5>N:7L6O];OB^X=;?(=/G-[2';8"X+&I.DU]7:9:/M_@4+(C@ M01@3DG !/'#H"/"^--MG1H # 9AG_+[V!=CRS ,7_]*>3#@P?PONR9NJOG_Y3V?SWF_%$#1T\KM)7_X[S'8,;/#XO M9G#Y_W@]RB,SQOQ^&_5MSSJ]_Z::^]#C"94/T41>R.MQ$\==M?@APV%$(AZD MY.(EBNQ)2^#QXZ_+R7@U8= FT4_\:"-2?_[LBOAA\H^[Z:?Q;#)?8SC508 : M+ O31,FEF1DMAH._'7'8[QU1:V@X22/]J;OQ_)T(]!L_(Z'*%CIZ4\=?>'TA M0WE\?8%DB+$>U;3 ?'=[.YO<,'T=S\CE='4Q6ZSNEA/Q4$QR=,.T_&JQO!FO MIXLYNIA%4]S5GJ)0Y#E\ Y'HN>=;PU9^$"I/ ]=C*#?S8I.&Z,^$_QU%E% S M86$=]NQO\?NHT6 T'J],4&KZY60(P!X3YT<+ MP\M\R_F?BO]+>!XX+UQZSP+'M(.GXQANMM+'DB'72C?-TY#N]*]=JC,$*RS4 MP%S8I42TF0)"OD,]IMP$?9\Q7(.GAEO E<1N\\5R$2MPR M(C&=>"$\*847I(C:733#.7DR']B_\U7^#]2)W*HX'>,_&*CNZ[072@T/K,)O M\(9C41+XFXXN+Q=UWB]GT8CI9X7OB14_( MU1)\:BR'+[1,'+NV2RDEA:NU+L-1&>7QXM;,57)L?6_:H4'C]23"55.&7*0; M6C'$96U1 [WV#8LWGA7MO#-3N[0#?A'VX-/&;J_AAT![P:9K,S[,B1'UY/V=6JW"R6Z^OQ]83,%^L)64XN)M-/X_/9!)V7;*4B M2DZSV2<,_P#I?7BV2T DWQT!Y=B*/L[=ON$#2:0O>+V7&I[+R?D:H2>2")JB MIRGC,+3"\-*N\%G7@YQ207F.PNP+R6@0*T]CER7E!>[D:I-62]R(\ MF2ZZ^<7B9D+6XW]B/!)3$4J]"D<,OFEI!U^"L6O=L87Q0\-VF[PL4<,$[$BL M!ELA;.2U+>2"RX@;^@;*[9DN)C%>G"GD*#"F^Y1$47YL)N4P^#W7K"#QJ77@ MS=1X0GLU1>2%"O%T@WFYYE6(3;$NYA>3^7HY+M^C@;KMAI!6X]ED16J M@;MQ':U4#??M+:# M*"6%\@/E."J^?&R;%\7)KS].EMV;[;K^4"UFO'Z@A''F3R)91Z_*:]T]\478 MQ\NV("V@U,5:P3B7T;773']KN/9_HOO(KA6_%L@V":**\5FFLR5&1ID9C.56 MQUI0C0RI:!]W)";_BL@)6"S7+=+E]7@^_;\BU!&7O>(W-5G@@Z!S7 M@F;#; MVQ#C6*Z]C[X^836R7S/?8'KI!R!I(:>KKQ(7K\IIZ#WFN1'8P6)S4E#]7&^0 MI#&R*E?H?:8R^E/Y%H13%;^^BK*SB)X\ M*^W/%%DBZ8*F%TEH,D/6]ZQ69F4-SY H:[=X7VI;+PU_JL<)\#902Q\JXP3M M-Z4HBYW7T\%XU*X[>/%UO!7F>P;U4JG8?+V2S? G_(],W3U?(5*MJ':HHHAYN+R[H+IUFHQNT3CP^IDKZ9, MIH(8X"W3\J>=6_HM=;[07DQC!4H>_M(67F8>[HBKOJ:J1K3X4-/9ED.E#EI;^O:/+O4T#B=NNRZNYU.HY$Q3@5+PG/5X@+)UX=O02S8YQQ-V8/*TIVY MH\GI[_H46$([3C7<13V,J(2SS-"1F'!0I6Q3WM(0_F0U&2\OHOS,)=/6V4)X M31'LXGM60D.V%?