0001477932-14-006024.txt : 20141113 0001477932-14-006024.hdr.sgml : 20141113 20141113103147 ACCESSION NUMBER: 0001477932-14-006024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20140930 FILED AS OF DATE: 20141113 DATE AS OF CHANGE: 20141113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RenovaCare, Inc. CENTRAL INDEX KEY: 0001016708 STANDARD INDUSTRIAL CLASSIFICATION: OIL AND GAS FIELD EXPLORATION SERVICES [1382] IRS NUMBER: 980170247 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30156 FILM NUMBER: 141216715 BUSINESS ADDRESS: STREET 1: 430 PARK AVE. STREET 2: SUITE 702 CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (800) 755-5815 MAIL ADDRESS: STREET 1: 430 PARK AVE. STREET 2: SUITE 702 CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Janus Resources, Inc. DATE OF NAME CHANGE: 20110110 FORMER COMPANY: FORMER CONFORMED NAME: ENTHEOS TECHNOLOGIES INC DATE OF NAME CHANGE: 20001002 FORMER COMPANY: FORMER CONFORMED NAME: WHATSONLINE COM INC DATE OF NAME CHANGE: 19990722 10-Q 1 rcar_10q.htm FORM 10-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2014

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to ___________

 

Commission file number 000-30156

 

RENOVACARE, INC.

(Exact name of registrant as specified in its charter)

 

Nevada

 

98-0384030

(State or other jurisdiction of incorporation)

 

(I.R.S. Employer Identification No.)

 

430 Park Avenue

Suite 702

New York, NY 10022

(Address of principal executive offices)

 

800-755-5815

(Registrant’s telephone number, including area code)

 

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

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

 

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

 

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

x

 

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

 

As of November 13, 2014, the registrant had 66,575,122 shares of its common stock, par value $0.00001 per share, issued and outstanding.

 

 

 

 

 

RENOVACARE, INC.

 

FORM 10-Q

For The Quarter Ended September 30, 2014

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

  Page #  

 

   

Item 1.

Financial Statements

   

Consolidated Balance Sheets

 

3

 

Consolidated Statements of Operations

   

4

 

Consolidated Statements of Stockholders’ Equity

   

5

 

Consolidated Statements of Cash Flows

   

6

 

Notes to Consolidated Financial Statements

   

7

 
       

Item 2.

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

   

16

 
       

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

   

22

 
       

Item 4.

Controls and Procedures

   

22

 
 

PART II - OTHER INFORMATION

       
       

Item 1.

Legal Proceedings

   

23

 
       

Item 1A.

Risk Factors

   

23

 
       

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

   

23

 
       

Item 6.

Exhibits

   

24

 
       

Signatures

    25  

 

 
2

 

PART I

 

Item 1. Financial Statements

 

RENOVACARE, INC.

CONSOLIDATED BALANCE SHEETS

 

    September 30,     December 31,  
    2014     2013  
    (unaudited)      

ASSETS

       

Current assets

       

Cash and cash equivalents

 

$

889,795

   

$

1,508,843

 

Prepaid expenses

   

16,894

     

1,230

 

Other receivables

   

2,400

     

-

 

Total current assets

   

909,089

     

1,510,073

 
               

Note receivable from Duke Mountain

   

80,000

     

80,000

 

Intangible assets

   

162,854

     

162,854

 

Total assets

 

$

1,151,943

   

$

1,752,927

 
               

LIABILITIES AND STOCKHOLDERS’ EQUITY

               

Current liabilities

               

Accounts payable and accrued liabilities

 

$

15,641

   

$

11,222

 

Accrued expenses - related parties

   

45,978

     

44,219

 

Other current liabilities

   

137,500

     

-

 

Total current liabilities

   

199,119

     

55,441

 
               

Long term liabilities

               

Other long term liabilities

   

237,500

     

-

 
               

Total liabilities

 

$

436,619

   

$

55,441

 
               

STOCKHOLDERS’ EQUITY

               

Preferred stock: $0.0001 par value: Authorized: 10,000,000 shares

               

Issued and outstanding: nil

   

-

     

-

 

Common stock: $0.00001 par value: Authorized: 500,000,000

   

 

         

Issued and outstanding: 66,575,122 shares

   

666

     

666

 

Additional paid-in capital

   

8,116,001

     

7,220,612

 

Accumulated deficit

 

(7,401,343

)

 

(5,523,792

)

Total stockholders’ equity

   

715,324

     

1,697,486

 

Total liabilities and stockholders’ equity

 

$

1,151,943

   

$

1,752,927

 

 

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

 

 
3

 

RENOVACARE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

    For the Three Months Ended
September 30,
    For the Nine Months Ended
September 30,
 
    2014     2013     2014     2013  
                 
                 

Revenue

 

$

-

   

$

-

   

$

-

   

$

-

 
                               

Expenses

                               

Research and development expenses

   

902,219

     

-

     

956,719

     

-

 

General and administrative expenses

   

373,629

     

184,862

     

920,832

     

329,103

 

Total operating expenses

   

1,275,848

     

184,862

     

1,877,551

     

329,103

 
                               

Net loss from continuing operations

 

(1,275,848

)

 

(184,862

)

 

(1,877,551

)

 

(329,103

)

                               

Discontinued operations

                               
                               

Gain on disposal of oil and gas property

   

-

     

-

     

-

     

49,338

 
                               

Gain (Loss) on discontinued operations

   

-

     

-

     

-

     

49,338

 

Net loss

 

$

(1,275,848

)

 

$

(184,862

)

 

$

(1,877,551

)

 

$

(279,765

)

                               

Earnings per share - basic and diluted

                               

Loss per common share continuing operations

 

$

(0.02

)

 

(0.00

)

 

(0.03

)

 

(0.01

)

Income (loss) per common share discontinued operations

   

0.00

     

0.00

     

0.00

     

0.00

 

Loss per common share

 

$

(0.02

)

 

$

(0.00

)

 

$

(0.03

)

 

$

(0.01

)

                               

Weighted average shares outstanding

   

66,575,122

     

63,075,122

     

66,575,122

     

63,075,122

 

 

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

 

 
4

 

RENOVACARE, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the nine months ended September 30, 2014 and the year ended December 31, 2013

(unaudited)

 

    Common Stock     Additional paid-in     Accumulated     Accumulated other comprehensive        
    Shares     Amount     capital     deficit     (loss)     Total  

Balance, December 31, 2012

   

63,075,122

   

$

631

   

$

5,462,236

   

$

(4,491,004

)

 

$

(4,104

)

 

$

967,759

 

Stock based compensation -Series A Warrant

   

-

     

-

     

237,971

     

-

     

-

     

237,971

 

Stock based compensation – options

   

-

     

-

     

15,440

     

-

     

-

     

15,440

 

Issuance of Units

   

3,500,000

     

35

     

1,504,965

     

-

     

-

     

1,505,000

 

Reclassification adjustment on disposal of subsidiary

   

-

     

-

     

-

     

-

     

4,104

     

4,104

 

Net loss December 31, 2013

   

-

     

-

     

-

     

(1,032,788

)

   

-

     

(1,032,788

)

                                                 

Balance, December 31, 2013

   

66,575,122

     

666

     

7,220,612

     

(5,523,792

)

   

-

     

1,697,486

 

Stock based compensation - Series A Warrant

   

-

     

-

     

848,388

     

-

     

-

     

848,388

 

Stock based compensation – options

   

-

     

-

     

47,001

     

-

     

-

     

47,001

 

Net loss, September 30, 2014

   

-

     

-

     

-

     

(1,877,551

)

   

-

     

(1,877,551

)

                                                 

Balance, September 30, 2014

   

66,575,122

   

$

666

   

$

8,116,001

   

$

(7,401,343

)

 

$

-

   

$

715,324

 

 

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

 

 
5

 

RENOVACARE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

    For the Nine Months Ended
September 30,
 
    2014     2013  

Cash flows from operating activities:

       

Net loss

 

$

(1,877,551

)

 

$

(279,765

)

Adjustments to reconcile net loss to

               

net cash flows from operating activities:

               

Stock based compensation expense

   

47,001

     

9,622

 

Stock based consulting expense

   

848,388

     

54,668

 

Gain on disposal of oil and gas properties

   

-

   

(49,338

)

Changes in operating assets and liabilities:

               

Decrease (increase) in receivables

 

(2,400

)

   

800

 

Decrease (increase) in prepaid expenses

 

(15,664

)

   

6,058

 

(Decrease) increase in accounts payable

               

and accrued expenses

   

6,178

     

83,313

 

(Decrease) increase in current liabilities

   

137,500

     

-

 

(Decrease) increase in long term liabilities

   

237,500

     

-

 

Net cash flows from operating activities

 

(619,048

)

 

(174,642

)

               

Cash flows from investing activities:

               
               

Proceeds from disposal of oil and gas properties

   

-

     

3,000

 

Acquisition of intellectual property

   

-

   

(105,854

)

Net cash flows from investing activities

   

-

   

(102,854

)

               

Change in cash and cash equivalents

 

(619,048

)

 

(277,496

)

Cash and cash equivalents, beginning of period

   

1,508,843

     

513,595

 

Cash and cash equivalents, end of period

 

$

889,795

   

$

236,099

 

 

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

 

 
6

 

RENOVACARE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

1. Organization, Nature and Continuance of Operations

 

RenovaCare, Inc., together with its wholly owned subsidiary (the “Company”), focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient’s own cells) cellular therapies that can be used for medical and aesthetic applications. The Company was previously involved in the exploration and development of both mineral exploration properties and oil and gas properties.

 

On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp. (“RenovaCare Sciences”), completed the acquisition of its flagship technology, a treatment methodology for skin isolation, spraying and associated equipment for the regeneration of human skin cells (the “Cell Deposition Device”), along with the associated United States patent applications and two (2) foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. The Company effected the acquisition of the Cell Deposition Device through an asset purchase agreement with Dr. Gerlach on July 12, 2013, and paid Dr. Gerlach an initial sum of $100,002 at that time. This asset purchase agreement was amended on September 9, 2014 (the “Amended APA”). Pursuant to the terms of the Amended APA, the Company is obligated to pay Dr. Gerlach an additional $300,000 in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. Additionally, the Company issued to Dr. Gerlach a Series A Warrant allowing him to purchase up to 1,200,000 shares of our common stock at a purchase price of $0.35 per share.

 

The Company has recently incurred net operating losses and operating cash flow deficits. As of September 30, 2014, the Company’s total accumulated deficit is $7.4 million. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. Management believes that the Company’s cash and cash equivalent balances, anticipated cash flows from operations and other external sources of capital will be sufficient to meet the Company’s cash requirements through March 31, 2015. The future of the Company after March 2015 will depend in large part on its ability to successfully raise capital from external sources to fund operations.

 

2. Significant Accounting Policies

 

Basis of Presentation and Principles of Accounting

 

The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.

 

In management’s opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Company’s profile on EDGAR.

 

 
7

 

Principles of Consolidation

 

These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

 

Applicable Accounting Guidance

 

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board’s Accounting Standards Codification.

 

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Company’s results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.

 

Accounting Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

 

Note Receivable from Duke Mountain

 

The note receivable from Duke Mountain Resources, Inc. (“Duke”) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Company’s credit risk assessment is limited due to the related party nature of the arrangement.

 

Fair Value of Financial Instruments

 

The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets – Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor – Level 2 inputs.

 

 
8

 

Research and Development Costs

 

The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

 

Intangible Assets

 

The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.

 

The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology’s current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.

 

Stock Options

 

The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

 

Income Taxes

 

The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy is to classify interest and penalties related to tax positions as interest expense. Since the Company’s inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.

 

 
9

 

Discontinued Operations

 

The results of the Company’s oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Company’s subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).

 

Earnings (Loss) Per Share

 

The Company presents both basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.

 

Related Party Transactions

 

A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families; (ii) the Company’s management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 6. Related Party Transactions,” for further discussion.

 

3. Intangible Assets – Intellectual Property

 

On July 12, 2013, the Company, together with its wholly owned subsidiary, RenovaCare Sciences, entered into an asset purchase agreement with Dr. Jörg Gerlach, MD, PhD, pursuant to which RenovaCare Sciences purchased all of Dr. Gerlach’s rights, title and interest in the Cell Deposition Device. The Company plans to further the development of the Cell Deposition Device and, if commercially viable, bring the product to market. This asset purchase agreement was amended on September 9, 2014 (the “Amended APA”). Pursuant to the terms of the Amended APA, upon the closing of the transaction in July 2013, the Company paid Dr. Gerlach $100,002. An additional $300,000 will be paid in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017.

 

At September 30, 2014, $100,000 of the amount payable to Dr. Gerlach was recorded as other current liabilities and $200,000 was recorded as other long term liabilities in the accompanying consolidated balance sheet.

 

As further consideration for the Cell Deposition Device, the Company issued to Dr. Gerlach a Series A Stock Purchase Warrant (the “Series A Warrant”) entitling him to purchase 1,200,000 shares (each a “Warrant Share”) of the Company’s common stock at an exercise price of $0.35 per share. Pursuant to the terms of the Amended APA, the Series A Warrant will now vest in five equal installments of 240,000 shares on each of July 12, 2014, July 12, 2015, July 12, 2016, July 12, 2017 and July 12, 2018. Vesting will no longer be contingent on the achievement of certain milestones and on Dr. Gerlach’s continuing to provide consulting services to the Company, but instead on passage of time. Prior to September 9, 2014, the effective date of the Amended APA, the value of the Series A Warrant was recognized as consulting expenses over the vesting term. In addition, the fair value of each Warrant Share was estimated at the end of each reporting period during which Dr. Gerlach rendered services using the Black-Scholes option pricing model. Effective September 9, 2014, the Company measured and expensed the value of the Series A Warrant in full and recorded this value as research and development costs. The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.

 

 
10

 

Assumptions required for the Black-Scholes model are as follows:

 

Weighted average risk-free interest rate

  1.72

%

Expected life in years

  4.75 Years  

Weighted Avg Expected Volatility

   

93.8

%

Expected dividend yield

 

 

0

 

Consulting expense associated with the Series A Warrant amounted to $115,840 and $311,173 during the three and nine months ended September 30, 2014. Research and development expense associated with the Series A Warrant amounted to $537,217 during both the three and nine months ended September 30, 2014. Consulting expense associated with the Series A Warrant during both the three and nine months ended September 30, 2013 was $54,668.

 

4. Common Stock Option

 

Approval of the 2013 Long-Term Incentive Plan

 

On June 20, 2013, the Board of Directors (the “Board”) adopted, subject to receiving shareholder approval, the 2013 Long-Term Incentive Plan (the “Incentive Plan”). The Incentive Plan provides for the issuance of stock options of up to 20,000,000 shares (subject to adjustment) of the Company’s common stock to officers, directors, key employees and consultants of the Company. Options granted to employees under the Incentive Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the Incentive Plan are limited to non-qualified stock options. On November 15, 2013, shareholders owning a majority of the Company’s issued and outstanding shares approved the Incentive Plan.

 

The Incentive Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the Incentive Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted in any of the Company’s fiscal year, options to purchase more than 2,000,000 shares under the Incentive Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the Incentive Plan are exercisable no later than ten years after the date of grant.

 

The exercise price per share of common stock for options granted under the Incentive Plan will be the fair market value of the Company’s common stock on the date of grant, using the closing price of the Company’s common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Company’s common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the Incentive Plan after June 20, 2023.

 

As of September 30, 2014, there were 19,815,000 shares available for grant.

 

 
11

 

Stock Option Activity

 

On August 1, 2013, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.65; 10,000 options vested on the grant date and, subject to continued service as a member of the Company’s Board, the remaining 10,000 options vested on August 1, 2014 and may be exercised on a “cashless basis” using the formula contained therein.

 

Effective December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into an at-will consulting agreement (the “Consulting Agreement”) with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold was issued a stock option to purchase up to 40,000 shares of the Company’s common stock (the “Option Shares”) at a price of $0.75 per share the closing price of the Company’s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Bold’s continued service as the Company’s President and Chief Executive Officer, the Options Shares vest as follows, 20,000 on: (a) December 1, 2014; and (b) December 1, 2015.

 

On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President – Clinical & Regulatory Affairs and entered into an at-will consulting agreement (the “Trisler Consulting Agreement”) with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler was issued Option Shares to purchase up to 50,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 1, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Ms. Trisler’s continued service as the Company’s Vice President – Clinical & Regulatory Affairs, the Options Shares vest as follows, 10,000 on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.

 

On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development and issued Mr. Danielson Option Shares to purchase 5,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Danielson’s continued service with the Company. The Options Shares vest on April 20, 2015.

 

On August 14, 2014, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.80; 10,000 options vested on the grant date and, subject to continued service as a member of the Company’s Board, the remaining 10,000 options vest on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

 

On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company’s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vest on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

 

The following table summarizes stock option activity for the period ended September 30, 2014.

 

            Weighted      
            Average      
        Weighted     Remaining     Aggregate  
    Options     Average     Contractual     Intrinsic  
    Outstanding     Exercise Price     Life (Years)     Value  

Balance January 1, 2014

 

80,000

   

$

0.70

   

9.03

   

$

40,000

 

Options granted

   

105,000

     

0.93

     

9.68

   

$

28,350

 

Balance September 30, 2014

   

185,000

   

$

0.83

     

9.40

   

$

68,350

 

Exercisable at September 30, 2014

   

65,000

   

$

0.70

     

9.26

   

$

22,500

 

 

 
12

 

The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of stock options granted during 2013 was approximately $0.49 to $0.57 per share. The weighted average fair value of stock options granted during 2014 was $0.72 per share. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Company’s historical experience. The risk-free interest rate is based on a U.S. treasury note with a maturity similar to the option award’s expected life. The expected life represents the average period of time that options granted are expected to be outstanding. The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:

 

Weighted average risk-free interest rate

  1.58 – 1.62 %

Expected life in years

 

5.50

 

Weighted Avg. Expected Volatility

   

94.4% - 105.3

%

Expected dividend yield

 

 

0

%

 

During the three and nine months ended September 30, 2014, stock-based compensation expense of $27,646 and $47,001, respectively, was recognized as general and administrative expenses. During the three and nine months ended September 30, 2013, stock based compensation of $8,793 and $9,622, respectively, was recognized as general and administrative expenses. There were 65,000 stock options vested and 120,000 unvested, as of September 30, 2014. As of September 30, 2014, the Company had $55,819 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized by April 1, 2019.

 

The Company issues new shares when options are exercised.

 

5. Commitments

 

On August 1, 2013, the Company engaged Vector to assist the Company with identifying subject matter experts in the medical device and biotechnology industries and to assist the Company with its ongoing research, development and eventual commercialization of its Regeneration Technology (collectively, the “Services”). In consideration of the Services, the Company will pay Vector a monthly consulting fee of $5,000. The consulting agreement with Vector continues until December 31, 2014, unless earlier terminated by either party upon 5 days prior written notice.

 

In connection with the Company’s anticipated Section 510(k) submission of its proprietary Cell Deposition Device to the Food and Drug Administration, the Company has engaged StemCell System GmbH (“StemCell Systems”) to provide it with prototypes and related documents. Pursuant to this engagement the Company incurred expenses of $26,950 and $91,950 in the three and nine months ended September 30, 2014, respectively. The remaining payments are due prior to December 31, 2014, the exact timing of which is dependent on when the work is performed.

 

On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh (the “University”), pursuant to which the Company committed to provide a charitable donation to the University in the aggregate amount of $75,000 (the “Grant”). The Company will pay the Grant in eight quarterly installments of $9,375, with the first payment made on or before October 2014 and the final payment to be made on or before July 31, 2016. Dr. Gerlach, from whom the Company purchased the Cell Deposition Device, is a professor at the University. At September 30, 2014, $37,500 of the amount payable to the University was recorded as other current liabilities and $37,500 was recorded as other long term liabilities in the accompanying consolidated balance sheet.

 

See also “Note 6. Related Party Transactions.”

 

 
13

 

6. Related Party Transactions

 

As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service. Additionally, on August 14, 2014, the Company granted to each of Dr. Kirkland and Mr. Sierchio an incentive stock options to purchase up to 20,000 shares of the Company’s common stock at an exercise price of $0.85 per share, the closing price of the Company’s common stock as quoted on the OTC Markets Group Inc. QB tier (the “OTCQB”) on the day prior to the grant. Subject to their continued service as a member of the Board, 10,000 of the option shares vest immediately and 10,000 of the option shares vest on the first anniversary of date of grant and may be exercised on a “cashless basis” using the formula contained therein.

 

Effective September 30, 2013, Ms. Rosen resigned as President and Chief Executive Officer and the Company entered into an At-Will Executive Services Agreement (the “Rosen Services Agreement”), pursuant to which Ms. Rosen will serve as the Company’s Chief Financial Officer. Pursuant to the Rosen Services Agreement, Ms. Rosen will provide the Company with services consistent with that of a Chief Financial Officer on a part-time basis, for which she will be paid a monthly fee of $2,400 and will be reimbursed for any business related expenses. The Rosen Services Agreement is terminable by either the Company or Ms. Rosen upon advance written notice. On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company’s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vested on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

 

On November 29, 2013, the Company entered into a subscription agreement with Kalen Capital Corporation (the “Investor”), a private Alberta corporation wholly owned by Mr. Harmel S. Rayat and a majority shareholder of the Company’s, pursuant to which the Investor purchased 3,500,000 Units at a purchase price of $0.43 per Unit, for an aggregate purchase amount of $1,505,000. Each Unit consists of: (a) one share of common stock; (b) one Series B Warrant exercisable for one share of Common Stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.46 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018; and (c) one Series C Warrant exercisable for one share of common stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.49 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018. Each of the Series B Warrant and Series C Warrant contains a provision allowing the holder to exercise the respective warrant on a cashless basis as further set forth therein. The Unit price of $0.43 represents a 30% discount to the 20 day average closing price of the Common Stock as quoted on the OTCQB as of October 31, 2013, the last trading date prior to us entering into a non-binding term sheet with the Investor regarding the purchase of the Units.

 

On December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into the Consulting Agreement with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold is expected to serve on a part-time basis and will receive an annual fee of $50,000, payable in 12 equal installments, which is prorated for any partial months during the term of the Consulting Agreement. In addition to Mr. Bold’s fee, he was issued Option Shares to purchase up to 40,000 shares of the Company’s common stock at a price of $0.75 per share the closing price of the Company’s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Bold’s continued service as the Company’s President and Chief Executive Officer, vest as follows, 20,000 Options Shares on: (a) December 1, 2014; and (b) December 1, 2015.

 

On December 31, 2013, the Company completed the sale of 100% of the issued and outstanding shares of Fostung Resources to Duke for a promissory note in the amount of $80,000, which amount approximated the fair value of the leases and mining claims controlled by Fostung Resources, as concluded by an independent third-party geological consultant. Principal and interest at 4.0% are payable on December 31, 2015. Mr. Herdev S. Rayat, the majority shareholder of Duke, is the brother of Mr. Harmel S. Rayat, the Company’s majority shareholder.

 

 
14

 

On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President – Clinical & Regulatory Affairs and entered into the Trisler Consulting Agreement with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler will receive a monthly fee of $5,000, which covers her services for up to 40 hours in any given month and will pay her an hourly fee of $125 for every hour in excess of forty, prorated for any partial hour. The Consulting Agreement may be terminated at any time by either Ms. Trisler or the Company. In addition to Ms. Trisler’s fee, she was issued Option Shares to purchase up to 50,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on March 31, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Ms. Trisler’s continued service as the Company’s Vice President – Clinical & Regulatory Affairs, vest as follows, 10,000 Options Shares on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.

 

On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development at an annual salary of $60,000. In addition Mr. Danielson was issued Option Shares to purchase 5,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Danielson’s continued service with the Company. The Options Shares vest on April 20, 2015.

 

For the three months ended September 30, 2014, directors’ and management fees, consulting fees and reimbursement of expenses incurred with respect to officers and directors of the Company were $37,945 (2013: $75,040). Legal fees incurred with respect to one of the Company’s directors in the three months ended September 30, 2014 were $34,945 (2013: $40,190). Amounts included in accounts payable and accrued expenses, and due to related parties, at September 30, 2014 were $13,400 (2013: $74,562).

 

 
15

 

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

 

Forward-Looking Statements

 

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this Quarterly Report filed on Form 10-Q. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors.

 

This discussion and analysis should be read in conjunction with the accompanying unaudited interim consolidated financial statements and related notes. The discussion and analysis of the financial condition and results of operations are based upon the unaudited interim consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. On an on-going basis we review our estimates and assumptions. The estimates were based on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results are likely to differ from those estimates under different assumptions or conditions, but we do not believe such differences will materially affect our financial position or results of operations. Critical accounting policies, the policies us believes are most important to the presentation of its financial statements and require the most difficult, subjective and complex judgments, are outlined below in “Critical Accounting Policies,” and have not changed significantly.

 

Cautionary Note Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as well as information relating to RenovaCare, Inc. and its subsidiaries that is based on management’s exercise of business judgment and assumptions made by and information currently available to management. Although forward-looking statements in this Quarterly Report on Form 10-Q reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. When used in this document and other documents, releases and reports released by us, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “the facts suggest” and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as noted below. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. Actual events, transactions and results may materially differ from the anticipated events, transactions or results described in such statements. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward looking statements and unknown, unidentified or unpredictable factors could materially and adversely impact our future results. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to our forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Several of these factors include, without limitation:

 

 

·

our ability to meet requisite regulations or receive regulatory approvals in the United States, and our ability to retain any regulatory approvals that we may obtain; and the absence of adverse regulatory developments in the United States and abroad;

 

·

new entrance of competitive products or further penetration of existing products in our markets;

 

·

the effect on us from adverse publicity related to our products or the company itself; and

 

·

any adverse claims relating to our intellectual property.

 

 
16

 

The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, apply to forward-looking statements made by us. The reader is cautioned that no statements contained in this Form 10-Q should be construed as a guarantee or assurance of future performance or results. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks described in this report and matters described in this report generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur.

 

Overview

 

RenovaCare, Inc. (formerly Janus Resources, Inc.) (together with its wholly owned subsidiary, “RenovaCare” “the Company” “we” “us” and “our”) was incorporated under the laws of the State of Nevada and has an authorized capital of 500,000,000 shares of $0.00001 par value common stock, of which 66,575,122 shares are outstanding as of November 13, 2014, and 10,000,000 shares of $0.0001 par value preferred stock, of which none are outstanding.

 

On January 7, 2014, we filed a Certificate of Amendment to Articles of Incorporation changing our name from “Janus Resources, Inc.” to “RenovaCare, Inc.” so as to more fully reflect our operations. The Financial Industry Regulatory Authority (“FINRA”) declared the name change effective as of January 9, 2014. In conjunction with the name change, we changed our stock symbol on the OTCQB from “JANI” to “RCAR”.

 

Our principal executive offices are located at 430 Park Avenue, Suite 702, New York, NY 10022. Our telephone number is (800) 755-5815.

 

As we are a smaller reporting company, we are not required to make certain disclosures otherwise required to be made in a Form 10-Q.

 

Description of Business

 

We are focusing on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient’s own cells) cellular therapies that can be used for medical and aesthetic applications. On July 12, 2013, we, through our wholly owned subsidiary, RenovaCare Sciences Corp., completed the acquisition of our flagship technology, a treatment methodology for skin isolation, spraying and associated equipment for the regeneration of human skin cells (the “Cell Deposition Device”), along with the associated United States patent applications and two (2) foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. We effected the acquisition of the Cell Deposition Device through an asset purchase agreement with Dr. Gerlach (the “APA”). Pursuant to the terms of the APA, as amended on September 9, 2014, we paid Dr. Gerlach an initial sum of $100,000 and are obligated to pay him an additional $300,000 in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. Additionally, we issued to Dr. Gerlach a Series A Warrant allowing him to purchase up to 1,200,000 shares of our common stock at a purchase price of $0.35 per share.

 

The average adult human has a skin surface area of between 16 - 21 square feet, which protects all other organs against the external environment. When a person’s skin is assailed by trauma or exposed to extreme heat, the skin’s various layers may be destroyed and depending on the severity of the injury, might cause life-threatening conditions. Currently, severe trauma to the skin, such as second or third degree burns, requires surgical mesh-grafting of skin, whereby healthy skin is removed from one area of the patient’s body (a “donor site”) and implanted on the damaged area. While mesh grafting is often the method of choice, we believe there are significant deficiencies with this method. The surgical procedure to remove healthy skin from the donor site can be painful and leaves the patient with a new wound that must also be attended to. In many instances the aesthetic results are not satisfying, as the color of the skin from the donor site may not match the skin color of the damaged skin. Additionally, since the ratio between the size of the wound area and the size of the donor site is quite low, i.e. the size of the skin removed must be substantially equal in size to the size of the damaged skin, the mesh-grafting approach is in many cases limited. Donor and injury sites can take weeks to heal, requiring expensive hospital stays, ongoing wound dressing management, and ever-changing anti-infection strategies.

 

 
17

 

We are currently evaluating the efficacy and potential of our Cell Deposition Device, in combination with our unique cell isolation method, in the treatment of tissue that has been subject to severe trauma such as second and third degree burns. In small scale clinical trials, the Cell Deposition Device and cell isolation methodology have shown the ability to regenerate a more natural and thicker skin. The Cell Deposition Device utilizes the patient’s own skin stem cells and is able to address much larger treatment areas and at the same time reduce the size of the donor site. Furthermore, we believe the Cell Deposition Device enables the effective treatment of other skin disorders with minimal scarring compared to skin grafting.

 

In a clinical study of 19 patients with deep dermal wound burns to the face and neck conducted in Berlin, Germany prior to our purchase of the Cell Deposition Device, researchers stated that, “careful surgical debridement and consecutive application of CEA [cultured epethilial autograft] suspensions using a spray technique results in excellent cosmetic outcomes compared with any other method.” The same researchers concluded that, “We refuse to perform a prospective randomized study with groups in which traditional skin grafting and/or wound healing are still applied for the therapy for deep dermal burns due to the excellent results in our study. The method of CEA spray application has become our standard of care for these indications. The faster wound closure, the promotion of spontaneous wound healing by keratinocyte application, as well as the preservation of donor sites are further advantages of the method.” (Hartmann MD, Bernd, et al, “Sprayed Cultured Epithelial Autografts for Deep Dermal Burns of the Face and Neck” Annals of Plastic Surgery, 58.1 (2007): 70-73. Print. emphasis added). The CEA spray application used by the researchers in the publication refers to the Cell Deposition Device and related cell isolation methodology; Dr. Gerlach assisted in the study.

 

The development of our Cell Deposition Device is in the early stage and we anticipate that we will be required to expend significant time and resources to further develop our technology and determine whether a commercially viable product can be developed. Research and development of new technologies involves a high degree of risk and there is no assurance that our development activities will result in a commercially viable product. The long-term profitability of our operations will be, in part, directly related to the cost and success of our development programs, which may be affected by a number of factors.

 

Strategy

 

Our ultimate goal is to leverage the potential of our Cell Deposition Device, together with our cell isolation method, as cutting edge treatments in skin therapy. Before we can do so, however, there are a number of steps we must first take, including:

 

 

·

initiating a series of clinical trials to determine the Cell Deposition Device’s efficacy for treating wounds and burns;

 

·

expanding the range of possible applications;

 

·

formalizing collaborations with universities and scientific partners;

 

·

creating a network of clinical and research partners; and

 

·

achieving Food and Drug Administration (the “FDA”) and other regulatory approval.

 

Additionally, we will likely be required to raise significant capital in order to fund our ongoing research and development operations, and there is no guarantee that we will be able to raise on acceptable terms, if at all.

 

 
18

 

Results of Operations

 

Three and Nine Months Ended September 30, 2014 versus September 30, 2013

 

 

  For the Three Months
Ended September 30,
         

 

  2014     2013    

$ change

    % change  

Operating expenses

               

Research and development

 

$

902,219

   

$

-

   

 

902,219

   

100.0

 

General and administrative

   

373,629

     

184,862

     

188,767

     

102.1

 

Net loss from continuing operations

 

(1,275,848

)

 

(184,862

)

   

1,090,986

     

590.2

 

Discontinued operations

                               

Gain (loss) on disposal of assets

   

-

     

-

     

-

     

-

 

Loss on disposal of subsidiary

   

-

     

-

     

-

     

-

 

Loss from discontinued operations

   

-

     

-

     

-

     

-

 

Net loss

 

$

(1,275,848

)

 

$

(184,862

)

 

 

(1,090,986

)

   

590.2

 

 

 

  For the Nine Months
Ended September 30,
         

 

  2014     2013     $ change     % change  

Operating expenses

               

Research and development

 

$

956,719

   

$

-

   

956,719

   

100.0

 

General and administrative

   

920,832

     

329,103

     

591,729

     

179.8

 

Net loss from continuing operations

 

(1,877,551

)

 

(329,103

)

   

1,548,448

     

470.5

 

Discontinued operations

                               

Gain (loss) on disposal of assets

   

-

     

49,338

     

-

     

-

 

Loss from discontinued operations

   

-

     

49,338

   

(49,338

)

   

100.0

 

Net loss

 

$

(1,877,551

)

 

$

(279,765

)

 

(1,597,786

)

   

571.1

 

 

Continuing Operations

 

Our expenses consist primarily of research and development costs, professional fees and administrative costs. For the three months ended September 30, 2014 and 2013, research and development costs were $902,219 and $0, respectively; general and administrative expenses were $373,629 and $184,862, respectively. The research and development costs in the third quarter related primarily to the recognition of the value of the Series A Warrant in accordance with the terms of the Amended APA. The increase in general and administrative fees in the third quarter of 2014 of $188,767 was due primarily to a $75,000 expense related to the charitable contribution to the University, an increase of $61,172 in consulting expense related to Series A Warrant issued in July 2013 and to an increase in compensation expenses of $24,329.

 

As a result of the foregoing, net loss from continuing operations for three months ended September 30, 2014 and 2013 was $(1,275,848) and $(184,862), respectively.

 

 
19

 

Discontinued Operations

 

There was no activity in discontinued operations in the three months ended September 30, 2014 or September 30, 2013.

 

Net loss for the three months ended September 30, 2014 and 2013 were $(1,275,848) and $(184,862), respectively.

 

Liquidity and Capital Resources

 

We currently finance our activities primarily by the private placement of our equity securities. There is no assurance that equity funding will be accessible to us at the times and in the amounts required to fund our ongoing operations. There are many conditions beyond our control, which have a direct bearing on the level of investor interest in the purchase of our securities. We do not have any agreements or understandings with any person as to additional financing.

 

At September 30, 2014, we had cash of $889,795 (December 2013 - $1,508,843) and working capital of $709,970 (December 2013 – $1,454,632). Total liabilities as of September 30, 2014 were $436,619 (December 2013 - $55,441).

 

Our consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As discussed in Note 1 to the consolidated financial statements, we have incurred recurring operating losses since inception of $7.4 million. We require additional funds to meet our obligations and maintain our operations. We have sufficient working capital to (i) pay our administrative and general operating expenses through March 31, 2015, and (ii) to conduct our preliminary research and development programs. Without sufficient cash flow from operations, we may need to obtain additional funds (presumably through equity offerings and/or debt borrowing) in order, if warranted, to implement additional research and development programs on our Cell Deposition Device.

 

Cash Flow

 

Operating activities: We used cash of $619,048 for operating activities for the nine months ended September 30, 2014 (2013 - $174,642). We have financed our operations through the sale of our equity securities.

 

Investing Activities: During the nine months ended September 30, 2014, there were no investing activities. During the nine months ended September 30, 2013 proceeds from the disposal of oil and gas properties was $3,000 and cash used in the acquisition of intellectual property was $105,854.

 

Financing Activities: Cash flows from financing activities for the nine months ended September 30, 2014 and 2013 were $0 and $0, respectively.

 

 
20

 

Dividends

 

We have neither declared nor paid any dividends on its common stock. We intend to retain our earnings to finance growth and expand our operations and do not anticipate paying any dividends on our common stock in the foreseeable future.

 

Fair Value of Financial Instruments and Risks

 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value.

 

The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and accounts payable – related parties approximate their fair value because of the short-term nature of these instruments.

 

Management is of the opinion that we are not exposed to significant interest or credit risks arising from these financial instruments.

 

Market Risk Disclosures

 

We have not entered into derivative contracts either to hedge existing risks or for speculative purposes during or subsequent to the periods presented.

 

Off-balance Sheet Arrangements and Contractual Obligations

 

We do not have any off-balance sheet arrangements or contractual obligations at September 30, 2014, and the subsequent period to November 13, 2014, that are likely to have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that have not been disclosed in our consolidated financial statements.

 

Critical Accounting Policies

 

See “Note 2. Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in this Form 10-Q.

 

 
21

 

Related Party Transactions

 

Our proposed business raises potential conflicts of interests between certain of our officers and directors and us. Certain of our directors are employees or consultants to other companies in the healthcare industry and, to the extent that such other companies may participate in ventures in which we may participate, our directors may have a conflict of interest in negotiating and concluding terms regarding the extent of such participation. In the event that such a conflict of interest arises at a meeting of our directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. Other than as indicated, we have no other procedures or mechanisms to deal with conflicts of interest. We are not aware of the existence of any conflict of interest as described herein.

 

Other than as disclosed below, during the three months ended September 30, 2014 and 2013, and the subsequent period, none of our current directors, officers or principal shareholders, nor any family member of the foregoing, nor, to the best of our information and belief, any of our former directors, senior officers or principal shareholders, nor any family member of such former directors, officers or principal shareholders, has or had any material interest, direct or indirect, in any transaction, or in any proposed transaction which has materially affected or will materially affect us.

 

During the three months ended September 30, 2014, directors’ fees of $3,000 (2013 - $1,000) were paid to our non-officer directors.

 

During the three months ended September 30, 2014, legal fees of $34,945 (2013 - $40,190) were paid or are due to our attorney, Mr. Sierchio, who was appointed to our Board effective August 26, 2010.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable.

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures

 

At the end of the period covered by this Quarterly Report on Form 10-Q for the three month period ended September 30, 2014, an evaluation was carried out under the supervision of and with the participation of our management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). Based on that evaluation the CEO and the CFO have concluded that as of the end of the period covered by this report, our disclosure controls and procedures are effective in ensuring that: (i) information required to be disclosed by us in reports that it files or submits to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

During the period covered by this report, there were no changes to internal control over financial reporting that materially affected or are reasonably likely to materially affect our internal control over financial reporting.

 

 
22

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None

 

Item 1A. Risk Factors

 

Smaller reporting companies are not required to provide the information required by this item.

 

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

 

None

 

 
23

 

Item 6. Exhibits

 

Exhibit Index

 

Exhibit No.

 

Description of Exhibit

     

3.1

 

Articles of incorporation (Incorporated by reference to Exhibit 3.1 of the Form S-8 filed on October 3, 2003).

     

3.2

 

Articles of Incorporation, as amended (Incorporated by reference to the Form 8-K filed on January 10, 2011).

     

3.3

 

Articles of Incorporation, as amended (Incorporated by reference to the Form 8-K filed on January 10, 2014).

     

3.4

 

Bylaws (Incorporated by reference to Exhibit 3.2 of the Form S-8 filed on October 3, 2003).

     

10.1

 

Post-Closing Amendment to Asset Purchase Agreement dated as of September 9, 2014, between RenovaCare, Inc., RenovaCare Sciences Corp. and Jorg Gerlach, MD, PhD (Incorporated by reference to the Form 8-K filed on September 15, 2014).

     

31.1

 

Certification of Principal Executive Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

     

31.2

 

Certification of Principal Financial Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

     

32.1

 

Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

     

101.INS

 

XBRL Instance Document**

101.SCH

 

XBRL 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**

__________

* Filed herewith.

 

** Furnished herewith. XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 
24

 

SIGNATURES

 

Pursuant to the requirements of Sections 13 or 15 (d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

 

 

RenovaCare, Inc.

(Registrant)

 
       

Date: November 13, 2014

By: /s/ Rhonda B. Rosen  
  Name:

Rhonda B. Rosen

 
  Title:

Chief Financial Officer

 
    (Principal Financial Officer)  

 

Date: November 13, 2014

By:

/s/ Thomas Bold

 

  Name:

Thomas Bold

 

  Title:

Chief Executive Officer

(Principal Executive Officer)

 

 

 

 

25


 

EX-31.1 2 rcar_ex311.htm CERTIFICATION

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO RULE 13A-14(A) OR RULE 15D-14(A)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

I, Thomas Bold, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of RenovaCare, Inc.;

 

2.

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

 

3.

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

 

4.

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

 

 

(a)

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

 

 

 

(b)

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

 

 

 

(c)

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

 

 

 

(d)

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

 

5.

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

 

 

(a)

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

 

 

 

(b)

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

 

 

Date: November 13, 2014

By

/s/ Thomas Bold

 
  Name:

Thomas Bold

 
  Title:

President and Chief Executive Officer

 
    (Principal Executive Officer)  

 

EX-31.2 3 rcar_ex312.htm CERTIFICATION

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO RULE 13A-14(A) OR RULE 15D-14(A)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

I, Rhonda B. Rosen, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of RenovaCare, Inc.;

 

2.

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

 

3.

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

 

4.

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

 

 

(a)

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

 

 

 

(b)

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

 

 

 

(c)

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

 

 

 

(d)

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

 

5.

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

 

 

(a)

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

 

 

 

(b)

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

 

 

Date: November 13, 2014

By:

/s/ Rhonda B. Rosen

 
  Name:

Rhonda B. Rosen

 
  Title:

Chief Financial Officer

 
 

(Principal Accounting Officer, Principal Financial Officer)

 

 

EX-32.1 4 rcar_ex321.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

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officers of RenovaCare, Inc. (the “Company”) do hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the period ended September 30, 2014 (the “Report”) that:

 

(i) the Report filed by the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(ii) The information contained in that Report fairly presents, in all material respects, the financial condition and results of operations of the Company on the dates and for the periods presented therein.

 

 

 

RENOVACARE, INC.

