0001140361-15-018545.txt : 20150508 0001140361-15-018545.hdr.sgml : 20150508 20150508170049 ACCESSION NUMBER: 0001140361-15-018545 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150508 DATE AS OF CHANGE: 20150508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Asterias Biotherapeutics, Inc. CENTRAL INDEX KEY: 0001572552 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 461047971 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36646 FILM NUMBER: 15847691 BUSINESS ADDRESS: STREET 1: 230 CONSTITUTION DRIVE CITY: MENLO PARK STATE: CA ZIP: 94025 BUSINESS PHONE: 510-521-3390 MAIL ADDRESS: STREET 1: 230 CONSTITUTION DRIVE CITY: MENLO PARK STATE: CA ZIP: 94025 10-Q 1 form10q.htm ASTERIAS BIOTHERAPEUTICS, INC 10-Q 3-31-2015

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2015

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 001-36646

Asterias Biotherapeutics, Inc.
(Exact name of registrant as specified in its charter)

Delaware
 
46-1047971
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)

230 Constitution Drive
Menlo Park, California 94025
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code
(650) 433-2900

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. T Yes o No
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, 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). x Yes o No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
T
(Do not check if a smaller reporting company)
Smaller reporting company
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes T No
 
APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 32,322,302 shares of Series A Common Stock, $0.0001 par value, as of May 1, 2015.
 


 PART 1--FINANCIAL INFORMATION

Statements made in this Report that are not historical facts may constitute forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. Such risks and uncertainties include but are not limited to those discussed in this Report under Item 1 of the Notes to Financial Statements, and under Risk Factors in this Report. Words such as “expects,” “may,” “will,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions identify forward-looking statements.

References to “Asterias,” “are” or “we” means Asterias Biotherapeutics, Inc.

The description or discussion, in this Form 10-Q, of any contract or agreement is a summary only and is qualified in all respects by reference to the full text of the applicable contract or agreement.
 
2

Item 1. Financial Statements

ASTERIAS BIOTHERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
   
March 31,
2015
(Unaudited)
   
December 31,
2014
 
ASSETS
       
CURRENT ASSETS
       
Cash and cash equivalents
 
$
7,421,143
   
$
3,075,593
 
Available-for-sale securities, at fair value
   
19,152,584
     
14,374,492
 
Grant receivable
   
-
     
117,902
 
Landlord receivable
   
277,206
     
377,981
 
Prepaid expenses and other current assets
   
510,171
     
438,263
 
Total current assets
   
27,361,104
     
18,384,231
 
                 
NONCURRENT ASSETS
               
Intangible assets, net
   
22,830,664
     
23,502,185
 
Equipment and furniture, net
   
928,198
     
1,044,841
 
Construction in progress
   
606,641
     
405,730
 
Investment in affiliates
   
415,543
     
415,543
 
Other assets
   
360,983
     
360,983
 
TOTAL ASSETS
 
$
52,503,133
   
$
44,113,513
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
CURRENT LIABILITIES
               
Amount due to parent, BioTime, Inc.
  $
863,224
    $
614,977
 
Accounts payable
   
1,132,352
     
736,919
 
Accrued expenses and other current liabilities
   
589,934
     
431,503
 
Deferred grant income
   
1,474,300
     
-
 
Deferred tax liabilities, current portion
   
6,385,280
     
4,712,948
 
Total current liabilities
   
10,445,090
     
6,496,347
 
                 
LONG-TERM LIABILITIES
               
                 
Deferred tax liabilities, net of current portion and deferred tax assets
   
2,930,098
     
4,514,362
 
Deferred rent liability, net of current portion
   
34,967
     
93,763
 
Lease liability
   
560,970
     
377,981
 
TOTAL LIABILITIES
   
13,971,125
     
11,482,453
 
                 
Commitments and contingencies (see Note 10)
               
                 
STOCKHOLDERS’ EQUITY
               
Preferred Stock, $0.0001 par value, authorized 5,000,000 shares; none issued and outstanding
   
-
     
-
 
Common Stock, authorized 75,000,000 Series A Common Stock, $0.0001 par value, and 75,000,000 Series B Common Stock, $0.0001 par value; 32,312,407 and 30,902,152 shares Series A Common Stock issued and outstanding at March 31, 2015 and December 31, 2014, respectively. No Series B Common Stock issued and outstanding at March 31, 2015 and December 31, 2014.
   
3,226
     
3,080
 
Additional paid-in capital
   
72,134,001
     
66,366,434
 
Accumulated other comprehensive gain (loss) on available-for-sale investments
2,603,097
(502,663
)
Accumulated deficit
   
(36,208,316
)
   
(33,235,791
)
Total stockholders’ equity
   
38,532,008
     
32,631,060
 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
52,503,133
   
$
44,113,513
 

The accompanying notes are an integral part of these interim financial statements.
 
3

ASTERIAS BIOTHERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)

   
Three Months Ended
March 31,
 
   
2015
   
2014
 
REVENUE
       
Royalties from product sales
 
$
101,747
   
$
61,980
 
Grant income
   
677,313
     
-
 
Total revenues
   
779,060
     
61,980
 
Cost of sales
   
(50,874
)
   
-
 
Total gross profit
 
 
728,186
   
 
61,980
 
                 
EXPENSES
               
Research and development
   
(3,592,615
)
   
(2,599,146
)
General and administrative
   
(1,672,150
)
   
(1,094,474
)
Total operating expenses
   
(5,264,765
)
   
(3,693,620
)
                 
Loss from operations
   
(4,536,579
)
   
(3,631,640
)
                 
OTHER INCOME/(EXPENSE)
               
Interest expense, net
   
(19,835
)
   
(4,099
)
Other expense, net
   
(375
)
   
(36
)
Total other expenses, net
   
(20,210
)
   
(4,135
)
                 
LOSS BEFORE DEFERRED INCOME TAX BENEFIT
   
(4,556,789
)
   
(3,635,775
)
                 
Deferred income tax benefit
   
1,584,264
     
1,349,026
 
                 
NET LOSS
 
$
(2,972,525
)
 
$
(2,286,749
)
                 
Basic and diluted net loss per common share
 
$
(0.09
)
 
$
(0.07
)
                 
Weighted average common shares outstanding used to compute net loss per common share, basic and diluted
   
31,669,957
     
30,498,819
 
 
The accompanying notes are an integral part of these interim financial statements.
 
4

ASTERIAS BIOTHERAPEUTICS, INC.
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)

 
Three Months Ended
March 31,
    
2015
   
2014
 
       
NET LOSS
 
$
(2,972,525
)  
$
(2,286,749
)
Change in comprehensive income/(loss) from equity investments:
               
Unrealized gain/(loss) on available-for-sale securities, net of taxes
   
3,105,759
     
(2,762,293
)
COMPREHENSIVE INCOME/(LOSS)
 
$
133,234
   
$
(5,049,042
)

The accompanying notes are an integral part of these interim financial statements.
 
5

ASTERIAS BIOTHERAPEUTICS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)

   
Three Months Ended
March 31,
 
   
 
2015
   
 
2014
 
CASH FLOWS FROM OPERATING ACTIVITIES:
       
Net loss
 
$
(2,972,525
)
 
$
(2,286,749
)
Adjustments to reconcile net loss to net cash used in operating activities:
               
Depreciation expense
   
132,417
     
130,579
 
Stock-based compensation
   
692,951
     
258,674
 
Amortization of intangible assets
   
671,521
     
725,425
 
Amortization of prepaid rent
   
21,146
     
21,146
 
Deferred income tax benefit
   
(1,584,264
)
   
(1,349,026
)
Changes in operating assets and liabilities:
               
Grant receivable
   
117,902
     
-
 
Prepaid expenses and other current assets
   
(93,054
)
   
(70,691
)
Accounts payable
   
354,188
     
(80,898
)
Accrued expenses and other current liabilities
   
295,147
     
120,601
 
Deferred rent liability
   
(58,796
)
   
-
 
Deferred grant income
   
1,474,300
     
-
 
Amount due to parent, BioTime, Inc.
   
248,248
     
1,082,055
 
Net cash used in operating activities
   
(700,819
)
   
(1,448,884
)
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Purchase of equipment and furniture
   
(15,775
)
   
(96,458
)
Payments on construction in progress
   
(296,382
)
   
-
 
Payment of security deposits
   
-
     
(300,000
)
Net cash used in investing activities
   
(312,157
)
   
(396,458
)
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from sale of common shares and warrants
   
5,499,994
     
-
 
Fees paid on sale of common shares
   
(425,232
)
    -  
Reimbursement from landlord on construction in progress (see Note 4)
283,764
-
Net cash provided by financing activities
   
5,358,526
     
-
 
                 
Net increase/(decrease) in cash:
   
4,345,550
     
(1,845,342
)
Cash and cash equivalents at beginning of period
   
3,075,593
     
2,171,113
 
Cash and cash equivalents at end of period
 
$
7,421,143
   
$
325,771
 
 
The accompanying notes are an integral part of these interim financial statements.
 
6

ASTERIAS BIOTHERAPEUTICS, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)

1. Organization, Basis of Presentation and Liquidity

Asterias Biotherapeutics, Inc. (“Asterias”) was incorporated in Delaware on September 24, 2012. Asterias is a majority-owned and controlled subsidiary of BioTime, Inc. (“BioTime”).

Asterias’ primary focus is the emerging field of regenerative medicine. Asterias’ core technologies center on stem cells capable of becoming all of the cell types in the human body, a property called pluripotency. Asterias plans to develop a wide range of technologies that are based on “pluripotent” stem cells and that could be used to treat diseases or injuries in a variety of medical fields, with an initial focus on the therapeutic areas of neurology and oncology.
 
The financial statements presented herein, and discussed below, have been prepared on a stand-alone basis. The financial statements are presented in accordance with accounting principles generally accepted in the U.S. and with the accounting and reporting requirements of Regulation S-X of the Securities and Exchange Commission (“SEC”). BioTime has consolidated the results of Asterias into BioTime’s consolidated results based on BioTime’s ability to control Asterias’ operating and financial decisions and policies through the ownership of Asterias common stock throughout the periods presented. BioTime owned 67.5% and 70.6% of the outstanding of Asterias common stock as a whole at March 31, 2015 and December 31, 2014, respectively.

BioTime allocates expenses such as salaries and payroll related expenses incurred and paid on behalf of Asterias based on the amount of time that particular employees devote to Asterias affairs. Other expenses such as legal, accounting, travel, and entertainment expenses are allocated to Asterias to the extent that those expenses are incurred by or on behalf of Asterias. BioTime also allocates certain overhead expenses such as insurance, internet, and telephone expenses based on a percentage determined by Asterias management. These allocations are made based upon activity-based allocation drivers such as time spent, percentage of square feet of office or laboratory space used, and percentage of personnel devoted to Asterias operations or management. Management evaluates the appropriateness of the percentage allocations on a quarterly basis and believes that this basis for allocation is reasonable.

Liquidity – Since inception, Asterias has incurred losses and has funded its operations primarily through the support from BioTime, issuance of equity securities, payments from research grants, and royalties from product sales. At March 31, 2015, Asterias had an accumulated deficit of $36,208,316, working capital of $16,916,014 and stockholders’ equity of $38,532,008. Asterias has evaluated its projected cash flows and believes that its cash and cash equivalents of $7,421,143 as of March 31, 2015 and financial support from BioTime as needed will be sufficient to fund its operations at least through 2015 (See Note 14). However, the Phase 1/2a clinical trial of AST-OPC1 being conducted by Asterias will be funded in part with funds from the $14,323,318 grant awarded in 2014 by the California Institute of Regenerative Medicine (“CIRM”) and not from cash on hand. If Asterias was to lose its grant funding it may be required to delay, postpone, or cancel its clinical trial or limit the number of clinical trial sites, or otherwise reduce or curtail its operations unless it is able to obtain from another source of adequate financing that could be used for its clinical trial.

2. Summary of Significant Accounting Policies

Revenue recognition – Asterias complies with ASC 605-10 and records revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Grant income is recognized as revenue when earned. Royalty revenues consist of royalty payments on sales of products under a license agreement. Asterias recognizes revenue in the quarter in which the royalty reports are received rather than the quarter in which the sales took place. When Asterias is entitled to receive up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias has no continuing performance obligations, the fees are recognized as revenues when collection is reasonably assured. When Asterias receives up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias does have continuing performance obligations, the fees are deferred and amortized ratably over the performance period. If the performance period cannot be reasonably estimated, Asterias amortizes nonrefundable fees over the life of the contract until such time that the performance period can be more reasonably estimated. Milestone payments, if any, related to scientific or technical achievements are recognized in income when the milestone is accomplished if (a) substantive effort was required to achieve the milestone, (b) the amount of the milestone payment appears reasonably commensurate with the effort expended, and (c) collection of the payment is reasonably assured.
 
7

Use of estimates – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents – Asterias considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Available-for-sale securities, at fair value  Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income. Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income.

Equipment and furniture – Equipment and furniture are stated at cost and are being depreciated using the straight-line method over a period of 36 to 120 months.
 
Construction in progress  Construction in progress is stated at cost and is not depreciated until the underlying asset is placed into service (see Note 4).
     
Intangible assets – Intangible assets with finite useful lives are amortized over their estimated useful lives, and intangible assets with indefinite lives are not amortized but rather are tested at least annually for impairment. Acquired in-process research and development intangible assets are accounted depending on whether they were acquired as part of an acquisition of a business, or as assets that do not constitute a business. When acquired in conjunction with the acquisition of a business, these assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as part of the acquisition of assets from Geron Corporation), in accordance with the accounting rules in ASC 805-50, such intangible assets related to in process research and development (IPR&D) are expensed upon acquisition.

Impairment of long-lived assets – Asterias’ long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, Asterias will evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment will be recognized and measured by the amount by which the carrying amount exceeds the estimated fair value of the assets.

Warrants to purchase common stock  Asterias generally accounts for warrants issued in connection with equity financings as a component of equity. None of the warrants issued by Asterias as of March 31, 2015 and December 31, 2014 include a conditional obligation to issue a variable number of shares; nor was there a deemed possibility that Asterias may need to settle the warrants in cash.

Accounting for BioTime common shares – The Company accounts for the BioTime common shares it holds as available-for-sale equity securities in accordance with ASC 320-10-25, Investments-Debt and Equity Securities, as the shares have a readily determinable fair value quoted on the NYSE MKT and are held principally for future working capital purposes, as necessary. These shares are measured at fair value and reported as current assets on the balance sheet based on the closing trading price of the security as of the date being presented. Unrealized holding gains and losses in changes to the fair value of these shares are excluded from the statements of operations and reported in equity as part of other comprehensive income or loss until realized. Realized gains and losses are reclassified out of other comprehensive income or loss and included in equity, as an increase or decrease in additional paid-in capital consistent with, and pursuant to, ASC 805-50, transactions between entities under common control.

Patent costs – Costs associated with obtaining patents on products or technology developed are expensed as research and development expenses when incurred.

Reclassification– Certain prior year amounts in the statement of cash flows have been reclassified to conform to the current year presentation.

Research and development – Research and development expenses consist of costs incurred for company-sponsored, collaborative and contracted research and development activities. These costs include direct and research-related overhead expenses including salaries, payroll taxes, consulting fees, research and laboratory fees, rent of research facilities, amortization of intangible asset, and license fees paid to third parties to acquire patents or licenses to use patents and other technology. Asterias expenses research and development costs as such costs are incurred.
 
General and administrative – General and administrative expenses consist principally of compensation and related benefits, including stock-based compensation, for executive and corporate personnel; professional and consulting fees; and allocated overhead.
 
8

Income taxes  For the period October 1, 2013 through December 31, 2013 and future years, Asterias will file its own U.S. federal tax return. For California purposes their activity will continue to be included in BioTime’s California combined tax return. Asterias accounts for income taxes in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”), which prescribe the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. The guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examination by taxing authorities. Generally, Asterias is subject to income tax examinations by major taxing authorities for all years since inception. Asterias will recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2015 and December 31, 2014.
 
A deferred income tax benefit of approximately $1,584,000 was recorded for the three months ended March 31, 2015, of which approximately $1,432,000 was related to federal and $152,000 was related to state taxes. A deferred income tax benefit of approximately $1,349,000 was recorded for the three months ended March 31, 2014, of which approximately $1,151,000 was related to federal and $198,000 was related to state taxes. As disclosed in Note 3, Asterias established deferred tax liabilities primarily related to its acquisition of certain intellectual property. It is more likely than not that the deferred tax assets are fully realizable since these income tax benefits are expected to be available to offset such deferred tax liabilities.

In June 2014, Asterias sold 5,000,000 BioTime common shares which resulted in a taxable gain of approximately $10.3 million and an income tax liability of approximately $3.6 million. Asterias received the BioTime common shares from BioTime as part of the consideration under the Asset Contribution Agreement, a tax-free transaction. See Note 3. This liability, however, is expected to be fully offset by available net operating losses, resulting in no cash income taxes due from that sale. As of December 2014, Asterias recorded a $4.7 million deferred tax liability for the temporary taxable difference in the basis of the investment still held by Asterias in BioTime stock. Both transactions were treated as a deemed distribution by Asterias and recorded against equity.

Stock-based compensation  Asterias adopted accounting standards governing share-based payments, which require the measurement and recognition of compensation expense for all share-based payment awards made to directors and employees, including employee stock options, based on estimated fair values. Consistent with those guidelines, Asterias utilizes the Black-Scholes Merton option pricing model. Asterias' determination of fair value of share-based payment awards on the date of grant using that option-pricing model is affected by Asterias' stock price as well as by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, Asterias' expected stock price volatility over the term of the awards; actual and projected employee stock option exercise experience; the expected term of options granted, derived from using the simplified method under SEC Staff Accounting Bulletin No. 107; and a risk-free rate based on the U.S. Treasury rates in effect during the corresponding period of grant.

Fair value of financial instruments – ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows:

· Level 1 Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.

· Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

· Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

9

The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period until they mature or are required to be settled, except for the investment in BioTime common shares, which are carried at fair value based on Level 1 inputs, and BioTime Warrants and related obligation to distribute the BioTime Warrants, which were carried at fair value based on Level 2 inputs.

Comprehensive income/loss – ASC 220, Comprehensive Income, requires that an entity’s change in equity or net assets during a period from transactions and other events from non-owner sources be reported. Asterias reports unrealized gains and losses on its available-for-sale securities as other comprehensive income (loss).

Loss per share – Basic net loss per share is computed by dividing net loss attributable to Asterias by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share reflects the weighted-average number of shares of common stock outstanding plus the potential effect of dilutive securities or contracts which are convertible to common stock, such as options and warrants (using the treasury stock method) and shares issuable in future periods, except in cases where the effect would be anti-dilutive.

The computations of basic and diluted net loss per share are as follows:

   
Three Months Ended March 31,
 
   
2015
   
2014
 
Net loss
 
$
(2,972,525
)
 
$
(2,286,749
)
Weighted average common shares of common stock – basic and diluted
   
31,669,957
     
30,498,819
 
Net loss per share – basic and diluted
 
$
(0.09
)
 
$
(0.07
)

The following common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive:

   
Three Months Ended March 31,
 
   
2015
   
2014
 
Stock options under Equity Incentive Plan
   
4,225,000
     
3,140,000
 
Warrants 8,500,000 3,500,000

Effect of recently issued and recently adopted accounting pronouncements  There are no recently issued accounting standards which are not yet effective which Asterias believes would materially impact the financial statements.
                                        
In June 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, “Development Stage Entities” (Topic 915) – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. ASU 2014-10 eliminates the concept of a development stage entity (DSE) from U.S. GAAP and the current incremental reporting requirements for a DSE, including inception-to-date information, will no longer apply. The standard also clarifies that the disclosures in Topic 275, Risks and Uncertainties, apply to entities for which planned principal operations have not yet commenced. ASU 2014-10 is effective for annual periods beginning after December 15, 2014, and interim periods therein. Asterias adopted ASU 2014-10 beginning on January 1, 2015.
                                            
10

3. Asset Contribution Agreement with BioTime and Geron Corporation

On January 4, 2013, Asterias entered into an Asset Contribution Agreement with BioTime and Geron Corporation (“Geron”) pursuant to which BioTime and Geron agreed to concurrently contribute certain assets to Asterias in exchange for shares of Asterias common stock and warrants to purchase common stock. The transaction closed on October 1, 2013.

Transfer of BioTime Assets

Under the Asset Contribution Agreement, BioTime contributed to Asterias 8,902,077 BioTime common shares registered for re-sale with the SEC; warrants to subscribe for and purchase 8,000,000 additional BioTime common shares (the “BioTime Warrants”) exercisable for a period of five years at a price of $5.00 per share, subject to pro rata adjustment for certain stock splits, reverse stock splits, stock dividends, recapitalizations and other transactions; a 10% common stock interest in BioTime’s subsidiary OrthoCyte Corporation (“OrthoCyte”); a 6% ordinary stock interest in BioTime’s subsidiary Cell Cure Neurosciences, Ltd. (“Cell Cure Neurosciences”); and a quantity of certain human embryonic stem (“hES”) cell lines produced under “good manufacturing practices” sufficient to generate master cell banks, and non-exclusive, world-wide, royalty-free licenses to use those cell lines and certain patents pertaining to stem cell differentiation technology for any and all purposes.

In return, Asterias issued to BioTime 21,773,340 shares of its Series B Common Stock, par value $0.0001 per share (“Series B Shares”), and warrants to purchase 3,150,000 Series B Shares, exercisable for a period of three years from the date of issue at an exercise price of $5.00 per share. In addition, BioTime cancelled Asterias’ obligations under a loan of $5,000,000 from BioTime, related to cash financing provided by BioTime during 2013 prior to the Asset Contribution Agreement closing.

Because Asterias is a subsidiary of BioTime, the transfer of assets from BioTime was accounted for as a transaction under common control. Non-monetary assets received by Asterias were recorded at their historical cost basis amounts with BioTime. Monetary assets were recorded at fair value. The difference between the value of assets contributed by BioTime and the fair value of consideration issued to BioTime was recorded as an additional contribution by BioTime, in additional paid-in capital.

The assets transferred by BioTime and the related consideration were recorded as follows:
 
Consideration transferred to BioTime:
   
Asterias Series B shares
 
$
52,164,568
Warrants to purchase Asterias Series B shares
   
2,012,481
Excess of contributed assets’ value over consideration
   
4,800,063
Total consideration issued
 
$
58,977,112
       
Assets transferred by BioTime:
     
BioTime common shares, at fair value
 
$
34,985,163
BioTime Warrants, at fair value
   
18,276,406
Cancellation of outstanding obligation to BioTime
   
5,000,000
Investment in affiliates, at cost
   
415,543
Geron asset acquisition related transaction costs paid by BioTime
   
300,000
Total assets transferred
 
$
58,977,112

The fair value of the Asterias Series B shares issued was estimated at $2.40 based on the Asterias enterprise value as determined on January 4, 2013, at the time the Asset Contribution Agreement was negotiated and executed by its parties, and as adjusted for subsequent changes in fair values of assets the parties agreed to contribute. The fair value of the warrants to purchase Asterias Series B shares was computed using a Black Scholes Merton option pricing model, which utilized the following assumptions: expected term of three years, which is equal to the contractual life of the warrants; risk-free interest rate of 0.63%; 0% expected dividend yield; 69.62% expected volatility based on the average historical common stock volatility of BioTime and Geron, which were used because Asterias’ common stock did not have a trading history; a stock price of $2.40; and an exercise price of $5.00 per share.

BioTime common shares were valued using $3.93, the closing price per BioTime common shares on the NYSE MKT on October 1, 2013. The fair value of the BioTime Warrants was computed using a Black Scholes Merton option pricing model, which utilized the following assumptions: expected term five years, which is equal to the contractual life of the warrants; risk-free interest rate of 1.42%; 0% expected dividend yield; 77.6% expected volatility based on historical common stock volatility of BioTime; a stock price of $3.93; and an exercise price of $5.00 per share.
 
11

The investment in affiliates represents a non-monetary asset and was recorded at BioTime’s historical cost because BioTime is a common parent to Asterias and those affiliates.

Geron Assets Acquisition

Under the Asset Contribution Agreement, Geron contributed to Asterias certain patents, patent applications, trade secrets, know-how and other intellectual property rights with respect to the technology of Geron directly related to the research, development and commercialization of certain products and know-how related to hES cells; certain biological materials, reagents, laboratory equipment; as well as clinical trial documentation, files and data, primarily related to GRN-OPC1 clinical trials for spinal cord injury and GRN-VAC1 clinical trials for acute myelogenous leukemia. Asterias assumed all obligations related to such assets that would be attributable to periods, events or circumstances after the Asset Contribution Agreement closing date, including those related certain patent interference proceedings that have since been settled.

As consideration for the acquisition of assets from Geron, Asterias issued to Geron 6,537,779 shares of Series A Common Stock, par value $0.0001 per share (“Series A Shares”), which Geron agreed to distribute to its stockholders, on a pro rata basis, subject to applicable legal requirements and certain other limitations (the “Series A Distribution”). The Series A Distribution was completed during July 2014. Asterias agreed to distribute to the holders of its Series A Shares the 8,000,000 BioTime Warrants contributed to Asterias by BioTime. Geron gave notice to Asterias that the Series A Distribution was completed on August 15, 2014. On October 1, 2014 the distribution of the BioTime Warrants to the new holders of Series A Shares was completed and on October 3, 2014 Asterias’ Series B Shares were converted to Series A Shares. See Note 8.

In addition, Asterias agreed to bear certain transaction costs in connection with the Asset Contribution Agreement. Such transaction costs were allocated to acquisition of assets in the amount of $1,519,904 and issuance of equity in the amount of $541,800.

The assets contributed by Geron did not include workforce or any processes to be applied to the patents, biological materials and other assets acquired, and therefore did not constitute a business. Accordingly, the acquisition of Geron assets has been accounted for as an acquisition of assets in accordance with the relevant provisions of Accounting Standards Codification (ASC) 805-50. Total consideration payable by Asterias, including transaction costs, has been allocated to the assets acquired based on relative fair values of those assets as of the date of the transaction, October 1, 2013, in accordance with ASC 820, Fair Value Measurement.

The assets acquired from Geron and the related consideration paid were recorded as follows:
 
Consideration paid to Geron:
   
Asterias Series A shares, net of share issuance costs of $541,800
 
$
15,121,222
Obligation to distribute BioTime Warrants
   
18,276,406
Transaction and other costs
   
1,519,904
Total consideration paid
 
$
34,917,532
Assets acquired from Geron (preliminary allocation):
     
Patents and other intellectual property rights related to hES cells
 
$
29,017,009
Deferred tax liability arising from difference in book versus tax basis on Geron intangible assets acquired
   
(11,558,243)
IPR&D expensed upon acquisition
   
17,458,766
Total assets and in-process research and development acquired
 
$
34,917,532

The fair value of the Asterias Series A shares issued was estimated at $2.40 based on the estimated Asterias enterprise value as determined by parties at the time the Asset Contribution Agreement was negotiated and executed by its parties on January 4, 2013, as adjusted for subsequent changes in fair values of assets the parties agreed to contribute.

The fair value of the obligation to distribute BioTime Warrants equaled the fair value of such warrants, which was computed as noted above under “Transfer of BioTime Assets.” Because the fair value of the BioTime Warrants was expected to always be equal to the fair value of the obligation to distribute them at any date on which those values are determined, the remeasurement of those values would not result in a charge or credit on the statement of operations.

The difference between the fair value of assets contributed by Geron and the fair value of consideration issued to Geron was recorded as an additional contribution by Geron, in additional paid-in capital.

12

A portion of the assets acquired from Geron, consisting primarily of biological materials, reagents, clinical trial documentation, files and data related primarily to certain clinical trials previously conducted by Geron, have been treated as in-process research and development (“IPR&D”). Intangible assets related to IPR&D represent the value of incomplete research and development projects which the company intends to continue. In accordance with the accounting rules in ASC 805, such assets, when acquired in conjunction with acquisition of a business, are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as the acquisition of assets from Geron), in accordance with the accounting rules in ASC 805-50, such intangible assets related to IPR&D are expensed upon acquisition.

The values of the acquired assets were estimated as of October 1, 2013 based upon a preliminary review of those assets which took into account factors such as the condition of the cells, cell lines and other biological materials being contributed, the stage of development of particular technology and product candidates related to patents, patent applications, and know-how, the intended use of the assets and the priority assigned to the development of product candidates to which those assets relate, and the assessment of the estimated useful lives of patents. The amounts allocated to patents and other intellectual property rights that Asterias intends to license, in-process research and development with alternative future uses, and equipment were capitalized as intangible assets and are being amortized over an estimated useful life period of 10 years. The amounts allocated to IPR&D that management determined to have no alternative uses were expensed at the time of acquisition of the related assets in accordance with the requirements of ASC 805-50. The allocation was based on the relative fair value of assets eligible for capitalization and the fair value of assets representing IPR&D before assessing the deferred tax liability arising from the difference in book versus tax basis on Geron intangible assets acquired, which management estimated to be approximately equal. Accordingly, $17,458,766 was capitalized as of December 31, 2013, and $17,458,766 was expensed during the year ended December 31, 2013. The amounts recorded were preliminary as management had not yet completed a detailed assessment and valuation of the acquired assets at the time. During the year ended December 31, 2014, Asterias finalized its assessment of values pertaining to these Geron capitalized intangible assets and recorded an adjustment to reduce the gross intangible cost by $2,157,369 with a corresponding reduction to the accumulated amortization balance of $269,671, resulting in an additional amortization expense of $1,887,698 included in the statements of operations for the year ended December 31, 2014. This adjustment was wholly attributable to finalizing the California income tax rate previously used to compute both the intangible asset and the corresponding deferred income tax liability, recorded at the acquisition date. Accordingly, Asterias simultaneously recorded an adjustment to reduce the related deferred tax liability resulting in the same net amount of $1,887,698 being included in the deferred income tax benefits of $7,375,611 included in the statements of operations for the year ended December 31, 2014. See also Note 7.

Asterias is also obligated to pay Geron royalties on the sale of products, if any, that are commercialized in reliance upon patents acquired from Geron, at the rate of 4% of net sales.

4. Balance Sheet Components

Equipment and Furniture, Net

At March 31, 2015 and December 31, 2014, equipment and furniture were comprised of the following:
 
   
March 31, 2015
(Unaudited)
   
December 31, 2014
 
Equipment and furniture
 
$
1,811,601
   
$
1,795,827
 
Accumulated depreciation
   
(883,403
)
   
(750,986
)
Equipment and furniture, net
 
$
928,198
   
$
1,044,841
 

Depreciation expense amounted to $132,417 and $130,579 for the three months ended March 31, 2015 and 2014, respectively.

Construction in progress

Construction in progress of $606,641 and $405,730 as of March 31, 2015 and December 31, 2014, respectively, entirely relate to the improvements for Asterias’ Fremont, California facility. Under the terms of the lease agreement, the landlord will provide Asterias with a tenant improvement allowance of $4,400,000, which Asterias is using to construct a laboratory and production facility that can be used to produce human embryonic stem cell and related products under current good manufacturing procedures (cGMP). Of the $606,641, $560,970 qualifies for reimbursement under the tenant improvement allowance. As of March 31, 2015, we received $283,764 from the landlord. Reimbursable amounts earned by Asterias but not yet paid by the landlord as of period end are recorded by Asterias as a landlord receivable with a corresponding increase to lease liability since Asterias has contractually earned the right to that cash. The facility is expected to be substantially completed and placed into service in the third quarter of 2015. See also Note 10.
 
13

5. Investment in BioTime and in BioTime Subsidiaries

Investment in BioTime

At March 31, 2015, Asterias held 3,852,880 of the 8,902,077 BioTime common shares that Asterias received under the Asset Contribution Agreement, and which are included at fair value in current assets in its balance sheet as the shares are available for use and could be sold at fair value for liquidity purposes at any time. The investment is classified as “available for sale.” Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income until realized. Realized gains and losses are reclassified out of other comprehensive income or loss and included in equity, as an increase or decrease in additional paid-in capital. See Note 2, "Accounting for BioTime common shares."

Asterias reviews various factors in determining whether it should recognize an other-than-temporary impairment charge for its marketable securities, including its intent and ability to hold the investment for a period of time sufficient for any anticipated recovery in market value, and the length of time and extent to which the fair value has been less than its cost basis. Based on consideration of these factors, as of March 31, 2015 and December 31, 2014, no other-than-temporary impairment was recognized.

Investments in Affiliates

Asterias’ investments in the OrthoCyte and Cell Cure Neurosciences stock received from BioTime were recorded at BioTime’s historical costs but not below zero. The investment is carried using the cost method of accounting.

6. Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants

As part of the consideration for the issuance of Series B Shares to BioTime under the Asset Contribution Agreement, Asterias received the BioTime Warrants. Under the Asset Contribution Agreement, Asterias agreed to distribute the BioTime Warrants to holders of its Series A Shares as promptly as practicable after notice from Geron that the Series A Distribution has been completed. During August 2014, Geron gave notice to Asterias that the Series A Distribution has been completed and on October 1, 2014, Asterias completed the distribution of the BioTime Warrants to the holders of its Series A Shares.

Both the BioTime Warrants and the corresponding obligation to distribute them were measured at fair value at each relevant balance sheet date by applying a Black Scholes Merton option-pricing model using assumptions deemed appropriate as of the applicable date. Because the fair value of the BioTime Warrants was expected to always be equal to the fair value of the obligation to distribute those warrants at any date on which those values are determined, remeasurement of those values did not result in a charge or credit on the statement of operations and comprehensive loss.

7. Intangible assets

As of March 31, 2015 and December 31, 2014, Asterias had capitalized intangible assets acquired from Geron, primarily related to patents and other intellectual property rights related to hES cells. These assets are being amortized over the estimated economic lives of the patents on a straight-line basis, which approximates the pattern of consumption over their estimated useful lives. Asterias is currently estimating a useful life of 10 years.

Intangible assets net of accumulated amortization at March 31, 2015 and December 31, 2014 are shown in the following table:

   
March 31,
2015
(Unaudited)
   
December 31,
2014
 
Intangible assets
 
$
26,859,640
   
$
26,859,640
 
Accumulated amortization
   
(4,028,976
)
   
(3,357,455
)
Intangible assets, net
 
$
22,830,664
   
$
23,502,185
 

14

Asterias amortizes its intangible assets over an estimated period of 10 years on a straight line basis. Asterias recognized $671,521 and $ 725,425 in amortization expense of intangible assets during the three months ended March 31, 2015 and 2014, respectively. As further discussed in Note 3, as of December 31, 2014, Asterias recorded an adjustment to reduce the cost of the intangible asset by $2,157,369 with a corresponding reduction to the accumulated amortization balance of $269,671, resulting in an additional amortization expense of $1,887,698 included in the statements of operations for the year ended December 31, 2014.

Amortization of intangible assets for periods subsequent to March 31, 2015 is as follows:

Year
 
Amortization Expense
 
2015
 
$
2,014,473
 
2016
   
2,685,964
 
2017
   
2,685,964
 
2018
   
2,685,964
 
2019
   
2,685,964
 
Thereafter
   
10,072,335
 
Total
 
$
22,830,664
 

8. Common Stock and Warrants

At March 31, 2015, Asterias had outstanding 32,312,407 Series A Shares and no Series B Shares. All outstanding Series B Shares were converted into Series A Shares on October 3, 2014.

Common Stock Issuance

During the three months ended March 31, 2015, Asterias raised approximately $5.5 million in aggregate gross proceeds from the sale of 1,410,255 shares of common stock at a price of $3.90 per share through an underwritten public offering and a private placement. Broadwood Partners, L.P., British & American Investment Trust PLC and Pedro Lichtinger purchased an aggregate of 1,025,640 of the shares. Broadwood Partners, L.P. is BioTime’s largest shareholder and one of its directors, Neal C. Bradsher, is President, and one of Asterias’ directors, Richard T. LeBuhn, is Senior Vice President, of Broadwood Capital, Inc., the investment manager of Broadwood Partners, L.P. Pedro Lichtinger is Asterias’ President and Chief Executive Officer and a member of its Board of Directors. British & American Investment Trust PLC is an affiliate of a stockholder of Asterias and BioTime.

Warrants

Asterias has issued warrants to purchase its common shares. Activity related to warrants through March 31, 2015 is presented in the table below:
 
   
Number of
Warrants
   
Per share
exercise
price
   
Weighted
Average
Exercise
Price
 
Outstanding, January 1, 2014
   
3,500,000
   
$
5.00
   
$
5.00
 
Issued in June 2014
   
5,000,000
     
2.34
     
2.34
 
Outstanding, March 31, 2015
   
8,500,000
   
$
2.34-5.00
   
$
3.44
 

The warrants to purchase 3,500,000 Asterias Series A Shares will expire on September 30, 2016 and the warrants to purchase 5,000,000 Asterias Series A Shares will expire on June 15, 2015. Asterias will receive $29,200,000 if all of the warrants are exercised.
 
15

9. Equity Incentive Plan
 
During March 2013, Asterias’ Board of Directors approved an Equity Incentive Plan (the “Plan”) under which Asterias has reserved 4,500,000 shares of common stock for the grant of stock options or the sale of restricted stock. Initially, Asterias issued Series B Shares under the Plan. Since the date on which all of the outstanding Series B Shares were converted into Series A Shares, Asterias has issued Series A Shares under the Plan. The Plan also permits Asterias to issue such other securities as its Board of Directors or the Compensation Committee administering the Plan may determine. Asterias’ stockholders approved the Plan in September 2013.

No options may be granted under the Plan more than ten years after the date upon which the Plan was adopted by the Board of Directors, and no options granted under the Plan may be exercised after the expiration of ten years from the date of grant. Under the Plan, options to purchase common stock may be granted to employees, directors and certain consultants at prices not less than the fair market value at date of grant, subject to certain limited exceptions for options granted in substitution of other options. Options may be fully exercisable immediately, or may be exercisable according to a schedule or conditions specified by the Board of Directors or the Compensation Committee. The Plan also permits Asterias to award restricted stock for services rendered or to sell common stock to employees subject to vesting provisions under restricted stock agreements that provide for forfeiture of unvested shares upon the occurrence of specified events under a restricted stock award agreement. Asterias may permit employees or consultants, but not officers or directors, who purchase stock under restricted stock purchase agreements, to pay for their shares by delivering a promissory note that is secured by a pledge of their shares.

Asterias may also grant stock appreciation rights (“SARs”) and hypothetical units issued with reference to Asterias common stock (“Restricted Stock Units”) under the Plan. An SAR is the right to receive, upon exercise, an amount payable in cash or shares or a combination of shares and cash, as determined by the Board of Directors or the Compensation Committee, equal to the number of shares subject to the SAR that is being exercised multiplied by the excess of (a) the fair market value of a share of Asterias common stock on the date the SAR is exercised, over (b) the exercise price specified in the SAR Award agreement.

The terms and conditions of a grant of Restricted Stock Units will be determined by the Board of Directors or Compensation Committee. No shares of stock will be issued at the time a Restricted Stock Unit is granted, and Asterias will not be required to set aside a fund for the payment of any such award. A recipient of Restricted Stock Units will have no voting rights with respect to the Restricted Stock Units. Upon the expiration of the restrictions applicable to a Restricted Stock Unit, Asterias will either issue to the recipient, without charge, one share of common stock per Restricted Stock Unit or cash in an amount equal to the fair market value of one share of common stock.

Options Granted and Restricted Stock Units Issued

As of March 31, 2015, Asterias had granted to certain officers, employees, and directors, options to purchase a total of 4,225,000 shares of common stock, 200,000 shares of restricted common stock, and 193,733 restricted stock units at a weighted average exercise price of $2.83 per share.

A summary of Asterias' stock option activity and related information follows:

   
Options and
Restricted
Stock and Units Available for Grant
 
Number of
Options and
Restricted Stock and Units Outstanding
 
Weighted
Average
Exercise
Price
 
January 1, 2015
   
1,150,001
     
3,346,666
   
$
2.42
 
Increase to pool(1)
   
3,500,000
     
-
     
-
 
Options granted
   
(1,080,000
)
   
1,080,000
     
3.90
 
Restricted stock units issued
   
(193,733
)
   
193,733
     
3.90
 
Options forfeited
   
1,666
     
(1,666
)
   
2.34
 
March 31, 2015
   
3,377,934
     
4,618,733
   
$
2.68
 

(1) The 3,500,000 share increase to the Equity Incentive Plan is subject to subsequent approval by the Asterias shareholders.
 
16

Stock-Based Compensation Expense
 
The weighted-average estimated fair value of stock options granted during the three months ended March 31, 2015 and 2014 were $2.57 and $1.26 per share respectively, using the Black-Scholes Merton model with the following weighted-average assumptions:

   
March 31,
(Unaudited)
   
2015
 
2014
Expected life (in years)
   
5.85
     
4.18
 
Risk-free interest rates
   
1.64
%
   
1.06
%
Volatility
   
78.55
%
   
70.03
%
Dividend yield
   
0
%
   
0
%

The risk-free rate is based on the rates in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to each grant’s expected life. A dividend yield of zero is applied since Asterias has not historically paid dividends and has no intention to pay dividends in the near future. The expected volatility is based upon the volatility of a group of publicly traded industry peer companies. The expected term of options granted is calculated using the simplified method under SEC Staff Accounting Bulletin No. 107.

Total proceeds if all options granted and outstanding as of March 31, 2015 were exercised would be $11,828,750.

Employee stock-based compensation expense is calculated and recorded based on awards ultimately expected to vest and has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and will be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

Operating expenses include stock-based compensation expense as follows:

 
Three Months Ended March 31,
               (Unaudited)
 
2015
 
2014
 
Research and development
 
$
288,546
   
$
115,140
 
General and administrative
   
404,405
     
143,534
 
Total stock-based compensation expense
 
$
692,951
   
$
258,674
 

At March 31, 2015 Asterias had $5,615,657 of total unrecognized compensation expense, net of estimated forfeitures, related to the Plan that will be recognized over a weighted-average period of approximately 2.98 years.
 
