0001493152-20-013838.txt : 20200723 0001493152-20-013838.hdr.sgml : 20200723 20200723070035 ACCESSION NUMBER: 0001493152-20-013838 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200723 DATE AS OF CHANGE: 20200723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANHATTAN BRIDGE CAPITAL, INC CENTRAL INDEX KEY: 0001080340 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 113474831 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25991 FILM NUMBER: 201042715 BUSINESS ADDRESS: STREET 1: 60 CUTTER MILL RD., STREET 2: SUITE 205 CITY: GREAT NECK, STATE: NY ZIP: 11021 BUSINESS PHONE: (516) 444-3400 MAIL ADDRESS: STREET 1: 60 CUTTER MILL RD., STREET 2: SUITE 205 CITY: GREAT NECK, STATE: NY ZIP: 11021 FORMER COMPANY: FORMER CONFORMED NAME: DAG MEDIA INC DATE OF NAME CHANGE: 19990223 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

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

 

For the quarterly period ended June 30, 2020

or

 

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

 

For the transition period from _____________________ to  ______________________

 

Commission File Number: 000-25991

 

MANHATTAN BRIDGE CAPITAL, INC.

(Exact name of registrant as specified in its charter)

 

New York   11-3474831
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

 

60 Cutter Mill Road, Great Neck, New York 11021

(Address of principal executive offices)

 

(516) 444-3400

(Registrant’s telephone number, including area code)

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class  

Trading Symbol(s)

   Name of each exchange on which registered
Common shares, par value $.001   LOAN   Nasdaq Capital Market

 

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. [X] Yes [  ] No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). [X] Yes [  ] No

 

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

 

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

 

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

 

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

 

As of July 23, 2020, the Issuer had a total of 9,626,845 common shares, $.001 par value per share, outstanding.

 

 

 

 
 

 

MANHATTAN BRIDGE CAPITAL, INC.

TABLE OF CONTENTS

 

    Page
Number
Part I FINANCIAL INFORMATION    
       
Item 1. Consolidated Financial Statements (unaudited)    
       
  Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019   4
       
  Consolidated Statements of Operations for the Three and Six Month Periods Ended June 30, 2020 and 2019   5
       
  Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Month Periods Ended June 30, 2020 and 2019   6
       
  Consolidated Statements of Cash Flows for the Six Month Periods Ended June 30, 2020 and 2019   7
       
  Notes to Consolidated Financial Statements   8
       
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   13
       
Item 3. Quantitative and Qualitative Disclosures about Market Risk   17
       
Item 4. Controls and Procedures   18
       
Part II OTHER INFORMATION    
       
Item 1A. Risk Factors   18
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   18
       
Item 6. Exhibits   19
       
SIGNATURES   20
     
EXHIBITS

 

 2 

 

 

Forward Looking Statements

 

This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are typically identified by the words “believe,” “expect,” “intend,” “estimate” and similar expressions. Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial condition and results of operations and our business and growth strategies. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as “Cautionary Statements”), including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive and (ix) if the effect of the COVID-19 pandemic on our business is greater than anticipated. The accompanying information contained in this report, including the information set forth under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” identifies important factors that could cause such differences. Further information on potential factors that could affect our business is described under the heading “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019. These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.

 

All references in this Form 10-Q to “Company,” “we,” “us,” or “our” refer to Manhattan Bridge Capital, Inc. and its wholly-owned subsidiary, MBC Funding II Corp., unless the context otherwise indicates.

 

 3 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

 

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

 

   June 30, 2020   December 31, 2019 
   (unaudited)   (audited) 
Assets          
Loans receivable  $55,857,217   $53,485,014 
Interest receivable on loans   770,628    675,996 
Cash   194,026    118,407 
Other assets   118,909    53,218 
Operating lease right-of-use asset, net   64,506    87,754 
Deferred financing costs   37,026    22,637 
Total assets  $57,042,312   $54,443,026 
           
Liabilities and Stockholders’ Equity          
Liabilities:          
Line of credit  $18,076,228   $15,232,993 
Senior secured notes (net of deferred financing costs of $434,870 and $472,413)   5,565,130    5,527,587 
Deferred origination fees   361,632    322,119 
Accounts payable and accrued expenses   119,808    151,823 
Operating lease liability   67,577    91,025 
Other liabilities   —    15,000 
Dividends payable   —    1,159,061 
Total liabilities   24,190,375    22,499,608 
Commitments and contingencies          
Stockholders’ equity:          
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued   —    — 
Common shares - $.001 par value; 25,000,000 shares authorized; 9,882,058 issued; 9,626,845 and 9,658,844 outstanding, respectively   9,882    9,882 
Additional paid-in capital   33,150,564    33,144,032 
Treasury stock, at cost – 255,213 and 223,214 shares   (771,559)   (619,688)
Retained earnings (accumulated deficit)   463,050    (590,808)
Total stockholders’ equity   32,851,937    31,943,418 
Total liabilities and stockholders’ equity  $57,042,312   $54,443,026 

 

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

 

 4 

 

 

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   Three Months
Ended June 30,		   Six Months
Ended June 30,		 
   2020   2019   2020   2019 
Interest income from loans  $1,490,395   $1,487,117   $2,963,940   $2,990,202 
Origination fees   250,791    292,253    488,233    577,227 
Total revenue   1,741,186    1,779,370    3,452,173    3,567,429 
                     
Operating costs and expenses:                    
Interest and amortization of debt service costs   326,247    387,511    678,689    766,393 
Referral fees   1,386    625    1,928    2,708 
General and administrative expenses   318,726    309,619    663,507    598,356 
Total operating costs and expenses   646,359    697,755    1,344,124    1,367,457 
Income from operations   1,094,827    1,081,615    2,108,049    2,199,972 
Other income   3,000    3,000    6,000    6,000 
Income before income tax expense   1,097,827    1,084,615    2,114,049    2,205,972 
Income tax expense   (645)   (572)   (645)   (572)
Net income  $1,097,182   $1,084,043   $2,113,404   $2,205,400 
                     
Basic and diluted net income per common share outstanding:                    
—Basic  $0.11   $0.11   $0.22   $0.23 
—Diluted  $0.11   $0.11   $0.22   $0.23 
                     
Weighted average number of common shares outstanding:                    
—Basic   9,628,405    9,659,317    9,640,146    9,657,557 
—Diluted   9,628,405    9,661,620    9,640,146    9,659,897 

 

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

 

 5 

 

 

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

 

FOR THE THREE MONTHS ENDED JUNE 30, 2020

 

   Common Shares   Additional
Paid in		   Treasury Stock   Retained    
   Shares   Amount   Capital   Shares   Cost   Earnings   Totals 
Balance, April 1, 2020   9,882,058   $9,882   $33,147,298    249,823   $(750,724)  $425,414   $32,831,870 
Purchase of treasury shares                  5,390    (20,835)        (20,835)
Non - cash compensation             3,266                   3,266 
Dividends paid                            (1,059,546)   (1,059,546)
Net income                            1,097,182    1,097,182 
Balance, June 30, 2020   9,882,058   $9,882   $33,150,564    255,213   $(771,559)  $463,050   $32,851,937 

 

FOR THE THREE MONTHS ENDED JUNE 30, 2019

 

   Common Shares   Additional
Paid in		   Treasury Stock   Retained    
   Shares   Amount   Capital   Shares   Cost   Earnings   Totals 
Balance, April 1, 2019   9,881,191   $9,881   $33,134,235    219,214   $(595,878)  $672,556   $33,220,794 
Purchase of treasury shares                  4,000    (23,810)        (23,810)
Non - cash compensation             3,266                   3,266 
Dividends paid                            (1,159,438)   (1,159,438)
Net income                            1,084,043    1,084,043 
Balance, June 30, 2019   9,881,191   $9,881   $33,137,501    223,214   $(619,688)  $597,161   $33,124,855 

 

FOR THE SIX MONTHS ENDED JUNE 30, 2020

 

   Common Shares   Additional
Paid in		   Treasury Stock   Accumulated
Deficit
(Retained		    
   Shares   Amount   Capital   Shares   Cost   Earnings)   Totals 
Balance, January 1, 2020   9,882,058   $9,882   $33,144,032    223,214   $(619,688)  $(590,808)  $31,943,418 
Non - cash compensation             6,532                   6,532 
Purchase of treasury shares                  31,999    (151,871)        (151,871)
Dividends paid                           (1,059,546)   (1,059,546)
Net income                            2,113,404    2,113,404 
Balance, June 30, 2020   9,882,058   $9,882   $33,150,564    255,213   $(771,559)  $463,050   $32,851,937 

 

FOR THE SIX MONTHS ENDED JUNE 30, 2019

 

   Common Shares   Additional
Paid in		   Treasury Stock   Accumulated
Deficit
(Retained		    
   Shares   Amount   Capital   Shares   Cost   Earnings)   Totals 
Balance, January 1, 2019   9,874,191   $9,874   $33,110,536    218,214   $(590,234)  $(448,801)  $32,081,375 
Exercise of options   7,000    7    20,433                   20,440 
Purchase of treasury shares                  5,000    (29,454)        (29,454)
Non – cash compensation             6,532                   6,532 
Dividends paid                            (1,159,438)   (1,159,438)
Net income                            2,205,400    2,205,400 
Balance, June 30, 2019   9,881,191   $9,881   $33,137,501    223,214   $(619,688)  $597,161   $33,124,855 

 

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

 

 6 

 

 

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

   Six Months
Ended June 30,		 
   2020   2019 
Cash flows from operating activities:          
Net income  $2,113,404   $2,205,400 
Adjustments to reconcile net income to net cash provided by operating activities -          
Amortization of deferred financing costs   50,256    47,244 
Adjustment to operating lease right-of-use asset and liability   (200)   — 
Depreciation   548    815 
Non-cash compensation expense   6,532    6,532 
Changes in operating assets and liabilities:          
Interest receivable on loans   (124,303)   (76,123)
Other assets   (65,316)   (55,243)
Accounts payable and accrued expenses   (32,015)   (60,927)
Deferred origination fees   39,513    (8,233)
Net cash provided by operating activities   1,988,419    2,059,465 
           
Cash flows from investing activities:          
Issuance of short term loans   (21,798,160)   (24,697,965)
Collections received from loans   19,455,628    23,622,125 
Release of loan holdback relating to mortgage receivable   (15,000)   — 
Purchase of fixed assets   (923)   — 
Net cash used in investing activities   (2,358,455)   (1,075,840)
           
Cash flows from financing activities:          
Proceeds from line of credit, net   2,843,235    1,115,656 
Dividends paid   (2,218,607)   (2,318,155)
Purchase of treasury shares   (151,871)   (29,454)
Deferred financing costs incurred   (27,102)   — 
Proceeds from exercise of stock options   —    20,440 
Net cash provided by (used in) financing activities   445,655    (1,211,513)
           
Net increase (decrease) in cash   75,619    (227,888)
Cash, beginning of period   118,407    355,057 
Cash, end of period  $194,026   $127,169 
           
Supplemental Cash Flow Information:          
Taxes paid during the period  $645   $572 
Interest paid during the period  $650,130   $733,160 
Operating leases paid during the period  $27,227   $25,584 
           
Supplemental Information – Noncash Information:          
Establishment of right-of-use asset and operating lease liability  $—   $135,270 
Interest receivable converted to loans receivable in connection with forbearance agreements  $29,671   $— 

 

 

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

 

 7 

 

 

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020

 

1. THE COMPANY

 

The accompanying unaudited consolidated financial statements of Manhattan Bridge Capital, Inc. (“MBC”), a New York corporation founded in 1989, and its consolidated subsidiary, MBC Funding II Corp. (“MBC Funding”), a New York corporation formed in December 2015 (collectively referred to herein as the “Company”) have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019 and the notes thereto included in the Company’s Annual Report on Form 10-K. Results of consolidated operations for the interim period are not necessarily indicative of the operating results to be attained in the entire fiscal year.

 

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual amounts could differ from those estimates.

 

The consolidated financial statements include the accounts of MBC and MBC Funding. All significant intercompany balances and transactions have been eliminated in consolidation.

 

The Company offers short-term, secured, non–banking loans to real estate investors (also known as hard money) to fund their acquisition, renovation, rehabilitation or development of residential or commercial properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida.

 

Interest income from commercial loans is recognized, as earned, over the loan period.

 

Origination fee revenue on commercial loans is amortized over the term of the respective note.

 

The Company presents deferred financing costs, excluding those incurred in connection with its line of credit, in the balance sheet as a direct reduction from the related debt liability rather than an asset, in accordance with Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” These costs, incurred in connection with the issuance of the Company’s senior secured notes, are being amortized over ten years, using the straight-line method, as the difference between use of the effective interest method is not material.

 

Deferred financing costs in connection with the Company’s Amended and Restated Credit and Security Agreement, as amended (the “Amended and Restated Credit Agreement”), with Webster Business Credit Corporation (“Webster”), Flushing Bank (“Flushing”) and Mizrahi Tefahot Bank Ltd (“Mizrahi”), which established the Company’s credit line (the “Webster Credit Line”), as discussed in Note 4, are presented as an asset in the consolidated balance sheet, in accordance with ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line of Credit Arrangements.” These costs are being amortized over the term of the agreement, using the straight-line method.

 

2. RECENT TECHNICAL ACCOUNTING PRONOUNCEMENTS

 

In May 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”, which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of an allowance for credit losses. This ASU also allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” The Company adopted both ASU 2016-13 and ASU 2019-05 effective January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

 

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU modifies Accounting Standards Codification (“ASC”) 740 to remove certain exceptions and also add guidance to reduce complexity in certain areas. For companies that file with the Securities and Exchange Commission, the standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted but requires simultaneous adoption of all provisions of the new standard. The Company believes that the adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.

 

 8 

 

 

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in the ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements.

 

3. COMMERCIAL LOANS

 

Loans Receivable

 

The Company offers short-term secured non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the borrowers. The loans are generally for a term of one year. The short term loans are initially recorded, and carried thereafter, in the financial statements at cost. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term.

 

At June 30, 2020, the Company was committed to $6,580,875 in construction loans that can be drawn by the borrowers when certain conditions are met.

 

At June 30, 2020, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding.

 

The Company generally grants loans for a term of one year. When a performing loan reaches its maturity and the borrower requests an extension, the Company may extend the term of the loan beyond one year. Prior to granting an extension of any loan, the Company reevaluates the underlying collateral.

 

Credit Risk

 

Credit risk profile based on loan activity as of June 30, 2020 and December 31, 2019:

 

Performing loans  Developers-
Residential		   Developers-
Commercial		   Developers-
Mixed Used		   Total outstanding
loans		 
June 30, 2020  $52,318,354   $1,714,863   $1,824,000   $55,857,217 
December 31, 2019  $48,395,014   $1,975,000   $3,115,000   $53,485,014 

 

At June 30, 2020, the Company’s loans receivable consisted of loans in the amount of $367,500, $1,594,463, $2,405,000 and $7,998,071, originally due in 2016, 2017, 2018 and 2019, respectively. During the second quarter of 2020, the Company agreed to grant forbearances in an aggregate amount of approximately $30,000 to two of its long term borrowers deferring certain interest payments to the scheduled payoff date, due to the COVID-19 pandemic. With the exception of these two borrowers, in all instances the borrowers are currently paying their interest and, generally, the Company receives a fee in connection with the extension of the loans. Accordingly, at June 30, 2020, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof.

 

Subsequent to the balance sheet date, approximately $400,000 of the loans receivable at June 30, 2020 were paid off.

 

 9 

 

 

4. LINE OF CREDIT

 

The Company maintains the Webster Credit Line which currently provides it with a credit line of $32.5 million in the aggregate secured by assignments of mortgages and other collateral. The Webster Credit Line contains various covenants and restrictions including, among other covenants and restrictions, limiting the amount that the Company can borrow relative to the value of the underlying collateral, maintaining various financial ratios and limitations on the terms of loans the Company makes to its customers, limiting the Company’s ability to pay dividends under certain circumstances, and limiting the Company’s ability to repurchase its common shares, sell assets, engage in mergers or consolidations, grant liens, and enter into transactions with affiliates. In addition, the Webster Credit Line contains a cross default provision which will deem any default under any indebtedness owed by us or our subsidiary, MBC Funding, as a default under the credit line.

 

Effective July 11, 2018, the Company entered into a Waiver and Amendment No. 1 to the Amended and Restated Credit Agreement (“Amendment No. 1”) with Webster, Flushing and Mr. Assaf Ran, the Company’s President and Chief Executive Officer, as guarantor. Pursuant to the terms of Amendment No. 1, the Company’s existing Webster Credit Line was increased by $5 million to $25 million in the aggregate. In addition, the interest rates relating to the Webster Credit Line were amended such that the interest rates now equal (i) LIBOR plus a premium, which rate aggregated approximately 4.16%, including a 0.5% agency fee, as of June 30, 2020, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement) plus 2.25% plus a 0.5% agency fee, as chosen by the Company for each drawdown. Amendment No. 1 also permits the Company to repurchase, redeem or otherwise retire its equity securities in an amount not to exceed ten percent of our annual net income from the prior fiscal year. In addition, Mr. Ran has provided a personal guaranty to the Webster Credit Line, which shall not exceed the sum of $500,000 plus any costs relating to the enforcement of the personal guaranty. Furthermore, on December 31, 2019, the Company entered into Amendment No. 2 to the Amended and Restated Credit and Security Agreement with Webster and Flushing to amend certain required fixed charge coverage requirements.

 

On February 25, 2020, the Company entered into Amendment No. 3 to the Amended and Restated Credit and Security Agreement (“Amendment No. 3”) with Webster, Flushing, Mizrahi, and Mr. Ran, as guarantor. Pursuant to the terms of Amendment No. 3, the Company’s existing Webster Credit Line was increased by $7.5 million to $32.5 million in the aggregate and the term of the Webster Credit Line was extended to February 28, 2023. Amendment No. 3 also provides that the Company may issue up to $20 million in bonds through its subsidiary, of which not more than $10 million of such notes may be secured by mortgage notes receivable, and provided that the terms and conditions of such bonds are approved by Webster, subject to its reasonable discretion.

 

The costs to establish and amend the Webster Credit Line are being amortized over the term of the respective agreement, using the straight-line method. The amortization costs for the six month periods ended June 30, 2020 and 2019 were $12,713 and $9,702, respectively.

 

The Company was in compliance with all covenants of the Webster Credit Line, as amended, as of June 30, 2020. At June 30, 2020, the outstanding amount under the Amended Credit Agreement was $18,076,228. The interest rate on the amount outstanding fluctuates daily. The rate, including a 0.5% Agency Fee, at June 30, 2020 was 4.16%.

 

5. SENIOR SECURED NOTES

 

On April 25, 2016, in an initial public offering, MBC Funding issued 6% senior secured notes, due April 22, 2026 (the “Notes”) in the aggregate principal amount of $6,000,000 under the Indenture, dated April 25, 2016, among MBC Funding, as Issuer, the Company, as Guarantor, and Worldwide Stock Transfer LLC, as Indenture Trustee (the “Indenture”). The Notes, having a principal amount of $1,000 each, are listed on the NYSE American and trade under the symbol “LOAN/26.” Interest accrues on the Notes commencing on May 16, 2016. The accrued interest is payable monthly in cash, in arrears, on the 15th day of each calendar month commencing June 2016.

 

Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding, together with MBC Funding’s cash on hand, must always equal at least 120% of the aggregate outstanding principal amount of the Notes at all times. To the extent the aggregate principal amount of the mortgage loans owned by MBC Funding plus MBC Funding’s cash on hand is less than 120% of the aggregate outstanding principal balance of the Notes, MBC Funding is required to repay, on a monthly basis, the principal amount of the Notes equal to the amount necessary such that, after giving effect to such repayment, the aggregate principal amount of all mortgage loans owned by MBC Funding plus, MBC Funding’s cash on hand at such time is equal to or greater than 120% of the outstanding principal amount of the Notes. For this purpose, each mortgage loan is deemed to have a value equal to its outstanding principal balance, unless the borrower is in default of its obligations.

 

 10 

 

 

MBC Funding may redeem the Notes, in whole or in part, at any time after April 22, 2019 upon at least 30 days prior written notice to the Noteholders. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest thereon up to, but not including, the date of redemption, without penalty or premium; provided that (i) if the Notes are redeemed on or after April 22, 2019 but prior to April 22, 2020, the redemption price will be 103% of the principal amount of the Notes redeemed and (ii) if the Notes are redeemed on or after April 22, 2020 but prior to April 22, 2021, the redemption price will be 101.5% of the principal amount of the Notes redeemed plus, in either case, the accrued but unpaid interest on the Notes redeemed up to, but not including, the date of redemption. No Notes were redeemed prior to April 22, 2020.

 

Each Noteholder has the right to cause MBC Funding to redeem his, her or its Notes on April 22, 2021. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest up to, but not including, the date of redemption, without penalty or premium. In order to exercise this right, the Noteholder must notify MBC Funding, in writing, no earlier than November 22, 2020 and no later than January 22, 2021. All Notes that are subject to a properly and timely notice will be redeemed on April 22, 2021. Any Noteholder who fails to make a proper and timely election will be deemed to have waived his, her or its right to have his, her or its Notes redeemed prior to the maturity date.

 

MBC Funding is obligated to offer to redeem the Notes if there occurs a “change of control” with respect to MBC Funding or the Company or if MBC Funding or the Company sell any assets unless, in the case of an asset sale, the proceeds are reinvested in the business of the seller. The redemption price in connection with a “change of control” will be 101% of the principal amount of the Notes redeemed plus accrued but unpaid interest thereon up to, but not including, the date of redemption. The redemption price in connection with an asset sale will be the outstanding principal amount of the Notes redeemed plus accrued but unpaid interest thereon up to, but not including, the date of redemption.

 

6. STOCKHOLDERS’ EQUITY

 

The Company adopted a share buy back program on February 26, 2020 for the repurchase of up to 100,000 of the Company’s common shares in the next twelve months. The Company has purchased an aggregate of 31,999 common shares under this repurchase program, at an aggregate cost of approximately $152,000, as of June 30, 2020.

 

7. EARNINGS PER SHARE OF COMMON SHARES

 

Basic and diluted earnings per share are calculated in accordance with ASC 260, “Earnings Per Share” (“ASC 260”). Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.

 

The denominator is based on the following weighted average number of common shares:

 

   Three Months
Ended June 30,		   Six Months
Ended June 30,		 
   2020   2019   2020   2019 
Basic weighted average common shares outstanding   9,628,405    9,659,317    9,640,146    9,657,557 
Incremental shares for assumed exercise of warrants   —    2,303    —    2,340 
Diluted weighted average common shares outstanding   9,628,405    9,661,620    9,640,146    9,659,897 

 

For each of the three and six months ended June 30, 2020, vested warrants to purchase 33,612 common shares were not included in the diluted earnings per share calculation because their effect would have been anti-dilutive. For the three and six months ended June 30, 2019, 43,959 and 43,922 vested stock options and warrants were not included in the diluted earnings per share calculation, respectively, because their effect would have been anti-dilutive.

 

 11 

 

 

8. SHARE – BASED COMPENSATION

 

Stock based compensation expense recognized under ASC 718, “Compensation – Stock Compensation,” for each of the six month periods ended June 30, 2020 and 2019 of $6,532 represents the amortization of the fair value of 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value is being amortized over 15 years.

 

On August 15, 2016, in connection with a public offering of the Company’s common shares, the Company issued warrants to purchase up to 33,612 common shares, with an exercise price of $7.4375 per common share, to the representative of the underwriters of the offering (the “August 2016 Representative Warrants”). The warrants are exercisable at any time, and from time to time, in whole or in part, commencing on August 9, 2017 and expire on August 9, 2021. The fair value of these warrants, using the Black-Scholes option pricing model, on the date of issuance was $47,020. At June 30, 2020 all of the August 2016 Representative Warrants were outstanding.

 

9. COVID-19

 

As a result of the COVID-19 pandemic, the Company may experience difficulties collecting monthly interest on time from its borrowers, property values may decline and certain of its originated loans may need to be extended. For example, two of our long term borrowers requested forbearance agreements, due to the impact of the COVID-19 pandemic, deferring two to three months of interest payments to the scheduled payoff date, and we agreed to accommodate the request. Since the onset of the COVID-19 pandemic, the Company has continued to originate loans as well as continued to service its existing loans, though the Company has observed lower demand for new loans. The Company has also held discussions with its borrowers and they have expressed their general concern about the uncertain economic condition, though these concerns have been partially alleviated due to lowered interest rates. To date, the Company has not been materially impacted by the COVID-19 pandemic and will continue to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. If the COVID-19 pandemic worsens in the geographic areas in which the Company operates, the pandemic could materially affect its financial and operational results.

 

10.SUBSEQUENT EVENT

 

In accordance with the board approved dividend declared on May 7, 2020, a cash dividend of $0.10 per share in an aggregate amount of $962,685 was paid on July 15, 2020 to all shareholders of record on July 10, 2020.

 

********

 

 12 

 

 

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

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q. The discussion and analysis contains forward-looking statements based on current expectations that involve risks and uncertainties. Actual results and the timing of certain events may differ significantly from those projected in such forward-looking statements.

 

We are a New York-based real estate finance company that specializes in originating, servicing and managing a portfolio of first mortgage loans. We offer short-term, secured, non-banking loans (sometimes referred to as “hard money” loans), which we may renew or extend on, before or after their initial term expires, to real estate investors to fund their acquisition, renovation, rehabilitation or development of residential or commercial properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida.

 

The properties securing the loans are generally classified as residential or commercial real estate and, typically, are not income producing. Each loan is secured by a first mortgage lien on real estate. In addition, each loan is personally guaranteed by the principal(s) of the borrower, which guarantee may be collaterally secured by a pledge of the guarantor’s interest in the borrower. The face amount of the loans we originated in the past seven years ranged from $30,000 to a maximum of $2.5 million. Our lending policy limits the maximum amount of any loan to the lower of (i) 9.9% of the aggregate amount of our loan portfolio (not including the loan under consideration) and (ii) $3 million. Our loans typically have a maximum initial term of 12 months bearing interest at a fixed rate of 9% to 14% per year. In addition, we usually receive origination fees or “points” ranging from 0% to 2% of the original principal amount of the loan as well as other fees relating to underwriting and funding the loan. Interest is always payable monthly, in arrears. In the case of acquisition financing, the principal amount of the loan usually does not exceed 75% of the value of the property (as determined by an independent appraiser) and in the case of construction financing, it is typically up to 80% of construction costs.

 

 13 

 

 

Since commencing this business in 2007, we have made approximately 890 loans and never foreclosed on a property. We currently manage approximately 130 loans. In addition, none of our loans have ever gone into default although sometimes we have renewed or extended our loans to enable the borrower to avoid premature sale or refinancing of the property. When we renew or extend a loan we receive additional “points” and other fees.

 

Our primary business objective is to grow our loan portfolio while protecting and preserving capital in a manner that provides for attractive risk-adjusted returns to our shareholders over the long term through dividends. We intend to achieve this objective by continuing to selectively originate loans and carefully manage our portfolio of first mortgage real estate loans in a manner designed to generate attractive risk-adjusted returns across a variety of market conditions and economic cycles. We believe that the demand for relatively small loans secured by residential and commercial real estate held for investment around the New York metropolitan market remains relatively strong, but weakened due to the COVID-19 pandemic, and that traditional lenders, including banks and other financial institutions, that usually address this market are unable to satisfy this demand. This demand/supply imbalance has created an opportunity for non-bank “hard money” real estate lenders like us to selectively originate high-quality first mortgage loans and this condition should persist for a number of years. However, we have observed more intense competition in our industry from both small and large lenders, which has resulted in more liquidity in the real estate markets in the geographic areas in which we operate. We also believe that certain of our competitors will not survive the COVID-19 pandemic.

 

Since the onset of the COVID-19 pandemic, we have continued to originate loans as well as continued to service our existing loans, though we have observed lower demand for new loans. In addition, we may experience difficulties collecting the monthly interest on time, property values may decline and certain of our originated loans may need to be extended, though to date we have not experienced many borrowers requiring such accommodations. In that regard, two of our long term borrowers requested forbearance agreements, due to the impact of the COVID-19 pandemic, deferring two to three months of interest payments to the scheduled payoff date, and we agreed to accommodate the request. We have also held discussions with our borrowers and they have expressed their general concern about the uncertain economic condition, yet we believe that it’s premature to determine the magnitude of the impact at this point.

 

We expect the significance of the COVID-19 pandemic, including the extent of its effect on our financial and operational results, to be dictated by, among other things, its duration, the success of efforts to contain it and the impact of actions taken in response. For instance, recent government action to provide substantial financial support to businesses has provided helpful mitigation for us and certain of our borrowers; its ultimate impact, however, is not yet clear. While we are not able at this time to estimate the future impact of the COVID-19 pandemic on our financial and operational results, it could be material.

 

We have built our business on a foundation of intimate knowledge of the New York metropolitan area real estate market combined with a disciplined credit and due diligence culture that is designed to protect and preserve capital. We believe that our flexibility in terms of meeting the needs of borrowers without compromising our standards on credit risk, our expertise, our intimate knowledge of the New York metropolitan area real estate market and our focus on newly originated first mortgage loans, has defined our success until now and should enable us to continue to achieve our objectives.

 

A principal source of new transactions has been repeat business from prior customers and their referral of new business. We also receive leads for new business from banks, brokers and from a limited amount of advertising. Finally, our Chief Executive Officer also spends a significant portion of his time on new business development. We rely on our own employees, independent legal counsel, and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are used to assist us in evaluating the worth of collateral, when deemed necessary by management. We also use construction inspectors.