     

Date: November 13, 2014

By:

/s/ Thomas Bold

 

  Name:

Thomas Bold

 

Title:

President and Chief Executive Officer

(Principal Executive Officer)

 

 

Date: November 13, 2014

By:

/s/ Rhonda B. Rosen

 

  Name:

Rhonda B. Rosen

 

Title:

Chief Financial Officer

(Principal Accounting Officer, Principal Financial Officer)

 

 

This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-101.INS 5 rcar-20140930.xml XBRL INSTANCE DOCUMENT 0001016708 2014-01-01 2014-09-30 0001016708 2014-11-13 0001016708 2013-12-31 0001016708 2014-09-30 0001016708 2013-01-01 2013-09-30 0001016708 us-gaap:CommonStockMember 2013-01-01 2013-12-31 0001016708 us-gaap:CommonStockMember 2012-12-31 0001016708 us-gaap:CommonStockMember 2013-12-31 0001016708 us-gaap:AdditionalPaidInCapitalMember 2013-01-01 2013-12-31 0001016708 us-gaap:AdditionalPaidInCapitalMember 2012-12-31 0001016708 us-gaap:AdditionalPaidInCapitalMember 2013-12-31 0001016708 us-gaap:StockOptionMember 2014-01-01 2014-09-30 0001016708 2012-12-31 0001016708 us-gaap:RetainedEarningsMember 2013-01-01 2013-12-31 0001016708 us-gaap:RetainedEarningsMember 2012-12-31 0001016708 us-gaap:RetainedEarningsMember 2013-12-31 0001016708 2013-01-01 2013-12-31 0001016708 2014-07-01 2014-09-30 0001016708 2013-07-01 2013-09-30 0001016708 2013-09-30 0001016708 rcar:DrGerlachMember 2014-09-30 0001016708 rcar:SeriesAWarrantMember 2014-01-01 2014-03-31 0001016708 rcar:SeriesAWarrantMember 2014-01-01 2014-09-30 0001016708 rcar:SeriesAWarrantMember 2013-07-01 2013-09-30 0001016708 rcar:SeriesAWarrantMember 2013-01-01 2013-09-30 0001016708 us-gaap:StockOptionMember us-gaap:MinimumMember 2014-01-01 2014-09-30 0001016708 us-gaap:StockOptionMember us-gaap:MaximumMember 2014-01-01 2014-09-30 0001016708 rcar:UniversityMember 2014-09-30 0001016708 us-gaap:OfficerMember rcar:FeeMember 2014-07-01 2014-09-30 0001016708 us-gaap:OfficerMember rcar:FeeMember 2013-07-01 2013-09-30 0001016708 us-gaap:DirectorMember rcar:LegalFeeMember 2014-07-01 2014-09-30 0001016708 us-gaap:DirectorMember rcar:LegalFeeMember 2013-07-01 2013-09-30 0001016708 us-gaap:CommonStockMember 2014-09-30 0001016708 us-gaap:AdditionalPaidInCapitalMember 2014-01-01 2014-09-30 0001016708 us-gaap:AdditionalPaidInCapitalMember 2014-09-30 0001016708 us-gaap:RetainedEarningsMember 2014-01-01 2014-09-30 0001016708 us-gaap:RetainedEarningsMember 2014-09-30 0001016708 us-gaap:ComprehensiveIncomeMember 2013-01-01 2013-12-31 0001016708 us-gaap:ComprehensiveIncomeMember 2012-12-31 0001016708 us-gaap:ComprehensiveIncomeMember 2013-12-31 0001016708 us-gaap:ComprehensiveIncomeMember 2014-09-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure Renovacare, Inc. 0001016708 10-Q 2014-09-30 false --12-31 No No Yes Smaller Reporting Company Q3 2014 66575122 0.0001 0.0001 10000000 10000000 0 0 0 0 0.00001 0.00001 500000000 500000000 66575122 66575122 66575122 66575122 848388 237971 237971 848388 47001 15440 15440 47001 35 1504965 1505000 1697486 715324 631 666 5462236 7220612 967759 -4491004 -5523792 666 8116001 -7401343 -4104 -1877551 -279765 -1032788 -1032788 -1275848 -184862 -1877551 63075122 66575122 66575122 3500000 -4104 4104 1508843 889795 513595 236099 80000 185000 0.70 0.83 40000 68350 1752927 1151943 -5523792 -7401343 7220612 8116001 666 666 55441 436619 237500 55441 199119 137500 100000 37500 44219 45978 11222 15641 1752927 1151943 162854 162854 80000 80000 1510073 909089 2400 1230 16894 66575122 63075122 66575122 63075122 -0.03 -0.01 -0.02 -0.00 0.00 0.00 0.00 -0.00 -0.03 -0.01 -0.02 -0.00 49338 49338 -1877551 -329103 -1275848 -184862 1877551 329103 1275848 184862 920832 329103 373629 184862 956719 902219 537217 537217 -619048 -277496 -102854 3000 -619048 -174642 237500 137500 6178 83313 15664 -6058 2400 -800 848388 54668 47001 9622 -105854 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">RenovaCare, Inc., together with its wholly owned subsidiary (the &#147;Company&#148;), focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient&#146;s own cells) cellular therapies that can be used for medical and aesthetic applications. The Company was previously involved in the exploration and development of both mineral exploration properties and oil and gas properties.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp. (&#147;RenovaCare Sciences&#148;), completed the acquisition of its flagship technology, a treatment methodology for skin isolation, spraying and associated equipment for the regeneration of human skin cells (the &#147;Cell Deposition Device&#148;), along with the associated United States patent applications and two (2) foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. The Company effected the acquisition of the Cell Deposition Device through an asset purchase agreement with Dr. Gerlach on July 12, 2013, and paid Dr. Gerlach an initial sum of $100,002 at that time. This asset purchase agreement was amended on September 9, 2014 (the &#147;Amended APA&#148;). Pursuant to the terms of the Amended APA, the Company is obligated to pay Dr. Gerlach an additional $300,000 in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. Additionally, the Company issued to Dr. Gerlach a Series A Warrant allowing him to purchase up to 1,200,000 shares of our common stock at a purchase price of $0.35 per share.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has recently incurred net operating losses and operating cash flow deficits. As of September 30, 2014, the Company&#146;s total accumulated deficit is $7.4 million. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. Management believes that the Company&#146;s cash and cash equivalent balances, anticipated cash flows from operations and other external sources of capital will be sufficient to meet the Company&#146;s cash requirements through March 31, 2015. The future of the Company after March 2015 will depend in large part on its ability to successfully raise capital from external sources to fund operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Basis of Presentation and Principles of Accounting</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (&#147;SEC&#148;) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In management&#146;s opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company&#146;s financial position, results of operations, and cash flows on a basis consistent with that of the Company&#146;s prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company&#146;s audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Company&#146;s profile on EDGAR.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Principles of Consolidation</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Applicable Accounting Guidance</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board&#146;s Accounting Standards Codification.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In June 2014, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Update (&#147;ASU&#148;) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders&#146; equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (&#147;ASC&#148;) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Company&#146;s results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Accounting Estimates</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Cash and Cash Equivalents</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Note Receivable from Duke Mountain</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The note receivable from Duke Mountain Resources, Inc. (&#147;Duke&#148;) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Company&#146;s credit risk assessment is limited due to the related party nature of the arrangement.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Fair Value of Financial Instruments</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets &#150; Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor &#150; Level 2 inputs.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Research and Development Costs</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Intangible Assets</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology&#146;s current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Stock Options</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Income Taxes</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company&#146;s financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company&#146;s policy is to classify interest and penalties related to tax positions as interest expense. Since the Company&#146;s inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Discontinued Operations</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The results of the Company&#146;s oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Company&#146;s subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Earnings (Loss) Per Share</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company presents both basic and diluted earnings per share (&#147;EPS&#148;) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Related Party Transactions</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A related party is generally defined as (i) any person who holds 10% or more of the Company&#146;s securities and their immediate families; (ii) the Company&#146;s management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See &#147;Note 6. Related Party Transactions,&#148; for further discussion.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On July 12, 2013, the Company, together with its wholly owned subsidiary, RenovaCare Sciences, entered into an asset purchase agreement with Dr. J&#246;rg Gerlach, MD, PhD, pursuant to which RenovaCare Sciences purchased all of Dr. Gerlach&#146;s rights, title and interest in the Cell Deposition Device. The Company plans to further the development of the Cell Deposition Device and, if commercially viable, bring the product to market. This asset purchase agreement was amended on September 9, 2014 (the &#147;Amended APA&#148;). Pursuant to the terms of the Amended APA, upon the closing of the transaction in July 2013, the Company paid Dr. Gerlach $100,002. An additional $300,000 will be paid in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At September 30, 2014, $100,000 of the amount payable to Dr. Gerlach was recorded as other current liabilities and $200,000 was recorded as other long term liabilities in the accompanying consolidated balance sheet.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As further consideration for the Cell Deposition Device, the Company issued to Dr. Gerlach a Series A Stock Purchase Warrant (the &#147;Series A Warrant&#148;) entitling him to purchase 1,200,000 shares (each a &#147;Warrant Share&#148;) of the Company&#146;s common stock at an exercise price of $0.35 per share. Pursuant to the terms of the Amended APA, the Series A Warrant will now vest in five equal installments of 240,000 shares on each of July 12, 2014, July 12, 2015, July 12, 2016, July 12, 2017 and July 12, 2018. Vesting will no longer be contingent on the achievement of certain milestones and on Dr. Gerlach&#146;s continuing to provide consulting services to the Company, but instead on passage of time. Prior to September 9, 2014, the effective date of the Amended APA, the value of the Series A Warrant was recognized as consulting expenses over the vesting term. In addition, the fair value of each Warrant Share was estimated at the end of each reporting period during which Dr. Gerlach rendered services using the Black-Scholes option pricing model. Effective September 9, 2014, the Company measured and expensed the value of the Series A Warrant in full and recorded this value as research and development costs. The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Assumptions required for the Black-Scholes model are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Weighted average risk-free interest rate</font></td> <td>&#160;</td> <td colspan="2" id="ffc" style="text-align: right"><font style="font-size: 10pt">1.72</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 10pt">Expected life in years</font></td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">4.75 Years</font></td> <td>&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Weighted Avg Expected Volatility</font></td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">93.8</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify"><font style="font-size: 10pt">%</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Expected dividend yield</font></td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt"></font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Consulting expense associated with the Series A Warrant amounted to $115,840 and $311,173 during the three and nine months ended September 30, 2014. Research and development expense associated with the Series A Warrant amounted to $537,217 during both the three and nine months ended September 30, 2014. Consulting expense associated with the Series A Warrant during both the three and nine months ended September 30, 2013 was $54,668.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Approval of the 2013 Long-Term Incentive Plan</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On June 20, 2013, the Board of Directors (the &#147;Board&#148;) adopted, subject to receiving shareholder approval, the 2013 Long-Term Incentive Plan (the &#147;Incentive Plan&#148;). The Incentive Plan provides for the issuance of stock options of up to 20,000,000 shares (subject to adjustment) of the Company&#146;s common stock to officers, directors, key employees and consultants of the Company. Options granted to employees under the Incentive Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the Incentive Plan are limited to non-qualified stock options. On November 15, 2013, shareholders owning a majority of the Company&#146;s issued and outstanding shares approved the Incentive Plan.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Incentive Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the Incentive Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted in any of the Company&#146;s fiscal year, options to purchase more than 2,000,000 shares under the Incentive Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the Incentive Plan are exercisable no later than ten years after the date of grant.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The exercise price per share of common stock for options granted under the Incentive Plan will be the fair market value of the Company&#146;s common stock on the date of grant, using the closing price of the Company&#146;s common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Company&#146;s common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the Incentive Plan after June 20, 2023.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2014, there were 19,815,000 shares available for grant.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Stock Option Activity</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On August 1, 2013, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.65; 10,000 options vested on the grant date and, subject to continued service as a member of the Company&#146;s Board, the remaining 10,000 options vested on August 1, 2014 and may be exercised on a &#147;cashless basis&#148; using the formula contained therein.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Effective December 1, 2013, the Company appointed Mr. Bold as its President &#38; CEO and entered into an at-will consulting agreement (the &#147;Consulting Agreement&#148;) with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold was issued a stock option to purchase up to 40,000 shares of the Company&#146;s common stock (the &#147;Option Shares&#148;) at a price of $0.75 per share the closing price of the Company&#146;s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a &#147;cashless basis&#148; using the formula contained therein and, subject to Mr. Bold&#146;s continued service as the Company&#146;s President and Chief Executive Officer, the Options Shares vest as follows, 20,000 on: (a) December 1, 2014; and (b) December 1, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President &#150; Clinical &#38; Regulatory Affairs and entered into an at-will consulting agreement (the &#147;Trisler Consulting Agreement&#148;) with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler was issued Option Shares to purchase up to 50,000 shares of the Company&#146;s common stock at a price of $1.05 per share, the closing price of the Company&#146;s common stock as quoted on the OTCQB on April 1, 2014. The Options Shares may be exercised on a &#147;cashless basis&#148; using the formula contained therein and, subject to Ms. Trisler&#146;s continued service as the Company&#146;s Vice President &#150; Clinical &#38; Regulatory Affairs, the Options Shares vest as follows, 10,000 on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development and issued Mr. Danielson Option Shares to purchase 5,000 shares of the Company&#146;s common stock at a price of $1.05 per share, the closing price of the Company&#146;s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a &#147;cashless basis&#148; using the formula contained therein and, subject to Mr. Danielson&#146;s continued service with the Company. The Options Shares vest on April 20, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On August 14, 2014, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.80; 10,000 options vested on the grant date and, subject to continued service as a member of the Company&#146;s Board, the remaining 10,000 options vest on August 14, 2015 and may be exercised on a &#147;cashless basis&#148; using the formula contained therein.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company&#146;s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vest on August 14, 2015 and may be exercised on a &#147;cashless basis&#148; using the formula contained therein.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes stock option activity for the period ended September 30, 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" id="ffc" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td></tr> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td></tr> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Remaining</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Aggregate</b></font></td> <td>&#160;</td></tr> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Options</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Contractual</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Intrinsic</b></font></td> <td>&#160;</td></tr> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Outstanding</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Exercise Price</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Life (Years)</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Value</b></font></td> <td>&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Balance January 1, 2014</font></td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%">&#160;</td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">80,000</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">0.70</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%">&#160;</td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">9.03</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">40,000</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"><font style="font-size: 10pt">Options granted</font></td> <td style="text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 10pt">105,000</font></td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: justify; border-bottom: Black 1pt solid">&#160;</td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 10pt">0.93</font></td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 10pt">9.68</font></td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 10pt">28,350</font></td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Balance September 30, 2014</font></td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">185,000</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0.83</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">9.40</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">68,350</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Exercisable at September 30, 2014</font></td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">65,000</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0.70</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">9.26</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">22,500</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of stock options granted during 2013 was approximately $0.49 to $0.57 per share. The weighted average fair value of stock options granted during 2014 was $0.72 per share. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Company&#146;s historical experience. The risk-free interest rate is based on a U.S. treasury note with a maturity similar to the option award&#146;s expected life. The expected life represents the average period of time that options granted are expected to be outstanding. The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"><font style="font-size: 10pt">Weighted average risk-free interest rate</font></td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">1.58 &#150; 1.62</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Expected life in years</font></td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%">&#160;</td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">5.50</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Weighted Avg. Expected Volatility</font></td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">94.4%-105.3</font></td> <td style="text-align: justify"><font style="font-size: 10pt">%</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Expected dividend yield</font></td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt"></font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the three and nine months ended September 30, 2014, stock-based compensation expense of $27,646 and $47,001, respectively, was recognized as general and administrative expenses. During the three and nine months ended September 30, 2013, stock based compensation of $8,793 and $9,622, respectively, was recognized as general and administrative expenses. There were 65,000 stock options vested and 120,000 unvested, as of September 30, 2014. As of September 30, 2014, the Company had $55,819 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized by April 1, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company issues new shares when options are exercised.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On August 1, 2013, the Company engaged Vector to assist the Company with identifying subject matter experts in the medical device and biotechnology industries and to assist the Company with its ongoing research, development and eventual commercialization of its Regeneration Technology (collectively, the &#147;Services&#148;). In consideration of the Services, the Company will pay Vector a monthly consulting fee of $5,000. The consulting agreement with Vector continues until December 31, 2014, unless earlier terminated by either party upon 5 days prior written notice.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In connection with the Company&#146;s anticipated Section 510(k) submission of its proprietary Cell Deposition Device to the Food and Drug Administration, the Company has engaged StemCell System GmbH (&#147;StemCell Systems&#148;) to provide it with prototypes and related documents. Pursuant to this engagement the Company incurred expenses of $26,950 and $91,950 in the three and nine months ended September 30, 2014, respectively. The remaining payments are due prior to December 31, 2014, the exact timing of which is dependent on when the work is performed.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh (the &#147;University&#148;), pursuant to which the Company committed to provide a charitable donation to the University in the aggregate amount of $75,000 (the &#147;Grant&#148;). The Company will pay the Grant in eight quarterly installments of $9,375, with the first payment made on or before October 2014 and the final payment to be made on or before July 31, 2016. Dr. Gerlach, from whom the Company purchased the Cell Deposition Device, is a professor at the University. At September 30, 2014, $37,500 of the amount payable to the University was recorded as other current liabilities and $37,500 was recorded as other long term liabilities in the accompanying consolidated balance sheet.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">See also &#147;Note 6. Related Party Transactions.&#148;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service. Additionally, on August 14, 2014, the Company granted to each of Dr. Kirkland and Mr. Sierchio an incentive stock options to purchase up to 20,000 shares of the Company&#146;s common stock at an exercise price of $0.85 per share, the closing price of the Company&#146;s common stock as quoted on the OTC Markets Group Inc. QB tier (the &#147;OTCQB&#148;) on the day prior to the grant. Subject to their continued service as a member of the Board, 10,000 of the option shares vest immediately and 10,000 of the option shares vest on the first anniversary of date of grant and may be exercised on a &#147;cashless basis&#148; using the formula contained therein.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Effective September 30, 2013, Ms. Rosen resigned as President and Chief Executive Officer and the Company entered into an At-Will Executive Services Agreement (the &#147;Rosen Services Agreement&#148;), pursuant to which Ms. Rosen will serve as the Company&#146;s Chief Financial Officer. Pursuant to the Rosen Services Agreement, Ms. Rosen will provide the Company with services consistent with that of a Chief Financial Officer on a part-time basis, for which she will be paid a monthly fee of $2,400 and will be reimbursed for any business related expenses. The Rosen Services Agreement is terminable by either the Company or Ms. Rosen upon advance written notice. On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company&#146;s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vested on August 14, 2015 and may be exercised on a &#147;cashless basis&#148; using the formula contained therein.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On November 29, 2013, the Company entered into a subscription agreement with Kalen Capital Corporation (the &#147;Investor&#148;), a private Alberta corporation wholly owned by Mr. Harmel S. Rayat and a majority shareholder of the Company&#146;s, pursuant to which the Investor purchased 3,500,000 Units at a purchase price of $0.43 per Unit, for an aggregate purchase amount of $1,505,000. Each Unit consists of: (a) one share of common stock; (b) one Series B Warrant exercisable for one share of Common Stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.46 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018; and (c) one Series C Warrant exercisable for one share of common stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.49 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018. Each of the Series B Warrant and Series C Warrant contains a provision allowing the holder to exercise the respective warrant on a cashless basis as further set forth therein. The Unit price of $0.43 represents a 30% discount to the 20 day average closing price of the Common Stock as quoted on the OTCQB as of October 31, 2013, the last trading date prior to us entering into a non-binding term sheet with the Investor regarding the purchase of the Units.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On December 1, 2013, the Company appointed Mr. Bold as its President &#38; CEO and entered into the Consulting Agreement with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold is expected to serve on a part-time basis and will receive an annual fee of $50,000, payable in 12 equal installments, which is prorated for any partial months during the term of the Consulting Agreement. In addition to Mr. Bold&#146;s fee, he was issued Option Shares to purchase up to 40,000 shares of the Company&#146;s common stock at a price of $0.75 per share the closing price of the Company&#146;s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a &#147;cashless basis&#148; using the formula contained therein and, subject to Mr. Bold&#146;s continued service as the Company&#146;s President and Chief Executive Officer, vest as follows, 20,000 Options Shares on: (a) December 1, 2014; and (b) December 1, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On December 31, 2013, the Company completed the sale of 100% of the issued and outstanding shares of Fostung Resources to Duke for a promissory note in the amount of $80,000, which amount approximated the fair value of the leases and mining claims controlled by Fostung Resources, as concluded by an independent third-party geological consultant. Principal and interest at 4.0% are payable on December 31, 2015. Mr. Herdev S. Rayat, the majority shareholder of Duke, is the brother of Mr. Harmel S. Rayat, the Company&#146;s majority shareholder.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President &#150; Clinical &#38; Regulatory Affairs and entered into the Trisler Consulting Agreement with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler will receive a monthly fee of $5,000, which covers her services for up to 40 hours in any given month and will pay her an hourly fee of $125 for every hour in excess of forty, prorated for any partial hour. The Consulting Agreement may be terminated at any time by either Ms. Trisler or the Company. In addition to Ms. Trisler&#146;s fee, she was issued Option Shares to purchase up to 50,000 shares of the Company&#146;s common stock at a price of $1.05 per share, the closing price of the Company&#146;s common stock as quoted on the OTCQB on March 31, 2014. The Options Shares may be exercised on a &#147;cashless basis&#148; using the formula contained therein and, subject to Ms. Trisler&#146;s continued service as the Company&#146;s Vice President &#150; Clinical &#38; Regulatory Affairs, vest as follows, 10,000 Options Shares on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development at an annual salary of $60,000. In addition Mr. Danielson was issued Option Shares to purchase 5,000 shares of the Company&#146;s common stock at a price of $1.05 per share, the closing price of the Company&#146;s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a &#147;cashless basis&#148; using the formula contained therein and, subject to Mr. Danielson&#146;s continued service with the Company. The Options Shares vest on April 20, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended September 30, 2014, directors&#146; and management fees, consulting fees and reimbursement of expenses incurred with respect to officers and directors of the Company were $37,945 (2013: $75,040). Legal fees incurred with respect to one of the Company&#146;s directors in the three months ended September 30, 2014 were $34,945 (2013: $40,190). Amounts included in accounts payable and accrued expenses, and due to related parties, at September 30, 2014 were $13,400 (2013: $74,562).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (&#147;SEC&#148;) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In management&#146;s opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company&#146;s financial position, results of operations, and cash flows on a basis consistent with that of the Company&#146;s prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company&#146;s audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Company&#146;s profile on EDGAR.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board&#146;s Accounting Standards Codification.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In June 2014, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Update (&#147;ASU&#148;) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders&#146; equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (&#147;ASC&#148;) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Company&#146;s results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The note receivable from Duke Mountain Resources, Inc. (&#147;Duke&#148;) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Company&#146;s credit risk assessment is limited due to the related party nature of the arrangement.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets &#150; Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor &#150; Level 2 inputs.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology&#146;s current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company&#146;s financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company&#146;s policy is to classify interest and penalties related to tax positions as interest expense. Since the Company&#146;s inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The results of the Company&#146;s oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Company&#146;s subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company presents both basic and diluted earnings per share (&#147;EPS&#148;) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A related party is generally defined as (i) any person who holds 10% or more of the Company&#146;s securities and their immediate families; (ii) the Company&#146;s management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See &#147;Note 6. Related Party Transactions,&#148; for further discussion.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Assumptions required for the Black-Scholes model are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Weighted average risk-free interest rate</font></td> <td>&#160;</td> <td colspan="2" id="ffc" style="text-align: right"><font style="font-size: 10pt">1.72</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 10pt">Expected life in years</font></td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">4.75 Years</font></td> <td>&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Weighted Avg Expected Volatility</font></td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">93.8</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify"><font style="font-size: 10pt">%</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Expected dividend yield</font></td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt"></font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="vertical-align: bottom; text-align: justify">%</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"><font style="font-size: 10pt">Weighted average risk-free interest rate</font></td> <td>&#160;</td> <td colspan="2" id="ffc" style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">1.58 &#150; 1.62</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Expected life in years</font></td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%">&#160;</td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">5.50</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Weighted Avg. Expected Volatility</font></td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">94.4%-105.3</font></td> <td style="text-align: justify"><font style="font-size: 10pt">%</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Expected dividend yield</font></td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt"></font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> </table> 8200000 8200000 80000 185000 0.0172 0.0158 0.0162 P4Y9M P5Y6M 0.938 0.944 1.053 0.00 0.00 200000 37500 115840 311173 54668 54668 105000 65000 0.93 0.70 P9Y11D P9Y8M5D P9Y4M24D P9Y3M4D 28350 22500 19815000 55819 65000 120000 91950 26950 37945 75040 34945 40190 74562 13400 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes stock option activity for the period ended September 30, 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" id="ffc" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td></tr> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td></tr> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Remaining</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Aggregate</b></font></td> <td>&#160;</td></tr> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Options</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Contractual</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Intrinsic</b></font></td> <td>&#160;</td></tr> <tr> <td style="vertical-align: bottom">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Outstanding</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Exercise Price</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Life (Years)</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>Value</b></font></td> <td>&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Balance January 1, 2014</font></td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%">&#160;</td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">80,000</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">0.70</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%">&#160;</td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">9.03</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td> <td style="width: 1%; text-align: justify">&#160;</td> <td style="vertical-align: bottom; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-size: 10pt">40,000</font></td> <td style="vertical-align: bottom; width: 1%; text-align: justify">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"><font style="font-size: 10pt">Options granted</font></td> <td style="text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 10pt">105,000</font></td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: justify; border-bottom: Black 1pt solid">&#160;</td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 10pt">0.93</font></td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 10pt">9.68</font></td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="text-align: justify; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 10pt">28,350</font></td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Balance September 30, 2014</font></td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">185,000</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0.83</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">9.40</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">68,350</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"><font style="font-size: 10pt">Exercisable at September 30, 2014</font></td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">65,000</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0.70</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">9.26</font></td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="vertical-align: bottom"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">22,500</font></td></tr></table> EX-101.SCH 6 rcar-20140930.