0000939802-11-000209.txt : 20110812 0000939802-11-000209.hdr.sgml : 20110812 20110812130108 ACCESSION NUMBER: 0000939802-11-000209 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110812 DATE AS OF CHANGE: 20110812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ranger Gold Corp. CENTRAL INDEX KEY: 0001434740 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 260299388 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53817 FILM NUMBER: 111030299 BUSINESS ADDRESS: STREET 1: 2533 N. CARSON ST. STREET 2: SUITE 5018 CITY: CARSON CITY STATE: NV ZIP: 89706 BUSINESS PHONE: 775-888-3133 MAIL ADDRESS: STREET 1: 2533 N. CARSON ST. STREET 2: SUITE 5018 CITY: CARSON CITY STATE: NV ZIP: 89706 FORMER COMPANY: FORMER CONFORMED NAME: FENARIO INC DATE OF NAME CHANGE: 20080509 10-Q 1 form10q063011.htm form10q063011.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, 2011
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 333-151419

RANGER GOLD CORP.
(Exact name of registrant as specified in its charter)
 
Nevada
74-3206736
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
 
2533 N. Carson St., Suite 5018
Carson City, Nevada 89706
(Address of principal executive offices) (Zip Code)

(775) 888-3133
(Registrant's telephone number, including area code)

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

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

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

Large accelerated filer  [  ]
Accelerated filer  [  ]
Non-accelerated filer [  ]
Smaller reporting company  [X]
(Do not check if a smaller reporting company)
 

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

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 46,020,000 shares of common stock, $0.0001 par value, issued and outstanding as of August 12, 2011.



 
1

 



TABLE OF CONTENTS

 
Page
 
     
PART I  - Financial Information
3  
     
Item 1. Financial Statements
3  
Balance Sheets June 30, 2011 (unaudited), and March 31, 2011
3  
Statements of Operations (unaudited) for the three-month periods ended
4  
June 30, 2011 and 2010, and for the period from inception
   
on May 11, 2007 to June 30, 2011.
   
Statements of Cash Flows (unaudited) for the three-month periods ended
5  
June 30, 2011 and 2010, and for the period from inception
   
on May 11, 2007 to June 30, 2011.
   
Notes to the Financial Statements
7  
Item 2. Management’s Discussion and Analysis of Financial Condition andResults of Operations
13  
Item 3 Quantitative and Qualitative Disclosures About Market Risk
18  
Item 4. Controls and Procedures
18  
     
PART II – Other Information
19  
     
Item 1.  Legal Proceedings
19  
Item 1A.  Risk Factors
19  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
19  
Item 3. Defaults Upon Senior Securities
19  
Item 4. (Removed and Reserved)
19  
Item 5. Other Information
19  
Item 6. Exhibits
19  


 
2

 


Item 1.  Financial Statements.
RANGER GOLD CORP.
(An Exploration Stage Company)
BALANCE SHEETS

   
(Unaudited)
       
   
June 30,
   
March 31,
 
   
2011
   
2011
 
ASSETS
           
Current Assets
           
    Cash
  $ 238,109     $ 270,803  
    Prepaid Expenses
    535       1,090  
 
               
Total Current Assets
    238,644       271,893  
                 
Non-Current Assets
               
    Reclamation Deposits
    16,000        
                 
Total Non-Current Assets
    16,000        
                 
Total Assets
  $ 254,644     $ 271,893  
                 
LIABILITIES & STOCKHOLDERS’ EQUITY
               
Current Liabilities
               
    Accounts Payable and Accrued Liabilities
  $ 1,931     $ 6,996  
                 
Total Current Liabilities
    1,931       6,996  
                 
Stockholders' Equity
               
   Preferred Stock, Par Value $.0001
               
      Authorized 5,000,000 shares,
               
      No shares issued at June 30, 2011 and March 31, 2011
           
  Common Stock, Par Value $.0001
               
      Authorized 500,000,000 shares,
               
     46,020,000 shares issued at June 30, 2011
               
      (March 31, 2011 - 46,020,000)
    4,602       4,602  
  Paid-In Capital
    861,550       852,091  
  Deficit Accumulated Since Inception of the Development Stage
    (613,439 )     (591,796 )
                 
     Total Stockholders' Equity
    252,713       264,897  
                 
Total Liabilities and Stockholders' Equity
  $ 254,644     $ 271,893  


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

 
3

 

RANGER GOLD CORP.
(An Exploration Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
 

               
Cumulative
 
               
Since
 
               
May 11, 2007
 
   
For the Three Months Ended
   
Inception of
 
   
June 30,
   
Exploration
 
   
2011
   
2010
   
Stage
 
Revenues
 
$
   
$
   
$
 
Cost of Revenues
   
     
     
 
                         
Gross Margin
   
     
     
 
                         
Expenses
                       
Mineral Property Exploration Expenditures
   
13,490
     
39,133
     
225,981
 
General and Administrative
   
8,153
     
128,950
     
326,913
 
                         
Net Loss from Operations
   
(21,643
)
   
(168,083
)
   
(552,894
)
                         
Other Income (Expense)
                       
Interest
   
     
     
(545
)
                         
Net Other Income (Expense)
   
     
     
(545
)
                         
Write-down of Mineral Property Acquisition Payments
   
     
     
(60,000
)
                         
Net Loss
 
$
(21,643
)
 
$
(168,083
)
 
$
(613,439
)
                         
Basic and Diluted loss per
                       
Share
 
$
(0.00
)
 
$
(0.00)
         
                         
Weighted Average Shares
                       
Outstanding
   
46,020,000
     
45,923,088
         
                         





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


 
4

 

RANGER GOLD CORP.
(An Exploration Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)

         
Cumulative
 
         
Since
 
         
May 11, 2007
 
   
For the Three Months Ended June 30
   
Inception of
 
               
Exploration
 
   
2011
   
2010
   
Stage
 
CASH FLOWS FROM OPERATING ACTIVITIES
                       
Net Loss
 
$
(21,643
)
 
$
 (168,083
)
 
$
(613,439
)
Adjustments to Reconcile Net Loss to Net
                       
Cash Used in Operating Activities:
                       
Compensation Expense of Stock Options
   
9,459
     
119,845
     
196,617
 
Write-down of Mineral Property Acquisition  Cost
   
     
     
60,000
 
                         
Change in Operating Assets and Liabilities:
                       
 (Increase) Decrease in Prepaid Expenses
   
555
     
570
     
(535
)
Increase (Decrease) in Accounts Payable and      Accrued Liabilities
   
(5,065)
     
(18,936)
     
20,636
 
                         
Net Cash Used in Operating Activities
   
(16,694
)
   
(66,604)
     
(336,721
)
                         
CASH FLOWS FROM INVESTING ACTIVITIES
                       
Mineral Property Acquisition Costs
   
     
     
(60,000
 
Reclamation Deposit
   
(16,000)
     
     
(16,000
)
Net Cash Used in Investing Activities
   
(16,000)
     
     
(76,000
)
                         
CASH FLOWS FROM FINANCING ACTIVITIES
                       
Proceeds from Sale of Common Stock
   
     
500,000
     
633,500
 
Net Proceeds from Loan Payable
   
     
     
17,330
 
                         
Net Cash Provided by Financing Activities
   
     
500,000
     
650,830
 
                         
Net (Decrease) Increase in
                       
Cash and Cash Equivalents
   
(32,694)
     
433,396
     
238,109
 
Cash and Cash Equivalents
                       
at Beginning of Period
   
270,803
     
27,189
     
 
Cash and Cash Equivalents
                       
at End of Period
 
$
238,109
   
$
460,585
   
$
238,109
 

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

 
5

 

RANGER GOLD CORP.
(An Exploration Stage Company)
STATEMENTS OF CASH FLOWS
(Continued)

               
Cumulative
 
               
Since
 
         
May 11, 2007
 
   
For the Three Months Ended
   
Inception of
 
   
June 30,
   
June 30,
   
Exploration
 
   
2011
   
2010
   
Stage
 
                   
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
Cash paid during the year for:
                 
Interest
  $     $     $  
Income taxes
  $     $     $  
                         
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
 
                         
Settlement of Note Payable by a Contribution from a Shareholder
  $     $     $ 17,330  
Settlement of Accounts Payable by a Contribution from a Shareholder
  $     $     $ 18,705  
                         
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
 

During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise prices of $0.50 and $1.00 per share. The Company has used the Black-Scholes model to determine the fair value of these stock options.  Consulting expense of $58,626 has been recorded for the year ended March 31, 2010 and $128,532 for the year ended March 31, 2011.  The vesting period for some of these options is up to three years.  As a result, the unvested portions of the options have been revalued for the current period resulting in the recognition of $9,459 in consulting expense for the three-months ended June 30, 2011.
 

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


 
6

 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
 
This summary of accounting policies for Ranger Gold Corp. (an exploration stage company) is presented to assist in understanding the Company's financial statements.  The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements.

Organization and Basis of Presentation

Ranger Gold Corp. (formerly Fenario, Inc.) (the “Company”) was incorporated on May 11, 2007 under the laws of the State of Nevada.  The Company’s business at that time was the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.  On October 28, 2009 the Company’s principal shareholder entered into a Stock Purchase Agreement which provided for the sale of 25,000,000 shares of common stock of the Company to Gary Basrai.

Effective as of October 28, 2009, in connection with the share acquisition, Mr. Basrai was appointed President, Chief Executive Officer, Chief Financial Officer, Treasurer, Director, and Chairman of the Company.

On November 9, 2009, Mr. Basrai, as the holder of 25,000,000 (at the time representing 55.5%) of the issued and outstanding shares of the Company’s common stock, provided the Company with written consent in lieu of a meeting of stockholders authorizing the Company to amend the Company’s Articles of Incorporation for the purpose of changing the name of the Company from “Fenario, Inc.” to “Ranger Gold Corp.”  In connection with the change of the Company’s name to Ranger Gold Corp. the Company’s business was changed to mineral resource exploration.  The change in name and business received its final approval by the regulatory authorities on January 7, 2010.

Nature of Operations

The Company has no products or services as of June 30, 2011.  The Company was established to operate in the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.  However, the Company was not able to proceed in the intended business and on October 28, 2009 a change of control of the Company took place.  Subsequent to the change of control the Company became a mineral resource exploration company and will continue to seek opportunities in this field.  The Company is currently engaging in the acquisition, exploration, and if warranted and feasible, development of natural resource properties.

Interim Reporting

The unaudited financial information furnished herein reflects all adjustments, which in the opinion of management are necessary to fairly state the financial position of Ranger Gold Corp. and the results of its operations for the periods presented.  This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended March 31, 2011.  The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context.  Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company’s Form 10-K for the fiscal year ended March 31, 2011 has been omitted.  The results of operations for the three-month period ended June 30, 2011 is not necessary indicative of results for the entire year ending March 31, 2012.


 
7

 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.
 
As shown in the accompanying financial statements, the Company has incurred a net loss of $613,439 for the period from May 11, 2007 (inception) to June 30, 2011, and has no sales.  The future of the Company is dependent upon its ability to obtain future financing and upon future profitable operations from the development of its mineral properties.  In April 2010 the Company completed a financing for total proceeds of $500,000.  However, the funds from this financing are not sufficient to fund the Company’s planned operational needs of approximately $417,000 for the next twelve months.  Management is currently seeking additional capital that will be required in order to continue to operate in the future.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
 
If the Company were unable to continue as a “going concern”, then substantial adjustments would be necessary to the carrying values of assets, the reported amounts of its liabilities, the reported expenses, and the balance sheet classifications used.

Pervasiveness of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles required 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 amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

Concentration of Credit Risk

The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.  The Company maintains the majority of its cash balances with one financial institution, in the form of demand deposits.

Loss per Share
 
Net income (loss) per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. As of June 30, 2011, the company has outstanding common stock options and warrants of 1,400,000 and 1,100,000, respectively.  The effects of the Company’s common stock equivalents are anti-dilutive for June 30, 2011 and are thus not presented.


 
8

 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Comprehensive Income

The Company has adopted SFAS No. 130, "Reporting Comprehensive Income", which establishes standards for reporting and display of comprehensive income, its components and accumulated balances.  The Company is disclosing this information on its Statement of Operations.  Comprehensive income is comprised of net income (loss) and all changes to capital deficit except those resulting from investments by owners and distribution to owners.
 
Stock Options

The Company implemented Accounting Standards Codification ("ASC") Section 718-10-25 (formerly Statement of Financial Accounting Standards ("SFAS") 123R, Accounting for Stock-Based Compensation) requiring the Company to provide compensation costs for the Company's stock options determined in accordance with the fair value based method prescribed in ASC Section 718-20-25. The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option-pricing model and provides for expense recognition over the service period, if any, of the stock option.
 
Property Holding Costs
 
Holding costs to maintain a property on a care and maintenance basis are expensed in the period they are incurred. These costs include security and maintenance expenses, lease and claim fees payments, and environmental monitoring and reporting costs.
 
Exploration and Development Costs
 
Mineral property interests include optioned and acquired mineral development and exploration stage properties. The amount capitalized related to a mineral property interest represents its fair value at the time it was optioned or acquired, either as an individual asset or as a part of a business combination. The value of such assets is primarily driven by the nature and amount of mineralized material believed to be contained in such properties. Exploration costs are expensed as incurred and development costs are capitalized if proven and probable reserves exist and the property is a commercially minable property. Mine development costs incurred either to develop new ore deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mineral interests costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.
 
 
Fair Value of Financial Instruments

The carrying value of the Company's financial instruments, including prepaid expenses, accounts payable and accrued liabilities, at June 30, 2011 approximates their fair values due to the short-term nature of these financial instruments.


 
9

 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)

NOTE 2 – MINERAL EXPLORATION PROPERTIES

On November 27, 2009 the Company executed a property option agreement with MinQuest, Inc. (“MinQuest”) granting the Company the right to acquire 100% of the mining interests of a mineral exploration property currently controlled by MinQuest.  The property known as the CX Property is located in Nye County, Nevada and currently consists of 77 unpatented claims (the “CX”).    Upon execution of the CX agreement, MinQuest accepted a 90-day, non-interest bearing promissory note from the Company for the initial $20,000 property option payment.  On February 25, 2010 the Company paid the $20,000 balance of the note as well as reimbursed MinQuest for CX’s holding and related property costs in the amount of $23,512. On February 25, 2011 the Company made the second property option payment of $20,000 required under the CX agreement.

On March 29, 2010, the Company executed a second property option agreement with MinQuest granting the Company the right to acquire 100% of the mining interests of a Nevada mineral exploration property currently controlled by MinQuest.  The property known as the Truman Property is located in Mineral County, Nevada and currently consists of 98 unpatented claims (the “Truman”).  Upon execution of the Agreement the Company paid MinQuest $10,000 and well as reimbursed MinQuest for Truman’s holdings and related property costs in the amount of $7,859. On March 29, 2011 the Company made the second property option payment of $10,000 required under the Truman agreement.

NOTE 3 - EXPLORATION STATE COMPANY - GOING CONCERN

The Company has not begun principal operations and as is common with a company in the exploration stage, the Company has had recurring losses.  Continuation of the Company as a going concern is dependent upon obtaining the additional working capital necessary to be successful in its planned activity, and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional equity funding and long term financing, which will enable the Company to operate for the coming year.

NOTE 4 – RECLAMATION DEPOSIT

The Company has paid a $16,000 reclamation deposit on its CX property.  The reclamation deposit is refundable upon completion of the required remediation of the property at the completion of the Company’s planned drill program.

NOTE 5 – RELATED PARTY TRANSACTIONS
 
The Company currently pays two of its directors $500 per month to serve on its Board of Directors.  The payments are made quarterly in advance.  The total amount paid to the Directors for the three-months ended June 30, 2011 was $3,000 (2010 - $3,000).  In addition, the Company has a consulting agreement with one of its directors to provide a variety of services including assisting with the identification and assessment of properties for potential acquisition.  The Company paid $0 for fees and reimbursement of expenses under this agreement for the three-months ended June 30, 2011 (2010 - $4,855).

NOTE 6 – STOCK OPTIONS

On February 3, 2010 the Company adopted its 2010 Stock Option Plan (“the 2010 Plan”).  The 2010 Plan provides for the granting of up to 5,000,000 stock options to key employees, directors and consultants, of common shares of the Company.  Under the 2010 Plan, the granting of stock options, the exercise prices, and the option terms are determined by the Company's Option Committee, a committee designated to administer the 2010 Plan by the Board of Directors.  For incentive options, the exercise price shall not be less than the fair market value of the Company's common stock on the grant date. (In the case of options granted to an employee who owns stock possessing more than 10% of the voting power of all classes of the Company's stock on the date of grant, the option price must not be less than 110% of the fair market value of common stock on the grant date.).  Options granted are not to exceed terms beyond five years.

 
10

 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)
 
NOTE 6 – STOCK OPTIONS (Continued)
 
In order to exercise an option granted under the Plan, the optionee must pay the full exercise price of the shares being purchased. Payment may be made either: (i) in cash; or (ii) at the discretion of the Committee, by delivering shares of common stock already owned by the optionee that have a fair market value equal to the applicable exercise price; or (iii) with the approval of the Committee, with monies borrowed from us.
 
Subject to the foregoing, the Committee has broad discretion to describe the terms and conditions applicable to options granted under the Plan. The Committee may at any time discontinue granting options under the Plan or otherwise suspend, amend or terminate the Plan and may, with the consent of an optionee, make such modification of the terms and conditions of such optionee’s option as the Committee shall deem advisable.

During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise prices of $0.50 and $1.00 per share. The Company has used the Black-Scholes model to determine the fair value of these stock options. The vesting period for some of these options is up to three years.  As a result, the unvested portions of the options have been revalued resulting in the recognition of $9,459 in consulting expense for the three-months ended June 30, 2011 (2010 - $119,845) with all of the balance being recorded as mineral property exploration expenditures.

The following table sets forth the options outstanding under the 2010 Plan as of June 30, 2011:

   
Available for Grant
   
Options Outstanding
   
Weighted Average Exercise Price
 
Balance, March 31, 2011
    3,600,000       1,400,000     $ 0.68  
Options granted
    -       -       -  
Balance, June 30, 2011
    3,600,000       1,400,000     $ 0.68  

The following table summarizes information concerning outstanding and exercisable common stock options under the 2010 Plan at June 30, 2011:

 
 
 
Exercise Prices
 
 
Options Outstanding
Remaining Contractual Life
(in years)
Weighted
Average
Exercise Price
Number of Options Currently Exercisable
Weighted
Average
Exercise Price
$ 0.50
900,000
3.71
$ 0.50
600,000
$ 0.50
$ 1.00
500,000
3.71
$ 1.00
500,000
$ 1.00
 
1,400,000
 
$ 0.68
1,100,000
 

The aggregate intrinsic value of stock options outstanding at June 30, 2011 was $0 and the aggregate intrinsic value of stock options exercisable at June 30, 2011 was also $0.  No stock options were exercised during the quarter ended June 30, 2011.  As of June 30, 2011 there was $35,983 in unrecognized compensation expense that will be recognized over two years.