 

For the six months ended June 30, 2020 and 2019, the total amounts of $21,798,160 and $24,697,965, respectively, have been lent, offset by collections received from borrowers, under our commercial loans of $19,455,628 and $23,622,125, respectively.

 

At June 30, 2020, we were committed to $6,580,875 in construction loans that can be drawn by the borrowers when certain conditions are met.

 

 14 

 

 

To date, we have not experienced any defaults and none of the loans previously made have been non-collectable, although no assurances can be given that existing or future loans may not go into default or prove to be non-collectible in the future.

 

We satisfied all of the requirements to be taxed as a REIT and elected to be taxed as a REIT commencing with our taxable year ended December 31, 2014. In order to maintain our qualification for taxation as a REIT and avoid any excise tax on our net taxable income, we are required to distribute each year at least 90% of our REIT taxable income. If we distribute less than 100% of our taxable income (but more than 90%), the undistributed portion will be taxed at the regular corporate income tax rates. As a REIT, we may also be subject to federal excise taxes and minimum state taxes.

 

Results of Operations

 

Three months ended June 30, 2020 compared to three months ended June 30, 2019

 

Revenue

 

Total revenues for the three months ended June 30, 2020 were approximately $1,741,000 compared to approximately $1,779,000 for the three months ended June 30, 2019, a decrease of $38,000, or 2.1%. The decrease in revenue was primarily attributable to lower interest rates and origination points charged on loans due to market conditions and intense competition from other lenders, as well as lower demand for new loans resulting from the COVID-19 pandemic. For the three months ended June 30, 2020 and 2019, approximately $1,490,000 and $1,487,000, respectively, of our revenues were attributable to interest income on secured commercial loans that we offer to small businesses, and approximately $251,000 and $292,000, respectively, of our revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the borrowers.

 

Interest and amortization of debt service costs

 

Interest and amortization of debt service costs for the three months ended June 30, 2020 were approximately $326,000 compared to approximately $388,000 for the three months ended June 30, 2019, a decrease of $62,000, or 16.0%. The decrease was primarily attributable to decreased interest expense due to lower LIBOR rates (See Note 4 to the financial statements included elsewhere in this quarterly report).

 

General and administrative expenses

 

General and administrative expenses for the three months ended June 30, 2020 were approximately $319,000 compared to approximately $310,000 for the three months ended June 30, 2019, an increase of $9,000, or 2.9%. The increase is primarily attributable to increases in legal fees as well as in payroll and bank expenses, partially offset by decreases in appraisal, advertising, travel and meal expenses.

 

Net income

 

Net income for the three months ended June 30, 2020 was approximately $1,097,000 compared to approximately $1,084,000 for the three months ended June 30, 2019, an increase of $13,000, or 1.2%. The increase is primarily attributable to the decrease in interest expense, offset by the decrease in revenue.

 

Six months ended June 30, 2020 compared to six months ended June 30, 2019

 

Revenue

 

Total revenues for the six months ended June 30, 2020 were approximately $3,452,000 compared to approximately $3,567,000 for the six months ended June 30, 2019, a decrease of $115,000, or 3.2%. The decrease in revenue was primarily attributable to lower interest rates and origination points charged on loans due to market conditions and intense competition from other lenders, as well as lower demand for new loans resulting from the COVID-19 pandemic. For the six months ended June 30, 2020 and 2019, revenues of approximately $2,964,000 and $2,990,000, respectively, were attributable to interest income on secured commercial loans that we offer to small businesses, and approximately $488,000 and $577,000, respectively, were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the borrowers.

 

 15 

 

 

Interest and amortization of debt service costs

 

Interest and amortization of debt service costs for the six months ended June 30, 2020 were approximately $679,000 compared to approximately $766,000 for the six months ended June 30, 2019, a decrease of $87,000, or 11.4%. The decrease was primarily attributable to decreased interest expense due to lower LIBOR rates (See Note 4 to the financial statements included elsewhere in this quarterly report).

 

General and administrative expenses

 

General and administrative expenses for the six months ended June 30, 2020 were approximately $664,000 compared to approximately $598,000 for the six months ended June 30, 2019, an increase of $66,000, or 11.0%. The increase is primarily attributable to increases in legal fees, in payroll and bank expenses and in compensation to members of our board of directors, as well as a special bonus paid to our Chief Financial Officer in the first quarter of 2020.

 

Net income

 

Net income for the six months ended June 30, 2020 was approximately $2,113,000 compared to approximately $2,205,000 for the six months ended June 30, 2019, a decrease of $92,000, or 4.2%. This decrease is primarily attributable to the decrease in revenue and the increase in general and administrative expenses, offset by the decrease in interest expense.

 

Liquidity and Capital Resources

 

At June 30, 2020, we had cash of approximately $194,000 compared to cash of approximately $118,000 at December 31, 2019.

 

For the six months ended June 30, 2020, net cash provided by operating activities was approximately $1,988,000, compared to approximately $2,059,000 for the six months ended June 30, 2019. The decrease in net cash provided by operating activities primarily resulted from a decrease in net income as well as increases in interest receivable on loans and in other assets.

 

For the six months ended June 30, 2020, net cash used in investing activities was approximately $2,358,000, compared to approximately $1,076,000 for the six months ended June 30, 2019. Net cash used in investing activities for the six months ended June 30, 2020 mainly consisted of the issuance of commercial loans of approximately $21,798,000 and the release of loan holdback of $15,000, offset by collection of our commercial loans of approximately $19,456,000. In the period ended June 30, 2019, net cash used in investing activities consisted of the issuance of commercial loans of approximately $24,698,000, offset by collection of our commercial loans of approximately $23,622,000.

 

For the six months ended June 30, 2020, net cash provided by financing activities was approximately $446,000, compared to net cash used in financing activities of approximately $1,212,000 for the six months ended June 30, 2019. Net cash provided by financing activities for the six months ended June 30, 2020 reflects the net proceeds from the Webster Credit Line of an aggregate of approximately $2,843,000, offset by the dividend payments of approximately $2,219,000, the purchase of treasury shares of approximately $152,000 and deferred financing costs of approximately $27,000. Net cash used in financing activities for the six months ended June 30, 2019 reflects the dividend payments of approximately $2,318,000 and the purchase of treasury shares of approximately $29,000, offset by the net proceeds from the Webster Credit Line of an aggregate of approximately $1,116,000 and the proceeds from the exercise of options of approximately $20,000.

 

We maintain the Webster Credit Line which currently provides us with a credit line of $32.5 million in the aggregate secured by assignments of mortgages and other collateral. On August 8, 2017, we entered into the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement established the Webster Credit Line.

 

Effective July 11, 2018, we entered into a Waiver and Amendment No. 1 to the Amended and Restated Credit Agreement (“Amendment No. 1”) with Webster, Flushing and Mr. Ran, as guarantor. In conjunction with the execution of Amendment No. 1, we also entered into an Amended and Restated Revolving Credit Note in the principal aggregate amount of $10,000,000 with Flushing (the “Amended Flushing Note”) and a Second Amended and Restated Fee Letter with Webster and Flushing, each dated July 11, 2018. Pursuant to the terms of Amendment No. 1, the Company’s existing Webster Credit Line was increased by $5 million to $25 million in the aggregate. In addition, the interest rates relating to Webster Credit Line were amended such that the interest rates now equal (i) LIBOR plus a premium, which rate aggregated approximately 4.16%, including a 0.5% agency fee, as of June 30, 2020, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement) plus 2.25% plus a 0.5% agency fee, as chosen by the Company for each drawdown. Amendment No. 1 also permits the Company to repurchase, redeem or otherwise retire its equity securities in an amount not to exceed ten percent of our annual net income from the prior fiscal year. In addition, Mr. Ran has provided a personal guaranty to the Webster Credit Line, which shall not exceed the sum of $500,000 plus any costs relating to the enforcement of the personal guaranty. Furthermore, on December 31, 2019, we entered into Amendment No. 2 to the Amended and Restated Credit and Security Agreement (“Amendment No. 2”) with Webster and Flushing to amend certain required fixed charge coverage requirements.

 

 16 

 

 

On February 25, 2020, we entered into Amendment No. 3 to the Amended and Restated Credit and Security Agreement (“Amendment No. 3”) with Webster, Flushing, Mizrahi, and Mr. Ran, as guarantor. In conjunction with the execution of Amendment No. 3, we also entered into an Amended and Restated Revolving Credit Note in the principal aggregate amount of $7,500,000 with Mizrahi and a Third Amended and Restated Fee Letter with Webster each dated February 25, 2020. Pursuant to the terms of Amendment No. 3, our existing Webster Credit Line was increased by $7.5 million to $32.5 million in the aggregate and the term of the Webster Credit Line was extended to February 28, 2023. Amendment No. 3 also provides that the Company may issue up to $20 million in bonds through its subsidiary, of which not more than $10 million of such notes may be secured by mortgage notes receivable, and provided that the terms and conditions of such bonds are approved by Webster, subject to its reasonable discretion.

 

We were in compliance with all covenants of the Webster Credit Line, as amended, as of June 30, 2020. At June 30, 2020, the outstanding amount under the Amended and Restated Credit Agreement was $18,076,228. The interest rate on the amount outstanding fluctuates daily. The rate, including a 0.5% agency fee, at June 30, 2020 was approximately 4.16%.

 

On February 26, 2020, our Board of Directors authorized a share buy back program, pursuant to which we may, from time to time, purchase up to 100,000 of our common shares. This program does not obligate the Company to purchase any shares and expires on February 25, 2021. The authorization for the program is able to be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. As of June 30, 2020, the Company has purchased a total of 31,999 common shares pursuant to the share buy back program, at an aggregate cost of approximately $152,000.

 

We anticipate that our current cash balances and the Amended and Restated Credit Agreement, as described above, together with our cash flows from operations will be sufficient to fund our operations for the next 12 months. In addition, from time to time, we receive short term unsecured loans from our executive officers and others in order to provide us with the flexibility necessary to maintain a steady deployment of capital.

 

As a result of the COVID-19 pandemic, we have experienced a slow down in the deployment of capital and lower demand for new loans. In addition, two of our long-term borrowers requested forbearance agreements, due to the impact of the COVID-19 pandemic, deferring two to three months of interest payments to the scheduled payoff date, and we agreed to accommodate the request. However, to date, we have not been materially impacted by the COVID-19 pandemic and have not experienced any material disruptions in our business operations. We will continue to closely monitor the impact of the COVID-19 pandemic on all aspects of our business. If the COVID-19 pandemic worsens in the New York area in which we operate, the pandemic could materially affect our financial and operational results.

 

Off-Balance Sheet Arrangements

 

We have not entered into any off-balance sheet transactions, arrangements or other relationships with unconsolidated entities or other persons that are likely to affect liquidity or the availability of our requirements for capital resources.

 

Changes to Critical Accounting Policies and Estimates

 

Our critical accounting policies and estimates are set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

 

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a smaller reporting company, we are not required to provide the information required by this Item.

 

 17 

 

 

Item 4. CONTROLS AND PROCEDURES

 

(a)Evaluation and Disclosure Controls and Procedures

 

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2020 (the “Evaluation Date”). Based upon that evaluation, the chief executive officer and the chief financial officer concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) are recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (ii) are accumulated and communicated to our management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

(b)Changes in Internal Control Over Financial Reporting

 

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act) during the fiscal quarter ended June 30, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II OTHER INFORMATION

 

Item 1A. RISK FACTORS

 

Other than the addition of the text below, there have been no material changes from risk factors previously disclosed in the Company’s most recent Annual Report on Form 10-K. See the discussion of the Company’s risk factors under Part I, Item 1A in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

 

The COVID-19 pandemic may adversely affect our business.

 

In December 2019, a novel strain of coronavirus, COVID-19, was identified in Wuhan, China. This virus continues to spread globally including in the United States. As a result of the COVID-19 pandemic, we have experienced a slow down in the deployment of capital and lower demand for new loans. In addition, two of our long term borrowers requested forbearance agreements, due to the impact of the COVID-19 pandemic, deferring two to three months of interest payments to the scheduled payoff date, and we agreed to accommodate the request. To date, we have not been materially impacted by the COVID-19 pandemic, but we will continue to closely monitor the impact of the COVID-19 pandemic on all aspects of our business. If the COVID-19 pandemic worsens in the New York area in which we operate, the pandemic could materially affect our financial and operational results.

 

The extent to which the coronavirus impacts our business will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. While the New York area in which we primarily operate has begun to roll back its “stay-at-home” orders and reopen certain businesses, the current outlook remains uncertain and it is possible the spread of COVID-19 may re-emerge in the New York area. We expect the significance of the COVID-19 pandemic, including the extent of its effect on our financial and operational results, to be dictated by, among other things, its duration, the success of efforts to contain it and the impact of actions taken in response. For instance, recent government action to provide substantial financial support to businesses could provide helpful mitigation for us and certain of our borrowers; its ultimate impact, however, is not yet clear. While we are not able at this time to estimate the future impact of the COVID-19 pandemic on our financial and operational results, it could be material.

 

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

On February 26, 2020, our Board of Directors authorized a share buy back program, pursuant to which we may, from time to time, purchase up to 100,000 of our common shares. This program does not obligate the Company to purchase any shares and expires on February 25, 2021. The authorization for the program is able to be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time.

 

As set forth in the table below, during the quarter ended June 30, 2020, the Company repurchased 5,390 shares of the Company’s common shares under the stock buy-back program at an aggregate cost of $20,835.

 

 18 

 

 

ISSUER PURCHASES OF EQUITY SECURITIES

 

Period 

(a)

Total Number

of Shares

(or Units)

Purchased

  

(b)

Average

Price Paid

per Share

(or Unit)

  

(c)

Total Number

of Shares (or

Units)

Purchased as

Part of Publicly

Announced

Plans or

Programs

  

(d)

Maximum Number

(or Approximate

Dollar Value) of

Shares (or Units)

that May Yet Be

Purchased Under

the Plans or

Programs

 
April 1-30, 2020   2,500   $3.93    2,500            70,891 
May 1-31, 2020   2,890   $3.81    2,890    68,001 
June 1-30, 2020   0   $—    0    68,001 
Total   5,390   $3.87    5,390    68,001 

 

Item 6. EXHIBITS

 

Exhibit No.   Description
31.1   Chief Executive Officer Certification under Rule 13a-14
31.2   Chief Financial Officer Certification under Rule 13a-14
32.1*   Chief Executive Officer Certification pursuant to 18 U.S.C. section 1350
32.2*   Chief Financial Officer Certification pursuant to 18 U.S.C. section 1350
101.INS   XBRL Instance Document
101.CAL   XBRL Taxonomy Extension Schema Document
101.SCH   XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document

 

 

* Furnished, not filed, in accordance with item 601(32)(ii) of Regulation S-K.

 

 19 

 

 

SIGNATURES

 

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

 

  Manhattan Bridge Capital, Inc. (Registrant)
   
Date: July 23, 2020 By: /s/ Assaf Ran
  Assaf Ran, President and Chief Executive Officer
  (Principal Executive Officer)
   
Date: July 23, 2020 By: /s/ Vanessa Kao
    Vanessa Kao, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 20 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, Assaf Ran, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Manhattan Bridge Capital, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of 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: July 23, 2020  
  /s/ Assaf Ran
  Assaf Ran
  President and Chief Executive Officer
  (Principal Executive Officer)

 

 

 

 

 EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Vanessa Kao, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Manhattan Bridge Capital, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of 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: July 23, 2020  
   
  /s/ Vanessa Kao
  Vanessa Kao
  Chief Financial Officer
  (Principal Financial and Accounting Officer)

 

 

 

 EX-32.1 4 ex32-1.htm

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

 

In connection with the Quarterly Report on Form 10-Q of Manhattan Bridge Capital, Inc. (the “Company”) for the period ended June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Assaf Ran, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, that, to my knowledge:

 

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

 

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

 

Dated: July 23, 2020  
   
/s/ Assaf Ran  
Assaf Ran  
President and Chief Executive Officer  
(Principal Executive Officer)  

 

 

 EX-32.2 5 ex32-2.htm

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

 

In connection with the Quarterly Report on Form 10-Q of Manhattan Bridge Capital, Inc. (the “Company”) for the period ended June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Vanessa Kao, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, that, to my knowledge:

 

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

 

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

 

Dated: July 23, 2020  
   
/s/ Vanessa Kao  
Vanessa Kao  
Chief Financial Officer  
(Principal Financial and Accounting Officer)  

 

 

 