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Organization, Nature and Continuance of Operations link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Intangible Assets - Intellectual Property link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Common Stock Options link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Commitments link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Intangible Assets - Intellectual Propert (Tables) link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Common Stock Options (Tables) link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Organization Nature and Continuance of Operations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Intangible Assets - Intellectual Property (Details) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Intangible Assets - Intellectual Property (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Common Stock Options (Details) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Common Stock Options (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Common Stock Options (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Commitments (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 rcar-20140930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 rcar-20140930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 rcar-20140930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Officer and directors [Member] Related Party [Axis] Management Fee [Member] Title of Individual [Axis] Directors [Member] Legal Fee [Member] Advisory Fees Common Stock Equity Components [Axis] Additional Paid-In Capital Accumulated deficit Accumulated other comprehensive (loss) Oil And Gas Properties, Net [Member] Property, Plant and Equipment, Type [Axis] Total Liabilities [Member] Liability Class [Axis] Mining Properties [Member] Other current assets [Member] Accounts payable [Member] Asset retirement obligation [Member] Option Granted [Member] Plan Name [Axis] Option Cancelled [Member] Option Exercised [Member] Assets [Member] Warrant Class of Warrant or Right [Axis] Stock Options Employee Stock Ownership Plan (ESOP) Name [Axis] Type of Deferred Compensation [Axis] Employees and Directors Minimum Range [Axis] Maximum Two Directors Employee Accumulated Deficit Accumulated other comprehensive (loss) Dr. Gerlach [Member] Finite-Lived Intangible Assets by Major Class [Axis] Series A Warrant [Member] University [Member] Other Commitments [Axis] Additional paid-in capital Accumulated deficit Accumulated other comprehensive (oss) Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Consolidated Balance Sheets ASSETS Current assets Cash and cash equivalents Prepaid expenses Other receivables Total current assets Note receivable from Duke Mountain Intangible assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities Accrued expenses - related parties Other current liabilities Total current liabilities Long term liabilities Other long term liabilities Total liabilities STOCKHOLDERS' EQUITY Preferred stock: $0.0001 par value: Authorized: 10,000,000 shares Issued and outstanding: nil Common stock: $0.00001 par value: Authorized: 500,000,000 Issued and outstanding: 66,575,122 shares Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Consolidated Balance Sheets Parenthetical Preferred stock, par value Preferred stock, Authorized Preferred stock, shares Issued Preferred stock, shares outstanding Common stock, par value Common stock, Authorized Common stock, shares Issued Common stock, shares outstanding Consolidated Statements Of Operations Revenue Expenses Research and development expenses General and administrative expenses Total operating expenses Net loss from continuing operations Discontinued operations Gain on disposal of oil and gas properties Gain (Loss) on discontinued operations Net loss Earnings per share - basic and diluted Loss per common share continuing operations Income (loss) per common share discontinued operations Loss per common share Weighted average shares outstanding Statement [Table] Statement [Line Items] Beginning Balance, Shares Beginning Balance, Amount Stock based compensation - Series A Warrant Stock based compensation - options Issuance of Units Issuance of Units, Value Reclassification adjustment on disposal of subsidiary Net Loss Ending Balance, Shares Ending Balance, Amount Consolidated Statements Of Cash Flows Cash flows from operating activities Net loss Adjustments to reconcile net loss to net cash flows from operating activities: Stock based compensation expense Stock based consulting expense Gain on disposal of oil and gas properties Changes in operating assets and liabilities: Decrease (increase) in receivables Decrease (increase) in prepaid expenses (Decrease) increase in accounts payable and accrued expenses (Decrease) increase in current liabilities (Decrease) increase in long term liabilities Net cash flows from operating activities Cash flows from investing activities: Proceeds from disposal of oil and gas properties Acquisition of intellectual property Net cash flows from investing activities Change in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Notes to Financial Statements Note 1. Organization, Nature and Continuance of Operations Note 2. Significant Accounting Policies Note 3. Intangible Assets - Intellectual Property Note 4. Common Stock Options Note 5. Commitments Note 6. Related Party Transactions Significant Accounting Policies Policies Basis of Presentation and Principles of Accounting Principles of Consolidation Applicable Accounting Guidance Accounting Estimates Cash and Cash Equivalents Note Receivable from Duke Mountain Fair Value of Financial Instruments Research and Development Costs Intangible Assets Stock Options Income Taxes Discontinued Operations Earnings (Loss) Per Share Related Party Transactions Intangible Assets - Intellectual Propert Tables Assumptions required for the Black-Scholes model Stock Option Activity Organization Nature And Continuance Of Operations Details Narrative Significant Accounting Policies Details Narrative Common stock consisted of warrants to purchase shares Options to purchase shares of common stock Intangible Assets - Intellectual Property Details Weighted average risk-free interest rate Expected life in years Weighted Avg Expected Volatility Expected dividend yield Other long term liabilities Consulting expense Research and development expense Common Stock Options Details Options Outstanding Options outstanding - beginning balance Options granted Options oustanding - ending balance Options exercisable Weighted average exercise price Options outstanding - beginning balance Options granted Options outstanding - ending balance Options exercisable Weighted average remaining contracted term Warrants outstanding - beginning balance Options granted Warrants outstanding - ending balance Warrants exercisable Aggregate intrinsic value Options outstanding - beginning balance Options granted Options outstanding - ending balance Options exercisable Common Stock Options Details Narrative Shares available Unrecognized compensation cost Stock options vested Stock options unvested Incurred expenses Fees paid or due to related party Accounts payable - related parties Accounting Standards Codification Policy [Text Block] Custom Element Custom Element Depreciation and Impairment Losses Asset retirement obligation. Common stock options. Custom Element. Custom Element. Oil and gas properties net. Option cancelled. Option exercised. Option granted. Related Party Transactions Policy [Text Block] Shares available. Custom Element Stock options policy. Total liabilities. Unrecognized compensation cost. Stock based compensation - options. Issuance of Units, Value. Stock based consulting expense. warrants exercisable Weighted average remaining contracted term Accumulated Other Comprehensive Income (Loss) [Member] Assets, Current Assets Liabilities, Current Liabilities Retained Earnings (Accumulated Deficit) Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest Shares, Issued Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities StockOptionsPolicyTextBlock Other Liabilities, Noncurrent Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedWeightedAverageRemainingContractualTerms Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercisable EX-101.PRE 10 rcar-20140930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0`!@`(````(0#ZP-;3N@$``-<0```3``@"6T-O;G1E;G1?5'EP97-= M+GAM;""B!`(HH``"```````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````#,F%U/@S`4AN]-_`^DMP9* M4>#T;*N M@@486RJ9$A;%)`"9*5'*:4H^)B]AGP36<2EXI22D9`66C(:7%X/)2H,-?+6T M*2FFYL[?FBG5/)OQ*=`DCGLT4]*!=*%K>I#AX`ER M/J]<\+STC]2KA1B'QEN\86I;97'H/0 M3H5FYG>!3=V;WQI3"@C&W+A77GL,NJSHES*S3Z5FT>$F'90JS\L,A,KFM=^! MR&H#7-@"P-55U(Y1S4NYY3Z@WRZVM!W8F4&:]VL;G\B1(.&X1L)Q@X3C%@E' M#PG''1*./A*.>R0<+,8"@L51&19+95@\E6$Q58;%51D66V58?)5A,5:&Q5D3 M+,Z:8''6!(NS)EB<-?DO9W4^-@)MKW__.MHV1W*+=:L*[)G_-=9-CRD7W(!X M=\8'[+,#_.Q]B,/'S[%1VOH@;N#T7=@F[:8ZU+X1&%?"+FMW9=:=H@_QIPON MA69HC@D$B`YMVAY+#+\!``#__P,`4$L#!!0`!@`(````(0"U53`C]0```$P" M```+``@"7W)E;',O+G)E;',@H@0"**```@`````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M````````````````````````````````````````````````````````C)+/ M3L,P#,;O2+Q#Y/OJ;D@(H:6[3$B[(50>P"3N'[6-HR1`]_:$`X)*8]O1]N?/ M/UO>[N9I5!\<8B].P[HH0;$S8GO7:GBMGU8/H&(B9VD4QQJ.'&%7W=YL7WBD ME)MBU_NHLHN+&KJ4_"-B-!U/%`OQ['*ED3!1RF%HT9,9J&74"T\ MU<%J"`=[!ZH^^CSYLK$SO+=N5#9@NIS]NHFD++28,5 M\YS3$$ MX4UD^&'!Q0]47P```/__`P!02P,$%``&``@````A`$ MM^X'F$1-0E,[V-Y'__U,UZ4M=-HEZ!*P0^271Z\4>;'ZVC?)!SI?6Y,)&*0B M09/;HC9E)MXVSP\SD?B@3:$;:S`3!_1BM;R_6[Q@HT/\R%=UZY,8Q?A,5"&T MCU+ZO,*]]@/;HHEOMM;M=8A+5\I6YSM=HE1I.I'N,H987L5,UD4FW+J(YV\. M;3SY_]AVNZUS?++Y^QY-N'&$_+1NYRO$$(-J5V+(1+?EY?'-;!`5"WE;#`R9 MU<"0E,,-!T@Z:M(G'1\.331;EZB?-86#.SED;A3T":-SZ9E'MW4RK@**S919 MS902`XI9#2A2#C<<(.FH<9]T0FS%>';-<2F/3](OW!FB$]1K8^D*YTREVSK5 M$DPHOZCXDV3])ZF4DL/=:$C?<&>*3!2PHR'9J!&W;T:4;WIM,UT%_5U48TH, M<*L!4H[BGB44.4P`=\?D-``#__P,`4$L#!!0`!@`(````(0"F ME?SKX@(``',(```/````>&PO=V]R:V)O;VLN>&ULE);=3N,P$(7O5]IWB'*_ MY`]80+2HM$%48MMJDX5+RR1N:^'8D>U0V*??2;I-)RU4]"J=)/XR<^:,W>N; MMT(XKTP;KF3/#4Y\UV$R4SF7BY[[)[W[<>$ZQE*94Z$DZ[GOS+@W_>_?KE=* MOSPK]>(`0)J>N[2VO/(\DRU90OVB.G3>GKC,U:I^%:1];Z,($E@UCYYX;I?PW/?]]MX] MXXNEW=P$O(?XC8+PG>;JR*:\C2($.D5B:;E])V.Y5I\K:&&M^A@J"UQ'7W'X MH<=Y4">.*#-!Z1V\'#8#*,27(?QVE"*FA42PD1)3R&,J.($B%* M(_>GN20II/0KGD`>TSLRG<6(9R%S-41:$D M2:S*7LBT;.80+X;MH]4U\#]:S6T]R@8ONL2+]ESZNYYWEI,9U>#R5%-I:+;[ MX0BF;?OA/8\>%A&&I"T_ZDS,GDT/R]@!X:$)]IWZ@9`DI=`?+$V$9R;8,^IA MB^%L`FP."'9V@L/Z0"6M/@&V!P0[H,/Z=$`=JQSI5Y"ES2C".T+P)<>2$;.4 M"ZQTO5VW!H)@IZZ/?+^A$"QTB/T#P3&<":HJQ/:!X`/._TEJTYA0K6&W>>UL M"MA`X9Z=/Y^MFHK2J<^OK3R-F[VF`W`P951D<&+6E_K(:;3S-O\7^O\```#_ M_P,`4$L#!!0`!@`(````(0#,HV_HK`0``%@3```8````>&PO=V]R:W-H965T M&ULE)A;;ZLX$(#?5]K_@'AOP%`@B9(O[]SC`DL0T%^M(FY//8G\>9Y4,W'F!?RR%V6>U/"U/%C5N>3)KBF4GRS'MGTK3[+"I`C+$RY/R]>W\D(K\#"%>LE-6_VR"FD:> M+K\?"E$F+R?P_F"/27J-W7SIA,^SM!25V-!`7:[ M4?+]VGQBRYC-36NS:CKHWXQ?*NFS41W%Y;%80[H],$*QY>YGQ*L4>A3"S!P/(Z7B M!`V`OT:>X="`'DD^FO^7;%"JRO2+8@1@VNCZXAV5J MD?A*8/;`Z*8%G25K]2?JVGJ$L?77>D-Z`+%O.HY:[[9+^+Z*1%U$"Q)W"2F( MHN.J.I@E%T;QL!86`DZR\`.UC2$ACQ*BYV24B$:)>(A0-*$AT[.&\-J$/KPE MR9]K>H3(>J[N-XY$XT@\B"B*,,>F*R*L97"A*1(B*^J&HT0T2L1#A*+G?T4/ M836#@:WI$>(W2\K"=ARF^6\)D/WU%$=*#,\/]!CQ8`Q%#U:XZ=E#6-/3EJ^0 M$-)S`]=W=#T98//'N:^M(9$,+!Q[[FI`+`.NLV"V>^MB10W/*M)&,+RT(*RI M:?6&A)`:!Y6O_%,C$DM_B*',*:W+W/FJ:'A)#< M0[^=BO3I:42?GX(,"3+8#::GKZ'5A27H[-<8<6W*,TM?6=HP`T@TCL2#B#)$ M&>[VTAB=M@TVI;1\:B9AR\@F^C*RG*6&;?$P\%T2SI**);ZF881,V_VC$\FI\;T MS4X=Z9N>*N,$B\"_CRPUF="A7]!$6IN?]U%"2Q`C1D[4O6Y:8,>1:!R)!Q%5 M$H\)4BXGSD\Z7"@YU;;!$%^VH$,6E%-[9FN[S;8%*.G:(2+JE-:6\[@#W/<9 M51!/"E\7I/.%+#C7FA@R8GK;OQWZ,1KZ,?[D1U4*3PB2U,@Z0^<)1>;>6^W0 M)&8@6P3TVD9,+]W)E@['";+D]O5V4/#GX MGJL]#]D2WKZ[SR.\6,'GUJT`W&N[T]`W@O1'W]@A7<[L0V_P,``/__`P!02P,$%``& M``@````A`)X?B>2G`@``PP8``!D```!X;"]W;W)K&ULE%7;CILP%'ROU'^P_+X82`A)%+)*NMIVI5:JJEZ>'6/`"L;(=B[[]SW& M";GM5ND+8!C/G!G;A]GC7M9HR[41JLEP%(08\8:I7#1EAG_]?'X88V0L;7): MJX9G^)4;_#C_^&&V4WIM*LXM`H;&9+BRMIT28EC%)36!:GD#7PJE);4PU"4Q MK>8T[R;)FL1A."*2B@9[AJF^AT,5A6#\2;&-Y(WU))K7U$+]IA*M.;))=@^= MI'J]:1^8DBU0K$0M[&M'BI%DTY>R49JN:O"]CX:4';F[P0V]%$PKHPH;`!WQ MA=YZGI`)`:;Y+!?@P,6.-"\RO(BFRQ23^:S+Y[?@.W/VC$RE=I^UR+^*AD/8 ML$QN`59*K1WT)7>O8#*YF?W<+T$UM?ZC=%R[*RL)J)V#(^9KFKT_< M,`@4:((X<4Q,U5``7)$4;F=`('3?W7)$=L8 MJ^0?#XH.5)XD/I#`_4`2)<$P3M+Q'2S$5]09?**6SF=:[1!L&M`T+75;,)H" M\]&9KZ/W^IY5\.A(%HXEPRE&X,+`\FSG\6@R(UO(E!TP2X^!:X^)>@2!:OJ2 MH(SSDMX.^:CLP$[9A>Y*6?H7YS+QVS*#2QGG?``[X]]R;A+@SDS$:=CS^PH\ M9GB&27K$A5&`W&_4@3,,[OKXXO04H%?VF%&W`-%D'"5A>"KN0AJVW?W2#GPM M?0K52WO,N)-.DG%T6OT+W='_Z#KPM>Z@C]+K>HRW/'K?+VS-^_TZ\+7N\$K7 M8PY10S>^"=HW$W_6)-B)<4%8G-G(\VR)U MRC):;Q/[]Z_[JX5M"8GK#)>L)HG]0H1]O?[X8;5G_%$4A$@+&&J1V(64S=)U M15J0"@N'-:2&?W+&*RSAE6]=T7"",SVH*EW?\T*WPK2V#<.23^%@>4Y3D4N@KSQUUSE;*J`8H-+:E\T:2V5:7+AVW-.-Z4 M$/4\5I6VE.R%9]=>`D#+5DO@'$G@>2%#H^(L`!>'; M+*YQI`.\PQ*O5YSM+9@UH"D:K.8@6@+S^8C`A<+>*'!B1[8%9@64X6GMA\'* M?8+4I0?,K<'`O<6@%N&":*L,:M.5%5@IJX0H*[?F0U?&/R\SZ\NHTLU@`KP> MJ!J4V*!Q"B*,6G[CP&!F3W5");4](@UNB_KC];7`=2-^4*VD=IS.NF>ML;UJ+X)-#9AMK-VE0<+ MKWM=7O/H7=N;1@^\C%;>`70LA!//9]V5%U_*SF`'?'W[0>.MSP\7[4PSB^\` MFE(:P/Q':=2H03K&I3&@MC0AZF4COK@=JY.[Z^F-A$S9%#4E'"S'P\`+_)Z9 M-G]FES"-ACF'*\*WY!,I2V&E;*>:"`0G2ONU;7!N?-VBM']`?]'@+?F.^9;6 MPBI)#D,])P*[W'0HYD6R1I_R&R:AL]`_"^@D"1RBG@/@G#%Y?%$]4-N;KO\! M``#__P,`4$L#!!0`!@`(````(0#7A]SWP`,```@.```9````>&PO=V]R:W-H M965T@,#Q/??C^,19?7TO/+ZB3DJSHPICV(4*JU?]"Z M6@:!2@^LH&HB*E;"/SLA"ZKA4NX#54E&,[NHR(,H#).@H+ST,<)2#HDA=CN> MLB>1'@M6:@PB64XUY*\.O%+G:$4Z)%Q!Y>NQNDM%44&(+<^Y_K!!?:](ER_[ M4DBZS:'N=S*CZ3FVO;@(7_!4"B5V>@+A`DSTLN9%L`@@TF:5<:C`M-V3;+?V M'\CR,8K\8+.R#?K%V4FUOGOJ($Y_29Y]XR6#;L.<_V/./W-^/Z@8=PQ5&0*6V8?3TRET%$(,XEB$RD5.20`[U[! MC32@(_3=?IYXI@]K?YI,XOMP2@#N;9G2S]R$]+WTJ+0H_D,0<:$P2.2"P*<+ M$DTGLRB^GP^($F!&ML`GJNEF)<7)`]4`IZJHT2!90N3K%4$I!OM@P&O_WO<@ M605C>-M$L\4J>(/6I0[SB!AXKS&D1@1`6C,#VW!F`S;,IK9 MCJ$Q8!A.*_DH#NNXR(R860L3UXA.@0!I%VA$,P7I?=YBLVCM0W5U^Z*X:2!F M@)C$#F`>PNLZ/TBKS?\YKP'W>,.FH\B+&.0E87R3.!E#;,`]XKA/C!A'/+]- M#,H<7K$!]XFG=2>Q8L0@<7*;U_C\X$UDP'V-S7J\B!F@L467>9C&S*)^Y7V- M(69A-19.[NO\.@HG(.?AA5MTC_="8PYT)EXT$^DR&YL9W'*"IM3=5 MY..F3)<$VEI;]%$\KS/MCG^4MYE;=5_PE\)#4)>^N;EUZ4CH5!^-LCV+[E''35]1>`[D M[G&?4(_R/3B-7VRYN-&3HT80-CR"DU:S*;!J/)#C>;5@"P&4X`O!-"GR_,LT+]#+?Y'P``__\#`%!+`P04``8`"````"$` M?$%`>0V&1Y5G\UHJ91),%R5Y(JWN2P[D_4C9-6NWE0Y(LL MJ0@EV[H#IAFL@-EN5'@[,M]0L.Z9UGC8^/-?AD_TYKU! M]^0TK[+TKZS$8#:4B15@0\@[0Y?TO.2UPMMO7 M4&T/%L36%:1?(:8)&`HR'<=C2@G)(0%X-8J,=088$G\V_T]96N]'INMWO)[M M(L"-#:9UE#%)TTB.M";%_QQ"9RDNXIQ%?,C^_+G3\OP75'IG%?A_5G'L M3@_9`[?W?"K0UGP]D'&K`FD]7HC%36D\#N,Z'@\K[%Q>_?V0T^,Y4W)C,R85W@)(46^1@[77=H?4!=DS,S41G?$Y%IB[`J,MVP M#5QUD3ADUA+MD(@'>/F8QEP.+-HA5U$YD66+M*JK-G`=(R6R;@D88H&Y%X>A M=02'[_=M:R2CF9'MQ),V<)W8$1V8JH3OBTBH(I+(3"5DD4A%7%N<9\X1<.+: M!B*QN$-TI2Y8JHR)&1"B0^U*!&"T42`Y,Y4`H!V9R()(#8]6-&L+/[DIV,'IE0K$O'*/L&1_K-KH)@I[2EKIMR M`%XO&E)'A3J)F58B4@E7FF4NS&*S/ZEBJH8DL=02*RVQ?D0(E8+?G!=V)D9+ ME9*Z;<(1F/]WA9AJB5!+S+1$I"7FG/#Y+]6]4FDEEEIBI276CPBA5/`#_T*I M&"V6RNGVQ%Z<<.91K;1$J"5F6B+2$G,ML>`$KR9"7K\K??&6MX#7]?V^:,;J M]G,7(=23SB[K6T`4$,H$!Z`7RL1HN4Q29A/.\,UO8#L.&HBI3SEP6T=Y7PH% M#<_OR1HSO4:D(M+6-=<2B]L\/+?G(*DGEUJ)E4X"+B+,TUL[KGGR4O&+!C\$ M%[C:X2G.$2OEQPWEQV(I/B$Q3`B56-ARB`8ZD:7Z``#I9J M?`47J'OQB1-,[LT[=0(X9*@ZH1/`64.-SYP`CAQJ/'(".'E`W+HL#"Y.AWB' M_XZK7592(\=;\`3N*+!15?SJQ1]J;N'&S*&\[;=`7A+2-T^ ML`DN=^[Q+P```/__`P!02P,$%``&``@````A`%\E>T/O`@``P@@``!D```!X M;"]W;W)K&ULE%9=;YLP%'V?M/]@^;U\!DBBD*H- MZC9IDZ9I'\\.&+`*&-E.T_[[7>-`0TB;]`4P]_CXW'.-+ZO;Y[I"3U1(QIL8 MNY:#$6U2GK&FB/&?WP\WVYSBA71/68,.P%-=P\#QG M*4UXNJMIHPR)H!51H%^6K)4]6YU>0U<3\;AK;U)>MT"Q9153+QTI1G6Z_%8T M7)!M!7D_NS.2]MS=8$)?LU1PR7-E`9UMA$YS7M@+&YC6JXQ!!MIV)&@>XSMW MF4387J\Z?_XRNI='STB6?/]%L.P[:RB8#672!=AR_JBAWS+]"B;;D]D/70%^ M"I31G.PJ]8OOOU)6E`JJ'4!".J]E]I)0F8*A0&-Y@69*>04"X(IJIG<&&$*> MN_N>9:J,L1]:0>3X+L#1EDKUP#0E1NE.*E[_,R#W0&5(O`.)#^H/\<":>4$T M_PC+[,`"]Y[%L[QYX`;A92VVR:NS*2&*K%>"[Q%L/5`N6Z(WLKL$YMX?D\W@ MV%N&@5.:Y$ZSQ#C""+R04.2GM1<%*_L)*I,>,/<&`]H2N M.60PI`$6'Z=QOKR]6@W6:G6YM?Q[\^)8FC=>=W,1D4P1OC.0C+3"-KA>JP;' M&,@'U[PH''B-?(.9&]_#1?"Z;A??',<7[B2>F#A4?UCCM3`CY0"Y7KD&CY7/ M_!/A!A)VPET_"IQ3Y9<`B0'`=9#NOZ$=/M?KM6OP6+L712?B#>9XZ=>5C>\7 M$OG MA%^(0Z_12[PGW/02,L5-(_NL81_!0J'DF,!..=<]0-]Y`U_ M'^O_````__\#`%!+`P04``8`"````"$`OZFGLQ$#``!N"0``&0```'AL+W=O M]S_KZQO'^N2N,),TYH'9FNY9@& MKE.:D?H0F;]_)7=ST^`"U1DJ:8TC\P5S\W[U^=/R1-DC+S`6!BC4/#(+(9K0 MMGE:X`IQBS:XAI:&4'FS<,HZSM5)6VYSA3NT*D-I5"R,9HT#PG*8YI M>JQP+90(PR42D#\O2,-?U:ITC%R%V..QN4MIU8#$GI1$O+2BIE&EX==#31G: MEU#WLQN@]%6[?1G(5R1EE--<6"!GJT2'-2_LA0U*JV5&H`)IN\%P'ID/;KB; MF/9JV?KSA^`3O_IO\(*>=HQDWTB-P6R8)CD!>TH?)?HUDR'H;`]Z)^T$_&!& MAG-T+,5/>OJ"R:$0,-L3*$C6%68O,>8I&`HREM>FD=(2$H"G41&Y,L`0]-S^ MGD@FBLCTI]9DYO@NX,8>(N/JTS/*K-.Q5U8;N",R,16WK16QTB@U9+1DP'+%ZKG#9*; MP0U!][:WX(=D'R09K2R8=6/+UO"6MG]P*8?B%5`*WO>6PO;$4QRB^E/]MN, M5C9LU_%E2S@RP=3+6IW[NN5KQ<"S8R8ZL7F7B!4Q;[>=/UL$/87M=?MLX@0] M'Y/K=C\8]-]=MP>.N[CTU[R!(VR\-Q+N>Q/HE:\5H^IR_<"YC-MNGLUU^RR` M8U?O'ZMVR/Y_WF[?)9)W";CG9"6W1U'^J'M,':X59@>\P67)C90>Y1WEP[QU MT>[Z?/#E(=&+K]UP?2N^<4/80?+&[#K`==>@`_Z.V('4W"AQ#D,YU@RR9>K" M5"^"-NU1OZ<"+KKV;P'?-1@.)\<".*=4O+[(`;HOI=4_````__\#`%!+`P04 M``8`"````"$`^V*E;90&``"G&P``$P```'AL+W1H96UE+W1H96UE,2YX;6SL M64]OVS84OP_8=R!T;VTGMAL'=8K8L9NM31O$;H<>:9F66%.B0-))?1O:XX`! MP[IAEP&[[3!L*]`"NW2?)EN'K0/Z%?9(2K(8RTO2!AO6U8=$(G]\_]_C(W7U MVH.(H4,B).5QVZM=KGJ(Q#X?TSAH>W>&_4L;'I(*QV/,>$S:WIQ([]K6^^]= MQ9LJ)!%!L#Z6F[CMA4HEFY6*]&$8R\L\(3',3;B(L()7$53&`A\!W8A5UJK5 M9B7"-/90C",@>WLRH3Y!0TW2V\J(]QB\QDKJ`9^)@29-G!4&.Y[6-$+.99<) M=(A9VP,^8WXT)`^4AQB6"B;:7M7\O,K6U0K>3!`6#?!TVM+$6:]?Y&K9/1+(#LXS+M M;K51K;OX`OWU)9E;G4ZGT4IEL40-R#[6E_`;U69]>\W!&Y#%-Y;P]?O/R\1?E>%G$__K#)[_\_'DY$#)H(=&++Y_\]NS)BZ\^_?V[ MQR7P;8%'1?B01D2B6^0('?`(=#.&<24G(W&^%<,04V<%#H%V">F>"AW@K3EF M9;@.<8UW5T#Q*`->G]UW9!V$8J9H"><;8>0`]SAG'2Y*#7!#\RI8>#B+@W+F M8E;$'6!\6,:[BV/'M;U9`E4S"TK']MV0.&+N,QPK')"8**3G^)20$NWN4>K8 M=8_Z@DL^4>@>11U,2TTRI",GD!:+=FD$?IF7Z0RN=FRS=Q=U."O3>H<],9&R;,UM M`?H6G'X#0[TJ=?L>FT1.[P:3?$45*&'=`X+&(_D%,(48SV MN2J#[W$W0_0[^`''*]U]EQ+'W:<7@CLT<$1:!(B>F8D27UXGW(G?P9Q-,#%5 M!DJZ4ZDC&O]=V684ZK;E\*YLM[UMV,3*DF?W1+%>A?L/EN@=/(OW"63%\A;U MKD*_J]#>6U^A5^7RQ=?E12F&*JT;$MMKF\X[6MEX3RAC`S5GY*8TO;>$#6C< MAT&]SAPZ27X02T)XU)D,#!Q<(+!9@P17'U$5#D*<0-]>\S210*:D`XD2+N&\ M:(9+:6L\]/[*GC8;^AQB*X?$:H^/[?"Z'LZ.&SD9(U5@SK09HW5-X*S,UJ^D M1$&WUV%6TT*=F5O-B&:*HL,M5UF;V)S+P>2Y:C"86Q,Z&P3]$%BY"<=^S1K. M.YB1L;:[]5'F%N.%BW21#/&8I#[2>B_[J&:+T5';:S76&A[R<=+V)G!4 MALZ%8JNU'N_*J8E+\@58IA_#]31>\G<`6Q M/M8>\.%V6&"D,Z7M<:%"#E4H":G?%]`XF-H!T0)7O#`-005WU.:_((?ZO\TY M2\.D-9PDU0$-D*"P'ZE0$+(/994FRE)")J(*X,K%BC\@A84-= M`YMZ;_=0"*%NJDE:!@SN9/RY[VD&C0+=Y!3SS:ED^=YK<^"?[GQL,H-2;ATV M#4UF_US$O#U8[*IVO5F>[;U%1?3$HLVJ9UD!S`I;02M-^]<4X9Q;K:U82QJO M-3+AP(O+&L-@WA`E<)&$]!_8_ZCPF?W@H3?4(3^`VHK@^X4F!F$#47W)-AY( M%T@[.(+&R0[:8-*DK&G3UDE;+=NL+[C3S?F>,+:6["S^/J>Q\^;,9>?DXD4: M.[6P8VL[MM+4X-F3*0I#D^P@8QQCOI05/V;QT7UP]`Y\-I@Q)4TPP:&PO=V]R:W-H965T&ULG)AO;Z,X$,;?GW3?`?&^`1O, MGRC):J'JW4JWTNETM_N:$"=!#3@"VK3?_L:,&V.3YI+;%]VF_'AX/#.>P5E\ M>:L/SBMONTHT2Y?,?-?A32DV5;-;NO_\_?20N$[7%\VF.(B&+]UWWKE?5K_^ MLCB)]KG;<]X[H-!T2W??]\>YYW7EGM=%-Q-'WL"5K6CKHH>/[<[KCBTO-L-- M]<&COA]Y=5$U+BK,VULTQ'9;E?Q1E"\U;WH4:?FAZ,%_MZ^.W8=:7=XB5Q?M M\\OQH13U$236U:'JWP=1UZG+^;==(]IB?8!UOY&P*#^TAP\3^;HJ6]&);3\# M.0^-3M><>JD'2JO%IH(5R+`[+=\NW:]DGM/0]5:+(4`_*G[J1K\[W5Z9@;40SQ+]MI%_@IN]R=U/0P;^;)T-WQ8OA_XO]4^5E'2=\J7K1?T3(:*D4(0JD0#66P)'G/5WG3<"O0':3C=473A?<*$2P5DEU` M3"*?$H%_1CRP=_8(*Q][O.Y-PK`&USE["\A9=K"?(1*.$&82^37"L`;/N=V: MA)[,PE;SK0L!@V1:'!& MHB0-SX\=KN?&=?I9*J'<;WYQ)V'(66\X006>)#__,Z_GG MUPU;^N>P(]G'#FA8>PI,I!JV%+(VMPLQ-(*1$ M%XAI[:Y90*;#P*ZK3#$J:D',)GM5$>/T!SK_ICW9H&^/G*3-C1%:&S(CR"A[ M:4I&D5&E-R88"T=I-[W=-1;DFQ=X@P">NWJH%ZVR.NW\%I(K&;!XEM&(:>^N MX4"FTR&TIX-B,'3T8F919>SNT\S>-2'(=$2$NEVIZ(UG0!A$T32S8^):9N\: M$P1[O)%9:SMFBAD'1J=-E1W*7$;,S%K#0K[^AE`ZUZ<9F4Z-4#<%%4)DQAY& M^5,^KS*&46I-CMN,#G>9NYC9$T0QX?!B%T56I>:?7C;M69/C>OSH=&(P>V(H M!G=(0DCD^Q:2&TA,J1\1W=Q->W=-#3J=&DP+8WH5@_8>XM`G@=V^';<=$N%` M;H\0^YTN4PR>=\C%ERL3N?AVA>=V/-8>BQW_7K2[JNF<`]_"?O9G,>SH%D_M M^*$7Q^'XNA8]G+:'7_?P[0J'LZT_`W@K1/_Q07XO; M6^0(B=L"UZPE"7HG`MVM/GY8[AA_$14ATH&$5B2HDK);>)[(*])@X;*.M#!2 M,MY@"9=\XXF.$USH24WMA;X?>PVF+3()"WY)!BM+FI,'EF\;TDH3PDF-)?B+ MBG9BG];DE\0UF+]LNYN<-1U$K&E-Y;L.14Z3+YXV+>-X74/=;\$4Y_ML?7$2 MW]"<,\%*Z4*<9T1/:YY[? M'5&QW6=.BV?:$N@VK)-:@35C+PI]*M2_8+)W,OM1K\`W[A2DQ-M:?F>[+X1N M*@G+'4%%JK!%\?Y`1`X=A1@WC%12SFH0@%>GH6IK0$?PFW[?T4)6"9K$;C3S M)P'@SIH(^4A5)'+RK9"L^6V@H(\R(6$?,@'[?CQTP]LHB.+_IWC&2!?X@"5> M+3G;.;!KX)ZBPVH/!@M(5I5-H#_G*X.2U)Q[-4E/!5K`N>!I]NIO9P]L]A2PHJNUQ*P0.IF7W7U""QD?+-GXUD MHX@E!QO^UV;R<892V]^C9Z"!WJ#1U=J$*,7Q]$L"L(!DHTBEAP<7%+F-#07DG7Z6%@S":>8_EC! MKQ8"9X;O`EPR)O<7ZKP]_`Y:_0$``/__`P!02P,$%``&``@````A`&^$O*PE M-@``B*\``!0```!X;"]S:&%R9613=')I;F=S+GAM;.R=6VX8/20$ M]8@"2#;ODMKM-DHDU2V[6Z1%JGN,P3PDJY)D6L5*.K-*:AKGP7N8IP/,`&<5 MLX`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`Z'I<+Q&WU>S8DX##98%]36'["3`A0?R6'U8"?%5.W M$;EBX+<%8CK/RIM5@+IEL7KW#W4+KUCP[/SD\'??G'Q[=/SV[$ER_/MWK\__ MT&4#F.LR0Q-.L+<([!?)XZU-J7"A)8$A%]D7R6@QOR[*_,_9Y(MD>VN=Q_IO M4CG1-B4W,4(4C91_D[ MY&B"`&.NX74)T48^2\;I;0[O]T:.L?<+QQ.3[#(?Y_/N$(=Q`_^ZF$[P7YZ8 MX,Y[NK!'&\//0]YR(?6]0UOD?^CH MB$.ZK\3,L0+D]K#E\+;'K01V<.@J2&.;<7:.Z?CN^`WVXN15NP_V&?NVI9A5Q32?F`J3[<_D_V!H+Y.3VZQ,Q?,]D_,V^Y#-%CU7Z'B) M87F;57A%8V>E)KP[+6[-RPI:M$O"K[,92T^=4I[?YAVRI\7*"@O,N MD%%ZRZ9^D\V3:5%5S@:-<;7SV4(O^%<'=GN$9^?&H=V6#_L:,Y;@L$SRZK:H M@+ZX3(K<;>(JQ=*4>G?(1-B;:]\"U5,_P4/6"SOI(N\X+6=LB`6QYL:O&*F+ MM,K'AL])/EU@KKIO:75[8^S<+O?B@_"#FU_<9,F:T/JT/P?X>,AV!@'H0OE# MEE]=R]BF!'WI519LQT\3LB&[]A!Q\W)^)D/7A3"R$Z>R$Z]G>,3WVHFC83N! MEU*;DL*\,S!]6V;7^&\2AC5AO`N!24+WQY>$;3.Q1?(RG::S,='9Z$:^5Y+. MDZ/(^=QYP)MGSF#?]Z;A1YP'O00W0)LZ@1W/B,/PYD?)#VFI6+*[Z(I7B]M! ME23#KGU)ZM[-\K[WVQNPGGPOMZ2[]-ML/,6MS#'<#MIT\L=%-3=]U9'N:G%1 MY9.<"*L[B613#-W]G<#S`33H*>GN:\,$N/>UAN(KTPC+5UOY6LOA:%NSP]'9 M-\FK;T]^>)`U.UQNDBS6>34M/O8P.ZJI5"7S(B&**69CPMYD%A0^O^K?%B5= M:@IG`AJ3D8ZQ,!8M?-&EVU)^]&9F]?A9M9C&1JD[^O":6`=QD/VH#9@+;4QE M1ZYY#S)DE^14A2[(9^Y?3S7/BBANR1NHE971X5IX3_/[-5F(F$EJ9#B06F:$ ME\SU@"!IR9L/BG,DE`^A?H\\BJLCCLEG'[+*Z+F"8T[+8IQE$\]DG^X3C,8$ M\I6%'%)I^6Q.7B@;SQ<*0)PG,:AUNAL<`K:W0>,_L8V]K3RE_6-%+N%P6=)A M/;FH30UPP\XDW'H++G^;!)SV._S>27F5SO(_FUY>)_\X7Y0N&3(0IB%?YC-$YV&R32V6UV`D6 M28_3AEO6D7WG;J\GL:\-5=>3_#+YZ"QNQE\8Y9NL%!(\3H7Y=#$OIL55L:AP MA2I9JY2X#[=U-O_K7_Z5%4E,CN%%7#W]'X%N*1!*G!QA]AJO8)S.X(($`"<` M6B8WV41QIG/G$1V+.Y/T]G;J;6RUF9RS"[]#0)2WG'W(`0*,P,+%]`-SP:#: M+%IE6KC(Q'FT443!!B[PE!)B!HL@XK&-`VZO#?OFO83UR2SY[0(HMG=<<@[2 M-:#JC[)87*VDX#HI3R7%1?[D;`PFQV#JL"A)Y:]!V(&GCLARFJ:9W%TM&='8 M-`(LV"4J-Z#PYR`SXL0E8WT MSFB,V&%Q"IA!ZTGR78@F^FGU,KNRH$S.EY:_7MQ`99O/N*%A4Y@"CY(0R"FO M(^@XSMR&5(6Y2HSC;4?-@G+96-=D4;9D#KNU.,1(-O]8)&L[3[45`H&9'U;UO6:T?^O0GE/+_)M(^\6K$\ M@D=11X4GK8R[1SK@@C#RA?'^7DUD*Y0P:'0Z$F4WD]-%*?^;M0IC%Z4GP?VE M_1&-;DD/G)@4%]/\RGB.-TG&)IUMI4W>[?&N3QC"PY?%HF3+U`*F4TM8?)&L MI4_#KK<$/?Z*`]ZGU?=^E:Q=,&3?91T'1NPS8KQRQ,&OC'G62.1[!`\N]6PS M:>+`*3)I;.'T-YNFF(-(%^VM]F*BA*T5'R6 M/]O<0\=/IVBCMG!."N"8%1@A5Y$`9J^XI,,L;>7@_,C;X,K\ADSXQ*L%>WXG M5J'P6\&-N'=GP39=+N23;";?I3/2$Q8T7F33G(6];8PXP;:YS.,B;K8X'>6& M6)%$ED[T?EGDBW9!9/H2U8?X*5-=P0^R-7"&3U:C8=@VQKE:7(HF4K/L_8;2 M=LRD#6BE3$'IDX+!V'UGV3PO5_N.`&[G0>2#*4\O`05L*/M'V6S?K3_)2`:8 M/<=[((NCTHE$5FZ0*]G<":IJ,0;ZZG(AOZA,C9->4>PB$3LE!PHV>F&EN8`[F\DGOO:2=)NA_53.&+4L,YL2C],2 M/LLQZ_:X@:#K>TH"Y?27R#Y47LK7,.5U(:T/^#/5X37X,*F>8 M2(5U*LM<@-+&B*V;J2%MAK]'80//T(5RY<1\Z-I$EPM!*L!Q`%344#HX$/DL M0V(L8+81QS]BS@ADYIDB`@U4T2-O]E4TKA5?/$ M"`8[8E3`DO*$?%-:7L!'3X!>SQ(\/Z_<7$1PB^]1S)P*KTO=#^!::5\(S9J> M;:DA*L:5Y0/BD'9#!4H"J`&(/DA"!D7`N2,]C"E5KT>XD#<,=LZ<=CW#;%65 M.B""&WN9YJ5DHA%*)HIP:AMJV"=XL194D<0QUF]TKG1S2R?#\:GEVJL`LA2L MER9L\JKIIQB.F97DBX%49">`$AVP?\Y@M>9&/< M/)+H:3ZUZC>*2NE2TQ]X*0T*:]Q7F+CF=S"(H/O8[&82N.8Z3'("L\/!E)JF6MY)6I:@7V0 M:,$\"*KBER*HC#;/.QPA6!@6AYZ'`[J9?%-\Y*72L3T]I11VYH> MUG82-ALPJ/(?ZB&PS=#^ADSG@,%X=Y9(S9O\>T5KT'M#4IO(V@]BCRN2/(,I M`KQE2%Y%#HOQTMC'$2V1DAX*'F.T!0P$F1`IATW,;#\)H4P+X).*4$(%E#1T MF*9DR+V^.I.GH3_>H&PFJ>CQV\6,W)C/B?3H,G*Y'376-"Y.\O6".C-2WB7- M:(9[I_8194;$H?`!M/*LA>@WLT6&^LK/IGC@)O.QITTC@1U=Y#!#LHH(NTG%3)RX+_,_8&=W>"G'>/[JAZ=K)T7MY2'7VSO/_TB.?8\(_<-D@=OK`'T;=TK^#8*#N#6 MLW?6ELIJ23N4P9]K*3*+Z`0::J#/6#*IW`$-G5>/5P"9-.-)5 M16%-#SCKX;/QQ\:\V#"TQ#:*S8E%6#OXT,`56_8Z>G7NKX73OED'XOMV'6>- ML:6N;=1*.#$:0K3E4D;B0E1:)]^E8YS[T34P\C:,DV76_.1^RO7DVAFM!/TLMW;BJJD2(88XO[3M8=@0%$.\ MJPE>OU?_.)58X*#K32FT0OHR(^Z8%835!`:UYZ6WV;FGJ_XBL8W@@PZ:KD4_ M3V<+6VKF'!*G[[`BD30A)-XO:2#>(GOE.U93YJ-_[@&`IO1>^YN2AG9''ON M2`D\SB/7:E[*G7=CL\K7$>A3EF4H4VA-BX!T^D;;9>B'T;"=-;02:D M37ZR?!WP*E8[0&E6""!Q=&(9;HO+0/K)HD#QM^<=0*^4VKBF!2-H3/9@J@*3 MYZRWQKLMR=@*<[%?%%S%ELHR:!N7)H0NF\GK5H2#ST4K2!6R8A*^P-0N%/'& MLT&HZ4Z6BJ!%]2JLP3T)T8?!Z"$VCHA&NY&&!S8C-^B3-M!S%YJTS3%F!8W1 MS]N<@[%;2WTX)@3\^UT_>(]!4D*R1*8;TF:MORTQX!6:_/\0/(O=;Q2+9V$7 M1D**`XL;U^3BI#6U>H,AN(YX0@C$OH8;!6PJ\O:$P_(PGM(4J%+\CI+W^;\01\F[QQ&28K%<':`@Q_5.>ZJ\+BC;/XZQ M\H2U*(9>1DZ4#5YU4#1L!%:\IC<,HS;E'`Y=[BH.E`NGE$,"?.*)BF-3YD@! M9A?N40[+$@K$OUF6D#S7\1NT"*FO(/SF#Y]9EQE!<"$&>Z40E*&U*2,5A8 MH%9[*>WT<*R^Z!XAYYB4>46!0H6#2F22IC6D@!S-Y?50<`*5(\:5<#5_V%Z\ M;:5LEV;O,=0K97J^5X>7+%OCO;YN^**K6(1)3BZ5KB+JDPPR)T9];;C+!H8% MI9\$OP8,-J(H@"F+'TU3)9:!4LJ&!"W%/S*"<"-9FM+.7"1_6D!*K(@B2G:@1TE+==A;`IHUDUQF8$QXR4_?5UT-X-S M2]7'^C3=D)FFDHT>3TFRJHEB7E+E]31W!$NK<9E?`##;5I5(:3Z][3I&A9-> MYY!K)F!+SC3C@_G"B@YGV)813T.#(5.REX^MU0-Q'\8DV_XC<0WCY6%*_3O' M9XJ*0&H5^W@3L4#B>^+ZNCGP,QH\YB3A9"^M4T%FTPDMU2Z"=%&R-SV^K`!? M-TDX&"4>P9)8)='W7>+ M9FI*<-%0K']M_)U[%>+<&^H,8A^ONT'&3&U`5/"0@$M#EA#4A[4IM;2]"HUV MP2LO^3A"26WVJFX'Q;!8?J_K3#N[XFB*0:I3J$`#AXO/`D9NY#ZU1@@U'8@F*)#*5%\N)!E"9Y68PW+@/R*+-/#U_SBL_\%IC9 M[$<8.'$1/CN%PKA4:KHBM.;LFI,EEA1\=&P@A-=TE$'4=Z[5A@U$6DGLX2NFH%8GZ,)%RPTX+*."8(K!_K5OH$?Q7-NO=DEOU M&+6V&E1`O3/)ZT6=TVGFT>_.^K=["4&X%`?'Q^!4;^\JJG1-4<=;`_2*L(X* ML!AA@DFY:P\LZ^)O^W9DCY,X++F*A9S0QQO.2]^]GD'(1WOCJ25ONC MZ[+KH8D#:?(5=J,>/376WX91DP.+"D%7^K9'TX$AYFD+6CVWXX&_(ZOW>/?, MVH-.A@]3Q(Q-:KTB+,#HJ!BAMS8&CG2DM)5.*G2]TUV1<+H6Q)#%"+F$*[M! M0&2L M;YR-2>KRBQQNP7Y3P*3B^]H.#E5$8;-D&3UT$.0[S42"G,27S,UF4I:[`EM)K)'D@/ M\@+)MD5)&P]'A>+WI=K-_Y$A@C7KB<4V_"6CY9J'53]$*==3:<5H^-#BFL.[ MJGJ/&81KDWN6]9E.)F68$PX]#MJ6Z0$LLY/0#6Y,2V"`1(WH-`<\T4**3$Z- M6T6&6#ZSWDY3#!K$M7PSVU2`@9W,K\G;RAS04$H@(+&`'OM;GY'.;N@@[]3< M3_6LS&$`AQK5`E?+4CP+N8/9CZG5$Z7NR/F`'NT]U-DH)75W M9%/7W66#&U#6A2*UK"';]^J&2F3H/2^+"]\3MF&^AT(SBUW5'RM?$\"MC4QN ME$M)RR$`L1=T+%^"ND"Z+E8*BWF"8!:W#44BZX/;'-?`!TS3F"WJ;JL8P+*WFUYMR( M5>7SF<>IW`'SN62<6[=I1HHX3%+&7%ZNS6UH,LAQ;0Q6`J1(&A5Z.M\?NU!\ MM*XQI`.GF8:2G+MR$#H5(HA?481!(J)]X1#SIFF`2AKD5HZXNHB`V[JA_/XM MM##&`7VS0#(Y9K!G(!@->J[-@=U`3YI&?5]&O+-;]?CAB<,R!?$T\^>7RL>% M'!9$(Q-*IY5*HB$)P%`!'20#>D29,=$`C*L]4)7K+BKUHQG8=1Q)MZEZ-?1$ MLUA#&UZQ5(.S%AYZ$JDABE0D*AW+.*]VY7]]X*00$NEC5X'A8B:9MI1"$D4FP=OEA'4=3\9K@0Y`-AK"W:^R"VQ1:37"79-+82=^ M-^:0Z-2-*UDA4!1[2)],2(X1["R(N/P^%/+!)]H:O)33[^8.F MDS%DZ^M;J MO%$[`41\!1W=D=LP-KSZH^HJ5G=/M*O#X?CTS)+7'KOFTO,F/TO&R94I8R7& MPE)-.-EI+E-O"Z$QMK$M^)-J2)@MC)*H(T3-.NK=L>?HK'E?XL)>%!`?N9/V M!E#@`)D.9XG-Q(B&]R]L/.9@:$H0`T??5X-S2F(Y)$T,LTK)57Y/S28M+I`A M(2T![MB^/S%F:C-44I:]N/:\>RH!T66.?L>_4;B6EW#UT5/[V9_Q%I??N^#V M\_WX$,3*Y9Z[\Q)N3']M2.92N"*+$ZE(@W*7R"=@T#HD9:60%]>:[64>9B)I M[TPGB*DI(66L11UFI?'8_02S0?D\=/`IZ;41WNC)WEM+V-)B;I62\ZCCLBM\ M(S2`$PUE=LTDQ@DX7``H#P1KN>AQ)[`J[`LG%&D@F1+G;6]])D?:S#*;$+Y: M>K3=&,YCJ@LYAPTY+$]X=HD32>=RQ7&;G!6Z;S=AMPU@1(6MXR(T`V#":82Q M,FJLK\R1_\MK:KQ9R7ZCMI%]#20TM0Y#+\I^@"L'1NO_2H/7\@^V[;"BXOJH M"T_)O-DE]9M@\AN/28+JK1;>Y(1ZB.RR"4"TB`4S#74\P-8QX90\CHVL74RA MJ-G/103,ARIA7SKN1V^M"JU0`AL9SGSPMSM;92!<9/./.@\03VO^^AEA(Y^6BU.IFK!?6YM]CQ==-,GHDC[CBS@=^:PH1I\N. M,`L,+.=/GN"D=V`NPCRASD./W0YV9!)CF[>HV`_IA"_,26V4U,!)OM_^G_]= M7B7^/-]Z\MW1>G)ZS?_$W?_.V1AJT`SJ#W$D_0*!H^-QYJY3Q[ZV&$X=-*8\ M`,.JSNE$&7R/W#D;X@X4 M(R0?N'UM2N*Q22SBFEEE#-2YU)Z`$`M;T!2V&A^'1`=9GK MYSB/6-MA'2E1$.BW&DL[9C'M&AZ?5KCD/ZTKR+Q,/U>I`\XEP[X8WB]F4U%*0IE.#-1AD2 MX^C'X:"CVI7[KPW7W#WW*TZW<_.6I$$9UY==^79I["V'WWH:;$19V^LYC$74 MSA:RT<-BU>:.>X]ZNBSL:3B?^8,[FU^S]1D)&F*,^IH<IC9GW.8)(NW0XTH&W:.CROA(H(D9E""U@*M[=O03S_YV]^0J MT-QWRCV^9'`D$7),<70)%M7$@^)S73P`O+/7/O$*?-HA3^)3TGOKK3_IKXR? M0X\@0C22%(%`*#SG59VIK++QQ`/"^,GMH#"7*WNT]BFF".E@TKE:(]0 MHP,=3'R+`E7$(HK:*>]3.U/$I(W;[36FX\]^;Y^FYPP;/I(=ZG;#7'N!9N5I MGVY>&&F#]4T#$A0/NL^,(-DA.R_J:E,8IQO9]UHYNK6BB@$+&E5;+&LJ0U.H MW0]KJ*P>7"+,^N'=GK40#3GC&B$?%2)?D%EJ!+O\G69L)^A]@KU5'-A,CJTA M3URZ!+_>%VZ2F>(`CQ+R8BRS&K42@@665J_5^LZJL:'C@Y^7]&%8UXJS[O?B M%`J"O8%-?`H^Z)1F'K3"B^T!+1J7+:QUWS4Q]%'M"B^66E5'D9**5>^VHQ^Z M][^IAVRC7]KH&JW/NC\>U(",/EPE]63? MUX67I>M9(D)L>Y=GT_[%.#T)DG,4;N6P!B%AKB>++KT`1R/SC[PWO!!,NT*"):SF.?HG@+B_^VQ]9_M9 M@,KR/C\%M,.?B"^?*?UIZ^XZAM_?6S\X>-YC>62_OK::*S25T^YQSQM%.7OD M!Q\P=G0KRX`M]'K8.I.^Y3C%QCF:%$5*8YEU5YWBPW?9[J0^;V0.LW=>[023 MYCNRZ%D]">&2(7^XB=/:_N!'JXT(741?JIDFY8W<<1A7WP!"I\A7PE>OTP9; M_HA36>W?@U%T+89B$'E45FL`>JO"^AJH*3)W+\:.N0AQ3F@MZH1JCA4_#1CU MVKKO`2%,A6Y)(/M!_T/`U7KRGAI#QM4\Q5W3RV>6C_R,`2)(_:S<'N5X@)H< MCYV(-B\O+"NA\>V=QZV&]3`T+=J0RKWFB@Z*2.L1LPWI2 M+I50;CTF]]&'U!SSD#SI@VDEN]"T"[I63`\B9@E?*'#Y<7^$"8:T#*3C)'#W MT?4^LI,_JK.(Y$T_N^2]:O.JZ/+429B:)7&V3%Z$YQY2>[)ZWAMB&15_XZRY M"*IR,LJ+C&K'8X16!_@5("LM%%+,]3#*04WGG7XUUZZ5">H2NWZ71#SN'N^$ MFBK+=WL1&IZL26^(EO'34">I"'J]$SH1+7)&JACT\ZO MMK?7S3,7BEVRP183C'+EG'?+TG1TAUQ7]"Y[44\7QTT:[N?5FU^%DVA6&O/Y M1<^^82A66LQ M\UU(SO-:J]M":A_4ND#UG@,DVFRM83QZS7[CN.G\G\CJ/--ETFJR[:(OJ]:% MP-/=A$Q1'1+K1Z_O^U;$ST89 M#Z*7=JD&>"&I'H*T@;5$J5O70KZ,/0(.X*/4LO(N`2PJ@$0Y!:LR]/%^=9M@ MZ=2%0%E*$1\,6^'='8U107[;:@%.2_=0O8G&#W+AV^,"W$MIYUIA[2@IIIP\ MW\YN3W&/.H%+<%9-KV$3K?JR_6+].78F^L1`<^&%=FR0]*8^BQKC=.I)5\+V M;MK$E/E+Y?PG.YQ"]3P0*[N0G_B.1M2RVDQ^EY?O<=30'OSW+(=2UWG!)AV8 MMK;GVL92*OY4* M#4T$"JGT.07+O+"FL^RZY:A'NB8NKVM[@^3!12B4)9\DWY&2>6FM1Y3O\=U. MT4.34$4(<"OT#OY0RYV3?:G-H7.,.[FSOF,5*X7:4S\Q\^J* M^*(,D<$<+JEU'TQ(D-SH;3'-IRE(MN!//7F>/3D__/U+,7#M+NZX]-6NDPD' M4N5A"E[OS\15HG=+3`*NXYQ=6V:ZUGBJ&8N?L-.WS-E89:0=<:=I[L]X1#*@NB<6S,U4[:&BL2"934 M*5\^NTO.2:[H@TUB,63C>^5_FZWI<-=A.)3DI.6MZ^7FXT_)Z%*VP#F'/TEX MPN)#_!\)$<#ZD??(T:KYD*=F'@ONO4BU>']`HOQ5DMZ]N\^MZ,@-7ZN+Y,:1 MX^<2G!:E_R%"TR#TX7+S4SCL86(4C)07HQ@]NO03^8E_XI9/W0,:__2,G[CT M,_[IN1>^K/WSB^62Y]R9=;_X3.I/R`X$HZ_.S_/7Q)F3C'2\&;\8Y6XU\YOU^D MZ,!UU_J_9Z+Z6M$MR6&J>_O_0_B$SG>)O.69(/KMYSG5FX M(=RG*,F)HBB@HE#K@CD+=T4BD*JO@9(HP9\;J'QT\Q6AZ-/]?>0Z1KL_OPTQ M4O?!*"28N@^\-]C]&1^(Q(%=P-%]])HG5(+S<@E>GM?=W_PFPW!E6[ M0!NOWR1,?5+/RBJ*]BR_[>Z2H,F*Z&OOA3Q3_K'_K`G#G!()"]:?R_JT!?=" M9??93CSS:/`LVH>Z]AF=1%.&6*43FJ^1,E?S-.V]I&YK*49_0F9EH=CMKUE3 M->@[:.?J.W?JKSO MKFNE%.#42U!7TLRZ>,`RZT'[!R?!)8W]9`!`QTK4K^X6:U#EZFH-%B/*";9/ MIIP'&VU*[EY[=PKY@@_^?>S5\K]KXX%59M07Z?A(F#L^YK) MNDK@Q=[FWF?==0^H88CW>>K1_LN[MO3C%^L'^BS&SP(N*BZD7@]\>!&9W\JJ2+"&@I5MG]=8V*>4 M=+,*&`*TON[>?-@G`ZB;3?BT`XT/VR^L8F1?#UC,(JRWT&`GQD,O-'(2`&EY M#%1]?8E&US2TA"J:ER),'!;VXS^I?J^#7)3&]0:$>:$HI$L5@AA'-1].D'09 MF4FH/%HS7/?1&W44L@FM+Z-T9`R*>@)74T1 M#S)59PE2CL[)XPJ5=92?"D'"DJ[3\>(?/OQ#)[&21Z+\10ZDX6,UC)LLN*9+ M38YZN&I15=9G5^1M=4S3-:2T+R70!';@48V#8U`E+Z?U:2-ELHZ>-CEE0[R?B`&6MU=9?DY"KT[]A0^=4*N:638= M)XYS%A`3,^RN`;;2+O:*'V_MZ(>U/^^K(&5GX%4(HNZN*M*LX,Z?_J=!7MLE M>5P=88=6NX&P&3@=4PD?K.`;`39P?WMK[3TG.187X=,`;%L$H3A.6C*S[]0/ M]]2*+83F5SK<+"H?E8LK/K#"EN!/=SJQC7J[%MWS\QGWN]J\9W?416Z2KV\N MOK'+SSH/7&Z;I4(C)@>';7?\S9TF=[>>1X/2F/`%+A/%;N)1GJ.M;1VA`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`%Q23S9C@MT9V-=#:$MFU M8]L,6&9#&\!-^"6`B+YK98QY?$DFO.M#92Z3/@!`C"-G+77]!08NWKKY;5X) MV&E@!3+R6+R[BG!!^]2CLI>7EZ+`&*%5-ER;G9I20I>4OBW)D3&F`I>82#O' MU_CVP:'?6=_#*(E>82`M*S>X)KIU3.I577H7H9@7G$J?5JB<5[","/*SO$NO M?#JHFZO:*-LW4O_"N@-" M]3IBVH%/6^85;>EN6*L010U*)@6_4XXMVMY;`USXHR);;SU MVEY['Q*@'F\SMX_-CU,D7Z]:_(Y"4?CFVG)T4X!M1VH%1ZKN6G6]!7J,KE66 MXV423K7Y`I]YJ=('K3E0F'#09/9U@KN9P+5A2J,,OR]JUC$D>BMW@;AT9Y=)0Z<$/141*@X?AHH8 MG4;:)5[1WXZ*%W\/5)#,%A]YAN]QA;#J?VSP(_>)SDN2@BXMA(8\2&ZKW5)V.IQUUNUE<",%#2AO399V3X"Q?4>2 MHBI%FNQN?6;W0>A[FB%?L[-E?!C,I'+F^33N>9PX[N9#0I=CWI+11P^"R":)V4N6NHD2W7"A+'?2\ MH<:SZ<=YP05RW7&M&&][9^!@=Y1E7QK:>:7EBZ':B='/$^2P2:C6:&F=,19+ M!@Q9K`6,?`P)7PCF>F"SWZ>USSHC%-F>_VB2K4,3H\"#@AIW],@4E#L1K*RA MF?H3PS$JKDZ?=(*@&OM7Q>W:NWO$GRN;&`' M"[EE$"+(IJBD9D%P.)B``T-DK`2ZPN(K,C3>3VWL#`QB[\-]&DSR)ZRTO;-O MDU'\0VST4!/I"!5MLM!<_@S9OZ6V16^$-/R`>?5!G>R-KZ&90\[!3'5A(`\^ M^(YP+.=:A/&*HV^*&G(TULB2"@\W1_^TO>=D$G%P0RW2(;:CK7_>.%D\TCZQ MT4&O-%SOH%-$'Z/!3VL^MXRD_.=@GGPVLK/A8)YBC?'_1..YHGK^8_E]#*+/ MJCX^,"/=YGNIWJ8S_4&.E^\BT5T#D0=KUSD9S7JQH;Q_'^W_'8Y7_'_4I/[* M:S37A^2]\66-L]%E"9#)5'ASIZ/4-LE4[Q[(#]$/-JC.D%KE',T=TJ'H'N_N2BAC@N,5]QQ4!4*7^SM)VMJI?PBL8KLWA8%V&\Y[#UU M4"Q?AQ1.>U)CP&9%GVMY$'X"/'LM>(@OME\(GI'_\AC`U#>'^NO&J:][/\F2 M:;IH'V\TH`E7#!X5K[92NKE&SM[Y_L/.TY_.< M1=^B'C5?1CS5Q=K*;JV%?SWM%ACO>S.\V'V/_N;PQ2?:3I=?))FLG2N3UF]9 M?O`$[OWN^BSJVTK5P7?_!4;=]\_Q`MJ^N%460Q+P3*I-X0V\U1#G1>B-4'E` M7QYXR+541`3,0QOPP#5,^"%-EB68IF48$\C_)"VB)^459Z'RPY-/FH,_D)>2N.G-WJ7T?EP]`]ZE3W`N#I[5K`)665>F+<'3E/')GF\%>.&3W=T!#U]A@&++^"EJA4G^VW=V MB/Z_=Q?&-]ZL7>/N0Y_WK6][7#H+[!_Z![WJ[TY%>H%V"=QP,P@$1M/BUHSJ MDO'#"L*C=[D$^1S,BK,F@9'B;,@&95,^OFHY"'\)9Q?^YK7Z>I\-G=.1.KSG ME:BNTIVU;BH/*>DZ66YN8W=X`T1SR=!]4/26:,Y,(8MVBD?I(V+)[FK>)"!@ MSV'RG;U!*.K9 M5Y"GGFPW3#8\5WU\"K>0WF&=?G+W*7:WM)*KD^V>XGFR[U%YL$1OG%D_>^"+ M?TF^(Y%VL^B1LC>,S^0,#%L-WOT&;/#]>^V#N1SXVQ\PDW*9NDA[M[)GOCO: M;;7PBD#1<-:[U+`])G3:=V?2;GQS>VT:'F#%7X?((#C!W7DIUH0&T65:^>W2 M.\\_!1)_J+,3B2Q;\[OFVW*O:/A;-BP<_:Z6CG#1RZHY>*:X@6_($,0-1`=W M791YU[X)-C;P?:?6CB>:-SZMJ_M7_%0```/__`P!02P,$%``&``@````A M`#;+I<%L"@``T58```T```!X;"]S='EL97,N>&ULU%S[;^/&$?Z]0/\'@M<6 M"5!;$D59DF,Y.,EF>\#5#7(N6J`I"HJB;,9\J"1U)R7H_]Z9Y6M6+RZEE?8: M(6>1XG[SS6-G=V=)WGV_"GSMLQLG7A2.],YU6]?M5N*\NH&=7$<+ M-X1?YE$Z&>(=P&C@A(8,=OR\65$P4+ M._6FGN^E:X:E:X%S^^$EC&)[Z@/55<>TG0*;'6S!!YX31TDT3Z\!KA7-YY[C M;K,!%:2)YD3+,!WI1GE*RW[Y,!OI-[J6J3R)9D#B#_]91NEW MO\O^O/OCNW?M?W_[W3]_=&?_^NF;[=]^^E9O%6(()OC@,.9U^R`L_)PAMW(- M[N_F44@4Z8"9T%JW;V'T);3P-P@&4`\ON[]+?M$^VSZ-G<#CQ_G9TV\`0+C/RZP`,WXJ&1>+VWY#@5U+IBEK M!%KO^P\7,Z=\8?NTR]/PI7H`=CBY5O2@ZQ[HWWT+/Y>(DPL/:.?Q&$/EDC[K M>E5N?/8"-]&>W"_:CU%@AVA8.JBQJ[DQF?./?'@NKF7",R42T,[S_7+&UNWA MG`;.W-_!Y#%UX]""`RW__KQ>P(PFA'DNFJ6575=S]4MLKSL&&]?%&B21[\V0 MQR00T+/I)!W_?P M(QG4@O\FTFR:9S)3%LD23TL]7/>TK_O#X7#0N1D,!D.SVS%-9N1I'M%>.'-7 M+BZ%I)EIFT$/&`R[@^&-`43:YH")NBB#+A#H]WJ#7F=HF/`_2YWG9R#;ICU= MM5<)`T5>)0P4>95-O5L2,G_>4Z`*H;BO$@:*O$H8*/)J7W(&[BOW*F&@R*N$ M@2*OLH*1Q+X*U3W%?94P4.15PD"15Z5-/O,,/%3N5<)`D5<)@TM[M5A631X? M+58^V)Z929L?Y[)P$M]<%ELUPCIU&L4SV(8I]A:@U%ZWG% MOVFT@'^G49K"IL7]WR=<0EF1-O6*TYL&)9"\G"H M*EG["0GY7R#Z:[?$B!$IZZ3LK@=6=M['I[N'#VR9"_,Y1;ZY1S[8Z2+RH3:R MTXE@%Z7R(;B$YCY+;`,)3!0-8 M610,($`K!D#G0%2.46V:-DT*Z*2^BF[(75?Z1$<5"S_-WVUFM<64CO[%DV`533/ M5D_9RA%\P=929"F->Y!V43O57J/8^P46F?@DD`/%5#?6\<_Y"&+5>E.SRU[@N4<7&@W9[O1S2*' M,]7FTD2EJ<[`1::ISA!5E-Y16>#0M. M?P6#'`UO*8QJS4&FB%1X31K?/5&U8!*%ZY!\F2,VT!P3,?M(YE< M!5**-1)N.!337RG":1HJJBVU+A0A5-<=CNJRQS#\2M8P:(_"B\).W)VY]T;V M+L>QPB"4`LF-E?QME67A4,/']^%U0^W?:U?:>P=M#?D_&TK0B-.EY\,31%@1 MQ**N`ZO9*!AG)_,RW"$L*(!F6`9.#PD6=/RF6("08V&AGV#!ZK`I%HC/L+J@ M+<&">TX;8\'F2XZ%VS`5+Q-*+4UY09,J+,*+8E5^ MQ(Q-L$#EIEB5'\%Q%`M4;HI5^1$8$BP3A#3%JOP(7J!8$&Y-L4H_FN`X@M43 MM/W-3C_RL8J["R*\*%;E1SY6NX*Q2K$J/_*QBBHWY57Y$5")O4SXH2E6Y4<^ M3YB">8+J6/F1MWU/T/:;&96/>$,PXC.4RG?PC=@(ER\B-LI0*J_Q4=X5C/(, MI?(7']^F8'QG*)6G`(]H9,(/XAJ5/NKRUC4%K3NV9T76Y0/&$#0)O)C.6?KP MPL`(7S?(=L_@$3NJ$-XK(:+0Y-5UWK0)/`Q1`O']`8=1$:#'U<*W0SN-XK6& M.V8E'._TGB#?#V MN28PT#ICP\]\GGGT_PQ$QA1-Q-),D` MY]`BQ/^Z3(D9L14!,03STK.7PL-X12?F()"6"(_G"':Q2XB-C"*(\7<[#K&W M<%UW(T;W:%3=$P"S_]FJ>IR*V3W%UY>R!ZW*]0`8:N;.[:6?/I<_CO3J^U_8 M8ZX03/E5/WB?HY1!C/3J^T=\?AAZ,3Q]!>GF8P+/I,)?;1E[(_W7QW%_^/!H M&5>#]GAP97;=WM6P-WZXZIF3\<.#-6P;[%GH">]29>]\A;L" M.N9MXL,;5^-C; M?\^?[E$@%:ER4O"*QNB#2O2P_O./U9&+5[FG5`7@4,D8[96JEV$HLSTMB1SQ MFE;P9,M%211E&.+!MUN6T2>>'4I:*6,B M:$$4\,L]J^7)K-^QWI4S&(%.>R#H-D:/>)GB&0K7JR9! MWQD]2NMW(/?\^)=@^3^LHI!MF"=%-O_2@F:*YC!S*-`SLN'\5;_Z`K?&$$0V M`AU$_G\*\QCI*&$7QOY]"OG<3-L7$>1T2PZ%^LJ/?U.VVRN(-(4TZ&PL\X\G M*C.8!H@UBJ;:->,%6,!G4#*]GB"-Y-W0L5SM8S29C:;S\02#/-A0J9Z9MD1! M=I"*ES^,"+=6QB1J3>#[:)Y'MYM,6A/X;DUP-)0D-*-J$O9$%%FO!#\&L%R! M6]9$+WZ\!./+68%T:.VC%L=H#O,6(PE3\[8>K\(W2'[6*A*C@,].@5U%>E+H M^0.&#@12,QQ$BS6(GBY-EI@;=MS(B]M73#J%`P)9&`ZBQ;`BK/'>=:Z&S"CN M+,745:2_4CAD8#*<3(MC!*/N9F+FQDV,PB:;NXJTKSBS.V10"XD=AHV%_A?I68-,XQ:+_++%1F/'CORZO:"Y MQJ>W[.%\9H-W^+S23'#_$(B\*DHO:*[QP3AMOH'K4+_EKL/(*],$&XV=QS-# M4U!I*YDUV]!L-IU/<70>KELO-YT;NFOS^;S@2:NQ^2*_G"]HSC8NWTVG![2^ M/;Y>'?BT':-1R#>&PO=V]R:W-H965TNZ5>JD:=K'LV,,6,48V4[3_OM=XX30?'09#X#A^-QS[KU<%MU:GB&7[G!U\N/'Q8;I9],Q;E%P-"8 M#%?6MG-"#*NXI"90+6_@3:&TI!:6NB2FU9SFW299DS@,IT12T6#/,->7<*BB M$(S?*;:6O+&>1/.:6M!O*M&:'9MDE]!)JI_6[8@IV0+%2M3"OG:D&$DV?R@; MI>FJ!M\O44+9CKM;'-%+P;0RJK`!T!$O]-CSC,P(,"T7N0`'+NU(\R+#-]'\ M-L5DN>CR\UOPC1G<(U.IS1L<-@X0"31!/'!-3-0B`,Y+"=08DA+YT MUXW(;97A\328I.$X`CA:<6/OA:/$B*V-5?*/!T5;*D\2;TG@NB6)ID%\-8DF MTW^S$*^H,WA'+5TNM-H@:!J(:5KJ6C":`_/.F=?1>SUG%3PZDAO'DN$4(W!A MH#S/RS@)%^09,PXZ2H1!6G\>70F"=!^0PGOFW?@P]"S@]`>,S0?)V=B3_\GM@,?Q$X/ M$^\Q6]MA,!NGL^&1]%+?M!MT[>4I<.!#&7M[/OL>LY-Q$-3/&/\)2JY+_HG7 MM4%,K=W\B*!B_=-^M-W$W73J7\!H:6G)OU%=BL:@FA>P-0Q2R+WVP\DOK&J[ M#WRE+`R5[K:"?PB'SR0,`%PH97<+-_[ZO]+R+P```/__`P!02P,$%``&``@` M```A`']9W6!&`@``#@4``!D```!X;"]W;W)K&UL MC)1;C]HP$(7?*_4_6'XGSI6;"*M=$.U*K515O3P;QTDLXCBRS67_?<8X"D*,>,M4(=HJQS]_K`9CC(RE;4$;U?(< MOW"#'^8?/\SV2F],S;E%0&A-CFMKNRDAAM5<4A.HCK=PIU1:4@M'71'3:4Z+ MOD@V)`[#(9%4M-@3IOH]#%66@O&E8EO)6^LAFC?4@G]3B\Z<:)*]!R>IWFR[ M`5.R`\1:-,*^]%",))L^5ZW2=-U`[D.44G9B]X<[O!1,*Z-*&P".>*/WF2=D M0H`TGQ4"$KBV(\W+'#]&TT6"R7S6]^>7X'MS<8U,K?:?M"B^B)9#LV%,;@!K MI39.^ERXGZ"8W%6O^@%\TZC@)=TV]KO:?^:BJBU,.X-`+M>T>%ERPZ"A@`GB MS)&8:L``?"(IW&9`0^BA_]Z+PM8Y3H9!-@J3".1HS8U="8?$B&V-5?*W%T5' ME(?$1T@"[H_WXR`>9U$V_#^%>$=]P"6U=#[3:H]@:>"9IJ-N!:,ID%VR])_) M()*K>71%?2FH#4QC-X^3=$9VT$)VU#R]HKE6+.X527B6$/!W-@G1;TTF,,37 MVW\RZ8J@T1A=F,S._#[(D]>D%YH;Q>(MQ95'>-"EQ[>].7&.@7WVEL4WUKQD MW'=W,$K#*$F3:PELO*,<)5D6)Z/)7XHWYU?:3[RC%?]*=25:@QI>PJ/#8`2S MUGZA_<&JKI_L6EE8Q/ZRAO<.A[&'`8A+I>SIX/XRYS?9_`\```#__P,`4$L# M!!0`!@`(````(0!"G$VG`P8```,?```8````>&PO=V]R:W-H965T&ULE)E;;ZLX$,??5]KO@'@_(5Q,FBC)4;M5=X^T*ZU6>WFFQ$E0`XZ` MWK[]C@=#\8`#?FF;Z=\SC,?^>8BWWS_RB_/&RRH3Q<[U%TO7X44J#EEQVKG_ M_/WT[BFKGGNOZNO&\*CWS M/*D6XLH+^,]1E'E2P\?RY%77DB<'')1?O&"YC+T\R0JW\;`IY_@0QV.6\D>1 MON:\J!LG);\D-3Q_=LM3^>XRY/RY?7Z+17Y%5P\9Y>L_D2GKI.GFQ^G M0I3)\P7R_O"C)&U]XX>!^SQ+2U&)8[T`=U[SH,.U9PF&VHDZS`LQ`O4OKC($TP MV!N,?L(*_%DZ!WY,7B_U7^+]-YZ=SC64FT%&,K'-X?.15RG,*+A9!$QZ2L4% M'@!^.GDFEP;,2/*!O]^S0WW>N2%;L-4R]$'N//.J?LJD2]=)7ZM:Y/\U(E^Y M:IP$R@G\;IW$RWI7AW8-%`R.J:R"7H;\#Q>$*0B=3>2_'. M7;D./&L%57C;^T&\]=Y@YE*E>6@T\/-+TRD\"-I%AFCS(TNQC"RG5C[*0V/H MAPG&PX0V8:08:M-_^,#O_#:1&TW4T[!.H24(DOD)2C'4H)^0'ZPZQTWH1C0C M-"RJ?FBY7(-8+LV)`LMQ^!3=/"L+3/=7/8.[[KFTA&,]ZNVU),5Z*&5I=F)_ MI<""&V2SC!:KR73D0#V&L@``>NFLQ].1\)Z]-:18#Z4LPW36NE]9G)"M9J0C M!^HQE$5+)UR.I^.#:GX^J-:#M:9A1G+96KB6:N):F;1E%G[M/&V9^7+OSRX, MJDDT!8^11`@MD/,^H'IJX_@-%6`BNIW3FO3B&"CE6\$"U20G!9"1G.06GC]= M:L/W$U$FO3BA89590<`?4J`UC20RPH$XFE&;(0;\,0Z$D2$E*Q#X0Q*TII&4 M1E@0,#:#!?X0!JU)7W"&PRFPH@&J]077FH9)!80&"+AE/",I'$G"*#+H27TU M'1H9`BLRH)I$,Y(A(&2X?;BAFKA6A-!WT=<)KR=BA8-`[?W>GFU-(]4A.$#$ M!71H3D( MK1"`:A+-B("0($#NG-5JQL;!@22*HH&V<2)#.TED M.+9#PH>)>@V;!'0PJ)?A/(VLJ(!J/;?6-*1"1*B`]9+&VQGA,!)#X4'?2H:# M-;+"`ZI)-",>(H*'B404`'IG-CH8E,9PF$963$`U2<3(A(@P099FW@LJCB1A M%#+TZA@.ULB*#Z@FT8Q\B$;X$/BKZ;<''$BBC/&!&4[6R(H/J";1.C[`JZ76 M)496,$`U<:WXH,&;&4Y69@4#5.O16M,0!FP,!BR<\<:`(TF8,1XPP]'*K'B` M:A+-R`-FQ0-4$]<*$7IU#$^TVXW`@B3*&`V8X M6ID5#E!-HG4XF'&T,D*(B=P4`WK\1@?P`'J]#`'$/#$%L!`M4DFA$0,0'$1'$4 M`GH[!QU`-+TXAB8AMJ("JDDB'14&Q2$(P)VS6L]XQ8/+1_K=2&O2JA/3+J&Y MGO@O_'*IG%2\RNO$`"[9.FMWU7D?R&^9J3W:W#=7H%[W'[B"O"8G M_D=2GK*B*R6S25F\Z$65Y@BN(@4-5P^XI]GN&SF<-&VE"OS*$3= M?I!SUEU?[_\'``#__P,`4$L#!!0`!@`(````(0`.K8I.M0(``#@'```8```` M>&PO=V]R:W-H965T&ULE%5=;YLP%'V?M/]@^;T82-(T**1* M5W6KM$G3M(]G!PQ8Q1C93M/^^]V+$PI-VF4O"%^.S[GG7ONRO'Y2-7D4QDK= MI#0*0DI$D^E<-F5*?_V\N[BBQ#K>Y+S6C4CIL[#T>O7QPW*GS8.MA'`$&!J; MTLJY-F',9I50W`:Z%0U\*;11W,'2E,RV1O"\VZ1J%H?A)5-<-M0S).8<#ET4 M,A.W.MLJT3A/8D3-'>1O*]G:`YO*SJ%3W#QLVXM,JQ8H-K*6[KDCI41ER7W9 M:,,W-?A^BJ8\.W!WBR-Z)3.CK2Y<`'3,)WKL><$6#)A6RUR"`RP[,:)(Z3I* M;A:4K99=?7Y+L;.#=V(KO?ML9/Y5-@**#6W"!FRT?D#H?8XAV,R.=M]U#?AN M2"X*OJW=#[W[(F19.>CV#`RAKR1_OA4V@X("31#/D"G3-20`3Z(DG@PH"']* M:0S",G=52B>7P6P>3B*`DXVP[DXB)279UCJM_GA0U"7EN;K4;KGCJZ71.P+M M!K1M.1Z>*`'B0TZ>H<_RK20A.R19(TM*YY2`OH7"/JZB.%RR1ZA&ML?<>`P\ M7S`]@D$V?4J0QC"ET^4Y*",8E;%YA\'/6\7MEC MI@/,K$>,#`+D?(,(AN8,#47QBR4O[4%G2,-!&4IW[8ZO\+R]<0P/=<:-71I] MH?<1N`8O#8TGIQU?CF7?;RF"QU+[B+]>PZ,")^ZUG69'J+4RB&>]Q'^P&YCO&JO8Y/DW4W.%G_`097RTOQC9M2-I;4H@#*,)B# M%^-'GU\XW4+F,+ZT@Y'5O5;PAQ)PE4,T7FCM#@L09OT_;_47``#__P,`4$L# M!!0`!@`(````(0!W$*;)K00``%,1```8````>&PO=V]R:W-H965T&ULG)A;;^HX$,??5]KO$.6]),X]"#AJJ+I[I#W2:K67YQ`,1$UB%*>E M_?8[SIC$=H"6\P(D^7OXS<4SF,6W][JRWFC+2]8L;3)S;8LV!=N6S7YI__/W M\T-B6[S+FVU>L88N[0_*[6^K7W]9G%C[P@^4=A98:/C2/G3=<>XXO#C0.NCP\%JX]@8E-69??1&[6MNIA_WS>LS3<5 M^/U.@KPXV^XO)N;KLF@99[MN!N8U',E][ MGNVL%GV`_BWIB2N?+7Y@I]_:OG< MFWE)2,+H%2`7@#8S@NIG%"$6*"(+ M@BW#&V![8/.,[YTJHFB0:"00(95$1,N':KI-)!:!3@$@KH&0H290-.%`T+NQ MOJ70&,&(RGB;38B7-@1@"$X,BD5F_'P#$C7`,?@Q$F#\;BDTQDAGO!T_(=;C1]S`8$--U`