17

10. Commitments and Contingencies
 
At March 31, 2015 Asterias had commitments consisting of an operating lab equipment lease, a sublease of its current office and research facility, a lease of its satellite office in New York, and a lease for its future office and research facility in Fremont, California.

Asterias subleases from BioTime an office and research facility located in Menlo Park, California. The lease is for a term of three years commencing January 7, 2013. Base rent is $31,786 per month, plus real estate taxes and certain costs of maintaining the leased premises.

On December 30, 2013, Asterias entered into a lease for an office and research facility located in Fremont, California, consisting of an existing building with approximately 44,000 square feet of space. The building will be used by Asterias primarily as a laboratory and production facility that can be used to produce human embryonic stem cells and related products under current good manufacturing procedures. Asterias plans to construct certain tenant improvements for its use, which it expects will cost approximately $5.5 million, of which a maximum $4.4 million will be paid by the landlord. The landlord’s obligation to fund the tenant improvements expires on June 30, 2015, 18 months from the date of the lease, with respect to any portion of the allowance not expended by then. Asterias expects to substantially complete construction of the built-to-suit facility during the third quarter of 2015.

In January 2014, Asterias paid the landlord a $300,000 security deposit and the landlord allowed access and use of the premises beginning in March 2014 to allow for the construction of the tenant improvements. The lease is for a term of 96 months, commencing on October 1, 2014, with two available five-year options to extend the term, upon one year written notice by Asterias. During the first 15 months of the lease term, from October 1, 2014 through December 31, 2015, Asterias will pay monthly base rent of $50,985 representing 22,000 square feet rather than 44,000 square feet provided that Asterias is not in default in performing its obligations under the lease beyond any notice and cure periods. Beginning on January 1, 2016, base rent will increase to $105,142 per month and increase by approximately 3% annually on every October 1 thereafter.

In addition to monthly base rent, Asterias will pay all real estate taxes, insurance and the cost of maintenance, repair and replacement of the leased premises. During the first 15 months of the lease term, Asterias will pay only 50% of the real estate taxes assessed on the premises provided that Asterias is not in default in performing its obligations under the lease beyond any notice and cure periods. However, if any improvements or alterations to the premises that Asterias constructs or adds are assessed for real property tax purposes at a valuation higher than the valuation of the improvements on the premises on the date it signed the lease, Asterias will pay 100% of the taxes levied on the excess assessed valuation.

Asterias is considered the owner of the asset under construction under ASC 840-40-55 as Asterias, among other things, has the primary obligation to pay for construction costs and Asterias will retain exclusive use of the building for its office and research facility requirements after construction is completed. In addition, the lease does not qualify for sale-leaseback accounting under ASC 840-40-25, Accounting for Leases, Sale-Leaseback Transactions, due to Asterias' significant continuing involvement with the facility that Asterias considers to be other than a normal leaseback as defined by ASC 840-40-25. In accordance with this guidance, amounts previously expended by Asterias for construction would continue to be reported as construction in progress in Asterias’ financial statements, and the landlord reimbursement proceeds received, including amounts earned by Asterias but not yet paid by the landlord at period end, are reported as a lease liability. Once the property is placed in service, Asterias will depreciate the property and the lease payments allocated to the landlord liability will be accounted for as debt service payments on that liability using the finance method of accounting per ASC 840-40-55. As of March 31, 2015 and December 31, 2014, Asterias had incurred $606,641 and $405,730, respectively, of construction costs included in construction in progress, of which $560,970 and $377,981 is the lease liability included in long term liabilities at March 31, 2015 and December 31, 2014, respectively.

Asterias was provided access and rights to use the property beginning in March 2014 with “free-rent” until the lease payments commenced on October 1, 2014, as described above. Asterias commenced expensing rent beginning in March 2014 in accordance with ASC 840-20-25-10 and 11, Rent Expense During Construction. Accordingly, during the three months ended March 31, 2015, Asterias has deferred rent credit of approximately $79,000 included in the statements of operations and a deferred rent balance of approximately $35,000 as of March 31, 2015, included in long-term liabilities.
 
18

Asterias also currently pays $3,512 per month for the use of approximately 120 square feet of the office space in New York City that is used to conduct meetings and other business affairs. The lease is for a term of one year commencing July 1, 2014.

Remaining minimum annual lease payments under the various operating leases for the years ending after March 31, 2015 are as follows:

Year Ended
December 31,
 
Minimum Lease
Payments
 
2015
 
$
775,774
 
2016
   
1,291,785
 
2017
   
1,309,295
 
2018
   
1,347,364
 
2019
   
1,386,792
 
Thereafter
   
4,033,933
 
Total
 
$
10,144,943
 

11. Shared Facilities and Service Agreement
 
On April 1, 2013, Asterias and BioTime executed a Shared Facilities and Services Agreement (“Shared Facilities Agreement”). Under the terms of the Shared Facilities Agreement, BioTime will allow Asterias to use its premises and equipment located at Alameda, California for the sole purpose of conducting business. BioTime will provide basic accounting, billing, bookkeeping, payroll, treasury, collection of accounts receivable (excluding the institution of legal proceedings or taking of any other action to collect accounts receivable), payment of accounts payable, and other similar administrative services to Asterias. BioTime may also provide the services of attorneys, accountants, and other professionals who may also provide professional services to BioTime and its other subsidiaries. BioTime will also provide Asterias with the services of its laboratory and research personnel, including BioTime employees and contractors, for the performance of research and development work for Asterias at the premise.

BioTime will charge Asterias a fee for the services and usage of facilities, equipment, and supplies aforementioned. For each billing period, BioTime will equitably prorate and allocate its employee costs, equipment costs, insurance costs, lease costs, professional costs, software costs, supply costs, and utilities costs, between BioTime and Asterias based upon actual documented use and cost by or for Asterias or upon proportionate usage by BioTime and Asterias, as reasonably estimated by BioTime. Asterias shall pay 105% of the allocated costs (the “Use Fee”). The allocated cost of BioTime employees and contractors who provide services will be based upon records maintained of the number of hours of such personnel devoted to the performance of services.

The Use Fee will be determined and invoiced to Asterias on a quarterly basis for each calendar quarter of each calendar year. If the Shared Facilities Agreement terminates prior to the last day of a billing period, the Use Fee will be determined for the number of days in the billing period elapsed prior to the termination of the Shared Facilities Agreement. Each invoice will be payable in full by Asterias within 30 days after receipt. Any invoice or portion thereof not paid in full when due will bear interest at the rate of 15% per annum until paid, unless the failure to make a payment is due to any inaction or delay in making a payment by BioTime employees from Asterias funds available for such purpose, rather than from the unavailability of sufficient funds legally available for payment or from an act, omission, or delay by any employee or agent of Asterias.

In addition to the Use Fees, Asterias will reimburse BioTime for any out of pocket costs incurred by BioTime for the purchase of office supplies, laboratory supplies, and other goods and materials and services for the account or use of Asterias, provided that invoices documenting such costs are delivered to Asterias with each invoice for the Use Fee. Furthermore, BioTime will have no obligation to purchase or acquire any office supplies or other goods and materials or any services for Asterias, and if any such supplies, goods, materials or services are obtained for Asterias, BioTime may arrange for the suppliers thereof to invoice Asterias directly.

Asterias in turn may charge BioTime or any Other Subsidiary for similar services provided by Asterias at the same rate and terms as aforementioned. “Other Subsidiary” means a subsidiary of BioTime other than Asterias and other than a subsidiary of Asterias.

The Shared Facilities Agreement terminates on December 31, 2016, provided that, unless otherwise terminated under another provision of the Shared Facilities Agreement, the term of the Shared Facilities Agreement will automatically be renewed and the termination date will be extended for an additional year each year after December 31, 2016, unless either party gives the other party written notice stating that the Shared Facilities Agreement will terminate on December 31 of that year.

BioTime allocated $50,251 and $39,720 of general overhead expenses to Asterias during the three months ended March 31, 2015 and 2014, respectively.
 
19

12. Segment Information

Operating segments are defined as components of an enterprise that engage in business activities for which separate financial information is available and evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. Asterias’ executive management team represents its chief decision maker. The executive management team reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance and there are no managers who are held accountable for levels or components below the consolidated unit level. To date, management has viewed Asterias’ operations as one segment.

13. Clinical Trial and Option Agreement and CIRM Grant Award

During September 2014, Asterias entered into a Clinical Trial and Option Agreement (the “CRUK Agreement”) with Cancer Research UK (the “Charity”) and Cancer Research Technology Limited, (“CRT”), a wholly-owned subsidiary of the Charity, pursuant to which the Charity has agreed to fund Phase I/IIa clinical development of our AST-VAC2 product candidate. Asterias will, at its own cost, complete process development and manufacturing scale-up of the AST-VAC2 manufacturing process and will transfer the resulting cGMP-compatible process to the Charity. The Charity will, at its own cost, manufacture clinical grade ASTVAC2 and will carry out the Phase I/IIa clinical trial of AST-VAC2 in cancer patients both resected early-stage and advanced forms of lung cancer. Asterias will have an exclusive first option to obtain a license to use the data from the clinical trial. If Asterias exercises that option Asterias will be obligated to make payments upon the execution of the License Agreement, upon the achievement of various milestones, and then royalties on sales of products. In connection with the CRUK Agreement, Asterias sublicensed to CRUK for use in the clinical trials and product manufacturing process certain patents that have been licensed or sublicensed to us by third parties. Asterias would also be obligated to make payments to those licensors and sublicensors upon the achievement of various milestones, and then royalties on sales of products if AST-VAC2 is successfully developed and commercialized.

On October 16, 2014 Asterias signed a Notice of Grant Award (“NGA”) with the California Institute for Regenerative Medicine (“CIRM”), effective October 1, 2014, with respect to a $14.3 million grant award for clinical development of Asterias' product, AST-OPC1. The NGA includes the terms under which CIRM will release grant funds to Asterias. CIRM will disburse the grant funds to Asterias through July 1, 2018 in accordance with a quarterly disbursement schedule, subject to Asterias' attainment of certain progress and safety milestones. Asterias received the first payment from CIRM in the amount of $916,554 in October 2014, and the second payment in the amount of $2,269,515 in January 2015.

14. Subsequent Events

On April 10, 2015, Asterias entered into an at-the-market issuance sales agreement (the “Sales Agreement”), with MLV & Co. LLC (“MLV”) pursuant to which Asterias may issue and sell shares of its Series A Common Stock (the "Series A Shares") from time to time through MLV as its sales agent, subject to certain limitations, including the number of shares registered and available under the Company’s previously filed and currently effective shelf registration statement on Form S-3 (File No. 333-200745) (the “Registration Statement”).

Any sales of shares of the Company’s Series A Shares pursuant to the Sales Agreement will be made under Asterias’ S-3 Registration Statement filed on December 4, 2014 and the related prospectus supplement filed on April 10, 2015. MLV may sell the Series A Shares by any method that is deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by MLV and the Company. MLV may also sell the Series A Shares in negotiated transactions, subject to Asterias’ prior approval. Subject to the terms and conditions of the Sales Agreement, MLV will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable laws, rules and regulations to sell the shares of the Series A Shares from time to time, based upon Asterias’ instructions (including any price, time or size limits or other parameters or conditions Asterias may impose). Asterias will pay MLV a commission of up to 3.0% of the gross proceeds of the sale of any Series A Shares sold through MLV as agent under the Sales Agreement. Asterias has also provided MLV with customary indemnification rights.

In April 2015, Asterias received $1,062,023 from the California Institute for Regenerative Medicine as quarterly installment payment of a $14.3 million research grant awarded during 2014.
 
20

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

The following Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to provide information necessary to understand our unaudited interim Condensed Financial Statements for the three months ended March 31, 2015 and 2014 and for the period from September 24, 2012 (our date of inception) to March 31, 2015, and highlight certain other information which, in the opinion of management, will enhance a reader's understanding of our financial condition, changes in financial condition and results of operations. In particular, the discussion is intended to provide an analysis of significant trends and material changes in our financial position and the operating results of our business during the three months ended March 31, 2015 as compared to the three months ended March 31, 2014. This discussion should be read in conjunction with our Condensed Consolidated Financial Statements for the three months ended March 31, 2015 and 2014 and related notes included elsewhere in this Quarterly Report on Form 10-Q. These historical financial statements may not be indicative of our future performance. This Management's Discussion and Analysis of Financial Condition and Results of Operations contains a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing, particularly in "Risk Factors" in this Report and in our Annual Report on Form 10-K.

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an "emerging growth company" until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of our first sale of common equity securities, such as our common stock, pursuant to an effective registration statement under the Securities Act of 1933, as amended; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the Securities and Exchange Commission (the “SEC”). We refer to the Jumpstart Our Business Startups Act of 2012 herein as the "JOBS Act," and references herein to "emerging growth company" shall have the meaning associated with it in the JOBS Act.

Critical Accounting Policies
 
Revenue recognition – We comply with ASC 605-10 and record revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Grant income is recognized as revenue when earned. Royalty revenues consist of royalty payments on sales of products under a license agreement. We recognize revenue in the quarter in which the royalty reports are received rather than the quarter in which the sales took place. When we are entitled to receive up-front nonrefundable licensing or similar fees pursuant to agreements under which we have no continuing performance obligations, the fees are recognized as revenues when collection is reasonably assured. When we receive up-front nonrefundable licensing or similar fees pursuant to agreements under which we do have continuing performance obligations, the fees are deferred and amortized ratably over the performance period. If the performance period cannot be reasonably estimated, we amortize nonrefundable fees over the life of the contract until such time that the performance period can be more reasonably estimated. Milestone payments, if any, related to scientific or technical achievements are recognized in income when the milestone is accomplished if (a) substantive effort was required to achieve the milestone, (b) the amount of the milestone payment appears reasonably commensurate with the effort expended, and (c) collection of the payment is reasonably assured.

Patent costs – Costs associated with obtaining patents on products or technology developed are expensed as research and development expenses when incurred.

Available-for-sale securities, at fair value  Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income. Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income.

Equipment and furniture – Equipment and furniture are stated at cost and are being depreciated using the straight-line method over a period of 36 to 120 months.
 
Construction in progress  Construction in progress is stated at cost and is not depreciated until the underlying asset is placed into service.
   
Intangible assets – Intangible assets with finite useful lives are amortized over estimated useful lives and intangible assets with indefinite lives are not amortized but rather are tested at least annually for impairment. Acquired in-process research and development intangible assets are accounted depending on whether they were acquired as part of an acquisition of a business, or assets that do not constitute a business. When acquired in conjunction with the acquisition of a business, these assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as our acquisition of assets from Geron), in accordance with the accounting rules in ASC 805-50, such intangible assets related to in process research and development (“IPR&D”) are expensed upon acquisition.
 
21

Impairment of long-lived assets – Our long-lived assets, including tangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, we will evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment will be recognized and measured by the amount by which the carrying amount exceeds the estimated fair value of the assets.

Warrants to purchase common stock  We generally account for warrants issued in connection with equity financings as a component of equity. None of the warrants issued by us as of March 31, 2015 include a conditional obligation to issue a variable number of shares; nor was there a deemed possibility that we may need to settle the warrants in cash. If we were to issue warrants with a conditional obligation to issue a variable number of shares or with the deemed possibility of a cash settlement, we would record the fair value of the warrants as a liability at each balance sheet date and records changes in fair value in other income and expense in our statements of operations.

Accounting for BioTime common shares – The Company accounts for the BioTime common shares it holds as available-for-sale equity securities in accordance with ASC 320-10-25, Investments-Debt and Equity Securities, as the shares have a readily determinable fair value quoted on the NYSE MKT and are held principally for future working capital purposes, as necessary. These shares are measured at fair value and reported as current assets on the balance sheet based on the closing trading price of the security as of the date being presented. Unrealized holding gains and losses in changes to the fair value of these shares are excluded from the statements of operations and reported in equity as part of other comprehensive income or loss until realized. Realized gains and losses are reclassified out of other comprehensive income or loss and included in equity, as an increase or decrease in additional paid-in capital consistent with, and pursuant to, ASC 805-50, transactions between entities under common control.

Research and development – Research and development expenses consist of costs incurred for company-sponsored, collaborative and contracted research and development activities. These costs include direct and research-related overhead expenses including salaries, payroll taxes, consulting fees, research and laboratory fees, rent of research facilities, amortization of intangible asset, and license fees paid to third parties to acquire patents or licenses to use patents and other technology. Asterias expenses research and development costs as such costs are incurred.
 
General and administrative – General and administrative expenses consist principally of compensation and related benefits, including stock-based compensation, for executive and corporate personnel; professional and consulting fees; and allocated overhead.
  
Income taxes – Asterias will file its own U.S. federal tax return for the 2015 calendar year. For California purposes Asterias’ activity will continue to be included in BioTime’s California combined tax return. Asterias’ operations through September 30, 2013 were included in BioTime’s consolidated U.S. federal income tax return. For California, Asterias’ activity since inception has been included in BioTime’s combined tax return. The provision for income taxes was previously determined as if Asterias had filed separate tax returns for the periods presented. Accordingly, the effective tax rate of Asterias in periods subsequent to December 31, 2013 could vary from its historical effective tax rates depending on the future legal structure of Asterias and related tax elections. Asterias accounts for income taxes in accordance with the accounting principles generally accepted in the United States, which prescribe the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. The guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examination by taxing authorities. Generally, Asterias is subject to income tax examinations by major taxing authorities for all years since inception. Asterias will recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2015 and December 31, 2014.
    
Stock-based compensation – Asterias adopted accounting standards governing share-based payments, which require the measurement and recognition of compensation expense for all share-based payment awards made to directors and employees, including employee stock options, based on estimated fair values. Consistent with those guidelines, Asterias utilizes the Black-Scholes-Merton option pricing model. Asterias' determination of fair value of share-based payment awards on the date of grant using that option-pricing model is affected by Asterias' stock price as well as by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, Asterias' expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise experience. The expected term of options granted is derived from using the simplified method under SEC Staff Accounting Bulletin No. 107. The risk-free rate is based on the U.S. Treasury rates in effect during the corresponding period of grant.

Fair value of financial instruments – ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows:
 
22

· Level 1 – Observable inputs that reflect quoted prices for identical assets or liabilities in active market.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

· Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period until they mature or are required to be settled, except for the investment in BioTime common shares, which are carried at fair value based on Level 1 inputs, and BioTime Warrants and related obligation to distribute the BioTime Warrants, which are carried at fair value based on Level 2 inputs.

Results of Operations

Comparison of three months ended March 31, 2015 and 2014

For the three months ended March 31, 2015 and 2014 we recorded net losses of $2,972,525 and $2,286,749, respectively.

Revenues

The following table shows certain information about our revenues for the three months ended March 31, 2015 and 2014.

   
Three Months Ended March 31,(Unaudited)
 
$
Increase/
 
%
Increase/
   
2015
 
2014
 
Decrease
 
Decrease
License and royalties from product sales
 
$
101,747
   
$
61,980
   
$
+39,767
     
+ 64
%
Grant income
   
677,313
     
-
     
+677,313
     
+ 100
%
Total revenues
   
779,060
     
61,980
     
+717,080
     
+ 1,157
%
Cost of sales
   
(50,874
)
   
-
     
+50,874
     
+ 100
%
Total gross profit
 
$
728,186
   
$
61,980
   
$
+666,206
     
+ 1,075
%

Grant revenue in 2014 is entirely from CIRM which has awarded us a $14.3 million grant for clinical development of AST-OPC1. CIRM will disburse the grant funds to us through July 1, 2018 in accordance with a quarterly disbursement schedule, subject to our attainment of certain progress and safety milestones. We received the first payment from CIRM in the amount of $916,554 during October 2014, the second payment in the amount of $2,269,515 in January 2015, and the third payment in the amount of $1,062,023 in April 2015.

Expenses

The following table shows our operating expenses for the three months ended March 31, 2015 and 2014.

 
Three Months Ended March 31,(Unaudited)
$
Increase/
%
Increase/
 
2015
2014
Decrease
 
Decrease
Research and development expenses
 
$
3,592,615
   
$
2,599,146
   
$
+993,469
     
+38
%
General and administrative expenses
   
1,672,150
     
1,094,474
     
+577,676
     
+53
%

Research and development expenses – Research and development expenses increased by approximately $993,469 to $3,592,615 for the three months ended March 31, 2015 compared to $2,599,146 for the three months ended March 31, 2014. The overall increase is primarily due to the continued ramp-up of expenses related to the AST-OPC1 CIRM trials. Employee compensation, including stock-based compensation and related costs allocated to research and development expenses increased by $591,125, clinical trial related fees increased by $269,651, contract manufacturing related expenses increased by $64,697, laboratory and supplies expenses increased by $74,930, rent and facilities maintenance related expenses allocated to research and development increased primarily due to the Fremont lease which commenced on October 1, 2014 increased by $180,646. These increases are offset in part by a decrease in amortization of deferred rent expense by $78,594, patent and license fees and related legal fees by $44,494, scientific consulting related expenses by $59,268 due to hiring additional scientists and lab staff, and $53,904 decrease in amortization of intangible assets due to an adjustment to the amortized expense at the end of 2014.
 
23

General and administrative expenses – General and administrative expenses increased by approximately $577,676 to $1,672,150 for the three months ended March 31, 2015 compared to $1,094,474 for the three months ended March 31, 2014. The increase in general and administrative expenses is primarily comprised of the following expenses incurred: increase in legal expenses by $194,216, increase in general consulting expenses by $96,643, increase in outside directors compensation expenses by $93,815, increase in investor and public relations related expenses and securities listing fees by $82,472, accounting, audit, and tax related fees by $77,518 and employee compensation, including stock-based compensation and related costs allocated to general and administrative expenses by $66,355. The increases are offset by a decrease in state corporation and franchise taxes by $62,804.

Liquidity and Capital Resources

At March 31, 2015, we had $7,421,143 of cash and cash equivalents on hand and we held 3,852,880 BioTime common shares, with a market value of approximately $19,152,584 on that date. We may raise capital from time to time through the sale of our Series A Shares or other securities, and our BioTime common shares. We may sell our Series A Shares or other securities in public offerings registered under the Securities Act of 1933, as amended (the “Securities Act”), or in private placements to select investors. We may sell our BioTime common shares, from time to time, by any method that is deemed to be an “at-the-market” equity offering as defined in Rule 415 promulgated under the Securities Act, including sales made directly on or through the NYSE MKT or any other existing trading market for the common shares in the U.S. or to or through a market maker, at prices related to the prevailing market price, or through block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction, or through one more of the foregoing transactions. We expect to sell the BioTime common shares through Cantor Fitzgerald & Co. or such other broker-dealer as BioTime may designate. We may also sell BioTime common shares by any other method permitted by law, including in privately negotiated transactions. We will bear all broker-dealer commissions payable in connection with the sale of our Series A Shares or other securities and our BioTime common shares. Broker-dealers may receive commissions or discounts from us (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The prices at which we may issue and sell our Series A Shares or other securities and our BioTime common shares in the future are not presently determinable and will depend upon many factors, including prevailing prices for those securities in the public market.

On April 10, 2015, we entered into an at-the-market issuance sales agreement (the “Sales Agreement”) with MLV & Co. LLC ("MLV"), under which MLV, as our sales agent, at our discretion and at such times that we may determine from time to time, may sell up to a maximum of $20 million of our Series A Shares, subject to certain limitations, including the number of shares registered and available under our previously filed and currently effective shelf registration statement on Form S-3 (File No. 333-200745). We are not required to sell any shares at any time during the term of the Sales Agreement. We have agreed to pay MLV a commission of up to 3% of the gross proceeds of the sale of any Series A Shares sold through MLV as agent under the Sales Agreement. As of May 8, 2015, $20 million of Series A Shares remained available under the Sales Agreement.

If we issue a sale notice to MLV, we may designate the minimum price per share at which shares may be sold and the maximum number of shares that MLV is directed to sell during any selling period. As a result, prices are expected to vary as between purchasers and during the term of the offering. MLV may sell the shares by any method deemed to be an “at-the-market” equity offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, which may include ordinary brokers’ transactions on the NYSE MKT, or otherwise at market prices prevailing at the time of sale or prices related to such prevailing market prices, or as otherwise agreed by MLV and us. Either party may suspend the offering under the Sales Agreement by advance notice to the other party.

We have outstanding warrants to purchase 3,500,000 shares of our common stock at an exercise price of $5.00 per share that will expire on September 30, 2016, and warrants to purchase 5,000,000 shares of our common stock at an exercise price of $2.34 per share that will expire on June 15, 2015. We will receive $29,200,000 if all of the warrants are exercised. There can be no assurance that the warrants will be exercised.

We plan to use the cash we have available to develop certain of our product candidates and technology, to acquire new stem cell products and technology through licenses or similar agreements from other companies, and to defray overhead expenses and to pay general and administrative expenses. We may also use available funds for any clinical trials of products that we may conduct. We expect to continue to incur operating losses and negative cash flows. BioTime contributed to the funding of our business activities from inception through March 31, 2015 but there can be no assurance they will continue to do so in the future.

We have been awarded a $14.3 million Strategic Partnership III grant by CIRM to help fund our clinical development of AST-OPC1. The grant will provide funding for us to reinitiate clinical development of AST-OPC1 in subjects with spinal cord injury, to expand clinical testing of escalating doses in the target population intended for future pivotal trials, and for product development efforts to refine and scale manufacturing methods to support eventual commercialization. CIRM will disburse the grant funds to us through July 1, 2018 in accordance with a quarterly disbursement schedule, subject to our attainment of certain progress and safety milestones. We received the first payment from CIRM in the amount of $916,554 during October 2014, the second payment in the amount of $2,269,515 in January 2015, and the third payment of $1,062,023 in April 2015. As the distributions of the CIRM grant are subject to meeting certain progress and go/no-go milestones, there can be no assurance that we will receive the entire amount granted.
 
24

Pursuant to the CRUK Agreement, CRUK has agreed to fund Phase I/IIa clinical development of our AST-VAC2 product candidate. We will, at our own cost, complete process development and manufacturing scale-up of the AST-VAC2 manufacturing process and will transfer the resulting cGMP-compatible process to CRUK. CRUK will, at its own cost, manufacture clinical grade AST-VAC2 and will carry out the Phase I/IIa clinical trial of AST-VAC2 in cancer patients both resected early-stage and advanced forms of lung cancer.
 
On April 21, 2015 Asterias announced that the abstract describing long-term follow-up of patients with acute myelogenous leukemia (AML) from the Phase 2 clinical trial of AST-VAC1 was selected for an oral presentation at the 2015 American Society of Clinical Oncology (ASCO) Annual Meeting.  The data will be presented by H. Jean Khoury, MD, FACP, professor of hematology and medical oncology at Emory University School of Medicine during the session titled “Leukemia, Myelodysplasia, and Transplantation” and is scheduled for Saturday, May 30, 2015 from 3:09pm to 3:19pm Central time.
 
Since inception, Asterias has incurred net losses and has funded its operations primarily through the support from BioTime, issuance of equity securities, payments from research grants, and royalties from product sales. At March 31, 2015, we had an accumulated deficit of $36,208,316, working capital of $16,916,014 and stockholders’ equity of $38,532,008. Asterias has evaluated its projected cash flows and believes that its cash and cash equivalents of $7,421,143 as of March 31, 2015 will be sufficient to fund its operations at least through 2015. However, clinical trials being conducted by us will be funded in part with funds from the grant awarded in 2014 by CIRM and not from cash on hand. If we were to lose our grant funding or if BioTime does not provide funding for our operations we may be required to delay, postpone, or cancel our clinical trials or limit the number of clinical trial sites, or otherwise reduce or curtail our operations unless we are able to obtain from another source of adequate financing that could be used for our clinical trials.

The unavailability or inadequacy of financing or revenues to meet future capital needs could force us to modify, curtail, delay, or suspend some or all aspects of our planned operations. Sales of additional equity securities could result in the dilution of the interests of our current shareholders.

Cash Flows

Cash provided used in operations

Since our inception, we have incurred losses from operations and negative cash flows from our operations. During the three months ended March 31, 2015 our total research and development expenditures were $3,592,615 and our general and administrative expenditures were $1,672,150. Net loss for the period ended March 31, 2015 amounted to $2,972,525. Our sources of cash during 2015 primarily consisted of $101,747 from royalty revenues on product sales by licensees and research grant payments of $2,269,515 from CIRM. As of March 31, 2015 and December 31, 2014, we had a working capital surplus of $16,916,014 and $11,887,884, respectively, and an accumulated deficit of $36,208,316 and $33,235,791, respectively, based on our operating losses and the expensed IPR&D.

Net cash used in operating activities during the three months ended March 31, 2015 amounted to $700,819. The difference between the net loss and net cash used in operating activities during the three months ended March 31, 2015 was primarily attributable to deferred grant income of $1,474,300, stock-based compensation expense of $692,951, amortization of intangible assets of $671,521, accounts payable of $354,188, accrued expenses and other current liabilities of $295,147, in part by amount due to BioTime of $248,248, depreciation expense of $132,417, and grant receivable of $117,902.  The overall difference was offset deferred income tax benefit of $1,584,264, prepaid expenses and other current assets of $93,054, and deferred rent liability of $58,796.

Investing and financing activities

During the three months ended March 31, 2015, we used $15,775 in cash to purchase equipment and furniture and $296,382 in construction in progress for our Fremont facility. During the three months ended March 31, 2015, we raised approximately $5.5 million in aggregate gross proceeds from the sale of 1,410,255 shares of our common stock at a price of $3.90 per share through an underwritten public offering and a private placement. Broadwood Partners, L.P., British & American Investment Trust PLC and Pedro Lichtinger purchased an aggregate of 1,025,640 of the shares. Broadwood Partners, L.P. is BioTime’s largest shareholder and one of its directors, Neal C. Bradsher, is President, and one of Asterias’ directors, Richard T. LeBuhn, is Senior Vice President, of Broadwood Capital, Inc., the investment manager of Broadwood Partners, L.P. Pedro Lichtinger is Asterias’ President and Chief Executive Officer and a member of its Board of Directors. British & American Investment Trust PLC is an affiliate of a stockholder of Asterias and BioTime.  The gross proceeds were offset by financing costs of $425,232.
 
Asterias also received $283,764 from the landlord on reimbursable construction in progress. See Note 4 to condensed financial statements.
 
Off-Balance Sheet Arrangements

As of March 31, 2015, and as of December 31, 2014, we did not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation S-K.
 
25

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Foreign Currency Exchange Risk

We are not presently exposed in a significant degree to foreign exchange currency risks because we are not conducting international business at this time, and we do not engage in foreign currency hedging activities. If we engage in international transactions, we will need to translate foreign currencies into U.S. dollars for reporting purposes, and currency fluctuations could have an impact on our financial results.

Credit Risk

We place some of our cash in U.S. banks and invest most of our cash in money market funds. Deposits with banks may temporarily exceed the amount of insurance provided on such deposits. We will monitor the cash balances in the accounts and adjust the cash balances as appropriate, but if the amount of a deposit at any time exceeds the federally insured amount at a bank, the uninsured portion of the deposit could be lost, in whole or in part, if the bank were to fail. Our investments in money market funds are not insured or guaranteed by the United States government or any of its agencies.

Interest Rate Risk

We invest most of our cash in money market funds. The primary objective of our investments will be to preserve principal and liquidity while earning a return on our invested capital, without incurring significant risks. Our future investment income is not guaranteed and may fall short of expectations due to changes in prevailing interest rates, or we may suffer losses in principal if the net asset value of a money market fund falls below $1 per share.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, including our principal executive officer and principal financial officer, have reviewed and evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Following this review and evaluation, the principal executive officer and principal financial officer determined that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to management, including our principal executive officer, and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls

There were no changes in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 

26

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may be involved in routine litigation incidental to the conduct of our business. We are not presently involved in any other material litigation or proceedings, and to our knowledge no such litigation or proceedings are contemplated.

Item 1A. Risk Factors

Our business is subject to various risks, including those described below. You should consider the following risk factors, together with all of the other information included in this report and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2014, which could materially adversely affect our proposed operations, business prospects, and financial condition, and the value of an investment in our business. There may be other factors that are not mentioned here or of which we are not presently aware that could also affect our business operations and prospects.

We have a history of operating losses and negative cash flows

Since our inception in September 2012, we have incurred operating losses and negative cash flow, and we expect to continue to incur losses and negative cash flow in the future. Our net losses for the three months ended March 31, 2015, fiscal year ended December 31, 2014, and the period from September 2012 (inception) to March 31, 2015, were $2,972,525, $10,097,154, and $36,208,316, respectively, and we had an accumulated deficit of $36,208,316 and $33,235,791 as of March 31, 2015 and December 31, 2014, respectively. BioTime previously funded our formation and operating costs but we do not expect BioTime to continue to do so in the future. We have limited cash resources and will depend upon future equity financings, research grants, financings through collaborations with third parties, and sales of BioTime common shares that we as a source of funding for our operations. There is no assurance that we will be able to obtain the financing we need from any of those sources, or that any such financing that may become available will be on terms that are favorable to us and our shareholders.

Future sales and issuances of our Series A Shares or rights to purchase our Series A Shares, including pursuant to our Sales Program, stock incentive plans and upon the exercise of outstanding securities exercisable for Series A Shares, could result in substantial additional dilution of our stockholders, cause our stock price to fall and adversely affect our ability to raise capital.

We will require additional capital to continue to execute our business plan and advance our research and development efforts. To the extent that we raise additional capital through the issuance of additional equity securities and through the exercise of outstanding warrants, our stockholders may experience substantial dilution. We may sell Series A Shares in one or more transactions at prices that may be at a discount to the then-current market value of our Series A Shares and on such other terms and conditions as we may determine from time to time. Any such transaction could result in substantial dilution of our existing stockholders. If we sell shares of our Series A Shares in more than one transaction, stockholders who purchase our Series A Shares may be materially diluted by subsequent sales. Such sales could also cause a drop in the market price of the Series A Shares. The issuance of shares of our Series A Shares in connection with a public financing, under the ATM Program, in connection with our compensation programs, and upon exercise of outstanding warrants will have a dilutive impact on our other stockholders and the issuance, or even potential issuance, of such shares could have a negative effect on the market price of our Series A Shares.

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

Previously reported.

Item 3. Default Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information.

None.
 
27

Exhibit Numbers
 
Description
     
2.1
 
Asset Contribution Agreement, dated January 4, 2013, by and among BioTime, Inc., BioTime Acquisition Corporation, and Geron Corporation. (1) Schedules to the Asset Contribution Agreement have been omitted. Asterias agrees to furnish supplementally a copy of the omitted schedules to the Commission upon request
     
3.1
 
Amended and Restated Certificate of Incorporation (2)
     
3.2
 
Bylaws (2)
     
4.1
 
Specimen of Series A Common Stock Certificate (3)
     
4.2
 
Warrant Agreement, dated October 1, 2013, by Asterias Biotherapeutics, Inc. for the benefit of BioTime, Inc. (4)
     
4.3
 
Form of Warrant (Included in Exhibit 4.2) (4)
     
4.4
 
Warrant Agreement, dated October 1, 2013, by Asterias Biotherapeutics, Inc. for the benefit of Romulus Films Ltd. (4)
     
4.5
 
Form of Warrant (Included in Exhibit 4.4) (4)
     
10.1
 
Stock and Warrant Purchase Agreement, dated January 4, 2013, between BioTime Acquisition Corporation and Romulus Films Ltd. (2)
     
10.2
 
Sublease dated April 1, 2013 between BioTime, Inc. and BioTime Acquisition Corporation (2)
     
10.3
 
Shared Facilities and Services Agreement, dated April 1, 2013, between Asterias Biotherapeutics, Inc. and BioTime, Inc. (2)
     
10.4
 
Promissory Note, dated April 1, 2013, payable to BioTime, Inc. (2)
     
10.5
 
2013 Equity Incentive Plan (5)
     
10.6
 
Form of Employee Incentive Stock Option Agreement (6)

28

10.7
 
Form of Non-employee Director Stock Option Agreement (6)
     
10.8
 
Employment Agreement, dated as June 24, 2013, between Thomas Okarma and Asterias Biotherapeutics, Inc. (6)
     
10.9
 
Employment Agreement, dated as of June 24, 2013, between Katharine Spink and Asterias Biotherapeutics, Inc. (6)
     
10.10
 
Employment Agreement, dated as of June 24, 2013, between Jane Lebkowski and Asterias Biotherapeutics, Inc. (6)
     
10.11
 
Royalty Agreement, dated October 1, 2013 between Asterias Biotherapeutics, Inc. and Geron Corporation (7)
     
10.12
 
Exclusive Sublicense Agreement between Geron Corporation and Asterias Biotherapeutics, Inc. (7)
     
10.13
 
Sublicense Agreement between BioTime, Inc. and Asterias Biotherapeutics, Inc. (7)
     
10.14
 
Exclusive License Agreement, dated February 20, 2003, and First Amendment thereto dated September 7, 2004, between The Regents of the University of California and Geron Corporation (7)
     
10.15
 
Non-exclusive License Agreement, dated October 7, 2013, between the Wisconsin Alumni Research Foundation and Asterias Biotherapeutics, Inc. (Portions of this exhibit have been omitted pursuant to a request for confidential treatment) (7)
     
10.16
 
Lease, dated December 30, 2013, by and between BMR 6300 Dumbarton Circle, LP, and Asterias Biotherapeutics, Inc. (8)
     
10.17
 
Warrant Agreement, dated June 16, 2014, by Asterias Biotherapeutics, Inc. for the benefit of certain warrant holders (9)
     
10.18
 
Form of Warrant (included in Exhibit 10.18) (9)
     
10.19
 
Employment Agreement, dated as of June 9, 2014, between Pedro Lichtinger and Asterias Biotherapeutics, Inc. (9)
     
10.20
Stock Purchase Agreement, dated as of June 12, 2014, between Pedro Lichtinger and Asterias Biotherapeutics, Inc. (9)

29

10.21
 
Registration Rights Agreement, dated June 16, 2014, between The George Karfunkel 2007 Grantor Trust #1, Broadwood Partners, L.P., and Asterias Biotherapeutics, Inc. (9)
     
10.22
 
Clinical Trial and Option Agreement, dated September 8, 2014, between Asterias Biotherapeutics, Inc. and Cancer Research UK and Cancer Research Technology Limited (Portions of this exhibit have been omitted pursuant to a request for confidential treatment) (10) +
     
10.23
 
Form of Subscription Agreement 2015 Private Placement (11)
     
10.24
 
Notice of Grant Award, dated as of October 14, 2014, between the California Institute for Regenerative Medicine and Asterias Biotherapeutics, Inc. ++
     
10.25
 
Amendment to Notice of Grant Award, dated as of November 26, 2014, between the California Institute for Regenerative Medicine and Asterias Biotherapeutics, Inc. ++
     
31
 
Rule 13a-14(a)/15d-14(a) Certification.*
     
32
 
Section 1350 Certification.*
     
101
 
Interactive Data File
     
101.INS
 
XBRL Instance Document *
     
101.SCH
 
XBRL Taxonomy Extension Schema *
     
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase *
     
101.LAB
 
XBRL Taxonomy Extension Label Linkbase *
     
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase *
     
101.DEF
 
XBRL Taxonomy Extension Definition Document *

30

+
Portions of this exhibit have been omitted pursuant to a confidential treatment order from the Securities and Exchange Commission.
 
++
Portions of this exhibit have been omitted pursuant to a request for confidential treatment and have been separately filed with the Securities and Exchange Commission.
 
(1)
Incorporated by reference to Asterias’ Current Report on Form 8-K filed by BioTime, Inc. with the Securities and Exchange Commission on January 8, 2013.
 
(2)
Incorporated by reference to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on April 3, 2013.
 
(3)
Incorporated by reference to Amendment No. 3 to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on September 3, 2013
 
(4)
Incorporated by reference to Current Report on Form 8-K filed with the Securities and Exchange Commission on October 1, 2013.
 
(5)
Incorporated by reference to Amendment No. 1 to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on June 26, 2013.
 
(6)
Incorporated by reference to Amendment No. 2 to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on August 13, 2013.
 
(7)
Incorporated by reference to Asterias’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2013.
 
(8)
Incorporated by reference to Asterias’ Annual Report on Form 10-K for the year ended December 31, 2013.
 
(9)
Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on June 19, 2014.
 
(10)
Incorporated by reference to Asterias’ Quarterly Report on Form 10-Q/A-1 for the quarter ended September 30, 2014
 
(11)
Incorporated by reference to Asterias’ Annual Report on Form 10-K for the year ended December 31, 2014
 
* Filed herewith.
 
31

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.

 
ASTERIAS BIOTHERAPEUTICS, INC.
 