 EX-101.INS 6 loan-20200630.xml XBRL INSTANCE FILE 0001080340 2020-01-01 2020-06-30 0001080340 2019-12-31 0001080340 2020-06-30 0001080340 LOAN:DevelopersResidentialMember 2019-12-31 0001080340 LOAN:DevelopersCommercialMember 2019-12-31 0001080340 LOAN:DevelopersCommercialMember 2020-06-30 0001080340 LOAN:DevelopersMixedUsedMember 2019-12-31 0001080340 LOAN:DevelopersResidentialMember 2020-06-30 0001080340 LOAN:DevelopersMixedUsedMember 2020-06-30 0001080340 srt:ChiefExecutiveOfficerMember 2011-09-08 2011-09-09 0001080340 us-gaap:ConstructionLoansMember 2020-06-30 0001080340 LOAN:OriginallyDueInTwoThousandAndSixteenMember 2020-06-30 0001080340 LOAN:SeniorSecuredNotesMember LOAN:IndentureMember 2016-04-25 0001080340 LOAN:SeniorSecuredNotesMember LOAN:IndentureMember 2016-04-24 2016-04-25 0001080340 LOAN:SeniorSecuredNotesMember 2016-04-25 0001080340 LOAN:MbcFundingIiCorpMember 2016-04-23 2016-04-25 0001080340 LOAN:AfterAprilTwentyTwoTwoThousandNinteenButPriorToAprilTwentyTwoTwoThousandTwentyMember 2016-04-23 2016-04-25 0001080340 LOAN:AfterAprilTwentyTwoTwoThousandTwentyButPriorToAprilTwentyTwoTwoThousandTwentyOneMember 2016-04-23 2016-04-25 0001080340 LOAN:MbcFundingIiCorpMember LOAN:ChangeOfControlMember 2016-04-23 2016-04-25 0001080340 LOAN:OriginallyDueInTwoThousandAndSeventeenMember 2020-06-30 0001080340 LOAN:AmendedAndRestatedCreditAgreementMember 2020-06-30 0001080340 LOAN:AmendedAndRestatedCreditAgreementMember 2020-01-01 2020-06-30 0001080340 LOAN:AugustTwoThousandAndSixteenRepresentativeWarrantsMember 2016-08-14 2016-08-15 0001080340 LOAN:AugustTwoThousandAndSixteenRepresentativeWarrantsMember 2016-08-15 0001080340 LOAN:AmendedAndRestatedCreditAgreementMember srt:MinimumMember 2018-07-10 2018-07-11 0001080340 LOAN:AmendedAndRestatedCreditAgreementMember 2018-07-10 2018-07-11 0001080340 LOAN:WebsterCreditLineMember 2019-01-01 2019-06-30 0001080340 LOAN:AmendedAndRestatedCreditAgreementMember us-gaap:BaseRateMember 2018-07-11 0001080340 us-gaap:CommonStockMember 2018-12-31 0001080340 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001080340 us-gaap:TreasuryStockMember 2018-12-31 0001080340 us-gaap:RetainedEarningsMember 2018-12-31 0001080340 2019-01-01 2019-06-30 0001080340 LOAN:OriginallyDueInTwoThousandAndEighteenMember 2020-06-30 0001080340 LOAN:WebsterCreditLineMember 2020-06-30 0001080340 us-gaap:CommonStockMember 2019-12-31 0001080340 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001080340 us-gaap:TreasuryStockMember 2019-12-31 0001080340 us-gaap:RetainedEarningsMember 2019-12-31 0001080340 LOAN:AmendedAndRestatedCreditAgreementMember LOAN:MrRanMember LOAN:WebsterCreditLineMember 2018-07-11 0001080340 LOAN:WebsterCreditLineMember 2020-01-01 2020-06-30 0001080340 LOAN:AmendedAndRestatedCreditAgreementMember 2018-07-11 0001080340 2020-07-23 0001080340 LOAN:OriginallyDueInTwoThousandAndNineteenMember 2020-06-30 0001080340 LOAN:AmendedAndRestatedRevolvingCreditNoteMember srt:MinimumMember 2020-02-24 2020-02-25 0001080340 LOAN:AmendedAndRestatedRevolvingCreditNoteMember 2020-02-25 0001080340 LOAN:WebsterCreditLineMember 2020-02-24 2020-02-25 0001080340 LOAN:AmendedAndRestatedCreditAndSecurityAgreementMember LOAN:WebsterCreditLineMember 2020-02-24 2020-02-25 0001080340 us-gaap:CommonStockMember 2020-01-01 2020-06-30 0001080340 us-gaap:CommonStockMember 2020-06-30 0001080340 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0001080340 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001080340 us-gaap:TreasuryStockMember 2020-01-01 2020-06-30 0001080340 us-gaap:TreasuryStockMember 2020-06-30 0001080340 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0001080340 us-gaap:RetainedEarningsMember 2020-06-30 0001080340 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001080340 us-gaap:CommonStockMember 2019-06-30 0001080340 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001080340 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001080340 us-gaap:TreasuryStockMember 2019-01-01 2019-06-30 0001080340 us-gaap:TreasuryStockMember 2019-06-30 0001080340 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001080340 us-gaap:RetainedEarningsMember 2019-06-30 0001080340 2018-12-31 0001080340 2019-06-30 0001080340 srt:MaximumMember 2020-02-26 0001080340 LOAN:VestedWarrantsMember 2020-01-01 2020-06-30 0001080340 LOAN:SubsequentEventBalanceSheetDateMember 2020-01-01 2020-06-30 0001080340 2020-04-01 2020-06-30 0001080340 2019-04-01 2019-06-30 0001080340 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001080340 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001080340 us-gaap:CommonStockMember 2020-03-31 0001080340 us-gaap:CommonStockMember 2019-03-31 0001080340 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001080340 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001080340 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001080340 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001080340 us-gaap:TreasuryStockMember 2020-04-01 2020-06-30 0001080340 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0001080340 us-gaap:TreasuryStockMember 2020-03-31 0001080340 us-gaap:TreasuryStockMember 2019-03-31 0001080340 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001080340 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001080340 us-gaap:RetainedEarningsMember 2020-03-31 0001080340 us-gaap:RetainedEarningsMember 2019-03-31 0001080340 2020-03-31 0001080340 2019-03-31 0001080340 LOAN:VestedWarrantsMember 2020-04-01 2020-06-30 0001080340 LOAN:VestedStockOptionsAndWarrantsMember 2019-04-01 2019-06-30 0001080340 LOAN:VestedStockOptionsAndWarrantsMember 2019-01-01 2019-06-30 0001080340 2020-05-07 0001080340 us-gaap:SubsequentEventMember 2020-07-14 2020-07-15 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure MANHATTAN BRIDGE CAPITAL, INC 0001080340 10-Q 2020-06-30 false --12-31 Non-accelerated Filer 472413 434870 0.01 0.01 5000000 5000000 .001 .001 25000000 25000000 9882058 9882058 9658844 9626845 223214 255213 6532 6532 488233 577227 250791 292253 2963940 2990202 1490395 1487117 1928 2708 1386 625 663507 598356 318726 309619 1344124 1367457 646359 697755 2113404 2205400 2113404 2205400 1097182 1084043 1097182 1084043 0.22 0.23 0.11 0.11 0.22 0.23 0.11 0.11 9640146 9659897 9628405 9661620 9640146 9657557 9628405 9659317 50256 9702 47244 12713 322119 361632 22499608 24190375 31943418 32851937 9874 33110536 -590234 -448801 9882 33144032 -619688 -590808 9882 33150564 -771559 463050 9881 33137501 -619688 597161 32081375 33124855 9882 9881 33147298 33134235 -750724 -595878 425414 672556 32831870 33220794 -590808 463050 619688 771559 33144032 33150564 9882 9882 54443026 57042312 1159061 15232993 18076228 151823 119808 53218 118909 5527587 5565130 22637 37026 445655 -1211513 2218607 2318155 -2358455 -1075840 -21798160 -24697965 1988419 2059465 -39513 8233 -32015 -60927 65316 55243 124303 76123 548 815 650130 733160 19455628 23622125 675996 770628 2108049 2199972 1094827 1081615 151871 29454 true false 118407 194026 6000 6000 3000 3000 54443026 57042312 Q2 75619 -227888 118407 194026 355057 127169 53485014 55857217 48395014 1975000 1714863 3115000 52318354 1824000 91025 67577 87754 64506 3452173 3567429 1741186 1779370 Yes false Yes 9874191 218214 9882058 223214 9882058 255213 9881191 223214 9882058 9881191 249823 219214 6532 6532 6532 6532 3266 3266 3266 3266 31999 5000 5390 4000 151871 29454 151871 29454 20835 23810 20835 23810 15000 27102 9626845 135270 27227 25584 923 33612 33612 43959 43922 2340 2303 6580875 P1Y 367500 1594463 2405000 7998071 32500000 25000000 32500000 6000000 5000000 7500000 The rate, including a 0.5% Agency Fee, at June 30, 2020 was 4.16%. The interest rates relating to the Webster Credit Line were amended such that the interest rates now equal (i) LIBOR plus a premium, which rate aggregated approximately 4.16%, including a 0.5% agency fee, as of June 30, 2020, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement) plus 2.25% plus a 0.5% agency fee, as chosen by the Company for each drawdown. 0.0416 0.0225 0.005 0.005 500000 18076228 2023-02-28 0.06 2026-04-22 1000 1.20 Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding, together with MBC Funding's cash on hand, must always equal at least 120% of the aggregate outstanding principal amount of the Notes at all times. To the extent the aggregate principal amount of the mortgage loans owned by MBC Funding plus MBC Funding's cash on hand is less than 120% of the aggregate outstanding principal balance of the Notes, MBC Funding is required to repay, on a monthly basis, the principal amount of the Notes equal to the amount necessary such that, after giving effect to such repayment, the aggregate principal amount of all mortgage loans owned by MBC Funding plus, MBC Funding's cash on hand at such time is equal to or greater than 120% of the outstanding principal amount of the Notes. For this purpose, each mortgage loan is deemed to have a value equal to its outstanding principal balance, unless the borrower is in default of its obligations. 1.03 1.015 1.01 31999 100000 1000000 195968 P15Y 33612 7.4375 2021-08-09 47020 7000 -200 152000 20440 7 20433 20440 15000 2020 The Company may issue up to $20 million in bonds through its subsidiary, of which not more than $10 million of such notes may be secured by mortgage notes receivable, and provided that the terms and conditions of such bonds are approved by Webster, subject to its reasonable discretion. 400000 678689 766393 326247 387511 2114049 2205972 1097827 1084615 -645 -572 -645 -572 -1059546 -1159438 -1059546 -1159438 -1059546 -1159438 -1059546 -1159438 2843235 1115656 645 572 29671 0.10 30000 0.10 962685 <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">1.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">THE COMPANY</font></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; text-indent: 0.5in">The accompanying unaudited consolidated financial statements of Manhattan Bridge Capital, Inc. (&#8220;MBC&#8221;), a New York corporation founded in 1989, and its consolidated subsidiary, MBC Funding II Corp. (&#8220;MBC Funding&#8221;), a New York corporation formed in December 2015 (collectively referred to herein as the &#8220;Company&#8221;) have been prepared by the Company in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) for interim financial information and with instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2019 and the notes thereto included in the Company&#8217;s Annual Report on Form 10-K. Results of consolidated operations for the interim period are not necessarily indicative of the operating results to be attained in the entire fiscal year.</p> <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; text-indent: 0.5in">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual amounts could differ from those estimates.</p> <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; text-indent: 0.5in">The consolidated financial statements include the accounts of MBC and MBC Funding. All significant intercompany balances and transactions have been eliminated in consolidation.</p> <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; text-indent: 0.5in">The Company offers short-term, secured, non&#8211;banking loans to real estate investors (also known as hard money) to fund their acquisition, renovation, rehabilitation or development of residential or commercial properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida.</p> <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; text-indent: 0.5in">Interest income from commercial loans is recognized, as earned, over the loan period.</p> <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; text-indent: 0.5in">Origination fee revenue on commercial loans is amortized over the term of the respective note.</p> <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; text-indent: 0.5in">The Company presents deferred financing costs, excluding those incurred in connection with its line of credit, in the balance sheet as a direct reduction from the related debt liability rather than an asset, in accordance with Accounting Standards Update (&#8220;ASU&#8221;) 2015-03, &#8220;Interest &#8211; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.&#8221; These costs, incurred in connection with the issuance of the Company&#8217;s senior secured notes, are being amortized over ten years, using the straight-line method, as the difference between use of the effective interest method is not material.</p> <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; text-indent: 0.5in">Deferred financing costs in connection with the Company&#8217;s Amended and Restated Credit and Security Agreement, as amended (the &#8220;Amended and Restated Credit Agreement&#8221;), with Webster Business Credit Corporation (&#8220;Webster&#8221;), Flushing Bank (&#8220;Flushing&#8221;) and Mizrahi Tefahot Bank Ltd (&#8220;Mizrahi&#8221;), which established the Company&#8217;s credit line (the &#8220;Webster Credit Line&#8221;), as discussed in Note 4, are presented as an asset in the consolidated balance sheet, in accordance with ASU 2015-15, &#8220;Interest &#8211; Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line of Credit Arrangements.&#8221; These costs are being amortized over the term of the agreement, using the straight-line method.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">2.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">RECENT TECHNICAL ACCOUNTING PRONOUNCEMENTS</font></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; text-indent: 0.5in">In May 2019, the Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued ASU 2019-05, &#8220;Financial Instruments&#8212;Credit Losses (Topic 326): Targeted Transition Relief&#8221;, which requires that entities use a new forward looking &#8220;expected loss&#8221; model that generally will result in the earlier recognition of an allowance for credit losses. This ASU also allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of ASU 2016-13, &#8220;Measurement of Credit Losses on Financial Instruments.&#8221; The Company adopted both ASU 2016-13 and ASU 2019-05 effective January 1, 2020. The adoption of this guidance did not have a material impact on the Company&#8217;s consolidated financial statements.</p> <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; text-indent: 0.5in">In December 2019, the FASB issued ASU 2019-12, &#8220;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.&#8221; This ASU modifies Accounting Standards Codification (&#8220;ASC&#8221;) 740 to remove certain exceptions and also add guidance to reduce complexity in certain areas. For companies that file with the Securities and Exchange Commission, the standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted but requires simultaneous adoption of all provisions of the new standard. The Company believes that the adoption of this guidance will not have a material impact on the Company&#8217;s consolidated financial statements.</p> <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; text-indent: 0.5in">In March 2020, the FASB issued ASU 2020-04, &#8220;Reference Rate Reform (&#8220;ASC 848&#8221;): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.&#8221; This ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in the ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of this guidance did not have a material impact on the Company&#8217;s consolidated financial statements.</p> <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; text-indent: 0.5in">Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company&#8217;s consolidated financial statements.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">4.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">LINE OF CREDIT</font></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; text-indent: 0.5in">The Company maintains the Webster Credit Line which currently provides it with a credit line of $32.5 million in the aggregate secured by assignments of mortgages and other collateral. The Webster Credit Line contains various covenants and restrictions including, among other covenants and restrictions, limiting the amount that the Company can borrow relative to the value of the underlying collateral, maintaining various financial ratios and limitations on the terms of loans the Company makes to its customers, limiting the Company&#8217;s ability to pay dividends under certain circumstances, and limiting the Company&#8217;s ability to repurchase its common shares, sell assets, engage in mergers or consolidations, grant liens, and enter into transactions with affiliates. In addition, the Webster Credit Line contains a cross default provision which will deem any default under any indebtedness owed by us or our subsidiary, MBC Funding, as a default under the credit line.</p> <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; text-indent: 0.5in">Effective July 11, 2018, the Company entered into a Waiver and Amendment No. 1 to the Amended and Restated Credit Agreement (&#8220;Amendment No. 1&#8221;) with Webster, Flushing and Mr. Assaf Ran, the Company&#8217;s President and Chief Executive Officer, as guarantor. Pursuant to the terms of Amendment No. 1, the Company&#8217;s existing Webster Credit Line was increased by $5 million to $25 million in the aggregate. In addition, the interest rates relating to the Webster Credit Line were amended such that the interest rates now equal (i) LIBOR plus a premium, which rate aggregated approximately 4.16%, including a 0.5% agency fee, as of June 30, 2020, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement) plus 2.25% plus a 0.5% agency fee, as chosen by the Company for each drawdown. Amendment No. 1 also permits the Company to repurchase, redeem or otherwise retire its equity securities in an amount not to exceed ten percent of our annual net income from the prior fiscal year. In addition, Mr. Ran has provided a personal guaranty to the Webster Credit Line, which shall not exceed the sum of $500,000 plus any costs relating to the enforcement of the personal guaranty. Furthermore, on December 31, 2019, the Company entered into Amendment No. 2 to the Amended and Restated Credit and Security Agreement with Webster and Flushing to amend certain required fixed charge coverage requirements.</p> <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; text-indent: 0.5in">On February 25, 2020, the Company entered into Amendment No. 3 to the Amended and Restated Credit and Security Agreement (&#8220;Amendment No. 3&#8221;) with Webster, Flushing, Mizrahi, and Mr. Ran, as guarantor. Pursuant to the terms of Amendment No. 3, the Company&#8217;s existing Webster Credit Line was increased by $7.5 million to $32.5 million in the aggregate and the term of the Webster Credit Line was extended to February 28, 2023. Amendment No. 3 also provides that the Company may issue up to $20 million in bonds through its subsidiary, of which not more than $10 million of such notes may be secured by mortgage notes receivable, and provided that the terms and conditions of such bonds are approved by Webster, subject to its reasonable discretion.</p> <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; text-indent: 0.5in">The costs to establish and amend the Webster Credit Line are being amortized over the term of the respective agreement, using the straight-line method. The amortization costs for the six month periods ended June 30, 2020 and 2019 were $12,713 and $9,702, respectively.</p> <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; text-indent: 0.5in">The Company was in compliance with all covenants of the Webster Credit Line, as amended, as of June 30, 2020. At June 30, 2020, the outstanding amount under the Amended Credit Agreement was $18,076,228. The interest rate on the amount outstanding fluctuates daily. The rate, including a 0.5% Agency Fee, at June 30, 2020 was 4.16%.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">5.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">SENIOR SECURED NOTES</font></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; text-indent: 0.5in">On April 25, 2016, in an initial public offering, MBC Funding issued 6% senior secured notes, due April 22, 2026 (the &#8220;Notes&#8221;) in the aggregate principal amount of $6,000,000 under the Indenture, dated April 25, 2016, among MBC Funding, as Issuer, the Company, as Guarantor, and Worldwide Stock Transfer LLC, as Indenture Trustee (the &#8220;Indenture&#8221;). The Notes, having a principal amount of $1,000 each, are listed on the NYSE American and trade under the symbol &#8220;LOAN/26.&#8221; Interest accrues on the Notes commencing on May 16, 2016. The accrued interest is payable monthly in cash, in arrears, on the 15th day of each calendar month commencing June 2016.</p> <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; text-indent: 0.5in">Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding, together with MBC Funding&#8217;s cash on hand, must always equal at least 120% of the aggregate outstanding principal amount of the Notes at all times. To the extent the aggregate principal amount of the mortgage loans owned by MBC Funding plus MBC Funding&#8217;s cash on hand is less than 120% of the aggregate outstanding principal balance of the Notes, MBC Funding is required to repay, on a monthly basis, the principal amount of the Notes equal to the amount necessary such that, after giving effect to such repayment, the aggregate principal amount of all mortgage loans owned by MBC Funding plus, MBC Funding&#8217;s cash on hand at such time is equal to or greater than 120% of the outstanding principal amount of the Notes. For this purpose, each mortgage loan is deemed to have a value equal to its outstanding principal balance, unless the borrower is in default of its obligations.</p> <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; text-indent: 0.5in">MBC Funding may redeem the Notes, in whole or in part, at any time after April 22, 2019 upon at least 30 days prior written notice to the Noteholders. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest thereon up to, but not including, the date of redemption, without penalty or premium; provided that (i) if the Notes are redeemed on or after April 22, 2019 but prior to April 22, 2020, the redemption price will be 103% of the principal amount of the Notes redeemed and (ii) if the Notes are redeemed on or after April 22, 2020 but prior to April 22, 2021, the redemption price will be 101.5% of the principal amount of the Notes redeemed plus, in either case, the accrued but unpaid interest on the Notes redeemed up to, but not including, the date of redemption. No Notes were redeemed prior to April 22, 2020.</p> <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; text-indent: 0.5in">Each Noteholder has the right to cause MBC Funding to redeem his, her or its Notes on April 22, 2021. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest up to, but not including, the date of redemption, without penalty or premium. In order to exercise this right, the Noteholder must notify MBC Funding, in writing, no earlier than November 22, 2020 and no later than January 22, 2021. All Notes that are subject to a properly and timely notice will be redeemed on April 22, 2021. Any Noteholder who fails to make a proper and timely election will be deemed to have waived his, her or its right to have his, her or its Notes redeemed prior to the maturity date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">MBC Funding is obligated to offer to redeem the Notes if there occurs a &#8220;change of control&#8221; with respect to MBC Funding or the Company or if MBC Funding or the Company sell any assets unless, in the case of an asset sale, the proceeds are reinvested in the business of the seller. The redemption price in connection with a &#8220;change of control&#8221; will be 101% of the principal amount of the Notes redeemed plus accrued but unpaid interest thereon up to, but not including, the date of redemption. The redemption price in connection with an asset sale will be the outstanding principal amount of the Notes redeemed plus accrued but unpaid interest thereon up to, but not including, the date of redemption.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">6.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">STOCKHOLDERS&#8217; EQUITY</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">The Company adopted a share buy back program on February 26, 2020 for the repurchase of up to 100,000 of the Company&#8217;s common shares in the next twelve months. The Company has purchased an aggregate of 31,999 common shares under this repurchase program, at an aggregate cost of approximately $152,000, as of June 30, 2020.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">7.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">EARNINGS PER SHARE OF COMMON SHARES</font></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; text-indent: 0.5in">Basic and diluted earnings per share are calculated in accordance with ASC 260, &#8220;Earnings Per Share&#8221; (&#8220;ASC 260&#8221;). Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.</p> <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; text-indent: 0.5in">The denominator is based on the following weighted average number of common shares:</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: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three Months<br /> Ended June 30,</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Six Months<br /> Ended June 30,</font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 47%"><font style="font: 10pt Times New Roman, Times, Serif">Basic weighted average common shares outstanding</font></td> <td style="width: 2%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,628,405</font></td> <td style="width: 1%">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,659,317</font></td> <td style="width: 1%">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,640,146</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,657,557</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Incremental shares for assumed exercise of warrants</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,303</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,340</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Diluted weighted average common shares outstanding</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,628,405</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,661,620</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,640,146</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,659,897</font></td> <td>&#160;</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; text-indent: 0.5in">For each of the three and six months ended June 30, 2020, vested warrants to purchase 33,612 common shares were not included in the diluted earnings per share calculation because their effect would have been anti-dilutive. For the three and six months ended June 30, 2019, 43,959 and 43,922 vested stock options and warrants were not included in the diluted earnings per share calculation, respectively, because their effect would have been anti-dilutive.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">8.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">SHARE &#8211; BASED COMPENSATION</font></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; text-indent: 0.5in">Stock based compensation expense recognized under ASC 718, &#8220;Compensation &#8211; Stock Compensation,&#8221; for each of the six month periods ended June 30, 2020 and 2019 of $6,532 represents the amortization of the fair value of 1,000,000 restricted shares granted to the Company&#8217;s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value is being amortized over 15 years.</p> <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; text-indent: 0.5in">On August 15, 2016, in connection with a public offering of the Company&#8217;s common shares, the Company issued warrants to purchase up to 33,612 common shares, with an exercise price of $7.4375 per common share, to the representative of the underwriters of the offering (the &#8220;August 2016 Representative Warrants&#8221;). The warrants are exercisable at any time, and from time to time, in whole or in part, commencing on August 9, 2017 and expire on August 9, 2021. The fair value of these warrants, using the Black-Scholes option pricing model, on the date of issuance was $47,020. At June 30, 2020 all of the August 2016 Representative Warrants were outstanding.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">9.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">COVID-19</font></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; text-indent: 0.5in">As a result of the COVID-19 pandemic, the Company may experience difficulties collecting monthly interest on time from its borrowers, property values may decline and certain of its originated loans may need to be extended. For example, two of our long term borrowers requested forbearance agreements, due to the impact of the COVID-19 pandemic, deferring two to three months of interest payments to the scheduled payoff date, and we agreed to accommodate the request. Since the onset of the COVID-19 pandemic, the Company has continued to originate loans as well as continued to service its existing loans, though the Company has observed lower demand for new loans. The Company has also held discussions with its borrowers and they have expressed their general concern about the uncertain economic condition, though these concerns have been partially alleviated due to lowered interest rates. To date, the Company has not been materially impacted by the COVID-19 pandemic and will continue to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. If the COVID-19 pandemic worsens in the geographic areas in which the Company operates, the pandemic could materially affect its financial and operational results.</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">10.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">SUBSEQUENT EVENT</font></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; text-indent: 0.5in">In accordance with the board approved dividend declared on May 7, 2020, a cash dividend of $0.10 per share in an aggregate amount of $962,685 was paid on July 15, 2020 to all shareholders of record on July 10, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Credit risk profile based on loan activity as of June 30, 2020 and December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Performing loans</font></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Developers-<br /> Residential</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Developers-<br /> Commercial</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Developers-<br /> Mixed Used</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total outstanding<br /> loans</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 31%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2020</font></td> <td style="width: 2%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">52,318,354</font></td> <td style="width: 1%">&#160;</td> <td style="width: 2%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,714,863</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,824,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55,857,217</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">December 31, 2019</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">48,395,014</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,975,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,115,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53,485,014</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The denominator is based on the following weighted average number of common shares:</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: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three Months<br /> Ended June 30,</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Six Months<br /> Ended June 30,</font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 47%"><font style="font: 10pt Times New Roman, Times, Serif">Basic weighted average common shares outstanding</font></td> <td style="width: 2%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,628,405</font></td> <td style="width: 1%">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,659,317</font></td> <td style="width: 1%">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,640,146</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,657,557</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Incremental shares for assumed exercise of warrants</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,303</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,340</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Diluted weighted average common shares outstanding</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,628,405</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,661,620</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,640,146</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,659,897</font></td> <td>&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="font: 12pt Times New Roman, Times, Serif; width: 48px"><font style="font-size: 10pt">3.</font></td> <td style="font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">COMMERCIAL LOANS</font></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; text-indent: 0.5in"><i>Loans Receivable</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company offers short-term secured non&#8211;banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the borrowers. The loans are generally for a term of one year. The short term loans are initially recorded, and carried thereafter, in the financial statements at cost. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term.</p> <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; text-indent: 0.5in">At June 30, 2020, the Company was committed to $6,580,875 in construction loans that can be drawn by the borrowers when certain conditions are met.</p> <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; text-indent: 0.5in">At June 30, 2020, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding.</p> <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; text-indent: 0.5in">The Company generally grants loans for a term of one year. When a performing loan reaches its maturity and the borrower requests an extension, the Company may extend the term of the loan beyond one year. Prior to granting an extension of any loan, the Company reevaluates the underlying collateral.</p> <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; text-indent: 0.5in"><i>Credit Risk</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Credit risk profile based on loan activity as of June 30, 2020 and December 31, 2019:</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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Performing loans</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Developers-<br /> Residential</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Developers-<br /> Commercial</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Developers-<br /> Mixed Used</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total outstanding<br /> loans</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 30%; padding-bottom: 2.5pt; text-align: center"><font style="font-size: 10pt">June 30, 2020</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 14%; text-align: right"><font style="font-size: 10pt">52,318,354</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 14%; text-align: right"><font style="font-size: 10pt">1,714,863</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 14%; text-align: right"><font style="font-size: 10pt">1,824,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 16%; text-align: right"><font style="font-size: 10pt">55,857,217</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: center"><font style="font-size: 10pt">December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">48,395,014</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,975,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,115,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">53,485,014</font></td> <td style="padding-bottom: 2.5pt">&#160;</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; text-indent: 0.5in">At June 30, 2020, the Company&#8217;s loans receivable consisted of loans in the amount of $367,500, $1,594,463, $2,405,000 and $7,998,071, originally due in 2016, 2017, 2018 and 2019, respectively. During the second quarter of 2020, the Company agreed to grant forbearances in an aggregate amount of approximately $30,000 to two of its long term borrowers deferring certain interest payments to the scheduled payoff date, due to the COVID-19 pandemic. With the exception of these two borrowers, in all instances the borrowers are currently paying their interest and, generally, the Company receives a fee in connection with the extension of the loans. Accordingly, at June 30, 2020, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof.</p> <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; text-indent: 0.5in">Subsequent to the balance sheet date, approximately $400,000 of the loans receivable at June 30, 2020 were paid off.</p> EX-101.SCH 7 loan-20200630.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Balance Sheets 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 Changes in 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 - The Company link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Recent Technical Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Commercial Loans link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Line of Credit link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Senior Secured Notes link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Earnings Per Share of Common Shares link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Share - Based Compensation link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Covid-19 link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Subsequent Event link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Commercial Loans (Tables) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Earnings Per Share of Common Shares (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Commercial Loans (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Commercial Loans - Schedule of Credit Risk (Details) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Line of Credit (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Senior Secured Notes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Stockholders' Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Earnings Per Share of Common Shares (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Earnings Per Share of Common Shares - Schedule of Weighted Average Number of Common Shares (Details) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Share - Based Compensation (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Subsequent Event (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 loan-20200630_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 loan-20200630_def.xml XBRL DEFINITION FILE EX-101.LAB 10 loan-20200630_lab.xml XBRL LABEL FILE Financial Instrument [Axis] Developers Residential [Member] Developers Commercial [Member] Developers Mixed Used [Member] Title of Individual [Axis] Chief Executive Officer [Member] Construction Loans [Member] Award Date [Axis] Originally Due in 2016 [Member] Debt Instrument [Axis] Senior Secured Notes [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Indenture [Member] Legal Entity [Axis] MBC Funding II Corp [Member] Award Type [Axis] After April 22, 2019 But Prior to April 22, 2020 [Member] After April 22, 2020 But Prior to April 22, 2021 [Member] Debt Instrument, Redemption, Period [Axis] Change of Control [Member] Originally Due in 2017 [Member] Amended and Restated Credit Agreement [Member] August 2016 Representative Warrants [Member] Range [Axis] Minimum [Member] Lender Name [Axis] Webster Credit Line [Member] Variable Rate [Axis] Base Rate Plus [Member] Equity Components [Axis] Common Stock [Member] Additional Paid in Capital [Member] Treasury Stock [Member] Accumulated Deficit (Retained Earnings) [Member] Originally Due in 2018 [Member] Mr. Ran [Member] Originally Due in 2019 [Member] Amended and Restated Revolving Credit Note [Member] Amended and Restated Credit and Security Agreement [Member] Maximum [Member] Antidilutive Securities [Axis] Vested Warrants [Member] Subsequent Balance Sheet Date [Member] Vested Stock Option and Warrants [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Cover [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Shell Company Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Loans receivable Interest receivable on loans Cash Other assets Operating lease right-of-use asset, net Deferred financing costs Total assets Liabilities and Stockholders' Equity Liabilities: Line of credit Senior secured notes (net of deferred financing costs of $434,870 and $472,413) Deferred origination fees Accounts payable and accrued expenses Operating lease liability Other liabilities Dividends payable Total liabilities Commitments and contingencies Stockholders' equity: Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued Common shares - $.001 par value; 25,000,000 shares authorized; 9,882,058 issued; 9,626,845 and 9,658,844 outstanding, respectively Additional paid-in capital Treasury stock, at cost - 255,213 and 223,214 shares Retained earnings (accumulated deficit) Total stockholders' equity Total liabilities and stockholders' equity Senior secured notes, deferred financing costs Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Treasury stock, shares Income Statement [Abstract] Interest income from loans Origination fees Total revenue Operating costs and expenses: Interest and amortization of debt service costs Referral fees General and administrative expenses Total operating costs and expenses Income from operations Other income Income before income tax expense Income tax expense Net income Basic and diluted net income per common share outstanding: -Basic -Diluted Weighted average number of common shares outstanding: -Basic -Diluted Statement [Table] Statement [Line Items] Beginning balance Beginning balance, shares Purchase of treasury shares Purchase of treasury shares, shares Non - cash compensation Dividends paid Exercise of options Exercise of options, shares Net income Ending balance Ending balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities - Amortization of deferred financing costs Adjustment to operating lease right-of-use asset and liability Depreciation Non-cash compensation expense Changes in operating assets and liabilities: Interest receivable on loans Other assets Accounts payable and accrued expenses Deferred origination fees Net cash provided by operating activities Cash flows from investing activities: Issuance of short term loans Collections received from loans Release of loan holdback relating to mortgage receivable Purchase of fixed assets Net cash used in investing activities Cash flows from financing activities: Proceeds from line of credit, net Dividends paid Purchase of treasury shares Deferred financing costs incurred Proceeds from exercise of stock options Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash, beginning of period Cash, end of period Supplemental Cash Flow Information: Taxes paid during the period Interest paid during the period Operating leases paid during the period Supplemental Information - Noncash Information: Establishment of right-of-use asset and operating lease liability Interest receivable converted to loans receivable in connection with forbearance agreements Organization, Consolidation and Presentation of Financial Statements [Abstract] The Company Accounting Changes and Error Corrections [Abstract] Recent Technical Accounting Pronouncements Debt Disclosure [Abstract] Commercial Loans Line of Credit Senior Secured Notes Equity [Abstract] Stockholders' Equity Earnings Per Share [Abstract] Earnings Per Share of Common Shares Share-based Payment Arrangement [Abstract] Share - Based Compensation Covid-19 Covid-19 Subsequent Events [Abstract] Subsequent Event Schedule of Credit Risk Schedule of Weighted Average Number of Common Shares Loan term Principal amount committed in construction loans Loan outstanding percentage Loans receivable Long term borrowings Loans paid off Performing loans Collaborative Arrangement and Arrangement Other than Collaborative [Axis] Statistical Measurement [Axis] Maximum borrowing capacity Credit line increased value Line of credit facility, interest rate description Line of credit facility, interest rate at period end Percentage of agency fee Debt guaranteed amount Line of credit, expiration date Mortgage notes receivable, description Amortization of financing costs Line of credit, current Debt instrument interest rate Debt instrument maturity date Debt instrument face amount Principal amount of each note Debt instrument collateral, percentage Debt instrument description Debt instrument, redemption price, percentage Stock repurchase program, number of common stock repurchased, shares Stock repurchase program, number of common stock, aggregate cost Anti-dilutive earning per share common shares Accounting Policies [Abstract] Basic weighted average common shares outstanding Incremental shares for assumed exercise of warrants Diluted weighted average common shares outstanding Share-based compensation expense Share based compensation expense of restricted, shares Share based compensation expense of restricted, value Fair value of restricted shares amortization period Warrants to purchase common shares Warrant exercise price Warrant expire date Fair value of warrant issuance Number of warrants outstanding Cash dividend per share Aggregate amount of dividend Acquisition Financing Member. Additional Common Shares [Member] Adjustment to operating lease right-of-use asset and liability. After April 22, 2019 But Prior to April 22, 2020 [Member] After April 22, 2020 But Prior to April 22, 2021 [Member] Amended and Restated Credit Agreement [Member] Amended and Restated Credit and Security Agreement [Member] Amended and Restated Revolving Credit Note [Member] Amended Credit Agreement [Member] Amended Flushing Note [Member] August 2016 Representative Warrants [Member] Base Rate Plus [Member] Change of Control [Member] The entire disclosure for commercial loans during the period [Text Block] Tabular disclosure of information pertaining to the commercial loans issued by the Company, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation [Table Text Block] Credit and Security Agreement [Member] Debt guaranteed amount. Debt instrument collateral, percentage. Reflects the cumulative amount of origination fees and interests paid by commercial loan borrowers which have not yet been taken into income in conformity with GAAP. Developers-Commercial [Member] Developers Mixed Used [Member] Developers-Residential [Member] Originally Due in 2013 [Member] Eligible Employees Age 50 or Older [Member] Employment Agreement [Member] Establishment of right-of-use asset and operating lease liability. Exercise Price Range One [Member] Exercise Price Range Two [Member] Period over which fair value of restricted shares is expected to be amortized. Fifth Year [Member] Flushing [Member] Flushing Note [Member] Historical Value [Member] IRA Plan [Member] The increase (decrease) during the reporting period in the value of deferred origination incomes associated with the issuance of commercial loans. Indenture [Member] Interest income related to commercial loans including industrial and agricultural, real estate (commercial and residential, construction and development), trade financing, and lease financing. The cash outflow associated with issuance of short-term secured non-banking commercial loans during the period. July 11, 2018 [Member] July 2014 Representative Warrants [Member] July Two Thousund Fourteen Rep Warrants One [Member]. May 2015 Representative Warrants [Member] May 2015 Rep Warrants [Member] Mbc Funding II Corp [Member] Mizrahi Tefahot Bank Ltd [Member] Mortgage notes receivable, description. Mr. Assaf Ran [Member] Mr. Ran and Entities [Member] Mr. Ran [Member] November and December 2019 [Member] Operating leases paid during the year. Originally Due in or Before 2018 [Member] Originally Due in or Before 2017 [Member] Originally Due in 2018 [Member] Originally Due In 2015 [Member] Originally Due In 2014 [Member] Originally Due in 2019 [Member] Originally Due in 2017 [Member] Originally Due In 2016 [Member] Originally Due on or Before December 31, 2018 [Member] Origination incomes associated with the issuance of commercial loans that have been taken into income in conformity with GAAP. Percentage of agency fee. Principal amount of each note. Referral fees represent fees paid on loans which amortize over the life of the loan. Remianing Short Term Loans [Member] Senior Secured Notes [Member] Senior Secured Notes [Text Block] Seven Short Term Loans [Member] Share Buy Back Program [Member] Shelf Takedown [Member] Short Term Loans [Member] 60-Month Equipment Rental Agreement [Member] Subsequent Balance Sheet Date [Member] Subsequent Balance Sheet Date [Member] Subsequent to Public Offering [Member] Subsequent to Sep, 30, 2017 [Member] Third Party Lender [Member] Three Short Term Bride Loans [Member] Two Short Term Bride Loans [Member] Two Short Term Loans [Member] 2009 Stock Option Plan [Member] 2009 Stock Option Plan [Member] Webster and Flushing [Member] Webster Business Credit Corporation [Member] Webster Credit Line [Member] Webster plus [Member]. Vested Warrants [Member] Interest and amortization of debt service costs. Dividends paid. Interest receivable converted to loans receivable in connection with forbearance agreements. Covid - 19 [Text Block] Vested Stock Option and Warrants [Member] Cash dividend per share. Originally Due on or Before December 31, 2019 [Member] Assets [Default Label] Liabilities Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Revenue from Contract with Customer, Excluding Assessed Tax Operating Costs and Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Shares, Outstanding Treasury Stock, Value, Acquired, Cost Method Increase (Decrease) in Accrued Interest Receivable, Net Increase (Decrease) in Other Operating Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase Decrease In Deferred Origination Fees Net Cash Provided by (Used in) Operating Activities Payments to Acquire Mortgage Notes Receivable Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Payments of Dividends Payments for Repurchase of Other Equity Payments of Financing Costs Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations CovidNineteenTextBlock Financing Receivable, before Allowance for Credit Loss, Current EX-101.PRE 11 loan-20200630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2020
Jul. 23, 2020
Cover [Abstract]    
Entity Registrant Name MANHATTAN BRIDGE CAPITAL, INC  
Entity Central Index Key 0001080340  
Document Type 10-Q  
Document Period End Date Jun. 30, 2020  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   9,626,845
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2020  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Assets    
Loans receivable $ 55,857,217 $ 53,485,014
Interest receivable on loans 770,628 675,996
Cash 194,026 118,407
Other assets 118,909 53,218
Operating lease right-of-use asset, net 64,506 87,754
Deferred financing costs 37,026 22,637
Total assets 57,042,312 54,443,026
Liabilities:    
Line of credit 18,076,228 15,232,993
Senior secured notes (net of deferred financing costs of $434,870 and $472,413) 5,565,130 5,527,587
Deferred origination fees 361,632 322,119
Accounts payable and accrued expenses 119,808 151,823
Operating lease liability 67,577 91,025
Other liabilities 15,000
Dividends payable 1,159,061
Total liabilities 24,190,375 22,499,608
Commitments and contingencies  
Stockholders' equity:    
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued
Common shares - $.001 par value; 25,000,000 shares authorized; 9,882,058 issued; 9,626,845 and 9,658,844 outstanding, respectively 9,882 9,882
Additional paid-in capital 33,150,564 33,144,032
Treasury stock, at cost - 255,213 and 223,214 shares (771,559) (619,688)
Retained earnings (accumulated deficit) 463,050 (590,808)
Total stockholders' equity 32,851,937 31,943,418
Total liabilities and stockholders' equity $ 57,042,312 $ 54,443,026
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Senior secured notes, deferred financing costs $ 434,870 $ 472,413
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued
Common stock, par value $ .001 $ .001
Common stock, shares authorized 25,000,000 25,000,000
Common stock, shares issued 9,882,058 9,882,058
Common stock, shares outstanding 9,626,845 9,658,844
Treasury stock, shares 255,213 223,214
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]        
Interest income from loans $ 1,490,395 $ 1,487,117 $ 2,963,940 $ 2,990,202
Origination fees 250,791 292,253 488,233 577,227
Total revenue 1,741,186 1,779,370 3,452,173 3,567,429
Operating costs and expenses:        
Interest and amortization of debt service costs 326,247 387,511 678,689 766,393
Referral fees 1,386 625 1,928 2,708
General and administrative expenses 318,726 309,619 663,507 598,356
Total operating costs and expenses 646,359 697,755 1,344,124 1,367,457
Income from operations 1,094,827 1,081,615 2,108,049 2,199,972
Other income 3,000 3,000 6,000 6,000
Income before income tax expense 1,097,827 1,084,615 2,114,049 2,205,972
Income tax expense (645) (572) (645) (572)
Net income $ 1,097,182 $ 1,084,043 $ 2,113,404 $ 2,205,400
Basic and diluted net income per common share outstanding:        
-Basic $ 0.11 $ 0.11 $ 0.22 $ 0.23
-Diluted $ 0.11 $ 0.11 $ 0.22 $ 0.23
Weighted average number of common shares outstanding:        
-Basic 9,628,405 9,659,317 9,640,146 9,657,557
-Diluted 9,628,405 9,661,620 9,640,146 9,659,897
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid in Capital [Member]
Treasury Stock [Member]
Accumulated Deficit (Retained Earnings) [Member]
Total
Beginning balance at Dec. 31, 2018 $ 9,874 $ 33,110,536 $ (590,234) $ (448,801) $ 32,081,375
Beginning balance, shares at Dec. 31, 2018 9,874,191   218,214    
Purchase of treasury shares $ (29,454) (29,454)
Purchase of treasury shares, shares   5,000    
Non - cash compensation 6,532 6,532
Dividends paid (1,159,438) (1,159,438)
Exercise of options $ 7 20,433 20,440
Exercise of options, shares 7,000        
Net income 2,205,400 2,205,400
Ending balance at Jun. 30, 2019 $ 9,881 33,137,501 $ (619,688) 597,161 33,124,855
Ending balance, shares at Jun. 30, 2019 9,881,191   223,214    
Beginning balance at Mar. 31, 2019 $ 9,881 33,134,235 $ (595,878) 672,556 33,220,794
Beginning balance, shares at Mar. 31, 2019 9,881,191   219,214    
Purchase of treasury shares $ (23,810) (23,810)
Purchase of treasury shares, shares   4,000    
Non - cash compensation 3,266 3,266
Dividends paid (1,159,438) (1,159,438)
Net income 1,084,043 1,084,043
Ending balance at Jun. 30, 2019 $ 9,881 33,137,501 $ (619,688) 597,161 33,124,855
Ending balance, shares at Jun. 30, 2019 9,881,191   223,214    
Beginning balance at Dec. 31, 2019 $ 9,882 33,144,032 $ (619,688) (590,808) 31,943,418
Beginning balance, shares at Dec. 31, 2019 9,882,058   223,214    
Purchase of treasury shares $ (151,871) (151,871)
Purchase of treasury shares, shares   31,999    
Non - cash compensation 6,532 6,532
Dividends paid (1,059,546) (1,059,546)
Net income 2,113,404 2,113,404
Ending balance at Jun. 30, 2020 $ 9,882 33,150,564 $ (771,559) 463,050 32,851,937
Ending balance, shares at Jun. 30, 2020 9,882,058   255,213    
Beginning balance at Mar. 31, 2020 $ 9,882 33,147,298 $ (750,724) 425,414 32,831,870
Beginning balance, shares at Mar. 31, 2020 9,882,058   249,823    
Purchase of treasury shares $ (20,835) (20,835)
Purchase of treasury shares, shares   5,390    
Non - cash compensation 3,266 3,266
Dividends paid (1,059,546) (1,059,546)
Net income 1,097,182 1,097,182
Ending balance at Jun. 30, 2020 $ 9,882 $ 33,150,564 $ (771,559) $ 463,050 $ 32,851,937
Ending balance, shares at Jun. 30, 2020 9,882,058   255,213    
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 2,113,404 $ 2,205,400
Adjustments to reconcile net income to net cash provided by operating activities -    
Amortization of deferred financing costs 50,256 47,244
Adjustment to operating lease right-of-use asset and liability (200)
Depreciation 548 815
Non-cash compensation expense 6,532 6,532
Changes in operating assets and liabilities:    
Interest receivable on loans (124,303) (76,123)
Other assets (65,316) (55,243)
Accounts payable and accrued expenses (32,015) (60,927)
Deferred origination fees 39,513 (8,233)
Net cash provided by operating activities 1,988,419 2,059,465
Cash flows from investing activities:    
Issuance of short term loans (21,798,160) (24,697,965)
Collections received from loans 19,455,628 23,622,125
Release of loan holdback relating to mortgage receivable (15,000)
Purchase of fixed assets (923)
Net cash used in investing activities (2,358,455) (1,075,840)
Cash flows from financing activities:    
Proceeds from line of credit, net 2,843,235 1,115,656
Dividends paid (2,218,607) (2,318,155)
Purchase of treasury shares (151,871) (29,454)
Deferred financing costs incurred (27,102)
Proceeds from exercise of stock options 20,440
Net cash provided by (used in) financing activities 445,655 (1,211,513)
Net increase (decrease) in cash 75,619 (227,888)
Cash, beginning of period 118,407 355,057
Cash, end of period 194,026 127,169
Supplemental Cash Flow Information:    
Taxes paid during the period 645 572
Interest paid during the period 650,130 733,160
Operating leases paid during the period 27,227 25,584
Supplemental Information - Noncash Information:    
Establishment of right-of-use asset and operating lease liability 135,270
Interest receivable converted to loans receivable in connection with forbearance agreements $ 29,671
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
The Company
 6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company
1. THE COMPANY