 
11

 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)

 
NOTE 6 – STOCK OPTIONS (Continued)

A summary of status of the Company’s unvested stock options as of June 30, 2011 under all plans is presented below:

 
 
 
Number
of Options
Weighted
Average
Exercise
Price
 
 
Weighted Average
Grant Date Fair Value
Unvested at March 31, 2011
300,000
$      0.50
$     0.30
Granted
-
             -
             -
Vested
-
             -
             -
Unvested at June 30, 2011
300,000
$      0.50
$     0.30

 
NOTE 7 - WARRANTS

The following table sets forth common share purchase warrants outstanding as of June 30, 2011:

   
Warrants Outstanding
 
Balance, March 31, 2011
    1,100,000  
Warrants granted
    -  
Balance, June 30, 2011
    1,100,000  

The following table lists the common share warrants outstanding at June 30, 2011.  Each warrant is exchangeable for one common share.

 
 
Number Outstanding
 
 
Exercise
Price
Weighted Average Contractual Remaining Life (years)
 
Number Currently Exercisable
 
 
Exercise
Price
550,000
$ 0.25
 3.58
550,000
$ 0.25
550,000
$ 0.50
3.58
-
$ 0.50
1,100,000
   
550,000
 



 
12

 

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

The following discussion should be read in conjunction with the financial statements of Ranger Gold Corp. (the “Company”), which are included elsewhere in this Form 10-Q.  Certain statements contained in this report, including statements regarding the anticipated development and expansion of the Company's business, the intent, belief or current expectations of the Company, its directors or its officers, primarily with respect to the future operating performance of the Company and the products it expects to offer and other statements contained herein regarding matters that are not historical facts, are "forward-looking" statements.  Future filings with the Securities and Exchange Commission, future press releases and future oral or written statements made by or with the approval of the Company, which are not statements of historical fact, may contain forward-looking statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. For a more detailed listing of some of the risks and uncertainties facing the Company, please see the Form 10-K for the year ended March 31, 2011 filed by the Company with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made.

General

Ranger Gold Corp. (formerly Fenario, Inc.) was incorporated on May 11, 2007 under the laws of the State of Nevada.  The Company’s business at that time was the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.  Due to the state of the economy, the Company did not conduct any significant operations other than organizational matters, filing its Registration Statement and filings of periodic reports with the SEC. The Company has since abandoned its original business plan and has entered the mineral exploration industry.

On October 28, 2009 the Company’s principal shareholder entered into a Stock Purchase Agreement which provided for the sale of 25,000,000 shares of common stock of the Company to Gary Basrai.  Effective as of October 28, 2009, in connection with the share acquisition, Mr. Basrai was appointed President, Chief Executive Officer, Chief Financial Officer, Treasurer, Director, and Chairman of the Company.

On November 9, 2009, Mr. Basrai, as the holder of 25,000,000 (at that time representing 55.5%) of the issued and outstanding shares of the Company’s common stock, provided the Company with written consent in lieu of a meeting of stockholders (the “Written Consent”) authorizing the Company to amend the Company’s Articles of Incorporation for the purpose of changing the name of the Company from “Fenario, Inc.” to “Ranger Gold Corp.”  In connection with the change of the Company’s name to Ranger Gold Corp. the Company’s business was changed to mineral resource exploration.  The change in name and business received its final approval by the regulatory authorities on January 7, 2010.

Also on November 9, 2009 as part of the Written Consent and in relation to the Company’s name and business change, the Written Consent adopted a resolution to implement a forward stock split the Company’s issued and outstanding shares of common stock.  The Board of Directors subsequently approved a 5:1 forward stock split which became effective on January 21, 2010 and was payable to all shareholders of record as of January 15, 2010, the record date.  All references to share and per share amounts have been restated in this 10-Q and related financial statements to reflect the forward stock split.


 
13

 

Stock Options

On February 3, 2010 the Company adopted its 2010 Stock Option Plan (“the 2010 Plan”).  The 2010 Plan provides for the granting of up to 5,000,000 stock options to key employees, directors and consultants, of common shares of the Company.  Under the 2010 Plan, the granting of stock options, the exercise prices, and the option terms are determined by the Company's Option Committee, a committee designated to administer the 2010 Plan by the Board of Directors.  For incentive options, the exercise price shall not be less than the fair market value of the Company's common stock on the grant date. (In the case of options granted to an employee who owns stock possessing more than 10% of the voting power of all classes of the Company's stock on the date of grant, the option price must not be less than 110% of the fair market value of common stock on the grant date.).  Options granted are not to exceed terms beyond five years.
 
In order to exercise an option granted under the Plan, the optionee must pay the full exercise price of the shares being purchased. Payment may be made either: (i) in cash; or (ii) at the discretion of the Committee, by delivering shares of common stock already owned by the optionee that have a fair market value equal to the applicable exercise price; or (iii) with the approval of the Committee, with monies borrowed from us.
 
Subject to the foregoing, the Committee has broad discretion to describe the terms and conditions applicable to options granted under the Plan. The Committee may at any time discontinue granting options under the Plan or otherwise suspend, amend or terminate the Plan and may, with the consent of an optionee, make such modification of the terms and conditions of such optionee’s option as the Committee shall deem advisable.

During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise prices of $0.50 and $1.00 per share. No stock options have been granted since the initial grant.

Business Operations

We are a natural resource exploration company with an objective of acquiring, exploring, and if warranted and feasible, developing natural resource properties. Our primary focus in the natural resource sector is gold. We are an exploration stage company. We do not consider ourselves a “blank check” company required to comply with Rule 419 of the Securities and Exchange Commission, because we were not organized for the purpose of effecting, and our business plan is not to effect, a merger with or acquisition of an unidentified company or companies, or other entity or person. We do not intend to merge with or acquire another company in the next 12 months.

Though we have the expertise on our board of directors to take a resource property that hosts a viable ore deposit into mining production, the costs and time frame for doing so are considerable, and the subsequent return on investment for our shareholders would be very long term. Therefore, we anticipate selling or partnering any ore bodies that we may discover to a major mining company. Many major mining companies obtain their ore reserves through the purchase of ore bodies found by junior exploration companies. Although these major mining companies do some exploration work themselves, many of them rely on the junior resource exploration companies to provide them with future deposits for them to mine. By selling or partnering a deposit found by us to these major mining companies, it would provide an immediate return to our shareholders without the long time frame and cost of putting a mine into operation ourselves, and it would also provide future capital for the Company to continue operations.

The search for valuable natural resources as a business is extremely risky. We can provide investors with no assurance that the properties we have optioned in Nevada contain commercially exploitable reserves. Exploration for natural reserves is a speculative venture involving substantial risk. Few properties that are explored are ultimately developed into producing commercially feasible reserves. Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. In such a case, we would be unable to complete our business plan and any money spent on exploration would be lost.


 
14

 

Natural resource exploration and development requires significant capital and our assets and resources are limited. Therefore, we anticipate participating in the natural resource industry through the selling or partnering of our properties, the purchase of small interests in producing properties, the purchase of properties where feasibility studies already exist or by the optioning of natural resource exploration and development projects. To date we have two properties under option, and are in the early stages of exploring these properties. There has been no indication as yet that any commercially viable mineral deposits exist on these properties, and there is no assurance that a commercially viable mineral deposit exists on any of our properties. Further exploration will be required before a final evaluation as to the economic and legal feasibility is determined.

Financing over the next twelve months

Over the next twelve months, the Company intends to explore our properties to determine whether they contain commercially exploitable reserves of gold and silver or other metals.  The Company does not intend to hire any employees or to make any purchases of equipment over the next twelve months, as it intends to rely upon outside consultants to provide all the tools needed for the exploratory work being conducted.

Current cash on hand is not sufficient for all of the Company’s commitments for the next 12 months. The Company expects that it will need approximately $417,000 to fund its operations to June 30, 2012.  We anticipate that the additional funding that we require will be in the form of equity financing from the sale of our common stock.  However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund additional phases of the exploration program, should we decide to proceed.  We currently believe that debt financing will not be an alternative for funding any further phases in our exploration program.  The risky nature of this enterprise and lack of tangible assets places debt financing beyond the credit-worthiness required by most banks or typical investors of corporate debt until such time as an economically viable mine can be demonstrated.  We do not have any arrangements in place for any future equity financing

Notwithstanding, we cannot be certain that the required additional financing will be available or available on terms favorable to us. If additional funds are raised by the issuance of our equity securities, such as through the issuance and exercise of warrants, then existing stockholders will experience dilution of their ownership interest. If additional funds are raised by the issuance of debt or other equity instruments, we may be subject to certain limitations in our operations, and issuance of such securities may have rights senior to those of the then existing holders of common stock. If adequate funds are not available or not available on acceptable terms, we may be unable to fund expansion, develop or enhance services or respond to competitive pressures.

In the following discussion, there are references to “unpatented” mining claims. An unpatented mining claim on U.S. government lands establishes a claim to the locatable minerals (also referred to as stakeable minerals) on the land and the right of possession solely for mining purposes. No title to the land passes to the claimant. If a proven economic mineral deposit is developed, provisions of federal mining laws permit owners of unpatented mining claims to patent (to obtain title to) the claim. If you purchase an unpatented mining claim that is later declared invalid by the U.S. government, you could be evicted.

Exploration Programs

CX Property

Pursuant to the Property Option Agreement, dated as of November 27, 2009, with MinQuest we have the option to earn a 100% interest in the CX Property located in Nye County, Nevada, approximately, 80 km north of Tonopah.  The CX Property consists of 77 unpatented mining claims.  By February 25, 2020 an aggregate $480,000 in annual option payments and a minimum aggregate $2,500,000 in annual exploration expenditures are due under the agreement.

Upon execution of the CX agreement, MinQuest accepted a 90-day, non-interest bearing promissory note from the Company for the initial $20,000 property option payment.  On February 25, 2010 the Company paid the $20,000 balance of the note as well as reimbursed MinQuest for CX’s holding and related property costs in the amount of $23,512. On February 25, 2011 the Company made the second property option payment of $20,000 required under the CX agreement.


 
15

 

The CX claims presently do not have any mineral resources or reserves and the company has reviewed the results of the historic drilling and sampling.  There is no mining plant or equipment located within the property boundaries. Currently, there is no power supply to the mineral claims.

In April 2010 our Board of Directors approved a $150,000 exploration program that will include 3,000 feet of reverse circulation drilling.  Previous exploration mainly focused on a small core area where numerous drill holes were concentrated.  The core area occurs near the center of the claim block.  The outlying targets were tested with wide-spaced, shallow drill holes.  Some of the targets had two episodes of drilling, both confirming the existence of gold and silver mineralization.  These outlying targets were poorly understood, but remain attractive targets.  Subsequent drilling done by other companies added to the understanding of the model through detailed mapping, sampling and a geophysical survey.  However, the program was prematurely truncated due to budget cuts.  The various targets were further defined, but never tested by drilling.

Ranger has collected all of the data from the previous programs, confirmed the validity of the targets, prioritized the best ones and will test them with a drill program.  Biological and cultural surveys were conducted on the CX in May and July of 2010 respectively.

The Company had intended on undertaking its planned drill program in the summer of 2010.  Due to delays in receiving the permits for drilling, Ranger will now complete the field portion of the drill program in the summer of 2011.  The Company has received approval of its drilling permit and bond calculation and has made the bond payment of $16,000 to the United States Forest Service.  In addition, the Company has engaged a contract driller and will commence drilling in August 2011.

Truman Property

On March 29, 2010, the Company executed a second property option agreement with MinQuest granting the Company the right to acquire 100% of the mining interests of a Nevada mineral exploration property currently controlled by MinQuest.  The property known as the Truman Property is located in Mineral County, Nevada and currently consists of 98 unpatented claims (the “Truman”).  By March 29, 2020 an aggregate $510,000 in annual option payments and a minimum aggregate $2,500,000 in annual exploration expenditures are due under the agreement.

Upon execution of the Agreement the Company paid MinQuest $10,000 and well as reimbursed MinQuest for Truman’s holdings and related property costs in the amount of $7,859. On March 29, 2011 the Company made the second property option payment of $10,000 required under the Truman agreement.

The Truman claims presently do not have any mineral resources or reserves. The property that is the subject of our mineral claims is undeveloped and does not contain any open-pits.  No reported historic production is noted for the property.  There is no mining plant or equipment located on the property that is the subject of the mineral claim. Currently, there is no power supply to the mineral claims.

In April 2010 our Board of Directors approved a $150,000 exploration program that will include 3,000 feet of reverse circulation drilling.  The project covers 8 epithermal gold and silver targets hosted within a sequence of Tertiary volcanics and Paleozoic sediments.  These targets have been partially defined by previous exploration groups over a 25 year period.  The historic efforts of five exploration groups have helped define high grade gold and silver values occurring in veins and low grade gold values occurring in bulk minable configurations.

The company intends to concentrate on three previously identified mineralized zones.  Although the various targets were previously discovered by others, they remain poorly explored because of past property disputes or a lack of understanding of the geology and an ore model.  Recent breakthroughs in geologic concepts in the immediate area and ore models typified by the aforementioned targets coupled with the historic results collected from the work of others provides an opportunity for Ranger.


 
16

 

A mapping and sampling program was initiated on the Truman in mid-October, 2010.  An extensive evaluation of underground workings was carried out throughout the project area.  This evaluation resulted in the survey, underground mapping and sampling of approximately 4,200 feet of historic adits and stopes.  Surface mapping and sampling was also carried out in the western portion of the property.  This mapping was intended to follow up on silver in soil samples from historic sampling carried out by Noranda in the early 1990’s.  A total of 118 underground samples and 8 surface samples were collected during this exercise.  The underground samples were continuous chip samples collected over widths ranging from 3 to 50 feet and averaging 20 feet.  The results of this work identified several mineralized structures.
 
As with the CX, the Company had intended on undertaking its planned drill program in the summer of 2010.  Due to delays in receiving the permits for drilling, Ranger now plans to complete the field portion of the drill program in the summer of 2011.  Ranger has mapped the target areas and defined the targets with additional underground sampling and mapping carried out during the fall of 2010.  The biological and cultural surveys were initiated for the Truman project in April, 2011.

Results of Operations

We did not earn any revenues during the three-months ended June 30, 2011 or 2010.  We do not anticipate earning revenues until such time as we have entered into commercial production of our mineral properties.  We are presently in the exploration stage of our business and we can provide no assurance that we will discover commercially exploitable levels of mineral resources on our properties, or if such resources are discovered, that we will enter into commercial production of our mineral properties.

For the three months ended June 30, 2011 we had a net loss of $21,643 compared to $168,083 in the corresponding period in 2010.  The increase in the reduction in the net loss was largely due to the recognition of $9,459 of stock-based compensation in the current period compared to $119,845 in 2010.  In addition, the net loss decreased due to a reduction in mineral property exploration expenditures to $13,490 for the three-months ended June 30, 2011 compared to $39,133 in 2010.  The decrease was the result of the Company waiting for its permits to get approved in 2011 while in 2010 the preparation for the permit submission was completed.   General and administrative expenses decreased to $8,153 in the three-months ended June 30, 2011 from $128,950 in the same period in 2010.  The decrease was largely due to the impact of stock-based compensation recognized as general and administration expenses.  The amount recognized in 2011 was $0 while in 2010 it was $103,667.  The decrease was also due to a higher administrative expenses associated with setting up a new office and various regulatory expenses related to the Company’s name change, stock split, and management changes during the prior period in 2010.

Liquidity and Capital Resources

We had cash $238,109 and working capital of $236,713 as of June 30, 2011. We anticipate that we will incur the following expenses over the next twelve months:

·  
$363,000 in property option payments, annual claim filing fees, and exploration expenditures on the Company’s properties;

·  
$54,000 for operating expenses, including working capital and general, legal, accounting and administrative expenses associated with reporting requirements under the Securities Exchange Act of 1934.

Net cash used in operating activities during the three months ended June 30, 2011 was $16,694 compared to $66,604 during the three months ended June 30, 2010.  A significant portion of the decrease relates to a decrease in the net loss in the current period to $21,643 from $168,083 in the prior period.  However, partially offsetting the effect of the decreased net loss was the recognition of $9,459 in stock-based compensation in 2011 while stock-based compensation recognized in 2010 was $119,845.  Also impacting the cash used in operations was an outflow of $5,065 from accounts payable and accrued liabilities in 2011 while in 2010 there was an outflow of $18,936 from accounts payable and accrued liabilities.  There were no financing activities for the three-months ended June 30, 2011 while cash received from financing activities was $500,000 from a private placement in 2010.   Investing activities in 2011 consisted of $16,000 paid for the reclamation bond for the CX property while there were no investing activities for the three months ended June 30, 2010.


 
17

 

The future of the Company is dependent upon its ability to obtain future financing and upon future profitable operations from the development of its mineral properties.  In April 2010 the Company completed a financing for total proceeds of $500,000.  However, the funds from this financing are not sufficient to fund the Company’s planned operational needs of approximately $417,000 for the next twelve months.  Management is currently seeking additional capital that will be required in order to continue to operate in the future.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
 
Going Concern Consideration

As shown in the accompanying financial statements, the Company has incurred a net loss of $613,439 for the period from May 11, 2007 (inception) to June 30, 2011, and has no sales.  The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its mineral property.  Management has plans to seek additional capital through a private placement and public offering of its common stock.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
 
There is substantial doubt about our ability to continue as a going concern. Accordingly, our independent auditors included an explanatory paragraph in their report on the March 31, 2011 financial statements regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Item 3.  Quantitative and Qualitative Disclosure About Market Risk.

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

Item 4.  Controls and Procedures.

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
 
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the Company conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), as of June 30, 2011. Based on this evaluation, our principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that the Company’s disclosure and controls are designed to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
 
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in our internal controls over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 
18

 


PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.  The Company’s property is not the subject of any pending legal proceedings.

Item 1A. Risk Factors.

Smaller reporting companies are not required to provide the information required by this Item 1A.

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

None.

Item 3. Defaults upon Senior Securities.

None.

Item 4. (Removed and Reserved)

Item 5. Other information.

None.

Item 6. Exhibits.

Exhibit 31     Certification of Principal Executive and Financial Officer pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934 as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32     Certification of Principal Executive and Financial Officer Pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
101.INS        XBRL Instance Document
101.SCH       XBRL Taxonomy Extension Schema
101.LAB       XBRL Taxonomy Extension Label Linkbase
101.PRE        XBRL Taxonomy Extension Presentation Linkbase



 
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.

 
Date:   August 12, 2011
 
RANGER GOLD CORP.
 
By:   /s/ Gurpartap Singh Basrai
       Gurpartap Singh Basrai
       President, Chief Executive
       Officer, Secretary and Treasurer
       (Principal Executive, Financial, and Accounting Officer)
 
 
 

20


EX-31.1 2 form10q063011ex31.htm form10q063011ex31.htm
Exhibit 31
CERTIFICATION OF
CHIEF EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Gurpartap Singh Basrai, certify that:

1.              I have reviewed the registrant’s quarterly report on Form 10-Q for the period ended June 30, 2011;
2.              Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

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

4.              The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.              Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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 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 my 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.

Dated: August 12, 2011

/s/ Gurpartap Singh Basrai
----------------------
Gurpartap Singh Basrai, President,
Chief Executive Officer,
Secretary and Treasurer
(Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)


EX-32.1 3 form10q063011ex32.htm form10q063011ex32.htm
Exhibit 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Gurpartap Singh Basrai, President, Chief Executive Officer, Secretary, Treasurer and Principal Financial Officer of Ranger Gold Corp. (the “Company”), certifies, under the standards set forth and solely for the purposes of 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in that Form 10-Q fairly presents, in all material respects, the financial condition and  results  of operations of the Company.