     
Date: May 8, 2015
/s/ Pedro Lichtinger
 
 
Pedro Lichtinger
 
 
Principal Executive Officer
 

Date: May 8, 2015
/s/ Robert W. Peabody
 
 
Robert W. Peabody
 
 
Principal Financial Officer
 

32

Exhibit Numbers
 
Description
     
2.1
 
Asset Contribution Agreement, dated January 4, 2013, by and among BioTime, Inc., BioTime Acquisition Corporation, and Geron Corporation. (1) Schedules to the Asset Contribution Agreement have been omitted. Asterias agrees to furnish supplementally a copy of the omitted schedules to the Commission upon request
     
3.1
 
Amended and Restated Certificate of Incorporation (2)
     
3.2
 
Bylaws (2)
     
4.1
 
Specimen of Series A Common Stock Certificate (3)
     
4.2
 
Warrant Agreement, dated October 1, 2013, by Asterias Biotherapeutics, Inc. for the benefit of BioTime, Inc. (4)
     
4.3
 
Form of Warrant (Included in Exhibit 4.2) (4)
     
4.4
 
Warrant Agreement, dated October 1, 2013, by Asterias Biotherapeutics, Inc. for the benefit of Romulus Films Ltd. (4)
     
4.5
 
Form of Warrant (Included in Exhibit 4.4) (4)
     
10.1
 
Stock and Warrant Purchase Agreement, dated January 4, 2013, between BioTime Acquisition Corporation and Romulus Films Ltd. (2)
     
10.2
 
Sublease dated April 1, 2013 between BioTime, Inc. and BioTime Acquisition Corporation (2)
     
10.3
 
Shared Facilities and Services Agreement, dated April 1, 2013, between Asterias Biotherapeutics, Inc. and BioTime, Inc. (2)
     
10.4
 
Promissory Note, dated April 1, 2013, payable to BioTime, Inc. (2)
     
10.5
 
2013 Equity Incentive Plan (5)
     
10.6
 
Form of Employee Incentive Stock Option Agreement (6)
     
10.7
 
Form of Non-employee Director Stock Option Agreement (6)

33

10.8
 
Employment Agreement, dated as June 24, 2013, between Thomas Okarma and Asterias Biotherapeutics, Inc. (6)
     
10.9
 
Employment Agreement, dated as of June 24, 2013, between Katharine Spink and Asterias Biotherapeutics, Inc. (6)
     
10.10
 
Employment Agreement, dated as of June 24, 2013, between Jane Lebkowski and Asterias Biotherapeutics, Inc. (6)
     
10.11
 
Royalty Agreement, dated October 1, 2013 between Asterias Biotherapeutics, Inc. and Geron Corporation (7)
     
10.12
 
Exclusive Sublicense Agreement between Geron Corporation and Asterias Biotherapeutics, Inc. (7)
     
10.13
 
Sublicense Agreement between BioTime, Inc. and Asterias Biotherapeutics, Inc. (7)
     
10.14
 
Exclusive License Agreement, dated February 20, 2003, and First Amendment thereto dated September 7, 2004, between The Regents of the University of California and Geron Corporation (7)
     
10.15
 
Non-exclusive License Agreement, dated October 7, 2013, between the Wisconsin Alumni Research Foundation and Asterias Biotherapeutics, Inc. (Portions of this exhibit have been omitted pursuant to a request for confidential treatment) (7)
     
10.16
 
Lease, dated December 30, 2013, by and between BMR 6300 Dumbarton Circle, LP, and Asterias Biotherapeutics, Inc. (8)
     
10.17
 
Warrant Agreement, dated June 16, 2014, by Asterias Biotherapeutics, Inc. for the benefit of certain warrant holders (9)
     
10.18
 
Form of Warrant (included in Exhibit 10.18) (9)
     
10.19
 
Employment Agreement, dated as of June 9, 2014, between Pedro Lichtinger and Asterias Biotherapeutics, Inc. (9)
 
10.20
 
Stock Purchase Agreement, dated as of June 12, 2014, between Pedro Lichtinger and Asterias Biotherapeutics, Inc. (9)

34

10.21
 
Registration Rights Agreement, dated June 16, 2014, between The George Karfunkel 2007 Grantor Trust #1, Broadwood Partners, L.P., and Asterias Biotherapeutics, Inc. (9)
     
10.22
 
Clinical Trial and Option Agreement, dated September 8, 2014, between Asterias Biotherapeutics, Inc. and Cancer Research UK and Cancer Research Technology Limited (Portions of this exhibit have been omitted pursuant to a request for confidential treatment) (10) +
     
10.23
 
Form of Subscription Agreement 2015 Private Placement (11)
     
10.24
 
Notice of Grant Award, dated as of October 14, 2014, between the California Institute for Regenerative Medicine and Asterias Biotherapeutics, Inc. ++
     
10.25
 
Amendment to Notice of Grant Award, dated as of November 26, 2014, between the California Institute for Regenerative Medicine and Asterias Biotherapeutics, Inc. ++
     
 
Rule 13a-14(a)/15d-14(a) Certification.*
     
 
Section 1350 Certification.*
     
101
 
Interactive Data File
     
101.INS
 
XBRL Instance Document *
     
101.SCH
 
XBRL Taxonomy Extension Schema *
     
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase *
     
101.LAB
 
XBRL Taxonomy Extension Label Linkbase *
     
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase *
     
101.DEF
 
XBRL Taxonomy Extension Definition Document *

35

+
Portions of this exhibit have been omitted pursuant to a confidential treatment order from the Securities and Exchange Commission.
 
++
Portions of this exhibit have been omitted pursuant to a request for confidential treatment and have been separately filed with the Securities and Exchange Commission.
 
(1)
Incorporated by reference to Asterias’ Current Report on Form 8-K filed by BioTime, Inc. with the Securities and Exchange Commission on January 8, 2013.
 
(2)
Incorporated by reference to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on April 3, 2013.
 
(3)
Incorporated by reference to Amendment No. 3 to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on September 3, 2013
 
(4)
Incorporated by reference to Current Report on Form 8-K filed with the Securities and Exchange Commission on October 1, 2013.
 
(5)
Incorporated by reference to Amendment No. 1 to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on June 26, 2013.
 
(6)
Incorporated by reference to Amendment No. 2 to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on August 13, 2013.
 
(7)
Incorporated by reference to Asterias’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2013.
 
(8)
Incorporated by reference to Asterias’ Annual Report on Form 10-K for the year ended December 31, 2013.
 
(9)
Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form S-1 (333-187706) filed with the Securities and Exchange Commission on June 19, 2014.
 
(10)
Incorporated by reference to Asterias’ Quarterly Report on Form 10-Q/A-1 for the quarter ended September 30, 2014
 
(11)
Incorporated by reference to Asterias’ Annual Report on Form 10-K for the year ended December 31, 2014
 
* Filed herewith.
 
 
36

EX-31 2 ex31.htm EXHIBIT 31

Exhibit 31

CERTIFICATIONS

I, Pedro Lichtinger, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Asterias Biotherapeutics, Inc.

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

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

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

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

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

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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

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

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

Date: May 8, 2015
 
   
s/ Pedro Lichtinger
 
Pedro Lichtinger
Principal Executive Officer
 

Exhibit 31

CERTIFICATIONS

I, Robert W. Peabody, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Asterias Biotherapeutics, Inc.

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

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

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

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

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

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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

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

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

Date: May 8, 2015
 
   
s/ Robert W. Peabody
 
Robert W. Peabody
Principal Financial Officer
 
 

EX-32 3 ex32.htm EXHIBIT 32

Exhibit 32

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

In connection with the Quarterly Report on Form 10-Q of Asterias Biotherapeutics, Inc. (the "Company") for the quarter ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned, Pedro Lichtinger and Robert W. Peabody, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Date: May 8, 2015
   
s/ Pedro Lichtinger
 
Pedro Lichtinger
Principal Executive Officer

s/ Robert W. Peabody
 
Robert W. Peabody
Principal Financial Officer
 
 