 

The accompanying unaudited consolidated financial statements of Manhattan Bridge Capital, Inc. (“MBC”), a New York corporation founded in 1989, and its consolidated subsidiary, MBC Funding II Corp. (“MBC Funding”), a New York corporation formed in December 2015 (collectively referred to herein as the “Company”) have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019 and the notes thereto included in the Company’s Annual Report on Form 10-K. Results of consolidated operations for the interim period are not necessarily indicative of the operating results to be attained in the entire fiscal year.

 

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual amounts could differ from those estimates.

 

The consolidated financial statements include the accounts of MBC and MBC Funding. All significant intercompany balances and transactions have been eliminated in consolidation.

 

The Company offers short-term, secured, non–banking loans to real estate investors (also known as hard money) to fund their acquisition, renovation, rehabilitation or development of residential or commercial properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida.

 

Interest income from commercial loans is recognized, as earned, over the loan period.

 

Origination fee revenue on commercial loans is amortized over the term of the respective note.

 

The Company presents deferred financing costs, excluding those incurred in connection with its line of credit, in the balance sheet as a direct reduction from the related debt liability rather than an asset, in accordance with Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” These costs, incurred in connection with the issuance of the Company’s senior secured notes, are being amortized over ten years, using the straight-line method, as the difference between use of the effective interest method is not material.

 

Deferred financing costs in connection with the Company’s Amended and Restated Credit and Security Agreement, as amended (the “Amended and Restated Credit Agreement”), with Webster Business Credit Corporation (“Webster”), Flushing Bank (“Flushing”) and Mizrahi Tefahot Bank Ltd (“Mizrahi”), which established the Company’s credit line (the “Webster Credit Line”), as discussed in Note 4, are presented as an asset in the consolidated balance sheet, in accordance with ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line of Credit Arrangements.” These costs are being amortized over the term of the agreement, using the straight-line method.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Recent Technical Accounting Pronouncements
 6 Months Ended
Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]  
Recent Technical Accounting Pronouncements
2. RECENT TECHNICAL ACCOUNTING PRONOUNCEMENTS

 

In May 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”, which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of an allowance for credit losses. This ASU also allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” The Company adopted both ASU 2016-13 and ASU 2019-05 effective January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

 

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU modifies Accounting Standards Codification (“ASC”) 740 to remove certain exceptions and also add guidance to reduce complexity in certain areas. For companies that file with the Securities and Exchange Commission, the standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted but requires simultaneous adoption of all provisions of the new standard. The Company believes that the adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.

 

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in the ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Commercial Loans
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Commercial Loans
3. COMMERCIAL LOANS

 

Loans Receivable

 

The Company offers short-term secured non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the borrowers. The loans are generally for a term of one year. The short term loans are initially recorded, and carried thereafter, in the financial statements at cost. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term.

 

At June 30, 2020, the Company was committed to $6,580,875 in construction loans that can be drawn by the borrowers when certain conditions are met.

 

At June 30, 2020, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding.

 

The Company generally grants loans for a term of one year. When a performing loan reaches its maturity and the borrower requests an extension, the Company may extend the term of the loan beyond one year. Prior to granting an extension of any loan, the Company reevaluates the underlying collateral.

 

Credit Risk

 

Credit risk profile based on loan activity as of June 30, 2020 and December 31, 2019:

 

Performing loans   Developers-
Residential		     Developers-
Commercial		     Developers-
Mixed Used		     Total outstanding
loans		  
June 30, 2020   $ 52,318,354     $ 1,714,863     $ 1,824,000     $ 55,857,217  
December 31, 2019   $ 48,395,014     $ 1,975,000     $ 3,115,000     $ 53,485,014  

 

At June 30, 2020, the Company’s loans receivable consisted of loans in the amount of $367,500, $1,594,463, $2,405,000 and $7,998,071, originally due in 2016, 2017, 2018 and 2019, respectively. During the second quarter of 2020, the Company agreed to grant forbearances in an aggregate amount of approximately $30,000 to two of its long term borrowers deferring certain interest payments to the scheduled payoff date, due to the COVID-19 pandemic. With the exception of these two borrowers, in all instances the borrowers are currently paying their interest and, generally, the Company receives a fee in connection with the extension of the loans. Accordingly, at June 30, 2020, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof.

 

Subsequent to the balance sheet date, approximately $400,000 of the loans receivable at June 30, 2020 were paid off.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Line of Credit
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Line of Credit
4. LINE OF CREDIT

 

The Company maintains the Webster Credit Line which currently provides it with a credit line of $32.5 million in the aggregate secured by assignments of mortgages and other collateral. The Webster Credit Line contains various covenants and restrictions including, among other covenants and restrictions, limiting the amount that the Company can borrow relative to the value of the underlying collateral, maintaining various financial ratios and limitations on the terms of loans the Company makes to its customers, limiting the Company’s ability to pay dividends under certain circumstances, and limiting the Company’s ability to repurchase its common shares, sell assets, engage in mergers or consolidations, grant liens, and enter into transactions with affiliates. In addition, the Webster Credit Line contains a cross default provision which will deem any default under any indebtedness owed by us or our subsidiary, MBC Funding, as a default under the credit line.

 

Effective July 11, 2018, the Company entered into a Waiver and Amendment No. 1 to the Amended and Restated Credit Agreement (“Amendment No. 1”) with Webster, Flushing and Mr. Assaf Ran, the Company’s President and Chief Executive Officer, as guarantor. Pursuant to the terms of Amendment No. 1, the Company’s existing Webster Credit Line was increased by $5 million to $25 million in the aggregate. In addition, the interest rates relating to the Webster Credit Line were amended such that the interest rates now equal (i) LIBOR plus a premium, which rate aggregated approximately 4.16%, including a 0.5% agency fee, as of June 30, 2020, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement) plus 2.25% plus a 0.5% agency fee, as chosen by the Company for each drawdown. Amendment No. 1 also permits the Company to repurchase, redeem or otherwise retire its equity securities in an amount not to exceed ten percent of our annual net income from the prior fiscal year. In addition, Mr. Ran has provided a personal guaranty to the Webster Credit Line, which shall not exceed the sum of $500,000 plus any costs relating to the enforcement of the personal guaranty. Furthermore, on December 31, 2019, the Company entered into Amendment No. 2 to the Amended and Restated Credit and Security Agreement with Webster and Flushing to amend certain required fixed charge coverage requirements.

 

On February 25, 2020, the Company entered into Amendment No. 3 to the Amended and Restated Credit and Security Agreement (“Amendment No. 3”) with Webster, Flushing, Mizrahi, and Mr. Ran, as guarantor. Pursuant to the terms of Amendment No. 3, the Company’s existing Webster Credit Line was increased by $7.5 million to $32.5 million in the aggregate and the term of the Webster Credit Line was extended to February 28, 2023. Amendment No. 3 also provides that the Company may issue up to $20 million in bonds through its subsidiary, of which not more than $10 million of such notes may be secured by mortgage notes receivable, and provided that the terms and conditions of such bonds are approved by Webster, subject to its reasonable discretion.

 

The costs to establish and amend the Webster Credit Line are being amortized over the term of the respective agreement, using the straight-line method. The amortization costs for the six month periods ended June 30, 2020 and 2019 were $12,713 and $9,702, respectively.

 

The Company was in compliance with all covenants of the Webster Credit Line, as amended, as of June 30, 2020. At June 30, 2020, the outstanding amount under the Amended Credit Agreement was $18,076,228. The interest rate on the amount outstanding fluctuates daily. The rate, including a 0.5% Agency Fee, at June 30, 2020 was 4.16%.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Senior Secured Notes
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Senior Secured Notes
5. SENIOR SECURED NOTES

 

On April 25, 2016, in an initial public offering, MBC Funding issued 6% senior secured notes, due April 22, 2026 (the “Notes”) in the aggregate principal amount of $6,000,000 under the Indenture, dated April 25, 2016, among MBC Funding, as Issuer, the Company, as Guarantor, and Worldwide Stock Transfer LLC, as Indenture Trustee (the “Indenture”). The Notes, having a principal amount of $1,000 each, are listed on the NYSE American and trade under the symbol “LOAN/26.” Interest accrues on the Notes commencing on May 16, 2016. The accrued interest is payable monthly in cash, in arrears, on the 15th day of each calendar month commencing June 2016.

 

Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding, together with MBC Funding’s cash on hand, must always equal at least 120% of the aggregate outstanding principal amount of the Notes at all times. To the extent the aggregate principal amount of the mortgage loans owned by MBC Funding plus MBC Funding’s cash on hand is less than 120% of the aggregate outstanding principal balance of the Notes, MBC Funding is required to repay, on a monthly basis, the principal amount of the Notes equal to the amount necessary such that, after giving effect to such repayment, the aggregate principal amount of all mortgage loans owned by MBC Funding plus, MBC Funding’s cash on hand at such time is equal to or greater than 120% of the outstanding principal amount of the Notes. For this purpose, each mortgage loan is deemed to have a value equal to its outstanding principal balance, unless the borrower is in default of its obligations.

 

MBC Funding may redeem the Notes, in whole or in part, at any time after April 22, 2019 upon at least 30 days prior written notice to the Noteholders. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest thereon up to, but not including, the date of redemption, without penalty or premium; provided that (i) if the Notes are redeemed on or after April 22, 2019 but prior to April 22, 2020, the redemption price will be 103% of the principal amount of the Notes redeemed and (ii) if the Notes are redeemed on or after April 22, 2020 but prior to April 22, 2021, the redemption price will be 101.5% of the principal amount of the Notes redeemed plus, in either case, the accrued but unpaid interest on the Notes redeemed up to, but not including, the date of redemption. No Notes were redeemed prior to April 22, 2020.

 

Each Noteholder has the right to cause MBC Funding to redeem his, her or its Notes on April 22, 2021. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest up to, but not including, the date of redemption, without penalty or premium. In order to exercise this right, the Noteholder must notify MBC Funding, in writing, no earlier than November 22, 2020 and no later than January 22, 2021. All Notes that are subject to a properly and timely notice will be redeemed on April 22, 2021. Any Noteholder who fails to make a proper and timely election will be deemed to have waived his, her or its right to have his, her or its Notes redeemed prior to the maturity date.

 

MBC Funding is obligated to offer to redeem the Notes if there occurs a “change of control” with respect to MBC Funding or the Company or if MBC Funding or the Company sell any assets unless, in the case of an asset sale, the proceeds are reinvested in the business of the seller. The redemption price in connection with a “change of control” will be 101% of the principal amount of the Notes redeemed plus accrued but unpaid interest thereon up to, but not including, the date of redemption. The redemption price in connection with an asset sale will be the outstanding principal amount of the Notes redeemed plus accrued but unpaid interest thereon up to, but not including, the date of redemption.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Stockholders' Equity
6. STOCKHOLDERS’ EQUITY

 

The Company adopted a share buy back program on February 26, 2020 for the repurchase of up to 100,000 of the Company’s common shares in the next twelve months. The Company has purchased an aggregate of 31,999 common shares under this repurchase program, at an aggregate cost of approximately $152,000, as of June 30, 2020.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings Per Share of Common Shares
 6 Months Ended
Jun. 30, 2020
Basic and diluted net income per common share outstanding:  
Earnings Per Share of Common Shares
7. EARNINGS PER SHARE OF COMMON SHARES

 

Basic and diluted earnings per share are calculated in accordance with ASC 260, “Earnings Per Share” (“ASC 260”). Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.

 

The denominator is based on the following weighted average number of common shares:

 

    Three Months
Ended June 30,		     Six Months
Ended June 30,		  
    2020     2019     2020     2019  
Basic weighted average common shares outstanding     9,628,405       9,659,317       9,640,146       9,657,557  
Incremental shares for assumed exercise of warrants     —       2,303       —       2,340  
Diluted weighted average common shares outstanding     9,628,405       9,661,620       9,640,146       9,659,897  

 

For each of the three and six months ended June 30, 2020, vested warrants to purchase 33,612 common shares were not included in the diluted earnings per share calculation because their effect would have been anti-dilutive. For the three and six months ended June 30, 2019, 43,959 and 43,922 vested stock options and warrants were not included in the diluted earnings per share calculation, respectively, because their effect would have been anti-dilutive.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Share - Based Compensation
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share - Based Compensation
8. SHARE – BASED COMPENSATION

 

Stock based compensation expense recognized under ASC 718, “Compensation – Stock Compensation,” for each of the six month periods ended June 30, 2020 and 2019 of $6,532 represents the amortization of the fair value of 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value is being amortized over 15 years.

 

On August 15, 2016, in connection with a public offering of the Company’s common shares, the Company issued warrants to purchase up to 33,612 common shares, with an exercise price of $7.4375 per common share, to the representative of the underwriters of the offering (the “August 2016 Representative Warrants”). The warrants are exercisable at any time, and from time to time, in whole or in part, commencing on August 9, 2017 and expire on August 9, 2021. The fair value of these warrants, using the Black-Scholes option pricing model, on the date of issuance was $47,020. At June 30, 2020 all of the August 2016 Representative Warrants were outstanding.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Covid-19
 6 Months Ended
Jun. 30, 2020
Covid-19  
Covid-19
9. COVID-19

 

As a result of the COVID-19 pandemic, the Company may experience difficulties collecting monthly interest on time from its borrowers, property values may decline and certain of its originated loans may need to be extended. For example, two of our long term borrowers requested forbearance agreements, due to the impact of the COVID-19 pandemic, deferring two to three months of interest payments to the scheduled payoff date, and we agreed to accommodate the request. Since the onset of the COVID-19 pandemic, the Company has continued to originate loans as well as continued to service its existing loans, though the Company has observed lower demand for new loans. The Company has also held discussions with its borrowers and they have expressed their general concern about the uncertain economic condition, though these concerns have been partially alleviated due to lowered interest rates. To date, the Company has not been materially impacted by the COVID-19 pandemic and will continue to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. If the COVID-19 pandemic worsens in the geographic areas in which the Company operates, the pandemic could materially affect its financial and operational results.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Event
 6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Event
10. SUBSEQUENT EVENT

 

In accordance with the board approved dividend declared on May 7, 2020, a cash dividend of $0.10 per share in an aggregate amount of $962,685 was paid on July 15, 2020 to all shareholders of record on July 10, 2020.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Commercial Loans (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Credit Risk

Credit risk profile based on loan activity as of June 30, 2020 and December 31, 2019:

 

Performing loans   Developers-
Residential		     Developers-
Commercial		     Developers-
Mixed Used		     Total outstanding
loans		  
June 30, 2020   $ 52,318,354     $ 1,714,863     $ 1,824,000     $ 55,857,217  
December 31, 2019   $ 48,395,014     $ 1,975,000     $ 3,115,000     $ 53,485,014  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings Per Share of Common Shares (Tables)
 6 Months Ended
Jun. 30, 2020
Basic and diluted net income per common share outstanding:  
Schedule of Weighted Average Number of Common Shares

The denominator is based on the following weighted average number of common shares:

 