Date: August 12, 2011
 
 
/s/ Gurpartap Singh Basrai
---------------------
Gurpartap Singh Basrai
President, Chief Executive Officer,
Secretary, and Treasurer
(Principal Executive Officer,
Principal Financial Officer, and Principal Accounting Officer)





 
 
 
EX-101.INS 4 rngc-20110630.xml 0001434740 2011-04-01 2011-06-30 0001434740 2011-08-15 0001434740 2011-06-30 0001434740 2011-03-31 0001434740 2010-04-01 2010-06-30 0001434740 2007-05-11 2011-06-30 0001434740 2010-03-31 0001434740 2010-06-30 0001434740 2007-05-10 iso4217:USD xbrli:shares iso4217:USD xbrli:shares 10-Q false 2011-06-30 2012 Q1 RANGER GOLD CORP. 0001434740 --03-31 Smaller Reporting Company 46020000 238109 270803 535 1090 238644 271893 16000 0 16000 0 254644 271893 1931 6996 1931 6996 0 0 4602 4602 861550 852091 -613439 -591796 252713 264897 254644 271893 0.0001 0.0001 5000000 5000000 0 0 0.0001 0.0001 5000000 5000000 46020000 46020000 0 0 0 0 0 0 0 0 0 13490 39133 225981 8153 128950 326913 -21643 -168083 -552894 0 0 -545 0 0 -545 0 0 -60000 -21643 -168083 -613439 -0.00 -0.00 46020000 45923088 9459 119845 196617 0 0 60000 555 570 -535 -5065 -18936 20636 -16694 -66604 -336721 0 0 -60000 -16000 0 -16000 -16000 0 -76000 0 500000 633500 0 0 17330 0 500000 650830 -32694 433396 238109 27189 0 460585 0 0 0 0 0 0 0 0 17330 0 0 18705 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">This summary of accounting policies for Ranger Gold Corp. (anexploration stage company) is presented to assist in understanding the Company&#8217;s financial statements.&#160; The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Organization and Basis of Presentation</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Ranger Gold Corp. (formerly Fenario, Inc.) (the &#8220;Company&#8221;) was incorporated on May 11, 2007 under the laws of the State of Nevada.&#160; The Company&#8217;s business at that time was the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.&#160; On October 28, 2009 the Company&#8217;s principal shareholder entered into a Stock Purchase Agreement which provided for the sale of 25,000,000 shares of common stock of the Company to Gary Basrai.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Effective as of October 28, 2009, in connection with the share acquisition, Mr. Basrai was appointed President, Chief Executive Officer, Chief Financial Officer, Treasurer, Director, and Chairman of the Company.&#160; </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On November 9, 2009, Mr. Basrai, as the holder of 25,000,000 (at the time representing 55.5%) of the issued and outstanding shares of the Company&#8217;s common stock, provided the Company with written consent in lieu of a meeting of stockholders authorizing the Company to amend the Company&#8217;s Articles of Incorporation for the purpose of changing the name of the Company from &#8220;Fenario, Inc.&#8221; to &#8220;Ranger Gold Corp.&#8221; &#160;In connection with the change of the Company&#8217;s name to Ranger Gold Corp. the Company&#8217;s business was changed to mineral resource exploration.&#160; The change in name and business received its final approval by the regulatory authorities on January 7, 2010.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Nature of Operations</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company has no products or services as of June 30, 2011.The Company was established to operate in the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.&#160; However, the Company was not able to proceed in the intended business and on October 28, 2009 a change of control of the Company took place.&#160; Subsequent to the change of control the Company became a mineral resource exploration company and will continue to seek opportunities in this field.&#160; The Company is currently engaging in the acquisition, exploration, and if warranted and feasible, development of natural resource properties. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Interim Reporting</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The unaudited financial information furnished herein reflects all adjustments, which in the opinion of management are necessary to fairly state the financial position of Ranger Gold Corp. and the results of its operations for the periods presented.&#160; This report on Form 10-Q should be read in conjunction with the Company&#8217;s financial statements and notes thereto included in the Company&#8217;s Form 10-K for the fiscal year ended March 31, 2011.&#160; The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context.&#160; Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company&#8217;s Form 10-K for the fiscal year ended March 31, 2011 has been omitted.&#160; The results of operations for the three-month period ended June 30, 2011is not necessary indicative of results for the entire year ending March 31, 2012.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;punctuation-wrap:simple;text-indent:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Going Concern</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;punctuation-wrap:simple;text-indent:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The accompanying financial statements have been prepared assuming the Company will continue as a going concern.</font></p> <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;punctuation-wrap:simple;text-indent:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As shown in the accompanying financial statements, the Company has incurred a net loss of $613,439for the period from May 11, 2007 (inception) to June 30, 2011, and has no sales.&#160; The future of the Company is dependent upon its ability to obtain future financing and upon future profitable operations from the development of its mineral properties.&#160; In April 2010 the Company completed a financing for total proceeds of $500,000.&#160; However, the funds from this financing are not sufficient to fund the Company&#8217;s planned operational needs of approximately $417,000 for the next twelve months.&#160; Management is currently seeking additional capital that will be required in order to continue to operate in the future.&#160; The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">If the Company were unable to continue as a &#8220;going concern&#8221;, then substantial adjustments would be necessary to the carrying values of assets, the reported amounts of its liabilities, the reported expenses, and the balance sheet classifications used.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Pervasiveness of Estimates</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The preparation of financial statements in conformity with generally accepted accounting principles required 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 amounts of revenues and expenses during the reporting period.&#160; Actual results could differ from those estimates.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Cash and Cash Equivalents </font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Concentration of Credit Risk</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.&#160; The Company maintains the majority of its cash balances with one financial institution, in the form of demand deposits.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Loss per Share</font></b></p> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-indent:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net income (loss) per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. As of June 30, 2011, the company has outstanding common stock options and warrants of 1,400,000 and 1,100,000, respectively.&#160; The effects of the Company&#8217;s common stock equivalents are anti-dilutive for June 30, 2011 and are thus not presented.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Comprehensive Income</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company has adopted SFAS No. 130, &quot;Reporting Comprehensive Income&quot;, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances.&#160; The Company is disclosing this information on its Statement of Operations. Comprehensive income is comprised of net income (loss) and all changes to capital deficit except those resulting from investments by owners and distribution to owners.</font></p> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-indent:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Stock Options</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:.2pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times,serif;font-size:10.0pt;">The Company implemented Accounting Standards Codification (&quot;ASC&quot;) Section&#160;718-10-25 (formerly Statement of Financial Accounting Standards (&quot;SFAS&quot;) 123R, Accounting for Stock-Based Compensation) requiring the Company to provide compensation costs for the Company&#8217;s stock options determined in accordance with the fair value based method prescribed in ASC Section&#160;718-20-25. The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option-pricing model and provides for expense recognition over the service period, if any, of the stock option.</font></p> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-indent:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Property Holding Costs</font></b></p> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-indent:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Holding costs to maintain a property on a care and maintenance basis are expensed in the period they are incurred. These costs include security and maintenance expenses, lease and claim fees payments, and environmental monitoring and reporting costs.</font></p> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-indent:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Exploration and Development Costs</font></b></p> <p style="margin-left:0in;margin-right:0in;"><font lang="EN-US" style="font-family:Times,serif;font-size:10.0pt;">Mineral property interests include optioned and acquired mineral development and exploration stage properties. The amount capitalized related to a mineral property interest represents its fair value at the time it was optioned or acquired, either as an individual asset or as a part of a business combination. The value of such assets is primarilydriven by the nature and amount of mineralized material believed to be contained in such properties. Exploration costs are expensed as incurred and development costs are capitalized if proven and probable reserves exist and the property is a commercially minable property. Mine development costs incurred either to develop new ore deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mineral interests costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value. </font></p> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-indent:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Fair Value of Financial Instruments</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The carrying value of the Company&#8217;s financial instruments, including prepaid expenses, accounts payable and accrued liabilities, at June 30, 2011approximates their fair values due to the short-term nature of these financial instruments.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTE 2&#8211; MINERAL EXPLORATION PROPERTIES</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;font-weight:normal;">On November 27, 2009 the Company executed a property option agreement with MinQuest, Inc. (&#8220;MinQuest&#8221;) granting the Company the right to acquire 100% of the mining interests of a mineral exploration property currently controlled by MinQuest.&#160; The property known as the CX Property is located in Nye County, Nevada and currently consists of 77 unpatented claims (the &#8220;CX&#8221;).Upon execution of the CX agreement, MinQuest accepted a 90-day, non-interest bearing promissory note from the Company for the initial $20,000 property option payment.&#160; On February 25, 2010 the Company paid the $20,000 balance of the note as well as reimbursed MinQuest for CX&#8217;s holding and related property costs in the amount of $23,512.On February 25, 2011 the Company made the second property option payment of $20,000 required under the CX agreement.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;font-weight:normal;">On March 29, 2010, the Company executed a second property option agreement with MinQuest granting the Company the right to acquire 100% of the mining interests of a Nevada mineral exploration property currently controlled by MinQuest.&#160; The property known as the Truman Property is located in Mineral County, Nevada and currently consists of 98 unpatented claims (the &#8220;Truman&#8221;).Upon execution of the Agreement the Company paid MinQuest $10,000 and well as reimbursed MinQuest for Truman&#8217;s holdings and related property costs in the amount of $7,859.On March 29, 2011 the Company made the second property option payment of $10,000 required under the Truman agreement.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;font-weight:normal;">&#160;</font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTE 3 - EXPLORATION STATE COMPANY - GOING CONCERN</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company has not begun principal operations and as is common with a company in the exploration stage, the Company has had recurring losses.&#160; Continuation of the Company as a going concern is dependent upon obtaining the additional working capital necessary to be successful in its planned activity, and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional equity funding and long term financing, which will enable the Company to operate for the coming year.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTE 4 &#8211; RECLMATION DEPOSIT</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company has paid a $16,000 reclamation deposit on its CX property.&#160; The reclamation deposit is refundable upon completion of the required remediation of the property at the completion of the Company&#8217;s planned drill program.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTE 5&#8211;RELATED PARTY TRANSACTIONS</font></p> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;font-weight:normal;">The Company currently pays two of its directors $500 per month to serve on its Board of Directors.&#160; The payments are made quarterly in advance.&#160; The total amount paid to the Directors for the three-months ended June 30, 2011 was $3,000 (2010 - $3,000).&#160; In addition, the Company has a consulting agreement with one of its directors to provide a variety of services including assisting with the identification and assessment of properties for potential acquisition.&#160; The Company paid $0for fees and reimbursement of expenses under this agreement for the three-months ended June 30, 2011(2010 - $4,855).</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTE 6 &#8211; STOCK OPTIONS</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On February 3, 2010 the Company adopted its 2010 Stock Option Plan (&#8220;the 2010 Plan&#8221;).&#160; The 2010 Plan provides for the granting of up to 5,000,000 stock options to key employees, directors and consultants, of common shares of the Company.&#160; Under the 2010 Plan, the granting of stock options, the exercise prices, and the option terms are determined by the Company&#8217;s Option Committee, a committee designated to administer the 2010 Plan by the Board of Directors.&#160; For incentive options, the exercise price shall not be less than the fair market value of the Company&#8217;s common stock on the grant date. (In the case of options granted to an employee who owns stock possessing more than 10% of the voting power of all classes of the Company&#8217;s stock on the date of grant, the option price must not be less than 110% of the fair market value of common stock on the grant date.).&#160; Options granted are not to exceed terms beyond five years.</font></p> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-indent:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In order to exercise an option granted under the Plan, the optionee must pay the full exercise price of the shares being purchased. Payment may be made either: (i) in cash; or (ii) at the discretion of the Committee, by delivering shares of common stock already owned by the optionee that have a fair market value equal to the applicable exercise price; or (iii) with the approval of the Committee, with monies borrowed from us.</font></p> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-indent:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subject to the foregoing, the Committee has broad discretion to describe the terms and conditions applicable to options granted under the Plan. The Committee may at any time discontinue granting options under the Plan or otherwise suspend, amend or terminate the Plan and may, with the consent of an optionee, make such modification of the terms and conditions of such optionee&#8217;s option as the Committee shall deem advisable.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise pricesof $0.50 and $1.00 per share. The Company has used the Black-Scholes model to determine the fair value of these stock options. The vesting period for some of these options is up to three years.&#160; As a result, the unvested portions of the options have been revalued resulting in the recognition of $9,459 in consulting expense for the three-months ended June 30, 2011(2010 - $119,845) with all of the balance being recorded as mineral property exploration expenditures.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following table sets forth the options outstanding under the 2010 Plan as of June 30, 2011:</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:0px;"> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="34%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Available for Grant</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Options Outstanding</font></p> </td> <td nowrap="nowrap" valign="top" width="18%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Weighted Average Exercise Price</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="34%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Balance, March 31, 2011</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3,600,000</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1,400,000</font></p> </td> <td nowrap="nowrap" valign="top" width="18%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 0.68</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="34%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Options granted</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> <td nowrap="nowrap" valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;&#160; -</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="34%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Balance, June 30, 2011</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="background:#EAF9E8;border-bottom:solid windowtext 2.25pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3,600,000</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="background:#EAF9E8;border-bottom:solid windowtext 2.25pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1,400,000</font></p> </td> <td nowrap="nowrap" valign="top" width="18%" style="background:#EAF9E8;border-bottom:solid windowtext 2.25pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$&#160;&#160; 0.68</font></p> </td> </tr></table> </div> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following table summarizes information concerning outstanding and exercisable common stock options under the 2010 Plan at June 30, 2011: </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:0px;"> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="20%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Exercise Prices</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Options Outstanding</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Remaining Contractual Life</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">(in years)</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Weighted</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Average</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Exercise Price</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Number of Options Currently Exercisable</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Weighted</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Average</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Exercise Price</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="20%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 0.50</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">900,000</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3.71</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 0.50</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">600,000</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 0.50</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="20%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 1.00</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">500,000</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3.71</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 1.00</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">500,000</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 1.00</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="20%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="border-top:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="border-top:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="20%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="background:#EAF9E8;border-bottom:solid windowtext 3.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1,400,000</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 0.68</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="background:#EAF9E8;border-bottom:solid windowtext 3.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1,100,000</font></p> </td> <td nowrap="nowrap" valign="top" width="16%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr></table> </div> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">The aggregate intrinsic value of stock options outstanding at June 30, 2011 was $0 and the aggregate intrinsic value of stock options exercisable atJune 30, 2011was also $0.&#160; No stock options were exercised duringthe quarter ended June 30, 2011.&#160; </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As of June 30, 2011 there was $35,983 in unrecognized compensation expense that will be recognized over twoyears.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-GB" style="font-family:Times New Roman,serif;font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.15pt;">&#160;</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">A summary of status of the Company&#8217;s unvested stock options as of June 30, 2011under all plans is presented below:</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:0px;"> <tr> <td nowrap="nowrap" valign="top" width="37%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Number</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">of Options</font></p> </td> <td nowrap="nowrap" valign="bottom" width="23%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Weighted</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Average</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Exercise</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Price</font></p> </td> <td nowrap="nowrap" valign="bottom" width="25%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Weighted Average</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Grant Date Fair Value</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="37%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="23%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="25%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="37%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="23%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="25%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="37%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Unvested at March 31, 2011</font></b></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">300,000</font></p> </td> <td nowrap="nowrap" valign="top" width="23%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">$&#160;&#160;&#160;&#160;&#160; 0.50</font></p> </td> <td nowrap="nowrap" valign="top" width="25%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">$&#160;&#160;&#160;&#160; 0.30</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="37%" style="background:#EAF9E8;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.6pt;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Granted</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="background:#EAF9E8;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">-</font></p> </td> <td nowrap="nowrap" valign="top" width="23%" style="background:#EAF9E8;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">-</font></p> </td> <td nowrap="nowrap" valign="top" width="25%" style="background:#EAF9E8;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">-</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="37%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.6pt;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Vested</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">-</font></p> </td> <td nowrap="nowrap" valign="top" width="23%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">-</font></p> </td> <td nowrap="nowrap" valign="top" width="25%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">-</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="37%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="23%" style="border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="25%" style="border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">&#160;</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="37%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">Unvested at June 30, 2011</font></b></p> </td> <td nowrap="nowrap" valign="top" width="15%" style="border-bottom:solid windowtext 3.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">300,000</font></p> </td> <td nowrap="nowrap" valign="top" width="23%" style="border-bottom:solid windowtext 3.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">$&#160;&#160;&#160;&#160;&#160;&#160;0.50</font></p> </td> <td nowrap="nowrap" valign="top" width="25%" style="border-bottom:solid windowtext 3.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;">$&#160;&#160;&#160;&#160;&#160;0.30</font></p> </td> </tr></table> </div> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;font-weight:normal;">NOTE 7 - WARRANTS </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following table sets forth common share purchase warrants outstanding as of June 30, 2011:</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:0px;"> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="62%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="4%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td colspan="2" nowrap="nowrap" valign="top" width="34%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Warrants Outstanding</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="62%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Balance, March 31, 2011</font></p> </td> <td nowrap="nowrap" valign="top" width="4%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td colspan="2" nowrap="nowrap" valign="top" width="34%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1,100,000</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="62%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Warrants granted</font></p> </td> <td colspan="2" nowrap="nowrap" valign="top" width="5%" style="background:#EAF9E8;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="33%" style="background:#EAF9E8;border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="62%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Balance, June 30, 2011</font></p> </td> <td nowrap="nowrap" valign="top" width="4%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td colspan="2" nowrap="nowrap" valign="top" width="34%" style="border-bottom:solid windowtext 3.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1,100,000</font></p> </td> </tr> <tr style="height:0;"> <td width="62%"></td> <td width="4%"></td> <td width="1%"></td> <td width="33%"></td> </tr></table></div> <p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following table lists the common share warrants outstanding at June 30, 2011.&#160; Each warrant is exchangeable for one common share.</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:0px;"> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="22%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Number Outstanding</font></p> </td> <td nowrap="nowrap" valign="top" width="20%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Exercise</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Price</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Weighted Average Contractual Remaining Life (years)</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Number Currently Exercisable</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Exercise</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Price</font></p> </td> </tr> <tr style="height:.1in;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="22%" style="background:#EAF9E8;height:.1in;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">550,000</font></p> </td> <td nowrap="nowrap" valign="top" width="20%" style="background:#EAF9E8;height:.1in;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 0.25</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="background:#EAF9E8;height:.1in;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3.58</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="background:#EAF9E8;height:.1in;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">550,000</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="background:#EAF9E8;height:.1in;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 0.25</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="22%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">550,000</font></p> </td> <td nowrap="nowrap" valign="top" width="20%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 0.50</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3.58</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$ 0.50</font></p> </td> </tr> <tr style="height:12.15pt;page-break-inside:avoid;"> <td nowrap="nowrap" valign="top" width="22%" style="background:#EAF9E8;border-bottom:solid windowtext 3.0pt;border-top:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1,100,000</font></p> </td> <td nowrap="nowrap" valign="top" width="20%" style="background:#EAF9E8;border-bottom:solid windowtext 3.0pt;border-top:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="background:#EAF9E8;border-bottom:solid windowtext 3.0pt;border-top:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="top" width="17%" style="background:#EAF9E8;border-bottom:solid windowtext 3.0pt;border-top:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">550,000</font></p> </td> <td nowrap="nowrap" valign="top" width="24%" style="background:#EAF9E8;border-bottom:solid windowtext 3.0pt;border-top:solid windowtext 1.0pt;height:12.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr></table> </div> <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> EX-101.SCH 5 rngc-20110630.xsd 1001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 2001 - Statement - BALANCE SHEETS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 2002 - Statement - BALANCE SHEETS COMPREHENSIVE link:presentationLink link:calculationLink link:definitionLink 2003 - Statement - BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 2004 - Statement - STATEMENTS OF OPERATIONS link:presentationLink link:calculationLink link:definitionLink 2005 - Statement - STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 3001 - Disclosure - - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 3002 - Disclosure - - MINERAL EXPLORATION PROPERTIES link:presentationLink link:calculationLink link:definitionLink 3003 - Disclosure - - EXPLORATION STATE COMPANY - GOING CONCERN link:presentationLink link:calculationLink link:definitionLink 3004 - Disclosure - - RECLAMATION DEPOSIT link:presentationLink link:calculationLink link:definitionLink 3005 - Disclosure - - RELATED PARTY TRANSACTIONS link:presentationLink link:calculationLink link:definitionLink 3006 - Disclosure - - STOCK OPTIONS link:presentationLink link:calculationLink link:definitionLink 3007 - Disclosure - - WARRANTS link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 6 rngc-20110630_lab.xml Document and Entity Information [Abstract] Document and Entity Information. Amendment Flag Current Fiscal Year End Date Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Document Type Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Filer Category Entity Registrant Name - EXPLORATION STATE COMPANY - GOING CONCERN (Disclosure) - EXPLORATION STATE COMPANY - GOING CONCERN The entire disclosure for all or part of the detailed information required for exploration stage enterprises. The information may also be disclosed on an element-by-element basis. Information may include an identification of the current or prior year financial statements of the entity, its exploration stage subsidiaries, or its investees as those of one or more exploration stage enterprises; a description of the nature of the exploration stage activities in which each enterprise is engaged; and in the first fiscal year in which each enterprise is no longer considered a exploration stage enterprise, a statement that in prior years the enterprise had been in the exploration stage. Accounts Payable and Accrued Liabilities, Current Accounts Payable and Accrued Liabilities Additional Paid in Capital Paid-In Capital Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: Asset Retirement Obligation Disclosure [Text Block] - RECLAMATION DEPOSIT Assets Total Assets Assets [Abstract] ASSETS Assets, Current Total Current Assets Assets, Current [Abstract] Current Assets Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition Write-down of Mineral Property Acquisition Payments Assets, Noncurrent Total Non-Current Assets Capitalized Costs of Unproved Properties Excluded from Amortization, Period Cost Mineral Property Acquisition Costs Cash and Cash Equivalents, at Carrying Value Cash Cash and Cash Equivalents at Beginning of Period Cash and Cash Equivalents at End of Period Cash and Cash Equivalents, Period Increase (Decrease) Net (Decrease) Increase in Cash and Cash Equivalents Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Common Stock, Par or Stated Value Per Share Common Stock Par Value Common Stock, Shares Authorized Authorized 500,000,000 shares, Common Stock, Shares, Issued Shares issued Common Stock, Value, Issued Common Stock, Par Value $.0001 Authorized 500,000,000 shares, 46,020,000 shares issued at June 30, 2011 (March 31, 2011 - 46,020,000) Contribution of Property Settlement of Accounts Payable by a Contribution from a Shareholder Cost of Goods and Services Sold Cost of Revenues Costs and Expenses [Abstract] Expenses Deposit Assets Reclamation Deposits Earnings Per Share, Basic and Diluted Basic and Diluted loss per Share Exploration Abandonment and Impairment Expense Write-down of Mineral Property Acquisition Cost Exploration Expense Mineral Property Exploration Expenditures General and Administrative Expense General and Administrative Gross Profit Gross Margin Income (Loss) from Continuing Operations Attributable to Parent Net Loss from Operations Income Statement [Abstract] Income Taxes Paid Income taxes Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Deposits Reclamation Deposit Increase (Decrease) in Operating Assets [Abstract] Change in Operating Assets and Liabilities: Increase (Decrease) in Prepaid Expense (Increase) Decrease in Prepaid Expenses Interest Expense Interest Interest Paid Interest Liabilities and Equity Total Liabilities and Stockholders’ Equity Liabilities and Equity [Abstract] LIABILITIES & STOCKHOLDERS’ EQUITY Liabilities, Current Total Current Liabilities Liabilities, Current [Abstract] Current Liabilities Mineral Industries Disclosures [Text Block] - MINERAL EXPLORATION PROPERTIES Net Cash Provided by (Used in) Financing Activities Net Cash Provided by Financing Activities Net Cash Provided by (Used in) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES Net Cash Provided by (Used in) Investing Activities Net Cash Used in Investing Activities Net Cash Provided by (Used in) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES Net Cash Provided by (Used in) Operating Activities Net Cash Used in Operating Activities Net Cash Provided by (Used in) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Net Income (Loss) Attributable to Parent Net Loss Net Loss Notes Assumed Settlement of Note Payable by a Contribution from a Shareholder Other Assets, Noncurrent [Abstract] Non-Current Assets Other Nonoperating Income (Expense) Net Other Income (Expense) Other Nonoperating Income (Expense) [Abstract] Other Income (Expense) Preferred Stock, Par or Stated Value Per Share Preferred Stock Par Value Preferred Stock, Shares Authorized Authorized shares, Preferred Stock, Shares Issued Shares issued Preferred Stock, Value, Issued Preferred Stock, Par Value $.0001 Authorized 5,000,000 shares, No shares issued at June 30, 2011 and March 31, 2011 Prepaid Expense, Current Prepaid Expenses Proceeds from Issuance of Common Stock Proceeds from Sale of Common Stock Proceeds from Notes Payable Net Proceeds from Loan Payable Related Party Transactions Disclosure [Text Block] - RELATED PARTY TRANSACTIONS Retained Earnings (Accumulated Deficit) Deficit Accumulated Since Inception of the Development Stage Revenues Revenues Shareholders’ Equity and Share-based Payments [Text Block] - STOCK OPTIONS Significant Accounting Policies [Text Block] - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Statement [Line Items] Statement of Cash Flows [Abstract] Statement of Financial Position [Abstract] Statement [Table] Stock or Unit Option Plan Expense Compensation Expense of Stock Options Stockholders’ Equity Attributable to Parent Total Stockholders’ Equity Stockholders’ Equity Attributable to Parent [Abstract] Stockholders’ Equity Stockholders’ Equity Note Disclosure [Text Block] - WARRANTS Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Weighted Average Number of Shares Outstanding, Basic Weighted Average Shares Outstanding EX-101.PRE 7 rngc-20110630_pre.xml XML 8 R3.htm IDEA: XBRL DOCUMENT  v2.3.0.11
BALANCE SHEETS COMPREHENSIVE (USD $)
Jun. 30, 2011
Mar. 31, 2011
Preferred Stock Par Value $ 0.0001 $ 0.0001
Authorized shares, 5,000,000 5,000,000
Shares issued 0 0
Common Stock Par Value $ 0.0001 $ 0.0001
Authorized 500,000,000 shares, 5,000,000 5,000,000
Shares issued 46,020,000 46,020,000
XML 9 R4.htm IDEA: XBRL DOCUMENT  v2.3.0.11
BALANCE SHEETS (Parenthetical) (USD $)
Jun. 30, 2011
Mar. 31, 2011
Preferred Stock Par Value $ 0.0001 $ 0.0001
Authorized shares, 5,000,000 5,000,000
Shares issued 0 0
Common Stock Par Value $ 0.0001 $ 0.0001
Authorized 500,000,000 shares, 5,000,000 5,000,000
Shares issued 46,020,000 46,020,000
XML 10 R1.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Document and Entity Information
3 Months Ended
Jun. 30, 2011
Aug. 15, 2011
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2011
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
Entity Registrant Name RANGER GOLD CORP.  
Entity Central Index Key 0001434740  
Current Fiscal Year End Date --03-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   46,020,000
XML 11 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