X5^L!)*ZY";"Q M:,\3WR=C;](110>_'Q'[OH9(C#QF!$6(2/PX5%(I(:?C0]E-.J?HYO=SBE5& M01)C3F0$11$!;P.C?PJI^CH]W/B'-#C.;9<698HDF49D=0-)EG7)"0. MHF"THL?SKH%"3"B"'&YLVD M2(50LBDK4QTSOJM4KDYIC)E/VN-TOA!BA"@C7Y@P4B,K@4#_"4 M3XV9?I7):6S63(J0DX1ND@1CD\8RU"0A\<-T+!<=4XR#N]L.G$ZG[=&<-%*$ M/[63)(T5!DF)9E#A^9&;CC:0$L^P>,2K:;NG:UI5W"K8JSB?>C#IA[O#V?FQ M/SH;]S,X4_<'4&=X`$?:8[ZG/_)V7S;&PO=V]R:W-H965T&ULG)C; MCJLV%(;O*_4=$/<)F#-1DJU-@'9+K515/5PSQ$G0!!P!/GMO3X:K[3M*M:L3#*W38,V)=M6S7YE_OU7/HM,H^N+9EL< M64-7Y@?MS&_KGW]:OK'VN3M0VAN@T'0K\]#WIX5E=>6!UD4W9R?:0,N.M771 MP\]V;W6GEA;;H5-]M!S;#JRZJ!H3%1;M5S38;E>5-&7E2TV;'D5:>BQZ&']W MJ$[=6:TNOR)7%^WSRVE6LOH$$D_5L>H_!E'3J,O%CWW#VN+I"'&_$Z\HS]K# MCQOYNBI;UK%=/P.?ICR_\%G:V;WOF0@3]:8TMWQ"HR`S=WRN5+(C#``^C;KB4P,<*=Z'ZUNU M[0\KTPWF?FB[!'#CB79]7G%)TRA?NI[5_R)$A!2*.$($KD*$>',G\HD?/*#B M"A6X"A7'^_(0@!SB@.MY"/&<>/8C`X"`!PVX"HW_X44@1.`J1.)YY/M>$(5: M0RU,SI#KM.B+];)E;P8L(+"_.Q5\.9(%"/,D>Z!V/\F07=[G.^\T=`6Z@YGY MNH[2;8@MN4@$T0"88$=^L1Q9&2#"*RSBY'J?-`2 MF9;(IPC)"1C(XT[P3HH32KH31,9ANDJ<&T30+,<-XU#12/4:F1[))VXC.0$; MPMB)Z>7`8<4!)=$)(G#W2Z)O'$`$'2"^YRG3*=5+9'HD__PN4ORP,7X]?@XK M\:N;(R(8G.O;_$]9"DB,'5*F2*HE,BV13Q&2`>$C!G!8,4#9K!)$O&$SN$D] M-IY3;WMQH,9^[O[Y_,GT2*[E[1*L](_5.!=U)<4,)($!DG^<8+ M/9+JD0P1=-2[?32,FV=2NV1#+-LPO0MP6`E?>:@EB$R&KT=21#"V&;%=)XRN M#_?AZ9OI5?))%/8`5'VU51" M9K[/'QT*DUWN\OGBR24=$L2A%UU'([O!:ZO1VIB>%`0K,2A%+AM_K"0K$0R& M&03^O4)!,..IHZRM5(]D>B2?1&0C>'TU,H(7TOI-@F!5)AFB/.H3P4P$NQ$( M>A9YD:LN@50ODNF1?.H^LAN\R!JYH9D66)))+BC3-B%39=NPS#<"01>\T+85 M)U.]1J9'\HG;R!Y`QA[P@-/*!G%=<_@609"9G`E:)!4J:-.,1/`JX"M.9?H[ MY=,RLA.\S!K-AB^N#2S.I%EQ?6<1CB`C7JQNM\QQ.G'I";L>_J@SH7#(XD)+[K7&L>V0Q>=(W,T"P-+-'&)L"[WZ5,$2X@-+UE M3M5Z@TP*ATEJF,JNFND1?B3UN0HZ@4=.>`QQ*O;T]Z+=5TUG'.D.=DU[SH\S M6CQPPA\].PW'#4^LAX.BX>L!#@8IG$78&PO=V]R:W-H965TI$\'6:,=UT:H)L-1$&+$&Z8*T:PS_.OG M\F&,D;&T*6BM&I[A(S?X*?_\*=TKO3$5YQ8!H3$9KJQMIX085G%)3:!:WL"= M4FE)+2SUFIA66`_1O*86_)M* MM.9,D^PC.$GU9ML^,"5;0*Q$+>RQ@V(DV?1EW2A-5S7D/D1#RL[L;G&#EX)I M951I`\`1;_0V\X1,")#RM!"0P+4=:5YF^#F:SH>8Y&G7G]^"[\W5-3*5VG_1 MHO@F&@[-AFUR&[!2:N.D+X7["XK)3?6RVX#O&A6\I-O:_E#[KURL*PN[G4`@ MEVM:'!?<,&@H8((X<22F:C``WT@*=S*@(?30_>Y%8:L,#T9!\A@.(I"C%3=V M*1P2([8U5LD_7A2=4!X2GR`#<'^Z'P?Q.(F2T?\IQ#OJ`BZHI7FJU1[!H8%G MFI:Z(QA-@>R2#:`_;R>#2*[FV15UI:`VL!N[/!Z,4K*#%K*39O:&IJ^8WRH& MX45"P-_%)$2_WZ0K@C`879E\O/"[(#.O&5YIDKYB_IZBYQ$>=+]'5Y1A>,:5 MQW'?PAXAZ/T>7=&_'B=]!S.O\1ZC<7)K\5HP[D7P M!OWH^9/9TC5_I7HM&H-J7D)KPN`1YD3[P?,+J]KN!*Z4A8'I+BMX/W(XGF$` MXE(I>UZXT;Z\Q`%``"`$P`` M&````'AL+W=O=T,!!U$J,D--U_OU5Q;'QA$"WU2Z[HCXLW1__DB]/KM-V6;W+2E;3I?M.6_?KZO?? M%A?6O+1'2CL'+-3MTCUVW2GVO#8_TBIK1^Q$:QC9LZ;*.OC9'+SVU-!LURM5 MI1?Z?N1565&[W$+`B,D M%N_>$]KF$%$P,PJG:"EG)3@`?YVJP*4!$^N^EV'7'I3N.1M.9/PY`W'FF M;4<*-.DZ^;GM6/4?%PH&4]Q(.!B![PTC=Q3'@^)$*H;^*)CX$4Y^1P]&>Z_A M.TPX'\T"?SZ>W=>+!CWX#GK3*UE[/H\'JX]]DG79:M&PBP,+&L+1GC+<'D$, MMD30N069AE]E`<*/1M9H9>G.7`<"W,+2>5T%4;#P7B'=^2"SN2&C2VR%!.86 MS28FD)H`40`/&$E:D+]/H(56D)9P:".`*\_0X"`DA$IB`JD)$`70.,"2^@0. M:`6V@IJ:T$P-EPDAF#)_4X.7%)'$+"2U$*(B&C?8)I_`#:W`PE7]#B(C(QLN M=)><%)'D+"2U$*(B&CG8N18Y'[+\P4V%9GIVPJL-1T(P)?,41&,C4U)(J"46 MDEH(41&-#!0%E;"TDL9#40HB*:/Y!T5']PP(60BG\ M<+31CNXZ1XQH3XQH2R'!+[&0U$*(BFAL\#"CE./[T49AW66.J-&VD,1"4@LA M*J+Y-]?]X^T"=OD'ES::T3WGB!%LLPA)(1EL"TDMA*B(1B:`,\KCT>ZE=:<' M2(VW#24VE-H0T2#=36QR#R\*K(9&;`?("&YDK.2KE(RN#:4V1#1(]QQ;V^.> M\T8(YH0#FX!#6H`M*+&E4ALB&J2[B6WJ<3=Y4]/<'"#X*(5Y9@982@E^23!` M!80.$9`^V9.<3*>&3>IQ:KRE:=0&"`JJ0FTN9^L/:MM`2@DW MDP$*88]=%6>^KIA>I80BT6SI9+!)/4Z&MS2-S`!!^55\,DY#6[QTX`ZZGOL2 M&TH%-.E3-Q^/KAGH8T*$@#99=)72J6%_>YP:[X8:M0&"RJU0,Y;3-I!2(MR) M@/B5"H_=J8"BGIJ1,B)&M9E^R0L[W>.\>%_4>'%(JP`6E$"N,&6*5&I#1(/T M\&/#4]S$OC:%0OK!M@;78ZOV\ MBC8'NJ5EV3HY.^/E&116"PGSF_TFF,'5OE_NULB3N/2;(Z!R4P,4^D<"4WX> M0R.&56?B@0\S]"\#U@@^./3-P!H)8:0_4AHC4%!CK)GV/%"/8&1R8P3>-=:W M;&UP^AOR&YC\IOPXAON./?-Z$J\AZO;`9A+#'>(&/HWA.'X#CV(X!@/N2=;P M_G'*#O2OK#D4=>N4=`\I]D?X=M#P%Q3^HV,G2#V\@K`.7C[Z?X_PTD5AM_MX M5MXSUHD?.(%\.UO]#P``__\#`%!+`P04``8`"````"$`IXN<8-("```P"``` M&0```'AL+W=OP8`U8Q1K;3M/]^]V)"0I.U;"\D7,X]YY[KRV5U_:3* MX%$8*W65D'`T)H&HN$YEE2?DYX^[JP\DL(Y5*2MU)1+R+"RY7K]_M]IK\V`+ M(5P`#)5-2.%<'5-J>2$4LR-=BPJ>9-HHYN#6Y-361K"T25(EC<;C.55,5L0S MQ&8(A\XRR<6MYCLE*N=)C"B9@_IM(6M[8%-\")UBYF%77W&M:J#8RE*ZYX:4 M!(K']WFE#=N6X/LIG#)^X&YNSNB5Y$9;G;D1T%%?Z+GG)5U28%JO4@D.L.V! M$5E"-F%\$X:$KE=-@WY)L;]>IJY(2`2CL176W4FD(@'?6:?5;_^P<=(E1VTR_+;)D_EHMAA/ M0M!Z@X3Z0AI?M\RQ]:(H"#:*8/:<&4$HS*V%$NY\8%3F:@KI"8V65E@`PWB&`X@YZA\&C)2WO0`&F8AU/I9DP72YS)-TX8 M$YLRND:W$7A5NIY$X>2RXWE?]O5A0G!?JHWX5_!T5&#B_L\.)O8UVDC?SO2R M'=S:@]\-!/>EVLBYG66?%T\GFL)8O=XOS.H+M)&^E[\,8PBHX68:=%_L$#JW M@T-[2MWXF0\8MB;QA0IR0:CO:?[B?/Q^]GM,"9.+CZ(L;<#U#G=O!)NIBW;? MA4V$R^-E?!IOH`IX0+LGL*]KEHNOS.2RLD$I,N`X08'N6[_^`P``__\#`%!+`P04``8`"````"$` M4\+N.DT+``#Z-@``&0```'AL+W=O;S6DJ57DI>$?/OWM\-KYVMQ.N_+XUW7Z@VZG>*X*Q_WQ^>[[G__X_\U M[7;.E^WQ_MJ5AS<*\6G_ MNK]\KX)V.X>=$ST?R]/VTRO5^YMUL]V)V-4?$/ZPWYW*<_ETZ5&X?GVC6.=9 M?]:G2/>WCWNJ`6OVSJEXNNL^6,YF:'7[][=5`_UO7[R?E>^=\TOY'ISVC_'^ M6%!KDTY,@4]E^9F91H\,D7,?O/U*@>S4>2R>ME]>+YOR/2SVSR\7DGM$-6(5 M[KK#<6\T&0PM M,N]\*LX7?\]"=CN[+^=+>?A_;5352`:Q>1#Z%$&LWL0:S(:37P]"EM6=T"][T M;NS19'I-XUNB[NR+K+QU,Q@S!3^X;VLBRJ6(>0_?)'W9+Z(XORP,+<=>ENJ,>= M:2Q]O;>']FW_*_7_';>9HXVE6RR$!>OL+*QK`L\$O@D"$X0FB$RP-,'*!+$) M$A.L39":(#-!;H*-`OHDC]2(!N>?T(B%81J)UIT+H(AF""(LA(MK`L\$O@D" M$X0FB$RP-,'*!+$)$A.L39":(#-!;H*-`C1!:-3_"4%8&!IW)+L<-=;4&!/S MVLA6C4:&2M)$R@3$`^(#"8"$0"(@2R`K(#&0!,@:2`HD`Y(#V:A$4^W&4*W] M02MF-&9=B2,:=5X3FSJ%(M?4T$(:"3<7B`?$!Q(`"8%$0)9`5D!B(`F0-9`4 M2`8D![)1B:8%/:2T$?2Q%LQ:UZ(FI(5HY@40%X@'Q`<2``F!1$"60%9`8B`) MD#60%$@&)`>R48G6\)1I7-'PS%IO^)K8PZ;A@;@U&5;I;_4<]X#XX!4`"<$K M`K($KQ60F'NI4Z@UG>D#-Y%&HD>M(5`*).->355S(!O52]."TJ4KMNA8U M4;4`XM9$U0*(#UX!D!"\(B!+\%H!B;F7IL5L8&@AC:06$"@%DG$O10L@&]5+ MTX*MJM4\^.,)B5GK6M1$U0*(6Q-5"R`^>`5`0NZEM:'9GR-I)-IP"8%60&+I MI3SC9D9*DD@C$7H-@5(@F?120QMKA%P:B=`;-9"F&"W:KE",6>N*U415#(A; M$]H%4.]YJ/=63QJ)>_8A4``DE%YJ:&,@1-)(A%Y"H!606'JIH6_TNTZDD0B] MAD`ID$QZJ:&-?#271B+T1@VDB<@V"C05Z_5GCZUB+R_[W>=Y6>]AM(S'(:TS M^>J31='5K0+?=55Y$;D<#;6<;C;6F\IKK$2%?(P5(`H;1[6Y)GKXJ+$2X9<8 M:X4H;AS5\$9&FC16(OP:8Z6(LL91#6\\-_/&2H3?:+%TN6DD:7*WR$I['U)7 M9F[HRA%-Y#(+IXU+O4D7;$W%')O%KBM0D[EX'-DWU8;%=$#_]#B^<&KB!(A" M@6CEH=R3,6M&PJHN;=`SNL%27&_*6B&*!6JJD0A4!Y[U!O9,_6<,_+4P;\I) M$64"?5BGG%OQ%KS!%MR(.%5I>E]@JVOUD?M[0[]>HU,QHOO-+8[HR:'(83QI M%HV5<'01>1Q5??+KO348M?0169P(%&"@4`0:R_N,!)I4W6_0FQD/EB6&62&* M$25ZY%EO;,P):_1)$64BC-Z01K_.A14;MK3M-QV.C%&TT4+K?8`MUM4^\)/Y MH%[;:V)SI,\'1DLNV#ZM.1\`\K@5[\W6M$UL\`HP=B@0&2L]T&BX2%B)"6%J MW/52�C=84H1I0()&8$F`*@%JEP:51UYW*8^Q`DP3B@02V'D;O@`U.>QQGST MP^,`REJ)P%,YA\2($H'JP+.>;:0S:V'0A$D190)]6(N<6_$VLVUJ-/D(U:5F M.Q*JU+_[0P.+4Z4$2N,.FT*KA'#.?D:&H!R$,K'U&`*$04(5HB6B&*$26(UHA21!FB'-%&0[H6;._B M"BV8N;':J9'^F\/8F-`7['=;4QY`'EKYB`)$(:((T1+1"E&,*$&T1I0BRA#E MB#8:TN5ANQ)7R%-O8FA#A>]K-'/4P@+D(O(0^8@"1"&B"-$2T0I1C"A!M$:4 M(LH0Y8@V&M*TL,U]H(^?*I6Y/E0$4K-5:VQD58O&2CSA78'JM(].OQ@K1:\Q M$#Z^0'IAS2I+K]MUFQXL:3&F`8$H/9%/3&ML[,0L&BMQGRY'['8;QXF1+7F- ME7#TM5AZ;=AR]]='#9NZS-IP1$\0Y:;,Y[]P;!8D+B)/(+[2&?8:#:I,T!<& M6F'*>EBO&UNI7%$WOK!1]AYHO[&J+DV_2MV,'K5HK$2#NP+5)[W8X1=/(+Y" MD'DUKUA;23^L&%M,J!7[S>R;5GG5DT:MW-3=,"/';3 MFAY:^8@"1"&B"-$2T0I1C"A!M$:4(LH0Y8@V&M([*%N@_`D=ZX4./MHFQ<17'$YC2(;E?>9TM^**W$?;JT;U>E*VK6 MP5&==8QZQH3O"Y=J]U"K!QULN*8>E;F>PPND)FOVP,SA&RM9#T2>0)15R#:Q M!XT$=18EK-02K1]E4>P9&!5D$0II0YH)C(1R;#5I7($4H@=K30W%5 M*PDJ5K^<4!\(/Q2GYV)1O+Z>.[OR"WOQX,:BO6F)Z[;!' MS@,5BU?F=(4]"]NNC.E*]9N8$6UN3^A*E?P;5VA4.FS,831Z8^.AFF\-CSF] MR=%^7U1$6YRA\T`;VUC`?$BOA+1Q:I-6>ZIW6[4?+&HJ2N];2J`K;/,5K]!9 M!8>=1,`K=,S`88<(\`J=$'#8[_]XA7[<=]A/]WB%UL/4O.U7++K2VI`6R4A[ MDAAM;I&,M$/6=F5*5]IDG%LSNC)K\7%)^3:/<.K0>239U\C;N MSAPZS8/VX&3^5Y47\03?4EV^M MW?\#``#__P,`4$L#!!0`!@`(````(0"9Z1R],P0``%H.```9````>&PO=V]R M:W-H965T?3`*WRHK:%@QA M\PP'/1R*G,0TOU2D;@5)0\JL1?SL5)R99*OR9^BJK'F[G+_DM#J#XK4HB_:S M([6M*@^_'6O:9*\E=']XLRR7W-V+05\5>4,9/;0.Z%P1J*EYZ2Y=,&U6^P(* M>-JMAAS6]M8+4\^WWW+(+F7[)[W^2HKCJ46YYU#$A87[SYBP'!D%C>//.5-. M2P2`OU95\-9`1K*/[GDM]NUI;4\#9[Z83#V86Z^$M6G!*6TKO["65G\+(Z^G M$B1^3X+G'9('CM/><:8<>>P/'/"U"Q?/?J6%X\TF`0_V@5O0N^'9N\T>N+DB M1UW*XZS--JN&7BWT,;+`SAG?%5X(*IEKL;#*_K\E'UGG)%O.LK87MH6\,G3, M^\;W7U;N.ZJ<]S:1:>/I%CMIP4O*:>,QD(R!=`"X4*1DH6S_@RS.PF7)@"() M#'2.-$@+Z1*/@60,I`-`TX!.&FN88C/=WP:R$MP)#:]58JG'&`D;'[E3Y9KK M)CMEHG082&(@Z1#1I&`SC*7<=L737<99T*?#N/WI1(\\$D8/Q2D3)VBGC*2( MV$`2`TF'B!8R'TP&9^SCE')C/62!#%-J(+&!)`:2#A$MON5_B8\;Z_'U"#:_ MZE(O6(Q2JHQ42GMDV5T7GK/P=8]$?9<>J>(8+G2[9C1-'D[*YY/>6>NJ)(2- M,I`U.DIW-RL99=Q#/@*X.2Y&QU1RLY*.J<:EB^'7W-,=Q`_(48DDA!8=Q#0^ M26Y6,J;8A!()S;K"+:?.K0+=K9U*`VVQX&:E2^.WW_/2Q%V)%62$$2;13BVZ M>R!MU$R[FY5TC"4D1D@^;R02"CIIHY+QF==+P,L3GNX-XDY'UE?L'$ONU.Y/$*?)*_ M8Q_Y(:82DR>:AKCC37P["[=09GZ(9B'NS3OX/,0-=`D9Z,=_3%C-]]^\)O^$(ZCKAE_&!TE:^ M\`74K\+-/P```/__`P!02P,$%``&``@````A`)OWD"Z1#P``+EL``!D```!X M;"]W;W)K&ULK-Q;<]LV%L#Q]YW9[^#Q^]JZ^3I) M.K5XOY.SEV?55F)-;[^\?U\VIWMGU=OTC) MY^W;\VHO_WS[1M_;3:R^??/6Y>=[JUY_OO:>YY]?;KU]=_W6^?7Z6)7S9/F_T? MAT9/3Y[O;^,O+]NWU2]/LM^_3Q>K>]WVX1]H_GES_[;=;3_OSZ2Y\_:#JVT_>UI\_GOX\O6TN)J?GGSX<.NB_F_6WG?'WD]WC]EOX MMGG(-B]KZ6W)D\K`+]OMKRHT?E`DE<]1.SADH'H[>5A_7GU]VC?;;]%Z\^5Q M+^F^D#U2.W;[\(>WWMU+CTHS9[,+U=+]]DD^@/S_Y'FC#@WID=7OAS^_;1[V MCQ]/9S>G)[^L=_M@HYHZ/;G_NMMOG__7%DZ[)MK*LZZR_-E5GE^>75Q-YE/9 MUGL5YUW%Q5!1]OR=+4ESAX\I?^HMS>CG^^\/?8/0\E;[5>?/KQMOYW(^4F.\MWK2IWMIK>J%3V(VN3U MP^K/1I4,)]7*SZJ9CZ>R`S)P=G(J^.W3]&KQX?PW&;[W7'R"'<#L;'9E#A.21?%)`"DD1*28EI)24D7)202I)%:DF-1;9 MN5"337?B_T/7%'4K[`R:CIQ1<^.,FB&J'S8DGQ200E)$BDD)*25EI)Q4D$I2 M1:I)C45VYM2LU,S<7XRB=A(K[>E>OINV9(TBD,EI MIZU6>LR9;#=40)YZ'&>GQR<%I)`4D6)20DI)&2DG%:225)%J4F.1G0LUV31S M\<-3_VD[;;72U,]DS5$T=^_-^JCA@@/RN^:-V[6`%)(B4DQ*2"DI(^6D@E22 M*E)-:BRR,C<[;C'@$&XO!G1D=.F2Y)%\4D`*21$I)B6DE)21=DYOI0?3_.4,Y)%\4D`*21$I)B6D ME)21>.N'C'E=E)6>-LJ@@&V%I(AMQ:2$%5-2IBM:Z;EQGHKG0]20 M'NQCR>8K7=%,#W:[L2K:Z5'3[2/2T\[.K?1T$_8A%TOU'65U51G(Z\C(A4\* M6#$D1;JBU:77SA$?#U&Z2Q.VE9*RH:(QH&ZHC2S3=66W82CUL/F',]H",C8TN2UY$:[,.IYL9YBN`/4?JC!VPK)$5#1;-Y M9ZC$0Y1N/F%;*2D;*IK-.ZNW^1"EFR_85DFJAHIF\\Z*5SU$Z>8;JRT[K^[: M0OM*VYEZEV[_N+G_]6XK>9!LC%SRYO+J6OM"V[Q=.;#&;+>8,`S091=E'`%> M1^KD8:3;69CPARB]1P';"DG14-%LWIG,Q4.4;CYA6RDI&RJ:S3LWP/D0I9LO MV%9)JH:*9O/.2:@>HG3SC=66G>[CUBKF7*O0)!/@/F/R*K?SF&^(TA_*TS0< M$'Y'LO*EWH&\GLA_=CN!KC2\AQ>2(DUR33`^DW,ZC754N[7)F7,8)+I\V%9* MRC0-NY%K:AN^.9O,;LS_G.%?Z/!A.R6ITO3N/M5=5->#"_9@H]LY;,T^%M0: MAGE=_K&AWZZ$6$._(YF7&^EP+C_+>1\U'"(@OXN2U;?#:[*3BY%C!+5"MAWI MAB[[>^M8T]6A[YE)V$Q*RDBYW?+-V:5S3BA8IR15NAF[(YWCNM91;1?- MKN<7SBAJK*;M8T"MG9C'P,AI_M#WW7F^76JQDMV1),%(MG/!7L[[J"'9(+^+ MZH[FZ?58LE$K9-N1IG<'3ZRC]`GAVOG4B0X81FI*RDBY)GU&P"D`>U'J*L.V M*DWO[D7=176==CF6?G-K=OK50LP1Z6_7;:ST=R2;,-+O[.]RWD<-Z0?Y792L MB:BQ?CF6?50*V72D2=W"Z!?L9Q-GV,0ZZK(;_;@<8%NIKG+=GT,R4JZI;?CF M;.;P-2O[B^.6F`[A]A)31^82 M$\DC^:2`%)(B4DQ*2"DI(^6D@E22*E)-:BRR M_\TFSKQAV54TDNF1?%)`"DD1*28EI)24D7)202I)%:DF-1;9F5-K(=]_#EVT M2R?F.;0CH^.7)(_DDP)22(I(,2DAI:2,E),*4DFJ2#6IL& M2D?F-7=ZZ5P;EHL^JK^>:9*KAG'1<4[]_A"E*P::["T.-XSV#AZW#+/@,HPF M\X(]O70FEV53EZQMB\]@2X?N?2HU8$C!DV[F&`- MFH[L^TXDJH\:]@/D+SJ2WC)R-Z3@&K MM6YK,REINQ$E[I5/I:WGBC'3RI/W&[5\S26R,.R6_4HC"7RG.M6 M/<5BB;>8WZHI$TODUW)_'N]WZ<*1^#LU*,960[8R7RY1G9SE@*Y*LPLIVQ$OEB MBVQGK$2^DR+;.92<]V-2?JWX=?5EG:_>OFQ>=B=/Z\]RF9#'?#*Y>VM_[[C] MQW[[*I=O^>WB[5Y^K_CPUT?Y7>JUS&@GZE?"/F^W>_T/.0#.^U^Z_O1_```` M__\#`%!+`P04``8`"````"$`(!$1V1X%``"F%@``&0```'AL+W=OAOKSFQZZ]UOO\]KRBL-M2)5^"5L3D@O1?L7N_Y&\^.IA7+'X(@;6^\_GVF3P8I"F`6. M>:2,%3`!^-!D2!'+OE3;M2\Y#^EYV:5I6 M_B=%2$Q*QA)3>T[;=+>IV=6#>H.Z.:=\]Z`U!+;/!2;!M8]X5F$"3N!KD8:C`VA/!#'UBFEB*'U+`?QJGY3L-A MM%C>W&U=A?E`,8U^H54+[/:AH'C53TQSG.AIO]Y,7*RG4BWR%(VW"NRXJ1T2 M+QWL\(%Z#M6BV2&AW0X'K_/9X.)I`^>8?9^>FD^B^9S%.-]TUZ:ZC?FK:KD6S M2"34DVP*1N;&11/ZB(,8QPX[5XR12)D1=&`;'4NG5F$+#!R.IDG=SH!H3Q+!P)M6%["F&E,IKI3*H9;$@BL4 M$X>/LABI^^Z:M%K&-WA%9O%*J`W?4UXIE8MO"Z^B<+6`0_#UT24FK[HFW?8- M7A&8G#NOA-JP/=S=Y-%5*A?;-EXE\!QPU[9)+&(C5CRP5#NY9!:QA-JP/]V@--==NS@$5Z8(WN(O'`0F5;JERJ;6$:6JX< M+B/PGB6^1J.OD^4ZF4).O6/*IJ*3UD?Y"BZ+Q,G;A+U1P:]]M^F;U?$:B M]2/L)6"TT9-`CWB\,7H>H$>\N4U[<+A^A'N3)1K&T$.L/3`#^71F1(,9`.`M MT0CD`=[9>B`/(,'2@R"8K1W26UV"26MN!+EA*6T98+[P7P1;#P2#:S3T!+U) M>"4\IT?Z1UH?\ZKQ"GJ`&H6"_;5\9Y0_6G:&VL%;(6OA?5#\>8+W8`H/:B$_ M0P?&VNX'3]"_,._^!P``__\#`%!+`P04``8`"````"$`/+Q"E&D#``"="P`` M&0```'AL+W=O MF%1<9%N;.)YML2P0(<\.6_O/[\>;I6TI3;.0)B)C6_N-*?MV]_G3YB3DLXH9 MTQ8P9&IKQUKG:]=507!5+AD-BT5IXOJ>-W=3RC/; M,*SE&`X113Q@#R(XIBS3AD2RA&K8OXIYKBJV-!A#EU+Y?,QO`I'F0+'G"==O M!:EMI<'ZZ9`)2?<)^'XE4QI4W,5#CS[E@11*1-H!.M=LM.]YY:Y<8-IM0@X. M\-@MR:*M?4?6]V1EN[M-<4!_.3NIQF]+Q>+T5?+P.\\8G#;D"3.P%^(9H4\A MAF"QVUO]6&3@I[1"%M%CHG^)TS?&#[&&=,_`$1I;AV\/3`5PHD#C^#-D"D0" M&X!/*^58&G`B]+7X/O%0QUM[0ISE;#:=+Q=`LV=*/W+DM*W@J+1(_QD4*;D, MBU^RP'?%,G=F"V]"0/0"B6MV5!A\H)KN-E*<+*@:D%0YQ1HD:R`>=@16$'N' MX*V]L"W8JX(TO.S(;+5Q7^#H@A)S;S#P^8ZI$2Z(ULJ@-EX9P:B,9XM;N3>! MIHP_+#.Y1@;!D)SFYGU2\QIE@YDV,+,:T3((D/$&$0PY:!DBBYK82!O0"&FH MAZ8TUJL_7SIG2[9*,*XK=E&?E\MP_.VZL>UA."V5!DQ5[%9 M*5!P73>3B8]7[4*]XL*V1AEIVWDOX98=[-ZCKP:"VU)EI&]GU>;%Y$R]E0/V M/SXQ7->6*",M-[XWG!P"J/%V"G1;K`KU#6'5-JF+%>2A,Q#0*LU9>H"K4]G6E8Y*J^4:`[ MGLI>TE0CTS--"E]CW=Q-II=-XK*.;!EJROK^Y$PU7M4K2+]95*&!Q`VT"[)8 MC:G&?K\@0PW#GYXQ=57'(/V6484&3`TT#3*J&OM=`R:E@1O6K0\S#)E9(67R MP+ZP)%%6((XXZ/CP]J^C]1!VYV/-=^/3]9T9SMSZ'QB.&UL(*($`2B@``$````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M````````````````````````````````````````````````````````G%51 M;]HP$'Z?M/\0Y;T-I6B:*I,J@U2MU!*TI-VCY3H'6#5V9!M4]NMW)@7"YC*U M;[;OOKOOSM_9Y/IU*:,U&"NT&L87Y[TX`L5U+=1\&#]6-V??X\@ZIFHFM8)A MO`$;7Z=?OY"IT0T8)\!&&$+98;QPKKE*$LL7L&3V',T*+3-MELSAULP3/9L) M#F/-5TM0+NGW>M\2>'6@:JC/FGW`N(UXM7:?#5IK[OG9IVK3(.&49$TC!6<. MJTP?!#?:ZIF+\E<.DB1=(T%V)?"5$6Z3]DC2W9*2,PDC#)S.F+1`DL,!N07F MFS9EPMB4K-W5&KC3)K+B-[:M'T?/S(*G,XS7S`BF'-+R;NUFNY:-=2;]I/T#)!PS''2C@)MIA-F7$ARH,NYRV+ MEG%+:'>+%+5!<^6P7_1.M;5Z5 M=*4^#)FR_T/*"I,]Y!/,4-S08II_%%)6Q4^'R2S%7`F<&U4(SSO7*>\[I5*.8!>IOWUJOI/9>[A1.ZUP\2Z"9M2@B MO!4'4J(:5PS%OG<\0$9ZN=2*ED[S%UHT?DB.I+>'>$?A_.R&[3]!,@$W\]=/="O=C' MIM)C%.ON)3\^).6"&:CQC=O9#P?D%A]Q(WV0T0)'#>J=S[\&_^\\M9]K>C$X M[UWV\$OIG)'D\(VF?P```/__`P!02P,$%``&``@````A`/BA^\DQ`0``0`(` M`!$`"`%D;V-0MJL MTFN4^,"-Y&UGH$)[\&C)SL]*8:GH'#RXSH(+"GP22<9382O4A&`IQEXTH+G/ M8L/$<-LYS4,\NAI;+MYY#7B1YU=80^"2!XX'8&IG(IJ04LQ(^^':$2`%AA8T MF.`QR0C^[@9PVO]Y84Q.FEJ%O8TS3;JG;"D.X=S>>347^[[/^F+4B/X$OZSO M'\=14V6&70E`;-A/RWU8QU5N%?LR\` M``#__P,`4$L!`BT`%``&``@````A`/K`UM.Z`0``UQ```!,````````````` M`````````%M#;VYT96YT7U1Y<&5S72YX;6Q02P$"+0`4``8`"````"$`M54P M(_4```!,`@``"P````````````````#S`P``7W)E;',O+G)E;'-02P$"+0`4 M``8`"````"$`1RN-_9T!``"&#P``&@`````````````````9!P``>&PO7W)E M;',O=V]R:V)O;VLN>&UL+G)E;'-02P$"+0`4``8`"````"$`II7\Z^("``!S M"```#P````````````````#V"0``>&PO=V]R:V)O;VLN>&UL4$L!`BT`%``& M``@````A`,RC;^BL!```6!,``!@`````````````````!0T``'AL+W=O&UL4$L! M`BT`%``&``@````A`+Z#6;Q,`P``X`H``!D`````````````````Q10``'AL M+W=O&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A M`%\E>T/O`@``P@@``!D`````````````````DR```'AL+W=O&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A`!/HRLRB!```]!$``!@````` M````````````QBT``'AL+W=O&PO&PO@``>&PO=V]R:W-H965T M&UL4$L!`BT` M%``&``@````A`$*<3:<#!@```Q\``!@`````````````````]7\``'AL+W=O M&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A`-SJ9R?O M!```KQ0``!@`````````````````_(T``'AL+W=O&UL4$L!`BT`%``&``@````A M`%C'2'L0!0``@!,``!@`````````````````JI4``'AL+W=O&UL4$L!`BT`%``& M``@````A`%/"[CI-"P``^C8``!D`````````````````^9T``'AL+W=O&UL4$L!`BT`%``&``@````A`/BA^\DQ`0``0`(``!$````````````````` K9\H``&1O8U!R;W!S+V-O&UL4$L%!@`````A`"$`V0@``,_,```````` ` end XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; 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 13 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Intangible Assets - Intellectual Property
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Note 3. Intangible Assets - Intellectual Property

On July 12, 2013, the Company, together with its wholly owned subsidiary, RenovaCare Sciences, entered into an asset purchase agreement with Dr. Jörg Gerlach, MD, PhD, pursuant to which RenovaCare Sciences purchased all of Dr. Gerlach’s rights, title and interest in the Cell Deposition Device. The Company plans to further the development of the Cell Deposition Device and, if commercially viable, bring the product to market. This asset purchase agreement was amended on September 9, 2014 (the “Amended APA”). Pursuant to the terms of the Amended APA, upon the closing of the transaction in July 2013, the Company paid Dr. Gerlach $100,002. An additional $300,000 will be paid in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017.