    Three Months
Ended June 30,		     Six Months
Ended June 30,		  
    2020     2019     2020     2019  
Basic weighted average common shares outstanding     9,628,405       9,659,317       9,640,146       9,657,557  
Incremental shares for assumed exercise of warrants     —       2,303       —       2,340  
Diluted weighted average common shares outstanding     9,628,405       9,661,620       9,640,146       9,659,897  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Commercial Loans (Details Narrative)
 6 Months Ended
Jun. 30, 2020
USD ($)
Loan term 1 year
Loan outstanding percentage 10.00%
Long term borrowings $ 30,000
Subsequent Balance Sheet Date [Member]  
Loans paid off 400,000
Originally Due in 2016 [Member]  
Loans receivable 367,500
Originally Due in 2017 [Member]  
Loans receivable 1,594,463
Originally Due in 2018 [Member]  
Loans receivable 2,405,000
Originally Due in 2019 [Member]  
Loans receivable 7,998,071
Construction Loans [Member]  
Principal amount committed in construction loans $ 6,580,875
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Commercial Loans - Schedule of Credit Risk (Details) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Performing loans $ 55,857,217 $ 53,485,014
Developers Residential [Member]    
Performing loans 52,318,354 48,395,014
Developers Commercial [Member]    
Performing loans 1,714,863 1,975,000
Developers Mixed Used [Member]    
Performing loans $ 1,824,000 $ 3,115,000
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Line of Credit (Details Narrative) - USD ($)
 6 Months Ended
Feb. 25, 2020
Jul. 11, 2018
Jun. 30, 2020
Jun. 30, 2019
Amortization of financing costs     $ 50,256 $ 47,244
Amended and Restated Credit Agreement [Member]        
Maximum borrowing capacity   $ 25,000,000    
Line of credit facility, interest rate description   The interest rates relating to the Webster Credit Line were amended such that the interest rates now equal (i) LIBOR plus a premium, which rate aggregated approximately 4.16%, including a 0.5% agency fee, as of June 30, 2020, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement) plus 2.25% plus a 0.5% agency fee, as chosen by the Company for each drawdown. The rate, including a 0.5% Agency Fee, at June 30, 2020 was 4.16%.  
Line of credit facility, interest rate at period end     4.16%  
Percentage of agency fee     0.50%  
Line of credit, current     $ 18,076,228  
Amended and Restated Credit Agreement [Member] | Base Rate Plus [Member]        
Line of credit facility, interest rate at period end   2.25%    
Percentage of agency fee   0.50%    
Amended and Restated Credit Agreement [Member] | Minimum [Member]        
Credit line increased value   $ 5,000,000    
Amended and Restated Revolving Credit Note [Member]        
Maximum borrowing capacity $ 32,500,000      
Amended and Restated Revolving Credit Note [Member] | Minimum [Member]        
Credit line increased value $ 7,500,000      
Webster Credit Line [Member]        
Maximum borrowing capacity     32,500,000  
Line of credit, expiration date Feb. 28, 2023      
Amortization of financing costs     $ 12,713 $ 9,702
Webster Credit Line [Member] | Amended and Restated Credit Agreement [Member] | Mr. Ran [Member]        
Debt guaranteed amount   $ 500,000    
Webster Credit Line [Member] | Amended and Restated Credit and Security Agreement [Member]        
Mortgage notes receivable, description The Company may issue up to $20 million in bonds through its subsidiary, of which not more than $10 million of such notes may be secured by mortgage notes receivable, and provided that the terms and conditions of such bonds are approved by Webster, subject to its reasonable discretion.      
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Senior Secured Notes (Details Narrative)
Apr. 25, 2016
USD ($)
Apr. 25, 2016
USD ($)
After April 22, 2019 But Prior to April 22, 2020 [Member]    
Debt instrument, redemption price, percentage   103.00%
After April 22, 2020 But Prior to April 22, 2021 [Member]    
Debt instrument, redemption price, percentage   101.50%
MBC Funding II Corp [Member]    
Debt instrument description   Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding, together with MBC Funding's cash on hand, must always equal at least 120% of the aggregate outstanding principal amount of the Notes at all times. To the extent the aggregate principal amount of the mortgage loans owned by MBC Funding plus MBC Funding's cash on hand is less than 120% of the aggregate outstanding principal balance of the Notes, MBC Funding is required to repay, on a monthly basis, the principal amount of the Notes equal to the amount necessary such that, after giving effect to such repayment, the aggregate principal amount of all mortgage loans owned by MBC Funding plus, MBC Funding's cash on hand at such time is equal to or greater than 120% of the outstanding principal amount of the Notes. For this purpose, each mortgage loan is deemed to have a value equal to its outstanding principal balance, unless the borrower is in default of its obligations.
MBC Funding II Corp [Member] | Change of Control [Member]    
Debt instrument, redemption price, percentage   101.00%
Senior Secured Notes [Member]    
Principal amount of each note $ 1,000 $ 1,000
Debt instrument collateral, percentage 120.00% 120.00%
Senior Secured Notes [Member] | Indenture [Member]    
Debt instrument interest rate 6.00% 6.00%
Debt instrument maturity date Apr. 22, 2026  
Debt instrument face amount $ 6,000,000 $ 6,000,000
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity (Details Narrative) - USD ($)
Jun. 30, 2020
Feb. 26, 2020
Stock repurchase program, number of common stock repurchased, shares 31,999  
Stock repurchase program, number of common stock, aggregate cost $ 152,000  
Maximum [Member]    
Stock repurchase program, number of common stock repurchased, shares   100,000
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings Per Share of Common Shares (Details Narrative) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Vested Warrants [Member]        
Anti-dilutive earning per share common shares 33,612   33,612  
Vested Stock Option and Warrants [Member]        
Anti-dilutive earning per share common shares   43,959   43,922
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings Per Share of Common Shares - Schedule of Weighted Average Number of Common Shares (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Accounting Policies [Abstract]        
Basic weighted average common shares outstanding 9,628,405 9,659,317 9,640,146 9,657,557
Incremental shares for assumed exercise of warrants 2,303 2,340
Diluted weighted average common shares outstanding 9,628,405 9,661,620 9,640,146 9,659,897
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Share - Based Compensation (Details Narrative) - USD ($)
 6 Months Ended
Aug. 15, 2016
Sep. 09, 2011
Jun. 30, 2020
Jun. 30, 2019
Share-based compensation expense     $ 6,532 $ 6,532
August 2016 Representative Warrants [Member]        
Warrants to purchase common shares 33,612      
Warrant exercise price $ 7.4375      
Warrant expire date Aug. 09, 2021      
Fair value of warrant issuance $ 47,020      
Chief Executive Officer [Member]        
Share based compensation expense of restricted, shares   1,000,000    
Share based compensation expense of restricted, value   $ 195,968    
Fair value of restricted shares amortization period   15 years    
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Event (Details Narrative) - USD ($)
Jul. 15, 2020
May 07, 2020
Cash dividend per share   $ 0.10
Subsequent Event [Member]    
Aggregate amount of dividend $ 962,685  
EXCEL 39 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 41 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 42 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.2 html 94 227 1 false 32 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://manhattanbridgecapital.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidated Balance Sheets Sheet http://manhattanbridgecapital.com/role/BalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://manhattanbridgecapital.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Operations (Unaudited) Sheet http://manhattanbridgecapital.com/role/StatementsOfOperations Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Sheet http://manhattanbridgecapital.com/role/StatementsOfChangesInStockholdersEquity Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - Consolidated Statements of Cash Flows (Unaudited) Sheet http://manhattanbridgecapital.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 00000007 - Disclosure - The Company Sheet http://manhattanbridgecapital.com/role/Company The Company Notes 7 false false R8.htm 00000008 - Disclosure - Recent Technical Accounting Pronouncements Sheet http://manhattanbridgecapital.com/role/RecentTechnicalAccountingPronouncements Recent Technical Accounting Pronouncements Notes 8 false false R9.htm 00000009 - Disclosure - Commercial Loans Sheet http://manhattanbridgecapital.com/role/CommercialLoans Commercial Loans Notes 9 false false R10.htm 00000010 - Disclosure - Line of Credit Sheet http://manhattanbridgecapital.com/role/LineOfCredit Line of Credit Notes 10 false false R11.htm 00000011 - Disclosure - Senior Secured Notes Notes http://manhattanbridgecapital.com/role/SeniorSecuredNotes Senior Secured Notes Notes 11 false false R12.htm 00000012 - Disclosure - Stockholders' Equity Sheet http://manhattanbridgecapital.com/role/StockholdersEquity Stockholders' Equity Notes 12 false false R13.htm 00000013 - Disclosure - Earnings Per Share of Common Shares Sheet http://manhattanbridgecapital.com/role/EarningsPerShareOfCommonShares Earnings Per Share of Common Shares Notes 13 false false R14.htm 00000014 - Disclosure - Share - Based Compensation Sheet http://manhattanbridgecapital.com/role/Share-BasedCompensation Share - Based Compensation Notes 14 false false R15.htm 00000015 - Disclosure - Covid-19 Sheet http://manhattanbridgecapital.com/role/Covid-19 Covid-19 Notes 15 false false R16.htm 00000016 - Disclosure - Subsequent Event Sheet http://manhattanbridgecapital.com/role/SubsequentEvent Subsequent Event Notes 16 false false R17.htm 00000017 - Disclosure - Commercial Loans (Tables) Sheet http://manhattanbridgecapital.com/role/CommercialLoansTables Commercial Loans (Tables) Tables http://manhattanbridgecapital.com/role/CommercialLoans 17 false false R18.htm 00000018 - Disclosure - Earnings Per Share of Common Shares (Tables) Sheet http://manhattanbridgecapital.com/role/EarningsPerShareOfCommonSharesTables Earnings Per Share of Common Shares (Tables) Tables http://manhattanbridgecapital.com/role/EarningsPerShareOfCommonShares 18 false false R19.htm 00000019 - Disclosure - Commercial Loans (Details Narrative) Sheet http://manhattanbridgecapital.com/role/CommercialLoansDetailsNarrative Commercial Loans (Details Narrative) Details http://manhattanbridgecapital.com/role/CommercialLoansTables 19 false false R20.htm 00000020 - Disclosure - Commercial Loans - Schedule of Credit Risk (Details) Sheet http://manhattanbridgecapital.com/role/CommercialLoans-ScheduleOfCreditRiskDetails Commercial Loans - Schedule of Credit Risk (Details) Details 20 false false R21.htm 00000021 - Disclosure - Line of Credit (Details Narrative) Sheet http://manhattanbridgecapital.com/role/LineOfCreditDetailsNarrative Line of Credit (Details Narrative) Details http://manhattanbridgecapital.com/role/LineOfCredit 21 false false R22.htm 00000022 - Disclosure - Senior Secured Notes (Details Narrative) Notes http://manhattanbridgecapital.com/role/SeniorSecuredNotesDetailsNarrative Senior Secured Notes (Details Narrative) Details http://manhattanbridgecapital.com/role/SeniorSecuredNotes 22 false false R23.htm 00000023 - Disclosure - Stockholders' Equity (Details Narrative) Sheet http://manhattanbridgecapital.com/role/StockholdersEquityDetailsNarrative Stockholders' Equity (Details Narrative) Details http://manhattanbridgecapital.com/role/StockholdersEquity 23 false false R24.htm 00000024 - Disclosure - Earnings Per Share of Common Shares (Details Narrative) Sheet http://manhattanbridgecapital.com/role/EarningsPerShareOfCommonSharesDetailsNarrative Earnings Per Share of Common Shares (Details Narrative) Details http://manhattanbridgecapital.com/role/EarningsPerShareOfCommonSharesTables 24 false false R25.htm 00000025 - Disclosure - Earnings Per Share of Common Shares - Schedule of Weighted Average Number of Common Shares (Details) Sheet http://manhattanbridgecapital.com/role/EarningsPerShareOfCommonShares-ScheduleOfWeightedAverageNumberOfCommonSharesDetails Earnings Per Share of Common Shares - Schedule of Weighted Average Number of Common Shares (Details) Details 25 false false R26.htm 00000026 - Disclosure - Share - Based Compensation (Details Narrative) Sheet http://manhattanbridgecapital.com/role/Share-BasedCompensationDetailsNarrative Share - Based Compensation (Details Narrative) Details http://manhattanbridgecapital.com/role/Share-BasedCompensation 26 false false R27.htm 00000027 - Disclosure - Subsequent Event (Details Narrative) Sheet http://manhattanbridgecapital.com/role/SubsequentEventDetailsNarrative Subsequent Event (Details Narrative) Details http://manhattanbridgecapital.com/role/SubsequentEvent 27 false false All Reports Book All Reports loan-20200630.xml loan-20200630.xsd loan-20200630_cal.xml loan-20200630_def.xml loan-20200630_lab.xml loan-20200630_pre.xml http://xbrl.sec.gov/dei/2019-01-31 http://fasb.org/srt/2020-01-31 http://fasb.org/us-gaap/2020-01-31 true true ZIP 44 0001493152-20-013838-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-20-013838-xbrl.zip M4$L#!!0 ( ! X]U!2)'P/ZT8 '/) @ 1 ;&]A;BTR,#(P,#8S,"YX M;6SM?6MSXT:2X/>+V/^ Z[7W/!&4F@#?W;8WU)+:HYENJ4=2V^?[XH"(HH@U M"- J,?\^LO,J@(*($ "(/B0&H[97HH$JK*RLK+RG3_^]]/,T1Z8']B>^],; M_;C]1F/NV+-L]_ZG-U]OCDYN3B\NWFC__?-__"\-_OOQ?Q\=:1]MYECOM#-O M?'3A3KSWVJ4Y8^^T7YC+?#/T_/?:KZ:SP&^\C[;#?.W4F\T=%C+X@<_T3NL= M=\;:T5&!87]EKN7Y7Z\OHF&G83A_]_;MX^/CL>L]F(^>_V=P//:*#7?C+?PQ MB\;Z='5RJ1EMH]WN=]J:WOZ7]B]#._MX>?PT@76_IH-'I+O\I' MEY[$R>47X($?K7"Z 7UX=Y;_F/B43OST3Y_U):/6BSU M7,#&Q_?>PUOX 9[71T=M_:BCR\=]-LD%N?\6?I4/VH'7-?3!JO7Q)^0+B^#H MWC3GT0L3,[BCA\4/;Y% M.H*GF&^/H_?6OY1\ 6# K[.AHU\RH!M["S?TG[.W1/R8\5K@A\O3P)<9C^+) MC)Z=F>[4#(',[GS;NF=C*9[)%\X?@JL-^)G7.9/;P(;^=0;[:T>&["G4;.NG-Q]];R9A;>NA MQS_WC^+YH]>8&]KA<_1M]+UMX2\3&Q@C0'KQSS<_ Y?0V\-VI]O^ M\6WZY7BZMYGSB=GFL-6>M0P%G%D_1/[V<[P<.5+\V])KP(R5EW#=\?16XA7Y M?0( ^:5 :3Z>3X*K"9UJW4":>%FXY1PQ_#E>0#2%^*5.)+U0 HR1E*:D;2!) M;L0?XT40>K,_SM@#3)#M[\C!SUW8J%__@VPH4X_N8((+WNU[W_DLLT^W]X^[_?&^"S_<2LKP&SOJWM M3RW[6SW]S?W_;9S_? IHSO]KWGVNL>N@WXZ.VD/4V,7GT1\"8W^<3FTV.7]B MXT5H/["KR<0>,_]E$T/@A^]N[="!U5RXEOU@6PO3X62 /ZU8\:[I0#5$R%TJ M98B0V[E-0T3$/"*2\>APC4/ ]B?/=(.732YK>8=\(&?=KY5Y9%\=5[Y]#XAR MG.>S!;MP;Q^]VZFW"$S7.G&M&_LI9,Q]'?1P\FCZ=)J4&Z3XZE\W5>C]HW;W MR.A)JKAAKNWY-\!3?69=>B$39T/^#GP8E@,_O@[2.&-W8::$D8>']=109OK; MYSG<6R>^;[KW+ 5!"M-[U&P$B6Q5LN%S=$FR:4BR(>/W_9!& Q^]TG=F\ZYP2OLO/9ZSP M+M$Y("ZQGEQ.)B'S3^:^[=P^PM*?43:-Q=-+VT79],,B_ +3^[=>[I/\NY=- M; D1'J\FA=RV@:>&6&LE5OY=X3VX>7*MBJB'86BYC^>OI%,7>J\DI MC.E[+]R74O]-75U O&86F\W1X/:%-E8!)A/G#5UO;,)C#\S]EHUXR?6_;C-> MFC).8 460S1<,Y@M9-8I:&-V>'+O,]+J7P=1K#)6%$3!:Z6+_!C?AD8.G48. M/*PY%K*&1WIDLH7/L5:PN()1?'/>LG;[X_ #__X M;+OV;#%['=2SD_NP"$ 8PG.-0,01/0E$[Y4%"LHIQP(%B6WUUMV(,YTOIFU=N*<\%_^;HH&5./C&Z.'69V:P\)^_/4Z0L?)O;.^O M66B";&>=F[YKN_>OQ$A4A$I0REU];M]/OV%O=7+Y MK]4IF4T7C7%AC\:%/=4O:!2PPU' =EFWIE' #E\!VP<]- K8M\L+&@7LD!2P M75! 15^!#.'VKTTW^=4K%2$/QHVPHA('#RB/MZ1>O\5+$Z*WZ\58']3Y2@_" MRR"# X_;W(CYOG0*>H%1([OUC2+M#8Z,S@NSA";M%P,E;6?O170N@1%]PR;- MY/)?JUTKOI(-4;]$?.