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

" + text[p] + "

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

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 12 R12.htm IDEA: XBRL DOCUMENT  v2.3.0.11
- STOCK OPTIONS
3 Months Ended
Jun. 30, 2011
- STOCK OPTIONS

NOTE 6 – STOCK OPTIONS

 

On February 3, 2010 the Company adopted its 2010 Stock Option Plan (“the 2010 Plan”).  The 2010 Plan provides for the granting of up to 5,000,000 stock options to key employees, directors and consultants, of common shares of the Company.  Under the 2010 Plan, the granting of stock options, the exercise prices, and the option terms are determined by the Company’s Option Committee, a committee designated to administer the 2010 Plan by the Board of Directors.  For incentive options, the exercise price shall not be less than the fair market value of the Company’s common stock on the grant date. (In the case of options granted to an employee who owns stock possessing more than 10% of the voting power of all classes of the Company’s stock on the date of grant, the option price must not be less than 110% of the fair market value of common stock on the grant date.).  Options granted are not to exceed terms beyond five years.

In order to exercise an option granted under the Plan, the optionee must pay the full exercise price of the shares being purchased. Payment may be made either: (i) in cash; or (ii) at the discretion of the Committee, by delivering shares of common stock already owned by the optionee that have a fair market value equal to the applicable exercise price; or (iii) with the approval of the Committee, with monies borrowed from us.

Subject to the foregoing, the Committee has broad discretion to describe the terms and conditions applicable to options granted under the Plan. The Committee may at any time discontinue granting options under the Plan or otherwise suspend, amend or terminate the Plan and may, with the consent of an optionee, make such modification of the terms and conditions of such optionee’s option as the Committee shall deem advisable.

 

During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise pricesof $0.50 and $1.00 per share. The Company has used the Black-Scholes model to determine the fair value of these stock options. The vesting period for some of these options is up to three years.  As a result, the unvested portions of the options have been revalued resulting in the recognition of $9,459 in consulting expense for the three-months ended June 30, 2011(2010 - $119,845) with all of the balance being recorded as mineral property exploration expenditures.

 

The following table sets forth the options outstanding under the 2010 Plan as of June 30, 2011:

 

 

 

Available for Grant

 

Options Outstanding

Weighted Average Exercise Price

Balance, March 31, 2011

3,600,000

1,400,000

$ 0.68

Options granted

-

-

    -

Balance, June 30, 2011

3,600,000

1,400,000

$   0.68

 

The following table summarizes information concerning outstanding and exercisable common stock options under the 2010 Plan at June 30, 2011:

 

 

 

 

Exercise Prices

 

 

Options Outstanding

Remaining Contractual Life

(in years)

Weighted

Average

Exercise Price

Number of Options Currently Exercisable

Weighted

Average

Exercise Price

$ 0.50

900,000

3.71

$ 0.50

600,000

$ 0.50

$ 1.00

500,000

3.71

$ 1.00

500,000

$ 1.00

 

 

 

 

 

 

 

1,400,000

 

$ 0.68

1,100,000

 

 

The aggregate intrinsic value of stock options outstanding at June 30, 2011 was $0 and the aggregate intrinsic value of stock options exercisable atJune 30, 2011was also $0.  No stock options were exercised duringthe quarter ended June 30, 2011.  As of June 30, 2011 there was $35,983 in unrecognized compensation expense that will be recognized over twoyears.

 

A summary of status of the Company’s unvested stock options as of June 30, 2011under all plans is presented below:

 

 

 

 

Number

of Options

Weighted

Average

Exercise

Price

 

 

Weighted Average

Grant Date Fair Value

 

 

 

 

 

 

 

 

Unvested at March 31, 2011

300,000

$      0.50

$     0.30

Granted

-

-

-

Vested

-

-

-

 

 

 

 

Unvested at June 30, 2011

300,000

$      0.50

$     0.30

 

XML 13 R8.htm IDEA: XBRL DOCUMENT  v2.3.0.11
- MINERAL EXPLORATION PROPERTIES
3 Months Ended
Jun. 30, 2011
- MINERAL EXPLORATION PROPERTIES

NOTE 2– MINERAL EXPLORATION PROPERTIES

 

On November 27, 2009 the Company executed a property option agreement with MinQuest, Inc. (“MinQuest”) granting the Company the right to acquire 100% of the mining interests of a mineral exploration property currently controlled by MinQuest.  The property known as the CX Property is located in Nye County, Nevada and currently consists of 77 unpatented claims (the “CX”).Upon execution of the CX agreement, MinQuest accepted a 90-day, non-interest bearing promissory note from the Company for the initial $20,000 property option payment.  On February 25, 2010 the Company paid the $20,000 balance of the note as well as reimbursed MinQuest for CX’s holding and related property costs in the amount of $23,512.On February 25, 2011 the Company made the second property option payment of $20,000 required under the CX agreement.

 

On March 29, 2010, the Company executed a second property option agreement with MinQuest granting the Company the right to acquire 100% of the mining interests of a Nevada mineral exploration property currently controlled by MinQuest.  The property known as the Truman Property is located in Mineral County, Nevada and currently consists of 98 unpatented claims (the “Truman”).Upon execution of the Agreement the Company paid MinQuest $10,000 and well as reimbursed MinQuest for Truman’s holdings and related property costs in the amount of $7,859.On March 29, 2011 the Company made the second property option payment of $10,000 required under the Truman agreement.

 

XML 14 R13.htm IDEA: XBRL DOCUMENT  v2.3.0.11
- WARRANTS
3 Months Ended
Jun. 30, 2011
- WARRANTS

NOTE 7 - WARRANTS

 

The following table sets forth common share purchase warrants outstanding as of June 30, 2011:

 

 

 

Warrants Outstanding

Balance, March 31, 2011

 

1,100,000

Warrants granted

 

-

Balance, June 30, 2011

 

1,100,000

 

The following table lists the common share warrants outstanding at June 30, 2011.  Each warrant is exchangeable for one common share.

 

 

 

Number Outstanding

 

 

Exercise

Price

Weighted Average Contractual Remaining Life (years)

 

Number Currently Exercisable

 

 

Exercise

Price

550,000

$ 0.25

3.58

550,000

$ 0.25

550,000

$ 0.50

3.58

-

$ 0.50

1,100,000

 

 

550,000

 

 

XML 15 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended 50 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Loss $ (21,643) $ (168,083) $ (613,439)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:      
Compensation Expense of Stock Options 9,459 119,845 196,617
Write-down of Mineral Property Acquisition Cost 0 0 60,000
Change in Operating Assets and Liabilities:      
(Increase) Decrease in Prepaid Expenses 555 570 (535)
Increase (Decrease) in Accounts Payable and Accrued Liabilities (5,065) (18,936) 20,636
Net Cash Used in Operating Activities (16,694) (66,604) (336,721)
CASH FLOWS FROM INVESTING ACTIVITIES      
Mineral Property Acquisition Costs 0 0 (60,000)
Reclamation Deposit (16,000) 0 (16,000)
Net Cash Used in Investing Activities (16,000) 0 (76,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from Sale of Common Stock 0 500,000 633,500
Net Proceeds from Loan Payable 0 0 17,330
Net Cash Provided by Financing Activities 0 500,000 650,830
Net (Decrease) Increase in Cash and Cash Equivalents (32,694) 433,396 238,109
Cash and Cash Equivalents at Beginning of Period 270,803 27,189 0
Cash and Cash Equivalents at End of Period 238,109 460,585 238,109
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest 0 0 0
Income taxes 0 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Settlement of Note Payable by a Contribution from a Shareholder 0 0 17,330
Settlement of Accounts Payable by a Contribution from a Shareholder $ 0 $ 0 $ 18,705
XML 16 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
- EXPLORATION STATE COMPANY - GOING CONCERN
3 Months Ended
Jun. 30, 2011
- EXPLORATION STATE COMPANY - GOING CONCERN

NOTE 3 - EXPLORATION STATE COMPANY - GOING CONCERN

 

The Company has not begun principal operations and as is common with a company in the exploration stage, the Company has had recurring losses.  Continuation of the Company as a going concern is dependent upon obtaining the additional working capital necessary to be successful in its planned activity, and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional equity funding and long term financing, which will enable the Company to operate for the coming year.

 

XML 17 R10.htm IDEA: XBRL DOCUMENT  v2.3.0.11
- RECLAMATION DEPOSIT
3 Months Ended
Jun. 30, 2011
- RECLAMATION DEPOSIT

NOTE 4 – RECLMATION DEPOSIT

 

The Company has paid a $16,000 reclamation deposit on its CX property.  The reclamation deposit is refundable upon completion of the required remediation of the property at the completion of the Company’s planned drill program.

 

XML 18 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 19 R11.htm IDEA: XBRL DOCUMENT  v2.3.0.11
- RELATED PARTY TRANSACTIONS
3 Months Ended
Jun. 30, 2011
- RELATED PARTY TRANSACTIONS

NOTE 5–RELATED PARTY TRANSACTIONS

The Company currently pays two of its directors $500 per month to serve on its Board of Directors.  The payments are made quarterly in advance.  The total amount paid to the Directors for the three-months ended June 30, 2011 was $3,000 (2010 - $3,000).  In addition, the Company has a consulting agreement with one of its directors to provide a variety of services including assisting with the identification and assessment of properties for potential acquisition.  The Company paid $0for fees and reimbursement of expenses under this agreement for the three-months ended June 30, 2011(2010 - $4,855).

 

XML 20 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 50 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Revenues $ 0 $ 0 $ 0
Cost of Revenues 0 0 0
Gross Margin 0 0 0
Expenses      
Mineral Property Exploration Expenditures 13,490 39,133 225,981
General and Administrative 8,153 128,950 326,913
Net Loss from Operations (21,643) (168,083) (552,894)
Other Income (Expense)      
Interest 0 0 (545)
Net Other Income (Expense) 0 0 (545)
Write-down of Mineral Property Acquisition Payments 0 0 (60,000)
Net Loss $ (21,643) $ (168,083) $ (613,439)
Basic and Diluted loss per Share $ 0.00 $ 0.00  
Weighted Average Shares Outstanding 46,020,000 45,923,088  
XML 21 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Jun. 30, 2011
- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

This summary of accounting policies for Ranger Gold Corp. (anexploration stage company) is presented to assist in understanding the Company’s financial statements.  The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements.

 

Organization and Basis of Presentation

 

Ranger Gold Corp. (formerly Fenario, Inc.) (the “Company”) was incorporated on May 11, 2007 under the laws of the State of Nevada.  The Company’s business at that time was the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.  On October 28, 2009 the Company’s principal shareholder entered into a Stock Purchase Agreement which provided for the sale of 25,000,000 shares of common stock of the Company to Gary Basrai.

 

Effective as of October 28, 2009, in connection with the share acquisition, Mr. Basrai was appointed President, Chief Executive Officer, Chief Financial Officer, Treasurer, Director, and Chairman of the Company. 