>.]?S RL0;;R*KZ,%O5*AL(I-2<.3>4 =3I@ KDS*U M6Q70OFYB^*[M;OF#":L'PZPM6YF(*_I4($#1[%ZA@J?UED MMEBM"-L%,O]U<[.8D]7'\1)?YE-1;)5<6!VOP6_Y\DF<&P&U+KP=]Z.BI&"Q MCXL,IJ*LU'ZD?*<:5(:CI3:K$6LHI]=L'0K5QYS+FWO.AF3YC$C$282M*2^1 M]PG0Z'>?Z[)>7/Q&SL?\432FZK>3^0KLZ+\[655PO4WX@E\1B1[#Y3_I>F0I M*VAO+,=9?P]D%#_T'/\#B]IVB3EW;4(\!;2<7$[79#E=_8;.+2O(;;.[$QD^ MK58"GT6TJ&PNM'.QS3?]Q-F09\1E!*JS%ME=)9 M)V&'I%"V3E.J"V,K*8?VI'13:FA_64!S*F5L !>O=,@+ M\8GUN%;B*17^?LK->(WPN=YR.5-R=B>DP[\S_C53 ^M[+OO1% _N!:I%X^7/ MR6CS!7OF2'\%BB^-?\UUK\\QP:.$O<&?_)[K7[]_%)M?6D9?^->\=I\T?VHLV6)%"]B1FP9WM MD0G_EVAK&F;:FHHV^EC//+M8BN/[,TZ*W>+8O7O'WD;WH=#YZZ9:H=9R3I*U5EAJ;*]?QYS3Y[_&1K M[_646$*[+C7B!J/%=;X2J4&6(5/ZX0X/P<[\'TC^X!/],$V'1K%(64(9/CJOPS%$R^C32K!#!OC>0G4.Z.OBN'8K>?8!:I2\^"O9:1C_X(S-L MK:>[O>\]1NDH/9->QP4Z$JY$5S@O% 4^F9'X;+G:-Z;V7$LYB\'[SQQLQXI> M?4]^5!+%4J549 9EW56Q%CJOQ(.%34S_H22I *<$G:"T!P'7Q)\!?(E@3DY+ M.:7N3HT3>/7<^?,Y=%_:9(9JN<'[0P5$"LT54Y)*I)!H"<5PT $#P%4 M9;=9&=TI,WC-3*:CE^:JYP/6TJH>H9Z85F2V0)SD4.#@VE@IRJ>\@U4=DZ&U M+JY/"(Y]?IIM!:OY0/L_"<)"7Z=X:.Z1>Z!(% (3N(>KDT8ESU;)9/!> >Q[ MJ#IN+&^:<"0 Z[:1F7/A.CO_&V!P5+=F"O;W.!I$&)K9UAPIM#G-XZ@0$4#? MK;Z2&B8E2S?\P<>3O3OL=(\Z$!1(BDU1Q)9 MBL$EVW:EDBU5Y1-B:+-XBJ4@--'?<8:3;2NO;%-_E'Y M;O?-/P$T&*@IJM25?:^V) ,I]PEH)@7B9GU^62H_M6[ M7A;#JU^,US&W;] XF/;*4E]DU8S]X(E"-AO+=@Z\_<6*FO'-ACZLTZ^C HA]?56A5R>1F^Y,B8))P)EV:2X2WN^Y;T MJ(H^ <5N:Y"U"HYK17-K9>;7BB9KQ1PP"3A_-,%%I_HGC3^Z^20TH?1=0#<' M9V9ORFXL-;M?D&4)O?%4PZU9.!_1$DZ,QA4W^*+;W?K(\&L=;\\/?'^YV%P< M@M#;\8+JR,%3J\XEUI*#]):1XBG< !>#>32<#B?I>% GU!@+\Q5FBL7H#8M^ MUYGNP"#I,U.O.=6=9B2TX-4MS%WR7QA;^JYUS5F.%[1#JD&JTKCM2(%@,]P) M+E_@VJ<47.=VQK\]/]4\5 EA3:RW.5Q^_/A":DG(_7,-6/"@0D4]FY7591FU M#B-^]_PO+-:^,/9V:!2^U5+[>4H"$BX4YGTJ0?