[E,]AK]N Y#R#MO9%J)7 M2G>5=)A<9'V+AIH7'LG7!VW/XHJT!!H^@> MD%WD8%.1&G(Y%'))1)KNEV4T"NV!*;0ODY4T9'1@9'1 +*91R*C20KVKS8R/V=E/UYF85>=DM)(KJIS^/0S:>7 M'X>>%?*MKFN_%E/$] M/1],QW3'[&;*&('^2F@QHTI_H84WY)1#3MT4.;VPJSR-Y^XAXAFEC&Y*)7W! M>);+.2"M+9^>&^?4OIU3+_:(-J1S2*1S@%PGUN\Z3?F] R"7I![8V8'QH]GW MP]IWN2?;UO]SI8S&;WU@?NN7+WTT)'7 )/5RI)*&C Z,C/8LK33T<+#TL'XS=RY<] M&B(Z*")Z.1)(0SA[)YP]RR$-!1P0!6Q7&DGR@!<6B[.?8_)BD;0WN;:)"7YE M,<$O1QI.D!YIEU=SW(K@Q&THL1(EKD1B(V$73<1L"/.;(LR#3.Y$KMP[:@]> MK$0C%[!MB69PI$P3-R,/E3<@H<+6=\8HQ![A0""?10Y3D MOB\Y\U"+Q@SK('E M[PDL%$ H7&AC(''SGJW9N#E\++YM%K/?G=/)N6;W=A#BI7=ISI@F2/2:359E MS;WY^?/)Y=]/;F]/+K4/UQ=GOYQKIR=?+FY//K6TB\O3']_FC;\\_RFLSC>= M"]=B3_]DSX4!4'E;[FCJ=&?>>#$3G*GP+'K[Z%]\?/7UK&&_T($_Y^R@\/BJ MDI,[FCH=]=3 )SXZYGWA:2:F$S ^0V( =>33A>_CUW8P-IW?F>F77:?PD_WGE]\^R\]]\@[(S]!L-CP_]@'Q:L]C8G@%6?WH#P'0'1E?O_/AVS?#5 MH8C6O1**3G&XHLOGB-1^(OI7_ED]+1^-9T%DP)U8=1(]J_ =G'Y$<[K M,K[];R#70MC, :_7IO_R($S/M3%D&:9\7JU\VC9'9L[5@=MU5:+3!C/4"6.U!U M EGK43*6*';%3)L!5?P4U0M4E0.4 F@T'!KMWG %/'R2ZK 41TYML%PM0E3[ M+=N]WPPY_=YPV.VN $B9:4.H2J"I;_2'W5XUJ!)Q5?SIS4Z9T3%T!4,9XU<# MH&_1K666IW^T9OQ93R8OB%N0Q^.G&M$VMFNV330]_:^1/>$H6M M1"L!Z7=ZZ)8I..7F$):_*T;#3J^_0PA+$U!''PZ,74)8FMPZ[5%?'U6&\&J. M%C]L:8[V+'A+/%D1*E^K; O2I6?]HE'G9^HY2J);%+3.SH M1BN;U;I?9K$9=&5X23JN]0PC6E,NE*+2:;Z[VU"0E3-C=<#6RZTK .ML$;#U MMU ^8+J^98RMOI^V"M@',[#'.Z0PFJ\J4-NBKHV VA9E;8RI;5!5)E"_,?M^ M"K1V\@#*]SV[7"!?O)H("ESMZRQ$;;E^SVY;[RKVKY* U+^.-02:[U4>#4># M UK'&IK.]T/#==<[H'6L.0:YZ^CK?:.][74LO5>1%V]X.K+!J'L-E4_&H-=; M?S)VLX;MGHK=[4.5$]$;=?2Z]N%DYOFA_6^1S<4C5J7)M@Y3;*]MJ'Z;5=-M M"-JJO+W?V%T0,O_49Z!>?@+%H8"^,!JTC;T!OC;JN;L3T%8U[JF"4]T8J,% M12 G_ZB,J%X5C5$B;+QC&#IZPE:-77'^8KY"N-,Z1K'Y):X^V>:=[5 N9=5E M&T9W-.JWE1@^9=!R\Q5SPW3U4;LSZ!6:+QD;3$&I)=99+O(X;_2\5:T;G0:= M>H[%_("7*ZE,F?JHV^GJRA8MCUUI]F)T:0Q[^J@SJ'UVV=2QN+TSR8J'@^[V M82IE>TSBK:/K[5ZGOWT8"U@%$Y =]49MH[,#Y%4PR!UUN\.A&I]>%VRC#8E- M-6%N"Z:-B*W;;7=V &-I8NOKH_ZP?MZU!%@58H.#,&QOCZ\>$K%MYM])$UNO MW>O7ST"J^%N2&SH8Z#TU"&9;@%4@MFZ_T^ZUMW$.-J2UK3#;&FD-A,7M7 @; MTMKV&-O&M-8;#?3^%G V+*1'M8=Z0L"O&3'KZ,7H#GOUSUZ@,]H^!(@-8:J? M1DKV:EDGU R,T7:.6'TP=KI&9P?T5OXN[+4'QA:D_"(ES]=(7;WA8#M25Y$: MJ"LO::/7U7> LPJ@]0=&KU>_-AG5#5UC \!0]NU(+^MG[QA&>S JM2UI!)^, MQXO9PL'M<*LA99= M;E;% GWB6O49;GO=;K?35A. ULU4 V3%/'"#-D@MNE$=LC,JG>5:P1?SV;QS MF"@Q!.]>>NZ8_U$5;[H./%;57XI,5A. 5,8;$9X?;P%FXH,8I)8N,QH,-2B*=6.NCI0S4LK.K\6UQ' M,2SKHX3$4-*G0YY+>7'[JH&H&TR^^AUS;^O#\-6 @G$3N_Y-Q"/Q\R?%:J!4C[E$G16 M7=WF J#DX//"?6!!6#L='AF=WK!;@!(SYJ\5\@J4V ;FVFUO CFO7Q$$"V0- M&)OF^>$M\^LK:')DZ(/14.]')4URYJH*4'FL&=W^:##J]PH"M :W43)UO50) MTLJPJQ8%*#Y]K8"7/_#MWJC;7W^:5@ N:JJ,T5[ SAC__Q=ND5BOJD3:&1%' M+S=S;?"61K)2&ZHTM')?EE\L(A+7@VU8ID(AU2#9VGK*V0,MK\>$M7C M<[.L!E2OOJ;W5X&?-7%MX)8O.=,SU&S!NL 5.R)K.5VS,;,?<+?2!8BK8$[R5DPO]. M>'[=58O:PW8WJZQ3?IIZ,5#*DX@^&HT&QA9 J5*!I#LTLDIPU8&5LM5(]+Z> M5>$J'Q1IA_CH^==LOO#'4[C$KB8D.V3X=:JRH9X^'.C+UH_\66N!LT*ESVZO M6P7,N+W$#0SF?%@$MLN*'[N?T9.C-JE(C+(\R?F,^:#4W/_B>X_A% ORFF[Q M%AE*TX\5PRWY0T%[K>Y%&W950QR.57#\HM=>A V M9 2>R()\2V.I&)CNL-=6P[Z7QZXT>\&XD6%O8*BU M.VJ:/? Q8)/YXV+PZ:-!+R&O MUKQ[FX(WT+O#?F>'V/ML/S$+/9U%\E=T?/* '&-!8NN)H!X4L^J MXF,X&/2R6@9DS;$I0 7K\O?:_8H 70-1PBW(3?#82W<<_F:'TU,B6>:#D,]O M4'P9_F?=FD]U*'J=;@\N)(5E58!C.TLIK71U>OU!UQ@=X%+*&[T'7="'^@>X ME/)&\\%@U!FT:UF*TFZ:1TE?LSE6D'+OL95E"0O.[]A1?-UH&;;G*7.Y:IO[)K2"A=5V/7QK .R+6QGR6(%>=O9'272O;:#M(H7P:@< MI9U8_P.R"SFR;[V,&_I!I?3N71IE.3&V MELZWVX;X #!4WN_[K6%H93^KC?O1'-J"JI=]:0BCYK8TA[:D8@5:#G!5V^WY M=F@+:DYP/7A\F2>XAKYZ![BJ\E%B1K__S9%RN7BV;PU#*[NXO=1;8'N-$@]M MAS:H1_BM47I]G2._;3RNI,>7*QYLLY7FH>W2BY5X:NCJN6Y5B>WFUKN3,8#K M%V[?6,0G.9I!7UD:W@\@-=* <1":#I[:&Q\KRW/;P M6$D:V][YJ'AWY6UK9[2+;=W@ALH!O%L+/1*CED]BT:[/+)QZU1H=K\E*+#)O M3;!NFIFX0U"W:X??!E"U-FG?!H!ERY3OD5!W8)FN\0CMG2[KLQ#O \"R=+D_ MIK0#<^L&!Z:4R=1H#]6>#3M&8BG;I=$9ZGE7^O;9T/:,B#7B;^] U6?,VP?6 M#@' 3_?F>GK]1"^@16H"LRV&6#EK1:]WK!;"K#TH;SU!"_^XF-&9/C\ MQ3&I%0%F;\]G)5)/5F8NJK&^Q:>N%>A->(L$ $^[S1TF,-LI9:[?,V!II:Z. MM6X9&-:RG05F[5!G ;HD>&(4LWCBU&R^"$U>I4]>@5^83RSH9(9%8(O:&D1. M[*\L")GUF^G[@,GEVS3/M]#I)XKMU 'X+K&Q)/A\L]C(%+82V* [[FI.!1J M^,LBI]L9J5VZ7AQREJPA-2/'V#;E_,;P=F76R0/<$_?L$L 'Y:=(D] MP^79?U''3WT K6'M>8D>';6G045HMHOE%8:N_6!YA3DK%\MJ->J:L!RU4/C@ M^;[WB,1?+)'0#0!-5-V6:ML6"AX>MH>)%L?+S#\ON"*]-^IVEPJZ'-R2SNE0%5J1T6UG%($Y MN!5=VBXKN*+!:#1LJ]Z["BM2.^%]-,>D8WXVG^S9(C[EI^8*^J#M3!JB:%Z0/T22B1P6'3H#_@.0A2GQA2UD^],F]SQCR MIB*4Q]=W& O$'3..C%[^ J_9@^<\X"@T!Q+5SGQ8'R_G>$$W MS+4]7_2EHQ/!H9>_7[A8F E^+'(%IC]]K)VC)>=8^,OC1#+5_+%RF M==HM#6?3'LU ZQ[K_>^/UZ$CM-@$74T#!DMK7/FYW]7[Q52J@UKO*JI>&U!F1='"6DHLWU$I]%19/)OUX MBJL)YT[ G/:PDVW9Q# 3H$H@[VE;2JP$A9Q?%B;:\1@ EBMX55R(>/RS?VVZ MR:^J: _RILZ%/.M0!9(FBRMM=2@"V8W(T\ 4X0+G3W.;EPP^ U#R7'UY@E,> MGG^&1SOT:$ZO])SI5TOOZGGG5=KM!Q93X59%^M5GHI\GV*\!>?5Z/YLAVJV? M$359(@Q?'&W,I@O%#>-#&'E+4:%)\BL?Y I[;CK\F* Q?3S%.3?8D-74'Y_3 MW+F7^%"\$&S/96)-/Z<6VBE&)/JQH?*6U="L)HLU@BT'NY-%%9_OQA\79!>^ ML$\]?RXW_RM0@T_2%@ R(SD0_XB(I$5_1M*EYBG!('.Y ]J=Z6!W7OGVS//# M>T2M0_V I\RQ4*;[_.%4$T# L-X]PT >[=$.I^I/_P?$0&RV TNSGI.AA-?@>)IVD7<2#3<;30GK'@6+OE&4I=?*!=[\%6IV ,L) E0%W%)+2J&=UM1*3&VC6B*R:D M M\=G [8[ MSKMYU[.A$R2-$UB6<_L( SRCW3HV75_:Y%KXL AA%L^_]7*?Y-^5X\*J)ZW@ MZ@X!*?R[PCBYRI!X5Z,EV1SU@/"2?6?)7T^I;0](E5@&V5L.PEZSZ(W73$$+ M<>.]+[YW[YLS[I/%-O640[@(IYYO_YM9M]X'%C^\RJ!0.B=Y(T!VL2K0!?K< M>,HM]T7C.O24 ;7^A5X$P8*)0#]N1."CQ*U8Z+&31].WR .61<'Z47MTU!X2 M!?//H]AG/K79Y/P))$>4_J\F$R IO]SZTP@H#7/!E5-H^8X7GM6CI#?J#]36P"0W@HVG[]/C51'F!$PM>T/:_Z9+DX]:YS)^_Z+W?A>!?"HBEN$G'#. P MB;"H*Y\"?2.RCR*<3D%<8M:'9QD^)1[,C*T$3CL\TN,;:'$/'S(C%ZZQ77: M+!!7N&%0WX8K*808V U_;"-[@+V(?HS&T'>"#B#L+SDH&1QW.VI$3*5%+,4I MB0?0M$1/*(% N;:$>A>/=@0=AVHK=U-1N-+KBIIT#84QKP2W%(WCQH**8E@*_5"TE19_*+)!#'!+/K&PPVU@6;RM8*T)HX"DM31=&D\/8[:XG MW7P8=K6(XKFWR3""E[2TZF7D8!<[G9>TU!K*HFT=QGK2/.'TCQFS IRP*%B; M)-EM,N^FW&/MG&N3JCX+FU^JOUT]%8$23+KHU#6"O&F&:;+G-Z;6E>L=;I#4 MM6*DQ 6>LZ[U<5+%@\6$_Q;CHDEY>9^:S9R ZTQ1RMP=\9 M;6UF.PX":KO:G>=::/CUO<7]E$R\P>(NL"W;]-&F/Q'A0*X7HN&9<8/V=WH\ M!CQ"5G"7S/DXVQW3 N[50I-Z9*[F#_@1QEH4W3/WO0<;0WVBD"7N,C)YY CG M_$$T"P?7Q'@G#$AZX',(1+00]O\1C@%<"G)3N#>0["S84I_A8,="EEN_D6D: MOY9N!I"!/GGN/4;_HYVO9&#<#2"8_;6 <$MS[$&_WQEU]@9O ME:+C1G>P5_R6*P$^'/1TO2J\DLXOW+$W8Y^\()"M"FUW 3)(W*;Z YL E^+/ MW9I/F*$7^J;G6[8+#.TB9+/@TG/'W+KOH!- !DC6D9.NZ]UV5S%4;!'>_:*F MO$1DM'NC@?$-H*9\8]'V:# T!M\ :LHW*FT/NWW5D[ASU, 0YT]88IE]8"Z; MV+7PB:-^=VE-2Q-5AZ?TX3SJ+9_,&N$I?2)V@)]29%@*/SPDRT:A%D15M%C4 M0C(Z\,]>MR]#OM3Q2\U>>3M%53>?NI;Z:YN#L8'I9_/)B]ET M=D>1.Z*+[9!;JK^RY^:IW>PRW M6Z5S47M0+%*.(R)W_*4MDKPYYP0,1'R8^-R+KH64EZ? K4"E;-6P>3GU4JUB M_]YTA=$PCBCT# WJHKJOZ="V$BF?V<'8\> :9[>PF@\.7.6% M/:7_Y83O0^[%98X38(44]QYAI[_GIF7)OX/PV6$_O7FTK7#Z3M/;[>_?8V:) MQ?RC,2:HS0/V3I.?WOS7??C^O_Y3[[RG"?SH3UPU?67) 2< *8RGST/MU'3L M.]]N:7]GS@,+[;'9TF[@:!_=,-^>O-?$W-WA_(E/ /AZZFAVC#4+:9J:9?L M4;OV9J;;XE_ <#@2O:P?X^MO\1TYUMO0J@/0S6&[_?NY=GKU^^Y0-)' M/X'GM[23B:_F9>=_K\U,_]YVWVGM]QJ2T!&L]1[^Q" W>_+,%V?.YN__4^^W M^;3S>,JMS2N^M"GA\!U6A;!=CBM,#QN/N6\@>A>VJ^FCX:A%P% 6'[][8J!4[[R:K79QH6$V MR]+T\H&"8/@S#L49W(_(L#2XW'H$S0]X6GF^L?.L^6S"?)'_-X7+ UXQ>?Z8 M,KT(05"GYBEJ=XRY6'!D;HH@ ;4P!PX%.^1;E(5(B9Q?CV^.M7OF8E:K\\R1 M,QZS.14F@6<75/17)K8Y0#OR)YX4R M)D(D4P(F$%@"$&G482'+),-C[>_>(WO D =1,<6;VRZ,3(# A'!BX/+F*9$( M@QFWE=1^0(*R T(9/.HB5 X&9BQ\GVJYC,?^ BZEOQ'EP16$H,4YF0B7.>6X)RD1(<7*#; >/ MD 6W#![5*.U4AAH3"+Z8#8 'S"(O4XOO #Z &@%-& 1%"#G>/^,^M$N$2!CP MB"E39$)C#2TB+&2)%$@=2%Y@8C@Y?]U1&ES@WU8D#(I%\.+I8>X[?":+LL;P-!YQ_%"F V ,7=688"0U_S7GW".0UH)D2I8I;*1)89RR$ MASR"5BBT!V;K(N< MK\:;0Q!Q J(*(-18_-](:T J("6X^-%[$)5?J#J%X-[[7]HAH5E46>8:%V/R M-N1GQ55/0X1LDX=)HD#XH%36D7" M&CK6AIW>4:?]MW?:C0TZ+&R-%.M4XR2^2T9DS%6B%5#([[$"%ZJ. 9-[(O= M$102^T"ZD1Q+'(PL52R@NEM1BH++ZQNA&G7'2/U-G3604E '@F<6@5Q( .(, MIFL>X<830#-JF=>25A NF3($Y8Z%CRCJ+(((+"8KM\7U6?G[>-8IU0*+!P$' M:$YR I8S:75*'=A5))&IC:\H+XO?R;R;N-8L;:PLL?M#RLZ5-1R!E*Y8FS3" M$8BRGN\')"ZLP23>.57,?-5\X&]5XKP?(45JA5 M8X,)MD?T%?F&M,\44L&D9)S!$0F8DR#P0"3 I:"3DM=]ANGKU]?+VXO(7[RF:'T@,P.*9:;F DHGGH_%GD#K\LA6HL")-DHLK@2_ M!8'*7V>>Q1PAOL.HD8\*SJ&#/A6TLT=V==,'T'RI.B>.3YT=< MF;1H])^ 4(@()-L,/1K$X*/_ 42B!V\,A,M=8\R1%F%RTO!JD-Y<>OB :_EH M\%_&%C=/2I:K0F")@_\-T%^BUTGD'@F."A%Q2 MR@JHRN;]PN;B@&635B"K:4I97 -EQAR3XR97V%GG9FKD^33C41W-DOL@$R&) M/L4\=".EH)*5BH+@!&_0!MTLO5/A8'@ U!=3M":.&AQK>X+'*WZ3((KYWRD] M,5X6T$]N$BY_A(C;6V<@:T5GCSVA^YJ,X>36H:-M63$1TBO68LR$(_@)U1%4 M%Q>)Y;;W&W)W2:VPV(5**Z!1I.=/XU)0-*H=6X0D-V6BWA\=53, M-CI!B#'%%QB # E[[4J4\+J\T3:"]"Q:?7!3J^JK# @DXH9H5%$'/=;.@3L^ MQZ<2R]XR])/1>5^$,?L.[!DP5=-E'G;\$,]'OB['X24% EDV@/RU0+=R<<<) MCG*'M\6#1%NXDB\02\]G#-)^US"'&J42'RYN3D[YG('"QA.!&(&QF] M,"!<6';D-U58 X5:S.<.,3+R% -;H-Q5O(AF"@L*(J4>E/%[?)PW#H)?IO8\ M2%3&F($*3*83P8O&P!N0D%O\$/C1,GE_((0!J!X-D-04B!Y"#B%E(AY%@$HZ MS\=EEG++HFDD:CY8G4Q::6]9@SDB*S;\!<3JRK&"R48>P*7 1"4.7?2ZCQ,MK M17LB%06YFIBKDGM#!IG-A. 5R-LX:ATC8E82V_VG,'U@*!A5U6)^>ED9[)UC M0SA5X?6Y^0QRBTSPH'7$4I'MCQU2A.LH;215+U62]O H8(5VV?\C4JK$*2)E"#N/T&4NG^(H MY%'&)(=.?#8;H2L!RWEL[EH M7]-YO/(P"DN/#@X1#/G1@&1,[3?3?J#]LKA+E,2V2^]8T^5!+]2(,ZE9)0=: M(@7%LO7HFKYFBB73U1TSSON M>3#NEX6/3C54@"*L1!PF!7/^U.Q)Q,UG7B\F\6-JN4OD_EU\=5#AQ?1-PMF1 MO$TR3NEN>L'R](Z]]H/EF-AW3U@>"[34%W;I;)"UCENGDO=2@N]C+"0Q2&1Y M>"L_V@%&^%!P/;Z)!BVX+(+8.B?M>F[4"07%20*!JTV8QR2T M:%%9Z?C^&N\!&E6)*4 M.H\MY6HDSG"2[R6WTRC ZB(I:CDP)!G%@<]$+ U9+(X9B111GL_$?D)ORA3= M5R2K^7CYBY\;JT)&R*2K?61W/GERC,C"+.FCP"YWBEQH.3N5K0$M7U. X>4FM5GAD7H<:+9(S#W=%8M=#B]L( MXPT/]G]!#XA8\V27@"6Y1 MD%K$Q#E3SB/=PE%22M#U^H I309+Q8;QN/"M %8F^ 7V$^^C&;G-^!E*B$Y$ M39242!+?=[K1&@A'^'>CUJ!MM!0 G>>&0G)M1YPGK'7D,N H-$DUL?,GG M=VIT:*:@"ZPN3(N^8:H;J!#Y2-^-5!1Y72VI7 CU=Z#BM0?]EF$,N34I(>%+ M.XI,NU.FFC@+3*=#!F:9-E 'O8TO*3*\D,E)>N;MV(&%XU)3*R%02 '(M(WG MV+$3A3Z66R$W]NYZ[-V] [9WWYQ?7H"^>7-^^O7Z_$R[O+H];V+U"DC"U*M5 MB,%ZGP0[[W^?DPEA@7PEIN"^U_Y2F!\= MT62<7TI2Y'I;1G_C[_JH")(R&%OVE,;@W/.67B*W;:>-A-3EQD^(P_3]+U*F MCG/^?O-\QX*3Q30J7L<#!C%W^-.G4SZ6! %^@BU@R]'JT1/JPCGG%#VRI^8# MMWUD+ES'17.IV!Q/>0 [R"64Y2]2''^_.4>.[V,RKD,Q2#/Q'+B.NH7H._8%9\H6 XCOE, M[%6V^,8[TPRFG/Y\GZ?(B)GT'MR>EHE9JMR8 IR2H==6"#8I&.@^H=GW?\ . MZ;!_C38^T@6E2J$ZK_^90YZ?;G,*QWS\B91*)01BF9R*.B=D5O M:;,%4I[S:#[+EN@@,3B@MH2EVM!G-8O'T $0R;#A.@;&"J,1ZIAA)#&M;OZ> ML?C3(7JGBT[O,A2MPK8(/I+DUK'9B)L7S6@18XM$ ,%(XD%P8W&H"#7LCL/2E,;CRRDH*)Y@M_[J%)EYA98B4X M-YIY12TD'G7"_:,12*BX*].F+D=!!* [NH*2F/"[HG./E!/I# /P:"RXWN^Y M5[#AF,GP(X68T'C#3? 1:MK::S(M'E*8L MF38'E=@)GQ%_PD_T/F7Z0G^2G>#=/HM E8('!OYE81HAXGA%0ZXJBPJ].1>' M>KL3W3 KT48@1*A#AH)^J'R0M3QP00'.!U=?#2X!H;=U5+&+ )W<:Z)C9O. M#W(XK=G\I!R8V(RRI' ,@XAQR/X4 Y:];0V;2CKL\1J)N0/YX*1DYZ/1D )] M3.1@<"/PK?#<%/D)PTY9CI.KO57D.M4YC?#_I;D- MN3+)9,/=H[R/)K^K"7^M%/_E4BERYTE*S,6[P*>P'JR9$R5ID>APZ3V05Y&@ MB(X[,@MXTHE%#)ED%*,="R-=BBIQ>+'X3#7DFZ+.C<.KU."5 Q_%W2$W1^4\ MM*LJ%#@%7%;* N%"PWPO)X@JA\E9U#DH-XSGQ_-94J++(T:$6$OD)6F20* ' MLPEPF0V0P"UZLM-&OU1.\%9O#[XO#-"2,&)'4AO'-MEFE ,=GRQ^!?FB'LQX MO/ QB$%1^47VCBC8YGN.JON3LB8L_SB\"H/P+T05I'R<:\4#/$+-?191:ORB M(!DUJG""]XY,8J3D^\!TF-1%>,UV<8WR(E-Q.,>=+'@@V I.QOPI6K=FLB59'UBG ^%C9EW*N8=N4UJ6Z =?;]S/;50F8^IP 9 M?+X)A*_;,= _9,? [=7I/_]^]>GL_/I&,0!HY__Z>G'[BFI<5[A25,>ES(8V M>5@Q'%"T!<') ,Y[[YLSRJ^.@B[ZW!A.$HST-"M!RG"">5"%+JSS*RHH)8*9 M)3]W 3-:^(@4P2U303+3DL+,Q&Q6%.86V\IX'R7"$[_3>P:Y'13?+($0^6>S/)>%65&:A\E.,+*G0,.SZN%9@P/F M6>J\^?KR[YWP?GVWP1FO(',[#'HE:QLT!V MQ\3IDJ&A@OM1;Q#3&2\<635TN<+3*;#!=B)36!Y5#@#>P80DM)" M"\UXK"6REY/A;["G'E7Y]80]6P8@QL73.61>*(K"$B"R.J+P\@@='\/FR(7K M*?43'DTL@"5BJ%(72"#E8O*CB19F8@P1E46X #QBC71N$I:4A(BC:B-WN71( MJU?GU*(0R:5N_/*7<$W" 1R'T)NMD@]4K(PI*#L+ 2MO[DV&@ 4!_MR?WO0C M9(E%<]!A"0Z*R?IQ#Y!'&7;)G50GW$0FN)WZC&F?21C&@>Y\[6T$\'DBIK.D M8--@6&B*]M/^\9LAOKV&TV/L>6]1'WJAQV+_J--'#>H:JGM=5%>!S[XG@]B] MC^W54.3Q_'?:?YZ>GI]__+B*!4NKQ>#[S;'"%=@E.36II*@F_'(8%* :WY>F M.2D55G\3Q4EU!\E+N#G&1JV^,6QUV[UJJ*B^H%>&Q-ZHU=$'WP(21UO#8;?= MTKO]7>-P'V]N#X>]0:O7VP8=UG0A/$[MD&5=!QLO_@(M71@GBR7$.*>G8G?8 MQ TM2(I-2UJP"J*IZ":7)89RDD---*(4?-[3\E\$FHQ6I]UI$-30T>9TU"VJ MX^Q3&M]XH6?"4E^[\+TMZ4? MF$P,4Y:GK5H:5J/J=EJCWDC$/5GTIV'(!:]P:)=:H;:TNF05D)9%1NE--2)>,H8NIJ@M%@S T(MFO>[)":7-$(6/[-^L(S"YL*$#4%30T/ M.&B*QTFI3=4^G-R5#KXBRA+CF ;Z,!$@I1[8Q$[Q*=2?6VKHU"1U$>04-2* <@H;\6H1O8Z! MD9^R;VN8KITDV] KK8XFFAX5F9!UCY'+\CN#JNCRX*.< %<"*J>N* ;5WK!Y MR*L-CHB]Z[R^PZC7&O6',G/:M&B3E, KP6EE#$L"8%XP2KD%1+208T:@8A11 M7.27QRPI@V"<3%;9*KTG.JSLGRH/Z81@'97%/2:%Z4HA%0)D*?,B74^E<&QT ML@BE*+R2*=WPV.N$C!.+*T$K2@&)3(8\3P3I;G#<[0QZ2U%H+4G@T>$QB8[5 MHMV/U/DC2L&)UK?4X)0P)>+']3ZV.%&'_$W:+I<*HT1KI8X?'':ZH95D:UXX MCP?Z8>XU@DU?9V9I+U3M(?"(T< %8;&:/DS<"5JA : MORUK/6/VK2P7 NO@.;_A,^=PO(2IQ<91UUY3*4@LRXGX]CU&VU)_2ZS-@N^X M+&KM)*NXBXI@1)%2VAJNW( #=,2S)-98EST45 M0U%M3%Q4LAE3$GU:C#J+VG\3>X:IZ2U4OX7:C8N1"!+E:0(Y=#">,FOA8-:C M^0S7' ]+IWJ'I&V+$IZT8$P;@&O4XKVNF%S'L79C4V,^O"A=3,3,!U3=8\Q[ MBAIC\?HT ML$!$>XB0R>VD$DGPV8_T#YH*%2>YY>P4FHSFUZ+N\.7Z*MQ/HQ M !%=K[!QV 6/WDTD9A$4^"(5WZ5*4*+?=MQ*(D%BL@CP,[<6 /T"R@->\!LN M5M$"%=MI?*/3B.*=J6!4V2)*M$_E9,B3-#+WEY.,3;5! M^5Y1R@9\S)JL4R._I8N\A[^='S04Z(\N_N M&:;$S:<('R8Y[-](O:N3*6U4-@#7H$6/KTS(S6,6*<4% M-$0?F=4GO.QND5ZJL97=;:8H[^S; 65O4_O>1-8359I#R\\#UE')J#!-C'FI M"T:3]K3#M*?]1%U_83[VH8T$PYH]O(<37G[&'IB#HD=PA.,DDGVN146.#IA5H^DS]>;XB__W6T73K8?!J*D0J@:QZN$Z&J+?=Y(Z._OUV M,):XEDL*X=5CZ#.I ]N@S;$1\P)NV/A"K"&KY;N2"RL#7G<[D>@]H]71AZU. MKUMM4W::$O&*MK.SG>W46P.]VQKVBT9$[S/%HMG-];LY-+K4(*'9S1WN9F]+ MK+;7&O8&+6,KV6B6X?;,E6]^23DO7FRTYJ"WI=5K=83V<*^/.C!TID<-N MA=U\R6\G'.I7D]]$FXMB+-[T?2@F6?=?#:BJ. M-17'7N[IV;>MNZG]M 'JFHIC#=6]-JJKR=345!RKRUC;5!P[:"0V%<0%M-U=LJ=@L8[U_K4CJW5%@_YOQO><.\XH)=FO!*0P!-I<[OSZ] M./FDX>8=7'^Y@C[('?I#838;/Q!Q:]=LS.P'P@."9D>X.@P@4Y@[$/#4EIY4 M+R8 H<;SPR/,_B=X M[F5W,]5ZD7=6>Z?T8Y2KSO-:BH#,2@$),+L1">!V/] M0%GH?[K>([8[UJ:8R B"$WO^&[XS6;@RS=P<_[6P \H=I]0W8$M!Z"_B!M&@ MX8I2"%A- 5B7J32?1JS\[OG4 X> L$WQ/PZ@*D5]S>FI_X!*V2\3?NIJ LT M7H2\; ,]A%$2MLR>4:]R.7WE=;2(I5:XN3NF3.R4*;(!R*GGS(A8X3 Z"V9 M28]E^Z@F >#^0*Y @$ MDPF:@.-X6,&'UX: &0D&JLS%J*5>70V)0/ _I!C$ZMO:I9OPFD7U1;B,A./4^9&E4JB0A&<\N#8 M-INT9I-<#\\P@8*9D2&O>L'1K_8%C>J#\5(S/I8X@8W1V]]'9X)RP.#\4*IY MXFQF5Z1J-B1Y4<8\]IZ;7!$BLU5$5"AJUQRW4<\")*0VD@E!MALX8J#GH>8*4IL9Z,X_02 M#Z>&0QJRS4LUU(7Y9BLWW,J-RS0T.WDP.[EAB89F)VN#HK\9>]VX/$-YS-U^X+X=HU0!XX;$97G;O M@V/M-U'O7&-/8S97&L%A(T\ 3VF(8O,F"[:+=K&Q\$ JW2RP8>;"]P$L6"6 M(;!K\WZA$>CID)RD?Q-)AF$/F EC(N0AT4.,@ZHX2B,7^K%V0F7<85J*]$E3 M+$'A>MQ7A0TE;)^CD/J!2-\O+,*D1J$\6H;W[D#?LOI&1,0\D ;;P]D<'S[S M)HWO-=E",2HV+XE5!$#PR*4I8Z&@UM0YZ8K.@XDX"86II'>8M_;"POD84)?5 M2&-=3.[/__&_?GS[=.<[]CO\%_[\_U!+ P04 " 0./=0CE$ROMX- Q MAP $0 &QO86XM,C R,# V,S N>'-D[1UKKUAT%U[FP6MRNMMF(?V<]DBE<6!^!@2 >%]]9OQ#75RW\CKH@K!L^G;G@ M 0+"GBZLTZ,3VZI62[#]!9C#Q:=>>\EVXGFSBUKMY>7EB/$Y>>'B61[9O!R[ M/O>%#4M>]YWFHW5SQZ':$>+>(AC@+_X[A5?X]_ MCNN#QMG%Z?G%MQ]^*]FA1SQ?+CNLOWZHU]_7\5\Y\@2GL"4V*AZYF\JJR9\^7DB(MQ#:W1J/WZ<-\/\"HAXL6K2]ES M'GKC_/R\%D!CU SFZU"X,>N3F@(/B80E9X12#3YETB/,3N [WI)@'?FT%@(3 MJ#07]2Q$I3&J RD\"?;1F,]K"$#\QGFUWJB>-&)T7U;'A,R6)",BAP'K"%!3 M89,A$=P%F4L30'*(I/"R^-B8CUKU%K.\#I:@'#+&&?.G^?9W/%%3=#5$JB(6 M"&HOZ383)0E0RP+Q8DB.=&J$+@FFA$V(A\$P%-09@TUFU",N#OYI+1[$F,!< MF +S[KB8MF!$?!<-^-DG+AU1<"J61\08/#6ZY(S8L!7O>, 2QCB.:TQE48MJ MF\TH#EQL^,NEBO +Y=$!:F6I'YC RO2D4&N8 WRE09,YM\RCWD(E!#$-^JM8 MU+FJ:#&4!"A/((,#(\IH(&@]_->PJE9,OOZ3,,<*>5EKS"YK:39KS'T)3H=] M'_R>"9#()B"ZQX:(,$(I(+*):_ON=C0K47))HH;8]F_@C6OBJN33GP!X,C1_ MLDEO[V,TLIH#(#+X#6>2N]3!%L>*&%DAIX.QD\;N$H%:3L"C*'N.Y9-PO1M. MRKO!>I=@_*^#6VI+R\G.J#-391[V'0V& IC>'=_JW+'B:/&1M>)IO?O$B.]0 MQ#DX)>F4FPEA8Y!MUO>X_3SAKH.5]NUG']-YUDLZ9+W;3LN[+>K$HLQ:[^:? M5MC1P9?%OB1R+UGI@HV(#L"=,3:Q-V^8^5IQLW!6MK BC9([ 'UP;RU/C#*11]LM(_SR#V()]9LN][4 MC;2I0PY6Q,(*>!P,7BNN0;DVP"U4% I-K>WA% M0+TGOLT,B<#X52M@9*US.C@ "Y@Y=:J-\[ARB9[T)C[-EBPAW<&@M;X_E/#9 M1^5NY_@GBN14H]Z\9YD(7I); ?W!S.G">T"&+N27WQ%(;_+,NC1=A%OO0CZ' M=?^FR73=%:4P]9[)K$]+3*P'9Q4.E!9XA+KRD0BU93R'W"&30=*[:.,*UGH7 M<;26+ ^NR;BFJFX3.+Z[7-?VJ'R.#)?K)BV!UF7'F35QQF4XZT3<5TME2W6P M=.;!APX.*GD!DB! MDS;CZ9V469?G'[4=G+1UG9?OL"UI],[++.5+U7X'7V[MR[5*X@GH>.*!TYR# M(&-X]*=#$+E>+./PW1CKHR*S^U F*I+E3"R+%0ECA=(4!],AA KWZ@H2=TED MO:NS.R&%>WF'<5]F.ZK 61N0]$[*[)VDMZO^OUVC_JB[VCT86<$=[PMU4?>J M(JFZTU^)VB8"1E<5%Y=6U?BN[.^HVM'KU(U1%&O-'>_ G6EK1!W'+(BP,UPR M=]"1"9^!