EX-101.INS 4 ast-20150331.xml XBRL INSTANCE DOCUMENT 0001572552 2015-01-01 2015-03-31 0001572552 us-gaap:CommonClassAMember 2015-05-01 0001572552 2014-12-31 0001572552 2015-03-31 0001572552 us-gaap:CommonClassAMember 2014-12-31 0001572552 us-gaap:CommonClassBMember 2014-12-31 0001572552 us-gaap:CommonClassBMember 2015-03-31 0001572552 us-gaap:CommonClassAMember 2015-03-31 0001572552 2014-01-01 2014-03-31 0001572552 2013-12-31 0001572552 2014-03-31 0001572552 us-gaap:ParentCompanyMember 2015-01-01 2015-03-31 0001572552 ast:GeronMember 2015-01-01 2015-03-31 0001572552 us-gaap:ParentCompanyMember 2015-03-31 0001572552 us-gaap:ParentCompanyMember 2014-12-31 0001572552 ast:CaliforniaInstituteOfRegenerativeMedicineMember us-gaap:ParentCompanyMember 2014-01-01 2014-12-31 0001572552 us-gaap:MaximumMember 2015-01-01 2015-03-31 0001572552 us-gaap:MinimumMember 2015-01-01 2015-03-31 0001572552 2014-01-01 2014-12-31 0001572552 us-gaap:WarrantMember 2014-01-01 2014-03-31 0001572552 us-gaap:WarrantMember 2015-01-01 2015-03-31 0001572552 us-gaap:EmployeeStockOptionMember 2014-01-01 2014-03-31 0001572552 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-03-31 0001572552 us-gaap:CommonClassAMember ast:GeronMember 2014-07-01 2014-07-31 0001572552 ast:GeronMember us-gaap:WarrantMember 2013-08-15 0001572552 us-gaap:CommonClassBMember us-gaap:ParentCompanyMember 2013-09-30 0001572552 us-gaap:CommonClassBMember 2013-01-04 0001572552 us-gaap:CommonClassBMember 2013-01-04 2013-01-04 0001572552 us-gaap:CommonClassBMember us-gaap:ParentCompanyMember 2013-10-01 2013-10-01 0001572552 ast:OrthocyteCorporationMember 2013-09-30 0001572552 ast:CellCureNeurosciencesLtdMember 2013-09-30 0001572552 us-gaap:CommonClassAMember ast:GeronMember 2013-01-04 0001572552 ast:GeronMember 2013-10-01 2013-10-01 0001572552 ast:GeronMember 2013-12-31 0001572552 ast:GeronMember 2014-12-31 0001572552 ast:GeronMember 2014-01-01 2014-12-31 0001572552 ast:GeronMember 2013-09-30 0001572552 us-gaap:CommonClassAMember 2015-01-01 2015-03-31 0001572552 us-gaap:WarrantMember 2013-12-31 0001572552 us-gaap:WarrantMember 2015-03-31 0001572552 us-gaap:WarrantMember 2014-01-01 2015-03-31 0001572552 us-gaap:MaximumMember us-gaap:WarrantMember 2015-03-31 0001572552 us-gaap:MinimumMember us-gaap:WarrantMember 2015-03-31 0001572552 us-gaap:CommonClassAMember us-gaap:WarrantMember 2015-01-01 2015-03-31 0001572552 us-gaap:StockCompensationPlanMember 2013-03-31 0001572552 us-gaap:MaximumMember us-gaap:EmployeeStockOptionMember 2015-01-01 2015-03-31 0001572552 us-gaap:RestrictedStockUnitsRSUMember 2015-03-31 0001572552 us-gaap:EmployeeStockOptionMember 2014-12-31 0001572552 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-03-31 0001572552 ast:OfficersEmployeesAndDirectorsMember us-gaap:EmployeeStockOptionMember 2015-01-01 2015-03-31 0001572552 us-gaap:RestrictedStockUnitsRSUMember ast:OfficersEmployeesAndDirectorsMember 2015-01-01 2015-03-31 0001572552 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-03-31 0001572552 us-gaap:EmployeeStockOptionMember 2015-03-31 0001572552 us-gaap:EmployeeStockOptionMember 2014-01-01 2014-03-31 0001572552 us-gaap:StockCompensationPlanMember 2015-03-31 0001572552 us-gaap:StockCompensationPlanMember 2015-01-01 2015-03-31 0001572552 us-gaap:GeneralAndAdministrativeExpenseMember 2015-01-01 2015-03-31 0001572552 us-gaap:ResearchAndDevelopmentExpenseMember 2014-01-01 2014-03-31 0001572552 us-gaap:GeneralAndAdministrativeExpenseMember 2014-01-01 2014-03-31 0001572552 us-gaap:ResearchAndDevelopmentExpenseMember 2015-01-01 2015-03-31 0001572552 ast:FreemontCAMember 2015-01-01 2015-03-31 0001572552 ast:NewYorkCityMember 2015-01-01 2015-03-31 0001572552 ast:MenloParkCAMember 2015-01-01 2015-03-31 0001572552 ast:FreemontCAMember 2015-03-31 0001572552 ast:FreemontCAMember 2014-01-01 2014-12-31 0001572552 ast:FreemontCAMember 2014-12-31 0001572552 ast:CaliforniaInstituteOfRegenerativeMedicineMember ast:NoticeOfGrantAwardMember 2015-01-01 2015-03-31 0001572552 ast:CaliforniaInstituteOfRegenerativeMedicineMember 2015-01-01 2015-01-31 0001572552 ast:CaliforniaInstituteOfRegenerativeMedicineMember 2014-10-01 2014-10-31 0001572552 us-gaap:SubsequentEventMember us-gaap:CommonClassAMember 2015-04-01 2015-04-30 0001572552 us-gaap:SubsequentEventMember ast:CaliforniaInstituteOfRegenerativeMedicineMember 2015-04-01 2015-04-30 0001572552 ast:CaliforniaInstituteOfRegenerativeMedicineMember 2014-01-01 2014-12-31 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure utr:sqft ast:Segment false --12-31 2015-03-31 No No Yes Non-accelerated Filer Asterias Biotherapeutics, Inc. 0001572552 32322302 2015 Q1 10-Q 2.34 736919 1132352 3600000 589934 431503 750986 883403 -502663 2603097 P10Y 66366434 72134001 692951 404405 258674 115140 143534 288546 725425 671521 1887698 1887698 3500000 8500000 3140000 4225000 44113513 52503133 18384231 27361104 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">5. Investment in BioTime and in BioTime Subsidiaries</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: justify;">Investment in BioTime</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">At March 31, 2015<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> Asterias held 3,852,880 of the 8,902,077 BioTime common shares that Asterias received under the Asset Contribution Agreement, and which are included at fair value in current assets in its balance sheet as the shares are available for use and could be sold at fair value for liquidity purposes at any time. The investment is classified as &#8220;available for sale.&#8221; Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income untill realized. Realized gains and losses are reclassified out of other comprehensive Income or loss and included in equity, as an increase or decrease in additional paid-in capital. See Note 2, <font style="font-style: italic;">&#8220;Accounting for BioTime shares.&#8221;</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias reviews various factors in determining whether it should recognize an other-than-temporary impairment charge for its marketable securities, including its intent and ability to hold the investment for a period of time sufficient for any anticipated recovery in market value, and the length of time and extent to which the fair value has been less than its cost basis. Based on consideration of these factors, as of March 31, 2015 and December 31, 2014, no other-than-temporary impairment was recognized.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: justify;">Investments in Affiliates</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias&#8217; investments in the OrthoCyte and Cell Cure Neurosciences stock received from BioTime were recorded at BioTime&#8217;s historical costs but not below zero. The investment is carried using the cost method of accounting.</div></div> 19152584 14374492 34985163 -5000000 15121222 52164568 1519904 58977112 34917532 29017009 16916014 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Cash and cash equivalents</font> &#8211; Asterias considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.</div><div><br /></div></div> 4345550 -1845342 3075593 7421143 2171113 325771 7421143 3500000 8500000 5.00 5.00 5.00 5.00 2.34 8000000 3150000 8000000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">10. Commitments and Contingencies</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">At March 31, 2015 Asterias had commitments consisting of an operating lab equipment lease, a sublease of its current office and research facility, a lease of its satellite office in New York, and a lease for its future office and research facility in Fremont, California.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias subleases from BioTime an office and research facility located in Menlo Park, California. The lease is for a term of three years commencing January 7, 2013. Base rent is $31,786 per month, plus real estate taxes and certain costs of maintaining the leased premises.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">On December 30, 2013, Asterias entered into a lease for an office and research facility located in Fremont, California, consisting of an existing building with approximately 44,000 square feet of space. The building will be used by Asterias primarily as a laboratory and production facility that can be used to produce human embryonic stem cells and related products under current good manufacturing procedures. Asterias plans to construct certain tenant improvements for its use, which it expects will cost approximately $5.5 million, of which a maximum $4.4 million will be paid by the landlord. The landlord&#8217;s obligation to fund the tenant improvements expires on June 30, 2015, 18 months from the date of the lease, with respect to any portion of the allowance not expended by then. Asterias expects to substantially complete construction of the built-to-suit facility during the third quarter of 2015.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In January 2014, Asterias paid the landlord a $300,000 security deposit and the landlord allowed access and use of the premises beginning in March 2014 to allow for the construction of the tenant improvements. The lease is for a term of 96 months, commencing on October 1, 2014, with two available five-year options to extend the term, upon one year written notice by Asterias. During the first 15 months of the lease term, from October 1, 2014 through December 31, 2015, Asterias will pay monthly base rent of $50,985 representing 22,000 square feet rather than 44,000 square feet provided that Asterias is not in default in performing its obligations under the lease beyond any notice and cure periods. Beginning on January 1, 2016, base rent will increase to $105,142 per month and increase by approximately 3% annually on every October 1 thereafter.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In addition to monthly base rent, Asterias will pay all real estate taxes, insurance and the cost of maintenance, repair and replacement of the leased premises. During the first 15 months of the lease term, Asterias will pay only 50% of the real estate taxes assessed on the premises provided that Asterias is not in default in performing its obligations under the lease beyond any notice and cure periods. However, if any improvements or alterations to the premises that Asterias constructs or adds are assessed for real property tax purposes at a valuation higher than the valuation of the improvements on the premises on the date it signed the lease, Asterias will pay 100% of the taxes levied on the excess assessed valuation.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias is considered the owner of the asset under construction under ASC 840-40-55 as Asterias, among other things, has the primary obligation to pay for construction costs and Asterias will retain exclusive use of the building for its office and research facility requirements after construction is completed. In addition, the lease does not qualify for sale-leaseback accounting under ASC 840-40-25, <font style="font-style: italic;">Accounting for Leases, Sale-Leaseback Transactions</font>, due to Asterias' significant continuing involvement with the facility that Asterias considers to be other than a normal leaseback as defined by ASC 840-40-25. In accordance with this guidance, amounts previously expended by Asterias for construction would continue to be reported as construction in progress in Asterias&#8217; financial statements, and the landlord reimbursement proceeds received, including amounts earned by Asterias but not yet paid by the landlord at period end, are reported as a lease liability. Once the property is placed in service, Asterias will depreciate the property and the lease payments allocated to the landlord liability will be accounted for as debt service payments on that liability using the finance method of accounting per ASC 840-40-55. As of March 31, 2015 and December 31, 2014, Asterias had incurred $606,641 and $405,730, respectively, of construction costs included in construction in progress, of which&#160;$560,970 and $377,981 is the lease liability included in long term liabilities at March 31, 2015 and December 31, 2014, respectively<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias was provided access and rights to use the property beginning in March 2014 with &#8220;free-rent&#8221; until the lease payments commenced on October 1, 2014, as described above. Asterias commenced expensing rent beginning in March 2014 in accordance with ASC 840-20-25-10 and 11,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Rent Expense During Construction</font>. Accordingly, during the&#160;three months&#160;ended March 31, 2015, Asterias has deferred rent credit of approximately $79,000 included in the statements of operations and a deferred rent balance of approximately $35,000 as of March 31, 2015, included in long-term liabilities.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias also currently pays $3,512 per month for the use of approximately 120 square feet of the office space in New York City that is used to conduct meetings and other business affairs. The lease is for a term of one year commencing July 1, 2014.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Remaining minimum annual lease payments under the various operating leases for the years ending after March 31, 2015 are as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Year Ended December 31,</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Minimum Lease</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Payments</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">775,774</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,291,785</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,309,295</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,347,364</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2019</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,386,792</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Thereafter</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,033,933</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">10,144,943</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div> 0.0001 0.0001 0.0001 0.0001 3080 3226 0 0 30902152 32312407 5000000 75000000 75000000 75000000 75000000 0.0001 0.0001 0 30902152 32312407 0 -5049042 133234 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Comprehensive income/loss</font> &#8211; ASC 220,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Comprehensive Income</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> requires that an entity&#8217;s change in equity or net assets during a period from transactions and other events from non-owner sources be reported. Asterias reports unrealized gains and losses on its available-for-sale securities as other comprehensive income (loss).</div></div> 0.04 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-variant: normal; text-transform: none; font-weight: normal; color: #000000; font-style: italic;">Construction in progress &#8211;</font> Construction in progress is stated at cost and is not depreciated untill the underlying asset is placed into service (see Note 4).</div></div> 606641 405730 50874 0 4700000 -1584264 -1349026 -7375611 -2930098 -4514362 34967 93763 35000 1151000 1432000 1584000 1349000 152000 198000 4712948 6385280 11558243 132417 130579 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">9. Equity Incentive Plan</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">During March 2013, Asterias&#8217; Board of Directors approved an Equity Incentive Plan (the &#8220;Plan&#8221;) under which Asterias has reserved 4,500,000 shares of common stock for the grant of stock options or the sale of restricted stock. Initially, Asterias issued Series B Shares under the Plan. Since the date on which all of the outstanding Series B Shares were converted into Series A Shares, Asterias has issued Series A Shares under the Plan. The Plan also permits Asterias to issue such other securities as its Board of Directors or the Compensation Committee administering the Plan may determine. Asterias&#8217; stockholders approved the Plan in September 2013.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">No options may be granted under the Plan more than ten years after the date upon which the Plan was adopted by the Board of Directors, and no options granted under the Plan may be exercised after the expiration of ten years from the date of grant. Under the Plan, options to purchase common stock may be granted to employees, directors and certain consultants at prices not less than the fair market value at date of grant, subject to certain limited exceptions for options granted in substitution of other options. Options may be fully exercisable immediately, or may be exercisable according to a schedule or conditions specified by the Board of Directors or the Compensation Committee. The Plan also permits Asterias to award restricted stock for services rendered or to sell common stock to employees subject to vesting provisions under restricted stock agreements that provide for forfeiture of unvested shares upon the occurrence of specified events under a restricted stock award agreement. Asterias may permit employees or consultants, but not officers or directors, who purchase stock under restricted stock purchase agreements, to pay for their shares by delivering a promissory note that is secured by a pledge of their shares.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias may also grant stock appreciation rights (&#8220;SARs&#8221;) and hypothetical units issued with reference to Asterias common stock (&#8220;Restricted Stock Units&#8221;) under the Plan. An SAR is the right to receive, upon exercise, an amount payable in cash or shares or a combination of shares and cash, as determined by the Board of Directors or the Compensation Committee, equal to the number of shares subject to the SAR that is being exercised multiplied by the excess of (a) the fair market value of a share of Asterias common stock on the date the SAR is exercised, over (b) the exercise price specified in the SAR Award agreement.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The terms and conditions of a grant of Restricted Stock Units will be determined by the Board of Directors or Compensation Committee. No shares of stock will be issued at the time a Restricted Stock Unit is granted, and Asterias will not be required to set aside a fund for the payment of any such award. A recipient of Restricted Stock Units will have no voting rights with respect to the Restricted Stock Units. Upon the expiration of the restrictions applicable to a Restricted Stock Unit, Asterias will either issue to the recipient, without charge, one share of common stock per Restricted Stock Unit or cash in an amount equal to the fair market value of one share of common stock.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Options Granted and Restricted Stock Units Issued</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">As of March 31, 2015, Asterias had granted to certain officers, employees, and directors, options to purchase a total of 4,225,000 shares of common stock<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> 200,000 shares of restricted common stock, and 193,733 restricted stock units at a weighted average exercise price of $2.83 per share.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">A summary of Asterias' stock option activity and related information follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Options and</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Restricted</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Stock and Units Available</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">for Grant</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Number of</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Options and</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Restricted Stock</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">and Units Outstanding</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Weighted</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Average</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Exercise</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Price</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">January 1, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,150,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,346,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">2.42</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Increase to pool<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">(1)</sup></div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,500,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Options granted</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,080,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,080,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">3.90</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Restricted stock units issued</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(193,733</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">193,733</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">3.90</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Options forfeited</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">2.34</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">March 31, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,377,934</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,618,733</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">2.68</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div style="text-align: left;"><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; color: #000000; align: right;">(1)</td><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: auto; vertical-align: top; color: #000000; text-align: left;">The 3,500,000 share&#160;increase to the Equity Incentive Plan is subject to subsequent approval by the Asterias shareholders.</td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Stock-Based Compensation Expense</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The weighted-average estimated fair value of stock options granted during the three months ended March 31, 2015 and 2014 were $2.57 and $1.26 per share respectively, using the Black-Scholes Merton model with the following weighted-average assumptions:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">March 31,</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">(Unaudited)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Expected life (in years)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5.85</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4.18</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Risk-free interest rates</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1.64</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1.06</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Volatility</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">78.55</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">70.03</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Dividend yield</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td></tr></table><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The risk-free rate is based on the rates in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to each grant&#8217;s expected life. A dividend yield of zero is applied since Asterias has not historically paid dividends and has no intention to pay dividends in the near future. The expected volatility is based upon the volatility of a group of publicly traded industry peer companies. The expected term of options granted is calculated using the simplified method under SEC Staff Accounting Bulletin No. 107.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Total proceeds if all options granted and outstanding as of March 31, 2015 were exercised would be $11,828,750<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Employee stock-based compensation expense is calculated and recorded based on awards ultimately expected to vest and has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and will be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Operating expenses include stock-based compensation expense as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="7" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Three Months Ended March 31,</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">(Unaudited)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Research and development</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">288,546</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">115,140</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">General and administrative</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">404,405</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">143,534</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total stock-based compensation expense</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">692,951</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">258,674</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">At March 31, 2015 Asterias had $5,615,657 of total unrecognized compensation expense, net of estimated forfeitures, related to the Plan that will be recognized over a weighted-average period of approximately 2.98 years<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font></div></div> 614977 863224 -0.09 -0.07 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Loss per share</font> &#8211; Basic net loss per share is computed by dividing net loss attributable to Asterias by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share reflects the weighted-average number of shares of common stock outstanding plus the potential effect of dilutive securities or contracts which are convertible to common stock, such as options and warrants (using the treasury stock method) and shares issuable in future periods, except in cases where the effect would be anti-dilutive.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The computations of basic and diluted net loss per share are as follows:</div><div style="text-align: left;"><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="7" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div></div><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Three Months Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Net loss</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,972,525</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,286,749</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Weighted average common shares of common stock &#8211; basic and diluted</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,669,957</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30,498,819</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Net loss per share &#8211; basic and diluted</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.09</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.07</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The following common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div></div><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three Months Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Stock options under Equity Incentive Plan</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,225,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,140,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #ffffff;">Warrants</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;"></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;">8,500,000</td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;"></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;">3,500,000</td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td></tr></table></div> 5615657 P2Y11M23D 0.6962 0.776 5.00 5.00 0 0 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fair value of financial instruments</font> &#8211; ASC 820<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">,</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Fair Value Measurements</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%; border-collapse: collapse;"><tr><td style="width: 3.33%; vertical-align: middle;">&#160;</td><td style="width: 3.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: Symbol, serif; color: #000000; text-align: left;">&#183;</div></td><td style="width: 93.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">Level 1<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%; border-collapse: collapse;"><tr><td style="width: 3.33%; vertical-align: middle;">&#160;</td><td style="width: 3.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: Symbol, serif; color: #000000; text-align: left;">&#183;</div></td><td style="width: 93.34%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">Level 2<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%; border-collapse: collapse;"><tr><td style="width: 3.33%; vertical-align: middle;">&#160;</td><td style="width: 3.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: Symbol, serif; color: #000000; text-align: left;">&#183;</div></td><td style="width: 93.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">Level 3<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</div></td></tr></table><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period until they mature or are required to be settled, except for the investment in BioTime common shares, which are carried at fair value based on Level 1 inputs, and BioTime Warrants and related obligation to distribute the BioTime Warrants, which were carried at fair value based on Level 2 inputs.</div></div> 2685964 P10Y 26859640 26859640 10072335 2014473 269671 4028976 3357455 23502185 22830664 2685964 2685964 2685964 10300000 1672150 1094474 4800063 0 117902 728186 61980 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Impairment of long-lived assets</font> &#8211; Asterias&#8217; long-lived assets, including intangible assets,&#160;are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, Asterias will evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment will be recognized and measured by the amount by which the carrying amount exceeds the estimated fair value of the assets.</div></div> -4556789 -3635775 -1349026 -1584264 0 0 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Income taxes</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> For the period October 1, 2013 through December 31, 2013 and future years<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> Asterias will file its own U.S. federal tax return<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font> For California purposes their activity will continue to be included in BioTime&#8217;s California combined tax return.&#160;Asterias accounts for income taxes in accordance with the accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> which prescribe the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. The guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examinations by taxing authorities. Generally, Asterias is subject to income tax examinations by major taxing authorities for all years since inception. Asterias will recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2015 and December 31, 2014.<br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">A deferred income tax benefit of approximately $1,584,000 was recorded for the three months ended March 31, 2015<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> of which approximately $1,432,000 was related to federal and $152,000 was related to state taxes. A deferred income tax benefit of approximately $1,349,000 was recorded for the three months ended March 31, 2014, of which approximately $1,151,000 was related to federal and $198,000 was related to state taxes. As disclosed in Note 3, Asterias established deferred tax liabilities primarily related to its acquisition of certain intellectual property. It is more likely than not that the deferred tax assets are fully realizable since these income tax benefits are expected to be available to offset such deferred tax liabilities.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In June 2014, Asterias sold 5,000,000 BioTime common shares which resulted in a taxable gain of approximately $10.3 million and an income tax liability of approximately $3.6 million. Asterias received the BioTime common shares from BioTime as part of the consideration under the Asset Contribution Agreement, a tax-free transaction. See Note 3. This liability<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> however, is expected to be fully offset by available net operating losses, resulting in no cash income taxes due from that sale. As of December 2014, Asterias recorded a $4.7 million deferred tax liability for the temporary taxable difference in the basis of the investment still held by Asterias in BioTime stock. Both transactions were treated as a deemed distribution by Asterias and recorded against equity.</div></div> 354188 -80898 0 -58796 120601 295147 93054 70691 23502185 22830664 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: justify;">7. Intangible assets</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">As of March 31, 2015 and December 31, 2014, Asterias had capitalized intangible assets acquired from Geron, primarily related to patents and other intellectual property rights related to hES cells. These assets are being amortized over the estimated economic lives of the patents on a straight-line basis, which approximates the pattern of consumption over their estimated useful lives. Asterias is currently estimating a useful life of 10 years.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Intangible assets net of accumulated amortization at March 31, 2015 and December 31, 2014 are shown in the following table:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">March 31,</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">December 31,</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">(Unaudited)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Intangible assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26,859,640</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">26,859,640</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Accumulated amortization</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4,028,976</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(3,357,455</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Intangible assets, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22,830,664</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">23,502,185</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias amortizes its intangible assets over an estimated period of 10 years on a straight line basis. Asterias recognized $671,521 and $ 725,425 in amortization expense of intangible assets during the three months ended March 31, 2015 and 2014, respectively. As further discussed in Note 3, as of December 31, 2014, Asterias recorded an adjustment to reduce the cost of the intangible asset by $2,157,369 with a corresponding reduction to the accumulated amortization balance of $269,671, resulting in an additional amortization expense of $1,887,698 included in the statements of operations for the year ended December 31, 2014.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Amortization of intangible assets for periods subsequent to March 31, 2015 is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Year</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Amortization Expense</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,014,473</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,685,964</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,685,964</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,685,964</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2019</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,685,964</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Thereafter</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">10,072,335</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">22,830,664</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Patent costs</font> &#8211; Costs associated with obtaining patents on products or technology developed are expensed as research and development expenses when incurred.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Intangible assets</font> &#8211; Intangible assets<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>with finite useful lives are amortized over their estimated useful lives, and intangible assets with indefinite lives are not amortized but rather are tested at least annually for impairment. Acquired in-process research and development intangible assets are accounted depending on whether they were acquired as part of an acquisition of a business, or as assets that do not constitute a business. When acquired in conjunction with the acquisition of a business, these assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as part of the acquisition of assets from Geron Corporation), in accordance with the accounting rules in ASC 805-50, such intangible assets related to in process research and development (IPR&amp;D) are expensed upon acquisition.</div></div> -4099 -19835 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Available-for-sale securities, at fair value</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income. Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income.</div></div> 21773340 415543 415543 79000 606641 405730 6496347 10445090 44113513 52503133 13971125 11482453 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Accounting for BioTime common shares</font> &#8211; The Company accounts for the BioTime common shares it holds as available-for-sale equity securities in accordance with ASC 320-10-25,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Investments-Debt and Equity Securities</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> as the shares have a readily determinable fair value quoted on the NYSE MKT and are held principally for future working capital purposes, as necessary. These shares are measured at fair value and reported as current assets on the balance sheet based on the closing trading price of the security as of the date being presented. Unrealized holding gains and losses in changes to the fair value of these shares are excluded from the statements of operations and reported in equity as part of other comprehensive income or loss until realized. Realized gains and losses are reclassified out of other comprehensive income or loss and included in equity, as an increase or decrease in additional paid-in capital consistent with, and pursuant to, ASC 805-50, transactions between entities under common control.</div></div> 0.675 0.706 -2972525 -2286749 -700819 -1448884 0 5358526 -396458 -312157 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Effect of recently issued and recently adopted accounting pronouncements</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> There are no recently issued accounting standards which are not yet effective which Asterias believes would materially impact the financial statements.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In June 2014, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-10 &#8220;Development Stage Entities&#8221; (Topic 915). The guidance of this Update allows for the elimination of certain financial reporting requirements, including an amendment to variable interest entities guidance in Topic 810, Consolidation. For a public entity, ASU No. 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Asterias has adopted the ASU effective the quarter ended March 31, 2015.</div></div> -20210 -4135 1 1386792 3693620 5264765 1347364 1309295 1291785 -3631640 -4536579 4033933 775774 10144943 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: justify;">1. Organization, Basis of Presentation and Liquidity</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias Biotherapeutics, Inc. (&#8220;Asterias&#8221;)&#160;was incorporated in Delaware on September 24, 2012. Asterias is a majority-owned and controlled subsidiary of BioTime, Inc. (&#8220;BioTime&#8221;).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias&#8217; primary focus is the emerging field of regenerative medicine. Asterias&#8217; core technologies center on stem cells capable of becoming all of the cell types in the human body, a property called pluripotency. Asterias plans to develop a wide range of technologies that are based on &#8220;pluripotent&#8221; stem cells and that could be used to treat diseases or injuries in a variety of medical fields, with an initial focus on the therapeutic areas of neurology and oncology.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The financial statements presented herein, and discussed below, have been prepared on a stand-alone basis. The financial statements are presented in accordance with accounting principles generally accepted in the U.S. and with the accounting and reporting requirements of Regulation S-X of the Securities and Exchange Commission (&#8220;SEC&#8221;). BioTime has consolidated the results of Asterias into BioTime&#8217;s consolidated results based on BioTime&#8217;s ability to control Asterias&#8217; operating and financial decisions and policies through the ownership of Asterias common stock throughout the periods presented. BioTime owned 67.5% and 70.6% of the outstanding of Asterias common stock as a whole at March 31, 2015 and December 31, 2014, respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">BioTime allocates expenses such as salaries and payroll related expenses incurred and paid on behalf of Asterias based on the amount of time that particular employees devote to Asterias affairs. Other expenses such as legal, accounting, travel, and entertainment expenses are allocated to Asterias to the extent that those expenses are incurred by or on behalf of Asterias. BioTime also allocates certain overhead expenses such as insurance, internet, and telephone expenses based on a percentage determined by Asterias management. These allocations are made based upon activity-based allocation drivers such as time spent, percentage of square feet of office or laboratory space used, and percentage of personnel devoted to Asterias operations or management. Management evaluates the appropriateness of the percentage allocations on a quarterly basis and believes that this basis for allocation is reasonable.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Liquidity</font> &#8211; Since inception, Asterias has incurred&#160;losses and has funded its operations primarily through the support from BioTime, issuance of equity securities, payments from research grants, and royalties from product sales. At March 31, 2015, Asterias had an accumulated deficit of $36,208,316, working capital of $16,916,014 and stockholders&#8217; equity of $38,532,008. Asterias has evaluated its projected cash flows and believes that its cash and cash equivalents of $7,421,143 as of March 31, 2015 and financial support from BioTime as needed will be sufficient to fund its operations at least through 2015 (See Note 14). However, the Phase 1/2a clinical trial of AST-OPC1 being conducted by Asterias will be funded in part with funds from the $14,323,318 grant awarded in 2014 by the California Institute of Regenerative Medicine (&#8220;CIRM&#8221;) and not from cash on hand. If Asterias was to lose its grant funding it may be required to delay, postpone, or cancel its clinical trial or limit the number of clinical trial sites, or otherwise reduce or curtail its operations unless it is able to obtain from another source of adequate financing that could be used for its clinical trial.</div></div> 360983 360983 283764 -2762293 3105759 39720 50251 -375 -36 17458766 17458766 560970 377981 277206 377981 3512 31786 0 300000 296382 0 18276406 2012481 96458 15775 541800 0.0001 0.0001 0 0 0 0 5000000 5000000 0 0 510171 438263 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Reclassification &#8211;</font> Certain prior year amounts in the statement of cash flows have been reclassified to conform to the current year presentation.</div></div> 29200000 248248 1082055 0 5499994 5500000 11828750 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Equipment and furniture</font> &#8211; Equipment and furniture are stated at cost and are being depreciated using the straight-line method over a period of 36 to 120 months.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div></div> P120M P36M 1811601 1795827 928198 1044841 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">At March 31, 2015 and December 31, 2014<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> equipment and furniture were comprised of the following:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">March 31, 2015</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">(Unaudited)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">December 31, 2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Equipment and furniture</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,811,601</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,795,827</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Accumulated depreciation</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(883,403</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(750,986</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Equipment and furniture, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">928,198</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,044,841</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div></div> 3592615 2599146 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Research and development</font> &#8211; Research and development expenses consist of costs incurred for company-sponsored, collaborative and contracted research and development activities. These costs include direct and research-related overhead expenses including salaries, payroll taxes, consulting fees, research and laboratory fees, rent of research facilities, amortization of intangible asset, and license fees paid to third parties to acquire patents or licenses to use patents and other technology. Asterias expenses research and development costs as such costs are incurred.</div></div> -36208316 -33235791 36208316 0 677313 14323318 2269515 916554 1062023 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Revenue recognition</font> &#8211; Asterias complies with ASC 605-10 and records revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Grant income is recognized as revenue when earned. Royalty revenues consist of royalty payments on sales of products under a license agreement. Asterias recognizes revenue in the quarter in which the royalty reports are received rather than the quarter in which the sales took place. When Asterias is entitled to receive up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias has no continuing performance obligations, the fees are recognized as revenues when collection is reasonably assured. When Asterias receives up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias does have continuing performance obligations, the fees are deferred and amortized ratably over the performance period. If the performance period cannot be reasonably estimated, Asterias amortizes nonrefundable fees over the life of the contract until such time that the performance period can be more reasonably estimated. Milestone payments, if any, related to scientific or technical achievements are recognized in income when the milestone is accomplished if (a) substantive effort was required to achieve the milestone, (b) the amount of the milestone payment appears reasonably commensurate with the effort expended, and (c) collection of the payment is reasonably assured.<br /></div></div> 61980 779060 101747 61980 P5Y10M6D P4Y2M5D 5.00 3.44 P5Y P3Y <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Amortization of intangible assets for periods subsequent to March 31, 2015 is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Year</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Amortization Expense</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,014,473</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,685,964</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,685,964</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,685,964</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2019</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,685,964</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Thereafter</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">10,072,335</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">22,830,664</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div> 5000000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The following common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div></div><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three Months Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Stock options under Equity Incentive Plan</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,225,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,140,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #ffffff;">Warrants</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;"></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;">8,500,000</td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;"></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;">3,500,000</td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">A summary of Asterias' stock option activity and related information follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Options and</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Restricted</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Stock and Units Available</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">for Grant</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Number of</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Options and</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Restricted Stock</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">and Units Outstanding</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Weighted</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Average</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Exercise</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Price</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">January 1, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,150,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,346,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">2.42</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Increase to pool<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">(1)</sup></div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,500,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Options granted</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,080,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,080,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">3.90</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Restricted stock units issued</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(193,733</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">193,733</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">3.90</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Options forfeited</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">2.34</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">March 31, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,377,934</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,618,733</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">2.68</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div style="text-align: left;"><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; color: #000000; align: right;">(1)</td><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: auto; vertical-align: top; color: #000000; text-align: left;">The 3,500,000 share&#160;increase to the Equity Incentive Plan is subject to subsequent approval by the Asterias shareholders.</td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The weighted-average estimated fair value of stock options granted during the three months ended March 31, 2015 and 2014 were $2.57 and $1.26 per share respectively, using the Black-Scholes Merton model with the following weighted-average assumptions:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">March 31,</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">(Unaudited)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Expected life (in years)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5.85</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4.18</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Risk-free interest rates</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1.64</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1.06</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Volatility</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">78.55</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">70.03</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Dividend yield</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Remaining minimum annual lease payments under the various operating leases for the years ending after March 31, 2015 are as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Year Ended December 31,</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Minimum Lease</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Payments</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">775,774</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,291,785</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,309,295</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,347,364</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2019</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,386,792</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Thereafter</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,033,933</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">10,144,943</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The assets transferred by BioTime and the related consideration were recorded as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Consideration transferred to BioTime:</div></td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Asterias Series B shares</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">52,164,568</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Warrants to purchase Asterias Series B shares</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,012,481</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Excess of contributed assets&#8217; value over consideration</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,800,063</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total consideration issued</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">58,977,112</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Assets transferred by BioTime:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">BioTime common shares, at fair value</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">34,985,163</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">BioTime Warrants, at fair value</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">18,276,406</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Cancellation of outstanding obligation to BioTime</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Investment in affiliates, at cost</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">415,543</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Geron asset acquisition related transaction costs paid by BioTime</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">300,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total assets transferred</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">58,977,112</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The assets acquired from Geron and the related consideration paid were recorded as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Consideration paid to Geron:</div></td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Asterias Series A shares, net of share issuance costs of $541,800</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">15,121,222</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Obligation to distribute BioTime Warrants</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">18,276,406</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Transaction and other costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,519,904</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total consideration paid</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">34,917,532</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Assets acquired from Geron (preliminary allocation):</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Patents and other intellectual property rights related to hES cells</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">29,017,009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 17.6pt; text-indent: -7.7pt;">Deferred tax liability arising from difference in book versus tax basis on Geron intangible assets acquired</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(11,558,243</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">IPR&amp;D expensed upon acquisition</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">17,458,766</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total assets and in-process research and development acquired</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">34,917,532</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The computations of basic and diluted net loss per share are as follows:</div><div style="text-align: left;"><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="7" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div></div><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Three Months Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Net loss</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,972,525</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,286,749</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Weighted average common shares of common stock &#8211; basic and diluted</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,669,957</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30,498,819</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Net loss per share &#8211; basic and diluted</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.09</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.07</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Intangible assets net of accumulated amortization at March 31, 2015 and December 31, 2014 are shown in the following table:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">March 31,</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">December 31,</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">(Unaudited)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Intangible assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26,859,640</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">26,859,640</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Accumulated amortization</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4,028,976</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(3,357,455</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Intangible assets, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22,830,664</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">23,502,185</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Operating expenses include stock-based compensation expense as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="7" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Three Months Ended March 31,</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">(Unaudited)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Research and development</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">288,546</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">115,140</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">General and administrative</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">404,405</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">143,534</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total stock-based compensation expense</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">692,951</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">258,674</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias has issued warrants to purchase its common shares. Activity related to warrants through March 31, 2015 is presented in the table below:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Number of</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Warrants</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Per share</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">exercise</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">price</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Weighted</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Average</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Exercise</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Price</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Outstanding, January 1, 2014</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,500,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">5.