$ $H^ #PJ49VSV-&-]UU\[ MY6G(='//)L,SZ%_S\T?B[84.*%(5 E21!Z_ YQ!C.V8@$+G^M1E M6'4[7<=N$XVU&$\M_'#(ZHYZ%,JL.XTI[,O'+!$ Y(W=5!D=94G;7I!&(CT M4T##T!%W@XCY8/A;&%51$@6%).H)R>"-&[V0!K?&&0XS2TQEP1U$F4THN(4AB+_2EYIWZ MC@Q&)&%!.(\12;GTF;%IXG[: M_GE'-$[ 0WV]?C.1)L)-I2KZ7'$5:5X_:) MSY=L=IX2O%8U M4G#7JB792CY7C2.L!C-38GN6;;+0@/^SF?,M,,'A;(O8:C4S(2$Q#8+&'KJ8 M3H):LO/<\,%Y)ON(HK"C0Q <= \*23Q0H5T:_O^4P^!-JC)-D<^?$QNF6XVL MR@W:P]>B+32O8@3DS3IM)[ZH;JD-ZLJU@64JAB.,+Z-MN)JXJG7JDK."5,1C MU_(E32P@;P$=)R^F[IP^A>NOU'FD-]Q0*M]@:?DA4&Z_[=J4:?51J4>9%P1& MY,B5%U.E?%D403AG$K$F$6\4OK;KU>$"BL;?=J(64G_<[A-0FXG/U/#77[TV M7ES],S#Y=HV5Z<@V<(;,-GAHHX(62$$\2?4D8"N(FC'!\H?@-\?B"0U89^(@'Q"?BM@OW87R00,7\Q@4"\%IU: M <;R988!%8OQW=EW9R\W"LA*>[=!@.",6-O'FY#Z$H7ORKJ>?,X+B@1.5Z@+ M,R!XPEF"H99F_4!]:O!!+SDP*%61KF.#_(= &HPF7A^',Z]53@0'^BKS#7N; M;]L(H4S'O9 9M..\ZTX)VZ\Y_T!(!"C"&NUH!;C4J.K%8HVJK.$>*=8H[*IZ MESA]@WP1OSI^+!,X$@=5#Q2#!@": (O/JBL !/?_$NEL4-X'\\[RE>T:+'K@ M6XUTP1=?76J-7>O6H=:6_11<>(YCL.^&A1@:C= ;L8:* 9JMPZE IUQR\BOX MB.M1,2 MC]2DMO@@:)_>9HTZL2,U3V6#Q@,0BV-H+ YX+-%:PY0BCN:? O&V;>;10;V' M$RJ(P?(+%5A*'[+-/3.)ZDD%;1CWZ=.9YI\'VVZU!:F8R??%I93#=R3; M[:C/-7I)#6<2A$QQFSW%(.,$[5JE*(L]NY+!A(\FT7"<;S;T"0S?#\,$F&<>>HLQVN( ;K2%*!I9"CX>..B9D1RKV9](N1M_@HI007 MK&:[ITHVT :\&I^BN&$-VVN^."4#5\4#LMW,(GR@?OQSH!=\U[*!LGCU^*1] M:49$$"7_1/:\?4MP^")S16F4&OACHY MXY$^!87H(*LK2.!^JT82&QQ?S;I[UTKXP=I7JXI]1TOI0%KEEB,HE9@!WH[2 M[INK,7W0UYX414#B*2J)H*JGVO3\*^" ,7N1!^/ M78(G+,.#I5%/B>3I=.G)D@^M0Q^I8X5>TF/M^%I8ON28MQW3]4@ZG*']E-8J MG,HL)WZS]MZDC?F.]*.HH"U;TG]9TH 2U*VUPIYBMOAQA+<1#;;P=?;1EW(E M+ZC!%K(B_]CQ\YP:ONUNK^PG:F6;@RH?KFMRQ5#5KX2^[E).YH&$XGNFG4CC2U6=VD,1-.Q3S*XK)?<5;RK[2TA>5RI)Y!-2$A,@R'?VP(3T]/]$=.^)TSZ+ZEU#PK)\VIJFB5+=TOI M!Z]].=P'MF4;_O/"C]Z6NJ'A@\="JT=FU2F-7IU:A9[YY?RY.