 

At September 30, 2014, $100,000 of the amount payable to Dr. Gerlach was recorded as other current liabilities and $200,000 was recorded as other long term liabilities in the accompanying consolidated balance sheet.

 

As further consideration for the Cell Deposition Device, the Company issued to Dr. Gerlach a Series A Stock Purchase Warrant (the “Series A Warrant”) entitling him to purchase 1,200,000 shares (each a “Warrant Share”) of the Company’s common stock at an exercise price of $0.35 per share. Pursuant to the terms of the Amended APA, the Series A Warrant will now vest in five equal installments of 240,000 shares on each of July 12, 2014, July 12, 2015, July 12, 2016, July 12, 2017 and July 12, 2018. Vesting will no longer be contingent on the achievement of certain milestones and on Dr. Gerlach’s continuing to provide consulting services to the Company, but instead on passage of time. Prior to September 9, 2014, the effective date of the Amended APA, the value of the Series A Warrant was recognized as consulting expenses over the vesting term. In addition, the fair value of each Warrant Share was estimated at the end of each reporting period during which Dr. Gerlach rendered services using the Black-Scholes option pricing model. Effective September 9, 2014, the Company measured and expensed the value of the Series A Warrant in full and recorded this value as research and development costs. The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.

 

Assumptions required for the Black-Scholes model are as follows:

 

Weighted average risk-free interest rate   1.72 %
Expected life in years   4.75 Years  
Weighted Avg Expected Volatility     93.8 %
Expected dividend yield   0 %

 

Consulting expense associated with the Series A Warrant amounted to $115,840 and $311,173 during the three and nine months ended September 30, 2014. Research and development expense associated with the Series A Warrant amounted to $537,217 during both the three and nine months ended September 30, 2014. Consulting expense associated with the Series A Warrant during both the three and nine months ended September 30, 2013 was $54,668.

EXCEL 14 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\Y.68X83EB,E\S-3$Q7S1C.69?.68S85\X-SDT M-3@V9&-A.3`B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=OF%T:6]N7TYA='5R95]A;F1?0V]N M=&EN/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O M#I7;W)K#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/E)E;&%T961?4&%R='E?5')A;G-A8W1I;VYS M/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/DEN=&%N9VEB;&5?07-S971S7TEN=&5L;&5C M='5A;#$\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7 M;W)K#I%>&-E;%=O M#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O#I.86UE/DEN=&%N9VEB;&5?07-S971S7TEN M=&5L;&5C='5A;#(\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;6UO;E]3=&]C:U]/<'1I;VYS7T1E=&%I;'-?,3PO>#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;6UO;E]3=&]C:U]/ M<'1I;VYS7T1E=&%I;'-?3CPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;6UI=&UE;G1S7T1E=&%I;'-?3F%R#I%>&-E;%=O5]4#I%>&-E;%=O#I!8W1I=F53:&5E=#XP/"]X.D%C=&EV95-H965T/@T*("`\ M>#I0#I%>&-E;%=O7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!#96YT3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^)S`P,#$P M,38W,#@\'0^4V5P(#,P+`T*"0DR,#$T/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^)SQS M<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO3QS<&%N/CPO2!#;VUM;VX@4W1O8VLL(%-H M87)E'0^)SQS<&%N/CPO'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'!E;G-E'0^)SQS M<&%N/CPOF5D.B`Q,"PP,#`L,#`P('-H87)E M3PO=&0^#0H@("`@("`@(#QT9"!C;&%S3PO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879AF5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,"PP,#`L,#`P M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA M'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'!E;G-E M'0^)SQS M<&%N/CPO'0^ M)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS M<&%N/CPO'!E;G-E'0^)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO M'0^)SQS<&%N M/CPO'0^)SQS M<&%N/CPO3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y.68X83EB,E\S-3$Q7S1C.69?.68S M85\X-SDT-3@V9&-A.3`-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M.3EF.&$Y8C)?,S4Q,5\T8SEF7SEF,V%?.#'0O:'1M;#L@8VAA M'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)R9N8G-P.R9N M8G-P.SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N M/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'!E;G-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M<#XT-RPP,#$\'!E;G-E M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XX-#@L,S@X/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)SQS<&%N/CPO3PO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y.68X M83EB,E\S-3$Q7S1C.69?.68S85\X-SDT-3@V9&-A.3`-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO.3EF.&$Y8C)?,S4Q,5\T8SEF7SEF,V%?.#'0O:'1M;#L@8VAAF%T:6]N+"!.871U'0M86QI M9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE2`H=&AE M("8C,30W.T-O;7!A;GDF(S$T.#LI+"!F;V-U6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@2P@4F5N;W9A0V%R92!38VEE;F-E2!$6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE M/3-$)VUA2<^/&9O;G0@28C,30V M.W,@=&]T86P@86-C=6UU;&%T960@9&5F:6-I=`T*:7,@)#2!D;V5S(&YO="!C=7)R96YT;'D@9V5N97)A=&4@'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M'0M86QI9VXZ(&IU'0M:6YD96YT M.B`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`P+C5I;B<^/&9O;G0@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^/&9O;G0@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@2!A;F0@8V5R=&%I M;B!R96QA=&5D(&1I2!F;W(@86YN=6%L(')E<&]R=&EN9R!P97)I;V1S(&)E9VEN;FEN M9R!A9G1E0T*;F\@;&]N9V5R('!R97-E;G1I;F<@;W(@9&ES8VQO M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL93TS1"=F M;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI M9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UEF4@2!T:&%T(&1E<&EC=',@=&AE('1R M86YS9F5R(&]F('!R;VUI2!D;V5S(&YO="!C=7)R96YT;'D@:&%V92!A M;GD@'0M M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^/&9O;G0@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@'!E;G-E0T*9&EF9F5R(&9R;VT@=&AE M6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX\ M9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-E'0M86QI9VXZ(&IU6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI M;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M2!C;VYS:61E2!L M:7%U:60@:6YS=')U;65N=',@<'5R8VAA6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE2<^/&9O;G0@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@28C,30V.W,@8W)E9&ET(')I2!N871U'0M M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^/&9O;G0@6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE2<^ M/&9O;G0@6EN9R!A;6]U;G1S(&9O6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN M)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I M;B<^/&9O;G0@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@ M2!O9B!#96QL($1E<&]S:71I;VX@1&5V:6-E('1E8VAN;VQO9WD@=&AA="!T M:&4@0V]M<&%N>2!A8W%U:7)E9"!D=7)I;F<@,C`Q,R!A;F0@:7,@F5D(&ES(&%C8V]U;G1E9`T* M9F]R(&%S(&%N(&EN9&5F:6YI=&4M;&EV960@:6YT86YG:6)L92!A2!T:&4@<&5R:6]D(&EN('=H:6-H('-U8G-T86YT M:6%L;'D-"F%L;"!O9B!T:&4@8V%S:"!F;&]WF%T:6]N+B!4:&4@0V]M M<&%N>2!T97-T&ES="!A9G1E2!O9B!T:&4@6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@7-I2!D96QA>7,L(&-H86YG97,@:6X@6EN9R!A;6]U;G0N M/"]F;VYT/CPO<#X-"@T*/'`@6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE'!E;G-E#0II;B!I=',@8V]N6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M2<^/&9O M;G0@'0M86QI9VXZ(&IU'0M M:6YD96YT.B`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`N M-6EN)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE28C,30V.W,@;VEL(&%N9"!G M87,@86YD(&UI;F5R86P@87-S971S(&%R92!B96EN9R!R97!O6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE3L@ M=&5X="UI;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL M93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE2!P M2!D:79I9&EN9R!N970-"FEN8V]M92`H;&]S6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@ M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL93TS1"=F;VYT M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI M9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE2!I2!P97)S;VX@=VAO(&AO;&1S M(#$P)2!O2!O6]N92!W:&\@8V%N('-I9VYI9FEC86YT;'D@:6YF;'5E M;F-E('1H92!F:6YA;F-I86P@86YD(&]P97)A=&EN9R!D96-I7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A3QB2`Q,BP@,C`Q,RP@=&AE M($-O;7!A;GDL('1O9V5T:&5R('=I=&@@:71S('=H;VQL>2!O=VYE9"!S=6)S M:61I87)Y+"!296YO=F%#87)E(%-C:65N8V5S+"!E;G1E2!V:6%B;&4L(&)R:6YG('1H92!P6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE6EN9R!C;VYS;VQI9&%T960@8F%L M86YC92!S:&5E="X\+V9O;G0^/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^/&9O M;G0@28C,30V.W,-"F-O;6UO;B!S=&]C:R!A M="!A;B!E>&5R8VES92!P2`Q M,BP@,C`Q-"P@2G5L>2`Q,BP@,C`Q-2P@2G5L>2`Q,BP@,C`Q-BP@2G5L>2`Q M,BP@,C`Q-R!A;F0@2G5L>0T*,3(L(#(P,3@N(%9EF5D(&%S(&-O;G-U;'1I;F<@97AP96YS M97,@;W9E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6QE/3-$)W9EF4Z(#$P<'0G/E=E:6=H=&5D(&%V97)A9V4@F4Z(#$P<'0G/B4\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE M/3-$)V)A8VMG6QE/3-$)W9E'0M86QI9VXZ M(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C0N-S4@ M665A6QE/3-$)V)A8VMGF4Z(#$P<'0G M/E=E:6=H=&5D($%V9R!%>'!E8W1E9"!6;VQA=&EL:71Y/"]F;VYT/CPO=&0^ M#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@:G5S M=&EF>2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@'0M86QI9VXZ(')I9VAT)SX\9F]N M="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/CDS+C@\+V9O;G0^/"]T9#X- M"B`@("`\=&0@F4Z(#$P<'0G/B4\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE M/3-$)V)A8VMG2<^/&9O;G0@'!E8W1E9"!D M:79I9&5N9"!Y:65L9#PO9F]N=#X\+W1D/@T*("`@(#QT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!J=7-T:69Y)SXF(S$V,#L\+W1D/@T*("`@(#QT9"!S='EL M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX\9F]N="!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0G/CPO9F]N=#X\+W1D/@T*("`@(#QT9"!S='EL93TS M1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!T97AT+6%L:6=N.B!R:6=H="<^ M/&9O;G0@6QE/3-$)W9E'0M86QI9VXZ(&IU'!E M;G-E(&%S7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX\9F]N M="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!E;7!L M;WEE97,@86YD(&-O;G-U;'1A;G1S(&]F('1H90T*0V]M<&%N>2X@3W!T:6]N M65E2!O M9B!T:&4@0V]M<&%N>28C,30V.W,@:7-S=65D(&%N9"!O=71S=&%N9&EN9R!S M:&%R97,@87!P'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^/&9O;G0@2!T:&4@0F]A2!T:&4@0F]A65E65A65A6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@&5R8VES M92!P28C,30V.W,@8V]M;6]N('-T;V-K M(&]N('1H92!L87-T('1R861I;F<@9&%Y('!R:6]R('1O#0IT:&4@9&%T92!O M9B!G&5R8VES92!P6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN M)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E'0M86QI9VXZ(&IU6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@3PO:3X\+V9O;G0^/"]P/@T*#0H\<"!S='EL93TS M1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`P M+C5I;B<^/&9O;G0@2!B92!E>&5R8VES960@;VX@82`F(S$T-SMC87-H;&5S6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@2!A<'!O:6YT960@37(N($)O;&0@87,@ M:71S(%!R97-I9&5N="`F(S,X.R!#14\@86YD(&5N=&5R960@:6YT;R!A;B!A M="UW:6QL(&-O;G-U;'1I;F<@86=R965M96YT("AT:&4-"B8C,30W.T-O;G-U M;'1I;F<@06=R965M96YT)B,Q-#@[*2!W:71H($UR+B!";VQD+B!0=7)S=6%N M="!T;R!T:&4@=&5R;7,@;V8@=&AE($-O;G-U;'1I;F<@06=R965M96YT+"!- M2!B92!E>&5R8VES960@;VX@82`F(S$T-SMC87-H M;&5S28C,30V.W,@4')E&5C=71I=F4@3V9F:6-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^/&9O;G0@2!428C,30V.W,- M"F-O;6UO;B!S=&]C:R!A="!A('!R:6-E(&]F("0Q+C`U('!E'0M86QI9VXZ(&IU'0M M:6YD96YT.B`P+C5I;B<^/&9O;G0@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL93TS1"=F M;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI M9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE&5R8VES92!P6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL93TS1"=F;VYT M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ M(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU'0M:6YD M96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H\=&%B;&4@8V5L;'-P86-I;F<] M,T0P(&-E;&QP861D:6YG/3-$,"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W9E6QE/3-$)W9E6QE/3-$)W9E M6QE/3-$)W9E'0M M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)W9E M'0M86QI9VXZ(&-E;G1E6QE/3-$)W9E'0M86QI9VXZ(&-E;G1EF4Z(#$P<'0G/CQB M/D]P=&EO;G,\+V(^/"]F;VYT/CPO=&0^#0H@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T M>6QE/3-$)W9E'0M86QI9VXZ(&-E M;G1E6QE/3-$)V9O;G0M6QE/3-$ M)W9E'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M6QE M/3-$)V)OF4Z(#$P<'0G/CQB/D5X97)C:7-E(%!R:6-E/"]B/CPO M9F]N=#X\+W1D/@T*("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M M8F]T=&]M.B!B;&%C:R`Q<'0@'0M86QI9VXZ(&-E;G1E6QE/3-$)V)OF4Z(#$P<'0G/CQB M/E9A;'5E/"]B/CPO9F]N=#X\+W1D/@T*("`@(#QT9#XF(S$V,#L\+W1D/CPO M='(^#0H\='(@6QE/3-$)W9E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0M6QE/3-$)W9E6QE/3-$)W9E2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@6QE/3-$)V9O;G0M'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0G/C`N-S`\+V9O;G0^/"]T9#X-"B`@("`\=&0@'0M86QI9VXZ(&IU6QE/3-$)W9E6QE/3-$)W9E2<^)B,Q-C`[/"]T9#X- M"B`@("`\=&0@6QE/3-$)V9O;G0M M'0M86QI9VXZ M(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C0P+#`P M,#PO9F]N=#X\+W1D/@T*("`@(#QT9"!S='EL93TS1"=V97)T:6-A;"UA;&EG M;CH@8F]T=&]M.R!W:61T:#H@,24[('1E>'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0M6QE/3-$)W1E>'0M86QI M9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q M<'0@6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI9VXZ(')I9VAT.R!B;W)D97(M M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)V9O;G0M MF4Z(#$P<'0G/CDN-C@\+V9O;G0^/"]T9#X-"B`@("`\=&0@3L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@ M3L@<&%D9&EN9RUB;W1T;VTZ M(#%P="<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@F4Z(#$P<'0G/B0\+V9O;G0^/"]T M9#X-"B`@("`\=&0@6QE/3-$)V)A8VMGF4Z(#$P<'0G/D)A;&%N8V4@4V5P=&5M8F5R(#,P M+"`R,#$T/"]F;VYT/CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&IU6QE/3-$)W9E M'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0G/C$X-2PP,#`\+V9O;G0^/"]T9#X-"B`@("`\=&0@2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@6QE/3-$)W9E'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C`N.#,\+V9O;G0^/"]T9#X-"B`@ M("`\=&0@2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@6QE M/3-$)V9O;G0MF4Z(#$P<'0G/B0\+V9O;G0^/"]T9#X-"B`@("`\=&0@6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(&IU M6QE/3-$)V9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(&IU6QE M/3-$)W9E'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C8U+#`P,#PO9F]N M=#X\+W1D/@T*("`@(#QT9"!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T M=&]M.R!T97AT+6%L:6=N.B!J=7-T:69Y)SXF(S$V,#L\+W1D/@T*("`@(#QT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T:69Y)SXF(S$V,#L\+W1D/@T* M("`@(#QT9"!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX\9F]N M="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/B0\+V9O;G0^/"]T9#X-"B`@ M("`\=&0@6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI9VXZ(&IU6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$)W9E6QE/3-$)V9O;G0M2<^)B,Q M-C`[/"]T9#X\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS M1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2`D,"XT.2!T;R`D,"XU-R!P97(@2P@97AP96-T M960@=&5R;2P@9&EV:61E;F0@>6EE;&0@86YD(')I2!A'!E8W1E M9"!L:69E(')E<')E'!E M8W1E9"!L:69E+"!D:79I9&5N9"!Y:65L9"!A;F0@6QE/3-$)V)A8VMGF4Z(#$P<'0G/E=E:6=H=&5D M(&%V97)A9V4@6QE/3-$)V9O;G0MF4Z(#$P<'0G/B4\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE M/3-$)V)A8VMG2<^/&9O;G0@'!E8W1E9"!L M:69E(&EN('EE87)S/"]F;VYT/CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I M9'1H.B`Q)3L@=&5X="UA;&EG;CH@:G5S=&EF>2<^)B,Q-C`[/"]T9#X-"B`@ M("`\=&0@'0M86QI9VXZ(')I9VAT)SX\ M9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C4N-3`\+V9O;G0^/"]T M9#X-"B`@("`\=&0@6QE/3-$)W9E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$)W1E>'0M86QI9VXZ(&IU M6QE/3-$)W9E'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=F;VYT+7-I>F4Z(#$P<'0G/CDT+C0E+3$P-2XS/"]F;VYT/CPO=&0^ M#0H@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$)V9O;G0MF4Z(#$P<'0G M/D5X<&5C=&5D(&1I=FED96YD('EI96QD/"]F;VYT/CPO=&0^#0H@("`@/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$)W9E6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C`\ M+V9O;G0^/"]T9#X-"B`@("`\=&0@'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL M93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'!E M;G-E(&]F("0R-RPV-#8@86YD("0T-RPP,#$L(')E2P@=V%S M#0IR96-O9VYI>F5D(&%S(&=E;F5R86P@86YD(&%D;6EN:7-T2P@=V%S(')E M8V]G;FEZ960@87,@9V5N97)A;"!A;F0@861M:6YI'!E8W1E9"!T;R!B92!R96-O9VYI>F5D(&)Y($%P6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)VUA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%\Y.68X83EB,E\S-3$Q7S1C.69?.68S85\X-SDT-3@V9&-A.3`-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO.3EF.&$Y8C)?,S4Q,5\T8SEF M7SEF,V%?.#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0M86QI9VXZ(&IU6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!W:71H(&ET2`H8V]L;&5C=&EV96QY+"!T:&4@)B,Q-#<[ M4V5R=FEC97,F(S$T.#LI+B!);B!C;VYS:61E2!E:71H97(@ M<&%R='D@=7!O;B`U(&1A>7,@<')I;W(@=W)I='1E;B!N;W1I8V4N/"]F;VYT M/CPO<#X-"@T*/'`@6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE2<^/&9O;G0@28C,30V.W,@86YT:6-I<&%T960@4V5C=&EO;B`U,3`H:RD@7-T96US)B,Q-#@[*2!T;R!P7!E2X@5&AE(')E;6%I;FEN9R!P87EM96YT6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE2!O9B!0:71T M28C,30X.RDL#0IP=7)S=6%N M="!T;R!W:&EC:"!T:&4@0V]M<&%N>2!C;VUM:71T960@=&\@<')O=FED92!A M(&-H87)I=&%B;&4@9&]N871I;VX@=&\@=&AE(%5N:79E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M3L@=&5X M="UI;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y.68X83EB,E\S-3$Q M7S1C.69?.68S85\X-SDT-3@V9&-A.3`-"D-O;G1E;G0M3&]C871I;VXZ(&9I M;&4Z+R\O0SHO.3EF.&$Y8C)?,S4Q,5\T8SEF7SEF,V%?.#'0O M:'1M;#L@8VAA2!4'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE65A65A28C,30V M.W,-"F-O;6UO;B!S=&]C:R!A="!A;B!E>&5R8VES92!P2!B92!E>&5R8VES960@;VX@82`F(S$T-SMC87-H;&5S'0M86QI9VXZ(&IU M'0M:6YD96YT.B`P+C5I;B<^/&9O;G0@2!W:71H('-E2!E:71H97(@=&AE($-O;7!A;GD@;W(@37,N(%)O28C,30V.W,@0VAI968@1FEN86YC:6%L($]F9FEC97(L(#$P+#`P,`T* M'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^/&9O;G0@'!I&5R8VES92!P&5R8VES960@869T97(-"G1H92!F:7)S="!E:6=H M=&5E;B!M;VYT:',@86YD('!R:6]R('1O(&5X<&ER871I;VX@;VX@3F]V96UB M97(@,CDL(#(P,3@N($5A8V@@;V8@=&AE(%-E'0M86QI9VXZ(&IU'0M:6YD96YT M.B`P+C5I;B<^/&9O;G0@'!E8W1E9"!T;R!S97)V92!O M;B!A('!A6%B;&4@:6X@,3(@97%U86P@:6YS=&%L M;&UE;G1S+"!W:&EC:"!I28C,30V.W,-"F-O;6UO;B!S=&]C M:R!A="!A('!R:6-E(&]F("0P+C28C,30V.W,@8V]M;6]N('-T;V-K(&%S('%U M;W1E9"!O;B!T:&4@3U1#44(@;VX@3F]V96UB97(-"C(Y+"`R,#$S+B!4:&4@ M3W!T:6]N6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE2<^/&9O;G0@2!C;VUP;&5T960@=&AE('-A;&4@;V8@,3`P)2!O9B!T:&4@:7-S=65D M(&%N9"!O=71S=&%N9&EN9R!S:&%R97,@;V8@1F]S='5N9R!297-O=7)C97,@ M=&\@1'5K92!F;W(-"F$@<')O;6ES2!N;W1E(&EN('1H92!A;6]U;G0@ M;V8@)#@P+#`P,"P@=VAI8V@@86UO=6YT(&%P<')O>&EM871E9"!T:&4@9F%I M6%B M;&4-"F]N($1E8V5M8F5R(#,Q+"`R,#$U+B!-6%T M+"!T:&4@;6%J;W)I='D@'0M86QI9VXZ(&IU'0M:6YD M96YT.B`P+C5I;B<^/&9O;G0@2!42!H97(@86X@:&]U&-E2X@26X@861D M:71I;VX@=&\@37,N(%1R:7-L97(F(S$T-CMS(&9E92P@28C,30V.W,@8V]M;6]N('-T;V-K(&%T(&$@ M<')I8V4@;V8@)#$N,#4@<&5R('-H87)E+"!T:&4@8VQO28C,30V.W,@8V]M;6]N#0IS=&]C:R!A6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE28C,30V.W,@8V]M;6]N M('-T;V-K(&%T(&$@<')I8V4@;V8-"B0Q+C`U('!E2!B92!E>&5R8VES960@;VX@82`F(S$T M-SMC87-H;&5S6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX\9F]N="!S='EL93TS1"=F;VYT M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ M(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^)SQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@2!I;F-L=61E9"!I;B!F:6YA;F-I M86P@6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N M-6EN)SX\9F]N="!S='EL93TS1"=F;VYT.B`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`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`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`T*<&]S:71I;VX@:7,@9&5F:6YE9"!A2!F:6QE9"!T87@@"!F:6QI;F<@=&AA=`T*:7,@ M2!O9B!B96EN9R!R96%L:7IE9"!U<&]N('-E M='1L96UE;G0N($EN8V]M92!T87AE2!A<'!R;V%C:"!T:&%T(')E<75I M'!E8W1E9"!F=71U28C,30V.W,@9FEN86YC:6%L('-T871E;65N=',@ M;W(@=&%X(')E='5R;G,N#0I!('9A;'5A=&EO;B!A;&QO=V%N8V4@:7,@97-T M86)L:7-H960@=&\@"!A0T*;F]T(&)E(')E86QI>F5D+B!3:&]U;&0@=&AE>2!O8V-U M2!I2!I M;G1E2!D:60@;F]T#0IR96-O M"!P&%B;&4@;&]S'0^)SQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE2<^/&9O;G0@2`R,#$S(&%N9"!T:&4@28C,30V.W,@2!W:&EC:"!C;VYT2!R97!O'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!D:79I9&EN9R!N970@ M:6YC;VUE("AL;W-S*2!B>2!T:&4@=V5I9VAT960-"F%V97)A9V4@;G5M8F5R M(&]F(&-O;6UO;B!S:&%R97,@;W5T2!D969I;F5D(&%S("AI*2!A;GD@<&5R28C,30V.W,@28C,30V.W,@;6%N86=E;65N=#L@*&EI:2D@2!C;VYT2!O3L@;W(@*&EV*2!A;GEO;F4@=VAO(&-A;B!S:6=N:69I8V%N=&QY M(&EN9FQU96YC92!T:&4@9FEN86YC:6%L(&%N9"!O<&5R871I;F<@9&5C:7-I M;VYS(&]F('1H92!#;VUP86YY+@T*02!T2!T2!4'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M'0M86QI9VXZ(&IU6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE M/3-$)W9EF4Z M(#$P<'0G/E=E:6=H=&5D(&%V97)A9V4@6QE/3-$)V9O;G0MF4Z(#$P M<'0G/B4\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)V)A8VMG'!E8W1E9"!L:69E(&EN('EE87)S/"]F;VYT/CPO=&0^#0H@("`@/'1D M/B8C,38P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)W9E M'0M86QI9VXZ(')I9VAT)SX\9F]N M="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C0N-S4@665A6QE/3-$ M)V)A8VMGF4Z(#$P<'0G/E=E:6=H=&5D($%V M9R!%>'!E8W1E9"!6;VQA=&EL:71Y/"]F;VYT/CPO=&0^#0H@("`@/'1D('-T M>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@:G5S=&EF>2<^)B,Q-C`[ M/"]T9#X-"B`@("`\=&0@'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0G/CDS+C@\+V9O;G0^/"]T9#X-"B`@("`\=&0@F4Z(#$P M<'0G/B4\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)V)A8VMG'!E8W1E9"!D:79I9&5N9"!Y:65L M9#PO9F]N=#X\+W1D/@T*("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!J M=7-T:69Y)SXF(S$V,#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=V97)T:6-A M;"UA;&EG;CH@8F]T=&]M)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P M<'0G/CPO9F]N=#X\+W1D/@T*("`@(#QT9"!S='EL93TS1"=V97)T:6-A;"UA M;&EG;CH@8F]T=&]M.R!T97AT+6%L:6=N.B!R:6=H="<^/&9O;G0@6QE/3-$)W9E'0M86QI9VXZ(&IU M'1087)T7SDY9CAA.6(R7S,U,3%?-&,Y9E\Y9C-A M7S@W.30U.#9D8V$Y,`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Y M.68X83EB,E\S-3$Q7S1C.69?.68S85\X-SDT-3@V9&-A.3`O5V]R:W-H965T M'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[ M/"]P/@T*#0H\=&%B;&4@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$ M,"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-E6QE/3-$ M)W9E6QE/3-$)W9E6QE/3-$)W9E6QE/3-$)W9E M'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M6QE/3-$)V9O M;G0M6QE/3-$)W9E'0M86QI9VXZ(&-E;G1E6QE/3-$)W9E'0M86QI9VXZ(&-E;G1EF4Z(#$P<'0G/CQB/D]P=&EO;G,\+V(^/"]F;VYT M/CPO=&0^#0H@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)W9E'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O M;G0M6QE/3-$)W9E'0M86QI9VXZ(&-E;G1E6QE/3-$ M)V9O;G0M6QE/3-$)V)OF4Z(#$P M<'0G/CQB/D5X97)C:7-E(%!R:6-E/"]B/CPO9F]N=#X\+W1D/@T*("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@(#QT9"!C M;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q<'0@ M'0M86QI9VXZ(&-E M;G1E6QE/3-$)V)OF4Z(#$P<'0G/CQB/E9A;'5E/"]B/CPO9F]N=#X\ M+W1D/@T*("`@(#QT9#XF(S$V,#L\+W1D/CPO='(^#0H\='(@6QE/3-$ M)W9E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0M6QE/3-$)W9E6QE/3-$)V9O;G0M6QE/3-$)W9E2<^)B,Q-C`[/"]T9#X- M"B`@("`\=&0@6QE/3-$)V9O;G0M M'0M86QI9VXZ M(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C`N-S`\ M+V9O;G0^/"]T9#X-"B`@("`\=&0@'0M86QI M9VXZ(&IU6QE/3-$)W9E M6QE M/3-$)W9E2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@6QE/3-$)V9O;G0M'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C0P+#`P,#PO9F]N=#X\+W1D/@T*("`@ M(#QT9"!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!W:61T:#H@ M,24[('1E>'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ M(&IU6QE/3-$ M)V9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$ M)W9E'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(')I M9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@ M6QE/3-$)V9O;G0MF4Z(#$P<'0G/CDN-C@\ M+V9O;G0^/"]T9#X-"B`@("`\=&0@F4Z(#$P<'0G/B0\+V9O;G0^/"]T9#X-"B`@("`\=&0@3L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^)B,Q-C`[/"]T9#X\ M+W1R/@T*/'1R('-T>6QE/3-$)V)A8VMGF4Z M(#$P<'0G/D)A;&%N8V4@4V5P=&5M8F5R(#,P+"`R,#$T/"]F;VYT/CPO=&0^ M#0H@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ M(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C$X-2PP M,#`\+V9O;G0^/"]T9#X-"B`@("`\=&0@6QE/3-$)W9E'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z M(#$P<'0G/C`N.#,\+V9O;G0^/"]T9#X-"B`@("`\=&0@2<^)B,Q M-C`[/"]T9#X-"B`@("`\=&0@2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@F4Z(#$P<'0G/B0\+V9O M;G0^/"]T9#X-"B`@("`\=&0@6QE/3-$)V9O;G0M M6QE M/3-$)W9E'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(&IU6QE M/3-$)V9O;G0M6QE/3-$)W1E>'0M M86QI9VXZ(&IU6QE/3-$ M)W9E'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0G/C8U+#`P,#PO9F]N=#X\+W1D/@T*("`@(#QT9"!S M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!T97AT+6%L:6=N.B!J M=7-T:69Y)SXF(S$V,#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!J=7-T:69Y)SXF(S$V,#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=V M97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX\9F]N="!S='EL93TS1"=F;VYT+7-I M>F4Z(#$P<'0G/B0\+V9O;G0^/"]T9#X-"B`@("`\=&0@6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI M9VXZ(&IU6QE/3-$)W1E M>'0M86QI9VXZ(&IU6QE M/3-$)W9E6QE/3-$)V9O M;G0M'0M86QI9VXZ(&IU M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)W9EF4Z(#$P<'0G/E=E:6=H=&5D(&%V97)A9V4@6QE/3-$)V9O;G0MF4Z(#$P<'0G/B4\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$ M)V)A8VMG'!E8W1E9"!L:69E(&EN('EE87)S/"]F;VYT/CPO=&0^ M#0H@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T M>6QE/3-$)W9E'0M86QI9VXZ(')I M9VAT)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/C0N-S4@665A M6QE/3-$)V)A8VMGF4Z(#$P<'0G/E=E M:6=H=&5D($%V9R!%>'!E8W1E9"!6;VQA=&EL:71Y/"]F;VYT/CPO=&0^#0H@ M("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@:G5S=&EF M>2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/CDS+C@\+V9O;G0^/"]T9#X-"B`@ M("`\=&0@F4Z(#$P<'0G/B4\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$ M)V)A8VMG2<^ M/&9O;G0@'!E8W1E9"!D:79I M9&5N9"!Y:65L9#PO9F]N=#X\+W1D/@T*("`@(#QT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!J=7-T:69Y)SXF(S$V,#L\+W1D/@T*("`@(#QT9"!S='EL93TS M1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX\9F]N="!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0G/CPO9F]N=#X\+W1D/@T*("`@(#QT9"!S='EL93TS1"=V M97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!T97AT+6%L:6=N.B!R:6=H="<^/&9O M;G0@6QE/3-$)W9E'0M M86QI9VXZ(&IU'0^)SQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^5&AE(&%S'!E8W1E9"!L:69E+`T*9&EV:61E;F0@>6EE;&0@ M86YD(')I6QE/3-$)V)A8VMGF4Z(#$P M<'0G/E=E:6=H=&5D(&%V97)A9V4@6QE/3-$)V9O;G0M MF4Z(#$P<'0G/B4\+V9O;G0^ M/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)V)A8VMG2<^/&9O;G0@'!E8W1E9"!L:69E(&EN('EE87)S/"]F;VYT/CPO=&0^ M#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@:G5S M=&EF>2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z M(#$P<'0G/C4N-3`\+V9O;G0^/"]T9#X-"B`@("`\=&0@6QE/3-$)W9E'0M86QI9VXZ(&IU6QE/3-$)V9O;G0M'!E M8W1E9"!6;VQA=&EL:71Y/"]F;VYT/CPO=&0^#0H@("`@/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&IU6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$)W9E'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/CDT M+C0E+3$P-2XS/"]F;VYT/CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&IU6QE/3-$)V9O;G0MF4Z(#$P<'0G/D5X<&5C=&5D(&1I=FED96YD('EI96QD M/"]F;VYT/CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU M6QE/3-$)W9E6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0G/C`\+V9O;G0^/"]T9#X-"B`@("`\=&0@2<^)3PO=&0^/"]T3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y.68X83EB,E\S-3$Q7S1C.69?.68S M85\X-SDT-3@V9&-A.3`-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M.3EF.&$Y8C)?,S4Q,5\T8SEF7SEF,V%?.#'0O:'1M;#L@8VAA M'0^)SQS<&%N/CPO3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\Y.68X83EB,E\S-3$Q7S1C.69?.68S85\X-SDT-3@V9&-A M.3`-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO.3EF.&$Y8C)?,S4Q M,5\T8SEF7SEF,V%?.#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^)SQS<&%N/CPO3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y.68X83EB,E\S-3$Q7S1C M.69?.68S85\X-SDT-3@V9&-A.3`-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO.3EF.&$Y8C)?,S4Q,5\T8SEF7SEF,V%?.#'0O:'1M M;#L@8VAA'0^)SQS<&%N/CPO65A3PO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'!E8W1E9"!D:79I9&5N9"!Y M:65L9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2`H1&5T86EL'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^ M)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)SQS<&%N/CPO'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA&5R8VES92!P'0^)SQS<&%N/CPO7,\'0^)SD@>65A&5R8VES86)L93PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^)SD@>65A&5R8VES86)L93PO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^ M)S0@>65A'!E8W1E9"!6;VQA M=&EL:71Y/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XY,RXX,"4\ M'0^)SQS<&%N/CPO'0^)S4@>65A3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^)SQS<&%N/CPO'!E8W1E9"!6;VQA=&EL:71Y/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,#4N,S`E/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y.68X83EB,E\S-3$Q7S1C M.69?.68S85\X-SDT-3@V9&-A.3`-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO.3EF.&$Y8C)?,S4Q,5\T8SEF7SEF,V%?.#'0O:'1M M;#L@8VAA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\>&UL('AM;&YS.F\],T0B=7)N.G-C:&5M87,M;6EC&UL/@T*+2TM+2TM/5]. M97AT4&%R=%\Y.68X83EB,E\S-3$Q7S1C.69?.68S85\X-SDT-3@V9&-A.3`M #+0T* ` end XML 15 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Significant Accounting Policies
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Note 2. Significant Accounting Policies

Basis of Presentation and Principles of Accounting

 

The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.

 

In management’s opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Company’s profile on EDGAR.

 

Principles of Consolidation

 

These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

 

Applicable Accounting Guidance

 

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board’s Accounting Standards Codification.

 

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Company’s results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.

 

Accounting Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

 

Note Receivable from Duke Mountain

 

The note receivable from Duke Mountain Resources, Inc. (“Duke”) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Company’s credit risk assessment is limited due to the related party nature of the arrangement.

 

Fair Value of Financial Instruments

 

The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets – Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor – Level 2 inputs.

  

Research and Development Costs

 

The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

 

Intangible Assets

 

The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.

 

The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology’s current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.

 

Stock Options

 

The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

 

Income Taxes

 

The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy is to classify interest and penalties related to tax positions as interest expense. Since the Company’s inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.

  

Discontinued Operations

 

The results of the Company’s oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Company’s subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).

 

Earnings (Loss) Per Share

 

The Company presents both basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.

 

Related Party Transactions

 

A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families; (ii) the Company’s management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 6. Related Party Transactions,” for further discussion.

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)
Sep. 30, 2014
Dec. 31, 2013
Current assets    
Cash and cash equivalents $ 889,795 $ 1,508,843
Prepaid expenses 16,894 1,230
Other receivables 2,400   
Total current assets 909,089 1,510,073
Note receivable from Duke Mountain 80,000 80,000
Intangible assets 162,854 162,854
Total assets 1,151,943 1,752,927
Current liabilities    
Accounts payable and accrued liabilities 15,641 11,222
Accrued expenses - related parties 45,978 44,219
Other current liabilities 137,500   
Total current liabilities 199,119 55,441
Long term liabilities    
Other long term liabilities 237,500   
Total liabilities 436,619 55,441
STOCKHOLDERS' EQUITY    
Preferred stock: $0.0001 par value: Authorized: 10,000,000 shares Issued and outstanding: nil      
Common stock: $0.00001 par value: Authorized: 500,000,000 Issued and outstanding: 66,575,122 shares 666 666
Additional paid-in capital 8,116,001 7,220,612
Accumulated deficit (7,401,343) (5,523,792)
Total stockholders' equity 715,324 1,697,486
Total liabilities and stockholders' equity $ 1,151,943 $ 1,752,927
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Consolidated Statements Of Cash Flows    
Net loss $ (1,877,551) $ (279,765)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Stock based compensation expense 47,001 9,622
Stock based consulting expense 848,388 54,668
Gain on disposal of oil and gas properties    (49,338)
Changes in operating assets and liabilities:    
Decrease (increase) in receivables (2,400) 800
Decrease (increase) in prepaid expenses (15,664) 6,058
(Decrease) increase in accounts payable and accrued expenses 6,178 83,313
(Decrease) increase in current liabilities 137,500   
(Decrease) increase in long term liabilities 237,500   
Net cash flows from operating activities (619,048) (174,642)
Cash flows from investing activities:    
Proceeds from disposal of oil and gas properties    3,000
Acquisition of intellectual property    (105,854)
Net cash flows from investing activities    (102,854)
Change in cash and cash equivalents (619,048) (277,496)
Cash and cash equivalents, beginning of period 1,508,843 513,595
Cash and cash equivalents, end of period $ 889,795 $ 236,099
XML 18 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Common Stock Options (Details Narrative) (USD $)
9 Months Ended
Sep. 30, 2014
Common Stock Options Details Narrative  
Shares available 19,815,000
Unrecognized compensation cost $ 55,819
Stock options vested 65,000
Stock options unvested 120,000
XML 19 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions (Details Narrative) (USD $)
3 Months Ended
Sep. 30, 2014
Dec. 31, 2013
Sep. 30, 2014
Officer and directors [Member]
Management Fee [Member]
Sep. 30, 2013
Officer and directors [Member]
Management Fee [Member]
Sep. 30, 2014
Directors [Member]
Legal Fee [Member]
Sep. 30, 2013
Directors [Member]
Legal Fee [Member]
Fees paid or due to related party     $ 37,945 $ 75,040 $ 34,945 $ 40,190
Accounts payable - related parties $ 13,400 $ 74,562        
XML 20 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 21 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization, Nature and Continuance of Operations
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Note 1. Organization, Nature and Continuance of Operations

RenovaCare, Inc., together with its wholly owned subsidiary (the “Company”), focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient’s own cells) cellular therapies that can be used for medical and aesthetic applications. The Company was previously involved in the exploration and development of both mineral exploration properties and oil and gas properties.