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Issued in June 2014</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2.34</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">2.34</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Outstanding, March 31, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">8,500,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2.34-5.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">3.44</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div> 300000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: justify;">12. Segment Information</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Operating segments are defined as components of an enterprise that engage in business activities for which separate financial information is available and evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. Asterias&#8217; executive management team represents its chief decision maker. The executive management team reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance and there are no managers who are held accountable for levels or components below the consolidated unit level. To date, management has viewed Asterias&#8217; operations as one segment.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-variant: normal; text-transform: none; font-weight: normal; color: #000000; font-style: italic;">General and administrative &#8211; </font>General and administrative expenses consist principally of compensation and related benefits, including stock-based compensation, for executive and corporate personnel; professional and consulting fees; and allocated overhead.</div></div> 3.90 3.90 2.83 2.34 692951 258674 3500000 193733 1080000 193733 2.40 3.93 2.40 3.90 0 0 1666 0.7003 0.7855 4500000 0.0142 0.0063 0.0106 0.0164 1.26 2.57 2.42 2.68 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Stock-based compensation</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Asterias adopted accounting standards governing share-based payments, which require the measurement and recognition of compensation expense for all share-based payment awards made to directors and employees, including employee stock options, based on estimated fair values. Consistent with those guidelines, Asterias utilizes the Black-Scholes Merton option pricing model. Asterias' determination of fair value of share-based payment awards on the date of grant using that option-pricing model is affected by Asterias' stock price as well as by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, Asterias' expected stock price volatility over the term of the awards; actual and projected employee stock option exercise&#160;experience the expected term of options granted, derived from&#160;using the simplified method under SEC Staff Accounting Bulletin No. 107;&#160;and a risk-free rate based on the U.S. Treasury rates in effect during the corresponding period of grant.</div><div><br /></div></div> 3346666 4618733 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: justify;">2<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font> Summary of Significant Accounting Policies</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Revenue recognition</font> &#8211; Asterias complies with ASC 605-10 and records revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Grant income is recognized as revenue when earned. Royalty revenues consist of royalty payments on sales of products under a license agreement. Asterias recognizes revenue in the quarter in which the royalty reports are received rather than the quarter in which the sales took place. When Asterias is entitled to receive up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias has no continuing performance obligations, the fees are recognized as revenues when collection is reasonably assured. When Asterias receives up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias does have continuing performance obligations, the fees are deferred and amortized ratably over the performance period. If the performance period cannot be reasonably estimated, Asterias amortizes nonrefundable fees over the life of the contract until such time that the performance period can be more reasonably estimated. Milestone payments, if any, related to scientific or technical achievements are recognized in income when the milestone is accomplished if (a) substantive effort was required to achieve the milestone, (b) the amount of the milestone payment appears reasonably commensurate with the effort expended, and (c) collection of the payment is reasonably assured.<br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Use of estimates</font> &#8211; The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Cash and cash equivalents</font> &#8211; Asterias considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Available-for-sale securities, at fair value</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income. Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Equipment and furniture</font> &#8211; Equipment and furniture are stated at cost and are being depreciated using the straight-line method over a period of 36 to 120 months.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-variant: normal; text-transform: none; font-weight: normal; color: #000000; font-style: italic;">Construction in progress &#8211;</font> Construction in progress is stated at cost and is not depreciated untill the underlying asset is placed into service (see Note 4).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Intangible assets</font> &#8211; Intangible assets<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>with finite useful lives are amortized over their estimated useful lives, and intangible assets with indefinite lives are not amortized but rather are tested at least annually for impairment. Acquired in-process research and development intangible assets are accounted depending on whether they were acquired as part of an acquisition of a business, or as assets that do not constitute a business. When acquired in conjunction with the acquisition of a business, these assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as part of the acquisition of assets from Geron Corporation), in accordance with the accounting rules in ASC 805-50, such intangible assets related to in process research and development (IPR&amp;D) are expensed upon acquisition.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Impairment of long-lived assets</font> &#8211; Asterias&#8217; long-lived assets, including intangible assets,&#160;are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, Asterias will evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment will be recognized and measured by the amount by which the carrying amount exceeds the estimated fair value of the assets.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Warrants to purchase common stock</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Asterias generally accounts for warrants issued in connection with equity financings as a component of equity. None of the warrants issued by Asterias as of March 31, 2015 and December 31, 2014 include a conditional obligation to issue a variable number of shares; nor was there a deemed possibility that Asterias may need to settle the warrants in cash.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Accounting for BioTime common shares</font> &#8211; The Company accounts for the BioTime common shares it holds as available-for-sale equity securities in accordance with ASC 320-10-25,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Investments-Debt and Equity Securities</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> as the shares have a readily determinable fair value quoted on the NYSE MKT and are held principally for future working capital purposes, as necessary. These shares are measured at fair value and reported as current assets on the balance sheet based on the closing trading price of the security as of the date being presented. Unrealized holding gains and losses in changes to the fair value of these shares are excluded from the statements of operations and reported in equity as part of other comprehensive income or loss until realized. Realized gains and losses are reclassified out of other comprehensive income or loss and included in equity, as an increase or decrease in additional paid-in capital consistent with, and pursuant to, ASC 805-50, transactions between entities under common control.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Patent costs</font> &#8211; Costs associated with obtaining patents on products or technology developed are expensed as research and development expenses when incurred.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Reclassification &#8211;</font> Certain prior year amounts in the statement of cash flows have been reclassified to conform to the current year presentation.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Research and development</font> &#8211; Research and development expenses consist of costs incurred for company-sponsored, collaborative and contracted research and development activities. These costs include direct and research-related overhead expenses including salaries, payroll taxes, consulting fees, research and laboratory fees, rent of research facilities, amortization of intangible asset, and license fees paid to third parties to acquire patents or licenses to use patents and other technology. Asterias expenses research and development costs as such costs are incurred.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-variant: normal; text-transform: none; font-weight: normal; color: #000000; font-style: italic;">General and administrative &#8211; </font>General and administrative expenses consist principally of compensation and related benefits, including stock-based compensation, for executive and corporate personnel; professional and consulting fees; and allocated overhead.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Income taxes</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> For the period October 1, 2013 through December 31, 2013 and future years<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> Asterias will file its own U.S. federal tax return<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font> For California purposes their activity will continue to be included in BioTime&#8217;s California combined tax return.&#160;Asterias accounts for income taxes in accordance with the accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> which prescribe the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. The guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examinations by taxing authorities. Generally, Asterias is subject to income tax examinations by major taxing authorities for all years since inception. Asterias will recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2015 and December 31, 2014.<br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">A deferred income tax benefit of approximately $1,584,000 was recorded for the three months ended March 31, 2015<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> of which approximately $1,432,000 was related to federal and $152,000 was related to state taxes. A deferred income tax benefit of approximately $1,349,000 was recorded for the three months ended March 31, 2014, of which approximately $1,151,000 was related to federal and $198,000 was related to state taxes. As disclosed in Note 3, Asterias established deferred tax liabilities primarily related to its acquisition of certain intellectual property. It is more likely than not that the deferred tax assets are fully realizable since these income tax benefits are expected to be available to offset such deferred tax liabilities.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In June 2014, Asterias sold 5,000,000 BioTime common shares which resulted in a taxable gain of approximately $10.3 million and an income tax liability of approximately $3.6 million. Asterias received the BioTime common shares from BioTime as part of the consideration under the Asset Contribution Agreement, a tax-free transaction. See Note 3. This liability<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> however, is expected to be fully offset by available net operating losses, resulting in no cash income taxes due from that sale. As of December 2014, Asterias recorded a $4.7 million deferred tax liability for the temporary taxable difference in the basis of the investment still held by Asterias in BioTime stock. Both transactions were treated as a deemed distribution by Asterias and recorded against equity.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Stock-based compensation</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Asterias adopted accounting standards governing share-based payments, which require the measurement and recognition of compensation expense for all share-based payment awards made to directors and employees, including employee stock options, based on estimated fair values. Consistent with those guidelines, Asterias utilizes the Black-Scholes Merton option pricing model. Asterias' determination of fair value of share-based payment awards on the date of grant using that option-pricing model is affected by Asterias' stock price as well as by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, Asterias' expected stock price volatility over the term of the awards; actual and projected employee stock option exercise&#160;experience the expected term of options granted, derived from&#160;using the simplified method under SEC Staff Accounting Bulletin No. 107;&#160;and a risk-free rate based on the U.S. Treasury rates in effect during the corresponding period of grant.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fair value of financial instruments</font> &#8211; ASC 820<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">,</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Fair Value Measurements</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%; border-collapse: collapse;"><tr><td style="width: 3.33%; vertical-align: middle;">&#160;</td><td style="width: 3.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: Symbol, serif; color: #000000; text-align: left;">&#183;</div></td><td style="width: 93.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">Level 1<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%; border-collapse: collapse;"><tr><td style="width: 3.33%; vertical-align: middle;">&#160;</td><td style="width: 3.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: Symbol, serif; color: #000000; text-align: left;">&#183;</div></td><td style="width: 93.34%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">Level 2<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%; border-collapse: collapse;"><tr><td style="width: 3.33%; vertical-align: middle;">&#160;</td><td style="width: 3.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: Symbol, serif; color: #000000; text-align: left;">&#183;</div></td><td style="width: 93.33%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">Level 3<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</div></td></tr></table><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period until they mature or are required to be settled, except for the investment in BioTime common shares, which are carried at fair value based on Level 1 inputs, and BioTime Warrants and related obligation to distribute the BioTime Warrants, which were carried at fair value based on Level 2 inputs.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Comprehensive income/loss</font> &#8211; ASC 220,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Comprehensive Income</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> requires that an entity&#8217;s change in equity or net assets during a period from transactions and other events from non-owner sources be reported. Asterias reports unrealized gains and losses on its available-for-sale securities as other comprehensive income (loss).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Loss per share</font> &#8211; Basic net loss per share is computed by dividing net loss attributable to Asterias by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share reflects the weighted-average number of shares of common stock outstanding plus the potential effect of dilutive securities or contracts which are convertible to common stock, such as options and warrants (using the treasury stock method) and shares issuable in future periods, except in cases where the effect would be anti-dilutive.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The computations of basic and diluted net loss per share are as follows:</div><div style="text-align: left;"><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="7" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div></div><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Three Months Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Net loss</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,972,525</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,286,749</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Weighted average common shares of common stock &#8211; basic and diluted</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,669,957</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30,498,819</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Net loss per share &#8211; basic and diluted</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.09</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.07</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The following common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div></div><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three Months Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Stock options under Equity Incentive Plan</div></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,225,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,140,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 75.1%; vertical-align: top; background-color: #ffffff;">Warrants</td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;"></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;">8,500,000</td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; background-color: #ffffff;"></td><td valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td><td valign="bottom" style="width: 9.11%; vertical-align: bottom; text-align: right; background-color: #ffffff;">3,500,000</td><td nowrap="nowrap" valign="bottom" style="width: 1.12%; vertical-align: bottom; text-align: left; background-color: #ffffff;"></td></tr></table><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Effect of recently issued and recently adopted accounting pronouncements</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> There are no recently issued accounting standards which are not yet effective which Asterias believes would materially impact the financial statements.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In June 2014, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-10 &#8220;Development Stage Entities&#8221; (Topic 915). The guidance of this Update allows for the elimination of certain financial reporting requirements, including an amendment to variable interest entities guidance in Topic 810, Consolidation. For a public entity, ASU No. 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Asterias has adopted the ASU effective the quarter ended March 31, 2015.</div></div> 8902077 6537779 1410255 38532008 32631060 38532008 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">8. Common Stock and Warrants</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">At March 31, 2015, Asterias had outstanding 32,312,407 Series A Shares and no Series B Shares. All outstanding Series B Shares were converted into Series A Shares on October 3, 2014.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: justify;">Common Stock Issuance</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; text-indent: 36pt;">During the three months ended March 31, 2015, Asterias raised approximately <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$5.5 million in aggregate gross proceeds from the sale of 1,410,255 shares of common stock at a price of $3.90 per share through an underwritten public offering and a private placement. Broadwood Partners, L.P., British &amp; American Investment Trust PLC and Pedro Lichtinger purchased an aggregate of 1,025,640 of the shares. Broadwood Partners, L.P. is BioTime&#8217;s largest shareholder and one of its directors, Neal C. Bradsher, is President, and one of Asterias&#8217; directors, Richard T. LeBuhn, is Senior Vice President, of Broadwood Capital, Inc., the investment manager of Broadwood Partners, L.P. Pedro Lichtinger is Asterias&#8217; President and Chief Executive Officer and a member of its Board of Directors. British &amp; American Investment Trust PLC is an affiliate of a stockholder of Asterias and BioTime.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: justify;">Warrants</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias has issued warrants to purchase its common shares. Activity related to warrants through March 31, 2015 is presented in the table below:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Number of</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Warrants</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Per share</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">exercise</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">price</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Weighted</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Average</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Exercise</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Price</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Outstanding, January 1, 2014</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,500,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">5.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Issued in June 2014</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2.34</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">2.34</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Outstanding, March 31, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">8,500,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2.34-5.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center;">3.44</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The warrants to purchase 3,500,000 Asterias&#160;Series A Shares&#160;will expire on September 30, 2016 and the warrants to purchase 5,000,000 Asterias Series A Shares will expire on June 15, 2015. Asterias will receive $29,200,000 if all of the warrants are exercised.</div><div>&#160;</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">14. Subsequent Events</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">On April 10, 2015, Asterias entered into an at-the-market issuance sales agreement (the &#8220;Sales Agreement&#8221;), with MLV &amp; Co. LLC (&#8220;MLV&#8221;) pursuant to which Asterias may issue and sell shares of its Series A Common Stock (the "Series A Shares") from time to time through MLV as its sales agent, subject to certain limitations, including the number of shares registered and available under the Company&#8217;s previously filed and currently effective shelf registration statement on Form S-3 (File No. 333-200745) (the &#8220;Registration Statement&#8221;).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Any sales of shares of the Company&#8217;s Series A Shares pursuant to the Sales Agreement will be made under Asterias&#8217; S-3 Registration Statement filed on December 4, 2014 and the related prospectus supplement filed on April 10, 2015. MLV may sell the Series A Shares by any method that is deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers&#8217; transactions at market prices, in block transactions or as otherwise agreed by MLV and the Company. MLV may also sell the Series A Shares in negotiated transactions, subject to Asterias' prior approval. Subject to the terms and conditions of the Sales Agreement, MLV will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable laws, rules and regulations to sell the shares of the Series A Shares from time to time, based upon Asterias&#8217; instructions (including any price, time or size limits or other parameters or conditions Asterias may impose). Asterias will pay MLV a commission of up to 3.0% of the gross proceeds of the sale of any Series A Shares sold through MLV as agent under the Sales Agreement. Asterias has also provided MLV with customary indemnification rights.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In April 2015, Asterias received $1,062,023 from the California Institute for Regenerative Medicine as quarterly installment payments of a $14.3 million research grant awarded during 2014.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">4. Balance Sheet Components</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: justify;">Equipment and Furniture, Net</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">At March 31, 2015 and December 31, 2014<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> equipment and furniture were comprised of the following:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">March 31, 2015</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">(Unaudited)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">December 31, 2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Equipment and furniture</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,811,601</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,795,827</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Accumulated depreciation</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(883,403</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(750,986</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Equipment and furniture, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">928,198</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,044,841</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Depreciation expense amounted to $132,417 and $130,579 for the three months ended March 31, 2015 and 2014<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Construction in progress</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Construction in progress of $6</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">0</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">6,641 and $405,730 as of March 31, 2015 and December 31, 2014, respectively, entirely relate to the improvements for Asterias&#8217; Fremont, California facility. Under the terms of the lease agreement, the landlord will provide Asterias with a tenant improvement allowance of $4,400,000, which Asterias is using to construct a laboratory and production facility that can be used to produce human embryonic stem cell and related products under current good manufacturing procedures (cGMP). </font>Of the $606,641, $560,970 qualifies for reimbursement under the tenant improvement allowance. As of March 31, 2015, we received $283,764 from the landlord. Reimbursable amounts earned by Asterias but not yet paid by the landlord as of period end are recorded by Asterias as a landlord receivable with a corresponding increase to lease liability since Asterias has contractually earned the right to that cash. The facility is expected to be substantially completed and placed into service in the third quarter of 2015. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">See also Note 10.</font></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Use of estimates</font> &#8211; The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div> 30498819 31669957 P4Y October 1, 2014 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">13. Clinical Trial and Option Agreement and CIRM Grant Award</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">During September 2014, Asterias entered into a Clinical Trial and Option Agreement (the &#8220;CRUK Agreement&#8221;) with Cancer Research UK (the &#8220;Charity&#8221;) and Cancer Research Technology Limited, (&#8220;CRT&#8221;), a wholly-owned subsidiary of the Charity, pursuant to which the Charity has agreed to fund Phase I/IIa clinical development of our AST-VAC2 product candidate. Asterias will, at its own cost, complete process development and manufacturing scale-up of the AST-VAC2 manufacturing process and will transfer the resulting cGMP-compatible process to the Charity. The Charity will, at its own cost, manufacture clinical grade ASTVAC2 and will carry out the Phase I/IIa clinical trial of AST-VAC2 in cancer patients both resected early-stage and advanced forms of lung cancer. Asterias will have an exclusive first option to obtain a license to use the data from the clinical trial. If Asterias exercises that option Asterias will be obligated to make payments upon the execution of the License Agreement, upon the achievement of various milestones, and then royalties on sales of products. In connection with the CRUK Agreement, Asterias sublicensed to CRUK for use in the clinical trials and product manufacturing process certain patents that have been licensed or sublicensed to us by third parties. Asterias would also be obligated to make payments to those licensors and sublicensors upon the achievement of various milestones, and then royalties on sales of products if AST-VAC2 is successfully developed and commercialized.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">On October 16, 2014 Asterias signed a Notice of Grant Award (&#8220;NGA&#8221;) with the California Institute for Regenerative Medicine (&#8220;CIRM&#8221;), effective October 1, 2014, with respect to a $14.3 million grant award for clinical development of Asterias' product, AST-OPC1. The NGA includes the terms under which CIRM will release grant funds to Asterias. CIRM will disburse the grant funds to Asterias through July 1, 2018 in accordance with a quarterly disbursement schedule, subject to Asterias' attainment of certain progress and safety milestones. Asterias received the first payment from CIRM in the amount of $916,554 in October 2014, and the second payment in the amount of $2,269,515 in January 2015.</div></div> 3852880 2 P5Y 2014-10-01 2013-01-07 2014-07-01 50985 120 44000 5500000 P3Y P1Y P96M 1 P18M P1Y 105142 2013-12-30 0.5 22000 0.03 0.03 14300000 14300000 1 P10Y 4225000 1080000 200000 193733 1666 1150001 3377934 2.34 1025640 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">6. Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">As part of the consideration for the issuance of Series B Shares to BioTime under the Asset Contribution Agreement, Asterias received the BioTime Warrants. Under the Asset Contribution Agreement, Asterias agreed to distribute the BioTime Warrants to holders of its Series A Shares as promptly as practicable after notice from Geron that the Series A Distribution has been completed. During August 2014, Geron gave notice to Asterias that the Series A Distribution has been completed and on October 1, 2014, Asterias completed the distribution of the BioTime Warrants to the holders of its Series A Shares.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Both the BioTime Warrants and the corresponding obligation to distribute them were measured at fair value at each relevant balance sheet date by applying a Black Scholes Merton option-pricing model using assumptions deemed appropriate as of the applicable date. Because the fair value of the BioTime Warrants was expected to always be equal to the fair value of the obligation to distribute those warrants at any date on which those values are determined, remeasurement of those values did not result in a charge or credit on the statement of operations and comprehensive loss.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Warrants to purchase common stock</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8211;</font> Asterias generally accounts for warrants issued in connection with equity financings as a component of equity. None of the warrants issued by Asterias as of March 31, 2015 and December 31, 2014 include a conditional obligation to issue a variable number of shares; nor was there a deemed possibility that Asterias may need to settle the warrants in cash.</div></div> 0.15 1.05 P30D <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">11. Shared Facilities and Service Agreement</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">On April 1, 2013, Asterias and BioTime executed a Shared Facilities and Services Agreement (&#8220;Shared Facilities Agreement&#8221;). Under the terms of the Shared Facilities Agreement, BioTime will allow Asterias to use its premises and equipment located at Alameda, California for the sole purpose of conducting business. BioTime will provide basic accounting, billing, bookkeeping, payroll, treasury, collection of accounts receivable (excluding the institution of legal proceedings or taking of any other action to collect accounts receivable), payment of accounts payable, and other similar administrative services to Asterias. BioTime may also provide the services of attorneys, accountants, and other professionals who may also provide professional services to BioTime and its other subsidiaries. BioTime will also provide Asterias with the services of its laboratory and research personnel, including BioTime employees and contractors, for the performance of research and development work for Asterias at the premise.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">BioTime will charge Asterias a fee for the services and usage of facilities, equipment, and supplies aforementioned. For each billing period, BioTime will equitably prorate and allocate its employee costs, equipment costs, insurance costs, lease costs, professional costs, software costs, supply costs, and utilities costs, between BioTime and Asterias based upon actual documented use and cost by or for Asterias or upon proportionate usage by BioTime and Asterias, as reasonably estimated by BioTime. Asterias shall pay 105%<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>of the allocated costs (the &#8220;Use Fee&#8221;). The allocated cost of BioTime employees and contractors who provide services will be based upon records maintained of the number of hours of such personnel devoted to the performance of services.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The Use Fee will be determined and invoiced to Asterias on a quarterly basis for each calendar quarter of each calendar year. If the Shared Facilities Agreement terminates prior to the last day of a billing period, the Use Fee will be determined for the number of days in the billing period elapsed prior to the termination of the Shared Facilities Agreement. Each invoice will be payable in full by Asterias within 30 days after receipt. Any invoice or portion thereof not paid in full when due will bear interest at the rate of 15% per annum until paid, unless the failure to make a payment is due to any inaction or delay in making a payment by BioTime employees from Asterias funds available for such purpose, rather than from the unavailability of sufficient funds legally available for payment or from an act, omission, or delay by any employee or agent of Asterias.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In addition to the Use Fees, Asterias will reimburse BioTime for any out of pocket costs incurred by BioTime for the purchase of office supplies, laboratory supplies, and other goods and materials and services for the account or use of Asterias, provided that invoices documenting such costs are delivered to Asterias with each invoice for the Use Fee. Furthermore, BioTime will have no obligation to purchase or acquire any office supplies or other goods and materials or any services for Asterias, and if any such supplies, goods, materials or services are obtained for Asterias, BioTime may arrange for the suppliers thereof to invoice Asterias directly.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias in turn may charge BioTime or any Other Subsidiary for similar services provided by Asterias at the same rate and terms as aforementioned. &#8220;Other Subsidiary&#8221; means a subsidiary of BioTime other than Asterias and other than a subsidiary of Asterias.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The Shared Facilities Agreement terminates on December 31, 2016, provided that, unless otherwise terminated under another provision of the Shared Facilities Agreement, the term of the Shared Facilities Agreement will automatically be renewed and the termination date will be extended for an additional year each year after December 31, 2016, unless either party gives the other party written notice stating that the Shared Facilities Agreement will terminate on December 31 of that year.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">BioTime allocated $50,251 and $39,720 of general overhead expenses to Asterias during the three months ended March 31, 2015 and 2014, respectively.</div></div> 1474300 0 405730 606641 4400000 4400000 560970 560970 377981 415543 34917532 17458766 18276406 300000 0.1 0.06 -2157369 P3Y P5Y <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">3<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font> Asset Contribution Agreement with BioTime and Geron Corporation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">On January 4, 2013, Asterias entered into an Asset Contribution Agreement with BioTime and Geron Corporation (&#8220;Geron&#8221;) pursuant to which BioTime and Geron agreed to concurrently contribute certain assets to Asterias in exchange for shares of Asterias common stock and warrants to purchase common stock. The transaction closed on October 1, 2013.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: justify;">Transfer of BioTime Assets</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Under the Asset Contribution Agreement, BioTime contributed to Asterias 8,902,077 BioTime common shares registered for re-sale with the SEC; warrants to subscribe for and purchase 8,000,000 additional BioTime common shares (the &#8220;BioTime Warrants&#8221;) exercisable for a period of five years at a price of $5.00 per share, subject to pro rata adjustment for certain stock splits, reverse stock splits, stock dividends, recapitalizations and other transactions; a 10% common stock interest in BioTime&#8217;s subsidiary OrthoCyte Corporation (&#8220;OrthoCyte&#8221;); a 6% ordinary stock interest in BioTime&#8217;s subsidiary Cell Cure Neurosciences, Ltd. (&#8220;Cell Cure Neurosciences&#8221;); and a quantity of certain&#160;human embryonic stem ("hES")&#160;cell lines produced under &#8220;good manufacturing practices&#8221; sufficient to generate master cell banks, and non-exclusive, world-wide, royalty-free licenses to use those cell lines and certain patents pertaining to stem cell differentiation technology for any and all purposes.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In return, Asterias issued to BioTime 21,773,340 shares of its Series B Common Stock, par value $0.0001 per share (&#8220;Series B Shares&#8221;), and warrants to purchase 3,150,000 Series B Shares, exercisable for a period of three years from the date of issue at an exercise price of $5.00 per share. In addition, BioTime cancelled Asterias&#8217; obligations under a loan of $5,000,000 from BioTime, related to cash financing provided by BioTime during 2013 prior to the Asset Contribution Agreement closing.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; text-indent: 36pt;">Because Asterias is a subsidiary of BioTime, the transfer of assets from BioTime was accounted for as a transaction under common control. Non-monetary assets received by Asterias were recorded at their historical cost basis amounts with BioTime. Monetary assets were recorded at fair value. The difference between the value of assets contributed by BioTime and the fair value of consideration issued to BioTime was recorded as an additional contribution by BioTime, in additional paid-in capital.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The assets transferred by BioTime and the related consideration were recorded as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Consideration transferred to BioTime:</div></td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Asterias Series B shares</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">52,164,568</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Warrants to purchase Asterias Series B shares</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,012,481</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Excess of contributed assets&#8217; value over consideration</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,800,063</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total consideration issued</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">58,977,112</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Assets transferred by BioTime:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">BioTime common shares, at fair value</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">34,985,163</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">BioTime Warrants, at fair value</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">18,276,406</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Cancellation of outstanding obligation to BioTime</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Investment in affiliates, at cost</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">415,543</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Geron asset acquisition related transaction costs paid by BioTime</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">300,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total assets transferred</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">58,977,112</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The fair value of the Asterias Series B shares issued was estimated at $2.40 based on the Asterias enterprise value as determined on January 4, 2013, at the time the Asset Contribution Agreement was negotiated and executed by its parties, and as adjusted for subsequent changes in fair values of assets the parties agreed to contribute. The fair value of the warrants to purchase Asterias Series B shares was computed using a Black Scholes Merton option pricing model, which utilized the following assumptions: expected term of three years, which is equal to the contractual life of the warrants; risk-free interest rate of 0.63%; 0% expected dividend yield; 69.62% expected volatility based on the average historical common stock volatility of BioTime and Geron, which were used because Asterias&#8217; common stock did not have a trading history; a stock price of $2.40; and an exercise price of $5.00 per share.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">BioTime common shares were valued using $3.93, the closing price per BioTime common shares on the NYSE MKT on October 1, 2013. The fair value of the BioTime Warrants was computed using a Black Scholes Merton option pricing model, which utilized the following assumptions: expected term five years, which is equal to the contractual life of the warrants; risk-free interest rate of 1.42%; 0% expected dividend yield; 77.6% expected volatility based on historical common stock volatility of BioTime; a stock price of $3.93; and an exercise price of $5.00 per share.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The investment in affiliates represents a non-monetary asset and was recorded at BioTime&#8217;s historical cost because BioTime is a common parent to Asterias and those affiliates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: justify;">Geron Assets Acquisition</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Under the Asset Contribution Agreement, Geron contributed to Asterias certain patents, patent applications, trade secrets, know-how and other intellectual property rights with respect to the technology of Geron directly related to the research, development and commercialization of certain products and know-how related to hES cells; certain biological materials, reagents, laboratory equipment; as well as clinical trial documentation, files and data, primarily related to GRN-OPC1 clinical trials for spinal cord injury and GRN-VAC1 clinical trials for acute myelogenous leukemia. Asterias assumed all obligations related to such assets that would be attributable to periods, events or circumstances after the Asset Contribution Agreement closing date, including those related certain patent interference proceedings that have since been settled.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">As consideration for the acquisition of assets from Geron, Asterias issued to Geron 6,537,779 shares of Series A Common Stock, par value $0.0001 per share (&#8220;Series A Shares&#8221;), which Geron agreed to distribute to its stockholders, on a pro rata basis, subject to applicable legal requirements and certain other limitations (the &#8220;Series A Distribution&#8221;). The Series A Distribution was completed during July 2014. Asterias agreed to distribute to the holders of its Series A Shares the 8,000,000 BioTime Warrants contributed to Asterias by BioTime. Geron gave notice to Asterias that the Series A Distribution was completed on August 15, 2014. On October 1, 2014 the distribution of the BioTime Warrants to the new holders of Series A Shares was completed and on October 3, 2014 Asterias&#8217; Series B Shares were converted to Series A Shares. See Note 8.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">In addition, Asterias agreed to bear certain transaction costs in connection with the Asset Contribution Agreement<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font> Such transaction costs were allocated to acquisition of assets in the amount of $1,519,904 and issuance of equity in the amount of $541,800.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The assets contributed by Geron did not include workforce or any processes to be applied to the patents, biological materials and other assets acquired, and therefore did not constitute a business. Accordingly, the acquisition of Geron assets has been accounted for as an acquisition of assets in accordance with the relevant provisions of Accounting Standards Codification (ASC) 805-50. Total consideration payable by Asterias, including transaction costs, has been allocated to the assets acquired based on relative fair values of those assets as of the date of the transaction, October 1, 2013, in accordance with ASC 820,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Fair Value Measurement</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The assets acquired from Geron and the related consideration paid were recorded as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Consideration paid to Geron:</div></td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Asterias Series A shares, net of share issuance costs of $541,800</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">15,121,222</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Obligation to distribute BioTime Warrants</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">18,276,406</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Transaction and other costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,519,904</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total consideration paid</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">34,917,532</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Assets acquired from Geron (preliminary allocation):</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Patents and other intellectual property rights related to hES cells</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">29,017,009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 17.6pt; text-indent: -7.7pt;">Deferred tax liability arising from difference in book versus tax basis on Geron intangible assets acquired</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(11,558,243</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">IPR&amp;D expensed upon acquisition</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">17,458,766</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 7.7pt; text-indent: -7.7pt;">Total assets and in-process research and development acquired</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">34,917,532</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The fair value of the Asterias Series A shares issued was estimated at $2.40 based on the estimated Asterias enterprise value as determined by parties at the time the Asset Contribution Agreement was negotiated and executed by its parties on January 4, 2013, as adjusted for subsequent changes in fair values of assets the parties agreed to contribute.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The fair value of the obligation to distribute BioTime Warrants equaled the fair value of such warrants, which was computed as noted above under &#8220;Transfer of BioTime Assets.&#8221; Because the fair value of the BioTime Warrants was expected to always be equal to the fair value of the obligation to distribute them at any date on which those values are determined, the remeasurement of those values would not result in a charge or credit on the statement of operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The difference between the fair value of assets contributed by Geron and the fair value of consideration issued to Geron was recorded as an additional contribution by Geron, in additional paid-in capital.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">A portion of the assets acquired from Geron, consisting primarily of biological materials, reagents, clinical trial documentation, files and data related primarily to certain clinical trials previously conducted by Geron, have been treated as in-process research and development (&#8220;IPR&amp;D&#8221;). Intangible assets related to IPR&amp;D represent the value of incomplete research and development projects which the company intends to continue. In accordance with the accounting rules in ASC 805, such assets, when acquired in conjunction with acquisition of a business, are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as the acquisition of assets from Geron), in accordance with the accounting rules in ASC 805-50, such intangible assets related to IPR&amp;D are expensed upon acquisition.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">The values of the acquired assets were estimated as of October 1, 2013 based upon a preliminary review of those assets which took into account factors such as the condition of the cells, cell lines and other biological materials being contributed, the stage of development of particular technology and product candidates related to patents, patent applications, and know-how, the intended use of the assets and the priority assigned to the development of product candidates to which those assets relate, and the assessment of the estimated useful lives of patents. The amounts allocated to patents and other intellectual property rights that Asterias intends to license, in-process research and development with alternative future uses, and equipment were capitalized as intangible assets and are being amortized over an estimated useful life period of 10 years. The amounts allocated to IPR&amp;D that management determined to have no alternative uses were expensed at the time of acquisition of the related assets in accordance with the requirements of ASC 805-50. The allocation was based on the relative fair value of assets eligible for capitalization and the fair value of assets representing IPR&amp;D before assessing the deferred tax liability arising from the difference in book versus tax basis on Geron intangible assets acquired, which management estimated to be approximately equal. Accordingly, $17,458,766 was capitalized as of December 31, 2013, and $17,458,766 was expensed during the year ended December 31, 2013. The amounts recorded were preliminary as management had not yet completed a detailed assessment and valuation of the acquired assets at the time. During the year ended December 31, 2014, Asterias finalized its assessment of values pertaining to these Geron capitalized intangible assets and recorded an adjustment to reduce the gross intangible cost by $2,157,369 with a corresponding reduction to the accumulated amortization balance of $269,671, resulting in an additional amortization expense of $1,887,698 included in the statements of operations for the year ended December 31, 2014. This adjustment was wholly attributable to finalizing the California income tax rate previously used to compute both the intangible asset and the corresponding deferred income tax liability, recorded at the acquisition date. Accordingly, Asterias simultaneously recorded an adjustment to reduce the related deferred tax liability resulting in the same net amount of $1,887,698 being included in the deferred income tax benefits of $7,375,611 included in the statements of operations for the year ended December 31, 2014<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font> See also Note 7.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify; text-indent: 36pt;">Asterias is also obligated to pay Geron royalties on the sale of products, if any, that are commercialized in reliance upon patents acquired from Geron, at the rate of 4% of net sales.