#@9UNAR8+>? M#1W/=+R2Q8Z^"05_\"VB(=$GD(1VE#X$)SZ&W^4I)4O&H[W;UX=4JE4#=?G! M<+JT591*G^C:B:TGMWP;\S:CWP3YABF>!U1KZ2RBAK* M)%:B*;ZZ(0:2="2NHLD><(!9=[F$24U[!>G@=IVG*?CG1Y',A;?;>RZ_H5@1 M0,A-BIP9N#6OP7HJ@''8?!P'&%RT67<=*R[E-+1PGDRB,LXHU>640TO5[X;/0I/J:$"J:B?$T";M%,NI-,5_QWD1L^WDP>UN MJ20IV=D\)8J,P4QR,T)]:SL;]&*$^J9Y)KE$<"0XS:1!7R=HM.Y-\PJS[BX3 M"'Z9#6!0?[.@5-$4F4%9856L!8$3PI6E07 CH6^$H)<6VDB7@EE7XS3\WHY- M:!H$!VI='GCU3'0B/C&]WGQJJU XS+ M]\:N-7G:4S=0+_BJ) =U$NK**'C" 5%'H MR;>JFRVA1>)8/QG.@7;E5T^9(7.K!:PZ7E40OQ2G6HMTO-WZ=,M/*K:^%P1D M[WLFI59 N";DO6OD=[$[UG(Y;N)73S@-W^&'N?5;WS;U:Y0RE- YOAR*TH". MB+^B<+5*D[YE,WDP LI4I63>X&F]HM@HMA1*R5K'CZ>G@XN-R@L?4E*0PMU* M'/6'O8L-_%,:S3#L4PS>)GJ4PCI6?R(HTNT $)*J7+F:5%?C5M"U5EM>X+_8 MQ,E]K1W?"27H9N\41>'=%7X]CZEG/ *%WU&?.!/AKSU-O/G&3G/FR+9SI6)? MOY/+DX$$A^@R0S>0]TQ@B U_@M_:6\?PLD3[SD=1)NH](]!_-?@G>XNON&' M0&_XFZY-H7J,BCU*5+&:!PPW(-T[=:0VN;OM63 MBZG$CP(J8-1I;_LBDJ_H[U?,=%90@B3UJU!4 MU6\?!X(TX6L/@*8#$63OFT]>] I$DKF7:D)UXKZ<;/@'P%S>EBR:P=(.OC3J M@U'%!=Q#5J$KOHV5&4CX2)3/8O> !][O2250\8FO4A80C06")7VD+J\4T;RC M74$,EN"NP%+6(2 @\4!>!X7LBK8>#G2WLJ4B)4^WEE*"NY?S9_Y"59,;V5)6 MZ!Q-#J>"=>:C@1YP!P.&S_44I;.9_\GP =-^F)KEJ_JV&%[B/F^E>^)=Q0./A9I*+_F6B.(-[ W%P0'B\6T'V])S;K+M6 M!3G>P6)SX5/+#H4';=&S0(,K:*FO#GJI\ 6$#BBCL,LQ T-.D2-M*N!ME37 M5^NJLVRMD_,#]Y"+S8WQ;\]/_&@P-DW^IA^UKCP__CF(6N=79-^+IP[-&(,< MLC5<@\*CB((-5T[!B*2<2,J*,%[)OP)RY 9_3M?M&G@;LA-K8*9K8*1KL&&_ M-Y(U\/M; _WS/OA%0')DV,8J5)\H-N(J+$*T*"P4^?)W]C/['R\;9W_X_U!+ M P04 " !M@0Q)QW1=*,P; "\SP$ %0 &-T9&@M,C Q-C V,S!?<')E M+GAM;.U=6W/;.+)^/U7G/Z2\SQG'SDQV,K79+5_BK&L=RV4K.V>?5#0)2=A0 MA!8@;6M__0%(2B)%XBI(;2'SLN-5T" ^?(U;H]']E[^]S-(W3X@R3+)/1R<_ MO3MZ@[*8)#B;?#KZ-KQZ^^O1F[_]]7__YR\ISKX_1@R]X0(9^W0TS?/Y;\?' MS\_//[T\TO0G0B?'I^_>O3]>%CRJ2O[VPG"K]//[9=F3X__[>O,03]$L>HLS MED=9O)82U?3)G7S\^/&X_%=>E.'