\"C(6BQ\S,"CGB+OKG6C5AW/F.QK;Z&R2X;;JHPDX'Y%7>\5_S=5 M$J-O6R53 ?N55+U9]?*F"N/0V5;AY&C[2OJVEIVLJQO=1J^MKJ-'S^DKZY>H M.!>>Q3(WX75O8(3OCMQS.V"E(5%/U9BNJIJJC>/J2>/H53HK2;<18F6&[82( MZ7800OL>2)X4LHA(_:BNJ,L*H'VKI, ,0?^YA#5P/1FW5%>L=I$F^[[&[N($ MO':0I\2K*F5"99WR,214L7*N8J5Q]H7"[";(SE(D@B^XV286&[V4B=IUPOCA M2^(E_;Y2J5")B<(P46\P?9D$NX9L5HX-\1J]@!1ND'::C[]W!!U3%O1Q!^KT M2 EZ5A]](K # *D"#L*]* M*1^TL6L1O)E\PU%,+"^(NXJF=6]MQ#0;;'>$BN#S#9C.L$+"JMX#)]Q_1Y?@ M O^/8-AV WEBO;8EVB([K/LL;GT#-9O.?WWIJ;8!3R:S;!+/I/U=B?CKC-3PZX.8 M4QMNN/0RRX$R!/OJPQ:=4P>8$\S%RWR3:MS;63GVP"JD;CB;@\ T,N!![;R" MM!G"&-BJDR?J3>ZX&(*: 6UHC@7$+^4E7?N6C/?6BNK=V-CE\0EP;(@"V(Z3 M34#^!A)GK_T,X-6[=KG]' NN1]DZUX1?C[GP8AYO879UW_Z1HAL!6$;^0NA^ MB)Z]G9VC@1YI#Q59G8!NTB8?YB\,('$^Y+PIP[[@N56'NP.HR?PY.ZV8"3=5*OW4B-:_Q $E+345E] M=R$TKNT3("&(\%+U/4Z;29V*P<8E5P:>J/VOI,399N.21D;LNK[,M6X"8%S: M:#_9=1K^VPAEPLQ+F\T"M'=ZI1(?=ROS* M@6Y>EU@N^IS-$2"Z,ASNRY2[ \N''95YN,93GE+@W+[*WL3FY<<[4-=NNJ<;TF_FWP"EYZRBZ':EPC%$Z7"HK!YB6? M4.%TB? 6]VJN2VT=%4*-RQU-Q*INLWU!O47!%%X"S[@N4<:]]B5E(&4HLMH$ MX&&_N?EY,[9QO599V.-]F'F!8"JDO$6I>OT+Z(WK_B.5'A?J@[G!M:2D8D5 MXU*O+#[@77_H4KLS&H'(U @E\,SK,@%W-"#/X/"7=&#E@HQ+W'2RR MNUB6=M]T3LJ;ORK;CF3?-,SW3"E-2Y(:UW@PP47.JPM MG NUT.,8UZ'=:W;=]#Y^NM&XE,EC5P@^B]8)[M-GA2^):URG]>M6?N*Z5;PG MECE:W8[$N(9K%ZSRI45HX96LS13&];M]57<7)71QL0R]X/@W[3$]RAYJD'&) M'L6\!M.9RQ?!_SPS?XM-AV!>>A@0C$O_()I2 MDE'.=89,NW%9"P_]-YXU[$1I7-\'^H<@$SJ $9EP[YJPYWLO=1]?CV)<@ZS= M>S#G[AR'0>B PM%2DL2XAOG9J6R17H+$N(:/?![(@K(N9Y\267Q[,N.:JD/Z MQ0-GWD1];7JF@#UU5N\69)4M\,WKIDXCKOW%-;&?NX*/!9FF3UZ*$8Q+_PNF M G#RKUL4P(S+O%L%5Z(DVIV7<9N$OEI+=1+%U+EU$ZIQC1*O\#:1B2#V\@LL M!4 2_8JE_A._BG!9"[\3AS__!U!+ P04 " 0./=0<>L#*AP, "IBP M%0 &QO86XM,C R,# V,S!?8V%L+GAM;.U=6V_C-A9^7V#_ ]?%+J8/CNUD M;LE,MO#D4AAPX]3)M(M]*6B)CKDCDQY26=PU.\ 1#SJ8_)PWOEZUQW>78Q&'(@0NZ7 4H1.*+Y,9GX-W1B0>Z70.UOR'B4_9U.MJJ783AZJS7 M>WQ\/")T#1\I^\://&JF[HY&S$-;7>/)\ 8<]X_[_?NX?S]X?_;N].SMQW\;WC"$8<2W-^QO/O;['_KB M)Q'_'&#R[4S^FD&.@&"'\+,-Q^>='9B/)T>4/?2$E8/>OWX9WWD+M(1=3"1+ M'NID4E)+D=S@]/2T%W^;%9L]4LOL4EY7J]C\!0;2VW<+A$)>961AX<:MNH5,.&:! M0NS!H):)A9)-V"L;)I+T\;& Y 'Q$;D+J?=M00-? M=*A7WR-1]^H8;J"F<220+ZX#^EC+X3FA)JR4HQ4DE?[<*]:$)5/D"=SWR%L0 MV1B&GD[@M+HAJ^4: M\5HTX^A[)+JPJ[7X5>FMXN(M]'KWVTT-\1?EB$R!^NQ93R =U$RQEBA78?!OZ@6[88 M\]2NOO74M!"'U$9@)EYFN9C<>5$0 Q<=Z3=% FU"1'SD9WJDR:^Z2"8N2XW] MY&< NB"3VOT3$A\D*H"BHR4@Q8MABN7'PMSMFH/X^X(23@/LBRL^2.5!JB U M.C,[H)YB:B"70"E3F4\MC=+1,JET7"Y8S^3FCRT(7INZBE0;O^E7< MJP,>XQXVMM$B#W+13._YY%LS7Q_;\?4N .>\>XGFB(F0[QH3V3-<4![RGQGE M)6VS1,2,AQ,[/%1"=8Z<2;A K*JK5 J9$?#6#@$%<)QS>3SU>>X5;U"H]WQ1 M63,"WMDA0 _..1[2O2GR,$8B*)Y*DR;SKQS%^$H:0[F8&3OO+34/$\C.$37& M<(8#'&)4TDC2#-? MTHR-#S;9T*!SC@9]&DQ!%%U0UJ+IMRR-Y6*[XF1FO>V%A6W/!$IRD&BU]8[6 MJ'2WSH"3?$G;DP=C0G0@G6/CGHGA(&)/)GP4E;4=\QLSH@=:P$G7+BE3N9-* MD)]MC(M)2K247I5S_CGVR@)%$UG;$;TQ:>:.<*YA#7T1^0I/P. 68G]$+I*- MW9)YMT[ =K!OS%8%9.Q=6\.C#_ M#)&W#"%P&#_G(*!=T/CY!T2\TKE0J9#ML?J%9!DXHIR\S[U]N&/QV4+Z3O&# M8DHNSXEY+@]XH^C[L;64I(H'RA0\;\OP/"L"= Z>58$W7PF,Q&""_!\M9BQ- MT1J1"%V+>BQK'8->^#L.%Q<1#^D2L:N-%T3R*62Y6R?^\^_AIBPN>X&RU]R_ MR?)_1D00&=NA/*FTMW^C+6U[8#N E-U]G@IO-+^=9K:-YMSVV2NY_\^RO;9= M-8U3AV0RZ49FZI8N1^I%7K/^3.,5'QB45!ZUB.V&6^G*W?I1A,ZYRI&\/B*0 MNXC^$A/,PR3Q.06FKR*5@K9;N3%7IH#:ZE6S;EU:LJ0LQ/^-T4[F,E?B#K$U M3K, *X8] WG;T72M]E3;+\XUMBW<9,0>E^:K%A9VI@/,(]#MU6FI-5NRM-9M M5"(\)(QPK68^@\W@8!()VY_G,U_0G#*4E!-($+_:",B"#A$"L:>1<"F7B0K2 M$30(8O\ES55?PQN]J>V6TH)'=2VNH.:Z5M_BO>/$SHI-\:R0[7[! I]Y'SG' MXPT*3<:RO6*VVV:AU;E'C9KGVS4VMUC2L?J+"(GG91MU6@';K=6<82W:BOC$ MYH)LW9=**:N9[\Q7,U/= !.PJ_T?<$7Y)Y#<1%GGM+%ZFW\[E0+W?0VX0A.( M53FR>"MJL;3IELGWN2#_R]-7$4:.R':@'WIB@EJ1659'Q_\'DOK=3$V"]A]M M*NRG7!L7U.EV\B!B-K,K208HE7)@A#B,.A.G.,?D)5HQY&'E%0)%C\KNEK*] M2'0P4T6@G6,F?I6&]FUB!8FJFO*V\Z(.9JO<$<[Q)KIOF96'+E'R[XBDC^/D MWU50^E1N73VV,ZH.YOEECG,OT3&/(YZX/SNBXD%X4WG;CVSQ1OHL_UD2#,MW]B1;6S [=M7[[GA&O)F7'YTD,N:0%^_46O(&_K_B7B< M:7=/"UY-0.=1^FH"4-5^B/-(YDI.YG<+,=>\1ZP\W4U;W-%EDA(2E%ZFP@W.U3F!TT/(3S<.@@!Y MR1I!;+7)>]F,%3BZB&) ;%VDKE(-G^+EXWLZ]+Y'F"$!2/29X=-M ),7-XJK MJV7I&PSJZ'!T+:8&X;4=YMY$((?A%]$M/X2SW MZ-:X8+OB>T (4:C#@9H]F6]?1U)=B97"CH8:)61IZFN!"]RKFIFQUY1-T2IB MWD*$Z9-YO*Y2]?R?B:RC\45]-JL=Y"ZYYCMN>@E'XX:7-$OCG3;;].V$MG'V MQ&05IPU=;>1I$?PY\Z$\_M>(.AH7U"#4U#WNQ?P[EH\Q0;SZS5@Q"O_EP/ &@:R6YF*:)9A+T2^_$),0]0+.R5O$5QLO M3IJ:PA!=S>=B/JNO%6W;83LVL^/W?,9-W<51)]\:X+(SRV:'!SBSN?#$96>6 M]<3.OC)@_YA.)27S@SR:!',OH#QB2'RX7R"PE6@IA;3N\9P*@H_["!)M8*L. M/.L#^PI; J@[S5,!-&SNN.AEF[NV#OK[MDJ1.&]W+Y1J.OE8 M?^JG8N]@W]Y$$*22(!5M+67:*#U\<)RS6I?YW9KIAD>#*C!.]F%D2H#0 F+) MN.K$BD"FJ2TN*HX.59"\S1$2&]\%L3PHSOYKO&_9.V!4L?A=OE/)BK?E8,UI MHXJ9[W..W4J!5,Q.5[UW<*=B=&[LW.^PP9M$O+V',6J=0JJ R0VC!HVT?7RF MQY0JT"H'5O F502VFJQ!,CJS=!?><6XLSL$3S2E5^CQ$ ZEW"[P]N&.3\TT5 M?+FQ6XTUK))7X\Q3!5-^9"^(1^PB,S\-54&6&^Q+GE:S".^%!Z0J4'/1@%&7 MZ2SHPPY&53R3BSI,/*/V4ID)(+4!)$;H'=IBTZAYTJKBFGRDHPTA[;9_P\-8 M%7"YB&@_C--#2E=(Y*^9\(2X\C]02P,$% @ $#CW4"MX^),]% VC4! M !4 !L;V%N+3(P,C P-C,P7V1E9BYX;6SM76USXRBV_GZK]C_H9NMNS7YP M)TXZZ4YF^FZY\S*5JB3..IGNK?LE121LLRT+#TAYV5]_ 5FV9 -"MB3PC/M# M.I'@Z#D\P#G 7[YQ]LD]%X@H0A'7_:Z'P[V/!CY.$#1Z,O>;P^=WL/Y]?6> M1V,0!2#$$?RR%^&]?_SO7_[+8_]^^>].Q[M", S.O OL=ZZC(?[9NP,3>.;] M"B-(0(S)S]XW$";\";Y"(23>.9Y,0QA#]B+]\)EW_.'(]SH= ['?8!1@\MO@ M>BYV',?3L_W]U]?7#Q%^ :^8_* ??&PF[@$GQ(=S63?]WIUW>'!X<'!R=.!U M#_[I_?/0N[BZ^_ V9'I<@)BEX:__Y_#BX!/[<7CPV#TY.SX]^_CY_PP_&(,X MH?,/'KQ]/CCX=,#^I=E_"5'TXXS_> 84>HR=B)Z]4?1E+Z?FZ]$'3$;[#&5W M_U^W-P_^&$Y !T6<)1_N9;FX%%F^[NGIZ;YXFR5=2?GV3,+L&T?[&9RY9/8V MB.<9\HF/]].7^:1((SH'FJ(S*C2YP3Z(17TL1>0I4_"_.EFR#G_4Z1YVCKH? MWFBPE_$D"IO@$ [@T./_LWHU_^H$1&,0,W3/! 4CZ(,IBD'(:M9DGR?=9\PF M$QC%O2BXC&(4OW.:R41 9^H(V6,"AU_V0@RB3E:K.("_FN2-WZ>LM5'$&\N> MMU\+YJ\@Y*7],(8PIF4@I8D;1W4/""N8,8R1#\)*$*4YF\#+VS#D]-'^L#_E MO1RCK;0X];F:QGD^!M$(TNOH(<;^CS$. ];W7OZ>L+I7!;B!F,8U 71\%>+7 M2@6^DJD)E-RP@:BT/)>2-8%D 'VF]R/TQQ%O##W?QPGK9Z+1/<$1^]5/RZ4, M:44Q#97I!!(?@?"&P2M%K$C>!+(;%$%6L0@,4%P&2Y:VD78"(X3) _03]JD[ M',/R1J+,T4P[KM[YM-G/7 (2L>I-[R%Y&#-SPCAC%0I'XH_2LC3+W4BY\B]T MOC)7)^"]"XRHD1M2DJV9]OR"@D[WM+PA%],U4FK),X6_)ZP+NWQA/TI+2YZ\ MA5[O$3R'Y=5/FZG]UF(&NHJ,%DKZ L8 A?0.$.Z?O<"*9:[*W@+R#A\&!DDX MMS,#1'_,\%34PD14TQ:U*A$F>=NQN%61FTMHQR)7QF\LH?T^J*HNZTEK7Z]< M"_T.T6@+>3/F-/MFBSU.Y^E83TX(?4ED#L^PZY(#X M&7A9XOSW%3-NV<0?GVH[%K#&3 3QDV?8"1 ;)E+A6,X^E"^=N104Q?LLZ?XL MS;Y40/.XYQ_K!'@"4$70J[E;0"R^U)E W@XKPBUF;1XK",-J"$6&YG%%..Y5 MA9;E:;5.PB%(PGCM2IEE+V)FCU&$>+_'_*@?!=SP+891 (,,.1=8ZQPY>\PE M'J3_NE['RW+E?P51X*4BO(*,=O203X47@!\RM/,91_;[.8XH#E' G@3>++^7 M";" 6CX[7E#AR%P%[Z>"O+^WI5+))'I!G8\Z=1:"/#ST%J*\GWZ+0,(&$3"P MHI3)!'M!RV-S+6>R/11Y>>E_ U-,?_;2CQ3TGVF?Z1]BOZ!TR!?J,)'V::(O M&@+Z+#JDA'9& $SWN=^R#\.89D^$)],YZ,Y6YOXZ>_PT!\['==?LUSG'(7B& MH?CVTRRQ+.V^ ]#%Y(4![%FZ9]V#!980,T?[RUY,$HG*-EA* MJSUW_7'$&TKO#9G4-7FV6CF4^K]EG!6I4/"ETUE"GU6BEK!>S+QJ%4&*Y+42 ML^KCE[&B+7!LHH"*G,.#K6?GJ2O1H2Z",G]WT[YP4P:%DBH2C^R2.)NXX2[! M[6P@J")P)>E3[=P51Z0*7O2M!)=C=K.SZP6!*#<0W@,47$?GJ:M8QHHV6P/- MJW:*RA50\F67L$<" 4W(NU'CD21^DO7?CI&C@JTT278I&?#YSP@&V71V&2OR M]$^R/MDQ8C3(E9;&+C?J0:W,U5Y.^W1BAY,* R(I9&5#L-;&(]Q8&A4%+F=I\M8"16#']UA M,*UZ&7Y#XHJ9MHLO"7853<>6O>M_)S06TZ&/6.%R"F6>EU>#!Y I1U$,'R!Y M03Z\AP3A8 !]/$HI$756YZ W^V7G*TPK!:"J=2=KUCI)E%&_=_=T@5Y0 *. MIC6RMI7J,I547)]:Y?H.QM>1CR?P!E/-LDLA MF?,,K:+5K8S-UYCWEQ1AG_G1_OKSRD:IPFKS28759B;)$Z)LK*DO;[(J:/&) M1Y8@RA!B%,O2/5P!K0I3:0NYX9:N@A9'RUID0CPFQ1,Y1;T1@KQ,4DM,E.SX*BCR M<84.@;WCB?Q>44!;OK!3K/)VL&OM+&L8(N*\;3H'VVKI[IQK*"9J7FU/MI)LB;2]I% M^>VB_/ZP47Y7* (1K_[7$65@1"BZ-KY/F<'MR+X2/5T+5P.<+17P=R. MB!1H?>'7<<>I/"Y2FL%6[%TC'<%R5*5:8Z75L1Q=^0I(P _QT_L 2\G8@@CI47A$LP%V(I3555_O+822G+6-1IKD0/Y!-QF M]!1%/'W<4H(D:J@H^M@F19?B\)%-&"I*>#K>3H(D6JCX.6Z3GSL4P(7R?OAB"?7U? MI+D'[V)XSC5;J!<%]R&(^.'B90Y>,U^SZ*&OT"O9 ]!0Z3KGYF]_57)^P&&A MNK4Z:EE:O,Z?'L/-H-:>&^5]^F0I<*_)C@"O4P@J2C_9=00NX'.\F/][A&2B M[@)6TSZ=.AZ7J8"L(L-VAXZ)P/@5$X)?>7R"KC]>2>P\&RK,;BY9%NO.-3,? M!-)XP'05"@?WS'UE+\!($PM@+L-Y\BJJXN:TM(B!9#V[6+[@$;3HA8\H?B68 MTO.$D)Q'( E)+\_L/(NF.K@Y>KK!T8CW'[PNJGG*IW*>D!6PRADWRT%^))NQXF=!%(+S'Y<[C#'?1 MA;OHPEUTX2ZZ33&&E>;7KFXD9I\5,TQTLFV$KI'5^MD !V6"%P=X\P8W)S6F% MB8&5O>4WA:WPNTV&NVF /],T0+X!70$?A2A^U\\#J'.X/1%0IJEK,P$RO#>\ MIR1E [3RG'9&[*4,E!,F*P#GAN'-,>?R<+EF=EL= W^'SS2&)$7#D6F]=45J M2V-?XV:"C31PLS/D@XS^,!?UI+=1BN1N&RBMCJZ%'^0#T'B\.([ XHD8/0*Q MN[)T\VEE079LEYXM6KS>1 RZ&:P!I"+J*34&O1&! M I_6 AKFMC7+N&X#Q.MIV-:LXBJF 7S!X0N*1BDX/H-3D3>E!&L[EYK@3J^E MBK^U=S95;7-\CM5/"'>8-VM^2D&V)A^;;(EZ956DGM;JR%(2Y^PI^VO9EK)' M3P.NL,)A9>]SKQUU4(L@E2;*3L$J6TJ&VI+C*"TT+(?6C@-8>YDZZ:B9EWN+ MA_@8%?TM*[=),M$5?B%)Z^Z5HMIB#3RE;V1W^/H-$,1[ND'I@3JK*1WMI)5X M5138#@ MK5?XWU$\'L!0[(.F8S1]Q)=1S$:!RMY+IF69D/8'"WHB-(29E8<3@PL;7#II MHIKCN]59Y%O"Q@/:J:IT>Z(YD:R#'P+WOAP;+Y'_1Q, MV1O=O<55I#QU+1T^9KXCM;(V*G+="RBYCGQ^CRF\@.G_5YBD=ZEIPU*K2MI. MCLLU4DY+.,CSXGB""TA]@J;Y2V],*98*V59V-W%:?V\C#370580 MLOW$KBA3]ZJ#PJ-9G/W1'_9&,/+?KZ L>)DGEJ9UN.A+,-<]3ZC<&_,<_YH M O@!K4%OPF_Z4Q2P+*GCY:N&W,J(NI:>Z?)MBHCPD/G)7]UJ/=)29H?IJJJ$ MBL":;^B^Q20>L?:YM!U';_O%0*4TH\-D5%% 183=*[Y96R<0+T!W@KDEO:D5?:!+ 9=#?[LMU6/,!=+ M8C4.3U-N6(&P$8O1<+DZV:U7+OMV0]V>_:LD"E TND;GF$SU46_2Q*U?=ZJJ MJ]@(J;)D=Q?^U3W>,+SPS^Z.G>V_IT=$M<_?TWB>X(P><3*E.DS_7$+#7S*UHZLMJX3;*S, ME+:Q[L,ZM JDSXSQ]TM.E&OF8[8N!W>CCFU4:JI:MO9EY$VL50U@ "N35UAM5N5U8%]9R4H5,Q_W7YOETV;]LE/-6G$Y*P%62%H;+4UKZY2T2JT'FRBA*O(3NXN;ZKM:+X=#Z/,(OLUNKY6( M>?KL>&AG=6U4[+K4C=Z"6)SFQD/N39G,Y]DRVE:@JSARR>6\ CY4;MF1JKG( ML67\+ &O>XU2M?^,H,A'4Q"FG^X/+X$_YG%!"JND3.]N:9?#KGNE4K,3;<'W M.0Y#!IV 4&M0LDU>^HQNE[XA?C>7(8K@C;9$*[.X2Y,1\BT;[!+DK^&L*05L M&7EZ/93NMQ-[*F^W,6>W M,6>+-^;LCH%N:+BR.P9Z=PSTG^X8Z/2$*NTQT/DD;8<"EY\"O8S.S9D-X8P, MX#0A_AA0>$_PB(#)7<)1]X=B@9+VDGB,"?H/#![Q5[A(K#FF9R.QK8<(5C>Z MFVJW395AH4DZ3Z$Y"\50P)82+-?#8$[,WJ#E$I (12/*!EJB6O)%C\D$1VD= M-1O ?%P>P&1"/2;5$Y+$U<%".QHQ@%*$QX19]=R(,@ MO7SSPX0UW2M6)CP**(EGA\0L-\NO[W(!)='=37[4T>%7&ZJ[:9SEB$U"?\MS M6HH(;X%$DVJS!;'BS9'OY+C5V0K2:F#.-TAC&'P7FTMC_>$/LJ2V=L>:MC%< M#K_NGEA;T,+I[XO%";ZMMT*Y:W,^R;H.IWDH5T?92[IH(HW[B[*8CEK$6XM' M-S[.L#8M5;7DP/V1<>?!'\,@X=!H"_RR!X,PQ>"D(]ZOY[KH0;+47QW<[*-@>SB863E95141@=3\CS\@)W M\PF[^80MGD_87;!5[8*M]I=/=Q=LE1"VNV!K=\%6TZ>.K$_Y^1C!X>4;Y M:] ?#I$/B6[Q6).A]0';YE=T&2CDZI#MSWN0B=T]1=M_^L3N(!-')J>WORHY M:;TM5[=V#S))1@F-<^<1,#@/Z(V?CS& 4P(ICQ+GALUH5G9-:=;"4MHZ*F*# M8E%6!,L12]*BJ]IYV-K ;#Z5H89M,,EJ*Y+LFM($!A<)0=$HW9.=3E,.((T) M\K.5!E&)?R68:B?1UI'G/J_KJ^5FD()"H6\@3&!]M.O%;2OK!EK5/9106.,K M@(A TQ_F\*1AK;G+KE+8"AM<28:[E*VGBM):6FVP"RAIIEN*-A=]FO43U4E[.XCEFIV^0:)CWC8,_+A_.5< M'4W\]UKBMI-^(ZU4I-O=FYQA9>Y_"K:?Q#0&X@!DL_-'3"4X3VTE151LKGOW M:3ULSJU3+_@W&]YQK1?544VA-IOSO)6C5Y%E]WY4:5>2JW,5N]9<3N_#]02P,$% @ $#CW M4'I#=HNF/ J"<# !4 !L;V%N+3(P,C P-C,P7VQA8BYX;6SE??MSW3:R MYN];M?\#UG>V)JF2;-E.,G%FYMXZ>F6U*UNZLI+L;&HKQ4/BZ/"&(A4^9&G^ M^D6#;^+)\P!:=Z:5[$6?KW5V]?'[TB- VS M*$[O_O[JI\^'B\\G%Q>O2%$&:10D64K__BK-7OW;O_[7_T+8__[VWPX/R7E, MD^@'5!F^5_)ST%2P2_9>9S0G)QD]P\)+2E[ M4+_X!_+MZ_PR^9/GOQ>LP MLS/W.:ORD':V+J\6G\B[HW='1]^]/R)OC_Z=_/L[L=J/((7?8 7O?T.7O0OS<^7P9(FKPA(,CHJ MR_5A9*M1>N,:[#7-XRPZ2S=#/=7V!)^UG;S=%N,W*(-D(_%#3.>Q/ M=+,OWNNY_]*L5Z&;?>F!YEY@ER+DV9]7_ET3^/&2_6D$D3Z5K+^D40L23&@\ M,'\#[Q@:VYWU+!S93<";9[FT[-SD*BB6W&Y5'-X%P<,;Z#7?T*0LVE\.X9?# MH[>-^_Z7YN??SN.4]1UQD%RP7B2O[FE:+I[BHGT5+^??7QFEWTQ+ 'J+O"U& MD(>&;]%(O DSUI,]E(=)_=5K]56>W5N :#Y99A3]+5EVMNLOS%ZO*,1(+*<% M'\',JN!A2>R^9X/O/F'R,#*DZ>%/GU_]:R=->G'R*RC\W[^]ZSM'^G]DN:3$IG%75#$%C1PQ"3KG226 M *@UW'/D8 M/]'HIX)&-A01A#TP1 %80I"))#9^R.%IZ,$5"&CLC![2D4N1EX-1"_O;=,3" M?OKM-BX3>K6Z2*/X,8ZJ()&,531R+HACA F<40IYIXL)V90I7)9D*])+[VA( MLCE+3M8Q79T]T; JXT=6D%4R9TDG&!]TA+*M=L@ZND#+**.URIF2 /)PI*42],\H.G\"H@33AXLC( MM/@2Y!$L<&LFVQ,9E\21PAO2922 AB0R5%-J2TE0]^IVC[6PX/+](W?C87M4[F3;#.Z59;X P M"R1.R;NCM]\A\T*G=%E:K?O)!%WZ(S70H5,2I;R3R0A-G'DM2V?+>Y]I&F?Y M9S;NRFGT*2NI?$QCD'7F?TQP.V^C$O1.!QMT4T;4XJ21)UP!F1^Y92^X6BWR MG.&F!E>BD'7I3;1PAPY%*NB=1#;HA&DZDX59^D":L,Z,L2D]# :_W;(_%@$? M-Q?[]3T7*:Q,,TJK78X@XLS3*,!U#F;RW#LE-*"F3.BD=NI#BM:)%#1\?9<] MOHEHS#"__0!_.(0_#-P&^^FW2WH7)&=I&9?/$F95"6-M%?)+E#^HVKI)TUM3U4+L6+Q?S7OEF;%,2?#P^ M(8TTN;@@((]L-,%GZ-!AF=9&>AGG:R-3>,+:2"O@G2$Z5/*U$3Y6V*M[6*Q* MFB\>\CBY_<(ZHV>87O<#8:8)MTW*;/3LW=&^=]KU1:]_LR[Y M5:H9H^_K34@:V;:?RK*9;?J:E]#0MBR;N:FQYJ1N:F^1#6[&"X$W-*+W#S#; MKD.FK9=@Y8K^EF1U!5$OT8^3G$9QN;C+*5]LU@PJ M;57=C1+G%:8?]MGIX:#:/+#"P*S6YML*K3ZI#9#.PMY)5]U512G=KK^A#^QK M,0P!!)G]PG<]2LV&Y\:FW)%RN\+V)-W,#A+2;@5>(#&W5L=JC-5)JX\@#/H& M1A**T.?!,U?!JP*<-E2U>^"=*C(TT[KGS[T'+W^,T_B^NE>&*T^>NZIC*:RV MGDY&& "/5P"4,EZYXTE M0'%7E0U[RCDO)/! MR4"(UT M.^8%>62^Y><@CX-E0F_T@>>BF$M?H@(Y]"%3&>]T,0";4J45(S>[BT/?#46. M@X*#UQYNF0JYI(<M!=*:^-KKOOU9?+?>8MM^JHYCUUY>*+M- M^[&N=^)M"-AJR_[[?3/O8WX3:)@U>NSN@(8(JC^5T3_#4?,B(&'7(7_-)OBI M5R?RB3FT+9S(5!V'$Y$7RLZ)C'5Q4&D^8"LG\L%]W,\-?XADVR)4)'C2AXJ,GSL+%9'!ZD)%A@^] MDTB%2!BTU3+(EA46:1E'<<*3YC4$C6EQ]A0F%>/R.:L06."O2GX3Q-6JG MT_SS.LCI\;/<@.[8[3[?Z'3I=?^?;K1PN[_7>6]#[LHH..V! NDU]AN%\S/K M'6AD#A^6RSD;%.A@=MV^3,@[GTS(A%@*+KK[\%Q5SJQJ6= _*MAOA;,7QT$" M=^]\7E-:GJKB)N8HNLNF-:<@?6HM&RT<')H#54BZU>F21H]PQ29QY'XI5C.: M;V1<\6.#!1O/VGH<@YIC!V15B(D_TNK@H)8]4(6WJG>I:ET^P7!SNF!^R,^X M#1FRLBBEG8;YZ"&/ GSDHMXY9H=/X[.X^"X3N>R%3=IM4(6L1R:I-T&E@EA9 M9-OOU1SRFB3N)'ND^6)9E'D0EI/229Z[2A GA=6FAQL]],X!%2(QR.L1$NZW M4GZJN\Y,=T/O8D"1EG"D0E(>N9BKRM>!;#D@DT%!!0TP(42T3A/8R_(3+AYY M<<+<40XWI47TZ7_19V7I!#FWS%# '%-C(H2(&W)D"G(TPH1+$R;NA1ZG6<@3 MKP=FI2I9\7"_N>$2I!3T96$IE43#( J!JF-F0 MJ5,BM99'(EVD)86)DA@J9P*2"+@PN#T/P^_*ZZJLB@#?B^,>O"N57(\*[(HP&1NI-% MQ"4+F*IYTB!3PP&IET[.#03E'0LC#0<"KD]&B,%.#H-,M( @V)I+"$S2LNA(,*_"KG&QK2^!&2 M07ZB*CK(!%U20@UT2 M1"@TUE-"$9+Y9D!8D[R1Q$(6O6].B[$N@**=,T"51 MU$"'1!&ET!!%"4V\1KD6''"%L-X&3G0@\2XG0;%6E+)^Y#17X@#,*#TB^QU- MY0_ "/O9[!&.:KTJUS2O>S%%,482+BM9 FU8UX/':*IJG@O)BJ,JIUW'*$AOX(][H%/ PR0*EP*U6AR2@1'+0 M.LQ6AQ7["Z?< 4GI3K:GMZ?=*5W1/*=1/<>B)UE1%C_FF;!':2'O]IY* ^SQ M]90*830T,R$4+Z.LYF[KT\=%QE5@;)I7'&J\J( M"MJH.J[+.%C";2J0U2&M3\^NLR2B>5'G(SC1MV]"6 M=R[OJ "2.PZX.?)0V^-.,*@M$OKT0-,""_?'*VIM<:>1JT9I?VN; F3UJF8G MBH9W>GRFE#' M:?P81S2-6B\[HTNU4W6ZXCVC,*/%;PL]-'R; 588\K6J;1^(@X-F]^3-,QF< MDB]_9%P?-_NC>I$ #['"H@X-BL[=?L&RXS-MB>0&;*K.W4<;;)I2K(%D-O\Z; M]12.\><@J52ABE))ESS20!T22"*&ACEJ;%/*=)*DJ(^%'9(_O3YZRT9 .7D$ MO;^2;P^.CH[@_ZU(4)7K+(__2:._DC1+*8F+HJ(1#J(-3LGI6":*>;HA6LFO MJ0P:\YV=^^ M_9[][1N2]0<9#P@S\T!Y(H\$R1*#XM9CU:J>2AK!_=/2952Y*!JRZO%I;IM^ M8.*'<4K"6@$'ET;7'NO:-RF]@^N\=!-%)4+E-=-% M?<@Z*/F^(O-[[[[]]N#=V_?<:;U[]Y[]^9O&W^'@U/0FY,%EQ\U=QXIO8Z/H M\VYJ=4%T]U2+6FA\F374*3F[JZIIHTF^"@976D>U\M8[W?N:?UI/CWS/-^WF MF;B6PI3XY"MBA62*B8,WIA!$\U*@0@U3T*AAE56J@XMOEFB-Z[&\/\7+1EDX MOOHA2B:GE*/SR9@[$ 9*8:#7^,5GNL@O\IYPH.(#U+;NQ.M MEH?4ROY6W4P%4B_$J331<',67,UR73W/Z-93,-*RSC2UZ%9UK+Z(J.2/AJH" MJ.DWU4!*.P5,(]V$A3J\M+O@RX8SOD:KX)MN8^ FJM72J&DV@FA+,:1["C-[ M6BM-3SL/<_I8"S4T%+3'JMJR0-FU"ND?C?VJ5L,3Z6QZ5(TX1I)9]J5CTXIH9!VFZ94PG8J7FFE2"-L(X^78.84PE*6 M9;O-';SCC=&Z:#8[>JVDMZW1,53EWF@MAH9&:FRF;5%,&Y\7:9C=TRY-J"'* M42GM-HV>%O(XEYY4% V']/C$K'H@3?J G)1& M+^KL?*X!;'<^5R'GG106X)1Y%N.:&O U=I-E44$(BX/:_@YHFPYFHSR0;7<0 M^PKE^>L;^DC3BK,4XO[!$_T2E^N3BG5T]S0_>PJ3"H9'D(F)_1/=!D_*J(X- M++F-J]FXJ.- F]EF<.U<;UX ^69V7MO#P>?NG"[?*UVDT5ESY-LP+++0\W+. MVE0,Z8EKE9)W=SD7J?H4=IWL!&(GVC/]6Q\0,0R@(#'!/5S/^4_NPZ]6D+KE M,\T?XV9C7C<6L%!V/LBR+I P[#)J>B?:1G"50S.>0F)@H4[ LRQ)41O934"% M@G\W?%\I2%2#M?%S9RR2P>J(,GR(@PL21&)T:2V":'3V(TV9PTN P-%]G,;@ M'.%,2.,N%=[5J.6R)[,LPK ?,ZAX)]0\G%.:-5JU4QGI84U/,^VDYW;J2(9. MLX9,N(;L)ICR@7FF&2TAHUB]5G*I3K8ME?1"*Q&JE%"]&%(J"0 5:Y5\0:JA M4H;E[@^>9J<&J"KG4,)YEJ,Q-"'!4?T834V(=;99'<1KDSQLG-MCL(9?#4=O.8FBHK;S-J.68CX)7R M.*92VGT344(6Z2V(HG'N>GP*1J'CT"=:&L>($QFG%PC*X(WN#AP*X');,FA3 M6C 95+U_>W2X#80UK.ZKQ5V2Q 1ZR!>5+!JW8@ X)=!Q4,0AGX%&<5+!:>VT MHQ1A_2.;HO9I5H9Q64CR/DV+R\MC^6D:69]4&\'5\8P+HB79$-V488?\(4ZV MG-::<.[ M7S(5S^BO5 ;0,M(&]92GOU"X/)%UG,$CFT[>49)6]TO6<<(M,:,49?@ZSQ;Z MHD;^B0._6@FAV[I.=:8-EZ3>J'A#4L\RX)34#- R*ZAN^K )>,Q]MZ(\32]A M>P!DMA4$A#45T8*R*A,OA+0&^+B'#EU0^>WP7OI)P:=";A--R0".DTP-)=!T MWU)88M+B+J:?BVT=T+]C5ES&*>4KS*9"#@2]L$, *F5()X6/)5-H&J: *.&R M6KKL];-OF/WMG=,/_T#S.(O8E\M+G5_7X!16I.A=G,*HG"R#!+(K(6FOE@,, MST,(JT&"WV& +64L.WN!+[A. 8H97A#[>/(5N..;< MBJ,9H)@QSB 8+N^WB/ZC*NK[:&XS1:YT7N(E*PUK6/>PMXT;&F9W*;>B2T^^_]>Z39?OYB..