</div><div><br /></div></div> 425232 1474300 0 0 -117902 21146 21146 283764 0 The 3,500,000 share increase to the Equity Incentive Plan is subject to subsequent approval by the Asterias shareholders. EX-101.SCH 5 ast-20150331.xsd XBRL TAXONOMY EXTENSION SCHEMA 000100 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 010000 - Statement - CONDENSED BALANCE SHEETS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 010100 - Statement - CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 020000 - Statement - CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 030000 - Statement - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 040000 - Statement - CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 060100 - Disclosure - Organization, Basis of Presentation and Liquidity link:presentationLink link:calculationLink link:definitionLink 060200 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 060300 - Disclosure - Asset Contribution Agreement with BioTime and Geron Corporation link:presentationLink link:calculationLink link:definitionLink 060400 - Disclosure - Balance Sheet Components link:presentationLink link:calculationLink link:definitionLink 060500 - Disclosure - Investment in BioTime and in BioTime Subsidiaries link:presentationLink link:calculationLink link:definitionLink 060600 - Disclosure - Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants link:presentationLink link:calculationLink link:definitionLink 060700 - Disclosure - Intangible assets link:presentationLink link:calculationLink link:definitionLink 060800 - Disclosure - Common Stock and Warrants link:presentationLink link:calculationLink link:definitionLink 060900 - Disclosure - Equity Incentive Plan link:presentationLink link:calculationLink link:definitionLink 061000 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 061100 - Disclosure - Shared Facilities and Service Agreement link:presentationLink link:calculationLink link:definitionLink 061200 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 061300 - Disclosure - Clinical Trial and Option Agreement and CIRM Grant Award link:presentationLink link:calculationLink link:definitionLink 061400 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 070200 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 080200 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 080300 - Disclosure - Asset Contribution Agreement with BioTime and Geron Corporation (Tables) link:presentationLink link:calculationLink link:definitionLink 080400 - Disclosure - Balance Sheet Components (Tables) link:presentationLink link:calculationLink link:definitionLink 080700 - Disclosure - Intangible assets (Tables) link:presentationLink link:calculationLink link:definitionLink 080800 - Disclosure - Common Stock and Warrants (Tables) link:presentationLink link:calculationLink link:definitionLink 080900 - Disclosure - Equity Incentive Plan (Tables) link:presentationLink link:calculationLink link:definitionLink 081000 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 090100 - Disclosure - Organization, Basis of Presentation and Liquidity (Details) link:presentationLink link:calculationLink link:definitionLink 090200 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 090300 - Disclosure - Asset Contribution Agreement with BioTime and Geron Corporation (Details) link:presentationLink link:calculationLink link:definitionLink 090400 - Disclosure - Balance Sheet Components (Details) link:presentationLink link:calculationLink link:definitionLink 090500 - Disclosure - Investment in BioTime and in BioTime Subsidiaries (Details) link:presentationLink link:calculationLink link:definitionLink 090700 - Disclosure - Intangible assets (Details) link:presentationLink link:calculationLink link:definitionLink 090702 - Disclosure - Intangible assets (Details) CALC 01 link:presentationLink link:calculationLink link:definitionLink 090800 - Disclosure - Common Stock and Warrants (Details) link:presentationLink link:calculationLink link:definitionLink 090900 - Disclosure - Equity Incentive Plan (Details) link:presentationLink link:calculationLink link:definitionLink 091000 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 091100 - Disclosure - Shared Facilities and Service Agreement (Details) link:presentationLink link:calculationLink link:definitionLink 091200 - Disclosure - Segment Information (Details) link:presentationLink link:calculationLink link:definitionLink 091300 - Disclosure - Clinical Trial and Option Agreement and CIRM Grant Award (Details) link:presentationLink link:calculationLink link:definitionLink 091400 - Disclosure - Subsequent Events (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 ast-20150331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 7 ast-20150331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 8 ast-20150331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Amendment Flag Current Fiscal Year End Date Document Information, Document [Axis] Document [Domain] Document Information [Line Items] Document Information [Table] Document Period End Date Entity [Domain] Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Filer Category Entity Registrant Name Entity Central Index Key Entity Common Stock, Shares Outstanding Document Fiscal Year Focus Document Fiscal Period Focus Legal Entity [Axis] Document Type Issued, exercise price (in dollars per share) Award Type [Axis] Arrangements and Non-arrangement Transactions [Domain] Summary of Significant Accounting Policies [Abstract] Accounts payable Taxes payable Accrued expenses and other current liabilities Accrued Liabilities, Current Accumulated depreciation Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Accumulated other comprehensive gain (loss) on available-for-sale investments Estimated useful life period Additional paid-in capital Additional Paid in Capital Adjustments to reconcile net loss to net cash used in operating activities: Total stock-based compensation expense Allocated Share-based Compensation Expense Amortization of intangible assets Amortization of intangible assets Antidilutive Securities [Axis] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities, Name [Domain] Stock options under Equity Incentive Plan (in shares) TOTAL ASSETS Assets CURRENT ASSETS ASSETS Assets [Abstract] Total current assets Assets, Current NONCURRENT ASSETS Investment in BioTime and in BioTime Subsidiaries Available-for-sale securities, at fair value Investment in BioTime and in BioTime Subsidiaries [Abstract] Common shares, at fair value Cancellation of outstanding obligation to BioTime Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Issuance of shares Transaction and other costs Business Acquisition, Transaction Costs Total consideration issued Business Combination, Consideration Transferred Consideration transferred [Abstract] Business Combination, Consideration Transferred [Abstract] Patents and other intellectual property rights related to hES cells Working capital Cash and cash equivalents Cash and Cash Equivalents, Policy [Policy Text Block] Net increase/(decrease) in cash: Cash and Cash Equivalents, Period Increase (Decrease) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Cash and cash equivalents Cash and cash equivalents Number of Warrants, Outstanding, end of period (in shares) Number of Warrants, Outstanding, beginning of period (in shares) Class of Warrant or Right, Outstanding Exercise price of warrant (in dollars per share) Per share exercise price, end of period (in dollars per share) Per share exercise price, beginning of period (in dollars per share) Number of warrants acquired (in shares) Class of Warrant or Right, Number of Securities Called by Warrants or Rights Class of Stock [Domain] Commitments and Contingencies [Abstract] Commitments and contingencies (See Note 10) Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Common shares, par value (in dollars per share) Series A Common Stock [Member] Series A Shares [Member] Common Class A [Member] Common Stock, authorized 75,000,000 Series A Common Stock, $0.0001 par value, and 75,000,000 Series B Common Stock, $0.0001 par value; 32,312,407 and 30,902,152 shares Series A Common Stock issued and outstanding at March 31, 2015 and December 31, 2014, respectively. No Series B Common Stock issued and outstanding at March 31, 2015 and December 31, 2014. Common shares, issued (in shares) Issued, Number of Warrants (in shares) Series B Common Stock [Member] Series B Shares [Member] Common Class B [Member] Common shares, authorized (in shares) Common stock, par value (in dollars per share) Common Stock, No Par Value Common shares, outstanding (in shares) COMPREHENSIVE INCOME/(LOSS) Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income/loss Net sales (in hundredths) Construction in progress Construction Contractors, Policy [Policy Text Block] Construction and development costs Construction and Development Costs Cost of sales Cost of Revenue Deferred tax liabilities Deferred Income Tax Expense (Benefit) Deferred income tax benefit Deferred tax liabilities, net of current portion and deferred tax assets Deferred Tax Assets, Net Deferred rent balance Deferred rent liability, net of current portion Deferred income tax benefit, federal Deferred income tax benefit Deferred income tax benefit, state taxes Deferred tax liabilities, current portion Deferred tax liability arising from difference in book versus tax basis on Geron intangible assets acquired Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Intangible Assets Depreciation expense Depreciation expense Equity Incentive Plan Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Equity Incentive Plan [Abstract] Amount due to parent, BioTime, Inc. Due to Related Parties, Current Computations of basic and diluted net loss per share [Abstract] Earnings Per Share, Basic and Diluted [Abstract] Basic and diluted net loss per common share (in dollars per share) Net loss per share - basic and diluted (in dollars per share) Earnings Per Share, Basic and Diluted Loss per share Earnings Per Share, Policy [Policy Text Block] Stock Options [Member] Total unrecognized compensation expense Weighted-average period recognized Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] Common Stock and Warrants [Abstract] Expected volatility (in hundredths) Common stock, exercise price (in dollars per share) Expected dividend yield (in hundredths) Fair value of financial instruments Fair Value of Financial Instruments, Policy [Policy Text Block] 2018 Finite-Lived Intangible Assets, Amortization Expense, Year Four Intangible assets, useful life Intangible assets Finite-Lived Intangible Assets, Gross Thereafter Finite-Lived Intangible Assets, Amortization Expense, after Year Five Finite-Lived Intangible Assets [Line Items] Intangible assets future amortization expense [Abstract] Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] 2015 Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year Accumulated amortization of intangible assets Accumulated amortization Finite-Lived Intangible Assets, Accumulated Amortization Intangible assets, net Finite-Lived Intangible Assets, Net Intangible assets, net [Abstract] 2019 Finite-Lived Intangible Assets, Amortization Expense, Year Five 2016 Finite-Lived Intangible Assets, Amortization Expense, Year Two 2017 Finite-Lived Intangible Assets, Amortization Expense, Year Three Gain on sale General and administrative General and Administrative Expense General and Administrative [Member] Excess of contributed assets' value over consideration Goodwill Intangible assets [Abstract] Grant receivable Grants Receivable Total gross profit Gross Profit Impairment of long-lived assets Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Income Statement Location [Axis] LOSS BEFORE DEFERRED INCOME TAX BENEFIT Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income taxes [Abstract] Income Tax Disclosure [Abstract] Income Statement Location [Domain] Deferred income tax benefit Income Tax Expense (Benefit) Amount accrued for payment of interest and penalties Income Tax Examination, Penalties and Interest Accrued Income taxes Income Tax, Policy [Policy Text Block] Accounts payable Increase (Decrease) in Accounts Payable Deferred rent liability Accrued expenses and other current liabilities Changes in operating assets and liabilities: Prepaid expenses and other current assets Increase (Decrease) in Prepaid Expense and Other Assets Intangible assets, net Intangible assets Intangible Assets Disclosure [Text Block] Patent costs Intangible assets Interest expense, net Available-for-sale securities, at fair value Investment, Policy [Policy Text Block] Number of shares held (in shares) Investment in affiliates Rent, expensed Construction in progress Total current liabilities Liabilities, Current TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities and Equity CURRENT LIABILITIES TOTAL LIABILITIES Liabilities LONG-TERM LIABILITIES LIABILITIES AND STOCKHOLDERS' EQUITY Customer [Axis] Accounting for BioTime Shares Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] Maximum [Member] Minimum [Member] Noncontrolling Interest [Line Items] Noncontrolling Interest [Table] Percentage of ownership interest in subsidiary (in hundredths) Noncontrolling Interest, Ownership Percentage by Parent Customer [Domain] CASH FLOWS FROM FINANCING ACTIVITIES: Net loss NET LOSS Net loss, net of tax: Net Income (Loss) Attributable to Parent CASH FLOWS FROM OPERATING ACTIVITIES: Net cash used in operating activities Net Cash Provided by (Used in) Operating Activities, Continuing Operations NET LOSS Net cash provided by financing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations CASH FLOWS FROM INVESTING ACTIVITIES: Effect of recently issued and recently adopted accounting pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Total other expenses, net Nonoperating Income (Expense) OTHER INCOME/(EXPENSES) Number of operating segments 2019 Contractual Lease Obligations [Abstract] Total operating expenses Operating Expenses 2018 Operating Leases, Future Minimum Payments, Due in Four Years EXPENSES 2017 Operating Leases, Future Minimum Payments, Due in Three Years 2016 Operating Leases, Future Minimum Payments, Due in Two Years Loss from operations Operating Income (Loss) Thereafter 2015 Total Operating Leases, Future Minimum Payments Due Organization, Basis of Presentation and Liquidity [Abstract] Organization, Basis of Presentation and Liquidity Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Other assets Rent from landlord Other Operating Activities, Cash Flow Statement Unrealized gain/(loss) on available-for-sale securities, net of taxes Allocated general overhead expenses Other expense, net Other Nonoperating Income (Expense) Capitalized amount expensed Lease liability Landlord receivable Change in comprehensive income/(loss) from equity investments: BioTime, Inc. [Member] Parent Company [Member] Payments for rent Payment of security deposits Payments for Deposits Payments on construction in progress Payments for Capital Improvements Issuance of warrants and warrants obligations Payments to Acquire Businesses, Gross Purchase of equipment and furniture Payments to Acquire Property, Plant, and Equipment Equity issuance cost Payments of Stock Issuance Costs Plan Name [Domain] Plan Name [Axis] Preferred Shares, par value (in dollars per share) Preferred Stock, $0.0001 par value, authorized 5,000,000 shares; none issued and outstanding Preferred Stock, Value, Issued Preferred Shares, issued (in shares) Preferred Shares, authorized (in shares) Preferred Shares, outstanding (in shares) Prepaid expenses and other current assets Reclassification Proceeds from warrant exercises Proceeds from Warrant Exercises Amount due to parent, BioTime, Inc. Proceeds from sale of common shares and warrants Proceeds from Issuance or Sale of Equity Gross proceeds from the sale of common stock Proceeds from Issuance of Common Stock Proceeds from exercise of stock options Equipment and furniture Property, Plant and Equipment, Policy [Policy Text Block] Equipment and furniture useful life Property, Plant and Equipment, Useful Life Equipment and furniture, net [Abstract] Property, Plant and Equipment, Net [Abstract] Equipment and furniture Equipment and furniture, net Equipment and furniture, net Property, Plant and Equipment, Net Equipment and Furniture, Net Property, Plant and Equipment [Table Text Block] Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment [Line Items] Range [Axis] Range [Domain] Research and development Research and Development Expense Research and development Research and Development Expense, Policy [Policy Text Block] Research and Development [Member] Research and Development Expense [Member] Restricted Stock Units (RSUs) [Member] Accumulated deficit Accumulated deficit Revenue from grant award Grant award Grant income Revenue recognition Revenue Recognition, Services, Royalty Fees [Policy Text Block] Total revenues Revenues REVENUE Royalties from product sales Expected life (years) Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term Weighted Average Exercise Price, end of period (in dollars per share) Weighted Average Exercise Price, beginning of period (in dollars per share) Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price Contractual term Intangible Assets Future Amortization Expense Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] Sale of common shares (in shares) Schedule of Available-for-sale Securities [Table] Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share of Common Stock Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Summary of Stock Option Activity and Related Information Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] Schedule of Assumptions Used to Estimate Fair Value of Stock Option Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Schedule of Revenue Sources, Health Care Organization [Table] Schedule of Finite-Lived Intangible Assets [Table] Contractual Lease Obligations Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] The Assets Acquired / Transferred and Related Consideration Computations of Basic and Diluted Net Loss Per Share Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Intangible Assets Schedule of Finite-Lived Intangible Assets [Table Text Block] Investment in BioTime and in BioTime Subsidiaries [Line Items] Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table] Operating Expenses - Stock-Based Compensation Expense Property, Plant and Equipment [Table] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Activity Related to Warrants Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] Security deposit amount Segment Information [Abstract] Segment Information General and administrative Weighted Average Exercise Price (in dollars per share) [Rollforward] Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] Options granted (in dollars per share) Options forfeited (in dollars per share) Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price All stock-based compensation expense [Abstract] Stock-based compensation Increase to pool (in shares) Options granted (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Estimated fair value (in dollars per share) Common stock price (in dollars per share) Shares price (in dollars per share) Options exercised (in dollars per share) Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price Dividend yield (in hundredths) Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate Options forfeited (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Volatility (in hundredths) Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate Shares authorized for grant under the incentive plan (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Risk-free rate (in hundredths) Risk-free interest rates (in hundredths) Weighted-average assumptions [Abstract] Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] Weighted-average fair value of options granted (in dollars per share) Outstanding, end of period (in dollars per share) Outstanding, beginning of period (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Stock-based compensation Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Outstanding, beginning of period (in shares) Outstanding, end of period (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Number of Options and Restricted Stock and Units Outstanding [Rollforward] Award Type [Domain] Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Statement [Table] Statement [Line Items] STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) [Abstract] CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) [Abstract] BALANCE SHEETS (Unaudited) [Abstract] Class of Stock [Axis] Equity Incentive Plan [Member] Stock Compensation Plan [Member] Options exercised (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Common shares sold (in shares) Gross proceeds from the sale of common stock (in shares) STOCKHOLDERS' EQUITY Total stockholders' equity Stockholders' equity Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Common Stock and Warrants Subsequent Events Subsequent Events [Text Block] Subsequent Events [Abstract] Subsequent Event [Table] Subsequent Event [Line Items] Subsequent Event [Member] Subsequent Event Type [Domain] Subsequent Event Type [Axis] Balance Sheet Components Title of Individual [Axis] Relationship to Entity [Domain] Type of Arrangement and Non-arrangement Transactions [Axis] Use of estimates Use of Estimates, Policy [Policy Text Block] Warrants [Member] Warrant [Member] Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants [Abstract] Weighted average shares of common stock outstanding, basic and diluted (in shares) Weighted average shares of common stock - basic and diluted (in shares) Weighted Average Number of Shares Outstanding, Basic and Diluted Refers to a grant award for biotech clinical studies and medical research. Notice of Grant Award [Member] Notice of Grant Award [Member] The term over which the funds are to be disbursed in accordance with the Notice of Grant Award agreement. Notice of Grant Award term Term of grant The effective date of the Notice of Grant Award. Effective date of grant award agreement Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Notice of Grant Award [Line Items] Clinical trial and option agreement between Asterias, the Cancer Research UK (the "Charity"), and Cancer Research Technology Limited. Clinical Trial and Option Agreement [Text Block] Clinical Trial and Option Agreement and CIRM Grant Award Clinical Trial and Option Agreement and CIRM Grant Award [Abstract] The number of common shares held related to investment in equity securities categorized neither as trading securities nor held-to-maturity securities and intended be sold or mature one year or operating cycle, if longer. Common Shares, Available-for-sale Securities Common shares held, available-for-sale securities (in shares) The number of options the lessee has to extend the current lease agreement per the current agreement. Number of options to extend lease term New York City, New York real estate in held and additions or improvements to real estate held and structures used in the conduct of business. New York City [Member] The term for which the lessee may extend the lease per the lease agreement. Option to extend lease, term Date on which lease will commence. Commencement date of lease Cash payments to lessor's for use of assets under operating leases for first 15 months. Payments for Rent for first 15 months Base monthly rent for first 15 months The space of building on the leased premises in square feet. Space of building Amount as of balance sheet date that the tenant plans to allocate for improvements to the leased property. Tenant Improvements, Planned Tenant improvements, planned This line item represents the term to which asset leased. Lease Term Lease term Refers to taxes levied on the excess assessed valuation by the subsidiary company in percentage. Taxes levied on the excess assessed valuation by the subsidiary company Taxes levied on the excess assessed valuation by the subsidiary company (in hundredths) This represent the term for which the lessor is obligated to fund the agreement for providing a tenant improvement allowance. Term of tenant allowance Menlo Park, California real estate in held and additions or improvements to real estate held and structures used in the conduct of business. Menlo Park, CA [Member] The period of time required for the lessee to notify the lessor of the lessee's intent to exercise the option to extend the lease term. Notice required to extend lease term The future monthly amount the lessor shall be obligated to pay under the current lease agreement beginning at pre-arranged date. Disclosure of future lease payment Refers to Date on which company entered into lease. Date on which company entered into lease Refers to Taxes paid during first 15 months by the subsidiary company. Taxes paid during first 15 months by the subsidiary company Taxes paid during first 15 months by the subsidiary company (in hundredths) Refers to Limited area for the base rent paid in square feet. Limited area for the base rent paid Refers to percentage increase on base rent annually. Percentage increase on base rent annually Percentage increase on base rent annually (in hundredths) Freemont, California real estate in held and additions or improvements to real estate held and structures used in the conduct of business. Freemont, CA [Member] percentage of commission of the gross proceeds of the sale of any series shares sold. Percentage of commission on proceeds of sale of shares Percentage of commission on sale of shares (in hundredths) The total amount of funds for which the grantor is obligated to pay under the Notice of Grant Award agreement if all terms of the agreement are met by the grantee. Grant Award Research grant award amount Grant award Refers to a grant award with clinical development of product AST-OPC1. California Institute of Regenerative Medicine [Member] CIRM [Member] Refers to officers employees and directors. Officers employees and directors [Member] Officers, Employees and Directors [Member] Represents the number of shares of common stock to be issued per unit of award upon the expiration of restrictions. Share Based Compensation Arrangement By Share Based Payment Award, Other Than Options, Number of Shares of Common Stock to Be Issued per Unit of Award Upon Expiration of Restrictions Number of shares of common stock to be issued per unit of award upon expiration of restrictions (in shares) Term of equity-based compensation awards. Share Based Compensation Arrangement By Share Based Payment Award, Term Term of equity incentive awards Gross number of share options (or share units) available for grant during the period. Share Based Compensation Arrangement By Share Based Payment Award Options Available For Grant In Period Gross Options granted (in shares) The number of shares available for grant under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Share Based Compensation Arrangement By Share Based Payment Award Options Available for Grant Forfeitures In Period Options forfeited (in shares) Number of options authorized for grant, including both vested and non-vested options. Share Based Compensation Arrangement By Share Based Payment Award Options Authorized Number Options and Restricted Stock and Units Available for Grant, beginning of period (in shares) Options and Restricted Stock and Units Available for Grant, end of period (in shares) A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. Options and Restricted Stock Available for Grant [Roll Forward] Options and Restricted Stock and Units Available for Grant [Roll Forward] Activity related to warrants issued to purchase common shares. Activity related to warrants [Roll Forward] Number of Warrants [Roll Forward] Refers to the exercise price for activity related to warrants issued to purchase common shares. Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Exercise Price [Roll Forward] Per share exercise price (in dollars per share) [Rollforward] Weighted average exercise price of the warrants issued. Investment Warrants, Weighted Average Exercise Price Issued, Weighted Average Exercise Price (in dollars per share) Refers to number of shares purchased by third party in private placement during the period. Number of shares purchased by third party in private placement Number of shares purchased by third party in private placement (in shares) Line item represents transaction related to common stock. Common stock by transaction [Line Items] Common stock by transaction [Line Items] Schedule detailing information related to equity and stock transactions. Class of stock includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. It also includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. Common stock by transaction [Table] Common stock by transaction [Table] The entire disclosure of warrants or rights issued. Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants [Text Block] Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants Warrants issued to purchase common stock. Warrants to Purchase Common Stock [Policy Text Block] Warrants to purchase common stock Represents the percentage of interest charged on invoices not paid when due. Interest on unpaid overdue invoice Interest on unpaid overdue invoice (in hundredths) The percentage of the fee for the services and usage of facilities, equipment, and supplies aforementioned which shall be paid by the entity under Shared Facilities Agreement. Usage fee allocation Usage fee allocation (in hundredths) Represents the maximum number of days upon the receipt of an invoice within which the invoice must be paid. Term of payment Document and Entity Information [Abstract] The entire disclosure for the shared facilities and service agreement. Shared Facilities and Service Agreement [Text Block] Shared Facilities and Service Agreement Shared Facilities and Service Agreement [Abstract] Carrying value as of the balance sheet date of liabilities incurred due to deferred grant income. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Deferred Grant Income Liabilities, Current Deferred grant income The additional improvements to assets held under a lease arrangement which use by facility at balance sheet date. Property Leasehold Improvements and Equipment Used For Facility Leasehold improvements for the Fremont facility Amount of allowance for tenant related to lease agreement which use to construct a laboratory and production facility. Tenant Improvement Allowance Under Lease Agreement Tenant improvement allowance Amount of tenant allowance due from lessor to lessee per the lease agreement to cover building improvements and or construction costs. Tenant Allowance Receivable Reimbursable portion of construction costs from landlord Portion of construction costs from landlord included in long term liabilities Refers to the historical cost of the asset(s) sold in connection with the sale of the property to another party and the lease of the property back to the seller. Investment in affiliates at historical cost Investment in affiliates, at cost The amount of acquisition cost of a business combination allocated to assets acquired and assets expensed upon acquisition. Business Acquisition, Purchase Price Allocation, Assets Acquired and Assets Expensed upon Acquisition Total assets and in-process research and development acquired The amount of purchased research and development assets that are acquired in a business combination have no alternative future use and are therefore written off in the period of acquisition. In-process research and development expensed upon acquisition IPR&D expensed upon acquisition Assets acquired from Geron (preliminary allocation): [Abstract] Assets acquired from Geron (preliminary allocation) [Abstract] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. Cell Cure Neurosciences, Ltd. [Member] Cell Cure Neurosciences, Ltd. [Member] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. OrthoCyte Corporation [Member] Refers to competitor of the entity. Romulus [Member] Refers to competitor of the entity. Geron [Member] The amount of acquisition cost of a business combination allocated to warrants assumed. Business Acquisition Purchase Price Allocation Warrants at Fair Value Warrants at fair value Amount of direct costs of the business combination including legal, accounting, and other costs incurred to consummate the business acquisition and paid by the parent company. Business Acquisition Cost Of Acquired Entity Transaction Costs Paid by Parent Company Geron asset acquisition related transaction costs paid by BioTime Assets Transferred [Abstract] This line item represents the percentage of subsidiary stock contributed by the entity. Percentage of Subsidiary Stock Contributed Percentage of subsidiary stock contributed (in hundredths) The adjustment to deferred income tax liability due to finalizing of the California income tax rate previously used to compute both the intangible asset and corresponding deferred income liability recorded as of the acquisition date. Adjustment to deferred income tax liability Represents the period during which warrants are exercisable. Warrants exercise period Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Asset Contribution Agreement [Line Items] A table or schedule providing information pertaining to Asset Contribution Agreement. Asset Contribution Agreement [Table] The entire disclosure for asset contribution agreement and its subsidiary corporation. Asset Contribution Agreement with BioTime and Geron Corporation [Text Block] Asset Contribution Agreement with BioTime and Geron Corporation Asset Contribution Agreement with BioTime and Geron Corporation [Abstract] Balance Sheet Components [Abstract] The cash outflow due to fees paid on common stock, preferred stock, treasury stock, stock options, and other types of equity. Fees paid on sale of common shares Fees paid on sale of common shares The increase (decrease) during the reporting period in the amount of deferred grant income. Deferred grant income Deferred grant income The increase (decrease) during the reporting period for amounts due under the terms of governmental, corporate, or foundation grants. Grant receivable Grant receivable The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the prepayment of rent. Amortization of prepaid rent Refers to the reimbursement from landlord on construction in progress. Reimbursement from landlord on construction in progress Reimbursement from landlord on construction in progress (see Note 4) EX-101.PRE 9 ast-20150331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 10 R39.htm IDEA: XBRL DOCUMENT v2.4.1.9
Segment Information (Details)
3 Months Ended
Mar. 31, 2015
Segment
Segment Information [Abstract]  
Number of operating segments 1us-gaap_NumberOfOperatingSegments
EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0`!@`(````(0"$64<^`0(``'`:```3``@"6T-O;G1E;G1?5'EP97-= M+GAM;""B!`(HH``"```````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````#,F4%OVC`8AN^3]A\B7R=B M;+.NFP@]=-MQJ[3N!WCQ!XE(;,MV._CWZH5['TGFR^-KW/1]-:`T5=SJD;[K/&'S3\=\NK'\YMRZ/#SE`Z9;+ MMB;CZH<^GT`9?2!M8D.4^JXSG'LO/O^+S(`JII7T)]=J>*V?5@^@8B)G:13'&HX<85?=WFQ?>*24FV+7^ZBRBXL:NI3\(V(T'4\4 M"_'L)MI<3_3_MCAQ M(DN)T$C@\SS?BG-`Z^N!+I]HJ?B]SCSBIX3A363X8<'%#U1?````__\#`%!+ M`P04``8`"````"$`\LEH1B$"``"+&0``&@`(`7AL+U]R96QS+W=ONN*W[[*;1#7RJS6*K"]]50M_VV5#^?'RYO M5!&BZVO7#;TOU=X'=;^^^'+WY#L7TY="TXZA2%7Z4*HFQO&KUJ%J_,Z%Q3#Z M/EW9#-/.Q;2DW+Y4I/_]90ZY.:Q6-=JNFQ-JR*Y_V8;OUY\6&S M:2O_?:A^[7P?_W,/_6>87D+C?4Q%W;3UL53S5M"'*X87B5GI#W!2/V1Q;A`. MK81Q:(5P^%88AV\1#AEA'#((AZTP#EN$8RDG3DR2]ZG@NZH.2WWXA#VYSLDP M2_G(,6^]J_L:=21K0^8[?PQ#",9(2]M`:9.TM`E*6UK9\!!+/RGXH(QX:V!O M2-KT")H>2VN0M19(4X M8RI<(1@C36,@#DFGHVTHG"P$3!TG.3X=RT M6>=F:-SDZQ]Q2K_KP]'_3K:1[62%.<,#X0R7/C?PV!CIUAC8&Y+.-P3S#4GG M&X+YAJ4=D*$#LO0P9SC,;=9A'N*^2R\+YS<"?]?(9*2'-Y[=.:/G&8X'[0`+LMBI=`4U5I%M`37;[:+F)`:N) MS=H.M/OK=QS4,(E3M"^E)N1XYOB;0[CY_E;DWH$IS:68^(,O?=]C(I49%]N) M_R.Y_^^;[VE#149S*=C$?V?:_W[[[S\W1ZE>7Z1\]4!`Z(F_,V9_W>OI=,<* MJK_(/1-P92-500TLU;:G]XK13.\8,T7>"_K]<:^@7/@GA6OU-QIRL^$INY-I M63!A3B**Y=1`^7K']]J_O=GPG/T\=>31_7Y)"ZC[+?>]G&H39=RP;.*/8"F/ MK/&&*O>SDN=P]2KLAW[OMFYRK;R,;6B9FP3:^U`'OX)A$(SM)ZT5/SD[ZO-- M=NF]/7.1R:/]*%C[7J]"*.!877KFF=G!]7Z_7[_WP/AV9S[>!/D>TJ\R\NB>K=?0T39#*$*D,V[N?>VBJS%>/ZZ<(J8#9M1.COU:9Q@_D M'JF,D4H%`NYHI;94\-\5G61&-==$;LA:,0WP4J0RQ(9^;1<3ET5!U;N]-^9; MP6$$J#!DFJ:R%`;+8'^_M66F6C-#YE(8Q5]*.S%DNE4,>`:Q(Y;!!E^U968T MIR)EI\,%N6(/P2",Q@+8VT&_K;`0!QB\:ELNR(S+A!>L(MQKU?$6G-'"`7)XO#79MEJ7X.*B\"$#AQ$X_)%LU^EY3HZM-@<838ADUL1>'G6<):-,)R! M`^=E(3"Q#L41IC-PZ+P\MHV*,*N!P^IG@TL2"NCC@C"P@0.L,RXG`0S;&#,; M=#+;.365$JIDC*$]?='B?.T'$@.>VEDXWA!WEX+P(G0"^ M3"&V9MSHR\'Y&PO=V]R:W-H965T&ULE%A=C^HV%'ROU/\0Y1T2.Q^.$7"U9+OME6ZEJNK'A>@<8*C;E7OLNM/"\]K\**JL MGE16UBPR+YAX.N=\7N7B6^5LE MZ@Y)&E%F'>AOC\6IO;!5^3UT5=:\OIUFN:Q.0+$MRJ+[[$E=I\H7WP^U;+)M M"?/^(&&67[C[#U?T59$WLI7[;@YT'@J]GC/WN`=,Z^6N@!DHVYU&[%?N$UFD ME+K>>MD;]$\ASNWDO=,>Y?G7IMC]*&H!;D.=5`6V4KXJZ/>=N@0/>U=/O_05 M^*-Q=F*?O97=G_+\FR@.QP[*'<&,U,06N\]GT>;@*-#,::28<==EZVC2>P='HU@P2#-4`(&W:]$@5=N.!F8A0,M:D,(-HP2FTXN&`,#R_T#*S`T MV'3@R!H8(;RO%/$)"YD)2*>`F/#$'^X;NJ!Y[]>EP):N>*!%0Q#">ETQ8P$9 M"]$#4@1$/>`+3?$CFA38TF19L4$(:F*,^_$X+FJ:`FYXQ1[1I<"6KL3R"B&H M:Q;YB=U=*0)N>J7VI\GJO[VT%-C2Q"U-"-%>T80D5H'3*>"&5_P170IL+K1) MNV)?(62RT"87C(8FL#7<[TB/-BU)K%3;:(RN4Q!Q&A-K.:8FAD:Q'2S]#BJT56([Q@EB].!A%,01LU9&:F*"."!Q M^)7`A]*>8%3#Z[#!)98[&XV9]/_TBNG.0Y&NO@/9[HR-BVM/8R[]Q9/`DI>: MB-#GHWFFMH>BG5QG>V)GN\9@1LX"=J4,.2[WQZF9NAZ*=G*=[8F=[1JC/:,^ M)6.OX*9C(D(R,=749D6\^H(70,C=CGIRG?7)6!1=UVF6S\(HBIF-237/L"R# MB$T\-H4^E/D$`WR:&]RR:*,Q.#B)DA"2P]RO4A,2A-RG7]28/K0Q]&@S-;B] M,6@,?@F;4<-2S8X?;NX;&8/4A;6/.(VOYJR.C MXM$8/^1)0L:YH5`\$^*9J1+-0:2B+%LGEV_JO$?!D^'J6/\'``#__P,`4$L#!!0`!@`(````(0"U;X*0!P<` M`$&PO=V]R:W-H965T#JZH)&/(PS!R?+DY5 M5]X%0]\;Y(=EN2H.F[GWS]^?/TR]0=UDAU6V*P_Y MW/N>U]['EY]_>GXOJR_U-L^;`40XU'-OVS3'I]&H7F[S?58/RV-^@"OKLMIG M#?Q9;4;UL[;/BX&&$IZI/C'*]+I:Y*I=O^_S08)`JWV4- MZ*^WQ;$^1=LO^X3;9]67M^.'9;D_0HC78E7\+ MXFQYBMW^X83?%\NJK,MU,X1P(Q3JYCP;S480Z>5Y54`&INR#*E_/O4_!DXX# M;_3RW!;HWR)_K\GO@WI;OO]2%:O?BT,.U89],COP6I9?#/6WE8%@\\V&P;V.X$,C*)/:V^J[Q>0D4AS#!,3*1EN0,!\'.P M+TQK0$6R;^WK>[%JMG,O&@^3B1\%0!^\YG7SN3`AO<'RK6[*_7](:C,Z!PEM M$'BU08)D&(?)9'I/E,A&@==3E/']46(;!5Y/4<)A.$V"9'Q'1I![6Q9X/44) MAM,DBGJOR?0#G`*I8'S-SJH(GB'+:*ZSL>?=^M'FP M:R;()Q-E[L$!AGVIH>.^OL33R?/H*W3)TG(6R(&?9T[`&:G+B*=3SE$GCFD; M\]::`"/(Z9P8;#Q-['+SG?0;LM%_BKI`@(H-N9#T)D-=8"0\B'8I<=2]$929!#1$M`$8*+-#0J9E=?;VY"EV(C7;X&< MP,?F&8H3FEZ_K/!REX@F`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`.&:&54=.)W-S)V1$N_2^VR\ZU/))8H2Z!]08)PX0\98HC. M1H=AXCO#4-I?:I=UNI2#:(HPI>:K)-D7,;3[]N*<)%"Q?LU\S1)3>4'Z8LB8K&93_N"V>)I@@7+LRQIW`T2=[0]15"6T*6N*<+S`"VR:\QNW>@:LTIVC9PF$9(Z%:F#*`?1%.%*A6/V MK#@Z)SV)\QT.>&*'=L3P")P_'$^VR3I=R$$T1KO0A3XS0[F[TAN.)=AE5*CF:9KO=O5@6;Z99]4!?-MT1L_/ MT3^%[9/P\P5XC'W,-OD?6;4I#O5@EZ]AJ3\TSV\@0``(D2```9````>&PO=V]R:W-H965T8]CE:LOV40Q*>Z16JJJ>TV>"US8*L!:0./GVG6&X[$)J MD1=?AO\.OYW9G6'9?GLOA%%4J_D591PY22K M(FG@;W6VZFLEDF,[J,@M;MN^5219:9*'3;7$ASR=LE3$,GTM1-F0DTKD20/\ M]26[UKVW(EWBKDBJE]?K0RJ+*[AXSO*L^6B=FD:1;KZ?2UDESSG,^YVY2=K[ M;O_,W!=96LE:GIH5N+,(=#[GM;6VP--^>\Q@!AAVHQ*GG?G(-C%W3&N_;0/T M,Q.W6OEMU!=Y^ZW*CG]DI8!H0YXP`\]2OJ#T^Q%-,-B:C7YJ,_!791S%*7G- MF[_E[7>1G2\-I-N#&>'$-L>/6-0I1!3*G/#.B0/TW77^92=NYP2^ M>R?^RN5>$"Y`L6A:;93BI$GVVTK>#%AZ`%Y?$US(;`.>^_#09(:`_5^\(%#H MY!&][$S8,Q"*&I+\MG=#9VN]06+23G.8:YBNB'H%9@'=QF2`S\&MLPZ&019, M89@'A%B=Q^?I[7%1C+C]C0YD4&_$A]NT*-%<$4PF&,\EW!N\:+"P#I;#HGAG M0FZ&(+BA._AMZ0ZDH?6+D8NFAE@Q:"C@=SD*BF$#*"C<#2.[8S1;;JQ>T^_%6#%H=-B1E4IU?X>C6*=C]CAKHB,-!=,/F,>G]4@5 M!-R#6JNOC%@5L#`,_/6X&S3VMO59$L=.M%(%":T:PXA=B=ML MDL-#=[W;4S9SW6EACSK)2!NK%IT-F\!R-FH9`]LL3'2]8Z-BJB_!B)%$95,L M.AOV@.5LU#$&MNG*8W3]+AM)5#;%HK-A"UC.1@UC8!MW'>T*1M?OLI%$95,L M.AO6^^5LU!T&MK6>L`,^?,*VOLM&$I5-L>AL6-V7LU$O@"0,!9G[DX)\8&K# M8+8=<*@2^B2B3J,2TJC6HA-B/5].2-5?)9PU04::+H*?=\%.HP)JH^[V089U M?3DR=0$-.9P%E40C3]3>9&>.EEBUZ"'$DKV6VD\A5/]1S:_F`=WC@\P'MH$3*-BMX0*\"+@F9_%G4IVSLC9R<0*7 M]BJ`:ES1JP3ZT\AK>Y)^E@V\`FA_7N"5CX"3F+T"\4G*IO^#-QA>(NW_`P`` M__\#`%!+`P04``8`"````"$`7-,FF:$"``"D!@``&0```'AL+W=O7R^KF63;HB6LC5)OC*`@QXBU3A6BK M'/_\<7^5860L;0O:J);G^(4;?+/^^&%U4'IG:LXM`H;6Y+BVMEL28EC-)36! MZG@+;TJE);6PU!4QG>:TZ(-D0^(PO":2BA9[AJ6^A$.5I6#\3K&]Y*WU))HW MU$+^IA:=.;%)=@F=I'JW[ZZ8DAU0;$4C[$M/BI%DRX>J59IN&_#]',TH.W'W MBS-Z*9A61I4V`#KB$SWWO"`+`DSK52'`@2L[TKS,\6VTW*28K%=]?7X)?C"C M9V1J=?BL1?%5M!R*#'+UQ4 MM873GH,AYVM9O-QQPZ"@0!/$<\?$5`,)P!5)X3H#"D*?^_M!%+;.<7(=S-,P MB0".MMS8>^$H,6)[8Y7\[4'1DN5 M5@<$30.:IJ.N!:,E,)^<^3P&K_^R"AX=R:UCR3%T.[@P<#Q/ZUD6KL@3U)0= M,1N/@>N`B08$@6R&E""-<4IO%_FD[,!.V17=I;+Q&V.9^&V99"KCG"?0&>_+ MN:`"I&#P,`ETK9T\(- MLN'_LOX#``#__P,`4$L#!!0`!@`(````(0`%IS]&G@,``/T*```9````>&PO M=V]R:W-H965T:_X"X;\!\$R6IFJ#. MCK0CK58SL]<$G`05,,).T_[[/?9)B.W,]J,733"OWSQ^SP%[MP4?9UV;*>+MU7RMW[U9<_%B'6@7[BG4#6&R;MA&O MRM1UNFK^;=^SL=RVL.X7$I75Q5M=W-AW334RSG9B!G8>@MZN.?=R#YQ6B[J! M%$N-YJH0+ZU=`3U[X[_,!.7\>F_JOI*:0-=9(5V#+V)*7? M:CD$D[V;V8^J`G^/3DUWY;$5_[#3G[39'P24.X85R87-Z]>"\@H2!9M9$$NG MBK4``/^=KI&M`8F4+^KSU-3BL'3#9!:G?DA`[FPI%X^-M'2=ZL@%Z_Y%D5K1 M9!*<34*@/]\//FT2G4W@\VH29#&)D_=1/%R62JDH1;E:C.SD0.L!.!]*V'`Q4V#_EQ<$)4T>I,O2A6<&HN!0Y.=5E$8+[QD*4YTUZUL-,16;BT)6 M0=H6.*"R](!W@H8\=>C?U_+")L62[>*ZQ@'PGF`#"^16D8:FI+B5!/$D,6"A MZ#JL3#B$-GX;6DY:NE"0B3%*K_XJG35JL&EE7!M[H-`&#"3PU9'>1I%B0-90 M@B"?EHHHJ,E5Y4E&2.+;M47%%;8PIJ1YG`7I9&K`PF/V<5@IMF!#?_)%6-2D M"O8NR\+(MXJ[084&:TQ)8S_/DLG4@$T^`RO%)FQHUQ@ER)H'&0CD#F2-K\D<=CT8]Z8;`6->'S!"\$&M7MOF8!CA_IZ@&,FA8W`GX%XQYBX7,@?F`ZNJ_\```#_ M_P,`4$L#!!0`!@`(````(0`PD!HW/1```(]@```9````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`_0?<#N1M[*6_*15,T\PO>F<(75'Q_0V4=WIMS;;V-U;(O/K'<+3]_?-O\ MO/(SVM?#]G49UH?B/CQ'*+O*/\8B.13BK^K0%V#HY;?0S:=K/U3??.LGSQ^? MZVKV\?8/7_`/2=.AIL@5_:`(U1VZ%1'XGX=NJ[LV;R2'1J.FKEC':M`,'>NI MCN=YQV;0#(TL!XZ`6^_GP51?8IFITW-X\"ZH@W?#\W01^,X/HR[SE]:CHJUR MB4!)V>02B9*Z8L^DIC3LJ?24ILZ?RTQH9JQ`[(2F8J_936G&-RY[%_PBEKT+ M0VD??S="JT_7?NTZF%\MV`OMHB:NPJ%.>PX$!Y(#Q8'FP'!@.7`$9"/WK_X= M(P^M_.0G(Z\K-MFZJ+F+,WQ6+N[:T?S]E.VC8O1&T"95U;1UP]Y3R9LH#C0' MA@/+@2,@\\;O'9DWQZLAJ+DGB[RTNZAI]YY\*)I%7YI*KO9B7S343) MZ)OD0'&@.3`<6`X<`9DK?G^\P)6@SETI9NQ-[:(FNC)OBZ9D:W)/!6W9^)TL M]U500;%8M/,[YKR,BM$SQ8'FP'!@.7`$9!;Y%'"!14&=6U2RI;6+DO'5]QP( M#B0'B@/-@>'`1`<:`Y,!Q8#AP! MVB)X$!RH#C0'!@.+`>. M@,R"D`4S#\[;/??-F!DUWSZ3R#^$H%C=,+/Z]'?B!1`)1`'10`P0"\11DEL2 MXM[E$Z*(*3';5VNV&'9)Y)_[%Y;$3J@EG,C4QZA10#00`\0"<93DEH0X1BTY M/E.*F-ZH%2TX$37C*/K4:B0"B`2B@&@@!H@%XBC)QQ[2%QW[F3,D-#NU0!91 M-`ZY!R*`2"`*B`9B@%@@CI+T$.J:[X\%B7`Q6P(10&0B,:*R M2*%`KH$8(!:(HR3W(P0LZL>)"1'S6.X#.[SJPED@7S&T&#@1H)$',A[(U#7+ MI>H@&HX]-1`#Q`)QE.1^A#1%_3ASDL00EOL"VPA):JD^.!$%)S*1M-*6-V`) M;Z&A#P/$`G&4Y):$O$4M.5$B,9[E5K"Z[@J2X9(5G`C0R`,Y6B*\(WUH-A2- M`6*!.$IR/T(*N\"/&-IR/]C!5%>09)?\X$2`1@XD;L+SFTI^8'-1#9+#R1H- MQ`"Q0!PEN1LAD%$WSIPP,0*)P(TGRY[.0^@[+BQ2R*RH@(10.1`DA$W\[NYOT8R_L=7DD$_6@/$ M`+%`'"6Y->\+I.4Y@32)J$4\<`K0R$1^N;A""PW$`+%`'"6Y)3R0GC=]2@RF M=$;#DY,7N"/)\]U8+GLC** MJ`^<"-!((`J(!F*`6"".DGSP[PNG914\!)1$W@<56`1@)10#00`\0" M<93D)ER62,,E*58!=<,6_2Z)Z.`AD8)&`E&)Q-,B35TL^"4!#6T,$`O$49*; M$<(=W5U/3(>8!7UU'RJA;O@!:\D#8P]$`)%`U('0)V-S3Q]$A^P%Q`)QE.1^ MA'!W@1\Q"^9^L(C4E3PP]D!$(NE\F+\DX,_NL@PGH94"HH&8,WJVT,I1DAMT M63@M)\)IPW)!ET1T]D`X!8T$H@8RY)$9>R(]"`X!Q`"Q0!PEN1+:&5`J*!&"`6B*,DLR5<+7^'+?MF M^5:+E]N2B)0*$)%(M*7TH92?4I/01@'10`P0"\11DIO"H^GQA;::B*053^U) M1,V`2)HTJ4;:JFWF!5NP)?2C@&@@!H@%XBC)[>"Q](0=&$?Q`EO%PV3Y&=.Z8;M%5T41+0Y.!&@D$`5$ M`S%`+!!'23YX'DI/##ZF2C\6$D'X@7W%HVWV;VS?(T6A;\R"Z)B"U`!!`) M1`'10`P0FTBTY4-1-,VBK-E+=+19[LME@;3&0.H/.%B9)!'U`P(I:"00!40# M,4!L(FE!G3R&=K15;@:4)6F@@!H@%XBC)+>&9]$Q+,)O6\&FP&K(I$`%$)O)K2WBO&OHP0"P01TEN M"<^E)^9,#);YJLE.UG0U3Y\]$`%$`E%`-!`#Q`)QE.2#?U\>K6,>/;%J1A&= M(IR(U-&HD4`4$`W$`+%`'"69"#MDHBZ`AD4-!*(`J*! M&"`6B$LD+4*%_#!>E,@]X0'T1(5@\*SX%MF_93-KV;G2/DE&?P00"40!T4`,$`O$49*[P?/FF6O$1.[$E3.*IE>J M^$&PAD=3`40"44`T$`/$`G&4Y*[PW'FB1F)PI!,$KQ0T/%WV0`00"40!T4`, M$`O$49(/GB?,$X.?2)8-J_ZNB:)8"OX[67/O#SMMWB<-G2$\.4K0*"`:B`%B M@3A*(HR>W@`?2$'3%! M9LOHG)_\G/.8V0,10"00!40#,4`L$$=)/OC+DN88Q:%);BCM^;)9$:<78'R".1X@Q M=R7)Z($`(H$H(!J(`6*!.$IR5W@:/;%@8`HM[L8#O_U0NSE-H;6_?,,OWO1) M0+4OD<,YA%0A/*Z* M.2<2B`*B@1@@%HBC)#>%A],S39D(J3R`=G,>-WL@`H@$HH!H(`:(!>(HR4UX M7R2=Q^!(]U>\4I)$XV3H@0@@$H@"HH$8(!:(HR0WX7T)=#Z50/DYOR2B)O!X M*4`C@2@@&H@!8A-)NWS1A.F9STY'&V6NM#R!GC<_]LWR)(I?C$TBX@H0`40" M44`T$`/$)C+YA19'Y;D?ET70-J9+NGC6?+_HDHCZP$.I`(T$H@Z$?#"&?[)8 M'T2'3]X#L4`<);D?/)6>61]3Z93GCI;GS!Z(`"*!*"`:B`%B$YDZ`[S?T1QM MDGL2`B'-8L=31QOD;*ZT;()V241K)#8;B0"-!**`:"`&B$TDKB!ET;95Q:]_ M.MHJM^-]T;3%:(H779-H-*$'(H!((`J(!F*`V$12B?@;@+`*=K1)[LEEP33< M*9"72,TS6!)1+WCL%*"10-2!'%U&>-?FT&Q86"P01TGN1\B"%TR9&!WS995_ M?J?E^;('(H!((&H@\?LIA;]S8CP$2C_]M2&VW>NAQ?B%%2`6B*,D-^=]&;6= MR*@U/^1-(EHT/+4*T$@@:B"3WZ[6PU^)(?Q9+&@<);DA/*^>6&!C3LVKA9\Z M;:.(&L&)`(T$H@8R?)NI;>=9N4"M\&K2R+J`V18T$@@"H@&8H!8((Z2?/#O"ZR+F$6/ M'^LF$36!1U@!&@E$`=%`#!`+Q%&2FQ"R(]UNSTOMBQ@YLX6T90M:ET34A-AL M)`(T$H@"HH$8('8@P_+++G^YX>]A<5]*74RD5'X/VRZ)1@-Z(`*(!**` M:"`&B`7B*,E-X+'TS+J(8?#$Y.")L5]P(H!((`J(!F*`6"".DMP$GD7/-&$B MD^+D@$SJ[\6>?YA6`)%`%!`-Q`"Q`QDF!__V5[@Q_.'%1$_B?=[CK;:?5V_? M5OWJZ6E[];#Y$>[A7OG;_!WHX?[ROY5A=C'>%??]_B;MC,OB7NWY[>$/_G;P MK\MOJW\LW[ZM7[973ZNO_JEF-^'@X2W>4#[^LMN\[F_\_66S\S>"W__SN[_Q M_\K?R7AVX\5?-YO=\$N8[H?_E<#G_PH```#__P,`4$L#!!0`!@`(````(0`K MX\XG7@4``!P5```9````>&PO=V]R:W-H965T M),WP>G@\8\^X7GY[+X[.FZR;O"I7+IOXKB/+K-KFY7[E_OW7T\/<=9HV+;?I ML2KEROV0C?MM_?-/RW-5OS0'*5L'/)3-RCVT[6GA>4UVD$7:3*J3+.')KJJ+ MM(6?]=YK3K5,M]V@XNAQWY]Y19J7+GI8U&-\5+M=GDE19:^%+%MT4LMCV@)_ M<\A/S<5;D8UQ5Z3UR^OI(:N*$[AXSH]Y^]$Y=9TB6WS?EU6=/A]AWN\L3+.+ M[^['P'V19W755+MV`NX\!!W..?9B#SRME]L<9J#"[M1RMW(?V4+PR/76RRY` M_^3RW!A_.\VA.O]:Y]L?>2DAVI`GE8'GJGI1TN];98+!WF#T4Y>!/VIG*W?I MZ[']LSK_)O/]H85T3V%&:F*+[8>03081!3<3/E6>LNH(`/#I%+E:&A"1]+W[ M/N?;]K!R@]ED&OD!`[GS+)OV*5/^=?=A)J M)_!]<3*;A'P:S4>@>#BM+DHB;=/ULJ[.#BP]`&].J5K(;`&>+^'!R?0!^[]X M0:"4DT?E9>7"GH%0-)#DMW7HSY?>&R0FTYK-4,-L17)1J"PHMP(-\-F[#>*H M'^3!%/IY0(C->=Q.[P57B17NY44;-)@OXOUK.I1DJ(@"6R*&$C[M)18LK(/Q ML$J\9H/F\]#WB2*Q%$$8#Q0" M%=T\+-;95UB5V&8-&=D9&]1HV#"`'D)A+06;LH%"H&((&]FPXU:`&D2AR9;9 MH.82X1O,EB">#Y%1,$16S=DH6O?7@A)35+)U-ZBY+LB$&@0:<#)3(#5AK=S' M7V%38LH6DHV$&H.-&@0:=*#]X`X<@ZT]/G*=FN)=2QJ6'BTR^`86H2U(&,SN M`:J2/SJU#!N$78AF)'Y:9`+BL*M%:`T"AM$]0%7E#`-KOM[HE/;F64^+3I:A"7\@<<1GQH-#=LBT?#Y M+`I)&4ML%G;2!X<-%.D5QV:S.)Z2>"?,TOAA/)^S`3MJ M;K"KVO]U=NP8-CMYYT8=3Z$JP*91!ZD'?T+;?4(4T:1;L->/Z)<'4HR%'G)C M(JHO&!/Y9.%@%[$FP$DOVC"CU>AE0BW"U-B+0A5]@TV7C/:@9&`1IL6*)"=-:%R&NU'D'#S(L!9U,<`, M#RS"M-A,*T?\1@_B-,-:A!F>X_F!9-B2!+:D*=W/<*>VBW_( MZ:E#B\Q(TO8D3(T=25@]YHH;&4DUBF:8'CM'E'TYA6FQ$5?S'(V*KL!%I+U07%1!7,V34(DR-S4/: MP\A48KVWR_$@E;0I))Q:A&FQN52='A\GK.IVG`:IO)1^,Y6D.2=P5V4'4]U> M]19$Q,LHO&8I9+V7B3P>&R>K7M5%$X>VWEO[2[!'KFXCB'W#%G`I`G:O?P!W M4Z=T+W]/ZWU>-LY1[L"E/XD@HS7>;N&/MCIUESO/50NW4MV?![B%E'`YX$]` MO*NJ]O)#O:"_UUS_!P``__\#`%!+`P04``8`"````"$`>2NZPI0%``#G%0`` M&0```'AL+W=O?'NO M+L8K;=J2U5N3+"S3H'7!#F5]VII__Y4^K$RC[?+ZD%]83;?F3]J:WW:__K)Y M8\US>Z:T,\!"W6[-<]==U\ME6YQIE;<+=J4U_')D395W\+4Y+=MK0_-#/ZBZ M+&W+\I=57M8F6E@WM^4C6F6V9R]VF=]`_)7UKA<]&>V9O65,> M?I0U!6]#G'@$GAA[YM3O!P[!X*4V.NTC\$=C'.@Q?[ET?[*WWVAY.G<0;@\4 M<6'KP\^8M@5X%,PL;(];*M@%%@#_C:KDJ0$>R=_[YUMYZ,Y;T_$77F`Y!.C& M$VV[M.0F3:-X:3M6_8LD,IA"(_9@Q('5#[_;7S;B#D;@.1HABY7GN?XJF+\4 M8/9ZX#E:@=7-U.$/@^$Y#O87KNT%JZ]X(QBLP'.T8B_LE4<\_[Y/EQB?/MQQ MWN6[3#-A#$('VFO,=2=9@>8PS1N46^?\+/$2<&WGD5K8F;'Z(:0O9^KIS M0F^S?(4,*P;.7N<0F1&-#)Y.W&P\`J)97QZ4C)QQ4(H`_!?6$LB#LI'#MP`X MXN8-B*GHC8^S?13-R5ST./,>`7%F6YXWTAF!(U-BG>*$*YF3?,0)94ZJ1LB9!,8JD*A`*IMU;,<+0L5O MF3!(D@@'TWR)G"Q+="TE5??("7`SKSP'"K"2AA%2!(DJD*A`*EFU?8=8_I1Q M_:;/A#&20C@]YROD9%FAK9P!>Z2@P,"U"7&5K1B)#`>.ZT`)1HR$R0&)"J22 M"2OPO%"9)!,9-@D((1-#T@^G\WS]G"SK=ZW);N_H/7+0`7X0.,+$/2%"@M>G M@!*E>/QM//P2%4A5(!,`21CO&842]/FAR\FJ,/=V9J$PY$QAB50@5H%$!5(5 MR`1`6GWXE=5S\KV3$3G"ZE4@5H%$!5(5R`1`6CV!SG"^\WNVZGTUK0:2($!# MX@'!W+-M/X0N1@YB(E%"XD/')C-2S6PF(K),7O!GYQC!]D`L`4Z@UH"!),K$ M81,2:YQ$0U(-R41$5L$+]GP56-ZA8'Q2A@F2IC5'&A)K2*(AJ89D(B*KX%5: M4,%;3@?2\/-]3["VBS%Q+25G]@/)L_#(6OB!9XE_2@9%(__6PL4:DFA(.B+C M+('EA>*?T@ED(Y_/(GN"%W/!$W<\@*5?](#6F!#D#%7[X\9DX$PACS4DT9!4 M0S(1D67Q"CY?%M9[499K*2[<\U=/.#A1%_'A.+"(%DRA<>CK0#R,FI0F&I)J M2"8BLBY>JN?KPL(NZU*;+")6?^?C+FO@3"IB#4DT)-603$1D7;PPS]>%95S4 MI;56!#D8KH][JX$BJA+Z@SY^B<9)-203$5D5+]B"JIG'#)9Y49UKJ9TC$7H! M[)0T)-:01$-2#7^SM$O]`2#"A6)B8HD&I)J2"8BD@JX ML?J"BIY]K]L82%,>11H2:TBB(>F`X#L=O`K8CD.4]QU^X<9/H7XNU(7W9WBA M4M'F1"-ZN;1&P5[XW9@#9>B&WN[M'FU>"!1\3]9P_:'C,5G##0X7='N_@,``/__`P!02P,$%``&``@````A`,)KV/SP!```H!```!D` M``!X;"]W;W)K&ULK%A=CZ,V%'VOU/^`>-_P&0@H MR2I\M2MMI:K:ML^$.`D:P!$FDYE_WVO\`1@VG:WZ,DQ.[CWVN<>^QME^?JLK M[16UI,3-3K=6IJZAIL"GLKGL]#^_99\VND:ZO#GE%6[03G]'1/^\__FG[0.W M+^2*4*P2."K2X^0E?G[+'+VUY^EHV"*H- M/E$'CAB_T-`O)PI!LC'+SGH'?F^U$SKG]ZK[`S]^1>7EVH'=:U!$A86G]P21 M`BH*-"M[39D*7,$$X*]6EW1I0$7RM_[Y*$_==:<[WFKMFXX%X=H1D2XK*:6N M%7?2X?IO%F1Q*D9B(N_Y3`U6Z-ZW)._R_;;%#PTV`Y22W'*Z MM:P0V(1A;&QIX?<$PTC[&F$;&( MH.N"TB8JD*I`-@(,4"1E@??_@RS*0F6)"44"&'3:B@81(5(2%4A5(!L!$PVP M#%4-#NS(Y;TDG*!).QW6X>"$K3K!8H!+3#*>([,VQO.>&T.!>A1@[ M8LBX_#,DF2'I#,G&R&1^L(_'\_N/>YJR3"?.$'>RS1W%D)@%C=0E$AE;M)[Z MF,H@4::,CV;353J1YR_)6]$.W5W+XB7"L!)@T2S8XD!K8@V+/%ILGJ)$!DDEG'JNA+[VS)KOH.0;OGU/"O`?W)(3.$"2E'Z!)XW5MV8/D;I2X9#^G?CR;3MZ"]C(UZ/O\^ M>BI`0-(2?[IH8A$P\D1`OK0IY1"WP'+,P`Y4$2)M;@+MI#^@@AVMD"1*&/4$ M.WWP8:.J8#GVD),,.8(F%1"WPG%]QU-7DHA9\((>EZ--\R]>L,,5Z,3PD<4A MZ46@JN`!8R]DCJ!).8WT8N/Y@?(RD(FA%KR@9^=(!>O1P];_4!.SV`$\$<<@ ML&C8R;:GS"OFB1.?^&$^B$YYE,,*Y9H.O-,I/2$33`L^T>-350@O\[Q+B][V M\98-]Q:U+P@(&JQLR+;:MV(1-4A+..1`PY*)\X8GH@+6,TS+=0-W5@$^K9'' M['K$7K-KU%Y0C*J*:`6^TZL/+(K]5L+L7A:Y(;QNP-I2\74(Q_P"[H51WQ>4 M^-@+XR4\\4(X8><\B1^F2_&9%V9+.-P?#_TQIHP;T7OE`G]DA_!Z.Q\WYSC!S<\0-7A"T..`/?#6WY!O^7MI6R(5J$S%-'LMTK+;ICL0\=/RR/NX&8( M=8;;#/P2@.`B8=)E=\:X$Q_H`/*WA?T_````__\#`%!+`P04``8`"````"$` M+35<,.0#``"*#0``&````'AL+W=OX].V`25,`L=IKVV^\,!@JFVH.7 M))B?9_Z>\8R=W?UKGEDOO)*I*/8V<3S;XD4DXK0X[^WOWYX6=[8E%2MBEHF" M[^TW+NW[PZ<_=C=1/ERJWKRNC"JM-FI;>;3]?"Y$Q4X9K/N5+%G4VJX?1N;S-*J$ M%(ERP)RKA8[7O'$W+E@Z[.(45H!AMRJ>[.T'L@W)G>T>=G6`?J3\)GN_+7D1 MMS^K-/X[+3A$&_*DV.E?GO%(\1@R9UN8D9,0SSCU,PQYX$36`#J1/ULW#Q2] MN)V;_N_6Y5.=MJ^5%?.$73/UC[C]Q=/S18&G`,*`T=C&;X]<1I`&\.70`*U& M(@,3\&GE*>XG""-[U>K26%WVMK]R@K7G$\"M$Y?J*463MA5=I1+Y?QHBC2EM MA#9&X/NFW].U0^\"$JQF6/$;*_#=6"&>0Y;>!!NN7E4=L$>FV&%7B9L%VQ5T MRY+AYB=;L/MQ5"`AG&#!$E+S%]O;6RL"7,/,"$$V0S9L M65/2>HXDA(>2[H9NCIJ`]7=),H6TA"D$3[3)58OP4`@QRU8COU/2$J:2S1PE M"!M*C/9PU$A?"3$W3(N84@@<*-.C4M.&&+-Z&V:@QJBTL&-&CZ3,:JY$M\J!%+.L&V80&:/BPHX9R<$F.#TR2!N) M,BN):&8@QZRECAG)F=5[R;CY4K.<&D;+.7UT4(8=,E(#LV8$!^EA<*A94GC; M`6;5''W>9K2%-5"?4H-#B8'_/!QN+YX#<"*$:A]P\W;_H@Z_````__\# M`%!+`P04``8`"````"$``@>G=OH)```X,0``&0```'AL+W=OS+-.V M$$DT1#E._GUG.4ON?+`2930/47QT=GEF.#MGN6;N?ONYWTU^5,=F6Q_NI]%L M,9U4ATW]M#V\W$__]<]O7U;327-:'Y[6N_I0W4]_5O.^KPXGG.18[=8GT-^\;M^:;K;]9LQT M^_7Q^_O;ETV]?X,I'K>[[>E7.^ETLM_<_OYRJ(_KQQW$_3-*UYMN[O8'-?U^ MNSG63?U\FL%T[IRU$X-(^.5;/]].OT:W-T^G\X:Y-T+^W MU4=#_CUI7NN/OQRW3W]L#Q5D&^Z3NP./=?W=47]_3W"[,XC(!7;[],M4S08R"M/,XLS-M*EW(`#^GNRWKC0@ M(^N?[>?']NGT>C]-\EFV7"01T">/57/ZMG533B>;]^94[_^#I,A/A9/$?A+X M["9)9O$JB[+!YU#2!GV=9` MO%IEJ4ATB800A*$CH@A6EB@K2T:P&-Q>@G3"\S7@R%Q[%BU%#2`G2"LE8"1@ M"<"TW7!MXVK`#;I4`\@A&B5@)&`)P#1&T)AH`L>);$?Q3.HJ\"0L@W21I@O1 MSTK/"($8-B9*DRR1S8".X9$XFQE="A&:$NUEJ>IEGA3TE0HQ"K$4X0J=AQ"% M(W.-S@--D#C#2E1MA"2J5")&<2Q%N%)G&T)I"JWN_/**T&QH3K/H1BI%$E8% M+/7%8B$=PL\3@C$*L13ATIU;".FPS7)[P0OJT6:8>ET12$+UB1._$)VJC)"2 MT=U$%HL83HK_GNHEQH<["IV_$+UN:8XH M>'0EKELTK"*BWI8DR^6-[&FEIU#IQ.^\=()PZ.I@6U&KI*+/IS$1%G M:U64"C$*L13A2IT)":67-T416A=/LKCYA2?Y=9FD4!Z"4GH*33(Q19]D@C#I ML;#)\VNP97-[S&*Y!CW)U_/@$O04(EDAEB)<\E5^&&L_S&*Y!#VI:QLZQYY` M!>.\`;&4PP4+>[R08_0W7A9R,Q;1:)B*FTE."0*,02Q$N&2Y_?47' M;I38X\F]4>%)05>I$*,02Q&NU+G2U6LO1B_C299[#T^"C9D[0HCA1(-;?ND) M(12C$$L1+MR9#A%^H2K0HKA@N05Q>P'(OQ>ZE7.1SE<[U7.%P\X M7R)V%(4G]0E6_N$)5+"R/LKA@IVQD`2/VY7&:$U`O/1>F4GD"% M$YO#GDPY7/B`\5VVDQ@]C0L7%5MX4B\\$XVE]`0J'.?U0Z)9+/S'TB$\CD_9 M8HQ6Q0Q<-K?"DX+,4B%&(98B3*G++BV5\VNQ90L7E*5;>!*LK[`/2<0^I.Q) M_8%=C]!A,N,]"8;Q.*ZRQF3`&A-1$(4G9=@$HUF>ML\&W5^1_2)JK.Q&]$\` MID.Z.1:Y&F4[CAO%8[K*/9,!]TS$ZBP\R<>TF"WA).>&_!'\LN.3B/`R88;% M(NE2XCZ%&5LZ`X\.UNL5E>?8LO)$ER\2)'7:A&=UWY)8SO$MY7/EGS+>9,!X MY9E8X4E^!QFMXM4R$]Y1>D[H`$8AEB)7CL2?1].*P@!C%L13AZ?V4F28#9AJ) M]E9X4M!5*L0HQ%*$*4VO,M.6+5J:>J3T)/]\EL:Q.Z`2C@EQ>2NN./FT2?)OAYJ&0<%!!+.5SRITPL'3`Q M=9+G24%%J1"C$$L1KM19!ZG="\E%HV$UJY.+)+^9&5+052K$*,12A"L5[C7NI,/](D>>UJGFY4E4*0X+ MB%$<2Q&N5+C8^1K(T(9X#8C]7^%)OGG!FW)Z:^`I5+(T.$LY7#)&)G0AN4@ZT[S\-"$&HQ!+$:Y8>-G( MPD7G.=^\,FE/I4*,0BQ%N%)A81<*%ZV+YU8VKPQ)_5G<2CS^E)Y`4XM#`F(I MAPMV%C*^&-!PF.!4/B=DTI5*A1B%6(IPA0/.=7F?F`TXEWJT]:20IU(A1B&6 M(ERI<*Z193K@8*DJ`B11I1(QF42L1W!9IN*W]4QZ/F!B[OCP?/VVHT3W4F>P MGD2D*\0HQ%*$*_V4B>7H1JQPY5E1X4GX[EZ6PQNTZMS;4T(P1B&6(ESZ5:Z6 M#[B:?)FP\"1H8N&L21U]]*3^B4V+T^WO+PH-E1HR M&K(,XIJ$@W4+['%@AQS@[#.P@]S*ZNR!" M&!&^7(XO-^^KXTM55KM=,]G4[^[%EP(OHUK27DGA\6P[Q MO^8)O!V?#,V4I]U[\_-^,GAO_6W]4OUM?7S9'IK)KGH&>7`D#I5WQ#??\8=3 M_=:^GOU8G^"-]?:?K_`_%"IX6Q=>$I].GNOZU/T`0```9````>&PO=V]R:W-H965T6D`0U M"1&PW?:_O[''$'OL)K`/R09_'G^>&7]CXZ?WW\^GQ;>J[>KFLO6"I>\MJDO9 M[.K+8>O]\_>G=VMOT?7%95>Q`5Y6!;_K#,G^NR;;IFWR_!W`J)VG-.5^D* M+#T_[6J8@7#[HJWV6^]#L,FCU%L]/TD'_5M7;YWV_Z([-F^_M?7NC_I2@;G^2$?BS7>RJ??%ZZO]JWGZOZL.QAW!SF)&8V&;W MXV/5E>!1,+,,N;!4-B<@`)^+@0)E"(Z$R`M_*2,"74T7<(C`?A#@K0=K`Z;<03"_/7,>/:V^00!* MAF\Y.@`4[$45!-\,'.I5P'$8B\J'+C6S( M1XC!!'PSG8D`&TSP@O`Y1@'R;9P9 MN@\,TQI:2,ZF6G#^7JTC\%#C)8VV@.#06HRN.\9`1:>$:(2 M^@'-56Q&IR0)3Q(B.SD"[/`$L%1T/]QG(=$:#9HEJAUY!&$:)&O"-%<0!Q.A M>UI$'C!!E1P=0K(@"[!=,6%^&J86$X0XF,R2U0!%4=/XBB-"*87&$E^): MT=(457E#>V(H24!$=IJ8R5ZFFME%4('DC!4+%%B'#XBD/O`!RJ(>$QZ3HI(% M@W9J=3JR5L\`$AM=?7<4S%)8B2;%)R9[LTR!8BS-0;@F@%P!;.^$LX16HBD9 MNH`4"#.6@=82.HL"ULHIE3X&T1-&?&'$)B;Y.2U?9ZU&Z M*I#.`N79X0.AAIJ$3&0A>M'`D(S,0@0-61(S4A-R!7"0FB6SH2VS/"9E+E,@ M);-B-VF6A5P!'&1FB:PX\%F>(6-E"@30<>/-8RMMT9*#T"R5#1TJ:RUH!1I" ME094\A7`08:([GVY"U$U3;FCFQ8%PE!Q/[4V3PK@(#-+>T.7]I(N3)%$CIKSBE41%5)FMQZ^EJ/8A+0?`19A(2&:O+\@!`JKI$\"WRV9@Z)3JA$*Q`?LIJTYT.[G=1"*34G3>2$^FHZBXAPQA"D.)$D MRX=6F]$LB6:V1$?6VQ`%T@J8O<[0CF.=S1)IYA!IFPZ"S"PBXIDK2PY"LX2: M.80Z(4LH4R#T3^S'<61%"\TH#_H\83>A,G9FC"CW@T7G4.SUS3+N"Z7)X5C% MN5,E?Z;9T2S-EFBBCG1_GBD0NB+P>1`1VQ%6UMLU!4)6 M<`RR7Z\9")8DJ38S(X31+"&7:,)N33R2*1"R2U*[S"F`PV5"<35]NI]/$>JS MH4N<[I$4",DPD4^DQ"F`@PP1\`=D',*]IA4E0I`<"T_'^A,S+@ZI%MN#!RQ0 MA6&8<;]LG]%%$L+.6V>A/3%9S)+GR)9G^WRA0+C?"$(K'#^3YFB6-$LT253K M=8$"P>1';]D%?@31`A_-DF:)IH2(\&8*-)PNUB$!Y`K@2-992@Q7A/;9RUK& M",)K!<8#TB[N&<K@_ ME/\>X;ZX@@L9?PG@?=/TPP\1T?$&^OE_````__\#`%!+`P04``8`"````"$` M/^+2C\T"``!I!P``&0```'AL+W=OM$E8P8!0ZU37!K3;'Q?TY()HCW9L!I6$U]@Q;-0U'#+/.64/DIX$JXTC4:PB!O3KDC>Z9Q/T&CI!U,NIN:%2 M-$!QY!4W[RTI1H)NGHI:*G*L(.ZW\);0GKL=7-`+3I74,C<>T/E.Z&7,:W_M M`]-NFW&(P*8=*9:G^#[<');8WVW;_/SF[*Q'WTB7\OQ%\>P;KQDD&VRR!ARE M?+'0I\Q.P6;_8O=C:\!WA3*6DU-E?LCS5\:+TH#;"01DX]ID[P],4T@HT'A1 M8IFHK$``/)'@MC(@(>2M?9]Y9LH4QPLO609Q"'!T9-H\HC>^!&++;*GE&4#-PI&Z(KB_% M@JT4:X+5MG<3P#UHBV;G7B*6\0"9*($,C978;,503!\KLIM2?#L2$,>K@=^) M=!A7.E;U830Q40`T8P4?GVS!H'!THQ-@;J] M7H@%SX4L9D(LR\0A93,=?Y8C?-18M;M;093,[\YX/5XOHV#8[\K'M39W]053!3NPJM*( MRI-M6Q'P#K-#1[V/;%RS^3UTVK8O^<,"=+J&%.R9J(+7&E4L!\K`6X);RO5* M-S"R:1O.41KH<>UG";\T!O4>>`#.I33]P#H\_"1W?P$``/__`P!02P,$%``& M``@````A`+-@#B$@!@``.!D``!@```!X;"]W;W)KD'6FUVH]G2DB#&D($=#KS[_>: MZP;[TJ3PD@0XOCZ^US['.'>??M0'[WO9=E5SW/AL%?A>>2R:;75\VOC__/WE M)O:]KL^/V_S0',N-_[/L_$_WO_YR]]JTS]V^+'L/(AR[C;_O^]/M>MT5^[+. MNU5S*H_P9->T==[#9?NT[DYMF6^'1O5AS8,@7-=Y=?0QPFT[)T:SVU5%^=`4 M+W5Y[#%(6Q[R'OAW^^K4O46KBSGAZKQ]?CG=%$U]@A"/U:'J?PY!?:\N;K\^ M'9LV?SS`N'\PF1=OL8>+2?BZ*MJF:W;]"L*MD>ATS,DZ64.D^[MM!2/0:??: M]CV46\&(],!NMS\?RJZ`C$*8%5G6EIP9D)/\Q?+]6VWZ_\46X4E$@&,"]Q[+KOU0ZI.\5+UW?U/\A MB)E0&(2;(/!M@C"^.(@P0>![#,)CQ53X,94U#FO(TD/>Y_=W;?/JP=0#XMTI MUQ.9W4)DG1X!27X_/9`7W>:S;C0T!70'-?U^S^7=^CN4H3"0]!V(B\C>0:@S M9`WTSAPA;3;'Z]PT>.-+WQNYA>>P`_T4(5AM/9[,NN%T#`F9W[$&0_+LCB/2 M,4*2(6.1Y(Q)X2(R&R&"2*ED1#C48(`VM7EUTXT(Q=@ED"(D&BBRA"FN8E+: MS(%($4F9\',4AR2L$)OD]<)I,"&7G,-BX1"B!G*!^RS#9X8XBY+@`J=P"2<- M=CD)TF^*$.R71Q$/R&S+;("(HB1F9^9.LB*7V+R*ZD:$X!@>DX80)*A8P"(" MR&R`%#$/+TPY;8F65%ROI@838F-!D!A"WC(G0L8".M5L"(M%++D8V3O92Y:0 MTV!7(\0X9B2'$$LCK!M.QPS4FF(D^G=,IL$8]#P>F&+',0 M(9-)-,Y-E]PBG6=3H9=4Z`T&2P=%X4(12.9`(A$F;*R_RXX(_3R;9*C>]M*D M"R\U&#/!XB01$]'%*&;Q"@9S\'TKYXL\84"[HB9)UZG!F!3*2(J`S+_,0.CN MR,D>7^0%`YH0HUY@,$@L%+'B\808[O1-VB+&$SDJCTMOD1EPW+8[1:5F8#`F M;V!$*D@F_#".&8),0B$O+`VN%7ZV'PQH=YMA!48K-1A+-.P[;G*(WL^;^7RJ M^U;V#0E;]WD"4VMBZ":,J:&"%Y=P7,(N3:+\,VE.'4"."F!H(@8Y"*C36"7T M=?T:##:"@$1$ES:R?)'V#VAW%2@RA5*#P9X5.&=$$)F#N/8:P!=YPX`FY,AV M)S48),=$$C$XNS@+ETF=[1_P7AISJ2Z)&_&'F06>^@0U@90C!JIX=EF+A"%Z M%>/.1&(5UUV6H[C;%J\F*HP8>[5:=YS.]2&*+14Z2Q)&=IW$T(J4DY0J-1BJ M\YB>"P]=:L0$-#7PL@^YH8S;XI?RJ_Y>U3=>R\0[F#E1VL(DA:BR??>-$W MI^'T]K'IX<1Z^+F'?RA*.`H-5@#>-4W_=J'/UL__>=S_#P``__\#`%!+`P04 M``8`"````"$`G3K#$*L#``#;#0``&````'AL+W=OX]L5IR42Y\,@I]CY6IR'BY6_A_?M]=7/F> M5+3,:"Y*MO!?F/2OEY\_S0^B?I![QI0'#*5<^'NEJED0R'3/"BI'HF(ES&Q% M75`%K_4ND%7-:&86%7D0A6$2%)27/C+,ZB$<8KOE*;L5Z6/!2H4D-I*"J@V/"UD**K1H!78!"3_<\#:8!,"WG&8<=:+=[-=LN_!LR6Y,K/UC.C8/^W(O#UYIGWWG)P-L0)QV!C1`/&GJ?Z2%8')RLOC,1^%E[&=O2QUS]$H=O MC._V"L(=PX[TQF;9RRV3*7@4:$91K)E2D8,`^/8*KE,#/$*?S?/`,[5?^.-D M%$_",0&XMV%2W7%-Z7OIHU2B^(<@TE`A2=20P+,A(=&'2<8-"3S?2**KF,3) M^U("W);QTBU5=#FOQ<&#U`/ALJ(ZD`7_2:&[W(+`6TA)@^ M+9-H'CQ!&-(&LCJ%.(AU!R(^D@0@[Z@1W-;6V*]-@Q?^I>\=M<671UHC?X40 MC+;>S[HU8!D&A[0-#W..7@1.;`E(QHX`A)#0N(Y\N7`$KL_/6_)@DQ^7IQ\L(#!U"8B,M=$1USUER$EO. ML(#J18ZLQ#:]0DBWK.XY2];$EM7O)0VVY41.::T0TDKPUH!E6)]RK>KO-ZS! M[U060EJ&6P.6X:EM>%@@]")[Y\G$"01"SE?6^7E+'A!\P#$&[0B[73<\#2:_S9QM!3-MX:\0V[C3G@2'JZ-).GJST!0LJ%?)9WPTZ#K@>@"W1:=CO M^*>C4Y_4(6(P,\[582_&%OBAUDU.>W=R4H>OO5J[SLG]=4/@'C2V)*>I#PPK M=FHKL1WK*[BGZ["ZULW)K"_Q79,H#:_G>/&LZ([]H/6.E]++V192.1Q-(&%J MO)SCBQ*5N6!NA()+M?FYAS]1#&YKX0C`6R'4ZXN^_A__EBW_`P``__\#`%!+ M`P04``8`"````"$`BG/8OQ-K``"T2@$`%````'AL+W-H87)E9%-T&UL[)W=;AS)L>?O%]AW*`B:-060%+]$2M;,'%`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`]@_A/^/G]=/'[2?O=UU4NZMM?^\NCCAP_'IQ?%X?DYPW6^+6]HO5C[R?5I-RT"^JSYB]&:R4C3(E+R#"]+.< MS:HNW1?C.4I[_S.G9Z?W<^D$31Q=#R"]\%G6BU$U;R_C&.Y-D@&]6DQ'@_EB M6BU]]F@\PI`M>G,,:S$8%9/I^!H)Z;#]9/1C-9O;H#Q57ET-A@,4L?/Q= M(*Y-U\79Q>';5?L?I./MR>&KD[ M#&Y9W#+3>M@SCS/CZ;ME&\[WTP76Y)[=9)F7K%72U5[/Z^JJ8LO[Q;7)U0!' MVO4%Z:%Y^;G(!EM/LF`&L^O6F@*3O=DFX^W9Z7<;%\SO>O%X:W-K:VM;$NEF!RNTF-^,IX._(AO/UOE2_Q4SL[TO MBQ%NN!C("_?=>MQCC#-#WQCUH!YVJ5=83A6FJOOBJX8[6?+BRV)W9WUW>V=] M;^O`"-[=6G^QM;.^_6PGK(G@8IEG6KY&F6B"LMY-BLIL4'R'^;'XZ=XZ5G@V MJ;!,/U;#NTWV,4[3I'@%*Q\Z32<<.^SCY+"&6&M9^@W,7:^<#+#>;4G`>BQN M%T.+1X(+&-].IM4-G@&BB^N2=]>&X]GL28%U+;N>:Y"L:L>XY(.CAX/>H&/G MW4+,%`7><.#T\./KDXOCUX0#[\T8WU0$ MN>5P97B0:8ZIPGJM,L4:K.J/A\-RBK'&@YBR='2V.T*F:1K"=>P![P79_$7O MC&M%-7I73!8B+O_VEZ^Q]?K#%MAZZ%RY^T:-JU^K$:+[IM'8Y)B7.?28?W5ZRG:K_FO MNNI[_(?W"K0[<9QK:?#IP6*@9ND3@7(+*B/52Q]\>W9^7KPZ?G/VX;AX??SFF%SC=:"R MN#C\`U^='K\YN6BO)H4OOO^%`IU+^+IDNTZ/+PK-TA[B53D;]'RO!L.%+RPX9]]BV M59K)IK[__*=Z\/?O]@VQ<]O2;#V?OHH4\_:XX/+HX^=[2H<[2([?;)!WV_[SP M5&VF1(E<=DPX3,J8Y))/];>EVHL9@L9FU-:A5,AE"4]GRM<5X4V/Q$_98M#' M]O06%6\@CHRK'288LN?;SY'.`13]U<="M`?MW/9++T"*I>+*/-K/NI#-6@NS MQ-Q4-28JN(@EBPSQ?3.E:4\A]G^1@^V7VAM]]^6=XG\EX-NBB&9W%NX[*N=3BTR:J MO?@W)Z<`3%]:_'3^I?/$#QI\-+H?"] M>0?\W-XL?O%P;7KN1_&+M;__[7_&1_[^M__UY.>?/H'XRXM-070L*6237E?# M$M%$=P7!3R@J@-46.V2WU"-V-HLX`EEL41:WY9^!#>9W&R#V\O^P2XC&E,2( M?\X6ES,X)RP>QC:`+Z,F?")BNEEM*$G\_6__@W!T<*M!KH1V:V+"JP)IGR(= MUTAE-;1MGE;@*!8RDLO>5GU2T%%54ZR16"M@7-6[&8V'XVO%VSWVF@5*UU@K M_QP.^;"<"'T3U9=X(T)5S,1PJ']K:CU4S('2S5[KDYO%;3DJ+L=]@*12X3/" M2B#0XR7X,!D"]TZ`=48]<('$P0E::AXOQ,R\^0E5*S`+Q!N:*R=T?H-":&/< M4T$P^UF//(>+^1*T%?8*@"+LN:P*(@-_AD!?30DD MQ-\0#P'&1")V8_%L'?+FBO)Y`7>KSVU#($4\X+]8.!*=R!8CC*H%PC"^OC/9 MP*_;/SJ[?<'[P;HP+%`_>V'N`)\I;82)C%X-1K"7A4$\DB"'?4FR\6F]N"'R MY.]*>#!.5A@G5)5>&MRPVJ`%G+/-8N54XFT]':I0`L9.^UB\*BS5J)R)%!QIA*IJ=7Y\9&I5-0XN(-(XU3' MPT'?]%RTP-C%4`[WJI9(0IIQ?`MU:;T5WT@"F/27)QUTOE,`%RQ`&E:*ET5K M[%^]U3B(@0AW-'0"A0:$SF^FX\7UC`P;;9 M#ER4@1GWV)Y9#%1G&%!EU?S_$IQ)"BKAIS0@^\H&.I(7TTR95M?E$(U-4K^.\4%3]1D+,8$-R^;C;Y%< M?<:2:JT!-0#QWW M8C":+;#0/2HXJ$LU'544=-%?PJJ`C(9B;:]!9Q6 M`2JCA%V?_64AAE_1^B`A&5,HP][!-VJ6B@HH;1>S2Q29(%ZXA@%@E*(%$Q0^]B^IPV:L53PA;P6`CLOO>*84_>%N_Z,X1[@$ M![)QD;)^_DGH2E!7?7%U4*='@5Y232$LG@>U@P@.C=WL\5$7L%A MK10S"2`U3P0S`LJ0@P/8!/>7%OW+[!D@9W4^_+;8,;T'8B0H:9NRQM)D4J3& MJ7H0`'YMS>/=_?6=K><47/8)$,;3'^0?0P'"ON?S%_RWM;UG=.3POSQ#6(V- M]'S]&:6;K:WG690D_D7Y&Y'L0T(XQ!YD^UR)Z=&G[STM_=DL_C-^!.R.\5@(OGOX0$EP:<[9=$;$GL15F)( M%8!!].'YQ<;9^Z-M)C?.CT>"CENV)5(7!9$X"87QL$:?A6Q5DSW>WEO?W=EE M/Y^'.K'R`1/?D7*`/1DM/7@$C(4JC09E<4+"3LD>]P!!Q"YU&/XNA.$6F!R= M?'BGR,3D8#0.,FY;@Q83R_0WBY,L'%%^`A-1)G2./?.RM>C52@=SS`D*KU#& MHB4`G0D!V'-;)KPF'<\>*YJ4FPU4B1'.B= MAW%3 M3!(TQ(#%D#EW0&016'I&VRSR.H\[*6.&:O3H16-Q6'NBB/P#J32A MR&;Q>VUI(@@&8F\'<^7:*%D8O%A,-E`T9)X&!GH@6)HE];XT61#M)]JO.)?X M!X>\D(RXY4X+CSSQ!:4YY99&GNL,1@N-AH2AFD0XDJS+X>#:\C>$24RP\!+M+T6;QCFH&<0^I0=0^D@<9 M'SQ53.,0W)G%#;+4$DU#?\S7E[T;1;*NMBTA0M4(.^GCKLO2WED>$'(5\&K=@+'5CR98YI\U(>T.;N;BL'&3_ M%B!&F(3CT*)=3Z%X+F]";V?W'9]%:%#1$VR_#YY2WCY((L:P M?BF81M/IP]Y\0=0:@22')OL#EHT%5N-#2.YBYRKV_"536-C$"S9''G76+9G4[")XE MPWF-759O@MF120)KX4V"]"7%=2*:O%C>'$ZR"7Q(%(Q_8AAA"%7QYT7_FF%] M=VSD#047&P#*S*@J0F9P._S%_L`I='FX"!E/+2[Z&#O;V>%CK.:2"J<9G%7? M:19#N=DN-D]].>8B^=C3..J8>'=!('V`EZA1*AZIU6)#BP:=1UT(,>5%#6#2 MB0#4?W=?R]_>V0HBVZ'X:$6!U4A>^25V=PG)?"KY:]`KWTF&:O*`%@[O1+]9 M(L4U%L)IXR$RA-.-4F2'W)-VH=WH['Q*/4M*C!TC71-:=;48HO1"@,3N&`P$ MAD$=7??1((O)]?/NA2"0O"#K77<))PDM3,OX'?T:V0EP0YL)<3(0%(#@&\O`Q^:YB4'U27$KZ(,327YX-#L7R MTCYM&;(]$B=/_^OG0XR>IG&7^N?%J&=CIP#`'E@^(<0J`PD>#)HUDMO&BF9,A_9U:!^IQB7J-'6AF67J`<<=!P5;RV*,3-SOB;H"U8O0N M?HDZ"U:EOQ;%9QUP$G<+OT!\/0_(9@T+^Q3KFQ0>P"2!63G M4@8HA#!;WH0HLXC0?+Q"JB6`MFV3,;*#_!CBGT%-1OV]&[9$0'QWOB@.:'BH M941ALSV0$&:;[X-9)/!=1>I&9)!YL"97)U\)5W[E51< M*L4YQ>NXN[[>/'01(MIY0BN71Y(R=]:Q_O-/(H=H;%!]DOP@[H-Z1FVJD$10 M#VR,A2]>-30V]0;3WN)6R8`P#=2)?`/C:=LIUO;P]VZ]4\`?A=[`-ZD_0HFE MQ9SAL.2+%+D$C<@)"8.+.BR.5$[%B)1/&T(9<=YZ*)UD`>,#%C%%H@HVDT:[ M"B^ASN0AR*3@5YTC$JA!?*R,!?Y0K_&HS7%C;:/!I1XQ!.B2YP+*Z5J:TM&@ MM.*X,SGB/CG+`Q0L?L14'^-P2VH(-?7(SE+FJ;&2]HJJS]Y+I&75ODI5MQ#N MU,:,,+\C>;\//4:*!P`WO"E+B1@\-!S>(\ZT"8TD1_P"QF+#8JL2.V>'0%`7 M3/$(OLF\FBD/D51((D;7&FXD:AB!IY:`\J_; M1R^"?F`=11B].M!%#%^C,&*`$<\3ZF^PZ+K&>V?II(L6JVS,7"0^U$PR8/)L M8(>JA'QC1A.)`J!5`-#X.`(0*+V;,M\2XQV84+1CLB M,@8J,-N7]D33+'\-Q%FG*WP'NA%]V*DLL%]B5F4^=W>V0%0W=I[IJ%K*F39> M*_N07U)LBVZ>IT2$L,E8%]M_#2(MT>6RKR)7CH-F9QX!#:DK1T=6G/[Q_+AX M]]N+%`\KEXGY=8J:@F*WRTW(.'MEQRI5F%$`1<0?RZF^RV:\DRZRF9DV:5DI M,V$Q/>&^=1:-L(OMEU3C!?+9>?%0CPU?*0FW8'W*FK'6C@8'60\L%\0;Q=\2 M<(_X@TD4C)OU"&LG-9!ZA3T.":5%Z:!U?UB)1&1EZ_`)"9ZR)6-*/*D)B79( M0`(63.47I,T12V-]8@,3!9&![.B\5Z=LEA^KEQQ)!4%C\ZW9^9Y,SC8$6UEG ML.KC8`D/F$0;EF=K3JD)(GZ*;X3'86R$PH>_)>TK3TS)?%`_MOX"V37/!#)< M&(^511:D8S0+FQFDN%S-/ZD#"8'!`.%.'4L/.LW`:HOK6(+W^%LD3"F@8U0Z MI"'=3=&IV52S(M;92@:5<-,7'?F]=0LNW' MEL(M[")XD'=\1#VTP8.B&`%+*%R1+HG2#ZMRJ81>A>TW.FT?(BO,#[*5,L0; M,R*^&6@O<*4@>V^4$)@J<;2-1B9@_TIV2V2\8SW:)M__(,KTMZ$/;F7C&!LQ M7%6(U>Q,\;:W>:5TY+Y7:7.$)/28*(II+PTM?86@_@\M!PCK*=>*%!I,ICQS? MR/*@X5ZT*8'>DEKA]M&5E^,LFQA?B M*.MXS+H:V*5+Z]+*IOSYIT1G@/\]1&:[5(,QUK!W%JO=DZ=F]8)&S-WL'Q60 MU2_.59>PB(%;.:@NE]9+\?&\^.[P\+W:*YQS*J!5D>"M""P=LLOK<^,'D65&7\R=-2\V+X$&JJ5L4R'Y6B M.YD13+&:,;IK"(55;\*P`MUP\`.GL^$0\8&R5XOG04_5B,NTK)F9(^.6#BAA M"GEO'=U