?6"E_0^(H+R%HV_5&6D+\O[?+8F_%3V]/ M3M^^/_GIA25'H@\H2=$]&K\I/_];OIBC3T<,S^:I:';YVY2B\:>C.$^F7/[D MP[L/[]$Z3]=DKB8H2P_RY+/68[SQ74V)G16MOGHC:CWV_UUJ_&\CK=3D@HB MV$\QF1V+0L?*>HZW:^,%R1A)<1+E*#F/4L'&PQ2AG-DT4%[)KEIW%U'>(5.4 MXSA*O32U7:/'=C_D_'\%?6PP'LP1+6ECW[*H2##_9]?&ZZK=$8*+B$VO4O+L M%T!/K5NV_Z&8S2*Z&(P?\"3#8TXJ'S]Q3 H^@++)'6]$C)&5DAO6N&6[OQ*: M3Z()NB4YKR%&^"EZ%%+F[934L&6[+M%C;C5GB?);?O/S?PH^V0UIE+$H+M7; MI@4]TENVYYJOD3,TC%[L%*\L)NY]0C[7U^=^!,7HG_N=9E(,AKL6I?W_DEI;3Z2(8F M8DGEY$.)H/[Y)GI$$J:;1Z&/K;HJH>._OME'"^\0Q82?;=R:NB&] MUS;S32S-MVAU0WY/[1Z2/$J=6MR0W%-;;Y%;WZ[D]M6GB#+DUJ=K28]MS;OM MM.[(=0_R66I.$>,36#E_W?!FM!K(%P.4)>(@6/TJ*MC6JE$:GTC<^DXJS#V$ MZN9M\S3!XHM9?AO-4$^+945')W4#F]2=T79C M(QHOJ^1_=GAK&\KJ$L?STE#R-I[B=$7YF)*90P_6;2%Z*(0FB'XZXC(%XXTD M1""Q7:321 M$- J,WI_D!W?P5!W^.F^._RBH +F%69QE/X+193OKR[YBB7I>UGQT<\'28,* M3LW(^WTSLD0SY-5*6&@6&?URD#V_":'N[9^A>GMUN% H?V_9T8>#[O\.EIJ( M7Z"(6(_%*_X+TU"Q47KTYX,FHP=-3<<'6#HJ+3$GI%%^]&L E&S@J4GY,\PV M]0JGB%[PX3HA5+U);94(@ MCK[J8X-"<'3R[H 9TB*K&?LH8>QXT_:PV1&^[!%R)P8GQ1E'[+'L\(*]G431 M7&C/AV.4YFSY2VFV:*A1_?-H=3$^&%_AC+<#\XF&,*RQ7=B(NYLOW&&=,<8[ MTP! NR"4(<.V.]OZ+\2C;B)P;%8<]C0^"2N%ZP^=V\1]QE?84I<(EYRR_B"A=\!GRGU%:]!U\K.2A MK#%:"OL9-\84A ;4]_)L?>-]B_*ZKU1C6B$&9?9QY%L'16[U/"2>K[,GCH?O MDSDX!:_-8E!&)$<>-YLN-YX>$F]+[11>*8Q/2S+'LF[@[2N:(YHN[-*K,(GR+.!8S0F+TB^4%//K+$X+81#DO\9$."D7*%D] MJY&K_:J#%&KA]T.C$V"#F%X_^O5J!]T0Q/'[LF[J!6%YWRU:;[G1";#QS%D+ M.BC"6#-N2#89(CK3'TB,Y@R7ZD8GP%8V5YUP!AO&0M3;;;;;C-$)L,G-E7PY M&F_'=<"S0@5,>[H;G;P*0YOI74C9W!#HN<'1(TYQCLOYIKRD%A?#B++J69'! MIM^TBM$)L&5MNXM,*YB!+.EKR.8WG7*AT0FP[H970";-33L*JVO)L"#$(WRIUIC5BO SVE1R? ECXG MKF5 0IGG,R1BD/#68H.KM+[BHU-@XYX3K5(D89RKK.;KGEGK%-C0YLAI+XX0 M-NM.VW/%-N<4V(3F83^F01?&_-SP(-8ZHVT4'9T"F\0T!