 

On November 9, 2009, Mr. Basrai, as the holder of 25,000,000 (at the time representing 55.5%) of the issued and outstanding shares of the Company’s common stock, provided the Company with written consent in lieu of a meeting of stockholders authorizing the Company to amend the Company’s Articles of Incorporation for the purpose of changing the name of the Company from “Fenario, Inc.” to “Ranger Gold Corp.”  In connection with the change of the Company’s name to Ranger Gold Corp. the Company’s business was changed to mineral resource exploration.  The change in name and business received its final approval by the regulatory authorities on January 7, 2010.

 

Nature of Operations

 

The Company has no products or services as of June 30, 2011.The Company was established to operate in the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.  However, the Company was not able to proceed in the intended business and on October 28, 2009 a change of control of the Company took place.  Subsequent to the change of control the Company became a mineral resource exploration company and will continue to seek opportunities in this field.  The Company is currently engaging in the acquisition, exploration, and if warranted and feasible, development of natural resource properties.

 

Interim Reporting

 

The unaudited financial information furnished herein reflects all adjustments, which in the opinion of management are necessary to fairly state the financial position of Ranger Gold Corp. and the results of its operations for the periods presented.  This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended March 31, 2011.  The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context.  Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company’s Form 10-K for the fiscal year ended March 31, 2011 has been omitted.  The results of operations for the three-month period ended June 30, 2011is not necessary indicative of results for the entire year ending March 31, 2012.

 

Going Concern

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.

As shown in the accompanying financial statements, the Company has incurred a net loss of $613,439for the period from May 11, 2007 (inception) to June 30, 2011, and has no sales.  The future of the Company is dependent upon its ability to obtain future financing and upon future profitable operations from the development of its mineral properties.  In April 2010 the Company completed a financing for total proceeds of $500,000.  However, the funds from this financing are not sufficient to fund the Company’s planned operational needs of approximately $417,000 for the next twelve months.  Management is currently seeking additional capital that will be required in order to continue to operate in the future.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

If the Company were unable to continue as a “going concern”, then substantial adjustments would be necessary to the carrying values of assets, the reported amounts of its liabilities, the reported expenses, and the balance sheet classifications used.

 

Pervasiveness of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles required 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 amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

 

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

 

Concentration of Credit Risk

 

The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.  The Company maintains the majority of its cash balances with one financial institution, in the form of demand deposits.

 

Loss per Share

Net income (loss) per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. As of June 30, 2011, the company has outstanding common stock options and warrants of 1,400,000 and 1,100,000, respectively.  The effects of the Company’s common stock equivalents are anti-dilutive for June 30, 2011 and are thus not presented.

 

Comprehensive Income

 

The Company has adopted SFAS No. 130, "Reporting Comprehensive Income", which establishes standards for reporting and display of comprehensive income, its components and accumulated balances.  The Company is disclosing this information on its Statement of Operations. Comprehensive income is comprised of net income (loss) and all changes to capital deficit except those resulting from investments by owners and distribution to owners.

Stock Options

 

The Company implemented Accounting Standards Codification ("ASC") Section 718-10-25 (formerly Statement of Financial Accounting Standards ("SFAS") 123R, Accounting for Stock-Based Compensation) requiring the Company to provide compensation costs for the Company’s stock options determined in accordance with the fair value based method prescribed in ASC Section 718-20-25. The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option-pricing model and provides for expense recognition over the service period, if any, of the stock option.

Property Holding Costs

Holding costs to maintain a property on a care and maintenance basis are expensed in the period they are incurred. These costs include security and maintenance expenses, lease and claim fees payments, and environmental monitoring and reporting costs.

Exploration and Development Costs

Mineral property interests include optioned and acquired mineral development and exploration stage properties. The amount capitalized related to a mineral property interest represents its fair value at the time it was optioned or acquired, either as an individual asset or as a part of a business combination. The value of such assets is primarilydriven by the nature and amount of mineralized material believed to be contained in such properties. Exploration costs are expensed as incurred and development costs are capitalized if proven and probable reserves exist and the property is a commercially minable property. Mine development costs incurred either to develop new ore deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mineral interests costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

Fair Value of Financial Instruments

 

The carrying value of the Company’s financial instruments, including prepaid expenses, accounts payable and accrued liabilities, at June 30, 2011approximates their fair values due to the short-term nature of these financial instruments.

 