 

On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp. (“RenovaCare Sciences”), completed the acquisition of its flagship technology, a treatment methodology for skin isolation, spraying and associated equipment for the regeneration of human skin cells (the “Cell Deposition Device”), along with the associated United States patent applications and two (2) foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. The Company effected the acquisition of the Cell Deposition Device through an asset purchase agreement with Dr. Gerlach on July 12, 2013, and paid Dr. Gerlach an initial sum of $100,002 at that time. This asset purchase agreement was amended on September 9, 2014 (the “Amended APA”). Pursuant to the terms of the Amended APA, the Company is obligated to pay Dr. Gerlach an additional $300,000 in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. Additionally, the Company issued to Dr. Gerlach a Series A Warrant allowing him to purchase up to 1,200,000 shares of our common stock at a purchase price of $0.35 per share.

 

The Company has recently incurred net operating losses and operating cash flow deficits. As of September 30, 2014, the Company’s total accumulated deficit is $7.4 million. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. Management believes that the Company’s cash and cash equivalent balances, anticipated cash flows from operations and other external sources of capital will be sufficient to meet the Company’s cash requirements through March 31, 2015. The future of the Company after March 2015 will depend in large part on its ability to successfully raise capital from external sources to fund operations.

XML 22 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Sep. 30, 2014
Dec. 31, 2013
STOCKHOLDERS' EQUITY    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, Authorized 10,000,000 10,000,000
Preferred stock, shares Issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.00001 $ 0.00001
Common stock, Authorized 500,000,000 500,000,000
Common stock, shares Issued 66,575,122 66,575,122
Common stock, shares outstanding 66,575,122 66,575,122
XML 23 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Significant Accounting Policies (Details Narrative)
Sep. 30, 2014
Dec. 31, 2013
Significant Accounting Policies Details Narrative    
Common stock consisted of warrants to purchase shares 8,200,000 8,200,000
Options to purchase shares of common stock 185,000 80,000
XML 24 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
9 Months Ended
Sep. 30, 2014
Nov. 13, 2014
Document And Entity Information    
Entity Registrant Name Renovacare, Inc.  
Entity Central Index Key 0001016708  
Document Type 10-Q  
Document Period End Date Sep. 30, 2014  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   66,575,122
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2014  
XML 25 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Intangible Assets - Intellectual Property (Details)
9 Months Ended
Sep. 30, 2014
Intangible Assets - Intellectual Property Details  
Weighted average risk-free interest rate 1.72%
Expected life in years 4 years 9 months
Weighted Avg Expected Volatility 93.80%
Expected dividend yield 0.00%
XML 26 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Consolidated Statements Of Operations        
Revenue            
Expenses        
Research and development expenses 902,219    956,719   
General and administrative expenses 373,629 184,862 920,832 329,103
Total operating expenses 1,275,848 184,862 1,877,551 329,103
Net loss from continuing operations (1,275,848) (184,862) (1,877,551) (329,103)
Discontinued operations        
Gain on disposal of oil and gas properties          49,338
Gain (Loss) on discontinued operations          49,338
Net loss $ (1,275,848) $ (184,862) $ (1,877,551) $ (279,765)
Earnings per share - basic and diluted        
Loss per common share continuing operations $ (0.02) $ 0.00 $ (0.03) $ (0.01)
Income (loss) per common share discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loss per common share $ (0.02) $ 0.00 $ (0.03) $ (0.01)
Weighted average shares outstanding 66,575,122 63,075,122 66,575,122 63,075,122
XML 27 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Note 6. Related Party Transactions

As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service. Additionally, on August 14, 2014, the Company granted to each of Dr. Kirkland and Mr. Sierchio an incentive stock options to purchase up to 20,000 shares of the Company’s common stock at an exercise price of $0.85 per share, the closing price of the Company’s common stock as quoted on the OTC Markets Group Inc. QB tier (the “OTCQB”) on the day prior to the grant. Subject to their continued service as a member of the Board, 10,000 of the option shares vest immediately and 10,000 of the option shares vest on the first anniversary of date of grant and may be exercised on a “cashless basis” using the formula contained therein.

 

Effective September 30, 2013, Ms. Rosen resigned as President and Chief Executive Officer and the Company entered into an At-Will Executive Services Agreement (the “Rosen Services Agreement”), pursuant to which Ms. Rosen will serve as the Company’s Chief Financial Officer. Pursuant to the Rosen Services Agreement, Ms. Rosen will provide the Company with services consistent with that of a Chief Financial Officer on a part-time basis, for which she will be paid a monthly fee of $2,400 and will be reimbursed for any business related expenses. The Rosen Services Agreement is terminable by either the Company or Ms. Rosen upon advance written notice. On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company’s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vested on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

 

On November 29, 2013, the Company entered into a subscription agreement with Kalen Capital Corporation (the “Investor”), a private Alberta corporation wholly owned by Mr. Harmel S. Rayat and a majority shareholder of the Company’s, pursuant to which the Investor purchased 3,500,000 Units at a purchase price of $0.43 per Unit, for an aggregate purchase amount of $1,505,000. Each Unit consists of: (a) one share of common stock; (b) one Series B Warrant exercisable for one share of Common Stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.46 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018; and (c) one Series C Warrant exercisable for one share of common stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.49 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018. Each of the Series B Warrant and Series C Warrant contains a provision allowing the holder to exercise the respective warrant on a cashless basis as further set forth therein. The Unit price of $0.43 represents a 30% discount to the 20 day average closing price of the Common Stock as quoted on the OTCQB as of October 31, 2013, the last trading date prior to us entering into a non-binding term sheet with the Investor regarding the purchase of the Units.

 

On December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into the Consulting Agreement with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold is expected to serve on a part-time basis and will receive an annual fee of $50,000, payable in 12 equal installments, which is prorated for any partial months during the term of the Consulting Agreement. In addition to Mr. Bold’s fee, he was issued Option Shares to purchase up to 40,000 shares of the Company’s common stock at a price of $0.75 per share the closing price of the Company’s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Bold’s continued service as the Company’s President and Chief Executive Officer, vest as follows, 20,000 Options Shares on: (a) December 1, 2014; and (b) December 1, 2015.

 

On December 31, 2013, the Company completed the sale of 100% of the issued and outstanding shares of Fostung Resources to Duke for a promissory note in the amount of $80,000, which amount approximated the fair value of the leases and mining claims controlled by Fostung Resources, as concluded by an independent third-party geological consultant. Principal and interest at 4.0% are payable on December 31, 2015. Mr. Herdev S. Rayat, the majority shareholder of Duke, is the brother of Mr. Harmel S. Rayat, the Company’s majority shareholder.

  

On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President – Clinical & Regulatory Affairs and entered into the Trisler Consulting Agreement with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler will receive a monthly fee of $5,000, which covers her services for up to 40 hours in any given month and will pay her an hourly fee of $125 for every hour in excess of forty, prorated for any partial hour. The Consulting Agreement may be terminated at any time by either Ms. Trisler or the Company. In addition to Ms. Trisler’s fee, she was issued Option Shares to purchase up to 50,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on March 31, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Ms. Trisler’s continued service as the Company’s Vice President – Clinical & Regulatory Affairs, vest as follows, 10,000 Options Shares on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.

 

On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development at an annual salary of $60,000. In addition Mr. Danielson was issued Option Shares to purchase 5,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Danielson’s continued service with the Company. The Options Shares vest on April 20, 2015.

 

For the three months ended September 30, 2014, directors’ and management fees, consulting fees and reimbursement of expenses incurred with respect to officers and directors of the Company were $37,945 (2013: $75,040). Legal fees incurred with respect to one of the Company’s directors in the three months ended September 30, 2014 were $34,945 (2013: $40,190). Amounts included in accounts payable and accrued expenses, and due to related parties, at September 30, 2014 were $13,400 (2013: $74,562).

XML 28 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Commitments
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Note 5. Commitments

On August 1, 2013, the Company engaged Vector to assist the Company with identifying subject matter experts in the medical device and biotechnology industries and to assist the Company with its ongoing research, development and eventual commercialization of its Regeneration Technology (collectively, the “Services”). In consideration of the Services, the Company will pay Vector a monthly consulting fee of $5,000. The consulting agreement with Vector continues until December 31, 2014, unless earlier terminated by either party upon 5 days prior written notice.

 

In connection with the Company’s anticipated Section 510(k) submission of its proprietary Cell Deposition Device to the Food and Drug Administration, the Company has engaged StemCell System GmbH (“StemCell Systems”) to provide it with prototypes and related documents. Pursuant to this engagement the Company incurred expenses of $26,950 and $91,950 in the three and nine months ended September 30, 2014, respectively. The remaining payments are due prior to December 31, 2014, the exact timing of which is dependent on when the work is performed.

 

On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh (the “University”), pursuant to which the Company committed to provide a charitable donation to the University in the aggregate amount of $75,000 (the “Grant”). The Company will pay the Grant in eight quarterly installments of $9,375, with the first payment made on or before October 2014 and the final payment to be made on or before July 31, 2016. Dr. Gerlach, from whom the Company purchased the Cell Deposition Device, is a professor at the University. At September 30, 2014, $37,500 of the amount payable to the University was recorded as other current liabilities and $37,500 was recorded as other long term liabilities in the accompanying consolidated balance sheet.

 

See also “Note 6. Related Party Transactions.”

XML 29 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Commitments (Details Narrative) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
Dec. 31, 2013
Incurred expenses $ 26,950 $ 91,950  
Other current liabilities 137,500 137,500   
University [Member]
     
Other current liabilities 37,500 37,500  
Other long term liabilities $ 37,500 $ 37,500  
XML 30 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Intangible Assets - Intellectual Property (Details Narrative) (USD $)
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Sep. 30, 2014
Dr. Gerlach [Member]
Mar. 31, 2014
Series A Warrant [Member]
Sep. 30, 2013
Series A Warrant [Member]
Sep. 30, 2014
Series A Warrant [Member]
Sep. 30, 2013
Series A Warrant [Member]
Other current liabilities $ 137,500   $ 137,500      $ 100,000        
Other long term liabilities           200,000        
Consulting expense             115,840 54,668 311,173 54,668
Research and development expense $ 902,219    $ 956,719        $ 537,217   $ 537,217  
XML 31 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Common Stock Options (Tables)
9 Months Ended
Sep. 30, 2014
Stock Option Activity

The following table summarizes stock option activity for the period ended September 30, 2014.

 

                Weighted        
                Average        
          Weighted     Remaining     Aggregate  
    Options     Average     Contractual     Intrinsic  
    Outstanding     Exercise Price     Life (Years)     Value  
Balance January 1, 2014     80,000     $ 0.70       9.03     $ 40,000  
Options granted     105,000       0.93       9.68     $ 28,350  
Balance September 30, 2014     185,000     $ 0.83       9.40     $ 68,350  
Exercisable at September 30, 2014     65,000     $ 0.70       9.26     $ 22,500
Assumptions required for the Black-Scholes model

The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.

 

Assumptions required for the Black-Scholes model are as follows:

 

Weighted average risk-free interest rate   1.72 %
Expected life in years   4.75 Years  
Weighted Avg Expected Volatility     93.8 %
Expected dividend yield   0 %
Stock Options
 
Assumptions required for the Black-Scholes model

The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:

 

Weighted average risk-free interest rate   1.58 – 1.62 %
Expected life in years     5.50  
Weighted Avg. Expected Volatility     94.4%-105.3 %
Expected dividend yield   0 %
XML 32 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2014
Significant Accounting Policies Policies  
Basis of Presentation and Principles of Accounting

The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.

 

In management’s opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Company’s profile on EDGAR.

Principles of Consolidation

These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

Applicable Accounting Guidance

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board’s Accounting Standards Codification.

 

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Company’s results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.

Accounting Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

Note Receivable from Duke Mountain

The note receivable from Duke Mountain Resources, Inc. (“Duke”) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Company’s credit risk assessment is limited due to the related party nature of the arrangement.

Fair Value of Financial Instruments

The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets – Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor – Level 2 inputs.

Research and Development Costs

The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

Intangible Assets

The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.

 

The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology’s current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.

Stock Options

The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

Income Taxes

The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy is to classify interest and penalties related to tax positions as interest expense. Since the Company’s inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.

Discontinued Operations

The results of the Company’s oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Company’s subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).

Earnings (Loss) Per Share

The Company presents both basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.

Related Party Transactions

A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families; (ii) the Company’s management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 6. Related Party Transactions,” for further discussion.

XML 33 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Intangible Assets - Intellectual Propert (Tables)
9 Months Ended
Sep. 30, 2014
Intangible Assets - Intellectual Propert Tables  
Assumptions required for the Black-Scholes model

The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.

 

Assumptions required for the Black-Scholes model are as follows:

 

Weighted average risk-free interest rate   1.72 %
Expected life in years   4.75 Years  
Weighted Avg Expected Volatility     93.8 %
Expected dividend yield   0 %
XML 34 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization Nature and Continuance of Operations (Details Narrative) (USD $)
Sep. 30, 2014
Dec. 31, 2013
Organization Nature And Continuance Of Operations Details Narrative    
Accumulated deficit $ (7,401,343) $ (5,523,792)
XML 35 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Common Stock Options (Details 1)
9 Months Ended
Sep. 30, 2014
Weighted average risk-free interest rate 1.72%
Expected life in years 4 years 9 months
Weighted Avg Expected Volatility 93.80%
Expected dividend yield 0.00%
Stock Options
 
Expected life in years 5 years 6 months
Expected dividend yield 0.00%
Stock Options | Minimum
 
Weighted average risk-free interest rate 1.58%
Weighted Avg Expected Volatility 94.40%
Stock Options | Maximum
 
Weighted average risk-free interest rate 1.62%
Weighted Avg Expected Volatility 105.30%
XML 36 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (USD $)
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated other comprehensive (oss)
Total
Beginning Balance, Amount at Dec. 31, 2012 $ 631 $ 5,462,236 $ (4,491,004) $ (4,104) $ 967,759
Beginning Balance, Shares at Dec. 31, 2012 63,075,122        
Stock based compensation - Series A Warrant    237,971       237,971
Stock based compensation - options    15,440       15,440
Issuance of Units 3,500,000        
Issuance of Units, Value 35 1,504,965       1,505,000
Reclassification adjustment on disposal of subsidiary          4,104 (4,104)
Net Loss       (1,032,788)    (1,032,788)
Ending Balance, Amount at Dec. 31, 2013 666 7,220,612 (5,523,792)    1,697,486
Ending Balance, Shares at Dec. 31, 2013 66,575,122        
Stock based compensation - Series A Warrant   848,388     848,388
Stock based compensation - options   47,001     47,001
Net Loss     (1,877,551)   (1,877,551)
Ending Balance, Amount at Sep. 30, 2014 $ 666 $ 8,116,001 $ (7,401,343)    $ 715,324
Ending Balance, Shares at Sep. 30, 2014 66,575,122        
XML 37 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Common Stock Options
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Note 4. Common Stock Options

Approval of the 2013 Long-Term Incentive Plan

 

On June 20, 2013, the Board of Directors (the “Board”) adopted, subject to receiving shareholder approval, the 2013 Long-Term Incentive Plan (the “Incentive Plan”). The Incentive Plan provides for the issuance of stock options of up to 20,000,000 shares (subject to adjustment) of the Company’s common stock to officers, directors, key employees and consultants of the Company. Options granted to employees under the Incentive Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the Incentive Plan are limited to non-qualified stock options. On November 15, 2013, shareholders owning a majority of the Company’s issued and outstanding shares approved the Incentive Plan.

 

The Incentive Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the Incentive Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted in any of the Company’s fiscal year, options to purchase more than 2,000,000 shares under the Incentive Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the Incentive Plan are exercisable no later than ten years after the date of grant.

 

The exercise price per share of common stock for options granted under the Incentive Plan will be the fair market value of the Company’s common stock on the date of grant, using the closing price of the Company’s common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Company’s common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the Incentive Plan after June 20, 2023.

 

As of September 30, 2014, there were 19,815,000 shares available for grant.

 

Stock Option Activity

 

On August 1, 2013, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.65; 10,000 options vested on the grant date and, subject to continued service as a member of the Company’s Board, the remaining 10,000 options vested on August 1, 2014 and may be exercised on a “cashless basis” using the formula contained therein.

 

Effective December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into an at-will consulting agreement (the “Consulting Agreement”) with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold was issued a stock option to purchase up to 40,000 shares of the Company’s common stock (the “Option Shares”) at a price of $0.75 per share the closing price of the Company’s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Bold’s continued service as the Company’s President and Chief Executive Officer, the Options Shares vest as follows, 20,000 on: (a) December 1, 2014; and (b) December 1, 2015.

 

On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President – Clinical & Regulatory Affairs and entered into an at-will consulting agreement (the “Trisler Consulting Agreement”) with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler was issued Option Shares to purchase up to 50,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 1, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Ms. Trisler’s continued service as the Company’s Vice President – Clinical & Regulatory Affairs, the Options Shares vest as follows, 10,000 on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.

 

On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development and issued Mr. Danielson Option Shares to purchase 5,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Danielson’s continued service with the Company. The Options Shares vest on April 20, 2015.

 

On August 14, 2014, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.80; 10,000 options vested on the grant date and, subject to continued service as a member of the Company’s Board, the remaining 10,000 options vest on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

 

On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company’s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vest on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

 

The following table summarizes stock option activity for the period ended September 30, 2014.

 

                Weighted        
                Average        
          Weighted     Remaining     Aggregate  
    Options     Average     Contractual     Intrinsic  
    Outstanding     Exercise Price     Life (Years)     Value  
Balance January 1, 2014     80,000     $ 0.70       9.03     $ 40,000  
Options granted     105,000       0.93       9.68     $ 28,350  
Balance September 30, 2014     185,000     $ 0.83       9.40     $ 68,350  
Exercisable at September 30, 2014     65,000     $ 0.70       9.26     $ 22,500  

 

The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of stock options granted during 2013 was approximately $0.49 to $0.57 per share. The weighted average fair value of stock options granted during 2014 was $0.72 per share. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Company’s historical experience. The risk-free interest rate is based on a U.S. treasury note with a maturity similar to the option award’s expected life. The expected life represents the average period of time that options granted are expected to be outstanding. The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:

 

Weighted average risk-free interest rate   1.58 – 1.62 %
Expected life in years     5.50  
Weighted Avg. Expected Volatility     94.4%-105.3 %
Expected dividend yield   0 %

 

During the three and nine months ended September 30, 2014, stock-based compensation expense of $27,646 and $47,001, respectively, was recognized as general and administrative expenses. During the three and nine months ended September 30, 2013, stock based compensation of $8,793 and $9,622, respectively, was recognized as general and administrative expenses. There were 65,000 stock options vested and 120,000 unvested, as of September 30, 2014. As of September 30, 2014, the Company had $55,819 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized by April 1, 2019.

 

The Company issues new shares when options are exercised.