/6SVHLBB/W3W;*M M1FSVE!Z= INYG B5 0EC?)XE":[:?1?AY#J[B.8X%R#DAZ-^B=$IL!7,B5P5 MF# V4O&)3A\>9^]9KOW%O;NT>GKL69Y,'/*,?J:VSMZ /_B MK1T+]X_G;YY/,;Q[![1L9U+N!>\0+9]&FAUL9-*'_5#.$& 0IZ#.D]BS(I\2 MBO^['L%J%=B4@GY)YXWZ/F!A')(Z(*\9*^SXKB2@G])YYGH-*HRSDF4$ !,Q MZ,=TGAG?0!;& :EMX7%8X,TJ@'Z/MYTJF&,,XX5/&Z_%4J\6A'ZBYU,)^K#Y M>B/T^LC7KOER(>B'>_Y)7^.2Q[(Z=,+-%G^-)/2;/__4;X"3A\W:FG\06XHN M-<_>W_V+_".K1AG84"02$&:3>_2$L@*9Q W:+ IM$%'THNQ*H0L@"(-'F02A M1O>%D(2I7\KV%8OT<3I'JWLED4VDBA(DZJU<+S= MT@+&_/D:X8P?2L3]K.Z1^&91:+.!/:-]"$*Q$9,Q8JQL^152KJZ;1:%- /8T M]B$(PZI;/EA^0"FO>/(%9?QXGXK'3\D,9V72FAP_(?T\;%$+=' @>_(MP85A M\+TEF9BY.$?+]><24Q3SKS'-:-=(@D<.LE< $T2^K+Z0*_,EXFV-<44(U_ 9 MH3G^;YW@7; Y,G9S@D5?C"=Z@WA+%!5H6T*B]"!N,J-,:)0@74@N#A M>^RI-P DS^Y@2'E?6EIPLZ>%N1,\,(^;_:0#864V.62_]_HV+IM4QE^ANZH] M>K* >:ZNU#,3.W-?WN^4F;7BURAI<2VAEP0/V6%-M!BD,8XH(]?USQGKNH@OYRM&L/J7,T)A15Y8;1"V*?7WBW<>PX MB^CBFB^#98A(+LG!I&5'50-#Z\JTDZ^"!_VQWB#LNC-">!J[PEZ/OW.4H;'R MA;M$ CQ^D*-Z] /9VD;_.M8;E!N=_%KEP ,%V1\$.LWW9FP'')G+2 O+AR+G M$<.QN/C':9$KW>HUDN!1@JP)-@$4AMW]=X0G4P[IC#/6 M"_A$[\27T:;,&ZV0_@]GR;^+RNK(AN0>\7-AC,M$'6ND0^)OFMC%YZ"?(?A4 ML5WU3Q@NTTU'%?YWBMR]=F3BT*\@=J4 >L\?58\$,-'MRN<#.NW+7O5%WQ=A MW&KPSJ,H8N@25?]M=%<='-3L#:YA)="O-O:K1';]$D90H2[F;L9Z*U7JBD,_ M%+&CU50U^G%NNQZ]TDE&N !D_&M8Z9^FE(-^9[(;+=@ &.PB(UY=+#-%Z/+. MF8A#/SS9C3;TX]QZH7BE2F&2ILEIZ5!5"/YB9;>KB19Z&"YV/O=U>S+J@#^? MV>]>V'O7A9 FR-R@YN5" OS%CF<;M0WL$-S2)) K?UI/]UB*RL!?_7B]R-(! M#<.0S-?_>LX]B_]38(IX-_ 1DB_NTHCO*;-$9 DH U$H5,6\$O 71(YD]VN. M)>X@SNI+S%>$D M$'V&M.=YO3#X>R:_VF&&-PS[KWG/>=F;P#^$\JDIEK@#/@+5T7O][&D5E8$_ MMO*ZI]4!#6.