XML 22 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
BALANCE SHEETS (Unaudited) (USD $)
Jun. 30, 2011
Mar. 31, 2011
Current Assets    
Cash $ 238,109 $ 270,803
Prepaid Expenses 535 1,090
Total Current Assets 238,644 271,893
Non-Current Assets    
Reclamation Deposits 16,000 0
Total Non-Current Assets 16,000 0
Total Assets 254,644 271,893
Current Liabilities    
Accounts Payable and Accrued Liabilities 1,931 6,996
Total Current Liabilities 1,931 6,996
Stockholders’ Equity    
Preferred Stock, Par Value $.0001 Authorized 5,000,000 shares, No shares issued at June 30, 2011 and March 31, 2011 0 0
Common Stock, Par Value $.0001 Authorized 500,000,000 shares, 46,020,000 shares issued at June 30, 2011 (March 31, 2011 - 46,020,000) 4,602 4,602
Paid-In Capital 861,550 852,091
Deficit Accumulated Since Inception of the Development Stage (613,439) (591,796)
Total Stockholders’ Equity 252,713 264,897
Total Liabilities and Stockholders’ Equity $ 254,644 $ 271,893
XML 23 FilingSummary.xml IDEA: XBRL DOCUMENT 2.3.0.11 Html 9 65 1 false 0 0 false 3 true false R1.htm 1001 - Document - Document and Entity Information Sheet http://www.rangergoldcorp.com/role/DocumentAndEntityInformation1 Document and Entity Information false false R2.htm 2001 - Statement - BALANCE SHEETS (Unaudited) Sheet http://www.rangergoldcorp.com/role/BalanceSheet2 BALANCE SHEETS (Unaudited) false false R3.htm 2002 - Statement - BALANCE SHEETS COMPREHENSIVE Sheet http://www.rangergoldcorp.com/role/BalanceSheet4 BALANCE SHEETS COMPREHENSIVE false false R4.htm 2003 - Statement - BALANCE SHEETS (Parenthetical) Sheet http://www.rangergoldcorp.com/role/BalanceSheetParenthetical3 BALANCE SHEETS (Parenthetical) false false R5.htm 2004 - Statement - STATEMENTS OF OPERATIONS Sheet http://www.rangergoldcorp.com/role/IncomeStatement5 STATEMENTS OF OPERATIONS false false R6.htm 2005 - Statement - STATEMENTS OF CASH FLOWS Sheet http://www.rangergoldcorp.com/role/StatementOfCashFlows6 STATEMENTS OF CASH FLOWS false false R7.htm 3001 - Disclosure - - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sheet http://www.rangergoldcorp.com/role/Disclosure7 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES false false R8.htm 3002 - Disclosure - - MINERAL EXPLORATION PROPERTIES Sheet http://www.rangergoldcorp.com/role/Disclosure8 - MINERAL EXPLORATION PROPERTIES false false R9.htm 3003 - Disclosure - - EXPLORATION STATE COMPANY - GOING CONCERN Sheet http://www.rangergoldcorp.com/role/Disclosure9 - EXPLORATION STATE COMPANY - GOING CONCERN false false R10.htm 3004 - Disclosure - - RECLAMATION DEPOSIT Sheet http://www.rangergoldcorp.com/role/Disclosure10 - RECLAMATION DEPOSIT false false R11.htm 3005 - Disclosure - - RELATED PARTY TRANSACTIONS Sheet http://www.rangergoldcorp.com/role/Disclosure11 - RELATED PARTY TRANSACTIONS false false R12.htm 3006 - Disclosure - - STOCK OPTIONS Sheet http://www.rangergoldcorp.com/role/Disclosure12 - STOCK OPTIONS false false R13.htm 3007 - Disclosure - - WARRANTS Sheet http://www.rangergoldcorp.com/role/Disclosure13 - WARRANTS false false All Reports Book All Reports Process Flow-Through: 2001 - Statement - BALANCE SHEETS (Unaudited) Process Flow-Through: Removing column 'Jun. 30, 2010' Process Flow-Through: Removing column 'Mar. 31, 2010' Process Flow-Through: Removing column 'May 10, 2007' Process Flow-Through: 2002 - Statement - BALANCE SHEETS COMPREHENSIVE Process Flow-Through: 2003 - Statement - BALANCE SHEETS (Parenthetical) Process Flow-Through: 2004 - Statement - STATEMENTS OF OPERATIONS Process Flow-Through: 2005 - Statement - STATEMENTS OF CASH FLOWS rngc-20110630.xml rngc-20110630.xsd rngc-20110630_lab.xml rngc-20110630_pre.xml true false ZIP 24 0000939802-11-000209-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000939802-11-000209-xbrl.zip M4$L#!!0````(`"]H##_"1M=S72L``%V/`0`1`!P`2QG9V>_0:1D(0.1;)Y^.A?OU4%4`1UF*)$)\YL M/G3')HFZ@#I1@$_^]CASV;T((^E[[_>L@\8>$Y[M.]*;O-]+XG&MN\?^]O-_ M_L?)7VHU=BD\$?)8."R)X`-V.^-A_-N'FX]L],0^G'YD=\*>>K[K3Z2(6*V& MXQY'H]WYO&<7!\6C^^>/2]P\M^MKJ]7IU>IM^&GH3._=ER+V)"">^Z]A^&!S8_@QP6%:C MTVJD8V3D'S:MH^?H5U^D`Y*H-N$\F`\8\VA$'^L7A*'6L&HM:\X"P),E)(1O MG6R`^7&GKE[./XWD*MG`EU;]MT\?;^VIF/':(@)'+$"/A'TP\>_K\&(%_=*[ M%U&\>H1ZMV(0B"/T71&M%!2]63TH?@K6#*(W:\3KQ"O%U5;BBO=@M3)V@HOE M."*9W(@QH\5SC&#?[T5R%K@H('HV#<7X_1ZNIUJZ8`X>(V>/U14@5)A3WXO% M8\QNA1V#@BF5@'>V?BZ=]WOZ&TOAAY?"BV7\I'^#WZ6#3\92A(SH$KG93(5\ M>O7KWL\-F-/#UN'18>.DG@U+`==SD$\"$4K?R?#`_(?Q&:CWSTI^AR#"DWKV M=/ZA\!SCLTZMU4#0CO'12=T`?E+7[*[EO?G->5>K/]8L=6M6^Z2>/MN*I=8K M8TG-TDXL';XREEJ@WSNRU/[F+.64KK&9TC4J4;K.J^*]<51KM&O65S(X1]^< M=V,I-RI9RMU7QE(%!J?WBEC2Z[,42Q@!?/;DLOM/\"$RBF\SYS<3/$I"\;.. M)H\_WYZ=U-.'"CZ.7`'C<`D&Q9/'T92'(MH02&8,'7D/HLK$@)\-DAG&_GXX M?[P)Q4I$J\<3V#/A^3/IK0.\GHT,\C*(D[K!@1.N!-_-@%\:M`ZRP/P?Z']8JP,:X M#/0Y:>F-F,@HAH0M'O#9.FG<]`>7YS?LO M/$<\_BJ>UB`P#$IO)CXX3JR(5=W MX2MV(P(_C#%[/_5G`?>>3"YR@);$X\]FOG<;^_:76U+(81*C*<1:P2JDS3V& MFD>/E)%BCK`ET`&YV]7@8N_GPTX#+&LC+\AGL&BCI9+HXU,>3?N>@_^<_Y'( M>^Z"K*)^?,K#\`F^_A_N)BO%W%H@K&D2UH`UW^I:C=Y)O12BBF@[+*+MJ-%M MM':B[3H4`9?.^6,@O$CH-;:-G-JM=D;(2JA;(BX2`LQ.HQ3F?A2).-J!55@2 MG M?K(6F%H$61YA"=8V0;;5`FP?KEB`FT+?;LDM0+=M/P';2S@N4/^ M?&N'G#?VBQ"W0EE"I0M1&B'+UBQB*&1X]06(Y?$5\5<&7]]Q)*9*$)R#G[WR M3GD@8^YNPV:W8[7;IKE<#7IK_$5L=]O-1L\JB?]&Q%QZPCGGH0+*-0S\'(-;7JC7.%%,SFP-LO";RS*_!3/XJ'XTO?=\C5B_!>VB*Z!6^_HZ#6 M`]Z%@!+"?!D"2@A\4P(N0S^*KD-_O#J>+R%S`U(I%"6DNBV*$G);B^+\,7#] MD&,ZIVO!V\@+DC*SN+P,=!ND11)L]:Q6JVJD13)M-MN]KK4Y5M7]Z6*5RYE) MCS;28GDO=A!VUVH;;!<@V)F:HEFPFMV>69QX:7J*)JC5[/2L;>5SY=G^3'P$ M7;D(_1EBE%X"^?LP$&J.MW)UM:;5.31(*L92!55%$U>S.MU&]ZN3531_M78; M5M3A+F3%`N*5>`<-:YC8<]!*HRKA!G9%52S9P_:&V(;Q5(0#W_.5C+V)FH1J M1/H\\%T)*2'PER6DW'24H45M-)W)*/`CX0S''YX^"4A2'()Q-^7>+7?%E:>: M0H9C]2%5;"^Y]%"3AI[Q<,?IK)B:K\YJB07SO;-:N"0[C16;P"_$[T#$F6FO MPJWF`);$5=I9[H*L>!H6-CF>099N,*1EFP\\DC8$.V?23>+5Q8!%N>:*14U` MC]4B(\)]'L/.Y"R*ODIR_BGD9`I/^_=@52=BD,Q&(AR.EWJD",@FLBHNG)1" M63&UBZ)QM,[GM=BX!>![![N04367[J/$UR2D. MR%L5BF>3-J>MHIYVH_,LF9L@?BGBB\.H;J_5>:W4%];^&IVJB8?(#KN0KT,? MCUXX'YX^0Z!]Y0W3++!OQ_)^^[5B=3IF*65S;%526;@H.IU.XYM366@=6JW. M4=/:G4S=+84[BKB;$0W'G[T`@`@'0,%@'''^:+L)`,6*5W^&1P_^Y!6DZKN@ M?EDFRNQ!O5HFRJ;7U7&R;(ITM_BV9B-'YWKHNU!1JC+Z$@043M>68EAC&*[H M0HG=OZ[/V32>N>SZ\X>/5Z=LKU:O_[-U M6J^?W9VQWWZY^_2160<-=A=R+]+G+^OU\\$>6W%/Y=U-_1%A63A8_UB+C9$' M3NSLL5KMITG\#FD(6!0_N>+]WHR'$^D=-Z3W3OU8&_EQ[,^.Z0A)$+]#PFO< M!::/?T\@-QX_O=M+H8R!+^9RO`;U?%#[?+N70L47M3&?2??I^$[.("@=B`=V MX\^XMQ]!)#&FH;5(_BF.K<9!`_`0T,'P[IQ9K,:&-Y?]P=7_]N^NA@/6'YRQ MV\^?/O5O_L6&%^SVZG)P=7%UVA__9?5:;RKAOB7H_1N*B,&5@CP/C%_S/AXM>^`1Z"'> M6.VK"[EAUC_Q)V99^PPO*U26A932Y0]1JJ!T.!)_&8A[[O!%([+*^(SPJF\1 M@66(`03^#[@F_`C0$??"]0.Z4`]7'5@>X='=X(`D@!@CE")&GC,:`G3Z_-DWHKO2@)L3:J#2U8/).? MH<>&=NR/0`K-+@FEM];`:ON'=@N[Q=1A=B8H'T)[AS:;J?KN=1+:4ZQ&]">A M4!<)/DRE/4W)=X@M1!1!'HI2:+;W8<'A?PHZ389-U5Q85`A33XZF#,WU)8H, M-#CDLB+[^4-3-R7^?#S&FR'!!7*:JL55M(\.$!RCI^^/?)"P&&G"Z4@SM_]( MI`I-]]FG\$!/(VD,>%!?4A2`1IEN(]UGIU,IQNS\4=@)81V.(0`78?KB8NY3 MYR_N0G4/)OQX)D,@PX>?4#-.I]B&Q;V%%66JQ7;7:%A!5BZ3DF"12`>5R8+!NQ-P3HRE1""B=F$F* M[6&!1#YX)\&,5&31PVNZ8/X(/ZZ8.5BP)`(,$#B\6.4<+AHL6!/PP^B)R`K% M!&_^P5M&]>S2K@QP_G?N)>BTCG"-@P)\AZKZ8HGJRT7]`QZ#'R`O-3]"6'6, M_QT*_`4J`YD]@>B/>3X:2R>Q05/`)$7Z\+Z.&/Z>>(*U&J0)UH$Y%C57@'T> MN3*:*NU5I^1$FE6_WH#Z%_\!:(-((UY@R/.!5-QVCTDJN&^>))J[>?'$`)*$/I^;L4`SQZ:!).M8-Z`=_`C M^OLJ5IDVTN0LNVK[ATE^&9.<>#QQ)*I$5GF45//4X6(2>LK03B&3!T4+Q=@5 M:+0YJ#1WKJL"63PB0((_/T$D(T0`W=TOOI[XBT$J9O6FHE>#S?I<%@H@'7IJ5[>5&*K0*7T M_#KG9DP7V;,GP;&Z@L,_\1#$WK*TKUQC.#GM#4:Z_H03'V&"D68_6MU6KP$] M\U33)FF@D\1?L!`.#DD[C>6%9/`_GPT,D2FU,CE1LZDIXPXX(VZK_8/YY:+, M@>]='Y-V6$(B+1-Q6D+IY"IZ9QQ]%%AU8`I=E!8QGU^;8PH)-^E"),A]V@>( M?HRS9"!+U_4#K8<(7"7^Z1))&P%.$D!PD2Y=@T#$PS/,54TN!4ZTJ^#/,)M< M_:UU[ZZD]90-@:5KZ]\17H?T[D&Q"?4JQG\3M9<@MN''`L$F-&_=JS6_F&KEX]25*4MMPOU!@`(.@/^%AUM MSE3OZ[UFRJ9QLV1I3WN.T MKY?0T??Z34!WR%'F:OH;9&(Q$]OJY`(`:+R6%JG^/$@(I`?'"7P^M(ZI*I[/NP4IF\8-P03?)+^>D\2D+G'-Y M+R;/1&P6'-GZ/G>*IM1<6#![?IR)!3X4C]2P@4625Y[! M7>7U^@$"==(.SPQR<[/ZD*9$N12.ZD6Z3YC=8Z.P MFBH]B6KZ,<'"FL)66E]5C<`$':TI%2,V[DZ; M.P6C+(,[8/R+P+JZFES2.@H/`Z5?9%8Y;>NOU6BE\;KDGEED_-U(C75-&:BB M@M":,0J+HUMMUC7&&56@97+"]%)G_"BU)Y"RAVG$&\[_C)\*OO)5`0@\W7FR M:Y/E73?)C4!ZK9#HQ/1"%QUN,KZRZTRRC7;AOK[N;\P;;9,:P6F_@S5&$'PK/U# MW3N);ZQ]2_VVC\%PH-IZW:=%-1:4&FS<*)ESY=3R"QE!S<%+6W&;"3UVCBV5 MCX2XA96H[2EC-_>'.E?OLF<@WREV3<%LJ&.Y/USUR[MJ[OB4N=]>]&_9P#]@ M%BH`\?-'XL?O\G]X?FF&YM^E>]99GUS$R`CPT%$[MUGNJ]/SP.5/^E2%`5@9 MK'WE@^$-.-TT[>;9W["<>^9GNK9T!4"9,!GE^@OT_L.MF6UDS9@'"\QJ(ZIM M+<0K6'L?F_95VV6B$C>S*':AE"$MDSOZCWM"8"."6"?S*MFG;07,\+.4(4*+ M[3]XE.,H<_ M[%7%EROB6(2U*."X\W-\T'Q%]F-CJT$;HC-U+#8[;HZJI)7]U'>RO9(WF8GH MWYYFO[QEMZK[/F/]R.K6K$:MV38.V>44-#M4LQ*O@0JMF8G+:K9N]LU1:)!H M@=4^4&D`F0-EYVK34Q4L5YR`T,VY9`;2S^&7R&A.616'Y*.??),0IV8@VF>8 MMWA1?Q'M:X"=0_)F]%Q"@YVVR0Q MK85.,$!3%5&P1DF4"N0#*D7MUI[Z=-R#QM3`+-)VYLQWA$LV2PM+B4970VG' M;>+I+KM[?=A1=V+K*',?^V:!Z/VL)I31]F]M\N;W1OSBNX[RN;"T_JUSFY13 MI42T*Z"RQ.9CL9A^%D8TV`K&2,/'^^C/= MWKZ\C7^SI,B4"X0E\K'L`:-)OO6/?4)AE\@HX(. MPEFQ<#`D+EIDDA/SF25AH,M__&1[%%^=*"ER]+`#U^,6C[1_\-6Y9F0%,_),TU4ME66H/F*)_5@'@"$N=F.X(F0>:$+-\.^) MG`-N+V(_6@&M'A25(60G[)-M&54S3D-L*\RCA\$VQ-(@ M&Y!'J#_P(+;+/1)C6@N%-*0$@/1M.E6D`>Q:'NSY?7PL8Z'A@XV]KZF/(`=/>(T4X3.$1P4*X1D`W< M$)9W3Q-XR=SP3GY)Q0!>BQB!&"!;&S)M=A$Y>,S(FEC"OXBE)_S=9-3$O*2. M3-',"TG*\EOD<^!+F*GIA[*,0?T.GE`!P@&-I@'QXBD4:IT\%2K5)D&G/"@N)_A6#\/24\#:9F*2*KA,:@)!-P$93*@#'+6,HJ7]<29FDQX2=BIBRM M-'!P+9@U"%\&RM9$-RT\+_K9D*Z# MNZM@-3*S=0"IAD^@-7%$:\71,K=Y?@;]_3NGO#ST7,F@9CZ.P[O!"4AN*KU( M!;*\9D>)5I>8>4$S:+#=BYJ8QMI[@-F)TL^\8M#A0\]L(_I-\V8K2:$^4R32 M3(`4%8N'M_TAL5++H)/XWNQRO10YXKB=X:D(:2L-L5;"UM/Q^)CQ>#4>3,%K M9T$#0Y:+5,#QQ0#'5Q=R5'MO?+FZ:7=;UT;[6^?ZMDOA^3K=VTZ[V[MJWVU) MIV1:(<8T>/R"!AC/Q^!H=^:Q5.HG\YA.1+\!B`ZFV&*Q/E6?&Z0\.Q?%3A*(6X\?L82CT8FLS%-Z.C'!R(ED#3AQB! M-\\P?J)\B'E%0<"H(T)]+4#^X5A/`$=L8@;418O."G\>GNR;2JG*5VJ/(9J1 M1`8D`Q(K4!*34=(]C;/#\L`D@QJ[X[(XC_8MTZ,;F#NR?1]P1[#"411I")`7 MYC.UP2%(:/NF3J/`839@7I804-AGJ^\A>DF]69JOWL"M$[[@#^79W&QN.")" M^)D%1<60I&J/^E,/C%,Q41B?)!3NVD/FKXHR^<7!3:DAP.*0>J/4K-4K$6.N M:6,>F0.+.43)@@X6T8$^D\Y*Y-9*Z#AUU0I$EU0H0%J>6C^C?%I:I/X6+/L" M+1BK>F-:90M:KD<,1W.\2--QQ]O*VN[L=`5M1]^Y@L:3^(!SND20_4U-YJHL MTQ[ZBU4-$NTU6*A"3DJGS;-*F)4V5Q^UA>J#K4]65<@B*5RJ5:3-OY+]3DU^ M;_QXKW98Q7@E6P\L65O:P])D1QS(Q1ZI2[3IS/2R`Y>D\ M6CUBWX((!'SQ,`7G"(9A>)&N23L3/W_Q>#00V&GCM]'*IS`%U/=@.H6N`FK./"5,'9(PJ2 M!?H(/-]BE9UZ&@0OXN7V.QD#/!``.;*?&_FANK92U]T_+8AW="W`*($UONT3 M_8'/D=M(_K:#A'7_D:'Z?+KMB^LO=!.X;'=N[ZYZF>>ZU(PTK-O1]C6)P7C, M#$9B8K,D2A9^Y,F4Y-PI@IIS($'S=R$*%N@BU#"H?1GB@J*\A7T*LC2P-<4N MS%L6Y9Z_^R7LA($'^HT\@YRB1GG06INH'UUQ=>EAI&,2HJ(^,3'8ZQ=Z:V.] MU5345K=]30S62Z/3ZO;^-'K=ULU=ZP*4V#I>ZDVCF0P/9T(,CW+?L\SO9?.! M[/OGYI-K#[9[$E,UC#S3D\.I;P0SE]=?#1A&NH_8*ECQ0F'$$,K3`V0PJG8^ MN::'Z=@<57TN)YPG:6'\&0_)(NJO9#J$[Z(@+^P(3KV)-$(FWA.%=/71*\'RQ8/>82@,&V.;$JZJFD\F8!`BSDA M`O961AII:QOX)%)0$>9>IO&RXGQBX7*S56;;(!DF+GA@$+Y#0J(N2LY':KXY MA/LPBXYZ0I@'A;]`U,]SUP0DC(AYKTIZ0>ZCTFFS^2Y/BGX-=1WJ%R;;9?AM M/!.TQ@/\$I.A.TQ<"F6_IK(_UHS4N][MQ7^-V\ZZ&CZ=;)=FQXD:5VE$A()X MC1/H1_Q1+2TQ.F0H6B@1;L7+X!?-9QQ29^(B/=5=I,XS_._I!'2QTD]&JP8@ M/WVWG@V+V*[NLP6Y&U*%H]>;:GT3DT.4'C1172+4`7X5#ETQS-+07@OF1`9G`=U)E3H&ELP996\S*D,C=,`/M4HL(1+_(,_P"8^( M)-:(&[IX4D`\8OM3KQ6#?!B:8UD:07CZNQ4L M3^'1BUO'H:*)BO'V:LRR"FG7"[[FCPP2'*8\%DMOS(98V,7K12;HWO)I4046 MHI*+:S*0\^2RQG$S6L&+A6<.[M(O#5H;+8>[P1&5U'6FE!H1X9TG5$T9123! MEA!&DZ3;$%$XG`8A#N0^`IF0Y?K6,P0U'F!QP=.4A@SZV%79E0*;)Y@66@/1 M1>$TDM$:*=/%T]N=E-52%4-@2@9)2,=C^SS&-T6"F.:M,MAZR=I_>XT3C%=`#KF18^ M"J4BYH6`4!0$.H+K`,#9$;C0$T1)!L>"/G<^:#)J8>J*=BGSH\9KH(X#Z.1Z M'A$U!I@YS27[W4W1?\S)"*@:Z#$OZ82AH-">:P[41<=D9EJ?1DUSNE/0/8P> M:WQU9="1K,N^SMYN]%1@2,,'`"0T5#?!NE^$-REV-/5)_E$`*F0$K^%,? MO/XEUM$(]FS2TI[(-9'"5$A!5^6*)`9EB",U-)'QDZ19.#U M$?PAFH;F87\_1'6Z;0W("0C.K+8/5,Q8=#;[QN:E!,58!)H>2O#@S"U1+N8L M0#B>NU-?-?:`TT.V&,3M#RM-FGGPAARH#B40B%[I`/()^)01Y9JT/E,K/!#; MN&KP^'K=)2M2@OIT"5^'YJ[OCI1[^*1LG]F]%&&+;=@*VAUX-&CY.Z76%&O? M(14"JN28C$C]KZ))>UBM@$YA[A!A(42MNI10ZZQTU#QCV(7\4EZ)NK8'H58[ M*YT>-=G.`:+(1L@SR^A.JF#*SM=LJ3%.'`A1")!64(CQE@??P^W-<=P92C-N M2%BF1-B"J7O.>"J5[LAKFQ+?.^8?W,WL0#,\/)S_>*R_Q M^&U#ZEFNU2NUIN[9MA$=4'5MTUNA'0J`NG\\H/\?@,+#J1!;Z\#`UWT\:!S] M'O6LQV+LV-ZP[8%BO M2L9JX.UH'^H3"_[18(*=2_8[XUQ6#D^3;\^S3B_AD(F2?JV:VD5F;"G+GU/C="]J^B53?&]C(]".X_>0O`_MI@RGO M.H"0TNA'9#QH.@+(PG\L'3N<50]BLH$2&J(HC^A7PKLC.Q]$QH]"6$WG,74) M*J)'.X@>U0]SZD/-MO.\&/WN1J\[VR.P"U]G9AP7`E>,/GNQMKRR;=<:,00% MJ!2"-FV0EWMM/[P89DOK;-X2RF/NVKNXU[^9T_7GL=8LKC8+#V=QZ)M%M%=E MUI.<,NN-:'_'-?Z%*$ANR[-B^.+#:1S/2`*WHS=G7J< M(`'1E[\1_?#.>,EWEHP[.DGZI8P!&Y63N`-3JKV:=_(E([\G^R*_R83J]DE^ MUV/`W6WD.2,Z5-2EUM1/E8@W$Q?Q7+%6POMQKFB5C!C&YL`HQ'!?6"MSVVI: MDEX2JSK43$`:]@>0C'A30-,HYUNA:,%UB>VT^:?122&9A63&1J,\N*:S2_UX M'#)+\GL;>=,$B:51)^+WRC]W[IF_>O6,\GC\U?LGWK4,B7X?Z'/HC@#%3@&2\QE` M*K9MZ@LH/+C8?8*:DYF[-FKN*NS9C^;3WSYM1AEZ0G3,9\)AY4?/'I0!L/#< MLB3EPJ??U7371;532+1;/%"I%H]X;`#*8OXCL+($5=+B)0ZF@Q$@`9 M0E,)9/.VGV+<>=90S';C$-LU*>M*[YT%"L--4X4/YM9/?'M>^_=D56 MM*CHZ*.-_U7@`E8A7>ILJM?2MIC2;J=$DX]S,QV91!V_0-<;^RW0&4VL?L&F MR62V]>+Y\!3LW$PHKC*2L"`7.W/>MK$<3BF,%YJ;B2%5F$,4:ZBYM+C%=T`QU0PL*+82Q0H>*]17H;[20;%"?17J*Z?JJY\X MQ;[RL(89+,6,CXKX%!I.TK*1#)AF7M5;)(KC$HC>!"I(.)R%8765]()%:/#MY[T#LVH'SZWQ`+_\9/K6H&,^CZQQX/<(8WQRW/OOO_[\DV%\ M$'=#/8QV]XT;6)>V?^^X_M2SQ&W0X0>8JVL]?#RXH)]K![_"B/Y5+E_>7O3^ M[+2-83!RC,[73]=7%\9!N5K]HW%1K5[V+HUO_^E]N08+Q.AYYMBW(2?:=*K5 M]LV!<3`,@LEYM3J;S2JS1L7U'JN];O4'/*L&-[./Y4"YLS((!@=&N:4YYU1*GHC$A$.)7Q,:%(_V%:K M[M0E9=/$PN0*&R?MP/R=`M?,F# MZQGN6']%3"!F6>"/_#L0ZZ\W&=*IKC.+C)"#T;/.KLDU\,YM'ZQLKWNV1Y]1 M&"%\3M%X>H-.R1QAQH`T`\^\#Z:F8W2MD6F/P6BZMA\LXVTR#>CS2MIL:P"V M;VVC#7D]KU&V;'-`MD>_-SO8BZZ52DW/K8OO@+0X9,#>F67!;38322!>J;]/ M#L@'?4#JS03MA-U23TMFK!R&_#7)]&UM;KFMRBO(F9;LZ20E>:5T@+V3Y"VW M2\NKNR[YW2=7Y%JO2?V^GTH3WDIRU&DK]F+YO!YSUQ/`W6T2FW:/2[J1;,J6 M,ZD.`L``00E#@`` M!#D!``#M76USVSB2_GY5]Q_ZLEM;297DE\GMWDQF9K=H6?9R5Q9UDCPSN:FK M%"1"$F\H4DM2CCV__@"0%$D1($%)-I#0'^+84G>CN]E/HXG7'_[VN';A`0>A MXWL_OKD\NW@#V)O[MN,M?WRSC1;=;]_`W_[Z[__VPW]TNW"+/1R@"-NP#0D! M3-8HB'ZY&@]@]@17O0%,\7SE^:Z_='`(W2[EE'W`F0VQ)$F^\Z*>E-\(BLJB8)[*)[_6.""A.)_[ M)$ELHBZ3F+(O`G_=2+M$#;\!TR=WYG+-*M@4X-#?!G/]G[SY:\H*R+,A9H8<-_R:\O_O#^=9N\]@G)THPII]62//2J;E/Z"( MU`FE^206XOG9TG\XM['#NFCZ"T-P]^(R33CDHT\&L=ZF'KAQT7+/N9SO%6!2 MJ"7%7NG+E\68H/E2F.UH@!)]]4'5VP8!=8@3SI'[$:.`U`[7I&_C>$],JBC4 MZG1/HTY$]_(!6*U)*183.4HO0+&G.#\P=F>JPW%.D M-BA9TFQ72.X&`00=N8!.<3ARM=X/Q@*1NE#DJ"$.Q"0MMJ[CGA*Q%3Z,OU8< M='D=]V.-?J,X`9VB`*O4.HTT M+M'+AUR%&J782P9>$F)@U$#(VQ*&_GKM>Y/(G_\V62'R$*QM1*O6BMX%`6NK4Z">.8<0)C[4#,##GNEH3UC>/BH$>*DZ4?B'/K'I72 MP.5J7(S4`HFJT.0H(8I%1@HI;4LB;XR7#AWV]Z(A6O/*13Z9TMCCZUP,OB*- MJNCC:2$*OXP6*/$7%7^"2<_^X\;U`S8]-(D(KDBVWR#OZ=8GF;U'GW3@38F6 M5T3F;[S9JF;\JB9!#[%R-QG:A%G!I&AS]4KAW87^+Z.!-3:FIC6$R=28]J%G MW8V,X4?HPJUE#F_)W\->?SR$M]=..'?]EJN>%SZ! MM=,5!M*$$V"P=T\1%GX`R'6!_+=!003^`B)":.,(D>[6!B:>!,>;NUL;4R;'IL8LG'C]6*KW/)D1HN8$#OGY1(>5,U\!1O3' M3C0XQ`9O2:CM[]DR`$)(A2V<((S(3S;@RSQ2)<'SP?7IXC@@F958C^DC1Y4V M=2)E%$6\B>0)BZ.FUFA6P2"=A+-2P)_W*7*RQ0.&-2TY57K,C#;K1; MB[5?[24??S+FT@;?T:]IFY`V2G<%O:7MDKSV#G9-0];VRZVDEDAX>KB4-D0_ MI;\S;R8.Y/KO0QLS;1CB:(SIP`1UH35SG25[$)4)D9#["UD/$: M\"O*9(TU+,.)BH!,!F1"(),"OU(YP`0]=[*I&(L\H=U=&/=[`^,N'HZ\[H^L MB3EM:T+87RBZ_Z5J$(=">+[P"E!>VWQ(E5^<3]PET]U^M1@1J<^2N$&J@RG1ZH*?^NYFCU`#/$EU/CM< M:=<+R5GQ"C)F.'G7V]!U#=;BZND.1RO?MJ(5#J8KY$V0BTTOWNIB+6)"-B!_ MBQR/CA%97N[#RD=RPE:4`_OD'BNGA),UH3*9G-@(40V<-D-7H(&X)6%-T M58<'M+$.';U,-FT1NISP#M`VT^'C>+@F_4Z/=/;3`?