YVL6\T/QC.:>O!_B0:"YH MUI*R3&,T[6J(9J.'%8OM%`P+PHQ2>+)UM3)=_URBVE$IK\)$6R0&(U-A"12N M,?#V2IRCN%V`7_.(&`RT(08[Z"XVS?B2X-4R+H-*JL\ES8\AU%2677Z67PKG MAN49Z'UPTSND/IKT#=B`PJ4ZOT11K7`@,A+ MRA]S?T,V>WK&HDMMMP3GEZ]I=^]%-NHO7-/>?6O:?K:=C9SH;:[IQ?-ESS37 M1/.UUW=A*0I[JC[LW4PSD,ED'!LF*YIO15NXG%N"0\/I$BWRL"T$/G9`2]ZL M34D56^0`%S\GE3X!.::VK5Z'I:94KJ=!0X:819A0*:'9`U=!7L%7=470?4S+ M;*6ZI8P`W\+$"CU,F9,Y'1$?OG)>'%B0<*4V5!Q*UA['Y*UA\VJFH@V=) M+SU^?.#RN`E6A61$SF.Y;V(/*Q^W=M$E(6P?/J#>5<&S`8K`*3C88>E*2%^0 M?[5=J0^@EAC$6[E-RZG- M7"HD8W)LX[V!P3H*H4Z\]#[SP/"L@CRSPJ@A6CG0R5MQLPR5W2Q>D>GDC":. M$2)I1[>0.[:TA$X#)S$-]8[EH\IFUFLT`(G;#0RTZ^C$^8HEM9 M!J_A9E"3'"9B->I15@!(XRCETLRNH$I"P`C$6/$KVA=_V#COZ?C0K'B'257, M:;/*0/?$T=LQ@]3Z_BLVFK@CADR2Z";2=P\G&%RSQC8?[Y^.[02HB<],K3F; M6>;=&Y$0M$R>?A5XI(=5/44B":7X_U+?K).)4YB(@T5T18VPAQX<;>F0VR*U M(2&8$VX2(7DX>V'.('T@)1=LR98`"BH34$QI/=N0-Q_7C.8JH5C*,24R?C+T M&&?G523)I_%#[(SFT&6&%-A;DT08SBZ<+U@J'LS#61YZP'_^23/2#Z,X4GQ. M!,0)@CQYX[H"9^RNU:EEJ7[^*>X$"!GE(_H0U5H3NCK<,'.43_G?%4WQ==_V M*ZIM5+85"&QR4=C!2RJ`D$V6,9C]X#9:B54MQ*+-CN%XTRA%U)O M!3%["(A*T!41/N;J:!>.TH59R2L M)#OFY5;>04>*,H>70%Y"*9JTS+&B.Q,=Y#=_HU`$ M8*;FBHC'(NGI8!%SJV=+)1D,1W2CIDOS8G4_URU[?,G4G+O1"$KY(3VJ<[[< MM+;.#AJ>3:]0ZENT2<14-51YE&"(FRZ_!=16TP'&-:PB7ZJE@;=D<[?8.]L6 M$83HC"_5YV.^:"'5+ MO#[[SO+9`UXJK"-0Z1J$?XKM&*'ZEM&$+;*6>%.5-D4O6XN`P$"9*U^TT$[U M2ZW'B<@W0`]E^\PSM'0+0)#M&=NQ0VD`#>(U/X/4X\I*BP%2#[-AJA)7Q924 M03+3[GT`399VY-\9LRL&?NQ*7[VJG!H8)-58X MI7&S6!C)B4$O48%U)%C9.VJO1M5J.^VFM6F,,NVR19+"RN.8J?5!'T:(IMD0 MD")G-U;M-R,A%GD_B)*=8&8Z,G9$V%-?L^AYRU/E-E9(D'W;D6]L/G9BD+*< MG47,P2^B*#(9\SM#JWM6`I:9"#5:221^*8A"<.NI.=03I+QH*>ZX@H;^('N$ MXQ)VHT<\G*;B)G1,K&6W#DW#1ZIT1B2T6Z@F!C64X<=[KD&&WONJO7[%5H>K M;\5`!-.KW,;*5YSPZAD'C+OUE[AAQ9X@JV98^I3?++X1L^S1B+R:ET)1$^R( M&9+D?@IWG&W$.\[JV-8"<-?$K+6FR&\3B/+O:K19O%YV\YJ-`T_-67B^\,_- MRNT@/LQ$=X_8C1T.M,LI]T6"/$O6"8+TJ$RB&VJ$G.L$EZGAF/X/\/%PB#&J MJW+&VI'$6%<2E;IZUNH05[FKQ9X>G7N8^\1T-C#0SCAK#L0YU(:<7[BK8$?X MAM0?8V9E"]N8L*(4]>E*]_#7ZV`X;'[0_6=M9?'.RL/]MYUOZFA'MX,EV\DDTLNWK[W\ID(*':V43\@Z!$_HB6=(,&Y#A%UW M+$C,HI1U@D2#4R*:$/I`C@UYH96*@Y6F=^_I(FJS(WJM]N?'?C*(52BI&QFL77"-U)D]'U44QW1,JWFC+_2:QDB-VJFX:;1U=/6D`M7KM MS>'YJ[CP+"$F0PYT?IP8UF%779U_M+/F2I*%_.ET,#3*K/F.HYC MMD-5)YXNUB[&$VS!B^UGG,&7;*::'JR?"]\,,[`@W3H0Q8@UYP!-Q-#K9;KS ME#0%=QZRWEK*E*WQH?_J`@XH0B!80SBHLI/DQAHG$E&80R?X^;:%#_&*'T`L M+X[C^1>D3+T0,X"6G'\TV"!RA!75.ZG5^.$$J)2S%[W!!*,7\2ZV\@J":EAU MFP9!AU8EBT;M@"MLV?4QJ"#;IGN;LJ!!)V>CH&I315)-@SZ)QXB7%9$Z4G)X M#V[MO:DQL!-YG;;RMJ;]D\/="NYK(.L9&D:WD*;F\(.!H)`W@9_R)]RG<[Q'#5LPB2"U%;O M2D?.+B)0A"6(:[7][-S@^-'.T)MHW[/?Z9<@,H88L]+ZGMNM]5L'!VF^N!9W MZ2"M:E74)HM#U-Y5]G`YTNR`AR\;/%'.[`TBKNE`G9%+5H6T2F36'!F7V9QV M36-C2>.WT6>97`1LU*)HFR1FCG#M2M[":^\`?)@F0Y+YXO$S?I"@CN054Z8Z M/_Y+:&6)R8BWQ-IJH^AX-#D#/577E,ZD0)8:#$ M)Z`E67H$+`S`^E5#AFI[C(@&'E@N)NZ&VP[/IA0$CN[`8(_J`RRF0>D;<4O# M[W\%BD`J(B5V.I.]7SW^D=#,HP4._%3WZ]FY<9J=UXNW<]J'Y?U6/!%F9;%V M9Y(<"B@+H:'W`.FO!YS_)#K#Q8T"P(-F.]0)J'K,IB73:L"5^\@PNQUZQC)TY&2"'K'V6V.,1J MF*6H--P[='#`)3M[6YEE4YY\CM^$O:\$!@@4L5!2_9P1YDR_WI$27^UW>NW< M;(/VV?FXU";N\EL8_AL?K?>4:%EQ8ZD".^3J&AQJK75Q*1RO0+%EN;U"LE+% MZ2,@W`EMV)DE5/N479D9C:#.0]6H3>RIYGZ2,=.8Z9#1,L-E%`7^RA)0]T$\ MX;EW''O$J8`FN]$V;D<`2N1"13/6E/>^9,$I65BW?T<$7H44(B["2FHR:M$^ M0'@B5+.81U(1@B^"+\Q78UTQH>8:C+UBJ$9APM4P6&ISL32;$^J--I`BCI-C M7L+("OC1*<-!$H4&Z'X[:UJ-4%7KGQ0R5'<`5$R?J>,%(CELFO=;C]:AFR%28Q2"Y M_G;UKM&Y)";68EAZCVCJ?@#X29N$*8[2RF.J'6WP47`BG?V_@*P8TH2H04ZZ M'M`LG(B/4LH:,[);G%M=C#AJO!:E2'/5IJ:3G*8]3[KOL54[$HY^76.E..&A M+Q^#^X+.L8OY]CE3I--AD_'6>J!>>YL(_SV%QB,A`6P_>>@8>LZ$FN$=)D0I M:H0V6,S\.%![AOA.9,P7'C]R8^:2""-R/+`V:=E.M>>K3UT)$:,(3!E;=5N; M5^K8?L'"%H;90RXXT\,G[%^]^M"EJSJ3V@<[\KRIWG.GHHX5XE M*S&#ER[6_16P_O'.)OXP53X;8U@Z@VDFN'/9X>6L7,J*.JD0(VJ(<'_/_1U. M9F)'_)*C7#_Z(^N"%Z.UWA57KAD?K/3;_:ILAT6D?&_Y"=8=Q`HRT[DL-JTV M3J8+D9-0%0;S"[9,7VM%T(`2 MJQ^A?2786BN**FQB)8MP=\VO850\0YNJ;VH4"XW]C@\):""OIW@4CO0$G%D? MY3V\3#M"VRR4RV590O6\Y?UBY:&4->^_P:XP@4+1R/ M1"FM$N$$W"DG\#R@3H^D%GRNR/,AL55;.Z/=BE1X]F@4FRJI<4![^GAW\\7N MNDE:/,?H-`C]73X(:B?!3(SA=$]>!`=U`G25XFJ;](.I>)D+;VGQ"A"S:Y6;NMW1%!S,31<\6DRMN: M$:<);C/NFD=QLL2YL3@%F4&#HHBP'W;Z7^D09E,F%B.2[)X'@NJ_JVGJA&3N M&D.,<%C[QK:N/!2[\?%JDVT6/)'4\_P2:NU8F](W_:$2//FJ0PXH&IIOY3?R M1;R*?O9X@YY9XU=LFEC2@XUAY`J@$'W#>-G>:%6SA!4SZ43Z84*`MQ0&N`76 MGJE?1EUI-28N;LI0*(&S/FV+%A@LK2E>%:DG$\W9V&`%EDW/7J9W+@]VOO>WSNP-ZQCA)NY4N MO#.VJ3T$;B]K=?_NPZG?D]LWOG^D+MUE[U3 M*C@H;N\H)[",\8+>YVKQ0W4[*#.PV_RDX@G640=].HF;TM/0B0,R'$K\=2DS MG`:*->F`J9.DUW=Y-"[P<&1>%MDD?172'*V[:B5Y-ZQC)Y&TM.$NN^:$R5&M MVY$<6A=3X#4"S>;,O)W_4H>@0P-(1P\/%9-D\;[%3B(XCU>1-O@F?E@6;&*\ M%$UQ`=_GUN@#X)07&902U=L@/(>RH^I3S(5'BLM/BLS:4(6-TM.LUL^3% M%"6&`5X%X?.6?UA%DAR0K-84V?&+YQU-.ZDABTQW:OF]U$']7A"Q;F8H>*-U MQ\N7[`KDZ(ZG[EB?L!IVH%.7"YE`+==VYC13D.X:TI&S[1>40?;,'`O.L0.6 M;(R4!>RZ^\JSO>WUYUM;'7Y3,?3FB.OGZ9GZIFJK>UEVOHY'&K#J6D;P&*^7K5*75K'$7.T0XFB\&LN"G'FX?7<8G<#<3 M$8R!I_Z#+ZAK\T1A@+T0YQ1K-;4_"35P8)?]-^88#X("(^3UE""^325G^I$Q!)R]WAQ2\)' M-::M,3-Q7D_J&PZXB]`.OT*[\JI6]_L$,Q%>^SV3'-&1W'*+>V23IE\U>/M0 MO#"VP)O,=!"RN!G1+!T&[YKN\334T+`4(-`E#&?PI,.@ M]Q87>=SY@'`][A]K3Q%RF_S7\;YLG1V.O;M0`10B'3,J,]0@X"$Y9 MVYELBS/D:-P0$+2U+XF4VF-WVE.O;6-KGSU?W]G;;7^5+KZS')5SR]T[[]JO M-(!#[=E#;K2,TM\9#.FO]39ZY57R^4O0Q1I]3*.15513$H@5."-6*B%W9%VR M#_ZS25\(N97_/@Q>U.9UH4S$[#\-;7P8O^OLY0OJZSB?'&-GWRS5B0A?A%L: M.*789->!D1%BKE-QV6P`V8=V/\9CKL2;JBV_"I!!=TI]$E](\:>F3'@+"ED. M/Y5WUN32"4QS6ZBK@7O:K`6-7?2\P5V,`6ULHCP\<;?__)-[<(7\ MZ2"42[?`C/"&)X/P!`>@4\?F<00Q3VE=(S+A5JL^!Z.83BM-W70:I[[1:ZG/ MR0Q)7GYK+CJXQJ41D_2ZRW`%+LLJ<&Z0FCB0C&=>6$O3*/J.D9D[V957=G76 M=EA?YM$X71'-2R.I-&H)M+"N-6H`[Y8%<3EBT00$BGL!B>2ZZQF0N1AZ-T>R M3M0?!Z`)WBFE^[U0I9H7=0=J=ACX(=9570+)DGN.>-+Q#IF32L]"/BY1W;&V MVUY]@44$RE07E$5*-`U*LF`E1Y,(%W64$B`G_1R(7I*6"$_0#P^)%=0"=#6/ M=P4L"3]#_*I=:M_PFAK0A1?(I``^I)W&03)V\])A^S*[>)]PK3L2 M*7F:I5%3QW1=0'>P^RA86H6$,1AB"_7KL`4_QH,15(C7;GF!R^\EQJS5X:Q? M$ES[F#BH*Z="2;12M[(9`PBZ>G1_`&R%JYM%$/J!O\G0$37LH'BMCBL/B)=9 M43)2Z;%TWJ\Z(@76P+@N>30.IF1H-/^T<$NW3-&34X4?[G5T%N,B\T@;!B3) MZ39@U92/^Q\M[%V^*X+7/K_;(SA-%<\YE/""Z.BPW_9KQ]H,CO6YB1#M;9*[ MA,'5:`*M4N'2Z.8V00"VR;.9D.U(0;W5D,4)1[("76AO?+':@B-]L2,GY"M. M6>"`&>4')"@&J:4X.#//H<5.^O+E:^FM)XB;D;@*`K!2&7>X@YE3.[[0A/`' M@*N<#.9^22CKEP"V,Q:V2FKDIXW'D!`RQ))8**?#0JX MPA`U$&$&,F3!+C4/:TG9J8&-C;JVS=!$/"0U84),@O^R@5H7FKVP)BZB<6D@ MF&(!Z7#-MDL'KS0ZJL%7KA4$[.9(5V>S]IS]`$R\/^4?SFAC/I'M7BT:;!Z^ M/#L"2WAEL3YXMP4<$"U([?'VP?H>:?#!_KX#N$WIA(.O:9^SWPG<32"0[$/[ MQ63T`\"NA4H,Z[+Y?/_-IXA#- M67!LS=Y;QL;<>FZ0Y!"ZEYN!Q!9+&U(_.)N+F-&-;&)W34-TPXX(*5($_7B' MMM>#]=W]%]ZYJ*)R?M>%C>%]OUXAQ0^F7SP-=L>9%V^`1AP>[^R_6-\_0!8\ M/Y/P2YT;>4WCY2`9V@'P[>?/#];W7SSGG?HW9\3PE,F9L:]3N50PNT>8*.+8 M74Q9R[SR+OUH-6+?/ND:]BQJ;78!ID7X,!7UM9UNZ\KF2("7>"D,6O+K24=N0N7I6UJ;Y(^["\B1RU'E"50] MC+9CA;Q$6YQ(:H)OC6VUG>&8EA^RSNL4<1_=2[5W,XV=+3?=#2A!0"P/GJWO M;V__JP5!%W39?92GNC7NH!-R)M:IRT*_A1T@#M]>P/F@G-YTK];T"#7HK`FD MAR@,YQY_T2[=?8!PI#X"TVGVE4W6=3D6G*8`)6"2C-5S]QS<0IU6O?5UZRZ0X]B]8&+_AE,` ME'"F%-DY2=M^]K#]D\OV3MLQ8%WK@$DF_"H.&NN#7"T`6DD\Y!E#.DW;`:S7 M/HY*?D2$2*ESK+A)=YJB0W)F$-,O/I$+M)];>_Y\=WUOJX,DKQUP[.#%\_WV M\Z_CKUTIKXCVT6-:E\/'V]P/N;=]8"SB'UOKSRCW*WB11G[QYDE[S<\HUBGL M\*ZC#$[_-ZLF>=W]FO; M(2!XMFH?\ZG953`/U"&VYW'/8HG MX1JIZ,?!W4@3-B+AK+TA!*-+(1H MV+6UWG?OWM,Y<>9Z%/>;F/#9/E)[L*5SJ79)EV\,QUIO+Q><-K,`QY%JD\9[ MF*;N"C&N*3`P3RE!.);Q>`?E.=C?-[J2/1X[9&^S$,^^LJ/WF=K>? MH-F='TL,DD(&CO\\CV=^<)QMH_>+![C'14'P+Q[N0?0T'YI^^_6\^'P[_/5L M`C^_>31!;[C9JWKT;<>994F!W7>YN_Z0YBRO):=BK8AY#]\HGZF&.#[3[P@J)(4*WA[#:>^KU0^ M""-E-A_4C%O8)(IVNW=C*CWGOT"JMI5X>E#QKRORJ*_>;2]_8A_\?L?'H3MN'$>6 MYU^ET)"W98"415*4;.RL`8J2/<3H0I"T!PUC/I!B2>*:*G)8+&O4V!>9;WX6 M/]G^_N<2&1E9645I/-L?%FBCQ__77V@=<76C'[^Q66Z_YZ#EE1`,,2>%.LE0'`=UYF5QW\PO&([_;K\O MO-4=O7/FPV6Y0%Z%)Q?TSO"C1B9:PMES(QM:M3]OK4ZJ*S MB$)J?2(:[X-FLJ'K*22OH<['[&)>,K^BD!Z1DU=JX5@3P0@-*_37L&106A\) M8QH*M%=%Q/9F@%NTJ0I^:A+S;P3X#2\'TM_6 ML$3MQ\^X[@`RFNJWS`W4V4XD".Z3O5)!UN?J'=Y(Q^Q.P#[2H92B=5OJOG*R MA\7GGOZJ$_#J4HNT)-J:&TN'DT9]/%B6_P_W#>WEC-3JCY._DPBZE#=&<[BN MQ90=2=Z**[]KDM`*R`@PN(F[MP)&>_2%JYIY%\93=-GBDHUT9C=IW7OZA9G2PTF,R+''^E'%VLM;UF.' M74`G(\Y9WE+X":ZK83@@4V^#ONP\1*$:L&]]K$[/,284N39(GYYZQE_34Y*7 ML2`]T;6O`5I*#U:1,2:^-,')<+:OATH_'"#401M='#+M-OSXRQYFI?J8_%O[[A-QW.;U]AW8 MY9T%?F%+BNJL"88L\YB"2>@\S0T?Q<<*P;BZ+@UL<+&'&]R]`'K)4C7A*Q/' M@]8ZW*6Q6"%O%W%#V,^N/M!"ID2L]3R7`]ZHSK6^SMY25]./5$7JW/CB0\64 M!4W)G"`E#P(S,,DIW=388R54+H\+'U[`DG$9A+4G7X-'C46EIS+@2N"8"4K$ MN#W-P7&;0YHO1B-%T$K?U[-L!!LJ8\H6N<5Z'5*\HJ0E2FZ M#"1$:7?R_UFDLT7=/<\/*4'N%CSNNW6,4V93Z=J`AE=HRGR`XA>^U-"-;L;!&P>?BDJQXY]K8#4MRP;!NK`+)6@>SB5AY<\Q4T M+V2P*XOA.-8R2*DZA&FDTKKC]74#!:"WW8,P4UI05GD/:UE!!06$F2>-S_,4T`#]BG>S"T30#GP/5H#4&Y>PFI*.G' M@=@POVE1YBA70`.GQLW5Z?E'-74[I/')S(I:7SPX?$"[+MVJP`5,_^/TP_7_ MG.SYK92SV@-]VDY<^"-V8[(6:N(6*;?@CS?DP; M&/XP:!C:C*]&5%H[$\@3?(=L=YBYN6%KB#OG)9*\()[$1H5E3_%E:/333%Y,GR[>SVR(X^E,3<1^ MUME4P[&G#JK[GEJDV]7?`%3GY7G/>B3Y>+W#R$%,!G!E\?4RR\RVCWTNR'@[ M>5[NBWVM=GPCNIR[6R<4T>@S!X&.+6"7;UM><@AD#5G;?L@>^.UOQLA MMS]F4^_V]SVG"8N6?[XW4+9 M!`5!6>F/Q[I,US/U:(Z,J^2Q89I.=.D&3*2<\[:RBID425:G`](0+D9(#%<`JS4B(=+&H7E?H0< MW:I\([QX3GOC/'^C*=.B>[(P/8]^Q1D`=A&9EQ*$7S)%*^.2?&ZQ8WM/ACS, M38'C;G_);EI-I/-::@-$C`AP*`G1"O@IRI(-R_$!:F5# MO'==03&;6,K8&GR%A=RK!1CK*H9+M\2B&;K'+:]BJ_)]=,QT'(F9:['8(Y(& M.KR7%]RA"A6=QK@DBH$ZY+JO11F5H`[ZI@DI*]$DNR.C80*(!=4_^*5H%G'3 MV[WU]IJ?Y/!YD1^=?OT69C?/9D?8>)&DG3X"X,V1C\?% MH?G@+TA%/)>G520."@D1_% MA=4DXK&LU91IMQ).6C9ED>`Y"1=(<[GJE.\%EHL@XX:[WG'7YROXY=79TC&E M^6-Z_$9AN>C&"64P7TD:L[AG='\@3TS3BV[4?)L@6&&GXU;'=W,,SH2 M8ESA^](.]9O):>+E4HUVO`LX&2%XJ!Y MD6,V!1$'TE6_G%X*?B4%L*8S*@V2%\0C&3)ZV\+L1=@8E#7]D&<;Y?!D?ZDH ML\1;`,5AZ_/!?4\51>FY-IKGZ^[QW!A=T<'+BVOK%A-,0PS/\TKOGWYMXP\Y M*/0"%Q(]B73*^?<.!#U7DQNGS54`[C(UO`YLG-P_\TGR=V?D%3D"Z/Q\#[T4 M[2WS10>(>,)\$N0R\0!XQQEMO8Z4_',YFGB^Z5D='A(5:.[EY[/\;![0V;I@ M1"I[IG8S=.`TI*9A/P MC.0!X@=9Z**$+B^9%"3A7(Q`@@KWQ(H?+5\)U1E*E\H"L]^(%<.A5W3Z6PY> M8N#DO=N^&VT"2"2/-8X/PU`KPKC2ZW3YJBK%TY8'O\=)X@!.NBA[\V0R5-WH M3@#JX;4O^-M#6_CW\AF-D8OB0[OF,`\3VHX0.ZH=TTD126UTG[G@F@ MA:]&ZR((CZ(F_PL2EM).J7QC;O@\3KYK#ZH[U?:)RRU-9;)K4M(GVQC5WY1?HO*9GV>ZSZDB]]?745[O\JY1"HW^Y1K3GSW$%N(46; MX1*7ZUO+(HQDQ"/[V]M//S6 M\+-]4@&SQC_GX^W+]P-KV]]S]M!+EW4XVGC\>!#0E#3KO$M&.'_\CD5?3D4R M9+D?0XI)NFYL169%XV?S0Q:1<8JKJ$"PRG5J/:=^(9HU3"D8=B(/K=+,=Y ML/VX(W]QDV@2(5.KR\ZSA)G-IO6X9\B4+.0NZIU\I^RLRI\9>&$%(?/F6"?Q M^\@.,^X'94Y'Y8)TXD?HNL0)5%\V2,W_JD6NG\LM\NV39[I)%'AYW_'VJ;"+ MZJSZ5G:PAD@VW"WDM"U`XL[O0!/7M?-0=BK,U8C)M`SE0:)NF675O\U]1G19 M"@0Z/-QR(3\]?QL6["R!9&E.-JHE7Z(F=*"3KG+>VY"68!.S;%,9 M6#@%WEAS!:GEDF(%U5TAF-Y6=))#N:;H[[%3/!O&TB7FY!:*"94K8%N?J4S: MVP:XK5S6^%LY!FEN#L9B:58/6?2IXFN+:ZW?(UXLBG23RPF=W%M_5P6);I#=1*<#`=QXUO25*F]BUR$JRXH5M+>TO%GX*O M+%*X1\>W;\GRH"9OP(N>AX[BSKFXN%Z0*AX_G0E-370.%3BT(!1"3_,M:&[> M#)P,&$&)C8EUX(`7L%+RGY,*1RW&9HXO,Y2[`RGC>V[04*SY M<6A1?:ZV_8#2>>/U`Q1&A.*2]CI*'?\^HDW1Y]F;);58*U]>$4:A+LPR*.X\ MT9H#`+YET4IS(QU8F*-]D_I6,.GR]*RJ"K8Z.^Q7X:_7W/&^%/BL;7+;PV@, MF0=W)=&5D@0K&]5WO8_PZ),>2)4PL\IW)L)X1:?CO]$/UXWD_$#*L::)#B^K M9M$@2XI7!X=6A$INA='QH66$WZ#@JW).TVR&HB#O!\MT+Z>SRRNE+K#J?0IQ M6"WELL[D?<.P+FT!"RM8O2=[>%Q`)R%<`?K9C?&)11%WB(0COT%K5<;.R;O@ M*K=O70$R]8DNX[IW6Y5/8@N`4QT4))#!PC0'E<%ES/H#7O9R%QWD84M372R- MY&FF,H#0ZUF5/N9QS9W*^F11YA.V_)CZH(0_=X3#+9GU,_[,>3O"J&3<=X$M+*`N+*17U-/`:?IW6V M0]-8O,$GDIVV!]7!CH4B)/:>^:]49+G6$XXAR_CK\[XZLPA?R]M(Q#Y%!P3^ MBP^3>X\>/"JI1\ELEU4#!U$`3Y6$FUK8SZ0W3Y=II4M6SSIQK(/,<5TSQ?F6 M/[O$=1B1H-@)O?9M9H\,2"[TIN$4J\^6M\(*9HF M1Z7(N7E5WRV<,&,8"7,%`_KEP(;'I<0_AA<2WF[>7FW.B;07SMBWCI85";?2 M]:#KW"I#J2)+;[6L/0>0P>1[.^FMX9HI=';%#JZY4-"5(0-0>5G[9\-$J.0U M%N*#*PF=Y!603U[1+/YG;-X,-@%5(QB[T\`BYA8(:.5`JZ[U1\TZR6,2I^LS MR^\>Q^&*-Q1>R9EE"EZDDL0!WWYD$5FE:E?!;HK1%O6:-5H=GD=^Q9$C/"#/ MGKV9"6R@@,02AY\\HI3%:&]O+V[0)[=(NG/4BS-VEN_C&C8VRP3//%^N3<[= MK8[1B$@VBXT-2Y**"^ZZ8_>>-;?8Y6].1"E$8HK;VP,."/N2%]4"T4L8)+Q' M)J4`@2Z;>]0!"/DY69K)G$:A!!H!IT),G:9#DB>EQ79R+D'$MWXV_82KWJ@K M("@T`O.R5QK'_;0@D(@YKI;VW];#[NA< M[Z.B3%Z!&"LB?V4[94$-ILL]/-)KH2YHD5IV;BJ?%DH!"9M-J:EZG?!"%*!* MJKICPKH)/GJXR?_(,4:YRKV@Y4-56!V,*#8%=YG[K0L.&^EC4&WA-2)#,44= M3&\>5W)%-SFT&^'<=Z7<$B"!HJR,MDJ8%850HQE/6Z6U]CHD>BI/;P4P3833 MM5UUHR2OPCH\W]8YX_D5:"/>ZOU=?"-SLK`W[?G9Z9M?)7FS''\`/8(R_[A6 M`93TY,($L1?JN<)I'6OY]H8(`;QRKS)?>R(T/N"4TLP9+,)8OPU5IRF=$@1AMN&=S? M+`,>76\JC<_2_X MINGV+H4I<"DK*:[`H&H00K3#29Q/S^#ROHYN2./<;+<;H'/[^IEP#YS[?&&] M%:L`/I,*SW8M25CLN7'1:BNMWEF;#XHIT+R-#H6>SN-P[V!2#WXI M^2%EN\#,(A(#[^/(QNN]A%CLQQZ3*LCDMK)[UWJ`?)I'D3D!PY%LZ>'W=SB3RL!`S\,Y']G; M^Y6YAY/"ND[AY&:+DXW2U;5"@8_0#--(;J:6#O`7^?JXCZPV M>+[T;KCAS`DF0DSGZF1?/@`3<%`8(V*2F`?)FIQ_P'A3_""[F!#\\XO,3U=/A`F0VYQ8\NA@5>6YTCWKABNB*Z-`G?-P-^4[ MB@WY:>_<+IM&` M#?O234+Q!82=N8G!NZ0:O!WU2L)TEI.#G@6=#,?M06(>",L_N"#AU^GTVOX` M_V_`4NP(;%'<"/!2LF\NB:6'WS*&4"!`>I=EVMTWD\?07W#"_V!7_,47?@UH MZ&M,8O;O[>FOHA;Q/?RB3OBNR#MWL"ESO?5D7^NVTRXGT?J\?/D6]L7N&#UJ]THX,F>78:S:Q$IB='&)_O!5G^-Q;.SW<"TV#G MN=;<3F=@U"O7>$V80?X\\Z>BT,%XJ"+`;O.-=AFWT"XI)1WWRKTTA%' M5A!HTL4\KMT($PO(6>*STYNC"4EGI#;(M\+:S?G%F4W);/T!\6?Y)$$C81`T M1"[J50TE0O1&L1MWMXGTI:?;\27DH"&[XK$C^/BA<]7%#ZZ.Q1\]-(G?YE=O M;\F_=9\>>[)-J"^H36!;1[7S5)GX,:_!2ECJI0)#>3\!US7J7F0$Y*5/^ADE M4V]K('FF@8M.O'S,O^U+%AJA#>W<8<_KRR8T)5*\!?(0[+KH>O=!%7*:OY>3 M$^JF>\GN5W_\#G()71+*OC2:W.I'E-R?6/`/TZFS\9/!B\+-7%2>C:L>%59[ M%86['#OB-`3$P*W@Y1DAJL[R6"<`B^5U2?6T'U25!L%!7393R$Q$8??!0?.& M_GWZ2;(=D(.V%'LLUEY5$J"SHM'=%8$$T[*Z@Y+G()K!`G1)`P]\&)J3Z8+V M`JN,-[3>_@.I.#@3'/@KY*`91RIA@*J0X.!';/#R%`PZYQ@9FHM?7?84NA(( M5FQ+.*=7.K`R4LFKZ@\V(2WC6BC=FUYRO*JLT&`K=D$1J9IF!20+H$/&\#NY M`0KK=J$:X[C\3NML6YIK@28BK^DYL(>,R]'82X8!6<;-%(#,<-*9+R)'MNN^ MY%D*K.-H0#%>!HC!,(WA\.W6[E<"(V0*=,*NTUB$F691RR8_T\7E`I[!87PX M_17R*3(4-`@/EGFW9Rᠽ/QP7*^(+28/NFXY0NZ1OSVH"H\%!7KG]`=P>,%U?U)48'OL*"\RL_K>*F*IQ&Z&M: M#C4$G-CUU9M?<3X9BRPV1J631AOU9.](XYK.00+#UKF$.8W>K)TBT M+=?*E@$DSJ4'DV[WQDQ=/[5=YI@;$QMK`\)(R#)0&41@N#I3)``H:)_=B+DO MTP=O"-&AS"0D8G3Y?(,K0*P)KAPB:OV6M/@O;T"PI,J*:E$*7%_*:6.[KS4! M=YJ'3AEQ@5"6RS;*V==<+GC/7%>%%(U'O!7DXG_LI5:CD,?M7/(]T:I0WA!0 MIZP`K"N+M-7A+L`&3)^M3L)/T7YO/\WW!E1[LIK-U\(*]:<[JXO0+[5/`H:2X/ M]6QJF11`2M-IM)1W%N5+]<63$0(SQ26["T@M&\&HU/[E(FP)4$*N1-'4-4UT M/DW>85FY^S3V;[\VJ0WRC(EGF"]H#5!\G[D-**IW/@XHL-'TDM9WD:C4*8E* M8=C>C3YJ.]]M/,&%Q<'`]@G>7EHMX?LISFAW7&HG742G\B6RK[ M/@,"%VMYH7P]]M6U*XG'UCOG5*Y<,VXM>_,0E)I.#KXY.(!Z$OJUQPF2@140 MKCS9_'EOGR!'>XEIQPM,YK#:6W>]?50P<8X1(;RW^Z#YUB)Q]?@""!B^P,^$ MWB7JF\N!(>*35&M^T&_3$1*V0#=P"#5`$D"":ZO3\-[UOBK([VB\7VK,-TIR, M5Y%+(I4$&T]$\U(FH8SKW>!;W.VJWQ;2T]@":A"U[B#=`JV^J(H\#84(=D/GM(^\# M0NM1?V6Z0I,!,Z,M>T_<7]"323$`F8O6F+"A@$11$,$RHD`&PP4#9W?3>YF0 M>9KY%Y1,20M0>O(UNJ0YOKL3L%HO<].?R=BBCM@4!TZ[?PY&(ZIC\JETZ;,@ M6";3#_\-X->5@1U-S)G/(OC>O2>8!VBCI4#8U5V"`WGWN@K"DZIJ:<\%#)&V M=TJUG:4.@S.5R#,6_.K'O8[%ZQ#W2\D(J4$>IG$Q?S1U;=AB)"_I*42-R-39 M.++4^;B7?I6F1G=;X17A?YJ7BI6$C;? M7Y-1@Z-PE]>'^X033]@`.P(AK=#,#0[9")D6["+#A+]1*74/BI5FM:DYI<") MG`2!+3W!7J6OL=UZ9JCNJW6'4_4^SSR9NHHPZXI3%!HIIN3"M?:TYL)%U M-E_J=8W*Y?P5T2-Z2090R">OZS/#JF$+%)3,5RO;@O#$=8\;X;+=! MS9XB)>Y][[NMQQN[NX^TD3Q7-V&"VZ"-P4M$B!YW&XZPO:'K8G?)3N=9)E@S MQNX`H8^1_5%._OPW,856,QN\L$KE>H31LVY`2"B"R:6`(P'NM@V4Z'H4YTBY MQ/OIY@=O^*5"?3M3YZ^F>=C9I&)T;'RWL'(G$J.$ER]^CC:R^USR\H*&L0H\ M\ZM1XU#+*2N2V\8:!#BCHF2MZHHA&^089Q[,?L_J\Y`K5E[OJMI?RK-C]*GI M_"]?A[Q37%JLT/X_4%@K1!O7D+D]CJ.'EXE_ULT,>8ZF7X<'Q4XZC_S4?]%$:&L[?.Q'/_B+$@Z3(SU,G_M'!X)AV^]8N=Q1.MLY:R4SJ&0Q?;2\45 M-;HL6'9>$FUD._V`93&=G9Y/.(4\>[7Y=5%FX7#?`,?X( MD[8ZE`&F[N$D=LA`([$[_M7NH(%Y3X/5NPV..+-!:GV0UN5`R<.7*:0M+%\D M5IUNOF:OSXB\6P-03`*3"$FG59F7,6*DJ+D57:4HW_?)X<%$J""\FPO;;,V) M8XY'$L7R7TP"S0%FDBY].XPY-@KAPS/$2=`G>88.V@_B&\($+=+C8>LSEV*O&>-[I3& M?79SA9.`]EW_J?)X^CF:(L3WMVSU1OYWXD,H\QIHX@H9NL\?4;\ MYIHPP@%+*T3H0&@ZR2@P=FVE6E>/[A(?)`,50K/T*[PCQNRRVYVF M=]'G:D1IY!3-**H'E%8BLM1\OT5`VW,KU(4KN%`3JXCD M8T!J?A<72%(^KW65B`!J?(L5HW%9;LCEZ4>`?,.!^R-(6#T&Q$S$DPJL^A36 M4I7K[14?\[*="%PGP'3:2CZ)JVX)"W?)#$)@.W+Z-X M+L$Q(&N_2>[AV-)BA+\8@>]UY\/`K M_:6C:[JDQZ_B-WI#BVU!@&-(2.<*2'!O#UQ5A-,72-7RY'DQY(3B/*M40YBL MXCH'>9,AF@M(ZX,GKQN']6S3`6<\2(DJ"5_9$$7]X/[WAX\I$-O>Z0RN_<]3 M/%EN%Z[6F>+W,ME;;"R!J5$R96::\Z+2-F&9D0PJ5CG8RW'7PNFX2MS?\[PB MV=^'..146S^YG_\:]E_!:IL1K55"`,G_@EVKUOR$%LJ*,]MAH/8<(!,O;E+S MLYQ.-5Q$BJK:9?#ZOY9^WU5/+1&TR46X63M_M2&IW^DB=P;?OGQH]IIY/P8S M'TWS\DZR7)9L],!OLK02H7;<'U1O)C>OP:+S4CK-:O.#Z?91%MI+.+_1'4CM MV"]T;Z8"X<9(VJ?/$44N282DEOGJ;9B,797?LAUN^$!U_-#+C`()+XX;S/HY MZ',B?C@?((]VN%!D1$P&%'GJF7I(F&<$[>4/YY+UB6WOD.W9B;7;8PR=O.N" MS\E+`LB")AG39BGA7Y'CHYI*,XV/KZ?UF.U\>U:"M:],L`L**EAZYU)TII(( M)@GA%[GM7U')%JK;_1%8Q%=^=\#DEY>FY@PNJ%HY^R\O9+<>H-C-!Q^>P'CM M8[AYWC3US>0D_&ZILQY%8P^V9U4X2]'<]S2VPJ>1UGW\7JT!!/8(J8QM_&!P MG=`=WO2MM&=3#15[_6&!9Y*=UU?(1"I]^W%]Z$8:A=&,K6OIS1N%6SKHJD%8:'LN],%]PEZ'1 M&BS9?%W/Y]Z_AQQIV-//R9Z%.^^6K*X0.O(@8@U@V%(`!2JK4*EY@QQL]Z_YJF=BWG]IQ MW9MF;9[:1^9*&2-_^+0P7$YNH&W%J_/W%]=R,_C",`3P07I.+S#GS_@;%_DI>#4JDSXCBO[W`=?%V>JYP M_F=]8TX$;V33?B<+2N?'1*96N8-#A^6VRN"@?L1W)_M<6GP[V(FURF&_4@+: MAV57VDY6GBW9/1RCIRHH0OS&V/1YJ`HSQ(VTHTX36G$@>0L+@7C@!K+ZONH] M&]_=S.H!3B8G6@$&J2O-&L9&.(=B3[&TBMXV@&G-A>?C&@'BQ%8FH5)Y#U:J M/\\I#H6NN!@IU:KU#*/T]7";:T2@C:-(2L;1G62-SQC='D9S@`V3G5`39Z)5 M7)OIL(KA=6_I&Z[SPU"16K#H+HEL\7(G>Z&T#UY&*YZQ5:I$#)J!F[5?FDJ" M1O3%FN,Z9O1PO0!ZZ'ZS@1@Q`?0P:H[:A>/R+P)H()T(U/,PVE:U7W*I\8-) M7*+2;KU'SZ/^*O[:P2)CV[NWO'[0F09R!5_H>UA M"[X=K]QK?ZXU+.3UA_9YUVW5TIL$C!726PJBA;[/^PU([_I9U?YSS2(.^+PO^'@<+4@4N\&AR1I(H%J MSKQ5@-X[_]^+N35&E*^ME-E6BD)*UD^#Y=26GON!HTAW_);D@PP.@9Y.2^VH M]1N!P.X"+7]T*8RHTP:+Y>(>G[UBJZ M87$N!M*XF!UCYX//"X6-??$J[X]+TJVV(E0J@T:VP[,-HKKT"XUB0"S9F:ADW'9ML\:$`C1C$^%NCZGP< MV=.>8V94C]A=SMNZXK%K4O_>35='%S-5<)B(5K7MQ2H#1/8\?,W"UQ6 M9*_!7$GJCY:3I<]+BQ(G@^9T1M`?%75NWSV:7GQ0AH)%5?"DF?%NYDD7\7"7 MK3O[LC_(@G>SSAUJEPO:H MS;)5(;G?<%<()IL8E)N2%$I76)"P:#[[<5Z#EZ"O776[&/-]##Y9AQY+/JB$ MYA!8[8JB!2TBDN-V-PZ"'>N8:,(X4O9XNI3]PGG6>W=V5ZK/16PK$.Q*&^M'*%VQQ+&[@]^$[JIQ6^A]SK>F2([(H-C:YRBL`ZZ:E5N1 MRYY9;%9.Q\#]*XE7+:8;N9SA+T<8S7?+B"RQ?9LN9< M92D;V.ZF7DYLK=#ETJ6.#49HM^O72+FYW5/W'QYQ"!W#+SQHM8#XJ;H9` MWIA4]Z*,;V0$]=:.-]S$R$B)!E]D!12_4%S'J\N5+2$6QS$A_I&C6'W8:\8< M!]5Z;C_AYX0I;J)L:_H^[]"Z!T1TK#8OP3> M,]6L7(5/;"2*^&,4?^G]O;C=5>%)/(AC8LV#06[$,1_!3[/LW7C2.,VU2Z8' M>A!A-=?^\H''"6>,,U1W`.EFIE72YY>M@7S)E5J&!