*N4?S>KT=C)OIOA6*(1.!?X?E1F2_5BA1!K$[;2*\::8$-^2^ M)0/^*&IGY'=A0F\[XSR9EJ2^^_#^74FI^$7T0'=WU$C#4@8\I92?MOJV"[95 M@#]S\D*X$^H08DN:]YZ7+0+X6RJOTX,E[A"VE@(O'P?B/\)0\\3'B+@10Q23 M9//&3*$Q-M6 /\]RVTY:0PQ7/<[X,*%TP4>$+N6[D3SX8RR?"M&'S=<[ZGFI M;+RU- ];'UY/6C3_^O"+A\?7+7WXG$&=-!Z*^3PM.RI*EQUUG8T)G56,&;R" M,ZOA%:24=]$(&W1A),U:AH^XB[#JT6ZS&'PR>0N69*Y%&W"">.'7B!JBI;-5 M$CQEO ]&NXC"N.P6X5YXEZS-Y5FR.M^4\6#,8NV9U3$Z!38=.EJ.K?#Y"LP MFI*"T'P239"XC;U'J3!?#TXK1?+TQQ[NJ!W-ZB M+3P4LUE$%X/Q YYD>(QCX_JS;,1A5 1U-0=[IDLVR,;'>[J[T-L.5,(FZ@&AY#>[\I6G[9+!]G MIS3$$"H=ALJ;NR&-$N&U7[X :;3N$K,X):R@R&1$.=4'/< D7/2/+&>$ 0RT M2_28[WM8B6^N>]1@9/4+P RN;#)$="9:9#9X>LI##PYY=\K&AP1$ /HO+)'Y MHDS@P?M A 3=]VBH6F P"MH%079GXE98]"'?>%>M$;.FW7)B7 ?T*.EVMV1? M9@,H@!'3,/W 9';GG[9:/112$(.HISDFXT8E!CU4-#VL,2&&.U1*D\<%R6)> M<1UP>N]'&,R^B]PVWW@C:"YRC9J9!91R$,.FU8VB=7;#QT0<>AAI^UQRKVH( M+8 !59[+S(>0Q&&PK$4Q!KJ%[!1>]5F5KO:4@E+)_BYHZY^DN0&H66W>)6KS M[@]IYI7I-IU$61T"3]A/5@D6RJ\M]%IO* \]1=L8;JV!!1 W4(379H/Q1C!7F=)M6 1[9U8%^ M&VR^_)IAIW2N[H6XE"?\;"3:;S.S:V2AH[*Z3? &H+SEHP)EGB'>G6+WCD67SFD( ?X M9I8UL,IT;IRI(A/C+Y@IN+04>5-3)DJ/!LZ0:R(XG ML=3?8'Y X=K>I=A6!1Y/TT4/G$ N-<6_86ZOCMO# MTJS\A_NV^5XWGJ*D$&&.OD9Y0%\J(G#:%H%](AS.E9:8/,TVM)7=JUTOACR;Y^]8$WX M9YTTM(^(#9665TMMD('J@8!X26815B6I-9"&=A(Q9-%2!=KXH%1 8F,0)K%" M;(UYB_^)ICCFN]2O:/:(: ^5&@EHGP]#!GKL#6I,ASUJOT:\VS)$%\T>D5)L M( 7M^>%$LR$N7_Y\0%S?1%ER/9M3\E0=J[4T]PM .W=LQ; (<9?&4'X>_:W;C.E%HQX[M MM^(F" ]\FN]"7 +4[L)UHM#.'B;LF?+>17;8.[ENRG#MG"\3 7?S,&&KGV*J^4B2G6!&IPJ T\.:LAV7\/DE3HL$)2*+565UK[QQQYL^W&*Q,;*V7!LLFNA/M,04,ME61)14LQ"YJ M,+XH6$YFXA*OZH2U0]'F.B27 $L0ZI51$Y!AY(;MF)'X7"9^B"9(%>5?)0:6 M)G0G@UJ+-(2P!K6'70G/'>A^0IH\"KSR]?!F;9+ MI3 M"5@2T%TIA0WN$&(>["FK'Y!%<#=+A#%D7Z$1DI5S^Y<")Q%?H3QL W\G]#MO M[44TQ[EH4O_6KUT*+%VG_^U>#[ P(ADT\UY?,U8(=1G0*@-V%<1;?8C3"(-E MZ-S5&IUQ[(684)8I?N^C''T>CU%< M!C]9F854,[E-/="O0>PF:EMDOLQFKTDQZM?#BTL.^Q*QF.(2E+%"2.2AWXML MH0@*1&&8U]IPN8ICDN"83X SS9Y.)0?]?