(T\-\(_7N%S89R*!R:3=6BH5,K&0 MR@7Z4"`ON9/6"I1?=17P#"ZJ[.19(ZU,3.'*\&SZ7Y]XXX'45J34,:(>"H(G MQUO^A-SM_FZFAKQ*4TT#ZXHY18)15?*05HV3)<(56ZW)?LFQ=P#150^Q!&`B MU&>`X^Q\9OTWV3F?SVD%]VG1AW6%EX[GT:=%$GVO9-O,LNOW`R M6_Q4,_%TO%C%>>44/MG/-:GY.HW'BTBOZU$\V`N1.>7XN<7RNH MS:S:,WEH'4&,"U.>D-K,G]N`_6#0RM8;=G3/X.YO"G_F1*-S4; MPVNX,8?&L,?^ZDW-G\RIV9^T7XXB9',1O[K=JL0 M'1]896RCE1_0,;]ZIY4@=`%.C%)#-,E;L"LPX8]GI$.[A.J. M#O[S+YV+;_(?)7BD8_#_V'H8WE]T@`8PO+TC<;*"]Y?)W]T<;WF@L0WP]:+` MF6WI?+*U2&>9A<^23ZP4RE7Z%P'-HU0%:[$N'&ADQ&PV*2%7C^P&1DQP%"6G MKQ$32H?QS)X`0<%0MM(#Q:7!RG=M'+02G6%D+6Y]WPX-SY[@X,&9XW!"W"%\ M)F(&I2BMLZ.(5!&U*K16Z\-!;,C"G+&P(>24"2B7>N`>:,\8/V!OV\HSLMA2 M*WIOXN,&>V'MJ3MB%\OTV,8UHV?L+HT5&XS&>NR@YQS>A;R-< M^BB@2^O"=";G"H7.G"2::\?=1L(QT%HNA9"2M"@/LAH6-;"34JJ<^1.N;/JP M`XR3]6P)KVI\'F9:R0QPZ4%F&^$\:0O0FYU1;=<&M/#[U`V&U[B5XE8RQ'7I+1!N+YUO,?$,/EK?7CL?N8HJ< M!UR-N5HNA0"4M"B/QAH6-="44JH4ZPE7?,I_@4\7V)[:KC:"-B!O#22;+1S1 M.&R!0B48RYH6@)=]K0AD^PJ4`X]20$RB^B@'66WO4+!TRF?#?/W`R$XAI]O, MZ;RJXVW):WIR*KCOB89391@5PDC>KCRZZKG4@$Y6KU)T%P_29S/E&3=D[&!$ M\80ZFV./?+JN1H.36`ZV>W?B/3,Y(V\MPB?IK6@UTY%":N58%EI0!G")5"5J M!SE$IC]*2QN7HW)&HC,H])431R,C8'5*J M7X(:J1U1LG:BIK#'W/1DKL,3>_P@86HQ>(3]>U`]0)(R1!^L*P]!^Z73A+Z^:&,"2I=92#^OC$&K1+)O1W6R2*EU20A%?60#7;A$1CFH:^SA MK/-Y!2/.WRDG<\U+`WZMH%IC935R!9VJGKRL9],*_WR;JF%?Y-$%[3RM9$&>\.HRB7F@ M<6]3OG>0I37R.PYJU?B4JI4CE:EP$9H%$%0XY2G!@%U/I`[`F6K<8 M,)7CR7D2#:`B'DG.OE<+DLK!V`0A>HP?2^O;0FSDZF*ZT9.>K1!OI0[I,:/" M;?[U;`HQ)&M3'E=U/&JP)J=5*9YS;/$61T:L>D[_0&/BVU;V375$^0U`Q]\L<LG.L?:9Q90[8\;#P)[3> M?`^3J=7[Y]^MP75_/-EA_[_OS>G'=F._^DIB'J$>>*ZXG+A,I1RCU7?^Y@BU MN:M86OGBA<7MGM`L.TV^%]7I_N)Z.ZKQIDW?*'<1,`]_>O:%S2XV;C<8DVUI MIF=OB;<*Y]*'4V+-%6G[-X'+)7D50K21=7FT2C&J`6X#U82;$#/FW%4*(?Q* M^8$)>&X\/^!@YEIRK*03/HXD`A9AO;F<>^/+<:M#?5#_N-@YVZ4HJ M@A[_^)9*`<=[Q[UN1765_3PV2UGZFA8RY]14Z8<(^B+21%55WUR*[FFCIFH^ M('UH]))P,C>P6Y=N!M;/$[@96W?<*Y=>DTGJW^PJK`-K#*X`_9)'A9T228/# MK56R$.K7-$ED%[QI7V,<8'-BIIR5KRGAV/JB4M`7D2(.J"\JI.B>,HZK+WB@ MTK^^:.Z&_?HB=\'C:WU1\F^VGOW`^H(K0+_D46&G1-+@<&N5+(3Z-4T2N6T* MNM<7!]B\HXKK[@@4K_^J*Y&_;K"SHO M8KS6%\2_V?E(XF>0IU&;`LK:[J$[(U`&W'T5N)@LGJJEYN@L"?1)V4*_UJ#> M.%S7%@#=CTB.#,/M&MN7(A<6:50"G:=M`>AY`D5`+ZM0#CA*`PF1-)-OEW M(&/3J!0^Q"Q"V$V7_0EN6&H)0HDG_/2E(:X3JO<\US&IQFBM/260"CD4HK1& M)P%,\UR[.CIA+-^J_,)UZ$%VT<(TMJW6G+;C5:9KE6#6%K^UG6TMIXYXENI^ M*W&M6T]\G*FO,/\T(K(P*4WB;7PC%%@!.[?8_@FY6YS>\"9X!++,"F'>S+X\ MS.4XU<"\B6ZEV-\QQWNN.W28"_P@/J_:!B8BNW]0-8/PYP[YA/Y+NT3R M?I[\FJ`34`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`"Y=<+DRNQ5_O^H>6ER,VN0=;MXN/&5P$WQJA&YT^<:*ZO1+6#6!>R5ZC7!/COQ4-OUC<<:WH6?C?'8&$Y; M.4&SW6SBHRV1FXZ]FM["#]9(9M10EELEYIM96$"\'*LBO#=1KHSV''9>C\:#?IW_>'4&,"U.>D-K,G]N$\G;'?GGX,YO+'&=VQ6]T,+T\#/ MV%FN(FP;)-^B)1YNUS,<6(OXV`%K&X41\FS'6UZAT)D+GE)#&0I3PD'6YA-# M(P%JTL,!*I:0D\J`1`C$4MC@4KSE/2>H`TR4ZESQ+':7K97)$>E'Y`==^T8^ M^7]02P,$%`````@`+V@,/S-.PX/4#```O.4``!4`'`!R;F=C+3(P,3$P-C,P M7W!R92YX;6Q55`D``VE<14YI7$5.=7@+``$$)0X```0Y`0``[5W;89;"\@XHN3+4??XY*@%B4=]1"9?CL)@W#X[ M:OWZK[__[?,_VNW65T@@`P'T6R$7!5H/,\""/R[N;UNC9>OB\K;U"+TIH9A. M$.2M=EO6PXC\^4G^,P(433KO3DZZ MG3^^W3YX4S@#;41X`(@'CUJB_"<>/;RE'@@B41/5GT<,KQLX[6S>I2PA_]=> M%VO+1^WNN_9I]_B9^T*F7,$`FD$TH]CW*YL<>G8G&NMV3#ZJ47((62(^M?D=:5-O*5.L1\"T7'>0/#5>^H1_9$& M`+^JT*LWZ(BKZ)+12ZZH%\X@"7I$,!>@8-DG8\IFD>/H%@.07;^][MN1>`4- M[BOO!<"R\SY,(0S>59%OJX$ZY7F_KSSOZY5G")@@8@H#Y`%\NJ]PVZWM*VE? M#)TS*'I=`*6]_%)%OMTV]I5JT]9@?`GX]`;3)_ZABFB*AO;NKXA[F/*0P8^5 M>F>R>GVRG.TGRUF=LISO)\MYG;)T3_831M:O49IJ#CU5OT9I*KGO=/T:I:GD M']/UD]+,&>2B\T?#WJUXD&H0^"_!HY2EAM$Z>OU:`$R]U#NQG`U05H1( M/OF1]YK>B`<,>)N(+`I[XI:TZOW`HTW84DK69.S%H7<\H8N.#U$TLY"_1#C: M)]UUG"0>;01Z%,UN";S]YRRYDB3V6%I&P+QUB^+7'0;3E];>2A*IPA%R(0^>RHHP2*?,A6TU9WTCU/2&0+X6ZP6"2H?O4WVU6 M?@:0;.V_>T/MK\%LYF17(AK)Z0&I'-*+@4J!G!?A+3/_X9+)2=;Y>PG)1-0-BL?WY"5RY"QE*-5 MC_^JHC9SDX\IFYZS-^\T-PA#=BG$FE"F[C*I4C:3HH23S@>P0AO MCR[9A0[<*R(3@7[XM?MF8RZH&DL)32=P\>6^"9RTN,< M!KR@YZ<+F<;%EI9W^<@2/X<+@64,1<#FW\9:4,H:"1I`QF%4\N`LKL),+3*W MRAK":193*CXS$;A%JURF%8&2_'']OQ`M`!:`>2^X!(PM16-81M?<>=@R)G0<-":E,=0,=O M6T=EAO0YJQ\E*90;SPY-X2"80A:CO*/$TQJ*<^M81[$&FIQ%%0M[[16P MZZ4UU!4,X;T1T,QKQ^"I4RU"HV))RP4$';4H'+S^BV89R&: MN9#2&-TR$FU;,);R2H.!!J-GEH8"I0=_AX;[:@/\N:5]=[@6.8*=E\G.*&D, MMV4'<246MQQS8I]&[AK%5C%C:-7MLMD`\O:@6$AFS_=1C&4(D-\GEV".$F>) MM\.N[-+649N+0\&PK=WU'@9`Z,._!HP@,N$BB`QG(9:'NJ_@&'E(-?H65[2. M=UU("A.P=05J=RC3#KBLHU@%04&IK2M210F'BNDTZ^C6`Z0@O\K:U`[Y)FPY M?=]L.6VVG#9;3ILMIP?G)#T''@(V8)'X?C2%&D(6;>W72@:H*IO&7>$850:6 M6ZF"-/+X5$AKQ<*]BN9#G[V7#5B*\;B"$VPGH=2W M+\X$IA,ILI*N7J.F==QK8W)KI]S.N;U"#Y]3PV;2R_CV*INOC"0[U[$K2MM/ M,UG:Y==%1"WAMCX^[%8'C+W9XA$E_\':`'S22ZH M90CC)1RT#AZW\BSQU.M6#$PW0FF7E`2(A(A,!G,8&[TJ4BZN:!W]NI#YY:ZPLG664`:66W?S](D0`_(@W_%OE3*$WS*L9?7^ M#$QNC?+Y"JK4Q0VAOJZN[>*]*_'E(SRF'_F!\L?P&@RGU(TT\3@%Y`!CV M2?P-KL$X+AAMX/H*$)'#X8`D'BK,I.:W6&=7KX+?K6MA[F#P$F(IS"A5QCHC MR)"^Q@M#3'`FZZL3UAL-+@!'GI@P72$QBT1^AV@R%>!Z M"S%P3N!=.!M!-ACO?*LITH7"#DJU89U55$#WFC>-'&I1/[$E7'[(X0;3)_[! MA(,#&VGT#PSL5&G6^/<_**!0:K/0;P`[SBSTBU!,VMF0T0427NQB^5V$Y7TR M6$_[>EZ`%O'%,?G>H'Q#IG&J$[96@NA6=L36Z4E5]O:9OEA*<<__;\@#V2?X M([V''B4>PC`%^Y'6XS9>XU6&&%R9BQ9?2PEN[7N)=OP.(C1##`J6UK,+&V(; MK\=X5CBB5H1;?BNQ":$W$I-(2E;?6>[/Y@`Q^1_M[1@%#1AB1R5R,26AN74R M2G0K!@&'5S#^F>Q(.I]_U:YOG5V41.;6/JU=\,/4]Q:UK2%=S1`C*$FMCFUD MX71K#-G%K/.%$6U#T6G,$//9QX?HPW1KGYC^)'/O-(IU5E(6FEO[QQ3H^V0! M>1V)MIR&7+&40HAN[3%;?6Y!'EV.=F,/QM_)7*@$^D(QHM-(_-?/'@Z%BN1. MS-Z,BF=_@9S=)_LT:8@55;6-72O;7QFN1SZK#][J1S?K"H;8RCX13!I*?5O= M3&!:OP_M/0999PEEH=6W]\S@*&5U9]W^44I.0ZY82B%$Q[Z-)?![$/K181!Y M#X>\$G,P3ES1H;"0PGJ&&$15FG<-1A.Q6U%%$O0=#>`Z):!A%7(W?:#/!=V0KH"EMTGXPIFP&=F^WU:EOG)TKA M4EA%+?Y6PIA]=4*5.H M+7E_QI;\"B+M7;N*C?N.$D_\^I(])7[&Q.<*<0]3'K*B>S3V;=8Z6ZD'L,*X MK%V^D.F4'N?A#/I=54(A6<80VNLA,R/#L(O5K7%!WC'$T"B4<`;CU>JLZN/= MV84-,8$RU^6I82C8K>7"@T,=AWTQ]X^'/P2[W['1YDCE3WVD\@%-"!HC#Y!@ MM0U2^/4AQ<@37OU1=)`+K%X5TZML&G?%4]42L&H;NQ:0C:AQ[NVL<6^->[/8 MO7U#T>V??>*'(BQ-!:J%WDVKKFG,%3JW$J@<]VWGC6]K?-M!?!LC$R_2],F' MTY-(S_))\M1C),-,ZK M<5X6!V;1F+S&XUGL M\>XAEI]T'0(6+!^%O7/@2?FXOL,KT8)I+!;ZN]+87'=W[QIWU[@[B]U==$/N M5%@X9%SN`@R6\EMWJXN594=?QA=*%2TQE&S&-#X+'5\U@*Y[O]/&^S7>SV;O M)T_(I7JUW/>B'^IIUS>-P6)_5P[9@1S=ZB_RGY%PP^+)_P%02P,$%`````@` M+V@,/TB^FV,B!0``FA\``!$`'`!R;F=C+3(P,3$P-C,P+GAS9%54"0`#:5Q% M3FE<14YU>`L``00E#@``!#D!``#M64MSHS@0OF_5_@>M3[L'3+"33.**9XH0 MXE!K@PO(3F8O4S+(-C4@,4(DSK]?28!CFP2F%^N++*HG! M/:)91/"PHW6/.@#A@(017@P[.9LK9QWPY?/OOUW\H2A@A#"BD*$0Y!E7`%X" M*;N[=,=@]@@NC3'P4;#$)":+"&5`483=*AMDP1(E$#!(%XC9,$%9"@,T["P9 M2P>J^O#PT*40+Q!=D#@,"$V[`4G4WI&F'9WV!:`8)0BS:T*3*S2'>+A)QA>0S/2O#4OX\7D@0#1N7:MME4EX5R3(Q0+7<6AB M%K%'B_-/$PF7KZ4H''::5=8@*A@AFDYZAT,&?97LWM:5UJ=)D&<`XR.,W >]FNE%9T?`1+ES`6.XJW1(CU M"E:V14TL]`H6/)XH5-)PJ8]UVS"!=V.:O@?^O,4P#R-^N/QU8*"=@>,Z`\=M M#/2:&3"]1"SB4?3KA.STM[#3;UD?6]X.:^0% M?BQ^>4W0.H\G!2LU:0L7QSM<>+[NFQ/3YCPXU\"9FJ[N6X[M'5AXGH5U[IRY M`;/E=4P>LM."BN>[6O@X:>3#T+T;<#UVOA[X>.F&%65!3+* M@:DSM@S+/##4RM#9+D-G;0SUZ@Q-+)OO46-@WDW'3K%9@:DK-B[_0,(>))SO MDG#>1D*_3L)F\N6.):]8NOV-]XT2XSHAK M&F-]4C!R94X=S_(/N6_-O5;+??,O=[\XL&NY'_,E<`6FNNM_`[ZKVYYN'&Y1 M^U'0JU'0_+_-*3BM4^#YCO$WO[X>LKY?UONUK#?_Q?&L?ZIG_:ON\LGN_Y\3 M?J'N/-P6@NWG7?&X&R4IH0S@9XL`+SUA%_6#,0FDKP83\:54=HH0*5I/Z6O= M5196;Y6-*)Y_%]]S_,I`#'RR]Y`M3^S[C+UKI`L``00E#@``!#D!``!02P$"'@,4````"``O:`P_BQ)Y MCJH6``"]/0$`%0`8```````!````I(&H*P``&UL550%``-I7$5.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`+V@,/S-. MPX/4#```O.4``!4`&````````0```*2!H4(``')N9V,M,C`Q,3`V,S!?<')E M+GAM;%54!0`#:5Q%3G5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`"]H##]( MOIMC(@4``)H?```1`!@```````$```"D@<1/``!R;F=C+3(P,3$P-C,P+GAS M9%54!0`#:5Q%3G5X"P`!!"4.```$.0$``%!+!08`````!``$`&0!```Q50`` "```` ` end EXCEL 25 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]B8S'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I% M>&-E;%=O#I.86UE/@T* M("`@(#QX.E=O#I% M>&-E;%=O#I.86UE/D)!3$%.0T5?4TA%15137U!A M#I7;W)K#I7;W)K#I7;W)K#I7 M;W)K#I7;W)K#I7;W)K#I%>&-E;%=O#I7;W)K#I%>&-E;%=O#I7 M;W)K#I3='EL97-H965T($A2968],T0B5V]R:W-H965T&-E;"!84"!O3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%]B8S'0O:'1M;#L@8VAA2!);F9O2!);F9O M'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^4D%.1T52($=/3$0@0T]24"X\2!#96YT M3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M,#`P,30S-#'0^+2TP,RTS,3QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'1087)T7V)C-S@T8C@V7S`U,F5?-#EA8U\Y,#AC7S1E83!C9&,V M968X9`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B]B8S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$F5D(#4L,#`P+#`P,"!S:&%R97,L($YO('-H87)E'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQAF5D('-H87)E7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAAF5D(#4P,"PP,#`L,#`P('-H87)E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!%>'!L;W)A=&EO;B!%>'!E;F1I M='5R97,\+W1D/@T*("`@("`@("`\=&0@8VQA'!E;G-E*3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@ M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]B8S'0O:'1M;#L@8VAA6%B;&4@86YD($%C8W)U960@3&EA8FEL:71I97,\+W1D/@T*("`@("`@("`\ M=&0@8VQA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA2!A($-O;G1R:6)U=&EO;B!F3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%]B8S'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/"$M+41/0U194$4@:'1M;"!054),24,@(BTO+U&AT;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^ M/'`@3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[ M=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@2D@:7,@<')E2!A<'!L:65D(&EN('1H92!P M6QE/3-$)V9O;G0M9F%M:6QY M.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q M-C`[/"]F;VYT/CPO<#X@/'`@6QE M/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG M;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@ M;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2 M;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^4F%N9V5R($=O;&0@0V]R M<"X@*&9O2`Q,2P@,C`P-R!U M;F1E28C.#(Q-SMS(&)U2!"87-R86DN/"]F;VYT/CPO M<#X@/'`@3I4:6UE6QE/3-$;6%R M9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T M:69Y.SX\9F]N="!L86YG/3-$14XM55,@6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[ M=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF M>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I M;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^3VX@3F]V M96UB97(@.2P@,C`P.2P@37(N($)A28C.#(Q M-SMS(&YA;64@=&\@4F%N9V5R($=O;&0@0V]R<"X@=&AE($-O;7!A;GDF(S@R M,3<[2!T:&4@2!A=71H;W)I=&EE6QE/3-$ M;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQB/CQF;VYT(&QA M;F<],T1%3BU54R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G M:6XM8F]T=&]M.BXP,#`Q<'0[/CQF;VYT(&QA;F<],T1%3BU54R!S='EL93TS M1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQF;VYT(&QA;F<],T1%3BU5 M4R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE2!W87,@;F]T(&%B;&4@=&\@<')O M8V5E9"!I;B!T:&4@:6YT96YD960@8G5S:6YE2!E;F=A9VEN9R!I;B!T:&4@86-Q=6ES:71I;VXL M(&5X<&QO'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5. M+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I M9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE M=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^26YT97)I;2!297!O M6QE M/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I M>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I M9CMF;VYT+7-I>F4Z,3`N,'!T.R<^5&AE('5N875D:71E9"!F:6YA;F-I86P@ M:6YF;W)M871I;VX@9G5R;FES:&5D(&AE2!T;R!F86ER;'D@28C.#(Q-SMS($9O2!A2!O9B!A9&1I=&EO;F%L(&1I2!B92!D971E28C.#(Q-SMS($9O6QE/3-$;6%R9VEN+6)O='1O;3HN,#`P,7!T.VUA'0M:6YD96YT.C!I;CL^/&9O;G0@ M;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2 M;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3(N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO M<#X@/'`@6QE/3-$)V9O;G0M9F%M:6QY M.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^1V]I M;F<@0V]N8V5R;CPO9F]N=#X\+V(^/"]P/B`\<"!S='EL93TS1&UA6QE/3-$;6%R9VEN+6)O='1O;3HQ,BXP<'0[;6%R9VEN M+6QE9G0Z,&EN.VUA2!H87,@:6YC=7)R960@82!N970@;&]S2!A;F0@8VQA&ES=&5N8V4N/"]F;VYT/CPO<#X@/'`@6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT M+7-I>F4Z,3`N,'!T.R<^268@=&AE($-O;7!A;GD@=V5R92!U;F%B;&4@=&\@ M8V]N=&EN=64@87,@82`F(S@R,C`[9V]I;F<@8V]N8V5R;B8C.#(R,3LL('1H M96X@6EN9R!V86QU97,@;V8@87-S971S+"!T:&4@'!E;G-E6QE/3-$;6%R9VEN.C!I;CMM87)G M:6XM8F]T=&]M.BXP,#`Q<'0[/CQF;VYT(&QA;F<],T1%3BU54R!S='EL93TS M1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQB/CQF;VYT(&QA;F<],T1% M3BU54R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G M:6XM8F]T=&]M.BXP,#`Q<'0[/CQF;VYT(&QA;F<],T1%3BU54R!S='EL93TS M1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQF;VYT(&QA;F<],T1%3BU5 M4R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE'!E;G-E2!C;VYS:61E2!L:7%U:60@9&5B="!I;G-T6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT M+7-I>F4Z,3`N,'!T.R<^0V]N8V5N=')A=&EO;B!O9B!#2!H87,@;F\@;V9F+6)A;&%N8V4M M2!O9B!I=',@8V%S M:"!B86QA;F-E28C.#(Q-SMS(&-O;6UO;B!S=&]C:R!E<75I=F%L96YT2!H87,@861O<'1E9"!3 M1D%3($YO+B`Q,S`L("9Q=6]T.U)E<&]R=&EN9R!#;VUP6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM M8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!C;VQO M3I4 M:6UE6QE/3-$9F]N="UF86UI;'DZ5&EM97,L28C.#(Q-SMS('-T;V-K(&]P M=&EO;G,@9&5T97)M:6YE9"!I;B!A8V-O2!U2P@;V8@=&AE('-T;V-K(&]P M=&EO;BX\+V9O;G0^/"]P/B`\<"!S='EL93TS1&UA2!(;VQD:6YG($-O6QE/3-$;6%R9VEN+6)O='1O;3HP:6X[;6%R9VEN M+6QE9G0Z,&EN.VUA3I4:6UE2!O M;B!A(&-A'!E;G-E9"!I M;B!T:&4@<&5R:6]D('1H97D@87)E(&EN8W5R'!E;G-E'!L;W)A=&EO;B!A;F0@1&5V96QO<&UE;G0@0V]S=',\+V9O;G0^/"]B/CPO M<#X@/'`@6QE/3-$9F]N="UF86UI;'DZ5&EM M97,L2!I M;G1E2!I;G1EF5D(&UA=&5R:6%L(&)E;&EE=F5D('1O(&)E(&-O;G1A M:6YE9"!I;B!S=6-H('!R;W!E'!E;G-E9"!AF5D(&EF('!R;W9E;B!A;F0@<')O8F%B;&4@2!I2!M M:6YA8FQE('!R;W!E6EN9R!V86QU92!O9B!C87!I=&%L:7IE9"!M:6YE2P@<&QA;G0@ M86YD(&5Q=6EP;65N="!C;W-T2!R M96QA=&5D('!R;W!E'0M:6YD96YT.C!I;CL^ M/&(^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I M;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^1F%I6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS M97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@ M6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I M9CMF;VYT+7-I>F4Z,3`N,'!T.R<^5&AE(&-A'!E;G-E&EM M871E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM/CQP('-T>6QE M/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG M;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T M=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$ M14XM55,@'0M M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N M,'!T.V9O;G0M=V5I9VAT.FYO2!T:&4@'!L;W)A=&EO;B!P2!C=7)R96YT;'D@8V]N=')O;&QE9"!B>2!- M:6Y1=65S="XF(S$V,#L@5&AE('!R;W!E2!I&5C=71I;VX@;V8@=&AE($-8 M(&%G2`R-2P@,C`Q,"!T:&4@ M0V]M<&%N>2!P86ED('1H92`F;F)S<#LD,C`L,#`P(&)A;&%N8V4@;V8@=&AE M(&YO=&4@87,@=V5L;"!A2!O<'1I M;VX@<&%Y;65N="!O9B`F;F)S<#LD,C`L,#`P(')E<75I6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM M55,@2!T:&4@2!O<'1I;VX@<&%Y;65N="!O9B`F;F)S<#LD,3`L,#`P(')E<75I6QE M/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG M;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0M86QI9VXZ:G5S M=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY M.