XML 38 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.8 Html 41 120 1 false 14 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://janusresourcesinc.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 00000002 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) Sheet http://janusresourcesinc.com/role/ConsolidatedBalanceSheets CONSOLIDATED BALANCE SHEETS (unaudited) false false R3.htm 00000003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://janusresourcesinc.com/role/ConsolidatedBalanceSheetsParenthetical CONSOLIDATED BALANCE SHEETS (Parenthetical) false false R4.htm 00000004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Sheet http://janusresourcesinc.com/role/ConsolidatedStatementsOfOperations CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) false false R5.htm 00000005 - Statement - CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) Sheet http://janusresourcesinc.com/role/ConsolidatedStatementsOfStockholdersEquity CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) false false R6.htm 00000006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Sheet http://janusresourcesinc.com/role/ConsolidatedStatementsOfCashFlows CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) false false R7.htm 00000007 - Disclosure - Organization, Nature and Continuance of Operations Sheet http://janusresourcesinc.com/role/OrganizationNatureAndContinuanceOfOperations Organization, Nature and Continuance of Operations false false R8.htm 00000008 - Disclosure - Significant Accounting Policies Sheet http://janusresourcesinc.com/role/SignificantAccountingPolicies Significant Accounting Policies false false R9.htm 00000009 - Disclosure - Intangible Assets - Intellectual Property Sheet http://janusresourcesinc.com/role/IntangibleAssets-IntellectualProperty Intangible Assets - Intellectual Property false false R10.htm 00000010 - Disclosure - Common Stock Options Sheet http://janusresourcesinc.com/role/CommonStockOptions Common Stock Options false false R11.htm 00000011 - Disclosure - Commitments Sheet http://janusresourcesinc.com/role/Commitments Commitments false false R12.htm 00000012 - Disclosure - Related Party Transactions Sheet http://janusresourcesinc.com/role/RelatedPartyTransactions Related Party Transactions false false R13.htm 00000013 - Disclosure - Significant Accounting Policies (Policies) Sheet http://janusresourcesinc.com/role/SignificantAccountingPoliciesPolicies Significant Accounting Policies (Policies) false false R14.htm 00000014 - Disclosure - Intangible Assets - Intellectual Propert (Tables) Sheet http://janusresourcesinc.com/role/IntangibleAssets-IntellectualPropertTables Intangible Assets - Intellectual Propert (Tables) false false R15.htm 00000015 - Disclosure - Common Stock Options (Tables) Sheet http://janusresourcesinc.com/role/CommonStockOptionsTables Common Stock Options (Tables) false false R16.htm 00000016 - Disclosure - Organization Nature and Continuance of Operations (Details Narrative) Sheet http://janusresourcesinc.com/role/OrganizationNatureAndContinuanceOfOperationsDetailsNarrative Organization Nature and Continuance of Operations (Details Narrative) false false R17.htm 00000017 - Disclosure - Significant Accounting Policies (Details Narrative) Sheet http://janusresourcesinc.com/role/SignificantAccountingPoliciesDetailsNarrative Significant Accounting Policies (Details Narrative) false false R18.htm 00000018 - Disclosure - Intangible Assets - Intellectual Property (Details) Sheet http://janusresourcesinc.com/role/IntangibleAssets-IntellectualPropertyDetails Intangible Assets - Intellectual Property (Details) false false R19.htm 00000019 - Disclosure - Intangible Assets - Intellectual Property (Details Narrative) Sheet http://janusresourcesinc.com/role/IntangibleAssets-IntellectualPropertyDetailsNarrative Intangible Assets - Intellectual Property (Details Narrative) false false R20.htm 00000020 - Disclosure - Common Stock Options (Details) Sheet http://janusresourcesinc.com/role/CommonStockOptionsDetails Common Stock Options (Details) false false R21.htm 00000021 - Disclosure - Common Stock Options (Details 1) Sheet http://janusresourcesinc.com/role/CommonStockOptionsDetails1 Common Stock Options (Details 1) false false R22.htm 00000022 - Disclosure - Common Stock Options (Details Narrative) Sheet http://janusresourcesinc.com/role/CommonStockOptionsDetailsNarrative Common Stock Options (Details Narrative) false false R23.htm 00000023 - Disclosure - Commitments (Details Narrative) Sheet http://janusresourcesinc.com/role/CommitmentsDetailsNarrative Commitments (Details Narrative) false false R24.htm 00000024 - Disclosure - Related Party Transactions (Details Narrative) Sheet http://janusresourcesinc.com/role/RelatedPartyTransactionsDetailsNarrative Related Party Transactions (Details Narrative) false false All Reports Book All Reports Process Flow-Through: 00000002 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) Process Flow-Through: Removing column 'Sep. 30, 2013' Process Flow-Through: Removing column 'Dec. 31, 2012' Process Flow-Through: 00000003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) Process Flow-Through: 00000004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Process Flow-Through: Removing column '12 Months Ended Dec. 31, 2013' Process Flow-Through: 00000006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Process Flow-Through: Removing column '12 Months Ended Dec. 31, 2013' rcar-20140930.xml rcar-20140930.xsd rcar-20140930_cal.xml rcar-20140930_def.xml rcar-20140930_lab.xml rcar-20140930_pre.xml true true ZIP 39 0001477932-14-006024-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001477932-14-006024-xbrl.zip M4$L#!!0````(`/U3;45\]`-HZ5D``/[%`@`1`!P`V,HCY8*YSILC[50]4JACNA9S1F^.?KT_&=Q?7E\? M*?]\^Y__H>RR^4WXCM MXQ/WCW=WG^#/H/QSQ3CMF,K)28G"?J..Y?)?[Z[CPL:>-ST_.WMZ>CIUW$?R MY/*_Q*GIEBONWO6Y2>.RN$GX-UW56FK?4+]IZB_&Z?,0<%\1#][BB__6KS0- M_]&_ZMIYNWMN&"4E><3S12Q)?5;#_X+LKY\?N,W.\5\%5.^(\V?!WAPE*O=D MG+I\=*:KJG;VQ^=/]^:83L@)1;ELYOQ5E$_K]_MG\FV4-)<2A4^*@:)3B`5YE[1X>*Y.3Y6+84 M%G<293A]%M91^!KEOSD2;#*U@6!G45&!T9BNX]%G3V'6FZ,/W)U@`0A3U3PW M^+U_,IDQXMOE]<]';\%\-57K=-7>Z[-L MYKFXLT)YH;0IM(%KY5&`,7$/_<[;>76BDN;O:CC;S8I445F"C2GJ9 M5IIB4LKM&9MT:X5ZEN3_%O;KWR[=R<1U[CW7 M_.LSG3Q0OK,6F"N5CB8TP;7XE05@GJU!MS=K^AQSN?N][4H55W/&UV4BGN.EZC;E'/=X`II>AGYF^D+SYU\N^(? M*;>).?X^NM4/S&$>_<0>J77M@/)&[,&F`R&H!\/?S^1/EU_:1(2=+&ZF.<\H M8(==ZS;6QS,S(P8&6B$3[J%<*@:_$\Y![-^5#D5:>)%S(L86HH?<)-N!2M\C ME781(!VHM-=4VK\89- MYDL$LC?/5O7[G[[(SEC'/NIF.&0FY:'G"JGP@=+O@P-WU`:SL6[!Y&9?(7(3 MQ$0?!#XJ^2;M.5(::=9/?66>36^&UX[%'IGE$SO!R5CGNW96+V8UX,#A`X=? MU"A[F1^^8IR:GILA\2^5?=E.I4#<79. MG)U>U)*[&6#*Z1C5^4BO'=.=?"?#K/)1:W']=SW8V;-M[(LO%#G09Q_HL_L+ M1@X\V#,>;/&BM`,/]I@'C8<8OL,"$H@QX53DFG9"">[I>!O61R:*"HS>I<5@ MB0MD_'I_M5!`>`OJ.:2I4_XWJ/JW>X29DR3G1`NZ7MWE&\CMD$=1PK8):GK\\6%9D7>0F6QXE][5CT M^627H/QD]J)B;Z6!OP_"PM+E)QW( MPM*2X@;PUL(4'VPR*BUF2&Q!`PFI`I(E7_JM2XG48^XK+0\ M`7ZGMOVSXSXY]T!4\/K6M1`^=!-EQ7YQDP184%I>[&^N[3L0^<\^,)MRL::X M3"D%]`[T<$>G+O=@3!S<#5Y:VK_0P:PJ+2]5HKD$=8]<7MZD[B?$AGQ*7+R" M'2YQ9DD(J:*+#"%H\H#`'^!9^0A`5A;*_5,WHP!%XB9DTDU2[&SV!\%NS< M8?:;(X_[R:^X-(AA^?:-93K3C6Z_JVU;9PM6AK>FN!VI9/V-7'M)^P7S[_5; M,3B)5WK\NDPYK:X,$%8+JP=KVPYB32CKDTQKMUKJ;O6X,:=1#<\^J&DSCF0_ M;*4!KQ)8W*^0`:,U_#I?XS:;4IS1#K66%]PPKCH&K+;ZG:T!;IUYZ)XO>CWA9?KCKM8V]%;S MLE=_?V@9JHZA-0^IGD_I=#;00M4^L;$,7KO5T75C`Q";\WA=75<[FKXQ+2X5 MWN]TN^W^YENPG)]-03MIM?J:JF[`"-?K!-+@VFT]"V80Q;C@3*[Y>K*/X+]8+LGUS1R!#] M1.N!KVPGR)L245E^T=="E\K7N_TN1L:;$-_05$`CTBNYEXTB6<>+:*JA=W&> M:V/-M%7Y1=>T+Y>O=]N]5I/USUU?OL)*8="@-UC]J@?.=N=#-N7(5RQ;51G3 M+%JG,=3,.LVR5:R2BWJU`.46CNH`JA+3U0(D9P.B.8";(Z6.F@.?7>CKDH@QY,$?.'9Y)+8\ MVN)=$LYGP$JY5V?MFA5Z_VV_O"F&9F:NV9K1WA[!, M**H;';7?KXE0]O*Y9:L!WI\]DL>OWLWF26[)#!\-G@BWOD2+6\'8^]H1X"GE M#9Z)'2]??'F\J\[.GUYZF]8V\.Z+CLIOR^VU7ZZ2\J+0`W\=DVCQ%$`]4N%1 MZW=POF/X.7BDG(SH1SQ!A`=(/A#&JSG,I9LINTUHLL%:O11-5]^VVC->@*8? M5F-ZJ(QI,!IQ.@+9UX['&809I@10>;MD0313X"]W5(5]5V>90*73@\'G?JKS M$R,/S(;A&170[3>X,-YMZWV].Z_T*D%-`"O3%IK6UOK)N+8JL.S0;V":_L27 M=T!>T2$>$E]79_GUNM6RFD%7:M(TM_14'=V"F8!U%99;E5Y0?@T8I<8AV07# MDC`2TSNUAFJI]=1LH>L(+>73J@A-G\ZI6ME5TR@E2U]0JU6E)_S#N@W4;K=: M6J''J2BLU"Y=H]/1^E6E07QC!H>`&VR8TN67J1>XQG8R*"DL?`F"R\K5*]F& MEW5$E^JR^GUM08LND"WC@EIU+S5UV6`5,XV[H/CZ*!9]U74IN,PIKXV#RWV> M9>F&V;4T!WVUZT,$">$E>;!IXA+K^J;2:NE)NI81U12\4@ZRW>_V&H4'<2,\ M`4.QFO,WFJ8G%](J2&P8;"GS;7>2SK$.6/EEOL9&'4%QY86L-8(H%B(-,?O) MP2]T?4)T]%X[N\904'X='*6JOR:.B!3`AB^N1\4=-2E[1'[44$IF8G>IC-J` M2HT%Z@"2JJOK-]K0775S[%QJ;C6MOZ_VU5Z_I$1)E[D:D"D;BDY*"RD5?;9R MG6QA^05CDRF,`=\_XSP/K=NVNI&^\B!?]-KRRYE^K]^J""`S7QK,^]\,<^>: MWQ'!S.I;($OO1*F$H_%*+-]'67K#T6XKL7R;W!F4`@8\+P:RA\:[$Q5@U-ZT*H>B*KU3>,WGKN:`/:6W5,9PO:6W52 M9Q6$CX0Y".#&`?%35\B5WIMAP9QBNP%O,J(KRC@A)NXC&3*_I(;7Z`MWT]Q3CGM[ M?R>XP=HK=P'HJF!"5U9?D-NOM.>?'YK06N2:DE1R;W MH/*;X0W#(.`C$?`*HE%O!G]A@TBOLR'U-8"B<@R9^7A))0`EFS^.YFOS;[G= MEQ??+/#JO.VV.BV]">!9CP"9<#O/?!/YHDWX:^H\NW&]BORFL3?0T2Z`<+D1 MW67WA9<6WBCJC6BMS";9)E38T;J]90HL@V-SM:GJ!WJ&H1F;KTYZ:ULC3&YW M.JUEP-,BFX!8V<=VU/92JE2%&+7%?*=D(_ZTM=PCY*4VA;2R0GOK(LW=!N\( MWTY,[C6AQX7?NLC(JH.IJL;:K4ZG`J1(M<7G_IM04GB/_W)!Z\.IJI]^)W>[ MVDHT`Q-BSV"%[-(5&UNC+"-FC=%*.S5:R0K)!:7$\SF&X)77Y-[^:'L74T5X M,YN^.1I"IG-%4Z>>\I5-H.OZ0I^4.W="G./@P;&"DS/#"V5"^(@YYXIZH:"8 M$V*S$?R)=S>QX>SHQY%W@25C@54+EYF#;R!?0D,?__@/S;C`[R`?*YX[HAB_ M*$_,&RMX@=[3V+7MF>(^.=12A/\@F,4(GRFO()GR(YE,+_ZAM;H7E\&75Z,' MO8N?CI4A?I848`!%,3&9Z_A8X>$,TC$T3#R!)($0QSI6V%!Y"F:G*/QENI,) MY28#'?P[H+P[5(CON;8[J`%8+,'.)8D(M9A);`30*@1'KF'K,5,@4/]<>$.!4 M^0J5"NL-:(4RY?21`1Y0%W,>7?L1RF-!W?$[[V[`'%EDHM)8EP<7M#UA41Z,9 M"HD#",/9!D4&9TEIS_@4>*EQ0D_Y)9W@T2[GRJW/L<[5T&P*S7C43X1D9H2F5+V!\Q5W`>P>DD0R#DE MLYQ.4(GQE1O*#X:LJ(H^?>CZ''X*C]BVO#'G7'E%?HITH2JR04Q9)<70@OI< M**\>($E[88HVI##C%%&K9%-U+F3+O+*6B^N>*O/K0NQ9MO+RMEZH=JIME6!A M2!DHX=)0H`7;=I_0L,=L(C45-:<_Q3^U8SU$$1QR0^C$0,BFNZ:DDX'6`$]L0K5ES"+G^BP)R0&[=:,Y M3\5VA8C"C_BA2<08N@WW":(9>2L/A$0#V?RQ.2N&&G`_1;]D>.:Y>$$.F=_P M$Q4F48"1_M`];4%H9-M`Y+2'M%R`Y+@0OP63;5"%L$_![B5<5D/(3Y!;B39T M(F5E3:-*#2%VCVH5=0-Q)8.^,U?1**P;^C@L.%4^$X<$5VQ!(&DS$!Z&E@MJ M+4M$0?(7&J\M*0_$QMNC!7I?"#@9]C]6&L0"Q#)J![Y0CKY*@`6:@2V:X25$ M4@L0Y@I_B)6@@<.<4+H<)4=T7-9-2"!1#_,9P_?8=05-$^@C[J+"AB)#0!6F MQ[0!%(O"R%(&R!"2C\`I$.ZA(T/U!C-J,P0H?!,J(H8^!DB<,$%#=02UDKK( M51OR#?UY.V*TOL`($Q/_N2%>=A"(9RC$S?`6QRZ.1\*K=>_!/!EH%!HLG'1LW0!Z#MM'R,J\#<4 MC'=,'BFX%>K@\!=L&-X\S-(C'8PW71\B`!_BD6.T>/#W+K?DM_KP9>A7P&W[ M=NBS87S@VZ%_"]W)/06OS>)Q\/MG"":%FDNUD]>`?+OT%*"(7]L1D&7A@(@#?:K\9Q">E2#YC:!-C1) M4@L?!X/;I!KFK84#$YSR!"?)%7?"/"PKH26)`YSO6`%-%C<,#KFP94?CE+O/ M]X!)?<5JPN$JL:!WP?X:>R+R%Y6I$VH/E2&=#&3!SAZ:VJ8$CT`?HL6]05[@:[37D99.1O.!W:,#`&ZD'8&%]E M+XYE64S$)@3E4IQ2&886BG$NQ(D8N(+H"60(AN1(0X=BB(&SFM'TQ)`PKDR3 MO5LZIDG6;8X[&HS+Z4W?]N)^#;LM$_A<#3)X%727B[!_37.!$%]HEX,)SV0HM^H"8,W17R2)@M5[3` M>'T1SSQ(@Y5F6C.,"R4"<^?<,!+JLP/G+ M2-QD'(8/>#."&7F=)]>WK2AVE>C5P4;M,G_N$^0D1^'$V.2.4J*-9*741\]E?O/!!CT3'K$!\1CR6FL M1QE[1T4`X@GM&"8^)`:;EX7(=K$([&B%G*FG&,V'V!&O$LSH9"<\C,BB M42\`<.CB"`#^IWRQ!;E#!@0&Z.^O/@[N_K^]+WUN&TOR_+X1^S\@/.4(.X+B MD)*HP]Z>"%F6J]U3+FLLNWK[4P=(@A*J0(`-D)+5?_WD^0XOB/SY?G+[8VR43>*L3FL5:$"]=1(.]02ML;%1N[?5Y0C$GU8=,_7F!$U M:O*WBP`U6KI#19$4_S@G/%0\#_B%_D2JLDO+&&#RX3_N-7N*V'84"N M^C0RKOJMV-JH8V_$U@E'ET!%(G*M-R3X>1;3J=Y*KLW_3`%N MW8MO@8QF+]#"V`1#LN\')@/(2Z,IB*`(">*+?R##LC$Y=+Q07E##,3XX5<(X!0!E")@R!03_N^$G1AAFL[(Z:$+K59C/X(CG%*>!H5EC!G5[6FH MCK4KW]A$]8ND$)JY_'%VSO'OK>"*C=@`##3T50XS6C04@_`(NQ?]\!T]@N?2 MF=UPENLV_&L6YD@?&WO$$EXP,8_Z+*/3+,#$C\CX:_`+L`*RW9R1@<6-T%F:7:6Q\T*[`()9<=+/Z(M4+11QT>I;@ M+W8@9H\4UJ2&BJ"085QR"A9W,2LD\O2_[2S0@@(CXY9]8L,()C_E>9(%@TH) MB"H0'N,8`P&7&7(ZIG9%.283T5<'9O7P:_#_R6TF(AF^*OY8_BQY,(>:U@5O M\R*36&7!S-XHXYO"/R:%#45FMKNQFN2@)6$KJ.,$M'N*@A2G+JRMNI4KUZSL44]3C/LG6H`FH0]EYCX]? M9:HT30GXUWL]&R:Q%=2;)*BMN>O',,_@^V-2W[9&[D9NG,;^V>%F%-YE4@#P M(52G4**7XM?!ZK%K%5\:OS:WFXTEF@!QI*=*TXQG8VY1R$(F5($3V;B.!GK0 M8F`<-WPU<>H'X=\V!:'F-2^;+%*L)4=9+5\O(.$'4[YW2*Z!3@W/1YB92K%, MT#LE54HC1N.0M5G0(/!:)CV&'0YFQENYMU'L8^0>EHMKY4J`_P@TAC5Y#`/1>Z!R,QCH!1X?8P)A"@1 MR6V?1U$P!HJN2'L%::B:9"GE4V+`IPT9H1SFE:SZ`C7D",5R-!3!"K3-T))% MI\5T*R(VZY`9$8$]>HA0IPZ81/S[&=QIG_"B">-M''-#MU%E!>7^Y?-V$,QY M24%N!5A0Z7H!\$'?+1O,0(\8(/NV0#"$9&*#B@`7/C+\?KOSDFMP6*'B8D2; MK4F/@08QG$6UQ22>M\U+ZX8!8S#$"'I*.4V>-1MVGF)V M]FV0AI+?;=2ET':7W@J?C3JU1OA@!WDBE#O8PNUD'?%.S^^M]-G,?53I,P!6 MX_I*,4S0U=542,*FBG;&)7L'BR/1`/$MG\DDS[Z3?<$YC]=T1JA#/$J5K(]^ M-Q/"_M0X@SL%H)%^`,M*UGN'BS&+QB;";H@TR:SJ51+E^:@"0[- M@M6AKR`"B8P2D06(+2SK9B)D0.L)1$&9\P>0X`"]=^BG%4$(?ZM0O:M4/U-6 M>/),882;(E$:`\R-41*4PU:N;>86EBTPY-5T2%92!JQ':I3ZAFF+*\`)T0@8 M>NIY98R^,B"H$,ZOHJK&9D$4Z24,(*]$B*GZ)JR21."5%BFL/%*_*0!!D?W6*0QWTM M19X:$1T-3VB=%D5"-'0=9V'>%X![/54(^4:8R0$3,!2U-T`\&N*-2>VQ%A3BM,6U4`YP8-\Z'4F:, M<#@@U]K!"7\`W4[D.7<0*!ADP0QV%7)E5AZ%@RN48/H3B;M1%!8QE_-J;@NI M?JZL0J0(#B`(%:2H%0PV@377&"W826(&U/'7J(6YO+^3TS\+8IAMG'/`@"5W M@%$)K/XF^!,*<<"G^S#UC#+NVL&W":J0ILK8>9214T+CN`^ER(&%[3@<(@D& M=>(J2E$BXB>2>&2*H*OTVJB('Q'`ISE\@%$234_H8^`?\382#A"@>U(^[>85 MY4ZA!_L9M19^R`D]%.G%Q8=;@$&4_'0<7*^BEF+6I,W*ZC%)8&.G$E_'S!A?I;@[S)@B283?]"_XEF9&AFF8W,+I]ZKK ML61IC)!M$Q%L<&MBL#_D(Q]/'4?N#>Z(\WG)*JH9X*M?=S.](JZXCH%E<6%I M:V^P,2O>J^R1P0Q./+OLO96H.H$9&`\P*2/1=6C+IT@E\(J59%$B0W[,R0.T ME$G\!Z9SP4\I_=%PM6.I\4CUT@,].N1WQ@^@)E4ROUHNNDF)=?A(X:BF.&Y[ MU6_DI6%$/+GR!#!HE"EHBWOB4<=%_F/4,ZKDDH`IA4`X]T;+X,IGK"(7WA@. MT@"N?S%X/D?Q1$PP=N*=.Y73M@83Q9>)K+J76B86?JL,GX8B.W**ITE_Q\1+ M6W8G6BTC]X4$]=9'`9R$M_Z#7GVS\WQ,AYD9ZD_S#C7E[Q(1P00#0C)-.8U1G2\J^6*NVU^0181%+Z(E ML6D1:8ZG2:)Q]5-"$L7'WR4AS.=B<)5ABA&ZHI'^<0:R7&$KC%Y=(Z46+4?= MI)F2>0/7I"QQB$S2EMQ$);AA8"3*4N<<>31L8#^-_GY-F(JH2++J3I&Z$284 M^/[LK=S<*"YT?"_87)$S@\/OVP3(3=VPLMATQ%I,6QA,H(:\2Q*:W.&$>V37&Q8-)D)%.^B9[XNOTS5=Q.VJW^,_Q598- M63!'X91N$'BJUWGYNN7L"2K7Y'W"C%*&;Q65U2S/C0)9%'"<&&%F-I%JC^A[ M:-P]Z)@)O],5*86;-3-C5[E"Z34HS2"XL>J+ED%NZ*&Y?<%0Z`OJW0ZY&M05 M1A%00N8A"'NFG&(WR3!$6!JTWIPP@14U&$A@6 MVL=V<,'0+#`YV.8!,&PCYN8$P0EOI;9ED,!0($Z=W"/T<$5@F],&:$`-W9SN MF1?[SKXF2B`0@B6336.;9I!*^$_AF3UUG*H="#S>YB M(Y,FV,&)4.&<1&VM_K&88I+KA'BG\!:E'S`PZ'/5KI[\M6WTK/=QH:BN0S%3 MM71HJW)MYMZIRN5YVVL%A=OF`/]7NR/H/9%'YB;3@HV":G[U1'B%9*A(\9BN MQ[P($^.YJF^K@-?%AZ@/BE]^:X-F5.[MO%M#OM,I@R,Y2%>>):BR78&T3%!&46XAP3X;"Z\'0\.*K MHW)7AK"*S$\D4*<-3IPLX2F^%BA\$[U:.&CWJ+=@R,`,=V2;7/!SU?%A"^=H M[BVP1;ESP,(X3^/$MC`,#U7]$ M$X0EJD//PL/HM;EEM1-R58YF.650HV4XHR8!BSN!W*?/1[4EK"9$<`KN>P-" M]FQ:@RS3ZV[9MI*U:*PMQ`F*..2`P(O-K[&]\%G:!C?-+[7+5"CZ] M;P7G5_!_W)X0;*37M=NS%=^2>NEV"7.Q>%"%Q%`#(AJ9F1IG,F+/9UC.[-EI.%I*4.3@K2W?JV!?-[ MMK';_,Y]VXR>KH!NFFOFBBOI7U,; M43"_ZUO==Y;N^+957S9)+IZP.*IKAF:WD0^R!/,FW%N^W)?O)K1)^F14D5!0 M1UT)R";X20T_]S5C9]&K];6@L;;I%9AKBONZ:3R"<@W64!1MD_8V[+`)7+#< M�GR:LUE\8*[:&I*Q`%-Y\-TBG2!+\O$"V!5-4ZB;I.(X8^:^NJV2EG^2K MB"FP']8QV>_H?+71%#"7H=>1$I,D\':+?R$BY*]'[>`WR;T6 M&A5'M1])M\1+4C94+%QA5R>3S/IK12V'0$(PF@H*";#GF4' MO7SFZG:*4)5L@K!PR3?08":W\5I6&`\-IE885:-ELAK\]$3:;.]\TY`*`C8, M)(\EXK;"]'@9?4Q]D*S3NFRAO).?NRCG@DIGBS:;I-?ZF MU-`R)9V1NJ9/0CR1?WG1>4'_GJ"TD7^O3.]-/)Q>X:.=ER_LH#A>KA^[QB#Y M($QT+OUL.LW&;T%1'/QQF6/G@IU!EF3YF^`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`@J3!K]FUUS((SK%SY`I,;N#BOG'X>Y8[N$!U=5$<=J&U<;)) M-9.23F]DNU3XQ&]C<1LEXC3CNG3",*]B.(Y33.C-+>27B#VLW47>Q4YYF.V! MJ5V:06T>:P<75AY(`L>UG\WUT6,;YD([S)54D6HM*Z'/^'`)5F`T2PA*F,G& MAL\T64+XC4?D'&J]L.4D#S`TPK/BN)84`VJ@A+-H3)4-!]L42C,V,M-YUZEY M-V9O-8]%GXCXD<&8X( MS9.L#"1'05&&8I8;;!3G!3>AP*W#MA?T`AY5UHP)00JSXH=A3FN%"8J8<"TM M*S3EH7*5$!&34I"U1CB[5&<M8W3R-Q(0JD7!6_8RL?-U$^EH+O-M&^G+R/ MA[!\I3=>Y"J+3&S58Z<5,@3JD&#WV MS`U?&A:Y:")0C&:^/NLZ\B\,1.U%JA@%<2#P#0M2IIE8*QA:-"0)>R[!;]@R MT[P05MZ"?74I3WM4OQ=M4*!4A`E$F;>Y#1TCUM'7;]FZ#J,$W/S_$CIO=U(Q_U2AH+#_G9@9$N\9^MFV;B=$S?+ MR>P2OAAT:[+R/5->4LP^@>3.P;C][SC_(^'VN3$'O;=`.R>]RH6%.G]D8.887HZN/*HH'\<:9%FPV5& M-H_-M,JC<1B32=Y(B+=>7*@HYH).4>`YK6L(49CIQB-@**?\Q&H*6&,_2T)1 M,5*!&R(Y&&^-]\UB')/>YB?KUW)0.)ED,?'0I[P-IRV1M@M%@+5#&&RO:94^'*Q2S3'=*>G$1"6W!1DU;KA'].3.&+XQ0EHT\)6I"_6O>MEIT- MABW4,\5\SQ?[1/M[&QN8G9BEW-7E5.*2JU4N&,K/*SQG+T'<.GFZASVV'8T2 M>F>M'*8IK8U$&'W^>OH_[_`?QL>WRVF!>RSPU(85*O^#:@37)2>"BHRH2$3= MH9H,6W576DG9L`+VC%+CTJLX&@5GWZ,!USY_9C<0'WA_NB0OG92YEMX,6<\*PO97`$8[?=<0H86@\A%>EPN-Q=)Q77 MJ#DMD(A:4>`L?*U@#!8+Q7L>W):)G"T2F5U?9+KLUN.Z0?=/!UPDZ/[I\"U5 M!+I_.A(A&[VNL/#Q5LINKI3=[-SAAZ0/:@SV`WPZN?"A*H]Z=]#BUB>$:@3*Z7'BY>EN? MRY9Q%C`.JGE?KK)T&,(7BRAM!#IFF]9VNS8V;;>)J>;')2U3]>[&4U*:7<-7 M5(K,IK=K:%@$%8^5JL,_#"%CKA&O$M!VTY:!./ MYQ.4\.N9^!1MY['[D MVIRIR_0<7:;;Y2DMSR\(=/2*<()>;Q>GM#B_83'(0XNS9E":'P2D]$[`=/\6 MIM1<3!)IEIR]?OFQ\9/6_<7[025)#YG5ENR1,*)^S,XLL6@_K7>][K>#G?;A M=O\VD+..VYV][;X\7;[:WPC)N.)-O$YXN+>!A/>,3M.=++]\Y1+UU=9Q-7+6 M<%A_Z(!T,-\&)0WRG:]!+KWRW4YOC2?WP19F,[9XF37?Z-WNM(_7=[*I;'') MJIJ[\#':3-11],0JC*JM];S*HKBF::&':;E2>SVN>+V1M-D=:0%60T@])*9@ MU)I6#(2G_9V(2VZQIF__F#I-=-J]0[?WISNHZ3OF#4@D+!IT7YL#'NZZ7S^Q MW>H"S`W-"0WTVO12:E'?#.I=@P@DK5('&VZ.J$W0B!"O$1JAYB[3`8_G:55#///"1H#Z`1/G\X(J;J(QW$2Y@K*HA5L-TY/`"0G]F$^^W]ESO=3J^]JI_Z M/OOS3$39MJWBMJWBH[15W!P;^#U9=D3AZGT(6VRC[K#Q,P![*DJ+D&P9[4B( M`&J[AZV#_0-NS;A_V.ITNBWMY!)?@]5*#>>)A#P:9)MP^,]IONX=;"[6T-V<`>2O]JN M`0>]*GJ/8/`0%?B=KN!FS5+^H84#U38D0#N\_AJVC[C$9B-D4 M2)ZESE0JRS'(4)N/DE!,127&)[VE;7F*LEWI?+M_&VSA',NS>@1?E]E^@E$L M@A0>+RSH\\U5E-;U3HJ&S6T^%_7LU-Z>V@[TE+J"(9YC<9(.L?@1>#=*!W%4 MUQGTJ7?\7*)Q091>@N4,FBR#7R(R<%'$Q=1[B+Q'!.(*9%$K/8'A&H=3[!]# MKJIIH2Z4<30D#]8P0D@N(T;Z<3:-!E<@;&-8GJ9 M44LSZ8K;\EKB$L+Q-?S7+$P(21//#2SFO_DJ$,\B?N=+Q`*2_O[54O,*U+_$ MRE4?_/B"L<5<`/5V\#$EX&18E5Q'T6ZW]'"K-)$D"2;A+1$B:QWR!9'$(;?R'/][J=5W^\1K8>@VR6TXS\,LDS.`#1%*OJ3J,$S]8D M*ZAW((+C(N*>N)`_9)G5&-[GL\O@Q%$_LK2L`!1&]%R`JD#?OKB%"WT<_#SN M_S5XY;"?_[O7QP"1=KE!+)#+TX9_@SYQ.Y%;A1S`HC8,L\&,9'\9ECQ6:HBW M7$+C=##+T>>OVA,KE`>MXY[T^C[NTG^K^]A3`8F"A3JLJ],QRUMT0I`91#%= MB,-99)J;U7$Y=Q4+!]1<$-\6R6=THF$TB8A[,%!`]RV^W5*=5^+Y3@%#2KF`,"/U.,\,2_//#5;RD?>"?\W@]HOR!$`ISP@$8"M)HBFT!^]$(&P-^ALN9=DN['_&+:9B8%]DTP=<#[]6_ MS8`(X>L#,#'S=O`S$!:BXC,"/=0V$=1Y*=ZX;6M<+ZY;U#H7MV($"@%J(=/2 MLH,-5YD@&`UX)%'NH,6%V?:A6;%_RP(NK*-IV,-TLZ78A M\?8P*3*'C7_%L#6<_2]R=Y^39OH5.+8(!PPR;)F\T3Z\F]U7MAJ%!B+!I>`9 MFHPGIF6`=:5)ND.<&Y1E26!@>'(23Q[@.J+V&]!UDKC`S1'ZH+#M3)JBF99' M!'Y,Z.<_'5"O9Y4EDGX11-@TGL)Z99&,G0)`A(32W0:D64Z'!"DE:0@[%_*&MK+51C6[]VE4DY9QZ[F7 MU]'#M:PA.CY1X]D"KL\,)O$Q';2#_WD'*B>,6>X_AKTE7'W=]`&V77HMSG>Y M(WOT!R" M5_""42(X#VN]@/M;B/`-O[O\!H=U+G["UT=@?;3R8'!6:)9J%V=TQGH%'T37 M=.?O*%S//+1[=4`Y^GZ)*YF>ZG.N;A]4]7H[%1+IR)!SNC\1+0U-`ZI=P9I( M:I5'51NBXB4L]%WRRA53G`]IH*RRAV0VA$UM#)A'\=K8H6PU8DWMUXV3+ZXB MTPU]$L9#QWNG+KO=UGZ'?0+Z('#L&.PIUR'U2WB1F<:U0,U=G':4 MHF:<=NY:P!!VQ,'G^???0S2*J"9YSN_`\D"-(ECE])M% M!*LVBO#[W-ZE5818)]M[X&G?`^*AJ30XG>N@@2-:#/)84F]]Y\Q_APFPZ6DX MB3$R>IKEDTS"#"59_I'"H%E>\3!$B:XB&R7[FYRD`!#K*;E-W_ MJ,#^-QR-X;[(=P?4)*JO55!'MH M[A-;?4O1W[`R5-Y-34(3G>-S@@&5Q819U( MJ%7696(BZT:.R,"#$+O:)^>@P;D0CS(,BQ\X:/I`.)K*[4#O,PVE;[#Y))HX MW$.Q1K.J[7JU(^+`6Y+3Y9:$E]41_G/LE_LOR?'<)3$NLOIOK+(D[>!,;$*) M_?FGA+J/E==)A'EAV!0T&HJYA*;/#'Q+.(U(D#7BZTAC!<&-?(^N%M^HH.Z8 MLYRT@R*:XG:PXY+N#KIOD178@>NOO)/-'X(>^S(8QL6`F$I4M=T.F6^:<]UD M6CH,4-]QD')(B`)UE.YY$>HDQ&!P'E(A!UWL9E-F!\%NX@7[X"WD^7/51L2F$3R1V)E'D][G]`-^=Y M/>Z7:.6\9'_[IF;VVE6`_!.RD:G?WS[8]K9_VB)YKU8F8R`AB:9\/(,"S!KD M,ZPD4WX3,8"[[M3^.?S^(2NF,_C+EZC(0#2PD'@_^R,RY8"D1&'F2J;UCAH5 MM.;`D0A(%G_R@U.[*N%9KP"6U)`H+"0\.68_P"`)XS&S3XY98Q)BO*T22HFR M\-P@F0W9SJ+8@,W"`&TV'^YPTM5EA*EHE#@G&5_D$C\'(8SI.IS2:^K:0+CM MMV$1J8;1"9M0H-??D5Z;S;LH'T;7QKSC;6JR[G!Y*52,#_5S#L!B?]VJG=CD M".+9&-[911W?@>3@M,"0;%PEZJUG5^@TODK*^116,IPGP M#QYOJX-]B2[A#ILBVYZ,D/<*5R63.*"H5SK.'/4,78G\U`+M;-ZW6NYWQ(7L MJE\5OV_/%2R##.-#`1M>XL%%_4IU&;#K@#`*8*)_%;XH=J=5]#`[Y8K<__1P MPF%(':V[VZ,/1C#.+3U`"2S?!Z@NP`-HZMVVFI4[?$-38FH64C03)SF4#'6F M@=52XW=VUBG(/#=T51=TEK2L#A;+ZX.JSO26TPF#>?I@M]VY9YS4]68T*H6? M,%W9Y.@]D#:HX84E-,(YN[&*0MC(YASW68;5:]3%KJ$N^*?H34<%_/H0_#_TGU9,5O=X6@CR5^VBWMI#(7D@GZ3"';[T/TSA*"N0@ MOH_>QSEGR0,WO]/`VWNW>&#J9*6`@BJQ_9\..M9Y[$HS5('L*$L)KMY]I141 ML0:)M="$%78X;)96HM8]DOVJ?@2SX+7RB@6QR*QR[GNMR#5MWMVSM;4P-XO_ M/V365<]Y]0M3Z8?"[84])Q*/336['W0.&,4ON6&UTX3KZ3E$8I*XO"BB4@E` M!TS\\'@^,_9^\#<,`25>Y&I+3'`]WN\%K]!0?L-9S/N=U^W@E^B2G7E%4#N. M*CX84VEFFWND1C(:>[1^D49J7V6[V#W=?-E8!WR-4LIWF^ M0V'U>73"$X.C<9XE\>"6_^^SR?#\>N7@6\5C+UF:TM,Y;:.8PA\TVU(<&"*@ MK\)K1$B*$%HW,&[R7^$4<<9=F4'$I#7P>X6[/00 MN7*(UEHF=1G.*O$U.@-S!5:R?F.`9Q/9IG0 M614.,2@Q)8$P#O]@1[RS[+(8BLH%BQ^,T5*A..#V@GZ$2FU0=NUUZ5XOV02L MNBQM&=Z=I<3?5*Z_2(A8/4^D2!Z-L.(6H]YP*)!Z"5!)?@8Y@;,$$W7AH#// MH1<&+D?EF1C+`8U+%PY7&J$;!#5XA>@CAZX<)Z].M^;ZM'1KT0S5YH&:0+R6 M3:345VXU5'+9\$;CE55@CMG9%,3`2S]L&)?CVDLOI5_0="7(%1%ZK4.6%8X, MZZ,4QDPCX#JDA\JDA4_[T2`<(V!?&"=:PS/#WW+#X!1WGTK=4F5/Z:9FZT?! M`>/"&Y^O?+*&>.06AO3-I8R"B$4ZJ2R#.!_,QA@"&*@LN^S=(GZ83FG=9]MB:QWW5)X?19LW,$\E':D5S32F@@2<[18F2/$ M9P)9,_1377T.RD9Q0A'TL_<_GWQ9K"8NI^M5X2.4-V&5GI]>*'DPBX5YC098 MH^%\NPA0&9'`%>D`IE9O)I65GC,'GYLJ&(B3H(CR*Q[&(-=;H+VEV75XBM+^ M8D#PJ,!\)YB/#LL1@R7&)9W`85(0Z/,P`5%P-:`[#=!?Q-_==D;@>+6,PJZ> M5+,H(_=()N&-U5FG@LS[*XCD88AG\F\S,-NZNY(0L$2Q6O,ITQ-)P"?V]%Y@ MV#3,A\5I-J1%>(8']$2B$"#A0);@*6-!#R).9$R&_D"8,YNC9G&"RUG,QQ)N MIW$D)@%]1J-#X0SD/I8DD^C%9+)+#.2D>-SAZ)N37(BG?98:G=QFNMOM",Q^ M<&&2*ZMJGW*W;:OD;M2Q$W0-XF'K@%YFUUVK[,/)A5<()S[CVI>_34CMA25*TB^$?.]-LQU3ANA_6P[4D#)42B^LA<5@I?=6%5@VP'\$1IN02SMFV MJ4\&Z<%D?SB*HTF'1I65/\[F,__>"JY8*0VXA#8<6CSY"09XIW3?N=8$/8+G MTIF=DP`!O>=2_%:6/RO4C8WL1&DFNVTTS)705UU00=/7^;6#. M[586;J(L_`2*N2,*0;09>:;GIG.,JAI84;.($2NPYCX'+8Q/;7`*)&5C])J+ MD#KH'+Q6Q;^8P?$LHB';#7`R^#L"X6>\1*[`()9<=+/Z(M5S%AYT>I;@+W8@ M9@]$JJNA(BAD&)><@L5=S`J)@1TT[Z.B#+KD+=NWPP@F+\CYI*B..-&*$]I@ M12\SY/3,22>!KP[,ZE&\3,Q@$UN/,MB6`8C"5VCETOF[R@'&<,S5DI)VXO0/3!U9:UM5*!B M;9B1VW:JR"/)+>O^^)OL"T%7HO.SY90K M3J9V\-&W@V@5U`T\9=@[/CM>S;Q=7^T%XG%?K/6O,`%U#CGO\?&K3)6FB5?$ MM&CP8#1,8CY$XVJ62MGL_E9$GT=GT@&E>.IVC`9@V'0V.LTR<1A\"&],9-I2 M$"%8/8"@)U2#"$:`.=%2]=)'9O6)@9V>''2.0CU3D7'%&=\<*H5%@8`1^&H) M\\=QEU5?DV,O28$*P.;H(V4)`DP\F+)HH:-+";C#B+/96+48S::H;*J#;RR8 MC'`64?+25<4VI9GQ8H/=/Y\5IQ%HF@@Z`_]S!@M\C:6=TV(MQOEC@K;J-5*0 MQ_XJOKR2S,0DAED-J9_YYU\RN,2_4+(HNB'XCYN[NQ3@JT,24LIIZUSC65M9KL`'3J9[$2+S6;_6G_O#F#`>$I-8$C@ M%(6B)M"V1R8/@26'S46X#=*0A((BFV%=)5:H7GL&E#E;Y-'Y,S_,,PZ5?!%,9!)[C M2[K/:=P\7:JTU M9ZOLMB+0>DG?!`)G(SBMK+W`B1K.!E,VJB**=K>`*0;P?2\G38]BH(9<=,#V50*L MDK(37A2U6;&,!K;482YSP,]@QN*LX-F/<,VEES'P_0FIJL\L=.+D?,DT626W M6!@@48&(F),MFI">+5ZZR?,QCD,])FY[2#'6%&GFYR#',-L[9,F*N%=3NY=.NC[S:J5'\$]0/!*.JZ+7`Q0<)P,#[OFL9UZNH MI9AO2;.R>DRP\G(JOJ*$D*W&B(T[RCF5!=7ZD;LADCN!Z:_1=^PDP#XD0;4F M:8D.[$2C?&#D)K=P^MO!)VOO(C#Y&!.#)U)0"1(3'5N`R^)1A8E,N3'[`BCI4SB/S`T`3\1))CEZDH9;+WT0-6:3#;\`-ZB)=6J M9:HF$(7`9QT^4CBJ2=K:.OLW\M(P(IYL*BV4SA2LQCWQJ-\@_]%!&E"&D7B& MR(/`?F1-SZJ46I?/UQO#0>JI\B\&S_@3*V.";@?OW*FT2[$DJ8RZW7.>?+5UG)Y]X>Z]5FRRP M>QI\;`#LKQ>6>M`:OG]/.>2<$4/#8CFT6']<7A7T$G#H@W0A95ZANW_C:'J5F8(SOWLY)YE+H(RC,&IKZ6&/.85X@8<<0/7N..U#(A< M\F%MRW,)\:,N6SC-L=V.V=H3.ZBV2IYC:BTZ\%7_`BQ%]#7\_LP9PSFX,4TY MF(;?(\X'3[D@"@XI)X;;]N_A=Q,Z@R,(VPE#97E9Q98?8GXAC\`B1KS4$_PG M7T5JHE%SEU$L^,)A8'\@4"E4-K-9@7DH,85VS>?(7+&/UQ%`Y2ULC>-[\`6^ M9,*IAGHEWLQQ)I84Y(Z02QD3/S#;CO-$=8T:HD+`&-[BA+G7O"]+81*D>=,E MPJZ5NDOD5=R.VBW^*]4XN M*JNCY,#C_8CCT&)0$[(P[-XT,=A?]N@S!7ED;6Z&P)"T'S$>W&V_#0S!DK\@ MHH]EN4VX0-!U/4G-1\@``U&XVZ3-VR.,-PE9D0,NHW*K(FQ2L'/JXL9H?V.5 M@<.P7,8>(#UJ1BKL2]A/XN**N0ZF-H,?ZJ8)]BZ\28*BP-6FX"=6J>`= M-*/=IN?(@T#GB7:2=U&3\27GG_:Q'5QP'0!,#K9Y``S;B.L\88>J2]6_\84RN),G70;>4M&M0F631.)TPLZ:GV+(TB22ER+OA=XH7)%FQI*NR M_EXLWY]8L*H%[I]-^L4SO4P]YTCM$A@:,BQO=B@3((R.C-)&@8.Q2 M!35Q'PI,A">YXX@R7=D,?HCYFS_E:"6&])1B9\@A1,0KY*HE MJKZ78I8RAYV%.091BO,H)UB()Y>289!Z^]GTBE3,@8G%#N-D1KT%9)(.]*43 MO#\[OW!C]W*2R$\0#P+X%>4]J$08TI%.H=2CGATJNE4!;Y/ZF'U-1'""TQF= M7`=A6^!0',R_BLBUA[8=O)<)(5%ZXHGK27\CA<0=7`&*^=HK#\YQ,_I/&Z]> MF:3S#&-H,;O:D3SJ^&-@7ES,%5-8%7/;@)'"-_M(,?4O!Z^.6KL=#_.JJ0,W MS:Q24??:I%K5=2)J&K1[U%MZ2(97E&>JXVN;=*.55:12"Y2$I5>3*T]1F7%+ M\#GB.I[,;*6O^0X>4,L"JH9@*2CH$YG5ZS$4LJ-O+98["T2(YRQJ0J9X9E?Z MB5SH;GY-7'A!*6.GOHI?,SA=E!?]3T9H0(LL"#M207-N9NL5/X)!W^ M8NW-3V*7?TZ_*#X!//!KEAJX`BHW_DWM/VH\'H/]67Q%T^'9L/[7BF>4.N9I MXP.2D`[NO[U*CDV?F M]R8>3J_>$#KV"SLHCI?KQZ[1#@6%7.<"FO\T&[\%+7CPQV6.=GIU]^&`_A/*,/C9LVO2=(OYWQ*32:W\OZ=(4-=BI1@VJ^R=CU`SKKVWM MFYGZD3E#*'0%>FSJ@/N6\+SNO=MW$?^SC\8RWDK[A) MDN$KV-7'AR?1F8C?S-!/267`8=0H7,RSE4+;/9"V;\N,, M:Q^MN(KWF?83$"SWH]X<4O(516">W,91,EQQB1_NV"P]D34=BKN?S,X#4."N MYJUFY"1^3> M[BVI9W0YSZ1\U"AOW$+$!`<4.99[S$:@G[_9:N3S-/(UZ@FKJP0;I)BO7_AU MV[TCMRRJVSYX;@K\FN[9NVCU/TH?W"S5K]?NK>N.O?-"/CTSI+T&.V0=A^TA M#^P]S(G]]O[+G6ZGU]Y;UYK\>439UF1XHB:#'JT?;C=0F(<[$).6?JI1]\\C MB4047[-S"7Y+/Q!7^S\I/H\P:+W3W=W9Z[X(9FG,/W`L^@5%V,9A4OSEQ<=? M/[SXKZ/=#OX_B2^M-O"::=8`T>/1++G@Y6<^CYQOWF]U'3J7&6PMU"V]CMVC MWMW(J^,,M>^^@#+_`73YCZ+*?T$K;[A;CUCSAO^@]!YZWGO/WHG&O]YKI+,=D[N`/3/0]_""5R"QKW#WMU( MO)A@%6C^(5H*"'(/=$RE#UVZ47$B:NT2-'9!A]AWB'2&OA]5[JJM3-5>M]L] MW%L'57L[G4.E:N^>5/7V#PZ.UD14]P<0A9HZ%<>?.O6[)Q8([MVM?>0\O,4_ MG6!Q[QD!A#M@6W22OUZ%J5@#/Y,-]3$]Y^SQE>5KD^'1Z7D\_E@3\,O?[SHH ML#=_O3+Z&;<4Y6C.FM;JP+'1'I;D'W6L2KH`_?@>KB!S5:V^EL!-_YR`^D+T MU>JCCW_X%D[S\=;_MPB=)#]P_0\?A?E7G.9ZI,-"JC[;`IT225^B<1AC18;" MS<_"!.VXHKN\#7O\CV[W_7W%Q8/,X9&6E_8U*N]V(UFKK.S1I][#+^V*]#^> MT+C#GJ^RN/N?=O??/X94N,,\:A>YOYBX?IFXSVIPF4MW21)6D@![GRHK^;C$ M5EG]+N,OW,F3RTN$CIFB>S"/TR(>D!P7#KK3K54V1H_V>I[R]0/F\6,7\UXJ M;L-]2B]'AKL`I0J,M14.- MT=@[ZA[+V/.^OVZ)QJK6KU2I_'E4$^-;@PGTD+0V`J-]2Z_I\?79OKM.3+!N MI&K;S@*-"`8$.?L^2;+<;.,=UKAZ9HZ[QSUG>>>.MP[B#E<2&`=W)ZZA6O), M>G$@16X1Y=_CZ97[RI+D&\_LY]$H'D2Y>,[%[?,ABI9R*![O]^PL[TGX(ZQ# MG?=M#>MPV.NX/LO-7X=YY^$]U5IGI87X!2ZF9,E3L?^,3L6]5V._TSU^N+,A M/9X*N"_PHG8>C:/BE+WYG-@S)Z90S0NI.>+[/3?JO?*X#T+X,I*XN[?OWL+W M)OP"X=!G2?1Y1.I;@\&'#3)`V7MVI>8"Y*XXQ%P!4,S&B&-/,**4W2.5XZ&L M@BE+%C07[F19!379."SJ#:R`N&,2Y1*YF`]8D+!V&NY$ZU,GT3^\`RP=RE=* MD>V[*>5$47^%[-DGO3>UZ=@;QDM/_7P^`1+7PT+B1]QRT):#-O%X/D$)OYZ) M&\?^GV[FQG.\QID_>89?S]**F_//=Z2>W"6WGGD[0<$_W=Q-W.G/*4;ZV#$O MW^$1860$40NZ8*Y3!Y2WP8.*&1O>W\AC]R/71@*@47".+6BWRU-:GE\0B.`5 MH7.]WBY.:7$H@O[0XFSC<`/>A0EUNOA;F!)J/D-"[R\Y^RU*!3[#Z-HK+MDC M(;/]F)U98M%^6N]ZW6\',6%WNW^;QUG'[E^>&E_M;X1D7/$F7B?" MRMM`PGM&I^E.EE\^\2AP2\)H#7`K<\A9,R;/HP](!_-M4-(@W_D:Y/+@9IW> M&D_N@RW,9FSQ,FN^T;N-]5+;K7Z^W'SVZ](V'V_W=H];> MVF`$U[!-3\LQ4$V^NK\:\I`RZN'$T?+*P]$#*P_K$"YK6J'K_?@3[$!3X@I=G=;O3FBRKFOZ#^K0,KWJ/CYK__[?_[??W[OYTG\ M!O\O_/-_`5!+`P04````"`#]4VU%'APT=5P)``"@:0``%0`<`')C87(M,C`Q M-#`Y,S!?8V%L+GAM;%54"0`#[`L``00E#@``!#D!``#576US MXK86_GYG^A]TZ=RYVYE+P+`O3;JY'0*DRY0"!;;M_;2CV`+4-1*U[(3TUU_) MV(!?)3N`E?V0!*-S=!X]YQR]6OOQQ^W:!H_(89B2VYIQU:P!1$QJ8;*\K7V> MU3NS[F!0`\R%Q((V)>BV1FCMQ_]^\P_`_WW\9[T.[C&RK1O0HV9]0!;T!S"" M:W0#?D($.="ES@_@-VA[X@G]XVXZY!]WU=V`]M5[$]3K"LI^0\2BSN?I8*]L MY;J;FT;CZ>GIBM!'^$2=K^S*I&KJ9M1S3+37Y9C0^=)J&F^;U^WF%Z/Y:_MJ MN^!V]Z#+OQ5?_*O5,PSQHS5O&3?O/MRTVXHUN=#UV+ZFYK89_-N)?[0Q^7HC M?CQ`A@`G@[";+<.WM2-\3^TKZBP;K6;3:/SQRW!FKM`:UC$1I)BH%DH)+6ER MQO7U=OF7^+<\H?6<+P#?