&0+PGN0[,PJMM?X$PG,R>B U T MXR><+Y8S@0$$M2#T^66;C(+]:(+P%6C"7$?1N$?S:B)@PO$+9S&>1^EU=LL' MXO 9I4_H*S_'3557#UO5"WWDT7.OUQDGT#^>2OT+173X3'QI4ET=]-EK+PK4 MP!K&(=L>/?^ZZMSF5B'T 6Y_RK-$&\9IWQK_%2F4;\1=ZH,^].U->99@PS ( MV,/'3UYG'E$?]/EQ?[I3@PW#EF !_VS,3\-^U:=5)704@SUH4 >O+SO%ZU$B M0\6 #EG@@^Q&4(+M$X^0/$K!#$WU%7SMLO"'OV^&S%GV23)<,9 MA(EY/R'A@$TY.] *8]Q!Y'NS6= M3@?Y%-'Z;_WZK9&$#N:H8*R?8@,\0>S;VO/8C4&,)(D$>!Q'JQE9!0)ZE96\ M*BPUURRZ44]1\!B-JAYO<0"%79R^Q6A!T@8'D;+1_\W),K8(%L;ZS8@EXOA>92FA&3+G\AY'2>@-RR< MYR_ AI6T4QZ?D*%]D*2'N-73/>%!M72GND.\:;WA0PRD8&,_FE%L"L.7YQ%D M-M@JNLF0U.@7J@7_@VK &=!O-^)^-65M_EZ45AG9I4C(G(=L(U&&S?D?QD]A5IE&, MC%*0]@M ^RB94=5/LQQ1$#;9!W%J$+BJB4[$FB>9<,_0S?0J.6COHSW-]KHN M.'"?A0U8VEF^MSRTYY&6I'YNI5@.>S[_/:)\YM-/XZURT Y$4B[ZJ>NT/8AY MVB[-(+23T%[FWQ;<'RX1(;";4*OS%?QX=P("(L@Q"R&PI\\&!1)CM075R6*>W8+7HN_TEM?S"I -9%R(A. MF6W!&!ZP/DA&]ED(*\* 2=LW8+7-@1HSSO)5+MY0S$82P+Q*$H# M9T5UG'(56*"=YR1<"8>LP;@V49[SSBB[NP1_-5 MOF:#BF.[4$%^?EL5J3WNSIXCFBQ/X\DT__PBWM>S:@%<_2.K_Y4I M<_6ZU >R MLML3(K?>%LH;T$FWCN:)-Y4R4'XW[=Z4[1.YTG? M+P#M$Z_M5\D<)P5SV-?['5SGBW.4Q=-91'4^[SI1:-=W.66&%/?@"8WL)3ZM MCZ-.%-J/W80\4]J[R Z;]G(QO$=/*!-6>;T39&]Y:%=V$YHD9A$9G" NE'L4 MWR!@GD(*VH?=P[3=A'+@ONC=WC")H:>0@O9+U]!ENOMJX3GLZ?FB8#F9(=H! MJ8][JI:$]E_7L":A6H\IS'G[QL#=3RX$[?F^]:S=0@+M+2 Q%K4-"H/Q!6\' MSDNT9NY[QA5 >[FKZ>FQ)UDA>YV>6[>%F& &XZ_1OPE=3D/L+(Y)D>4HN2*T M_INM& @ 1 M " 0 !C=&1H+3(P,38P-C,P+GAM;%!+ 0(4 Q0 ( &V!#$GC M3E4'K@< (<^ 1 " :9* !C=&1H+3(P,38P-C,P+GAS M9%!+ 0(4 Q0 ( &V!#$G*%A[@" D )R' 5 " 8-2 M !C=&1H+3(P,38P-C,P7V-A;"YX;6Q02P$"% ,4 " !M@0Q)AO$*0+X+ M ! G@ %0 @ &^6P 8W1D:"TR,#$V,#8S,%]D968N>&UL M4$L! A0#% @ ;8$,22(Z\G8T- _A4# !4 ( !KV< M &-T9&@M,C Q-C V,S!?;&%B+GAM;%!+ 0(4 Q0 ( &V!#$G'=%THS!L M +S/ 0 5 " 1:< !C=&1H+3(P,38P-C,P7W!R92YX;6Q0 52P4& 8 !@"* 0 %;@ end