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^3D]4 M12`S("T@15A03$]2051)3TX@4U1!5$4@0T]-4$%.62`M($=/24Y'($-/3D-% M4DX\+V9O;G0^/"]P/B`\<"!S='EL93TS1&UA3L^/&9O;G0@;&%N9STS M1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS M97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@ M6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE M=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^5&AE($-O;7!A;GD@ M:&%S(&YO="!B96=U;B!P'!L;W)A=&EO;B!S=&%G M92P@=&AE($-O;7!A;GD@:&%S(&AA9"!R96-U65A7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!H87,@<&%I9"!A("9N8G-P.R0Q-BPP,#`@6QE M/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I M>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X\'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA2!H87,@82!C;VYS=6QT:6YG(&%G2!P86ED("9N8G-P M.R0P9F]R(&9E97,@86YD(')E:6UB=7)S96UE;G0@;V8@97AP96YS97,@=6YD M97(@=&AI7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT M+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@2!E;7!L;WEE97,L(&1I2!T:&4@0V]M<&%N>28C.#(Q-SMS($]P=&EO;B!#;VUM:71T M964L(&$@8V]M;6ET=&5E(&1E65E('=H;R!O=VYS('-T;V-K('!O&-E960@=&5R;7,@8F5Y;VYD(&9I=F4@>65A'0M:6YD96YT M.C!I;CL^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY M.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^26X@ M;W)D97(@=&\@97AE2!T:&4@9G5L;"!E>&5R8VES M92!P&5R8VES92!P2!A="!A;GD@=&EM92!D:7-C;VYT:6YU92!G2P@=VET:"!T:&4@ M8V]N6QE/3-$;6%R9VEN.C!I;CMM M87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N M="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T M>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT M+7-I>F4Z,3`N,'!T.R<^1'5R:6YG('1H92!Y96%R(&5N9&5D($UA2!G6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM M8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG M/3-$14XM55,@'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^5&AE(&9O;&QO=VEN9R!T86)L92!S971S(&9O'0M86QI9VXZ:G5S=&EF>3L^ M/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S M($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F M;VYT/CPO<#X@/&1I=B!A;&EG;CTS1&-E;G1E6QE/3-$)W!A9&1I M;F6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS M97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/"]T M9#X@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1T;W`@=VED=&@],T0R M-"4@'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X M="UA;&EG;CIC96YT97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I M;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^3W!T:6]N M6QE/3-$)W!A9&1I M;F6QE/3-$)W!A9V4M8G)E86LM:6YS:61E.B!A=F]I9#LG/B`\ M=&0@;F]W6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM M8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^,RPV M,#`L,#`P/"]F;VYT/CPO<#X@/"]T9#X@/'1D(&YO=W)A<#TS1&YO=W)A<"!V M86QI9VX],T1T;W`@=VED=&@],T0R-"4@'0M M86QI9VXZ:G5S=&EF>3L^/&9O;G0@6QE M/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[;6%R9VEN+7)I M9VAT.BXP-6EN.W1E>'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@6QE M/3-$)W!A9&1I;F6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE M=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^3W!T:6]N6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA M;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^+3PO9F]N=#X\+W`^(#PO=&0^ M(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$=&]P('=I9'1H/3-$,C0E M('-T>6QE/3-$)V)O'0@,2XP M<'0[('!A9&1I;F6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE M=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^+3PO9F]N=#X\+W`^ M(#PO=&0^(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$=&]P('=I9'1H M/3-$,3@E('-T>6QE/3-$)V)O'0@,2XP<'0[('!A9&1I;F6QE/3-$)V9O;G0M9F%M:6QY.E1I M;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[ M)B,Q-C`[)B,Q-C`[("T\+V9O;G0^/"]P/B`\+W1D/B`\+W1R/B`\='(@6QE/3-$)V)A M8VMG6QE/3-$)V9O;G0M M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T M.R<^0F%L86YC92P@2G5N92`S,"P@,C`Q,3PO9F]N=#X\+W`^(#PO=&0^(#QT M9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$=&]P('=I9'1H/3-$,C0E('-T M>6QE/3-$)V)A8VMG'0@,BXR-7!T.R!P861D:6YG.B`P:6X@-2XT<'0@,&EN M(#4N-'!T.R<^(#QP('-T>6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M M.BXP,#`Q<'0[;6%R9VEN+7)I9VAT.BXP-6EN.W1E>'0M86QI9VXZ:G5S=&EF M>3L^/&9O;G0@3L^/&9O;G0@ M'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@'0M86QI9VXZ M:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M5&AE(&9O;&QO=VEN9R!T86)L92!S=6UM87)I>F5S(&EN9F]R;6%T:6]N(&-O M;F-E6QE/3-$)W!A9V4M M8G)E86LM:6YS:61E.B!A=F]I9#LG/B`\=&0@;F]W6QE/3-$ M;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIC M96YT97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2 M;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO M<#X@/'`@86QI9VX],T1C96YT97(@'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3I4:6UE6QE/3-$;6%R M9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIC96YT M97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA M;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^17AE3I4:6UE6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N M,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@86QI9VX],T1C96YT97(@'0M86QI M9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE65A M'0M86QI9VXZ8V5N M=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE&5R8VES92!06QE/3-$)W!A9&1I M;F6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM M8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIC96YT97([/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I M>F4Z,3`N,'!T.R<^5V5I9VAT960\+V9O;G0^/"]P/B`\<"!A;&EG;CTS1&-E M;G1E'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3I4:6UE'0M86QI9VXZ8V5N M=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$)W!A9V4M8G)E86LM M:6YS:61E.B!A=F]I9#LG/B`\=&0@;F]W6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[=&5X="UA;&EG;CIC96YT97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M)FYB6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM M8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIR:6=H=#L^/&9O;G0@3I4:6UE6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIC96YT97([ M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS M97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)FYB6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA M;&EG;CIR:6=H=#L^/&9O;G0@'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3I4:6UE'0M M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE M6QE/3-$)W!A9&1I;F'0M86QI9VXZ6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA M;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^-3`P+#`P,#PO9F]N=#X\+W`^ M(#PO=&0^(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$=&]P('=I9'1H M/3-$,38E('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3I4:6UE6QE/3-$)W!A9&1I;F'0M86QI M9VXZ6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE M=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^-3`P+#`P,#PO9F]N M=#X\+W`^(#PO=&0^(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$=&]P M('=I9'1H/3-$,38E('-T>6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M)B,Q-C`[/"]F;VYT/CPO<#X@/"]T9#X@/'1D(&YO=W)A<#TS1&YO=W)A<"!V M86QI9VX],T1T;W`@=VED=&@],T0Q-B4@6QE/3-$;6%R9VEN.C!I M;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIR:6=H=#L^/&9O M;G0@6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA M;&EG;CIJ=7-T:69Y.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE M6QE/3-$)W!A9&1I;F6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/"]T9#X@/'1D(&YO=W)A<#TS M1&YO=W)A<"!V86QI9VX],T1T;W`@=VED=&@],T0Q-R4@6QE/3-$ M;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIR M:6=H=#L^/&9O;G0@6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3I4:6UE'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@3I4 M:6UE6QE/3-$)V)A8VMG'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3I4:6UE6QE/3-$)V)A8VMG'0@ M,RXP<'0[('!A9&1I;F'0M86QI9VXZ6QE/3-$)V9O;G0M M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T M.R<^,2PQ,#`L,#`P/"]F;VYT/CPO<#X@/"]T9#X@/'1D(&YO=W)A<#TS1&YO M=W)A<"!V86QI9VX],T1T;W`@=VED=&@],T0Q-B4@'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T M=&]M.BXP,#`Q<'0[/CQF;VYT(&QA;F<],T1%3BU54R!S='EL93TS1"=F;VYT M+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM M87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQF;VYT(&QA;F<],T1%3BU54R!S='EL M93TS1"=F;VYT+69A;6EL>3I4:6UE&5R8VES960@9'5R:6YG=&AE('%U M87)T97(@96YD960@2G5N92`S,"P@,C`Q,2XF(S$V,#L@/"]F;VYT/CQF;VYT M(&-O;&]R/3-$8FQA8VL@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M07,@;V8@2G5N92`S,"P@,C`Q,2!T:&5R92!W87,@)FYB'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5. M+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I M9CMF;VYT+7-I>F4Z,3`N,'!T.VQE='1E28C.#(Q-SMS('5N=F5S M=&5D('-T;V-K(&]P=&EO;G,@87,@;V8@2G5N92`S,"P@,C`Q,75N9&5R(&%L M;"!P;&%N3I4:6UE3I4:6UE6QE/3-$)V)O'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4 M:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[=&5X="UA;&EG;CIC96YT97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.VQE M='1E'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3I4:6UE'0@,2XP<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6X[)SX@ M/'`@86QI9VX],T1C96YT97(@6QE/3-$;6%R9VEN.C!I;CMM M87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIC96YT97([/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF M;VYT+7-I>F4Z,3`N,'!T.VQE='1E6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIC96YT97([ M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS M97)I9CMF;VYT+7-I>F4Z,3`N,'!T.VQE='1E'0M86QI9VXZ M8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R M9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIC96YT M97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA M;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.VQE='1E'0M M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE M'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3I4:6UE3I4:6UE6QE/3-$)W!A9&1I;F3I4:6UE6QE/3-$)W!A9&1I;F3I4:6UE6QE/3-$)W!A9&1I;F3I4:6UE3I4:6UE6QE/3-$)W!A9&1I;F3I4:6UE6QE/3-$)W!A9&1I;F3I4:6UE6QE/3-$)W!A9&1I;F3I4:6UE3I4:6UE6QE/3-$)W!A9&1I M;F3I4:6UE6QE M/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG M;CIR:6=H=#L^/&9O;G0@6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIR:6=H=#L^ M/&9O;G0@6QE/3-$;6%R9VEN M+6)O='1O;3HN,#`P,7!T.VUA3I4:6UE6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I M9CMF;VYT+7-I>F4Z,3`N,'!T.VQE='1E6QE/3-$)V)A8VMG6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA M;&EG;CIR:6=H=#L^/&9O;G0@3I4:6UE6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF M;VYT+7-I>F4Z,3`N,'!T.VQE='1E6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF M;VYT+7-I>F4Z,3`N,'!T.VQE='1E6QE/3-$)W!A9&1I;F3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T M=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIR:6=H=#L^/&9O;G0@6QE/3-$)W!A9&1I;F6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA M;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.VQE='1E6QE/3-$)V)O6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M M.BXP,#`Q<'0[=&5X="UA;&EG;CIR:6=H=#L^/&9O;G0@'0@,2XP M<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6X[)SX@/'`@86QI9VX],T1R:6=H M="!S='EL93TS1&UA'0M86QI9VXZ6QE/3-$)V9O;G0M9F%M:6QY.E1I M;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.VQE='1E6QE/3-$)W!A9&1I;F6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQB/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I M9CMF;VYT+7-I>F4Z,3`N,'!T.VQE='1E'0@,RXP<'0[ M<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6X[)SX@/'`@86QI9VX],T1R:6=H="!S M='EL93TS1&UA'0M M86QI9VXZ6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S M($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.VQE='1E6QE/3-$ M)V)O6QE/3-$ M;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIR M:6=H=#L^/&9O;G0@6QE/3-$)V)O6QE/3-$;6%R9VEN.C!I;CMM M87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIR:6=H=#L^/&9O;G0@ M6QE/3-$;6%R9VEN M+6)O='1O;3HP:6X[;6%R9VEN+6QE9G0Z,&EN.VUA6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE M=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,2XP<'0[)SXF(S$V,#L\+V9O;G0^ M/"]B/CPO<#X\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0M86QI9VXZ M:G5S=&EF>3MT97AT+6EN9&5N=#HN-6EN.SX\9F]N="!L86YG/3-$14XM55,@ M'0M86QI9VXZ M:G5S=&EF>3MT97AT+6EN9&5N=#HN-6EN.SX\9F]N="!L86YG/3-$14XM55,@ M6QE/3-$)W!A9V4M8G)E86LM:6YS:61E.B!A=F]I9#LG/B`\=&0@;F]W M6QE/3-$ M;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ M=7-T:69Y.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[=&5X="UA;&EG;CIC96YT97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M5V%R6QE M/3-$)V)A8VMG6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^0F%L86YC92P@36%R8V@@,S$L(#(P,3$\+V9O;G0^/"]P/B`\ M+W1D/B`\=&0@;F]W6QE/3-$)V)A8VMG'0M M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE M'0M86QI M9VXZ:G5S=&EF>3L^/&9O;G0@6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP M,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3I4:6UE6QE/3-$)V)A8VMG'0@ M,2XP<'0[('!A9&1I;F6QE/3-$)W!A M9V4M8G)E86LM:6YS:61E.B!A=F]I9#LG/B`\=&0@;F]W6QE/3-$;6%R9VEN.C!I;CMM M87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$)W!A9&1I;F6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N M,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/"]T9#X@/'1D(&-O;'-P86X],T0R M(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1T;W`@=VED=&@],T0S-"4@'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP M,#`Q<'0[;6%R9VEN+6QE9G0Z+C5I;CMT97AT+6%L:6=N.FIU6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP M,#`Q<'0[;6%R9VEN+6QE9G0Z+C5I;CMT97AT+6%L:6=N.FIU6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[;6%R9VEN+6QE9G0Z+C5I;CMT97AT+6%L:6=N.FIU6QE/3-$)W!A M9V4M8G)E86LM:6YS:61E.B!A=F]I9#LG/B`\=&0@;F]W6QE M/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG M;CIC96YT97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE M=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT M/CPO<#X@/'`@86QI9VX],T1C96YT97(@'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3I4:6UE6QE/3-$ M)W!A9&1I;F'0M86QI9VXZ8V5N M=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE6QE M/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I M>F4Z,3`N,'!T.R<^17AE'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3I4:6UE'0M86QI9VXZ8V5N M=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$)W!A9&1I;F'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M M.BXP,#`Q<'0[=&5X="UA;&EG;CIC96YT97([/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N M,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@86QI9VX],T1C96YT97(@'0M86QI9VXZ8V5N=&5R.SX\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN.C!I M;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIC96YT97([/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I M9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)FYB6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM M8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIR:6=H=#L^/&9O;G0@3I4:6UE'0M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[=&5X="UA;&EG;CIC96YT97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M)FYB'0M M86QI9VXZ8V5N=&5R.SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE M3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[=&5X="UA;&EG;CIC96YT97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M)FYB6QE M/3-$)W!A9V4M8G)E86LM:6YS:61E.B!A=F]I9#LG/B`\=&0@;F]W6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[=&5X="UA;&EG;CIC96YT97([/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M,2PQ,#`L,#`P/"]F;VYT/CPO<#X@/"]T9#X@/'1D(&YO=W)A<#TS1&YO=W)A M<"!V86QI9VX],T1T;W`@=VED=&@],T0R,"4@3L^/&9O;G0@6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP M,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3I4:6UE6QE/3-$)V)A8VMG'0@ M,RXP<'0[(&)O'0@,2XP<'0[('!A M9&1I;F6QE/3-$)V)A8VMG'0@,RXP<'0[(&)O M'0@,2XP<'0[('!A9&1I;F'1087)T7V)C-S@T8C@V7S`U,F5?-#EA8U\Y,#AC7S1E ..83!C9&,V968X9"TM#0H` ` end