/-&U(3NKY/2:L!F27$ MIWI8K"X>U8U6O6U<;9E5"QO?;T&'VFB*%D#\YEZRK_5/2#SF(.;SS3`QN8NL M&Z)4@S/EK1%Q.\3J$Q>[SX(V9^U;S9'X:E<.6MS6A'O40_<0=7^K(NL^;WBP M,+S>V+QE&B\UMTL)HS:VN$M:=]`6[3U;(>0RF:U2P4L9.H$.;[(5E"MKJWZ5-I$A(*3FSXV%E"@O_V>1[Q].\@GB>X,2XFGG#D(HY41M>)X>[TR3>J+NY80WK(F1U'XEX1,;/""\.UKB!QMU&.,I@W?(+K)M9+H> MM"<.Y0TF=_]"2D[N^>LU)7Z@C3>*^29+X@RF8=9?@ M/L\=2!@TE5I+)G?)`#I)(&D04'/(OY:B**[I[*&E9KA,KL(NI(=J*8K@KA*//T(J5G3PN*Y$@%+V6H4=I2 MX]*F*GN(NH;SC7+*V"P1O=`HJ*CE1?7DP>!S<].S_3YDR#]')-#61<1"5JA' M@#C5@@U_+)0%:VP&J(-0ZOA/2"RP4P$B.LZ/0;X8$P'0XE;O9Z[\[^YX-!L/ M![W.O-\#=YUA9]3M@]FG?G\^`V\\`CT+<\7?A6MC(1*;FA'K;;$X1YVH0P3& M^RMP"\@>_&4XC]67$&X:W%':#62[+'PB7*==;QK!:MRWP>,ONU3>]1RQ2A-6 M8,,'9/O5?@G*Q8HUJC-8+`:(\0__)58S'J$M0K?C=KF[/_.!@[]PFPU$43P. M\,BW.HX)J&,AY[9F-)MA3=`Q(SZ57!P-2C28M][Y;YUSOP[E%PY=Y[5XT+JT M#)AC9K@5-?"$\'+EKN2QE2^B2O/*R5@Y4[;@98OB` M;>QB)!]VII75(`-,X+.(`!X3_(GC(:L(ID)*JD_E-+0)DQ"6CM2#HR5:D7T,78$25F@<[K MN+A6*3W#C7*1JCE1I6E-#DOWP,@^M9-TM+2RU:[K+!!O7EUJX^A#) M.3256-C)`JN=3QUMS\A621,EJP]O94JR8&K'1\>RL,`-[0G$UH!TX0:[AT.2 M*0/,+('J1RC*[$A`:T?25.RF$63UH4,P63(^)O;6GC\0[J$%-G'."$!%5HVZ MMSI0I]X4VK%XU//SB6F1SE4N67UOI8HNQJ?L9+#60[PB0--&AKD(/S;B`(?\ MF'Z"-;S^TB6\\1?=]=>B-=D4TW(G*DS$G$JD_]JKPIX=>.M0'AF1(-*6/W M''@/,W-WOA=9AP0Y0NYX,8?;;!*+::DRP?!QI#!S3+B1&\K\&<%X(=O.EHA5 MGUS*T!C/.RI-HYW_79+C$5F8II&)6ZSP\47_&,#*;?J0^F9_-Q]^=/XV&O/YW]&_1__3R8_R\RK*YP MSI!\'S2"\KTZRFYG]@G<#\>_ZS)E$&?..+J)0Q\Q;[&[Y\\,60.R'_QT3#X& ME6R7%='QZKN,2O)J08IBZ2@]9>G6H\]6T$%WD&/KTK48/$?.[:=L0F64UZ*+ M>!EA^4UQ0N:2[WCX-YWXZ3VHGS#//IH%I?`A1'(EJM\L*,^(%)RFT53EA.>< M>P+5,/.?K4W."#Z_+"8HTI7;]=!*.?Z(R."U6 MTADR5:CQ__WKXE_28*^%\L.YQY>PGJ%%C?CK5TA\;K-IQWU&*PS((V(O7&Y) MU5'IJ4QJ(F3Y2Z`S:(M;8[#8W?P)LO#N#O&B_E\>]C?,LO$65J3MDDT.S8E3 MGJ4:3SM_[YCTE_LGR`'4RN>>+,Y+*:E M^C`M@SJYMEJT6]-T8^M\C9$7+SKN>I6Z4C.R(_1!7":#F6E3QJ7YAV.5_P$[ MI?XM,T=J`5V`M!W=\P%5NWLS@NS[.+(C'>"@!!RTG!]&L9LX(W"NXW`.NL!. MV>[97ATXZ+O$?F3FI9W'*(QF',5.$/B28"]Z&8/C-WI&+#72+-U+G-]`Z<6> M$6M;<6L#<>#+@ZB"BL,U-VR-=L&P!6_"ORZR\5[BUL\(O+=EPQB\V:F]T/$" MR16A$4SO5(+ZHO:?Y%[0",;W>?VD4C<)W@0U@7U5%VF+(1L`G!@G2F*P& M:JGK12-($X,&Y5YVCUD[I!)RRP\LJJ)9?E'I,<"6TICCLO0I7&`:@9`Z&,F$ M`(QJ0>0[7"LQ5LD'`L``00E#@``!#D!``#M76US MXC@2_GY5]Q]\;%W=7-41($QF-MG);9%`=J@C(1N8F;U/*<46H(F16,E.R/WZ MD\R;C2W+)L92=ID/23"MUM/]Z+75\GSZ>3YUK2=(&2+XO-(XJEX!,/S"B:5G__]U[]8_-^GOU6KUA6"KG-FM8E=[>(1 M^?GYR-,GL`SH8_LR";9U`V(3VVXUD5M0.^/ZXWW]=-F_;Y1 M_[5Y-!]QW&W@\6_%%W\_;C<:XL?Q\+AQ=O+QK-G,6),'/)^M:ZK/Z\M_B^*? M7(0?S\2/!\"@QVX7F_4?KON#>P)G((JPH(4&U96 MI826I'*-T]/36O#M2C0F.7^@[JJ.9FT%9ZV9?^MXZP)AX9/:XLNP*$I1'0+- MT!D++.D1&WA!\U,BLJ02XE-U)585CZJ-XVJS<31G3F7%4^!L2EQX!T>6^,T; MU+K6[P#[C$(6-`V&L,U;T[0FI&J<5'\*L=?"3@=[R'L1#--I@)I;$JB=4#@Z MKXB65%VU)%'W#UG*>B\SWJ\8FLY<[IG::^%>$LR(BQS>>IT+X`I_#R80>DR% M55FP+*"W@'*73:"';.#NC#I1RQY-$'T="JY9?]2?B<&/D:2H(^\(C] M."&NPX?ISN\^;[*[FB#75)(IEX!-KESRO#,),04%`^_3,<#H?P'/-WRFH)"/ M$QR,A[`O&G*>AK2+KH+-&:`Q1B/>W?AX9]O$%W6/;[EC;025^#,5+AAP%_/I M:(P>7-ABC`\9?.[VH.M"V_.!>TL)=YBZ^>=24GC+GTX)#CI:?Y9QO)&5V`,T MY`4=*0NF+=&"P=Q!5_1M/B5X+T,*,`-V)F^IRI79@0KI2`9TJ"'@7RNMR*]I M[UTK&W!5.8U32!MZ`+GL!E#QX`D6.:7(=)?90_+:MY,R'5/0$DLA,]&6+HWF M9.;I54KW/BQD)$=9L"R@C9V1-LJ&FKF%9->POU7.+I@514M:!>5%GE=/FAF` MVBM+DH3#0"31GU402H1]3@)\$ZZ"VOX#K#J(^Y<%L99E16%7K;4@[-6X:&TI M4TM4L'_:&MRI3:)N$(^*ZW%7"@L*E[+'PME MRVA\PZI:JU+A/P%VK(4**Z)C[R:H0[$1_,<<]#INQ?^^[-\,^KUNNS7LM*V+ M5J]U<]FQ!I\[G>'`>N=CX#N(*_ZG3D.2H[,1JYIYK(KH*]LR1>`V8M7[-*L& M0_[KNG/#+>I?6?W;SEUKV.4"&EG+&-&-V'B2W<;!L'_YG\_]7KMS-_B'U?GU M2W?XWXBU2UM7UKK$CICHBN,C0A-'MV!4&@'V$`Q-/JN.`9CQ8:[1K$'78ZLG M8G'3K-8;R_.B'Y:/[]<6<+_"+O]SS:@+'J`;U'V_%$Z2K1D`/8@]9("]E-N& MO&E;+;H"OQS:,\Z?B_GDS"9\RS;W.FY0&Y^3X%C\L4(VHF2J].?2=R35@K"# M.9"*12AOK>>51GV#Q24,.N<5C_H))NM@:=&7^(9@1K#H::TYRM+6DHL5RF'B M2EC%690*"5]I-B?0IY6H+:SMY?I:1I!$O%!BXJM]%2NI#B=9#)"1%\Y==&\JX26]EQ`U M9C,'NY;C!'X#[BU`3A=?@AGR@*MB);78'KI7X12I#9#RI9>P.Q%VP]#I`(H1 M'C,54\GR]TFCN&$4I2"7SDUZN1%V43@1,\$3[&*^PX(9AK?D(O=)0[1A#*6# ME\X]>DD:3`#?!W<9\S=;Y81E=TCJ_H,>*K)OB[;!FCG7R`,*2=N>;5GS64B& M+!VK=N0B?D(3I#0'M5\`OM<5O9)WR4@$-.1@(9TL;*Z'%9AE+GY?AHNW$JLR M>7I9YBTZ/`Q=YO>38OTN!K9%!LH7[AB9I[>DS/9M$EB9-S\4Z\W%YD14NP(A M<6AH2Q*T(A&N-+GU*([?"A>PL[P2I'K>V*0]Q8*&\.$3'C68RCE3G_ M-'1>5MNR@]?RJ.LL+7ZW('*$]B'[$=IE:_#9NNKUOY5]3+C3E8.(E1_%:3MB MXD2&E^8?PBK_92V4!L?P(;46&5EAQ7NW,]O5A(AA/VX;%M)A;918&RU[MR+? M/86(-:?;UFQT60MEBV=K==9&7PF'U=(;#6$C&O5M(Q8%K:"DM2Y:"M[MVPX1 MH(TDH.L2>\>GO/,0`7N\#799W`K*6U$%>GMJ:H]M-'/V6.O=ZJ\RAMH=KD-$ MK'N_:P^VWBW4EI-VHK@Z$3'I)$M_WL`WX)@_MJ@YY)$<\DB*.`"?SESR`N&B MYSQC2-D$S6Y=@#N#_NVFC["+%_$P/;MD)V5FYYR\PC^F!D/F37H MR5=Y#5EY:(_[RKS$EM+(-CG]I?P&87*>3&AUI#I(CHEJR\+(VQ$33M%B=DC' M9\TGFO8$.KXK8A\BT!B@40#5[ZM-A57."& M8+KZR!V`F"@?6#^$]@2CWWW(LC:84JHWOFF5YX4,BT4MP>=";O!'=MT?TB*V MF0*VUKME3=:ZJC*""[M=]H_8'HM6*T-$6BS=Z34`$4-CT>O,\=ZUR:89JJ!V M]PAW(LD&1&P.P:9#L&DO*QOA6]CCS=S9[G\7+]?@.Z&7+F"**TRYE)@=7-K! M'Z8%E08VQ(`B\@6S&;3YA`8=56`AI8B>L-$N-&QO1!1>,"X^5"1O)D>`]LCM M?D(]DCR[-OT%4A?8$VGD1HAM26FZW*3N#205EP`T-@05QG-!.>Y%.Y\D')4D!XY/0TG";&9;:1GQ#L)V7G4V9 M-T?0%G1#5V,SD3%(KR!,V[IMA(QG81NK=#6E^18E@QS-I(6=-GR"+ID%5Z[G M(@:=LAE-+68\-6KTTK61]K1:U>L4P_&=XTS)?Z4&KS*\93%B06)6H-0"JW$( M0AV"4'_8(%0;CB"?QZ-GA&)Y/`XL^H:\21<[Z`DY/G`W1XJWX"7(HKUX&7*$ M_5&BFM3`U=XK-CO859+?35N2R5&KXBWJDGK"964127)ZP]!(V_X:@,EQ-S,; MB"*ZY+Z?^5$5* M1$S7P7-2$R<*F-(17N\"_!K,,[D]+*;K)9<9W!Z#*1V`]+H]G%3O3Q?'#G>( M/5Y1"$6"+%_^>7=\5DM)_LNHX?Z]X:=GN0PQ9C,5SR M3;(7,\#,V$,2]&\0C2<<>NL)4C"&7XEX596+O)?\G3%5U9OD56V1F2OKM#;: M%H%7B)W\_"9I>).T2@V1L1EZ_:=960OIUU..8V_923_\+_6Z49;_QS!B3.Q- M.R$-A]LTAT2&/U,BP^IME*OVGQZR2I8V.WJ59J%IJ^%MK*J@ODQ>3W@KU=/I MI!A^_%(,+R:'PE[-7:D76;Y@/B]3QM?/J3Z MBVQVAR^#7;*X71\\EW>,U&+&;P'4Z,TDJ[`+,:83E(;;S$A*P1=BWAI!6]`S M!$&T;)MS_X?SD?UF[-VG\E?4'K:?A^WGGVG[*>M8%R_A;Q1Y%#ETF+U5S>\- MTU8:89RJ35*2K*:\C/Q^EQ-G^%;V=0R9O(7=`XLF9WWT1R-D0ZI*/XB(:=H` MIW0/D@[6S%&NC2BTN6Z5[Z-RVG(_LGH_`:YT$--\'TJLK_NCS>6/]!6"1-SL MQ4"JC:9M8V-@Q=VTRL$UM]K6D'LVH>(Q(2B1U&)6WMP#%R5;Z-"NE8)!7@X MP1"IGW6_:R5QJ[!\[PB[XLX)[R#6KE@6R1V+R*KX_J/A\=LB[).U";VSV_+U MR>P6O(A%60CUYAQA\7YN97P^MRKC:=_-H@R;-UDT?_E<_'@`#/(G_P=02P,$ M%`````@`_5-M17&-O/B]*0``EFT"`!4`'`!R8V%R+3(P,30P.3,P7VQA8BYX M;6Q55`D``^W.9%3MSF14=7@+``$$)0X```0Y`0``[5UM;QPY(/^!<1*< M#5BV9=]NL,YM#J,W1SC9HTCR;H+%8='JYHP8]W1/NGMDS?WZD.SWYFNW9LBR M?`??@A5^CS[@!&=!D6;_CGX)X@W[)/WOHZL+^L_RY]ZC=Z]^#-'!@45AO^`D M2K//5^=-87=%L7[_^O77KU]?)>E]\#7-ON2OPM2NN.MTDX6X*2L+@^SWMV\. M__CFIW=O?C]\\U_O7CTL*.Z3H*#?LB_^]>W)X2'[S]N;MX?O?_BW]^_>6?Y2 M$12;O/FE-P]OJO^5ZG^*2?+E/?O/;9!C1#LCR=\_Y.3G9YWZ?7WW*LV6K]^^ M>7/X^K\_7ER'=W@5')"$=4J(G]5:K!29WN%//_WTFG];BPJ2#[=97/_&N]0Y.1]SN%=I&%0<$X9?P8I)=B_#FJQ`_;1P>';@W>'KQ[RZ%G= M^+P%LS3&5WB!>#7?%]LUY6E.5NN8@>*?W65X(0<39]EKIO\ZP4O:X1'[H9_8 M#QW^R'[HGZN/+X);'#]#3)+R4%FOGWIE54JO78.]Q!E)H]-D&NJAMB?X=.QD MQ2,JT-5W7H6;M`CB2>"[FLYA?\+36KS5<]_2=#K!TUJZH]F'';,/+^C?>L#Q M0T'G(1S5T%E9&@/'?XK;W:KLIO0T[)4;,V.99M(6X44N@OR6E[O)#Y9!L*;E M'[Y[C>,BKS\Y8)\ M937D(`L-]:XD7H'DX//UL_^H9!!UG%!$,AS2'L[1;Z7.7__T MNBW7'SNN<,S-);63VYLL2/(@9)-V?K3M?C-[(+FB(<84X))7XRO6)9V]-AA& MCH8\I&LEAK@<^HU)/IJDS*\^J/UJ3CSN:9]A++5'PR]=$$8.B)&A_XWWCI;" M&7;BQR`)EGB%DP)146#&YH84,9XOSI.(W)-H$\0:NZ*0=6E"M'"[UD(JZ)TO M-NB&].&R*%V@5GI'EF`W##JIIE&M-S,4E/Y>K^ ME4DYZV,UQ*:?11$8?:W$->SO6I!U>0[#NA^GJU6:7!=I^$5KX"5R+FV\$F;7 MS`M"WNEA0C8D2"F'N"`,?K!0.O=M3_]O0XHM!;A.$_K/7.-'&G1<\L8*?I=# M6@4P?+)!.>16*8I:65!>YBR*"%L[!_%E0*+SY#A8DR*(M3;)H..29U;PNSS3 M*H#AF0U*<9*K=1!3.CA/4*6V+^K#0^DG.`%"4FA<7&4LNX<'0/ M."I9@-4Q*V7J*.SJH^'%GL@V)_$LB3X$^666KG%6$)Q_PAK[HY=W1BL; MV`V7=,(P"&2!4-@H(C&B.H@JH5;K):)ZP"*X%;KM)<5?4,C,CULSW^]H>T-_ M6^.'6VFZ]))&5*7K*UFH>>?A>*Q#1M::+Q'7Y5N8C?9+Q+3WNT-4ID"0X);$ MA`T&M15323JS7WJHC>62BWGGBAF;L$?`A%%'&IB-.@M(QI/MCK8UR.UQ'.2Z M*(%!QZ5=LH+?M4A:!>_\&H-2"$G7@HA+[M?B?"0)29;M]*NV."I)9Q9'#[6Q M.'(Q[XPP8Q,VM;EPQS4"9G'*A<(FR^CD.,MS7,C)8Q9WFGAE`-W+P5+(>N>2 M)4#!X2Z79J4\"K@",$[1E62Z28K\,M@&M[%\(]0@ZS3FJ(/;BS7*!,'P2(=. MLM;GLFA="N]]WY31]`H7)./1]OEM3)8\PUX30S*IN(L=V8%O8T9Z>>^$&0%2 MX`W30EFCAM)&;]\4FJ_9KWS(Z)(.1YK`D$S,73Q(#;(-`XDR,"BA!B;,05P2 M5:+`9A^VZF?'EW0!G9Z(T\B-!%PO1-/YWCLK-*"$H`O]%S\TMM^%3DF\8W9> M*X[-9D`0=&P(%$`'IF`@Y;W;C=`4YJ`1=C,5G#[@+"2YF06"H&,6*(`.6#"0 M@L0".30%"QIA8-."Q>+6WX+6M(@%N7"U6*S.("Y/?PTRYKAHJ3"0<D#R,TWQ#&^R([X!KS-*DDER2 M[!%5[=)P0C%@B#H=NY!\7)6$*D[79?%Y M:<+>:;_]_B28T>FFGD(J"LM#HGY,K8:Z>ON-HM5&))\E47,L4AU%T8H[BZ58 M@&XB*AI9[ZRS!*@R_#G/9VMT8-AWEN2PVJRTKNY`QJ7ME,+K6KJ>@'>&Z%#) MTDNH#`P:7#&3J;MOI?W>Z74J0UB]VU+J+\%T^Q"1<-<)^QZ4>_#`/_[Z, MT^$O@]<;_ET!,#R0H1*O3'G8Q?!7)3)_32W<`YF4NP1F)<0V>5D0\=[%>ER" MI_@UW=V$;W`)S5Z@-\?/X.M!ZEHI)I5'!\.&7^$B(`F.3H.,):SJ-\I4PFXO M2=,![E^()I/TSA0K>+I#>B>[.?ZYLYQ/]=G#\R1,5\8\4%M]Q[FAXZHUR!>U M4W;*Q7N=)P7%3&YC7*8F'&T_!O^;9L8S5F-*<'KB:GS5 M>N>O[-6]4W$ZYB%3RQ(.>!&H+0-5V2JW6\2+<7%RZQIG!.$/V!1;-6=+\HXZW@5O*;3AP(P.ER! M:MC9K1BP&:OVNE:D6!DN"9.+NC^-)P11(4FF_/@ARO`-2346J1#+J%3YU5:E,NIH[])NY3A\M4SO7T>8E":+_F5HJ>A'OY(?%O)NW4D#[+Y;J1`&02(;A$,FG>?UPC1`3//@ M"U-%M2XJE?_LCU2_I/$F*8)L>T9BG`VW+S1R;DFD@-DGST`($&GDR'1D:300 M5_'(D,H87N%UFA4D69;/S:N77PIQQVM8+>C!4E8J"X@]6H!*$OTA1XT&*E50 M59)'-G$V']-Y=)EFZ@C(0,HM=Z00^Y3IB0!BB@R7(O+!15$MZ]&\M(^%\5.; M^7Q3Y$601)2VZA&A57)L:BPJ,#`X&@U`9+*`J8JJ=1YV>XE*9=31]AE^*7WZ M^\&053?(&TU4.5(BHU862]E,G."GZIA-S?B2CCCUS".U^T ML(18\?7UZ/K!KE'`U9!3-H)!U^XB?!F[_V3Z)(!A"Z=")3_-Q M681+82"\X?G\5SC$E,ZW,7_R4D\>G8+S@Q=:X,+Q"ZDT&"X9(DW:5QY#@#Y3_>X2G8$_I07.6ZY3JJMJK-?Q M\5*6%K[LQ2RI`ABS8X-RR#$FV#$\B#44.ME\P>@C*RL@.TT2?^3D-CPGK2:; M6MSYQ*8!+4QK$EDP[#(`%'99V_/HH"P7QZ(URCXF,?7L!7':TLY7D'J[\T(R M-8I\M^TNC2.,&5NI+J=L=<%8G9&`A>>+SV='YQ?G-^>G MUVCVZ01=W\R/__*?\XN3TZOK/Z#3__I\?O,_X*AJ%\'4*7BBHT4L4RT-D7+C MHIIQJPB#4X.G5.D`HI]D&QR)532XE%8E>'SLUJ9JFB=P=>I@>#D>L_&Y7!8$ M#2;0';<\4P;X]+5FC;] ML"MDVGRB?3=VK2#3\40F-7P%KT0%,);)!J6P.$V3)2IPMOI&2#:FZ@!(94TF MV"323F[Q-T$A%T9%7*+'6<='5;R">.CJ""C=B>IE5 M3\[Q.NG2]*22CG.D5%`'&5)#,3#$46.39$=53P'F3/0]^I7/(%O+H MGBF^1[--<9=FY&\X>H\.W[RD7[/_H[P\",7/?$<\.I6V9Z+>HX1H;[UT>M5B M??!+FQXJB#F^6%$*ZPJ$*>2=AKRU$.VN,H7#!OU^'9S9Z^_-Y(Z5Y!6;_$H MFL%&T>?;2>J*Z.XE%K6@WU"L1/S-W%4LNJ'6_JKO!8"=XP]KX:C$)U\_YAWQ M/_`#$L5.[S_87T+/Q"P26`D\4Q)W8/'-$JTQ>L'=LWVP<>SYY+N<$'" M()YTF%E1@O^3S=JJF8\Y2]6].V[3,8\X`(UZY<`PD/UE.@4XS]C-1CCBJZA+ MG/&[1JS6^&IE?Z$34X74T125IG>J3H)KB+F\;%?`$&E9WG?3KLRM6D14\D=# M5074]!MJ`*6=`J:1;JT&7+Z5$9\1S5`K^.99'[B)8Z4T:'[U(!JYU0L*PZ67 M^E8V:RW?1%/W`6:7VVA2B M<-FD]=?Z3`+HK(VX/]=.Q2NM##X:Z)MS1X"T8MD.73.+@#"?N?E#N?/%?(TS M_H2>]6N\#U.-LIVQ0)^W^!H%,!PR@:E M:)I*';Y='K5:P"XH_(`3.EYB=G`]6I&$/SE;D'NLIYQ1RR7I+*O0I9U!!0SQ M['`.J5=IE3<)]/2`D4^PU;8VW?,,:34SPLK^4<&3I_NDM30PPIPG8;K"%VF> MG]$>HBL!BG%#8;:.OZ+Z-HHN*65?D2['S%I@+)!Y.LT#^(/6;I9FQ8!HTMQR=*)5>Q2=F018/@[#;?P MV$NG%'`$_A"0A`W0>5+6B9^/F"^TMS$:=)RZ?3;P>TZ?3@$,\6Q0"@X?U4%I M@J**FRA=H)24#N`RR-$Z8]R#<_2X/SG(AQJ=!^:+F^#!:GXQ%>%O:K>KG'J2 MU^O#\C$G()U5M73K:A')@K9L5U1RWC!X4`H;'4Y&+MUSE):O#:@N? MDQOP8GN,:T&;X(@-4GN:CRH/JB\IK?94Q[)7&%#ZCZ^!^!X"*P\]C[F_*8P' MT-[G<$KCE>7Q"3[Z+2="0@'I*V+@,%92%@SV@T MN6(W[")L18L,A=S>:R$#V+_3HBL!AD926,*E=;40^HV+_148*RY(@L_I7U6A M')F@%W8(0*4,::3@L60(3<,4)HJX+!2ZF(\^^#OO8#KDX.UD`_5I2,K2?;-" M%_:S.-EPA)_#2W1MO!)NKZ-RXEU$;T%V@!JG14?,5NREB3UE_7-H MU`_!T7&Z8CDI?#$VJ(=6TEDVOQYJD[DO%_-NKLW81'M-A5E@E#J!84<<':!K MRCOJ"\[0KT&6!8[),5_+4H)L%#Q390#$UU`$1E\K<1F[^R7Z!?YH`S-6&;ZCEH?VLPX>FKG?^2 M]]'CI'KB>90P#O*<+$A83JY!HSE,'.5`(*F=[LY">Z("P%8$8B7`AH M^YFN><^3YG#6C,[P]^45S?K$P2D%.4X^G5C1P30_LA3OC'XT=('=C,(+1N'R M1%1[-"]HBO@VW#2WDYG%$PYR>+#SC%M_/[])J4]/>XG$N%>3FW0W-F8_/^7V MM9O]-5;_J9S=_PX82[;'RHF/]#0_A8H49?6/H:0^%$H_97\/+8SB>Q@#MD[_ MTNY;F82=;R)K=Z_TDF"(JX5GO0=1'8!WL'&5Y)NXGLG,2O&2+-YVO9@?W"1R,S3`EU@DN M_^Q,HM7S=@:?;4P!C@\RC*S8X.2"I;9WFS(9LK#NNZ/_PCEB!&Z]&TYW3M_. MBTQ`/!VQRK,P9!&_G'J-F-QKLF[M5/T25ET9/55%/6BV=01FX8*+2@4])U4A M+QACLT8/K&&]S#!["%1_SYE9S2\GY970\[&O`Y^+4KR6/%R7NO!NL5*,M\M@ MRP8-N^\M#+,-;:K6RH\>O/K"8!A3FPK;F5==28"]@A'PAYQ_7I?"J%[1GW(^ MJ$I$Z[+(\AK`LE#P`Z%,B>!)#\44[BOU/3N[^FH9?%VY,F!2ZQ%;\C@L];N. M+FC6?J+$>"1Q%44`X*ZVI#9[`.M"6)XY2NV@J#1V'Z'\M%;G%#W MGA^WYPSNRJ1QN&7[G#;[*J#9>Y[`?@ORR#%EOZ;]8^AV_4U[1:M&=8K+158+@KGX)BD^'N MF<\7E[0!*<^#Z@S[-5DF_#!Z4E1[X-0H7Z8Q":GK?H,?BB,*Z8NB M[1Y7I$N:[J+R74(_ICPPU-]!):2#Y.TKU"D$M:6@NA@8(^*<5CI9$I;OP1,Z MV4W6<9K3\6PBOI6FV_UBZZKTMXF-:F#8:H]52LIWKU!;`BJ+0`?LLS;@=KFC M@)OV'B1^;J&ZB4O%,[.XXYN1M*`'5R1)9;W3R!*@E#M_?(5*350>.IGOYCJT M'46V*#)2GM9C"RWNA"QQPLRLO4$;6XC3Z-:D"O96SZ-*\$[51\&6$OB'DL!5 M83!X>X5CEH5\&5"#V[E7:01I1Y7@]OWUT57KO\9NK0Z&J^,Q2XGZXRM4E81X M4:A;UKX.?^H3H8L'"O5KUR`+6&J)=R@ MMMOROY;+=Z.RAX6Z984D2W*#IG>B3H(KW/K-E%F0J;MVYT&HRXQ0!V$=8_YU M6SH,NK9W1%&\=B35J[CU0\W@^UZG6AX,#2U`BAE/78KU"MC3#-W2^)H]91-D M47Z<1LT=FGHB32K!V1P]K6K-)#U.W3OKIF,6\J;6:RK&#U9U9ND/&TI$VN`P MK-WG',\7IWE!5M2A56W@#(5<6C0YP*X-ZTMXYX\6EIA:U_"B$85!#$7JBMU\ M:*<+(/W(8H:T401#NC%HE8D,_"^G=OE%#A/=>24N4KK6;N\:*#]4-(96PVD" MNQEZ+UE=+0Z&:&:,TMA)*ULF8YYLOF#TD9G`@#S:,]L-S\X"DO&,G_FBR;TX M3^AZ?+-JQY*B52QU77)O5'6Z++12!,/',6B'S&2ZY3,3;+'0)MQT]&%0D]UP MD88XIT,NQ[2AF:D_P?=NSBF`)?\'%^QWJUYUMI@F#H:LOA*^B![ M89]W858[W!:1%:VXV[LP]:#[=V'*9:%B2SZ`"AG9V.(4G MDBHM])Q=;OP"4>WRJ:H]^5BJ;!D+?\M:U9GO-;(RC1]FJ>>=6A/`BDM-QSE- MPR5&-\VYRG*^X??"ZO*:)A3B[EG>J15L'^X=6P(,(DZ%;5Q.*I+AT0V@^X.; M2&0)F:ZE.U?"?<0!RS.,YLD59A?&L4L,DNA3FF3U/WG:#-/G_L0-#N\2\G\; MG/,JFF9P1[_M)7[MHCFE\>]]_K#W\>JCML(F>)YO5F5``&7L`#7]*;1(,U3< M8704!^&7@^OP+F7)/*LTPC&,<4XAX6C#KV1B-T#*GY"I;BC96HW>1Y7H]-V? MQU>]]SC0].+`C)_'UT$7*$.UYIYYYX?*T<'.8@Y\5[AX]/L%%0.+\4Y"Q M#^ZQSCO;3;G.'+9=-D/CP^VB4.\TWW5-AF3O%EV?5Y\-SJO/N^?54?4#J/D% M'R[HR6F*44=V#!57FUS0S;40=3""'C62598^UA;0&-SA;C6BCOIIO>LHJ M8:)E5PIN=[==@C)&(20P:)ODFYC'L MZEU83[?3R\]0:5ZUUBHX?F3`8JC:P=4>$XLZQ\0L.FNGEX5:Q-(LE#Q>'&J* ME!DUO`_J43`5FP.]0SJ["GGI]P#FFR)G5ZVPW")=1H%&VG6\7P-Y&.67B,(@ MBA&?*J+?T0#B$LA3;MB6UI(_FW"T;44N@RW[:/8UR%@>6UDI=N5%L>V<^N[4 M\=-F=8LSU?SIY*>=.C$.&[/G'3GX78CO"CFLMVI`IZT\.NB\1W0;Q'"NJYK< M3F+SL"7.S5U0-5_^@6]]GR?EXUR[[J;1/_]-#/:)C;J3`3_RM[W/MIXJK!KM M2R:,?;TQ]J2G%Q\/UQE>.'-:;_4$TYE?_&WUT=58,/MY)/W9.CS<5>^,718/^/SX\G08&; MO9>K-([/THR5ZGRVGHCR:?B%C^HB-^[C)(C>#0WL=C%F+U56"J-U1I[^DM.^ M*0'W\O=GDJ#:H2<5U]I]N_P][F41-8!GB4;C>QKF:&*W^`BMP3),%GOLT!KF MB<7HOH>I]BG%^/;1+G:3[6Z#@-!GVE]X&\*=:4?C>QHS[<1N<6.21H+[?F;: M:0WC(#JJV(H8(+S"JX"P90:[X()EVT@/0(W2=+8U,*XJ38C?3LU[!&T\5O.9 MO%J=';>O]'E>-;1M+^.HZVSZF9IH$\2LC?+#G6Z%[`DA_&VUO7;-X[?A]@(/ MABT`V2:"S:FO[MAS-,NYQ?E0KH%MV\=M!XX&]P3LS,0.<6!B1B*#XBN#;)5' MA*2>PE)]@F5VO@*:A/%I+-D?T3UNENT3`'IW=B"WBJ6[`S:>>&MNSMMA<\[K M0^%-:,*RT88K+J](G!LAI.B7WC.][-5.*!937\-H+P)L%RF>%E4/![U$I-=,]4`=F0*7;6V&)-Q?LM MUO'==FWZ=P+IF_`S=MCX.W$X=H`';-*AW_;PE&RH"\^Z;)`JZ*2,='G!XC;X MZK&Y^[%6#T#@A5;]-0+@Y+Z_3V&ER8::S.>[/7PD\4&9P6S.^7K#\W1G,N,9 M84]@ON\9S?&-1VQ[">_E53OS13DB]K0) M)_^I;R+":M%8N]RJE?V.]U'DH'+RMVK3:CHN=USV-0=W?(?/U>:.=&:1RKF; MC34PVRE9(N2=/B9D^K[?)+OI_=T8739GY.?E9??1Z<,Z3K-F+E%93X..2S-H M!;]KS[0*WIDU!J7X0%LI7M]H#N0=@BLS2_C1 MA8"A^%3D0KY-50YE,"\('?0X;7AX9E]>7/MT]S7;\*"^<7Z<1OQA;S9B^7/> MVQO\4!S%LB=^QZG_'J6ALSZEO\5#P!R(S`.'B)L%807.?I4`I!U4U>I"MT&O-EH>?VYWL2 M;,6:X3LZ39)[?)'FN;D[='I@>\<"-,#.BNY)GF9;YHBH^D40`=8%*GS#UC[! MM&M"4AHK]KK2^8JZ7ADK'+&N\C0OL3>JKW!!,DZ"^6U,EARBJCOT\L#ZQ@JL M,-4P+>HSU&HH;?1>^>@B<:=+[2=H9&%UC1FH8K\N[P:)O/0''>F*P=%\`ZNM MA[#T\X"7-KW`RR!6-VS_:UBM*\4&L(GG)*;+IP]!?IFE:\P70I^PRCG5"<-J M?@ND0HH)B?D$O`SH(K'10@GVU#'YH/"6MAC MRUD^VSY*K]9V^X]&8BM+@.H:/,J4]M+BRLBR+DI M\F2I!ZMGQH$6W\`MPX5<'77UH029QF9H@>H<.3A3II:70!D)-VD1Q!)F:!ZP@+IN`1-0)-$-"-CO MG@.O,;LR>/@Y(<5YGF_8HE,1.NV*P.H-)3XAP:GZ&J4+Q,3SEXB?O?$^.))\ M$[,=W"IK13LT!K*PNL(,5#\L:ITZ!+7?2]U!]?,HS/NYW'V_^6CJY(+SA,[NDNV:T9==(^[`I`ZB#;AA4W=$??.W`\70XC";VJ:-/37M%3MKGN#H M-,C8K)^+J9:R%C=K`>J($6#%39A2%=6ZZ'EW=JW47_BZ]8BMY^[2.,)97OKJ MLKX2I7[_(YB^T8"3KEXKT3^@4AC-BB(CMYN"Y]@7*=LM`V&F9DEDUSLF'4#C MR!JJQLKQE)=2W%,GS=>8'<]K8B72&440`M0-:FSBAG\EB4XM3AGNL$R*ZVQ<5\<1,\R+ICC#Z@GIH$6W)2M+-:8^V*NB6A MMJB7B!;&XJVTN)=LE1=O^%5FEVG&@]]#6\D.,;$U?AK'3.P\H>#>3,^SL"#WRM6MO3:@CIP`>MBE M;#)C9:"Z$'2[1<]9.;1G7Z#6N6G+@M6_Y_SND*G]*]&&W[\ZT"/[MRG*7__N M-`?,O\MB#5&Z\I;K^%K$L6V-SK)2?QV!6AK0B+(`*:SO^.9.+T[;:OETXW>[ MZ]RYR[F\O4NY/-CS[P(8PUZJ*UW.')1Y)-V?1YW?9\:\*U=A0!P$Y^E!=1ZA MBN1UD+Q$'2Q4EJ/YUOAL_Y;/8`.?'^4X"0I\%I",YTSME.\[Q/44QL,^FF,/ MXT4<)-76?D&1UA<'\V%5@GV)FLR."B_B@!%#C!CD,AWOR8TJ7LN(%C_F['VB_54W0@Q]I(<-_%6)O:)O[&6HD8_%B# M]>B]&)>`@@S`*`/:(-(A!@'AWU_T\HX'VCK+=S/XFX[:9W0;E.5\TPM9>)M\ MONM'&B%-+3[K+QT='@!]%Z,`[`-OW^MHD+6!]Q%QJCT,U_WH@OZ-?EQ_1/_# M0-!/_A]02P,$%`````@`_5-M12I4/-U/&@``!+-FZNMFJ`G__V,@F<)Q+%-&0?WK3>GKUQ"/-" MG[+1AS>?^R?M_E6W^\:)$Y?Y;A`R\N$-"]_\[?_^\S\<_N?G_SHY<6XH"?SW M3B?T3KIL&/[5N7,GY+WSD3`2N4D8_=7YX@8S\4GXC\N'6_YC]G7OG8NW/WK. MR0F`V!?"_##Z_-!=$1LGR?3]Z>GS\_-;%CZYSV'T>_S6"V'D^N$L\LB*5N2Y MT;?SL];W9^\NSKZUSOY^\?9ER/GNN`G_K?C%?Y]W6BWQU_G@O/7^AY_>7UP` MOREQDUF\^J:SE[/%GZS[SP%EO[\7?SVZ,7$X&"Q^_Q+3#V]R\CU?O`VCT>GY MV5GK]!^?;OO>F$S<$\H$*!YYL^PEJ)3U:[U[]^XT_>VR::'ERV,4++_CXG3) MSHHR_RU5M,]Q$M/W<;>BY26I3VJ]QI"W$3R?+9B?BHY/6^A2P. M`^ISD_0OW4#HNS\F)(EUO&H[[HO1>S?B*AN3A'IN4)GK4BH-BB`-7$;_2'&^X\-_1/@XP9E)*)L)0S8QI"JT:A:G3T>,#KF[\?'.\\*9 M^.[1/5>L1XF6?U#GFAGN,CX=C>AC0-IQS(<,/B$G)`B(E\S2%NZ M?OMTH%H<"8%##5S^:ZT4YI0:=RT8X[I^%J>0#DE<&L1W;B0^>")U3BDRVOOT M$%/Y*A&S,04M>*EE)MJB95$<,$X[$6U\6`""H^VX+T9;E3EM[9M5L(7`*32W MRJG"LZ;KGE9!IIR;TE&),>6L^7_ZS+?R4@X>1H+$99"!*&WP7<@8EIAI--C&DU4\=I^C).(*W=) M*'`?29"2_R;ZPKJ>5F%VH>,TRA83[^TH?#KU"3WE_%^(_PA!+D[.6HL8VY_X M1]\R'A[(B(JO9HF(:Y9PSIN6M]QF-&\:[VE4MI0]]4L$B+>T-AS@W\2-U(: MOKPU$(0?,(&@D]W>Q/N5[TI_9>$SZQ,W#AGQNW$\(Y%J`I9V`2+S(R9D0%JP M!\^7,)AQ#4;S&QJ0*%;!4F@*A.,G?'!(I+:X/,W\]X%,PTA$W++*!^4J5=(# M",I?\(&BUH$];%(;N>*#Z2B,E!N'K89`)-[A0Z)48HO.L8YD]<=<\K@W2]*: M*FXD2A=1]@/OZO#A`U&(S7U'M@S)UN$W_#/)0*9H#@4'U9Y;*[Y]3,32$(Q( MKC$4#Y3;<8GH)6C\?%H:@&T^.JNO,]L(S9X[)\ZJ*(?__ZIWU^_==COMP77' MN6S?MN^NKIW^+]?7@[[SW8RY,Y]RPG^N,T8KY5@3H`7TV]DWAF[\F-K9+#X9 MN>XTH?HW;%8;$BA,)1 M:&XM<*O6*YGS-D=9GR]$!=K<6 M\04!$581"1.(]Q&9NM2_?ID2%I.%F'+0),VM!88K@*24&`<@BU'D"DB42IA3/N=]2/@O_=M,:BF' M*7M)F+A!VM(N;%GY6LR'Z;LP(?':TKBA*6!4=[,6@C9:4D!$Q^%PUH\V@0;G<`X8,G8T@UV%J/-YBOLUS*NW5+WD08TH43X=_%`D7ZW!*=@ M-81==5]KJB`<'I?C&KSM5?6Q%]ZN"H,41=1[X^5<>^_.Q03+1>6?1#,^IA0$ MT"\Z0$3LQ<;AT)2O1PQTA!+<7)%O!50EO>V%UFN"4ZD5'#BFBRX3AY1V@*+5 M6`#$&"V-[#@`,L%F%U@:"WP8PP)"Y-`7J'Y?Z77;E3FFRODBJ9`Q%J?OXZ?+[GD3I`1OH-E#> MWW8I\HX;0YUB,(*9'8UJSY)Q&-$_UL.P#L1B/]N5R3N")U,$7M#2T]&&@"W[ MV*Y0K@6L307@!4I]$E,A8)6CF'C6HT!5X,`M%U,RG]]`G6T7Q>X29CN,F:UP MXA,,,YCAM<)R$2K,H/AR?M4O$(` M14Q$\R;$1CSD>U4\I#_@_WRZOAOTG=Z-T[N_?F@/NKS!/LY,EPMA$!'1$;": MAG@B;*:J5EBWP!+I@.%1R"YL"HIC@%NPST:+DX^`\^R*+E9OO]P9(:TN<$#V MP'7*>1!GBCOQF3Q,\)R2J'HSCA7U!L.T#^ZE`D3[;&,V[2XJC?4'3S6=+,=U:H*26@B)"88-\>: ML0,KZ.78H5J:K M:XG2,&*NGG:X()=N3#TC[(U(6C_\7H<-5%`B#EO8%C[E,UW'I$J`C^*%CM:/ MR5?#%:@0'.A])70T%C(]<9,;D;O9Y)%$O6$AG9<*($*T/^A=_?I+[[9S_=#_'^?Z[Y^[@W_NG!JMJ]YZ(4&9X)#2 M:U!WJP7E"P[3EY(!DBS:Z=RS8-`-E2,8P%.H'-^4*+_@QP`(]V32Y?]5[%_+ MVB(#9L.L9`CDV,\?E<6`0F9*5^%D&C(Q`+9?*`20\FZ'B$VY)+EDO,UUY29O MG7#B4J98398W1X:*RN*VEY'E`N6R1CC*WSX1L?H!U;PMF]H_QV(.AU1B'.MX MRPX\!&"1&1,6$R?2!:N M`8QVLBZV"S\JCGIJ#>``"E8B7ZDNOOE)J+`7V%ZMJ8O@S5(_T_1!,?[=46(_ M`;2ONR;L0UC_90,U`2DI,D\9OG1CXHL1@+M_JM,2=$1K66,T`YX4'A7W]8QO M1OKM365E9W)&5WULOQ6RB[:W!&](Z6((%1<1](:?&2VM#Q+-"JWL'TR$*%8B M7$.JS'9#XIN6WRO19EE#V_55,(7*1<2QYDFO9"Y9GZ4)Q3`B=,2R*V:]^2!R MN:-YJ7Z9G_X49-KV?YO%B5"%OKRJJ>^S78@%GL2;53@.HSJPVBI3"'5E5`>U MA?EVCJ#\I=(N1G!>R_+WFOF'OHLQ01'C1J9!+-&EQ\5+G3=!^"PY)OPC/"M^ MU>[_XMS<]K[N_9CP2H:*IX1+^MN=KP1#]U'X1#G0E_//?&?19:LS2VT^!S]E M5_YI\_E5:&$\>"Q%N#@95M0=CAFST;7*?D\B&T!68QDXFCMGUZOB>!`^$"]D M'DV?F5P+.PAK\_-FOLU:++(.NVH2`!R#Q;(24QO0S"]7J\LM^UD0P5L=.#*E?0:_?X^(E.7^MH[@/1PC M!&?<(\1/[T?HNP'I#7M4W!'YT8WYK[C5)W/^D\A#IW=\RJ$W)F3O@/KNT&V_ M,E%)AS@,H.UQOK(0UU48JP*$Q990"!L+"M8&H4P+.#""BUG'T`S'M;%ZW-IP M-=?^%BK8;S&TLM> M-'(9_2,E>NY/\Z&5''9;Z3 M(^N$0R='N,:"AKLP(?$@O*&,?P]U@[4U:`HP(1UM+OM2/9;!4;*\*VEKLW(2 MCLGVBDTJ-*;;O?ITQ.B0>BY+%L%^/F+<\^'(RR\E-YSF+]M.DZ/AK(DX*RI' M#]%ZB+C]C0_Y]WG#9KX2G`&'_)*S]+OI!>5XTG(Q8]MF*G+.B=_180`9J$YBUI@&.">I\ MD/YGH!9,;I:[L6G[?'G>IUIGVSZ5=732GLZRZZMV'^4I[[P&57ZP/C0MZ7%8 MQJ\5!Z?%TZP,M=S46V6FONSQJBV\OFOO%NI:;4M'A(D5A]%<84KGL#RGHI#X M_.F!!"*`<^_R]5/N2+_$NGC%FT+@QC%LYWR__5>M`:)('&%0UIV`]J;'$YS_Z&AR^T_6WZ8B5$ MRV,60#TAR=BMDA9N`TB(4AHZ"[GFN2\>E'`C/[X*_50@&$*" MBBD1J^>8=P*LBK28W.]S3'K#ZSBA$SZA*[(IV^VL'4FNR\7*!<%JQ]1E7+;99&UW":X#3R,UX4!6'&D,^2:1&V!,.#-B5.F0)Q*$ M:7FR#EE@=VN'@NM"UDA-.)#]&(;^,PU$[?EV0@D\G9K0L';:MRZ,S176Y)TL MB_P';-.A[&'U)>:==Q@`91S^A5S9M27BW5&H9\I[V'V+N9[!5JT-'.-K^0.R M8`"!W>T=F*T+32,]X8!V^T59,*C:CO;.Q-8%)U`W#4V-LNP+;)H$][9[#'7G M.=-02YCR4Y!:O?2I14F2ZONJ!7O.=QG96G-5V])(A='DJRK0P1`MR)CEZ^G< MG0B?B"N0\7OL@8@;$\2Y.^;?A2Q:_IBF M9L:LLEW)`A;[0`K3,%-2:*885'Z`5"PV,H#(^-1>)J[KAN$YX,-Z)1NFUU(W M.[Z.C>8%YEMTKV-?3Z9!."OB7^V3VV`*.!#=P;*-8,]+OEYUV7ZA)IL@=._7EC2U_B`C:,QQ0AZXB=*/IQF60;^M;>\,%HXT=$>[$T4, M%0:'5^I1`XC'*A!DU0.(JT!N**,)N>565#A\=#G_Y/X61E>!&\?JZ@\C(@>$ MFY%<.*H]^AYA;D3#SRSF,S,=4CXW:\H[%%UP8%7!1@LI9*F(.Q9N2*;B3O21 M1('KC:5U&*)9H97UW*G.>O+1-XF,31U.))$X?;`(R"K56M[4=GF+D6Y5TN+8 M/Z6U&+F$^>+52?DP(^UP*'4H&HEQPK)^'Q*.3+Z/]1&I*CI%P0__N&Y_*BZI MBFZ(ZMJ@C4;6!SUPD5=1-!P.57[Q@O:5Y=^?BH_:S&XEZR$Q&<1E8,L_=.923^6ZF*47?R[=;3;H` M#"&TH),=1V]4[\U5UEA146(E.1B["T7&'],*H"[+'F-LP(Z-.;":3]J?+5=$ MYCBF[F?\,'A]L9D++5&.J@T^UEA+&*U^%5R_D,BCL233ED:S&OY2JQ=RPJUP M'ZIX%4.@=N#GRA!O9Q-_J^`DG1`Z?&N[JE5X"(/@)HP$51LS=T5&K=Y;:;S5 MP:K%HR]L*@>W`UB\R1.1%LH,&)^;';>.538H*!W4F$5KU[HBLG^;7EK1IEY! M]@L!\+BG4(,=>0/7\")2Q&',HEA"!=C=\TNJ3M2SJ#&+]NY71N0`-MVTHE'9 MG$8E(;TMWA^(*"JC;"1N.1#;=>D1-=$;VMGNS<25LJ]F>FFJ;+$Q`\X%''62 MSMQ`B!JWZH[/-L0DU-B:22L8VDT=P=U&P3XXRTY'W\+T(15T[T9MS!_4GIM) M4&"TYXH0'S>QM0X1-E;*E=B$.E`S3[15'C5>(3 MJ("R!5`>IWTS`[7K9A)]N]NU'?`066^S&^@NEY^RF'JH4MD*KJ#VW,R;;X@3 MUUHD$=ET%:?6:J(]&D5DY"9D4Q.Y.:R!H;D6KL"%PP<%6;Y^/TE./*(.-[WMPA3T2.A@03 M#&E=+!,4L#[<&DM0_VGN,"XB_[$/1R.3%;XCQ>MHQL:9XI;1F6*GM9]3Q:VJ MQXI;Q^O@&HII%"`YWOJ&[/8PQ+>^=18CJF1\_TJ3<9>O99ZH/W.#PMP37\X' MG,/>L)2,\J:XQK_X@.RC<5W@N)%.SJ7N8CI]3QQH[\F;MLQ'KQT4;Q(>GQDU M&!)V>6;T'#/.QV=&C\^,(KGC\G4_,_H@9AWU()IK@L.10$-CCNO<]2:V-:VS M_XU&.+1=L)`R12]91C'>?**,3F83G:ZWFMF^^K#$/K8T72H7CF'DD_L"4OEF M,]NW&@)47B87#I4C?$K*_JVNQ^>B*CX79?]&U^.+4+6_"&7_.MCCHT]U/_I4 M_QFF.AT5^[M.TO2(^A&G\W.S-%LS[S7IF:^:=FOXE>$TAAFWG_A7Z;+Z^58V M'[`TUW4A(UX4N*&3=9]91+QPQ.@?FW'=JS"668*Z"\Z;DT&:A^@"Q]RRZX&( M[$!Z=HED;YA97`-%9\IOLWI)^H"0*!<`1Y'+-F^Z7+>L/0XX5(:E`:799Q4_,SYD1C%-YLH' M`(O-;`>\U?:QN>$I%Q'')D=LN^)N]K*:?_TR#<)HM1U3C#V:;K;1`8?*0.+C M0&KO[S/:SS@<'VC2RF*_OX:'I[[=W MCPMR3DK/R1-L>C,)%42SLS0G@V%K<,AN[G.=_HRE` M-*!Q0*B9B(5CUYKG2[=C+6N+`QQSDU0`AZK0NC<<4H]$NBJ\K6:V=U-RJ]I> M$9:)AV.5WJ$1\3AMG>JWV]E>C8-U7RX@#N4/Q'JX-UR?F5)/)Y+F.`8GT,PA MD0#'P9X"<^(\6VIG8I`=T^D@O&9\"Z.=08P)X4!0:8TZ('4B-A,FO2'R@PFB M0>[WMB>+BM:5CY@6I&TH5W]+1FZ@4^UV(]L30@WZ+9<;QU0A6?N)\D46D_B& MJR._)%P)O^ABO$>!$[95[&8:EJM)@SC,H>UYX8PE\;T[%]-MCM%U.+C-?$C, MM0(IVV,I&//*:C(JRUG\1OPE*J[X)_\&4$L#!!0````(`/U3;47/:@RC8`H` M`-9E```1`!P`EAZ&Y>:PU>V6M!]_^-M?-?AW\?=R6;LFV#0:6IOIY2Z= ML.^U/IKCAG:#*>9(,OZ]]@LR+=7"/E_=]^!71WY#JY^4/:(EHQ_$2U<]KU=_JU5_ MKI^L)J!W&TGH51W_.&W7:NK'Z>BTUGC_H5&O9QQ)(FD)?Z3JJNK^R\9^2X3N M,[\]NUV(#ZM[\GF*Z7=69UPW]`%ZVW^KW\GEK[\N!_C+3,R-^N3SEZ^3]90O MZ=\;+M#'DA]!F>(PV0IN*RM.7'9?V$\6GEM%JM53[?]H8V M7Q+AEZ20$^HD(CJ._2& M]!FVB=]7G,X=4A))>N:0$H_4$N4I0@N?=H+$V*9U.X"G5B]7:^5Z;8N%,Q.+ M2!Z[)X*),DJM>;2YAN05N5[@"A"5@0ISHOM\Z4R[#*"#:H[6SNZ)T$Y%@L_P M/T0MP;&P@T40JD-\S2M>G,#*8.(YIO*:\7D;3Y!E`BA?+622"<%&29.(3[%4 M\U@LD(ZSBO6B`E'*('A@H7!;5-MB02`ZH.$O%VH:-9271V"+IC[`\I`RB**J M0(Q92N\F-3I4$KE6`N:5M8\]NV/ MB!J:(TO;$G91"8K9$FX);`SH#_;G!9@"8FRF'C2XC"Y)#)..3-TR\_%L5(ED M<1L\MS\-B!:C@IG$@%76N$*FBO'A#&,I'!3BNY,A.`6_JV47NQBT!OWAH-=M M-T>=MG;5[#7[K8XV_-CIC(;:&XLBRR`PPK^.6$0Z^PYQ,':&)0$34H#9I4U& MJ9X'I1W!1Z1\[_L.%(/)8*'2+5`A(GQBZ)(1>I>$T'`$_]UV^H#.X%H;W'7N MFZ,N$!PC*@VGH63ZEQDS#/@UZ[OM5ME(D\$Y#X*S$:HY4ITV M7Z[F"7[=,+78?,ZHG1<,%CL97Z@]$8!:-0B`(T&S16BNC*.OB;1W](V3O89D M[]:BO.NROFZGWF-3)4MPJI/K$4=4('UK&L?V)KO[-.AN5XYF"]*V);UN[R?N MISFVWFQ;<*V><_X@8DI`,Y%G2D3'3B5%[XPZI M^6.^*.`.YQ\G2=EN,`ZG$DPQ>Z),A\#O6!/,*7 M&8Q`'.['F@SH_A<+Q\A,3V9VPC"^.Q&BTTQ7#\?P2L&@E@)"+06%R"N*6!2T MVA&':#\'UK0,=,FXA.XRDG$YKE6AR[IX8.((DA$)W6)LB3H"D?6"+QJ5S-3) M$(6N+>(O`/_F*J.TVV8<3RY+JN"O[)>^ M@FDGJ[GID2C1"869-M1!;[@#>R(0UT-20H6C(,1.O^!H5/&4]P1((A7[W=8P MFAH'\H_*DX$%FR]H:T_)?U8C8?;E-3(P85_(U-9FE&'Q[*&%+$U@_F;)'`)7L5#G':!')HSZ4 M-\Q9QT\L'$\:/Y*Q@DTIO)8G:A,N^MY?'5O6'OIDJ'?/,E.V.?L.HYHJYVJJ MU,Z>J,Q^BJ1IX5;+VQF/_>#D&N-;/!]C7K)5NRQM-Q#35#?YER7)+;6(J#<2 M#5A<"#-&]AIH6-RM6'?61.==0<-@<68O+DB.+ M`$F2=CT\169(Q5#KP?5L&H]$,+X&I<2NKI$]A]=7UZVY92>F:C/0B0QH'=]? M)-T'7.L. M'+;8&C916/W:,(MUR7@@2)-)#F[!:,EB%(_L.;B^GCNCG5P39U-^&QT*D`+YPS.8&/OJ,6A?!L)OQ[B=EY>9+8WA*K39T6\DDTQ. MXRB90V^D;.W/ALJ1S;!"Y:\V<42P17[^8 M/?Z;B"2S-D2%M:XKA%MK""N^].T)-^\[K680I>)9HDA].:VT\73;1$M$3V$= MGOJ0,^MB$,%0Z+6`"LM4!8J=E8H/'!4Y89+]833P^`51[#.)Q8A=$PJC$61N M@`G"EX6R<+A%E(_CE;PRX??=J(LCV3=7E)Z,YYA\6=Z5!.'*R50XY#9*PT2C M!N*&:#'#MDC)LBU8A\#,S54(?+?F7HQ=R21%,"*N+"7&H.SD13`N6'8;^U8H M&(5[,!8N$N.>X(3W]S2ZPIGVE(N3>@;P<&2=&=Q?49I'Y#^Y`0$1#9N%+-=*I-Y`N=3+RH#2@&&?K&D-W[]U3: M`UN48?EU9^$>"W>(LW#3-KL1L1'\)!&%K3/O>_=5SM__ZL(*P^TK=.%^ M7:C,\G>HEQ[ET-=-GS"9SF#C:3Y"\C'%]UA]AP$(J9SSQU9J?\\ MLR4$GUU\,YHA&HZ6-._`FJC\+DM18:*+?L(JL[7AZC_`H5 M!)YQNC?&N;W1G$XYGL*A'U(("'I!=/L/=;M.VD'C,.,7]8KV#W=)W#9Y.!V* M"DW\4]+,"66MP"E8^LO,S&9^"Z<#YPC;?`1]0W-_I_G`I]H'RK'.II3\OAN. M+29\(%)HLEOPQRYU6Q/G@3YBL;TS1/<=.K].>"0;%1RII(6+BJSO38/6YN<[ MH.D7%>?Y"GS\/U!+`0(>`Q0````(`/U3;45\]`-HZ5D``/[%`@`1`!@````` M``$```"D@0````!R8V%R+3(P,30P.3,P+GAM;%54!0`#[`Q0````(`/U3;44>'#1U7`D``*!I```5`!@```````$` M``"D@31:``!R8V%R+3(P,30P.3,P7V-A;"YX;6Q55`4``^W.9%1U>`L``00E M#@``!#D!``!02P$"'@,4````"`#]4VU%V9DYKZ@,```KJ@``%0`8```````! M````I('?8P``&UL550%``/MSF14=7@+``$$ M)0X```0Y`0``4$L!`AX#%`````@`_5-M17&-O/B]*0``EFT"`!4`&``````` M`0```*2!UG```')C87(M,C`Q-#`Y,S!?;&%B+GAM;%54!0`#[`Q0````(`/U3;44J5#S=3QH```2W`0`5`!@````` M``$```"D@>*:``!R8V%R+3(P,30P.3,P7W!R92YX;6Q55`4``^W.9%1U>`L` M`00E#@``!#D!``!02P$"'@,4````"`#]4VU%SVH,HV`*``#690``$0`8```` M```!````I(&`M0```L``00E >#@``!#D!``!02P4&``````8`!@`:`@``*\`````` ` end XML 40 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Common Stock Options (Details) (USD $)
9 Months Ended
Sep. 30, 2014
Options Outstanding  
Options outstanding - beginning balance 80,000
Options granted 105,000
Options oustanding - ending balance 185,000
Options exercisable 65,000
Weighted average exercise price  
Options outstanding - beginning balance $ 0.70
Options granted $ 0.93
Options outstanding - ending balance $ 0.83
Options exercisable $ 0.70
Weighted average remaining contracted term  
Warrants outstanding - beginning balance 9 years 11 days
Options granted 9 years 8 months 5 days
Warrants outstanding - ending balance 9 years 4 months 24 days
Warrants exercisable 9 years 3 months 4 days
Aggregate intrinsic value  
Options outstanding - beginning balance $ 40,000
Options granted 28,350
Options outstanding - ending balance 68,350
Options exercisable $ 22,500