\^[O]YUH&I^C@@H;]UE*#DD8%&M8 M)>YL[NLRZ/[2NGCJX64"[BY^E@'KKWL>/O7.&"4DW3U_,9I%*-:WU.E^3JN< MC99KMG**\F=7#SP2[NR)YF%<*,-.V QUI#"(AL45 +)FNL8*>R&;H%EVW&R'B"$MTNZ.GJ1(YK MLYA$C$NG[SVL@YVEVE4(#4J!Z'R5S&;5%-_ZHX]%:].75X+4?WA<$_!N3^-J M=<(F&^=)]L44IJ17\;+UI $OW822R*-QHA8@U1M3K \#)<*U=IBD;&>' 0#= M=9[!!"@Z?OZ)=T<0$7)]97L^@IN(DAQ\<*-BSHI)N?:04-B3>&+J3_ M!#:O.)N'!UJ9.PTZ$TBBY48K1;#,DX9Q0D=CHMML-_S?SZN\K5GN^&,IUREW M]!XTK6R/A1-O)NU>1,VZUK6)0T*>@/1 MBMFJ*B@DY8.$5NWU<]/K +NM M4UZJ?D5"T9*LM5WZMYE%&CHU2U7O7-P,KW@[$:V:V@^1MQYC8YW\;#?I>1%S>35NY5R^8HJP MJRJ;ZJ"F;A<+N.T\7FL( 94M"FI!:8T5-*/?C:&;YO%]Y">Z<3 I;-0L;":-AG@FAT-DW\LWL"O+_009GKG( <>](R-4, M:B G:I-EPC#\&4GZ&'=*H,H&F ,QK"-)$>)+2/W1HC_/\AOZT(QIKU8\#F!\ M/%I1;)VB#T*9"R+CEUH+*]V,B%]("$7H,^?TXR& L]7R,QZU0O1B64([,YB5S&(S0Z2.M2@!5-@HW2+ U;"]E%V1,8MKDZ^BQL[7L(@+/N,_@2/HOLEI7#QD19#\F&?5 ]. M>[;J"YEIU-_'O(_*F@WAQ3B!#3_NSES S/=CO&S 0_EE*]P'9-G=9L#&M35X M3YG<_K^B),+\]Y/K'+9'_M0LS22+&SV-V(;!E?;FW4]\][%1YA.7;:QZ;T! M[+@@V@'<8-A&#DGSIIT.YA3N]JPH@V42%^LZ&;.8X6WL ;29_3:WY!7LC]/C0'DV1%8K]I_K^=)?I39B*89JPYR5CKS4L:W6:3LT<7 M*7N6UL>,?HG+]7F6+UD?!Z?B%GWMHS3"[&5@ M^X",K/-.;&@?^KKN#:1_!;I+*;;Z8/V0]I8^E<<,YN_[J!?I:UY,X]-\I)VU M0\D[_G,T277!A*7+-260!39(D62';C)M0>QHG9:?9'G>G%HW770Q MRX33W/L;%&Z4BW^&/AHF;P!:D7X-9CIMAE?H.K@5,C"#KI_X1+_TV*_S+&5_ M#)MN,XV:LG29Z;A,S-KR0T(+4]^P&]-NHSQW]S'&\9_;VT736G98&#&50@CK M";MM9PM%-D7H5OY,:MXI\\\G&):HE:17.+) M0S1N"J9.62GMSPUINTZ%J'&;,NBR.6!=G\G>D_?Y3-,XRS_3D &*> XC MK=O1BCOS-Q:@.T>CD?7."TN PMX@UR"-"N$Z.-Q+??36,+:9"KET)G* 0Q\R MEO!.$2TL8:>-"Z&;-HH7= -E[;NA&?INKUZ>62S]U>H*930,G(M8O*&YU_\S MJ2UXBML_"W(X/P"'D_CM45I_H)!U' ]O<46 $:G@+AH%PC0(5T'G.J9E,KD* MC;S3;L8$6\%*9&AW;^NOCW'T M*4YI2:GJ4)Q.T.$JJP;H8&%5(N6=,T9HXO(IDSU\^\%%I1L6VN62?JI=MZ N M$\,R1S%#W!+8: :G&WIV7UH,?'8^6RWCV')4#Q_$0K M3FIY=(.K:8&,JV!J>9^DTJ]RJ831TLHX/)GPRLVF\"T$;\_9#YXJ^-H*E@-7 M[0*/I;USQ!JB0))P3:,J&>S>D9NX^!V)WVG 7:U^H7 0AT8+UG'##2;5_9+F M<"<4+-!H*;>E+:?^:IOBCGS9)H:\)&3>)2[+^AX7]K6 :O6I M-D37OHU;07Z66DZ#>X6@V"&A9/L71:(A7$5P-ZF+*[ MJ /F1(,R?J2CT XXX#G\.[^IB)1K-B@<*_T*+]!N4>RA]HJ\_.T&L$UK:_0 M3^W(88D1I^R3%B4_'/B17_74AMF8/K'# 4^K(6:O#K#IS65]J2U:-D0/&WC;5&K-#HM[0 MR^#QHKQN+U38\-N-+&#BL:1HE7QMD\ MZHZFX?,YG6YWZ 2=A:YH@78A*U(I[\PQ0I,L%S2R0). 2Y,5W;I;5I EHQ^ MK"#+9$EIM.!;>+(BR.6<44 'LV. 3 @' 33(I&E.[CK99E<5;V=V]O00US?Q MG#+'-E*(JITYJH>6?=RU3.>^.W &?J M/L):&@=SU/%"]36W\2/=(OA+:@-'_)>F>'8A8!(#:-BY"6KIR#ONC(QGY!C) M^S$HJYP-ZF H9_5=Q@K^:"D#KN;@4!HIX2003>RZ;U1V,J+>![O8E(%*UP/, MXOZ8)8)6\ZJ71,:X?#8@HTR%3\/VN)C8TY>'S[ N-$B4 RIK+:<+C79% M&"T[ZE5P,,@:I\G-A)WJ ;I@^7$AS;O$&GE_O9AA!U@I[)UGM@A-#$.WC3LN MT V-Z#U'Q[QL.'>^J-'V1SECD=0$5*HBI:,)KX& W;;X0E+830VB M:0:[*(4T>2QK$:T<:Q'O)B(1@>D0'0$7?YU^N]1C[M5&YS6 MVO[;@;)(9L8+JLBYK<*[+8L/2'!WE],["-6!71$<#%ZD91S%206KG3P'/;_9 M^NPI3*J(1N>,&I"UKVHO=!/2$NL6>W9DV^DM:+O\'*--P%T81M-R=ED:82^1 MV3YLC1-:J\)HJ?;\79M"U T,;KS*DCADG\+Z&D!1P<^E?RK@\BO^IM)XB&F" MJ+F^K]6P3"ZWQVK19O6YZM,.' =%',IJ:I8!QS$(NNK;#/>T3OE3\J5-9A0T MR8Q&CF.8O0&'$Y&6_13\((V$#["(_J,JRGMU!,/&UERZGRV+;&2\V11NYEOC M%^^2#^OCD4'2\GV5Y20HBNJ>M0CZ!$GP"AYP\26 @ZSZ&!WWKDY5\AG.3F4" MO[LS(A=6FVJ%';F\?4XNNPSBPUS@TKFD5!)?N)P!I^[2@'"@ .&R[,^8E@(O MF+.@T2D;V[/!%#]74A/RAK+!41P"04%LP1Q(Q%/4Z&;9&QASONBQ<8&%-9#9 MEM!XI*W@R[/_J\D.W4_>V42XLB=^B)_AM.N.6H#)%H(&8%=<"_[K#6&GOQ7Z M;=F_DX/4BB"+\R#.>2&N5H-BU(OW@]#MNK2R.("9!IR%7FQ4L"X*8Y:V=Y)N M#'G*3+!1TVW,P7:<& RC^>LCI3B<\DG"9C!7JU_J*@I:4_ M:R;Z/&BA>]@56;4QN:$M[^W MKA&]IL,X>:\)7H%T_O5(1ZH@H/=;1D6:507 M8K L8G&DP5[=Z?+GS$*-%KTL==$P=29@-3D?8C:LQG, HAN0]8NR?9-3? N# MCDL.6L$?$D^K@(9M-BCUP^)F79S$;#88I%C\H-3?2];';;J)D9KWOMNPR&_2 M0<,\2Z!3\O4WK;0;,KO^D,"$34NPQ41(ULGW,"P[?TY9!U:L-GKN]U'<":WP];_/0.Q54B(2 E"Y( ML#^#U3)B3VY@$?Y1Q44,RSU=OH>/%/R1C,XZ:6%U6BB+\P2.H+P>J51PU9M/+NZ&(!NR>, M1A@99F'.T@_3:[8KU> /%XEY!?EH^>LE55T$51 MT!(N1XF#)4]+):FW#:Q@J]#-BR#6=&L+EBZSUAI)P!S)P=YAMCID%B$NB-99 M[9/6J-:![(T'JY+FBX<\3FZ_,-S/MU\R^&>=504#]PF2:]#TN"JO\SC+;S.E M9/V;JGGOX27(6+2_$@HD@U<1;H&\>W= WAV]_4"8:<)M _&&S]X=^74SVN]2 M_V;]6:Y2NA'!-GW-2Z+8EF4TDXP124VRMWY)QKY;1"-8YJ0%OTVN3G^U8,-Z M'I*I8HV='C(:S (M9HWCVKSC:?7;*Y8["S@K,XV:#<7GC>M5:>*%5+$)_YS: MAM]::VBK_H8^9LDCY$+DH"&/BG6=*W6Q5[8)N%4M=T;:^@8S5K6[S52U1J+U MOI*R*^3=354M8$^)]G)ZBDVZAXUZA.V)=6A1 JFUN#F>9W9*Q.NEBM/7L(..\!>4*O&=_4KD$FY6E4K@^O@ZBL&O)96&CJI'V6P79 M_3T$L 4)O[_V-"[")(/K(F_I4WG,FOGO8GT859!5CBW>:4W=KBEAAGD$5:?$ MCX:&GC4,* K"A$\5'VIS[7(\GI'U5<'T4N^)PP MXU?E#G&F-*1%$>3/8#T@*XC"ZGMU)O K_R#$DGW;A,-8KNV,ZLZHXRY,9N[2 MU,M:B-IPV0GO"M/F]U.AJA<-0KM[JKQL->XG9R^ZBK'"NUGN7D_5MJ(Y:]%7 M>7P7I[SHYY06DKJ2RF&K(!W(::W0ABWM=/A@'-Q=0T+\B7=1RNR3IXY!HJ4(LEBK M1054TU8&*OM>,SRMZ$4Z7@.]7< ILUI-TJFRJ2LEWQZQH1[AZGMG&7\Q%,]B+40C[(Y1 M)L ]CU22R-AC@"EPII-'LLQQ5I3!,HF+=7T(4PQD'@<8)B&XX9M)TXC9T6?1B;OS'F;0/1W5LL@89P0J MD*K- ,%5"-R;PJU_^@ M@6;*(XBXRTXG!]<3;/P<&86DX(2D&2!%0&S?G4,;W*>IZ(F$NWJ60NNK>?08 M62W+L F5W,95.JIB?'V/%@SJXY3_WHWEH^:-HQB">J^_@%6D+(SY22Z^TP^:;5JT]I:[ M85RAERB BQ0V\JIM2CZX5 [; MA]>!%"N@EFZC8'*:!,U<5XRM[8)HXS2J8*;,'L%*;'#'^M$J8?4(\52LK2:D M/B=)OAH8 D!7RE@E/HWH;&XKW]0$I\R"B9-6F 3JHLWEPE]#] MZ*==-HX";O%B/NB6YBJ^* 21$4:/4N:;0TCJEE7E*LF^"+YTZ$<+L'@(X=2D M@%!5)I-FZ>$R2'\''IE#]/>UR/(_J^3Y+&%\&VZ/G_&[AG31"U9JSD9N,PK1 M<=)"!Q<][0%/F0J:Y.U;GL+E^WT/[^%E X#G[$/8'HV$V["0(P+. MM(&/D)L50$I01LYO?)WZ'!:E&A6ER["NV^&Z%I):%DI+3H(N7E'; I62$ MW:W6!FF- #M[2@XW3??5.W\,1BTL7FWB2CP8^IL"[CXNBG\*6N9 M'?"@W_KRH(-RR)N==KM_CK8/;EH6249*@RI:-MKAUM%P'O?V5HO+\+SBF=8O MXI,L?U#5F%0,6>WH, HUL0Q)(TTN+@C([]T'Q/_,@W5\2U?!.BN/V=SVLHPT MC5XG[JZ5FT'W)%'+(F.*$:A EUJ#-"H$= A3\MMVL[R\@]N3LQ*N* UI_ CG MQ4]I$>;QP_1^84L59#5EBU>HL$81CO/1@N2=Z@&)>N6]#4SS15$$JQO=/IXH MXZY1*^#U-)D((".%')U @?PUX8(0DK=WYYZSERS2Z"PM^5U[NGJ72SJL?1W4 M 0=D8MB8H,$HXP,P ?8'6@6__CO7M4"TC<^FW3EH<9^R1VZ?5?\I\^[PQ_$1 MMD]Q2O7+]+--.&NC&Q:NH\],?5P4VPR\<*]48X6W]]9.G:;=9Z,?'W(IKH.X MN7 ;(DG?"A6I%\=5;U98A3.DX^,Y3;*&P0;?,U/>USBM/\#*C\!>Y<=TE>5T MS#;S=M]&9ISYDBT*V=-PO@UDW-RX .9#SUE.:FM.=A"M2O(9-D)W0%K!#B[6 M*HHYC[83(R^0M_(2S"3N7_QVB^-R;N.<7JQ3VHDS\N""QKB;31IKQZ/5]N5N M+(ID1[^1Z@MBGPRW@7P7:;VWX95\S9[,INR;J".AG[10EOP;Z;XD LJ 6S'P M&[P=F6'6/D/W!=6DU6Q=VI%YGJGK"C5SY/ER1YR[&6GB'E\V5S)L5)5#U9=4 MD1+<5M[U.Z?]^U4WX^E6 B$Q&5R0W+=/5GVU6MS1 M-'QFGT>H6JD4K@K6091D7FEDH0(#+@T9G?W40,YH$3\$29W:_6IU%H1KB$01 M:T$EB:PF##"%VFCE!ZFV*5/A035>JN2&G]8-$JF;&S[$]>$ER"1)SKE(G;\\ M;\.4Z[_R/3'F^6HW5JA\'<+W*^""@ M>NAE4' VIK("/J"31AH;O\Q01<(U.H0K$= B7,WK6.8S3>,L_UR? N5A?XKJ M40GBJAD#RFFEU.*DD>?I9[!5A_KB*8TL]DHQ73HEKY?]7\S$UUMLW:Q&V)F+ M-0(>L$4AB8TK>I@B4YC\9BYU&YY &L+CZODX"'^_SK.[/+C7\$0M[(XG)L ] M3U22R'AB@"GP!.0)4R"@01J5_?.$)JM;-N^-LB^:M3*IF$-N*$$.6"'(8..# M"J#(!"9)6M'],\"R,_'3:=&RA* M8G'?@;VN.\+,+$Y/(DM%9,2:AWI*MN^.#KDRZ;1)K3[SZH1M^%X(@%-OQ/9#MG9 MXR:5IM'"6G-FR+NOOITXA-OLNEHF<7BU6M%CA2[@E5\!**RU: M#:/*C-2*I-5TQZ@R^\SJ;K E/#M2=,9!/=2.87(Q7/S18A3373)APJ5)+;Y_ M4K"!>C>_/,[CB!JF]"8-AR2Q@3X@BTX<&VDLL(KD84K#-6.NYV89@+G">232 MRKNCD 7LGD :863T,2,5R/,E0T"=&:SQ3QA;KKP(FLQFB"MN2(X ?"ZS\/VHHQ+$11<#RBE%&G&> M"L;5E6[-.X^K@O&Y*$YR&L4EY)G,CNHR5ZX*RSB^>:$BAL]Q54Y,FC3"NAD^!$@3]<+UASHLR^?9.DCS5FK MOLWX6E+_Y")ESU+*KVK[)2[7YUF^I$$.@01=7)&Z<>WL#;CJ>5_%4S;6/MDU MG&:MWP1[EO7IL<'3^KAK\[KZN.NJ?R'\T0OQ3C+&_7:]27WJ1"Z&BP): MC--ZY,+DD$#Z$\L3)OL=K@P68PK6DUB-7K0ZN"K''K!B;#-:>X*>$L5@YR0H MUFWW<4US?MY ;#P2(5RUHT$H-!RX;C)J9.%B2%* M)/DL=:I)\Q9J7=C%WFB MDCF9L#8TBHO'.RS1-HE*O*74JHK#NR!X^&U1%'0\!AP_^>W=;\DR<59O(Z1- M?2D 33][_9C\>DI70964Y!*T?7W6RSA8Q@F_TT#V;0>/$7U@&:KI5Q[(>/JT MMW"K?)4_\V[^9[@W7O:%12E$'UH#3@@6:$3K4OCR'L,Z2B.8%'%0I MGV5?7I3Z[1LT7UX#3@@P'8C^F=3"9%&6>;RL2CY?@PAJ-J!)2_].!L)FK6K' MI(.HE5A#U?BH^G89+NZIDFX@FKFBY^S'DRPM\R L827AI"K*[)[F9T]A4L&U M=]!]L7^BV^!)5F\;F$%4E=N@%Q.E<%L$/C-IK=6K):V] ])9)*U)PFQZHD!W MIP9?VX5\=T\/-"WD0P.E,*+J-&-47RO"5>IFV2CYKI4+GFSN,BOT]=&+8:P) M"3IU'=3"Y"L0_]K3Y^\!MUXA3BL&KD&9I44]9:KE6..EQ=D3:^M9SIIUD#]? ME/2^^,3> QX@2Q+^#>H55UDU[O%UB.C@HI3B.O> 3+U7KE],^C>393T%;N3Y MRP_(^&6D?9NO$2XL4!5755F4 ;^,5CK G0K]]AX- =38I E/6 4,9-%,Z!8A M&['E-(*^XB,MUUDDJP<;/41MJ\M$S+""JV@V!2SPI5R=?M8:^ACW!QE;G&\G-X/9<9@]-?5^5 M:YIWHPSURJ*=)NKZU0*VK%=N@_2CLMH*FMIDM(,DL\5U\ Q4@YB5FHB&MJ?=@81D_*INTO3:B9KP! M:.'.6EH2OHO=&B'+9_(5V&$M^.NAZ^YL>:I?YD1X9-!MU@P)/V9Y>1?<49X: MM1\PR&K75A=1WZ9([ M4WA<\M6JBQK6M=.!&*(:TZ%3MKQL13IISQ__/,MOZ /[(FLV,+M:\2F7>G/4 MK(6P:BS *FMJE>6D5X:*JR>E7G=,>\Z=LY%S&K;[3/K6,Y9%6$]*B+IVU*G4 M^V:XNJH.W$9=E40;4:UM 'IF5]57K?>N"E#"_Z'9/P8)D.^&=:-Y')8T@@=L MY#7^82!Y3?,XB\1Y=+,!?_;$?$MZ1V^"DIZM5C24CE;=(D#$,T\%E\5J']1L M'=@_(/VKZXLB)(?LRS MZH%IL+^']28HC?HMT)TS?^;[$2RZ>2WVWEC?,[M%1#@DKCD$-=@/?WEGN/RS MQP:=]/R6(.YK) 5+2XRHDW.&C"Q%<5+EN6(QQT(-49\V!^VTMOI1T7"7LPD= M621)]H6?A82)2YL[@EEEC;BV*ZG6X4^7[$_LY_8G]J\EZYK8+_\/4$L#!!0 M ( ! X]U"2.^"6(B$ #L$ @ 5 ;&]A;BTR,#(P,#8S,%]P&UL M[5U9DQLWDG[?B/T/M9I8A_>!ZD.6;,GV3K O1<>VFCULVMK9%T=U%4AB5"S0 MJ*H^_.L70/&H V<=!"C1,2.UV,AD9GZ)*Y%(_/+WYT7D/0*<0!3_^NKD]?$K M#\0!"F$\^_75;_>#X?WY]?4K+TG]./0C%(-?7\7HU=__^]__S2/__?(?@X%W M!4$4?O N4#"XCJ?H9^_67X /WD<0 ^RG"/_L_>Y'&?T$7<$(8.\<+9812 'Y M1?[%'[RWK]\$WF"@P?9W$(<(_S:^WK"=I^GRP]'1T]/3ZQ@]^D\(?TE>!TB/ MW3W*< VO&Y&PUOO]/CT^/C=FV/OY/@?WC].O8NKV]?/4Z+'A9^2-O37_WEZ M/T>'+R[L/;]Q]^^.G_-+\P]=,LV7SA\?-/Q\<_'I/_/ 3X!%TXN3#C?Q%DVW[KPX[F?$ND> M, QG(/"7,/4CXBZ+(]KTB,"5+4"<#N/P,DYA^D*QPPLF.E&'\9YC,/WU583\ M>+!V%2K WW1HTY8@ MA8$?&8G(I>Q#7MHQ 84O&4U'2SIT$=B4YI13]2WG^=R/9R"YCN]3%'R9HR@D M ^KEGQGQ/1/!-=CTKHF?S*\B]&1D\!I1'U+2VP?2EOJ4?=B5_H-@S.RU GIZ +B1&L9HB#KIS\_PG!P\E[=DK%:]I" /S,RA%T^DC^4UN(WW\&H-_$?(K7[28EVWUOTA#;AL0-+7X#4AU%R MZV.Z/GL$AC87D>] \@'=VX59M)EGQC#YLI+'4 L=5GW/J*9 Z-#N9L8UE5R? MPVYF9&/YM3GL?@PRU:49M]WK5>BAGP&4 MXW'^WXDW\-94Q1_]./1R%EZ1QTJ/M281"DK"1S28B'#9AE3VA C/0H8)"%[/ MT.-1".#1Z?')>_K#@/XP.#Y9!0S_1C[Z@ZQ( 1X^)"GV@\WB+_(?0,2^Y0_2 MIM+D:&>RY789@QFDWQVG-(#,%Y'?LBIIT1^&./ 0)J,[06C-T\=!R0OJ\==5 MBZ,E"\H-@CF,-@XTQ6@ALMG*/D@A<-&,Y*MV;^MSHA7VHVO2,9[_![S(C%UK MJFGM$WOF%FAGQ=[K 6!"^/+-7&ZA:=U3&];EZ6+5J&2NAXB,S"$]L));M])4 MT\QO;)J9JYT5>P^)."$5Z2KR9WP[5YIHVO<'&_;E:F/%KN<9IKIR#(=;4( LM7.2>]187 M$&CO=^R97JJJ36>?@RC2L'RYG:[!+>XP>8K97,CDL4L:RLX#F*,L99F,Q">D MRQDIG2X.5O:B^HI;W:'FR]Y\)W=%/A,,^9+FNBA8W:H*U73 ^'3/H6WZ0F-= MPUO9PRI4Y)C]EZ.:%C?D@QT%TOG9F*7(^:DW\#9);^3G MBD%35UI[TM1/'A@J63*8^?[RB!Y)'($H3=:?L$.*@E^M/OYC(^%H>@5C(A,D M?H\2R+Q"'%Y?D>M1-^XI[=4;)@FQKUJ1:CM;(7@CNY9[D4"3[L:M]FBP\W2: MQ@@?:2K)+9 @PFMK+50OMRU2"NX2"&S3#I)T*Z(8!%Y;:Q%]$Q#$2KH! LV M%IL]_ZVUF+Z)H8N*N&':43HG2PTFN]C"I4;6@OLFAN:HY8B]\]L3\>P&^ D8 MTV24T?2W!#!9)0C(R:P= 1AAHJ.Z&RA=@"G &(3Y<@*FB_Y3 UDQO]KBBU$8ZFD'5_AM'4[F+8'$6H M?D^+!TVQE;W3#0VK5NTONH9FV_"K]/<+\""+_10;V3OC,#8[1[FV5N=<@!@- M;S=KKA&&,S*D4EM< <";ZFES86M[YQ;ZMI4JX))KKV[-)G?^"XT*D'&3?((S MLB[9*KG*8R"_NT5Q($S@6"]Y&G.T=Q1BW&G:FLT-\,O[M;7HO*-<[@:O0&#O M,,48.H72CB!#HQL%G121FU)+72QZBQ488"%0TPT0+N C#$$D&A9QHZLU"09U$/XY<368L"]1G[OU.,$$9L7DNO+:ZL/06=3"&1:RQ^0+P?;X MC,&,YN'97P*.:7V &(3K<@_#(,@6642%NP!3&,@BWSJTNFCW%J@P1EO?(F[T M1W%--)T5H#Y"O84O.ECK?2T;,M4BN/E!KS[..XE\M#PNE-FF4Q]P*,N;7]"V ME/+]1C_EV_N^Q.^_#BG@N\Q\DF8>"PGV-RE<80,W)M+R-I5TCQ%F*H=LR;>N M@Z6[6Q?3V\XB;X&CF8EY!J9!:CN^8>8&VK;H:=1\D=Y(^H&X0+&K/H^+;NZTDH\8BD);8<7C('25ZOGL/);VIE:LE@;#8R'8U $/H MZOJY,51N76F]-X%Q1EQL&^TY U.$0=Z.;$M J2GGF M)S#01V?5W'KQ!*6QY=B4M'83F L89:DLW4!(8+V:0DMP*IJ["0_S(+8$OX!) M$*$DPSKA9T,VUFLMM!L"M8SD!KZ"-WAK"12*\=*0C?7B#ADD(ADSLEXBHD>O49FO8[]Q)ZWF?.[',Y!38KWAZ,O2+W[_PE2G[V\B]Q) .GD%#5K$"'%KG5RZ8K"2?RPOW5=JI.7^L> MO?1\(WAJET[+&A6C9BX 0OHV8*$O#5 *;1T#IN16(@0*XA>+G;B 0NY*]"4S M%+,B0L]0!Q ^V3YBP]>DD$5FZ64 M2(!3^V$M@\!5\]!4_V.?$L;. TQ.H5@ON#8,B+,276CFWB>0SI'D:$F/VIFA M5(6UB3'VOQX=YU[A6EU-Q*M$MC/!FP'-5]V-V7(8_BM+\B+)$R18'#/Y'_R$ M>NF"YNHP>X\!T2>!*5A='=JZ'A".U2OV4#2UX"X2+#9-60(\_@9K\;+5E^Y>4SP %, M9"-N U:V4\O-ULA-S.0TROF$T@W,4EZV\]#;XJQA*#> [C?/M,?R\9KXJ%), M;?>QQO&"/TX=2+QN$3*@\G>RW;R,'=AQM D9F"#I0/"')WY/0#J4FN(G\ZL( M/0D*OKPS2$0AG#S&RKUTDXV61EDF'"J[$QH5Z XCNH0.SUY^(W/N=;RYY3<, M4K*XUGLPMPDO=^KK"M&L3Y$-+>;&/-KS$J8GH%I8?6]6.*7P HT-Q &,0$G@ M">JLM_;S;;9/93KSDS[!<,3=2L5%5L7H5A?U)6XCI;)]FM,K:LC $+T&\K9: M3E#YJ=_&6,FO(R_91SBZ ;F$>E_KY!2#@!)!!(^[7 MY5:V#W!VV(]YYG$#N/5-B?)1@F*KS&EO^WQEAV#*3>8&K$1K>NH(+D#^=T'/ MU1F25A51;1ZVSW!V"+^Y:5UUB6$0X(P:(:^B0Z_'!W&+[7JI)H/%U_$@66MV<%4EY62_OU-UID8;-^JJ^G209 M?0^2EMM .)T +'\;0MC<>D6G%J9%.@JZM$$D2@8 A*ORC%$$@CSLS$3=[G'$ M_4V;@?5:4.UA-579*:#]EW5^<9Z'_HDXY8R6.T$IT$-:FX/U6E'=06UHM?U? MK]4T)D8D*X_TY2[R8WH80=/&EK2)@:=(>%BO.]6?KR@MM__>HF^\+E9L#M2; MZLQ;S"WWE:[R-P?<':SRI;QT?:?_9/;6JWP-FSFRZB@LE6Y@#&@*)W%;67EK M"8EV#M".>[\.'.(E)-K]!/XA-3Z'I ;S&V M'@8"96[>ON)>F)T,+QEJD.IZPJ[C>^UF\?VX8ZBI=Q<+;WV@=QWQ,P?:W'+[ MOEFCZM+_TRGMT8_H>#V?A"V>@;V\CE@58#' M9+2[G$Z!;*.W:SET?;;_FA'ZFT0[6'W3'KZQSP5,EBCQHX\894M"0:N.YZ]< M@;#^/'W'_FTLA:YW]U]V8T?>W1"GKZ/RUK?GX097N$_[KTWBIH]_91?^L^4R M8M;VH[6UK^,IPHL<$_I5.4[@@/9CP5OL?WH#;RMP<@_)G/@K2GLS8@C///C55&+;54NZF]Q M>%>PU.90S8^V];K4TV)'["TN&5IIL 5\0CSKC(CYI2=;<;_)?2SV 82AR;[M41C M5.F&N^61I(E'U(Z*N[.R6,IC;X4?DJ4VDP>%\=#+947DYFLV310VJR MW1:U[W(C43&JWEQ.*74(+7]%95$HXVDGN00P1O@6DVE5R0F]%Z>6D MKGB;&S-(W;:JJ4-*L1?=0*F%J_U _&A?J1^ 1K<_^D*_I9472=?59;QK87HIWX2G7?UHVUG1LKSNG5F,') M>_[@\+8>$UPU[S201GC>PABD ,@R/_-P$[=MMW&]PE>H8WG\QK:Z@,1&O-B= M3-..*U9:GA*SAP3\F1'FEX\@%H3[WM6FP@V5EY/93)@N*:#SQ)20PFK>=UDH MG6V;F,3V8U$*3&I9W0K='9P<2L']"S+:ODKU=,C[_N9&=]0:C"N2%_S*!:NK1M%:0S$[&L%$]]7S!XRBZ.4B ]?Q MY E-YBA+_#BD/1L^TZ,!X2C%[G<;,+#^2##?;TK7U8WMT52Q8I:8-.E8/U)WM;@L.WB ULUN>=S;&I0&NNK;3,W9GG]]=56\DV1(P5O]^EHN5,^PS/Z+%%^[G *1T!)(.JIJTMM^@ M[M/Y2[<@3$SIQFA, ]O;[3M]&D]^JE!M:SM?0QC3YES2XNOI!@Z;EPG/$,;H MB1[GR8973F/MYYAM0R%1U0TLRKZRJ69#U&,ZAG< TYH*_DQRC&7"PW;DKV$G MTC&,&X"R"VED!*_4'OJ(49*<9Q@#V1-Z6L3:E2YM0VA@BHZS12W@?H/B&1UH MJ-^* 2ZWLAW0TD:2IYP;W6T,EIN'6?0@$%/8#F%IPZ%2VO7$F<$V+2@OA3"& MR9=5$@PWB>:T5DJAED0S\-9,MQ46/,IWDUYS2*HY)-43R%B]H_0)/H.0/H&G"5*MO>W Q>XP$IC*C2TS"\MLPS'2 MUSQX;? F:N]$EM$8N@0:. M7.,HY%31/%04^]M/V%[/SVOWJZY)&3-R T&I-U;S1$U5[&> &R[8/F?UKBVK M?,8Z_.;Y)>F ITUM.QC4T#.+XZ&AI7H*_M2E&(-'%#W2IS*8.'2/;8B9A(/U M5/@^<%-:;&?8K3R(!K^"#-,E4+MN)V&DO039*RAU#=C+:B7!:6%N)/^JSHOD MHS_&5$7!JH3\OO!K-^8P^2JD+'$OEQOTK2KL(VLI'5D=E(W&-VA'LWQSBWZ" M,5QD"YE-*TVLS>E5F]4LRM7%C0W+[SZ&M&.-E5?,ZRWW88 0"E_(G'3$_*I0 M"J^M&Q"(G$@"@E-E,^A%F['L=M&J8;6=[710L?=4+,]7T-XB9$)/FT;3ZSB$ MCS#,_$B\(!$T=?K,,:LQ3I>Z<[B[^)Q>K[*(ZV;JR.;CAQZD_^,UW, M;:Z+G?M+\IOMAT'&)!9\@+D?U\A? 7MI=O1=#@#0LPL2:MKG)@-035BV_6X6@T] M E/TU"L^(9S.:,'XQ M]2X%U%^>YKS ?K@:T+4*AZL!AZL!AZL!U3I8\K-J7ML]0H$GOAL7 _%#:W'7)6^4RI9J5":3>V+XH8>CT( B9(G[^D/ _I# MH?.0C_ZX 3,_RL_F!0,8:55KY(;3RX([R4I\((&EL[2*H9B1.QE2KHQC+G&WT;P7)*\.%MA,/; M"(+[6M,4X.$2PVCR1*1XH:^L;!]:N87L<:*S++W#9 \U0<*6^6?R&UV]?)7U MX^<=O;S0)U!]W064BIQ_IBWQ2%&7H*\OLWYH[H1_M07+C<5'.6HT!B%8L(/L M/)'))/S+IW5CBFH0#N:KT\N-@HY!,PL5BZC= $[?/8W ['H[B ME*@J':,%;6WGPYAX6''(E*KNXHA73-^\G$Y!0(_2V[WUPF6S+]<-&EG'16 _ M^2FK#$!3XW11+-/8#H,VQ(RGN(L 7?D!$.;64C2WOWT?(4"O1JZC.\YBB(B+?8CZ1RR3K]6$>Y'CKZ^ M"5P>& 8-5F82!M;C&,V04YK$O538% 5?YB@B MYDPN_\SHXD0K%?9-+16VP.@[?XF2G[VBK3UD8Q!Q+$,3>+<'N32QS%]=9YLEY@KTC.*Q0+%N5_J[4=^J.Y' MUDP]PM5CG-CK/8QQ_F_7;NI5S:"Q1Q%2N+!FWL_=B@*$P[[%E37USO_!5USM[X3-0Y*+V^:5[Y!>] MVL&-JXA\"75R7M64;B"]@QZDY3;]9[;^#I(4A)_9;9I4?L^1W]3V7D37&8NG M4S*E>SH3S+^2K9A'+%!/KS$9F%U!:?M MCD*6B9Q8PO8:>[2T']\$(5?QC^*TM2.G(:0JW#T/HJ MK1/4]4WG,/ZCJ4@-XRXN9F0[AMQ5+U>9RKEYGTDZJ-U$T@LFOZLEM[#I>^ Q M?EZ1H6,QY*W4;.FR$9.]1D!-D:0)4^:A%6.A>QJ.[ ?00M78L M.NE8MLWA-2);&3F'UXC<>HVH.9+G4%2 FN!Q/;O M&:E4+%>Z#/S& ;K TOF[A\Q2J1;Q6;\;,=JS?(_&QO,D4[,U^%W/\I =YBK MV-D.U[:%7,]6YYX<&77%+!C&W(PW:ZA=XE[$:&<:-; MGD=^DHRFJ^E_A,?T=&!S]+?)%CCWHPB$9R_K9<*JH:2#MF9L?8FFVU4[,J'# M_D V^CB ].(!V>9O?KG10'(7HR&[O;G7W\I<;B"^%H_L#'+Y"J=_>H5\]#GL MS:U_4Z.X >5F'MJ>TV_=3XR?@LQV/31MT+34=P,I[KBAE:&@IMR;5P)UC>!> M[D'VD( _,\+\\A'0,8AV^K57Q)?2@F)-@G/$0ZN''#BR.>\K1+3.((+G(_4P/4YTE_6X14 M#VP)FEN/.ZK\3([*3FYNG?O)_((F))"%V?HVAR"*R&_J_/F.6'27]B9KZ635 MY[=-]N80I::6T;9B]1OZ!TW$))_\/U!+ 0(4 Q0 ( ! X]U!2)'P/ZT8 M '/) @ 1 " 0 !L;V%N+3(P,C P-C,P+GAM;%!+ 0(4 M Q0 ( ! X]U".43*^W@T #&' 1 " 1I' !L;V%N M+3(P,C P-C,P+GAS9%!+ 0(4 Q0 ( ! X]U!QZP,J' P *F+ 5 M " 2=5 !L;V%N+3(P,C P-C,P7V-A;"YX;6Q02P$"% ,4 M" 0./=0*WCXDST4 #:-0$ %0 @ %V80 ;&]A;BTR,#(P M,#8S,%]D968N>&UL4$L! A0#% @ $#CW4'I#=HNF/ J"<# !4 M ( !YG4 &QO86XM,C R,# V,S!?;&%B+GAM;%!+ 0(4 Q0 ( M ! X]U"2.^"6(B$ #L$ @ 5 " ;^R !L;V%N+3(P,C P A-C,P7W!R92YX;6Q02P4& 8 !@"* 0 %-0 end