=;5"J&2K\+_=6O"W5X6 M%#\/M,LH)GGTCOVR%W&=E+[ZLO%Y@)B/H\U[/< M_*I_M'?XKKZ;?;C5]0,D=R[7)W6&M*3[57.1C+#S"P;%95"BQ.-J=O'L^>U, M*D4=!N_"#J=[29:-/K8.$:W8>11=Q+;SM=VEKW6^1YS#'DN4$W*M<^SG[H:A M-8;WL\]R4_;E1M$VY!,SW3\.I-VM<\S$HF2W=Q!QQ[([0D!@9,@2\BCVGI?3 MF]&*P5&_=QAIZU8(N-+\.(D:[*GG*>`Z#/%F(>"!%!S=Q6MK0G!#WN/SN'#( M9<:SO*EW5,(,6)]+E/M'QS\1DD]`M>#L^)HS"Y%";2K)(7I&'8_9!E*!23RF M4).W;&->`H-=>1'I.3RX"?%FF1(KF/S=%LS)?CE,EBL;8["PDP?<"_Q6-^9@ MADE%`#,)$@K6K`J?EW!9W7JSA6X=_1GDUZS0/U_6]_+LC9*J#ZF5#B?V M]JG&PBA6M-R#RU6M'DV]U%[:H7`[3A5^I8?@^$J>V12S*+.%75PKZYC1$"M1 M$;-T]N-K;@H0[\B6YNWLY0:-]@'Y1]$\P1+.Y8:$-)O+!-J/HJ)X`I93OLG[ MRIXF\<%Z7I#%3ZNC]A.<`)E^4^B"B&?W4;FB88TLC$R"Z@83BU6U\W7L-_4/ M^&W<^F$@-,QLOW+I)]9.4%?O6-S?5'2[_9,G[2SIIY*!N8T%D.[5?'$%SBM>:6W5]MW]K+(_^;Q^ M%=VBQF(1KY;6_*Z*GAQ%E8+%?LS><_6O7?/(R.%&095;F?OHF?;RHJ0,JZ:B MTYI$TQ*1E3AD+[Z7R1*)B*/]KJ&:XR[4G^\U\?OO] M_Q4```#__P,`4$L#!!0`!@`(````(0!QB:O27@L``.EA```-````>&POQHR=I>,Z\1N3I2J>=?OAV0]"<^D"U-U` M-ZU,-GM3$N\Y5AA$P3J^!G&]8+UV++N,N^*9G)]]8F*ZS#!W\VMKT'/'S>L<$&A&F\+6X>C<4CTTN0B:*H$6H8B_$9A#[.IXON MD2ZFTZZ%:@;\="ST_0A_.A9JP'^+SCA-JXK>%:IRR!@\O^#O.-C`O\L@CF'WY?YNY9C/@6^Z\+*7M@5ER?)'/M).I*&*4T(P_J2RDWYAK^L-%QA:4-+WQS7S\.!H!*&A(\I,*GY0F7MY,M">'HK;7VH/0*FX']@TTZLGN/ M6HF&`W-5O73:74/O;]FN^QG[X[^M\R$`K*K=W^W6Y$`#G#+!'7\\+X$O8>DZ M?9ET]\D;T%77",XKU#12S,W&??NT]99V:+"C)TP%NVJ`GN+=G(U3BO=LJ\&S MV;J@FHCY,0QBVXK9T1BVLU*'9UB#9Y`*$L%SBGZ]1C_P),S'*?IAW:G2'\"+ M5/T07,+ZNXP'/`24!C6X@`;U(3Q=(H#5A0P!.$$&`CRTE'(`X2D#`IK"NQLDH,<3MD6D$!O#E`@0&];C==WJ"NYDLCA!1=P%`P`F7@ M$"/=126IN:"S`'"8D7F'XQ`2%%B*9$,`.%(@$$<,)/6_`XI!4@],HT%2%TPA M<'WP!7.">H+K(25A`#Q2LJ(8)PRX'N."-!`(LBHDB09-5HFD&&35R,(5FJP2 M22#(JI#4$[)*),4@JT825\@JD00","*E0E)/R"J1%(.L&EFX8BBK1!((LBHD M\<3PS"6R1Y=-DT54LGXZ.F[]5-FM&Q=2!W63)O![UCR9/24S1_`%FTN1J33> M)F;B,6U<.U5>@M#Y!2:9>+N8!1?L4,7;"V/'HE=^#LW-D[V#J6BR[;1;[ZWU MLMEEND(LCI%?9LVP7A8Y$->\M+W';2V;!7.P^:`JC;01Y>*L"?)S`A:$E2X% MPDNNM/-!5DM$H^4T8(355U?S&A"7&XW14K#X(EBH:I[@M3[N@UH7T=->4X,#.9J_4 MY1%"B,KA_LR(+YC)FGK6TYTY.+K!TB8R.B>BY(I6?>I9X;#3(.WZ^+/B88G3 M)E+WY\\R([43+,=&:B?*CXC4ZN''\#"Z>\/$[3[=I&FOMD5'#JPS25\7ZN;N>ZL')V\ MGR70VH#O:Z6U(1HZH%4TG;Z*!3](A]:K2$)%I7[P*F*W:"-7:\`$0,( M>;X+NZSZ4ND25D^KO6`QK?$2/U8J(1+)^MKP.=)'/*2S5$K1E!8(HA)EM70< MX30!_>7,.FL4"2`J,5(=1+4\M0D;>#1(];RG!$)PH;9*.=L+A=U/JX".>X#&<_=\J5\I["R=R^?QK@'OG6\>%&])Q$Q3WL:UM!#>!SI.+Z<[C M(5GYD%O#SIK(@DZPK:R\]FEXMH'(@J7OMK)`?5)'AV`MD06WV;26!>=-4EEX M\J3`I<,>35MK_(C.Z-5X$*317!1684?79U07;GYBJKNGS`8#\C`@,>V&QM77B0=H"/X68' MAG`1DQB$QT.%)+W8UJNR@/L_Z2-! M<7\(@IPC7H(&;T4`_0`/+8?GH2O`2\(0'\-XTJ:-F#P7>'KPCH$V8J!U@H:/ M/]Q,;R,&6B=B^***XR<1,1_\S3;W$%]+L>L6$?'1\5_M%1\Y/,,:@!21],G> MQJ&9QQ^?4IH@,9_PKN%K9K\Q_A8?W9O>3X?`*)6]MK#2TJTE_/KG2 MA_;H:CJ:/UR-],7\X<&8]K7^XK]`&?X-A%MXB/X)?V.`_2T$.`@YT&\C%_X2 M09@:FX+_7%R;J>1-`I\]@P)@P]&2S(A>E/^-AOO_`0``__\#`%!+`P04``8` M"````"$`^V*E;90&``"G&P``$P```'AL+W1H96UE+W1H96UE,2YX;6SL64]O MVS84OP_8=R!T;VTGMAL'=8K8L9NM31O$;H<>:9F66%.B0-))?1O:XX`!P[IA MEP&[[3!L*]`"NW2?)EN'K0/Z%?9(2K(8RTO2!AO6U8=$(G]\_]_C(W7UVH.( MH4,B).5QVZM=KGJ(Q#X?TSAH>W>&_4L;'I(*QV/,>$S:WIQ([]K6^^]=Q9LJ M)!%!L#Z6F[CMA4HEFY6*]&$8R\L\(3',3;B(L()7$53&`A\!W8A5UJK59B7" M-/90C",@>WLRH3Y!0TW2V\J(]QB\QDKJ`9^)@29-G!4&.Y[6-$+.99<)=(A9 MVP,^8WXT)`^4AQB6"B;:7M7\O,K6U0K>3!`6#?!TVM+$6:]?Y&K9/1+(#LXS+M;K51 MK;OX`OWU)9E;G4ZGT4IEL40-R#[6E_`;U69]>\W!&Y#%-Y;P]?O/R\1?E>%G$__K#)[_\_'DY$#)H(=&++Y_\]NS)BZ\^_?V[QR7P M;8%'1?B01D2B6^0('?`(=#.&<24G(W&^%<,04V<%#H%V">F>"AW@K3EF9;@. M<8UW5T#Q*`->G]UW9!V$8J9H"><;8>0`]SAG'2Y*#7!#\RI8>#B+@W+F8E;$ M'6!\6,:[BV/'M;U9`E4S"TK']MV0.&+N,QPK')"8**3G^)20$NWN4>K8=8_Z M@DL^4>@>11U,2TTRI",GD!:+=FD$?IF7Z0RN=FRS=Q=U."O3>H<],9&R;,UM`?H6 MG'X#0[TJ=?L>FT1.[P:3?$45*&'=`X+&(_D%,(48SVN2J# M[W$W0_0[^`''*]U]EQ+'W:<7@CLT<$1:!(B>F8D27UXGW(G?P9Q-,#%5!DJZ M4ZDC&O]=V684ZK;E\*YLM[UMV,3*DF?W1+%>A?L/EN@=/(OW"63%\A;UKD*_ MJ]#>6U^A5^7RQ=?E12F&*JT;$MMKF\X[6MEX3RAC`S5GY*8TO;>$#6C\S210*:D`XD2+N&\:(9+ M:6L\]/[*GC8;^AQB*X?$:H^/[?"Z'LZ.&SD9(U5@SK09HW5-X*S,UJ^D1$&W MUV%6TT*=F5O-B&:*HL,M5UF;V)S+P>2Y:C"86Q,Z&P3]$%BY"<=^S1K..YB1 ML;:[]5'F%N.%BW21#/&8I#[2>B_[J&:+T5';:S76&A[R<=+V)G!4ALZ%8JNU'N_*J8E+\@58IA_#]31>\G<`6Q/M8> M\.%V6&"D,Z7M<:%"#E4H":G?%]`XF-H!T0)7O#`-005WU.:_((?ZO\TY2\.D M-9PDU0$-D*"P'ZE0$+(/994FRE)")J(*X,K%BC\@A84-=`YMZ M;_=0"*%NJDE:!@SN9/RY[VD&C0+=Y!3SS:ED^=YK<^"?[GQL,H-2;ATV#4UF M_US$O#U8[*IVO5F>[;U%1?3$HLVJ9UD!S`I;02M-^]<4X9Q;K:U82QJO-3+A MP(O+&L-@WA`E<)&$]!_8_ZCPF?W@H3?4(3^`VHK@^X4F!F$#47W)-AY(%T@[ M.(+&R0[:8-*DK&G3UDE;+=NL+[C3S?F>,+:6["S^/J>Q\^;,9>?DXD4:.[6P M8VL[MM+4X-F3*0I#D^P@8QQCOI05/V;QT7UP]`Y\-I@Q)4TPP:&PO=V]R:W-H965TI) M(Y\O@M5R?BC`[/W`KKV1C.:C`.\RW>;EMP-F$-0`7K-V8Q$:U`> MZ\RK\JC\_Q4>*LY$GIC*UH3)#S6ET*TON\!Q-O8+=%@Q<"*=@V3&?F2P=F*R M\0A,LEX8R(.2D3,.2CD`KX]8O'`I#\K>XTS"-N3FD2`HLYB@]R?`F`=&9GD8 M@XDX(`;CRJ'L=<;2DRFQ3O'"EC]4,A=Q M3LB;?[GTD%+%O4A0YD;,OYNL)RJ0JD`F`)(Q6*'F&V-DV=C"6<@M$7'.%-M> M!6(52%0@58%,`*3H88F<'STC?]94G"-$KP*Q"B0JD*I`)@!2]+"`SH^>D>7< MZTW%.4+T*A!S8-FWG>L&H8^4QDQ$1H@"V/GD`J>J9B8`DCUVN!/VBH^70D:6 M[06.,B4BSA'LJ4"L`HD*I!S@"4`+SV%_LL%,&"/Y"64_;._SX*3TL2\V2/6E M9#3B',&7"L0JD*A`J@*9`$@N$(0\ORP]^[-),Y`$`QH2:TBB(:F&9"(BNV!; MLM!<\XJ!^$8NKLR!HTR`:"");OBP"8DU3J(AJ89D(^+TT\^QA`:7S;%M]>OF M^&8LFYM.*?T1*4*<-%G9:TBL(8F&I!J2B8CLANVI@IN/YPMB[$\;CI-$%RH2 M#T(3)]&05$,R$9%=L`UTO@N^W4)0CP.,OEK#A8Q9G2+<:TBL(8F&I!K"KGI, M>5CEG,!UW&DMY;;X58Z?[6O5Q4U"G)CUS0/.O2!/JZ03RX[J2IXA-9P M$M?Q&*WAL`VX_1@`-[YK?L:_Y^VY;*A1X1/\E&.Q>U7+[XS\0T>N_4WC0#JX MZ_5O+W"WQW#(J>X[LR`:E_;8HP0%+N]'A\\Y\0IL4>::]WPX)^J?$=RK\-NB5 MW#]U9?%7V6#(-LP3FX$3(<^,^J5@$`RVM='I,`-?.Z/`Y^Q6]=_(_3,N+]<> MICL`1\S8IGB+,L-"`CV>MPO9=%?]V97F@%*\=# M0#=.F/9IR21-([_1GM3_5`R<:9!*0?@>X[%BU;S(!M\S^8A^:+YGY?EY)&1F_$RPCJYE5"N#`.4*P*A"K0*(" M*0=60Y4AWW/89ZXE*7S6Z@C[[_M;$"/+X0>16N"<(X2O`C$'>'"N&T8!4C02 MD1&A$(ZY.?AA%:6"IN0FDMVPT\2#KN%]5VR0ZDK9Y0^<([A2@5@%$A5(!4`* M&D&$R^=@8/^JX$>2$*^&Q!J2:$@J(G+,[)1;7#>(GXGBSN@[:MV/)+XU:D7+ M#[21\_`5:TBB(:F(R"[8J26X6%8OB)]UHIM`..'Y/C^2PF$)^BC2]OF1(%KA MN@\DT3BIB,A6V`DF6'F_Y*'IUFM>.?8/(PEV:>'P5<[]XTR:VI)80Q(-84T_ M>_Y@E=O@/3QO#6O<7?`15Q4U0"T^FUVP7]GW:5LJ%'A,SS*L5A#W?&7!7[3DW9H5$^DAR9_^'F%ESH, MO89C`?E,2#_=L`?,KXG[_P```/__`P!02P,$%``&``@````A`)+T'V!>`@`` MB@4``!D```!X;"]W;W)K&ULE%1=;]L@%'V?M/^` M>*^QDWBMHSA5NBI;I56:IGT\$WQMHQAC`?GHO]\%4J]=.RU]P08?SKGG?GAQ M?50=V8.Q4OZAI`]@Z?7R_;O%09NM M;0$<08;>EK1U;I@S9D4+BMM$#]#CEUH;Q1UN31Q$#''<9O6SG81S8ESJ%3W&QWPX70:D"*C>RD>PBD ME"@QOVMZ;?BF0]_';,;%(W?8O*!74AAM=>T2I&,QT)>>"U8P9%HN*HD.?-J) M@;JDJVQ^DU.V7(3\_)1PL$_>B6WUX9.1U1?9`R8;R^0+L-%ZZZ%WE3_"R^S% M[74HP%=#*JCYKG/?].$SR*9U6.T<#7E?\^KA%JS`A")-,@EA"-UA`+@2)7UG M8$+X,3P/LG)M22=%2+(\ MF4WRRZL,1?_#PF)$P>`M=WRY,/I`L&E0TP[RDQ>EYF^ M1<:#G\G$@Z?$//[.W"'EP27$=LS2=78T&HL6("?WT+'%8[/,3Y\$E11NC M4%[\R504BI@\%/1O/'=?R+ M+G\#``#__P,`4$L#!!0`!@`(````(0!)3BHU0`8``,(8```9````>&PO=V]R M:W-H965TD*-/\ M.E?UT5A5DFN<']+K::[^]<7[Y*A*64770W3)K\E<_9Z4ZN?GWW][^LB+M_*< M))4""M=RKIZKZD8TK8S/21:5H_R67.&78UYD405?BY-6WHHD.M2-LHMFC,>6 MED7I564*I'A$(S\>TSAQ\_@]2ZX5$RF22U3!^,MS>BNY6A8_(I=%Q=O[[5.< M9S>0>$TO:?6]%E65+";!Z9H7T>L%[ON;/HEBKEU_0?)9&A=YF1^K$*Y#A77W2RUPU5>WZJ#?H[33[*SF>E/.VS6!M^Y1YV;0S\T?5H/#G?".X4/CPQ78V515YD;5='S4Y%_*/#HPNV6 MMXA.!#K108S7%QNWJ+C_*CBH-*KR0F7F*F0+2JF$I^3KL^G83]I7J.RXB5G@ M&+T?L>01M(RIK"N#E0P\&:QEX,L@D,%&!EL9A#+8R6#?`1I8*_R%HO@5_E(9 MZB]W9L%!:[@AF!-7!BL9>#)8R\"702"#C0RV,@AEL)/!O@-Z9L)STC-S M>!+D-4FCYRK4M*A)PYKV35JP&+.>@^N26R+B(K)"Q$-DC8B/2(#(!I$M(B$B M.T3V7=*S$.SH6?B3SSN5@2D#JEZ8:SJ.9"X+`G/;(,,>]X.6(DC4*2(K1#Q$ MUHCXB`2(;!#9(A(BLD-DWR4]OV&9Z_E]OV1I=&TK-V/!2+=`$7$162'B(;)& MQ$&ZIS&;XN1YO!&=[TK1#Q&NFXC'1^U"A#9()TMT@E%JZZU MTM*^$T'"VJYTSUIZM+KK[9?\!J[]\(1!9?KNULJ`8"(3NQ##GO4+;-E&\;&Z M'-EB/[UJD&&SP\MT3/_UE3S>;"::K3FR!/(Y@F=;C$JWI!DLX%%.W9\T66_X MKVU/6X[:GD*.[O:TXU&#/>WYKW5/_;S1(PV>@_[G,T&WB'+:&#+@(@PR',GL M9=,0HMJTL89F:\&JB3)9VEC6)"6/*TV$TIJC5MSGJ%W$`RX^K7-DC$QI[MKP M-JWREJ-6.>2H5=[]2'G/V]3*_;30PQ%*BS7B,Q5_FAZ?MN@;##E%#>H]68ZT M$5KRAFT^W`:9[4EUQ=&L=M$9?K*:_MIZ7V-QGZ.[]1[P*)CK.^4E[;0V/*KM M<SLA1W=[W/$H]H29HXE4)_0%8>UPYR%C+_S8JY@L*4[),KE<2B7.W^G+ M/,,"LP1F;QKW%MG7`A*'-Y`O=6E)?$'?3-*2E[E!X(`]P$T"QT;,7R;D!6X` M_["8$#CW#/`I@>T]YAN+P`*$^=8BL`QA'EH$=JT#W":PE1K@#H$E?X#/"*Q7 MF'L6@845\[5%UD/NHO MV#MH]J5JEN[7O()7Q_4J?H:_%22PBQG3&>F8YQ7_0CL0?WUX_A<``/__`P!0 M2P,$%``&``@````A`$0K9N)B#```##@``!D```!X;"]W;W)K&ULK)M;<^(Z$L??MVJ_`\7[`+;!@"N94\%W M_;)K[OZ?S]N5^^]R\U+?]'_6I_]?'?_[CYEMS_'QZJNMS M#Q1>3K?]I_/Y-1H.3[NG^K`]#9K7^@6N/#3'P_8,_SP^#D^OQWI[WS8Z/`_] MT2@<'K;[E[Y4B([7:#0/#_M=G32[+X?ZY2Q%CO7S]@SW?WK:OYY0[;"[1NZP M/7[^\OIAUQQ>0>+3_GE__M&*]GN'750^OC3'[:=G&/=W;[S=H7;[#R9_V.^. MS:EY.`]`;BAOE(]Y/IP/0>GCS?T>1B#K_4L-WH9Y$C/PJ6D^"]/R7B!H/&2MLW8&_G7LW=P(C$P*+['TE]VH%'06;@3X32KGF&&X#_]PY[$1K@D>WW MV[X/'>_OST^W_2`<3*:CP`/SWJ?Z=,[V0K+?VWTYG9O#_Z21IZ2D2*!$X%.) MC(W&A79CU0X^W]\YW&8[`OA4(M[TXMV&J@%\ZKL=^Y/IK!WRA=L%V;8G^,2> M)H/99#(.9U/H_4)+6&UM2_C$@5[EH+EJ!Y_8X^6Q>1!`;4_BC[>-SL-0$']@ M;U>.SX/PD=U:<32XRJD>!H_X0W4[N\HY'H:/^..Z&Q[*Z&\74[(];S_>')MO M/=BA8,BGUZW8[[Q(R.$RDG.J%];/UA4L**%R)V1N^S#+L&1.L!E\_1C,YC?# MK["`=\IFP6T\UR)&"[%:A6Q"04I!1D%.04%!24%%P9*"%05K"C86&()KM7\A M+/Z$?X6,\"]Z9H'`.-PGSD0+;))0D%*049!34%!04E!1L*1@1<&:@HT%'&?" M0G&D8*1DI&)D MR\,4"'C>E(2VY.,))K8$3MV(S;5 M1CA)F21C7V_/.;,I-+&DI^0!6&HCE*Z8])+9K#2QI#2;41#B:3Q)X"9E-H8DN3V2VU$4I73'K);%:: M6-+3T`V`D823:S!S,E@4FV$@\DDL:>` MV12:V-(SUT^E-D+IBDDOFVM#,%4'IT3,%`%#SGI_WN M\Z*1Y6''CAY`!BSS8B'B3H`D]@0PDD@BZE#]=/7G9"BI-L*A9)+8$\"D"]W* MEB:9>JF-4+IBTDLFO=*M+.DIF=NU-D+IC2WM3("HY"[.P-_-*_CVEZ6)D''G MH%6&U#!L*Y4QG-R0#296%EZHM_0$T52C5"%_VNIXWF0T&I$M/<-F<]TL1V3$ M"T1&O'3%@V`2%)Q-9H-6L'XT,1ZW:V08.V M,W>F1/5C;U<=:P*B&1>%2!OIC$CDPX>^Q6!$$LI8-00KC)X$D7GVIHC$*H0Z M5$P*5*E08*_-@$YZA0V-_!*1D5\A,O+KJ^0WV+"5 M=V="E$YOF`E9:8$>.G0A3C3$Y$!V8,T$B8786&'#!)$)X101[+&6%@F\#*U@ M(]!67DA69(Y6)JX+1*;'4B%H!:7-I6EA M/1;8T/18(I)+TIL'TX!$084F]I)AVBNT,MIKA6`T[7+GLZ)4.A:+J-KL69&U MQAL?\>+4C.YF$I')(IMWK!HZDR4;!B;(4V45J&<,>P9D*&,!DNT,CVN>(]KTZ.8*G\0D/C=H$S'7(F"D)3%XP)S<88R/CQD2AP!S.I8CF,B2#Z71.AYJADMF% M&L_2)?D)6JLQVJXM7X)19/+)C/L4$)1RE'&4A=0N&COB^Z_KL%6:+!;5N=SLF=+3QI)?3U/A5X+(/45OB@ M3TQ#1"E'&4>1+9ZKCUIT*V8SE*##(1 M[4](WI0:*PS?C*.Q(Y$GD**^1X1UI9*%%6 M[B&);[:BMJA+C97QCM2"AHAR;E5P5')4*=3E'5J(M=[YG7S%Y[6:0F8D,2.) M(KX\Z_!''LGS4V.`_L@4@FP,49&'LF52F.`*I4C[$:3R-(O1=-U MJ8(ODWU[%T,$Z8'U8""/C]A8X.2(KJT-D ME$M$4GD\\$@D5VC`LRQ?%`VVZRYO]*TYV8^ZZA6/UORJ(<2\<9%J:,JQ5%FI MR%=G,D_J>L+<"I4UO M)2+5VV@P(CH56ORL-]>5(AE_@RME[NXL6XG$#FL-CK@@AFU-.-R)285,F*3* M2L4DR0DSU/A9C,CC0;0RLUT@,CV5%WNJL,'/>G)=V)7DBUKKC:_FP%F8>L): MCIR3Q;U05O"$M:P\*53L[UU'(_KX`D?3G>#0>TR^W,Q2RPU/=@)7=H)!Q<8E(?1W+7)N7DSA;PFY0N^X4/ MG7?H+`+X#4L'OQM'=W`2SCM>C"-X%;2#3R)XX[&#>R'<49?CX=PF$D5>)\&4;PPA+GJS"" M%R,[^#2"M_4Z^"R"5\@Z^#R"-YLXS\((WLKB/`^CO(L7803O@'+[8AK!BXD= M?!;!VW(='*:[2W\11HLN'H=1W,63,(+77;E^,HW@''_GY@R_PH+')CQU MX5=W-7Q7-1+/CH>F.>,_1`?Z=WP?_P\``/__`P!02P,$%``&``@````A`*Y- M%N+I!```S!$``!D```!X;"]W;W)K&ULK)AOCZHX M%,;?;[+?@?#^RE]1B'HSB@AD-]EL[NZ^9K`J&:`&F''FV^\II96VKN/<[)MA M_'GZ',[#:6E=?'^O2NT--6V!ZZ5N34Q=0W6.]T5]7.I__8B^S76M[;)ZGY6X M1DO]`[7Z]]6OORPNN'EI3PAU&BC4[5(_==TY,(PV/Z$J:R?XC&KXYH";*NO@ M8W,TVG.#LGT_J"H-VS0]H\J*6J<*0?.(!CX,;XA80F>X)@L*&,COHG\$>C[=$A>RV[/_$E M1L7QU,'CGD)%I+!@_Q&B-@='069B3XE2CDNX`?BK505I#7`D>^^OEV+?G9:Z M,YU8KNE!M/:,VBXJB**NY:]MAZM_:(PU*%$->]"`ZU7#M:>SN454[HQTAI%P M'49:UF1FF;XSNS_0'0;"=1AH3Z8ST_DL(:CVY<+U:PF]82!<>4)FTYT"9\,P MN'XM'\S/_D;ARO,]4J`_C(/KUQ)"DPZ=0'J0/F:;=X):HD$;J>_+,.NRU:+! M%PTF._1*>\[(TF$%1)1U))7@/?I?+0J]252>B,Q2A_*A_5J85V\K9^XLC#>8 M"_D0LU9C+#%BPR)(XQ/94`9;&40RV,D@ED$B@W0$#+"%>P,SY/_PAL@0;UA5 M:P:N9MF2$2R"#0EEL)5!)(.=#&(9)#)(1T`P`B:\8,3MY8KU`HE>ZC#7>2_8 MMBL6N*8Q3K]:]H]ZHY!0(5N%1`K9*2162**0=$R$TJ$,H?2?G!]$!J88=-K( M%$\RA0:!*>.@F1BTX4&\-Q2R54BDD)U"8H4D"DG'1/`)EFC!I_LM0J)[.U@1 M:TK&#:&04"%;A40*V2DD5DBBD'1,A$+AE2(4^I,-061$!Q2RH<2U^O74M4U? MFD4A#V`V;A42#<3FR\^.QY!E&F1-23;F`4PV44@ZEA7\@7?G#7\F9(?0G8K\ M98WI#N5&@SA0*'V=$!'1'85L*"%;EM&4FHNS)>1!K)2M0B)*W)%#`W&X9[%" M$H6D8QW!$K)[5]^Q5TM^X#,4^]DKEJB(G@Q$=,`7'=@,01ZO)1P(W"XWSO*D ME_66!MFSOO>LN65YIO2VC@8=GROOE%SQ([D2,=?,G\YM:=5+Q[D$;V'G=-?; MA]J-B(C64F(+2[%C2M8.071[W>]7*'&N9F\I<44AV[C4[M7%,UF:-S(CE3^A@5=O0T'Y$!S MC'R3.YE%^7TK^_;<\J55(F+:HU9FZ)HN9D)WTR4LBJ:S3->=N]+S)D?,ON'Z M?-1O>F2D6_,*-4>T0679:CE^)<=!BRR-'/.SZE._9DE\3# M.P%L?U3^Y`9/<*/J%VLW@'W`#3X-X+5Y@WO!>G:#;[P`WE=J_&86P"JM\L@+ M8*U6^>H%L"8#-[@3<)8^9T?T>]8&PO=V]R:W-H965T MF%;F]%4Z>KOZ_&FY-W;K:BD]`8;6Y;3VOLL8]$FZ8:JY8&ALQ>PF'*4@EY;\1.R]8'$BL;[D&_JU7G#FQ:7$*G MN=WNNBMA=`<4&]4H_]J34J)%]EBUQO)-`[Y?XI2+`W>_.*'72ECC3.DCH&-! MZ*GG&W;#@&FU+!0XP+83*\N<)E!8%;[.Z70>S1:3:0QPLI'./RBDI$3L MG#?Z;P#%O:C`U4N[YYZOEM;L"6PWH%W'\?#$&1"CIBDX"PR#RH]$@CHD62-+ M3N&<0KJ#QCZODG2Z9,_0#?$?DL6<([.\V/6F#]$ MQD[F[SM9C$N>KX3@<:40.76"P_;-A4AF(.@\/V:-^4-D[&3QQDD8%>$^:FDK M^44VC2/"['`,)'"1AN@PH=8)GO6W\31;]W>`#1]@&PO=V]R:W-H965TKKDT**1*5W6;M$G3M,NS`P:L8HQL MIVG__<[!"8-`T_8%PM`E8\8!A%HGI#2FB3U/IR435+NR837\ MDDLEJ(%/57BZ48QF[2)1>:'O+SQ!>4TL0JS>@B'SG*?L3J9[P6IC012KJ`'] MNN2-/J&)]"UP@JJ'?7.52M$`Q(Y7W#RWH,01:?RUJ*6BNPI\/P4SFIZPVX\1 MO."IDEKFQ@4XSPH=>UYY*P^0-NN,@P,LNZ-8GI!M$-\&,^)MUFV!_G!VT+UW M1Y?R\%GQ[!NO&50;^H0=V$GY@*E?,PS!8F^T^K[MP`_E9"RG^\K\E(E M@7;/P1$:B[/G.Z93J"C`N.$$A$#,,U,F)%JX\Z4? M!9#N[)@V]QPAB9/NM9'BKTT*6E$6JY5V1PW=K)4\.-!OR-8-Q=T3Q`!\TF01 M.I4OB01U"+)%E(3`1@5^#95]W(31?.T]0C728\ZMS8%GEQ-T&1ZHZ22!C+ZD MZ?*G8/HY<-YVGVX:HAO(T,GJVDGJR'EY59@ M\I#)1L9.`MC$YU9"#%XF:)<-&8ZA@9F9/VT&=VB?]14RS#XCLZ$)/^^:!\'Q M_+=3SY['8VAHXX79$YQ-A5=LV*,.WKL#T@(D9,+&Q/%?O=Z5[OS_9Y@X[;/S M&6D#F+WN M#\WF'P```/__`P!02P,$%``&``@````A`'P3FH'"!@``5AT``!D```!X;"]W M;W)K&ULK)G;CJ,X$(;O5]IW0-Q/..:$.CV:A+-V MI=5J=O>:)B1!'4($]/3,VV_9QF"[F'2G-3=-YZ-G;5O1=.6 M]66C6S-3UXI+7N_+RW&C__,U_+32M;;++OOL7%^*C?ZC:/7/C[__]O!:-\_M MJ2@Z#3Q6^ZMRM_CKLJ:YY?K MI[RNKN#BJ3R7W0_J5->JW$N.E[K)GLX0]W?+S7+NF_Y`[JLR;^JV/G0S<&>P M!\4QKXVU`9X>'_8E1$!DUYKBL-&_6%YJF[KQ^$`%^K MBK8+2^)1U_*7MJNK_YB-U7MB/NS>!URYC\5LOC0=BSBYT=#I&\*5-S1GKCU? MKMYJZ?8MX=JW?%^/\#PT7+C>V>.B;PG7ON5\9J_FUIPJ=2/(9=\0KG=V"7.4 M/BQ<[PIRW;>#ZYT]6I!_+!U((K*QOAVFP?*)IJ>?==GC0U._:C#G(67::T96 M$,LC;GEB,J6&5/U9ID**$B]?B)N-#@I`%K8PO;X]VK;S8'R#*9'W-EML8\D6 M.VY!\I^X]540J"!40:2"6`6)"E(!&"#+H`U,E%^A#7%#M.%1;3D0Q%*$X!:\ MB:^"0`6A"B(5Q"I(5)`*0!(")KXDQ/2JQ7.!6&]TF/)"+KAR@%MFX]!%DP[U M#A$?D0"1$)$(D1B1!)%4)%+H$(84^@?G!W$#4PPR31!%G2#,"$01C>:R#:5%S'HP5WG6"4$A8FXUH@2CE*,) M=4BE=4N=K_45\N/-JIL5;-`/#VEK]4C68BUKL>-6BZ&ASQ$L?8.(UD(I48+> MRE[2G+16EK4PE2H^Y)[6@_.(H[&_F*.;_25*?\OU?&4KJV+*/='^Y"0D9=TM MF=^7A*PXE%1F"-X8C&+9CJFJW%N-P^-;##FC$$&/7-D7$K7W!068,#Q*<1CU MONRQQQCWF$SW:,M/GW)?/^M15IH4ADAI..S#XY+9SO/YCJG/2DU)]1Z)N>TH M$NRLWFA4V.^1`QN8H!U*;=;06=/47MLK:ZTL(2'W+68VZBY^5W<)MV+=6:;K MKEQET%.I/UEOT`#K/1^75R[XQ/(*Z^2POA(WRD;$D+@;DQ=58"4@'Z,`HQ"C M"*,8HP2C5$*R%J0L1;D'SWSO.PQ6WDH9-U2\8^;8CI(Y.VNPXLNPCU&`48A1 MA%&,48)1*B%9'U+-BOJ\D1.L^)5D8$A(@)V%D(]1@%&(4811C%&"42HA.692 MK(HQ?[128T6O),90!X\YX:CG-&LP&E,"H0!;A1A%&,48)1BE$I+E(26N*,\; M*<$J8DD%L4AF;W`LA'R,`HQ"C"*,8HP2C%()23&3S5J*F:3$&N"=RP3U(Z^9 M/8+Y,::$[2@E]6ZT&G("HP"C$*,(HQBC!"/RD6-RM<%N3T@^_`\1"TI7>,013XJG7-CL6?67,L+ZUV+@Z09"8M7!KV78S] MZ/H3T%/=P0A@ZP??+`CX+F*2L/-1UQW]`U\;P1?3Q?P```/__`P!02P,$ M%``&``@````A`(4,/Y("#0``A4```!@```!X;"]W;W)K?UU5K*.[OV*3G+M?OV_?1E^[_6'3[^['V[I]5;O^ONQS^ZP_C7A[_^Y>Y;O_]\>.VZXP@L[`[W MX]?C\?UV,CFL7[OMZG#3OW<[&'GN]]O5$7[=OTP.[_MN]30H;=\F^71:3[:K MS6YL+-SN+['1/S]OUEW;K[]LN]W1&-EW;ZLC^']XW;P?G+7M^A)SV]7^\Y?W M7];]]AU,?-J\;8X_!J/CT79]^]O+KM^O/KU!W-^S?7D[_JO_ M]O=N\_)ZA')7$!$&=OOTH^T.:\@HF+G)*[2T[M_``?A[M-W@U(",K+[?CW.X M\.;I^'H_+NJ;:C8M,A`??>H.1[U!D^/1^LOAV&__:X2&B+R1PAJ!G]9(G@4C M)Q1+JP@_K6)YD\^KK*KQZB<4871P&WZZ*U8W\ZHJZ_GLM&9M->&GU2QN9MET M4:3U)B9?0_K;U7'U<+?OOXU@3D-&#N\K7"'9+=AR>3<^^TK\62&@`FCD$:W< MCV$Q0HX/,'N^/F2S^F[R%2J^MC++A`R5:)P$EA?-MAQ0'-`1,(&(?%@P#_X/ M8:$5#,LYM'1`B#-G,3@)I])R0'%`1P")`:8ACZ&$29%>$JX2J'0_AHD856)& M?5P:F6)8D4.B&X&T`E$"T3%"/(?+<\]Q,5\YJ=`*3$LH<10+GU5&"&*)A>8T MX,8+^:H(1`E$QP@)#T*)PSM=$!0>HG#77AHD3K]`6H$H@>@8(?[!.H[]PS5= M0X*N3#]:H8X;A.5ZP7+MA5R\K4"40'2,D%AF-);3N49AZK)!XEP+I!6($HB. M$>(?-B`_OW^B%>JX06BNYU.6:R_D$3N/R/L%P'5S')7"9&8AEGM-JD'**K824 MA#2!:$A(7U%(9S)OR(YX'O.?X=%,0*V$E(0T@:B;2$.1FQ_-O&$SXK\GN(@[ MYP6?\UXJ9%Y`*A.0)A`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`&R+`,:B#87WBE:1Q.05 M7>1*2FD"T9A8VW!Z_\#IP;9W"T4^-1)J):0DI`E$W41&9IO#X@.9-\0>;^70 M;V%(X'^<>=[#!BF7YE9"2D*:0#2DJ_H&Z$5$Y@U$,B^@UBI&4DI"FD#43:1< MEGE,UI7G[(5A;I)Y`[',\W[:*D;^MQ)2$M($HB$AXT8AG9GSEK(C2BD,%/G4 M2*B5D)*0)A!U$]DT4FF<>4O`\48OH+80D)*0)A!QLX3Y';LY9!Z7R)63?K!#-WH+L=3S M9C](^=1+2$E($XC&Q+CW=.I+0ZCQI+%0/.DEU$I(24@3B+J9XMB/I-[P(@G` M4V78Z?,IOQ$IO51(O8"4E-($HC%=Q;&EY%@+D=0;J0AJI922D"80=3/!L?@H M_MI)+SFV3'!L/F6W!DV0"IGWB@Y24DH3B(:$?'CQ?H/!LN[&0E&:&PFU$E(2 MT@2B;B8X-IM^(/629,L$R>93?GL7I%R>6PDI"6D"T9BN(ME2DJR%2.H%[[92 M2DE($XBZB8P6S9`/DFQIB)%L-YXKX^V&WW=:Q2C*5D)*0II`-"1DORBD,SN] MX4KBN:#/IA10*R$E(4T@XB;>.%WNYB!-J=1"L$S\+5/.#X,:+^0GMD6BC"L) M:0LE'G]4C$C-.<6Y0Z1!B_EO.196:!0`O^=SBM&YGX-@-7A%<:2GK)0]5\JJ M+,_RG+&==J;D:46%I!?-H@O#-%09SZ;!$+RS"-%Z;_,IO\$*4J%0QA8<>3M( M.:F3YW].2)X_5(R(S6(/YP\7/0<9C+!*6LJFE>1W,DXQKJ1E\=#A*BL%=^S# M"X95MECP[5H[2XFJ)3C\I\Z8*LGF%J(%S?C=0Y!RU6LMA'?Y?B8DYJWE?'/& M!.?5V:PJQ+PU0G`J#];IML(HW\S;4./+GH-4LA5P$"ERQCOW(!7"MK:B,U\G M%3T:<5"BIDCAUZ]$U&+3U$"L<"RU3>6E0@06@@5YJG!6RBS.?#'-9M,I6P3: M64\4CC4,6#ALF4[35R4;!P>!.][;/./=9I`*85I;<:$L!%P>V6+MDW:V@"2] M5%8'JJ<3--EQA`EZV28D^XW*0*RZP0GS'D.0"F$;13@O<9"R4G`V8=YR+JOY MK&:GR-J92I02NP4^8^$E!@AOEOFA[P/V0_SWC38Q6C*%L)*0EI`M&06#]S>ENI91]CH*F1>0$I* M:0+1D)"1HY#.9-[P=[S)U@8B+PG`Q,H>1X9Y)C"Q@9&C#^,AL M"M]T#HM(C/BO/?E(#3K0[J1\`QWH,5(C.8P,1Q7"6@$C15*GA)&A?18Z%8P, MKY_QD1)TX,`[X4$).D!8J1'(-9S4ID8@UW`XFAJ!7,,98VH$<@W'>HF1`G2@ MKTZ-@`X\;TN,E)!K>&J5&H%:W"MY03XQ4TUL\SY4C\''W8\K6$B^?D%_"Q9/R.%T2 M\H_E[2-LC?+"2URQ*1PJF"P@[HPH/_'Y@(_`WU_@<` M`/__`P!02P,$%``&``@````A`+B0XBJQ#P``6EL``!@```!X;"]W;W)KE];=]G&V,%8S2L2(`@VR;-& MEL?"V)8A:79V_WV*3;+)XJ'E:6=?UCL?BQ3KL+K[--7J3W_[_?GI[+?-_K#= MO=P,1N?#P=GF9;V[W[Y\O1G\^U?YR^7@['!HBC/:]_9KCGU?[;]]=?UKOG5QKBR_9I>_RC'71P]KR^-E]?=OO5 MER?*^_?1=+6.8[?_@.&?M^O][K![.)[3;P>?1M5W,!Q>WGUJ!_K/=_#AD_W]V>-S]4/OM_=^W+QM2F];)K<"7W>Z; M"S7W#E'G"^@MVQ7XY_[L?O.P^OYT_-?NA]YLOSX>:;EGE)%+[/K^CV9S6).B M-,SY>.9&6N^>:`+TW[/GK2L-4F3U^\U@3!^\O3\^W@PF\_/98C@94?C9E\WA M*+=NR,'9^OOAN'O^KP\:A:'\(),P"/T-@TS/I^/9XK(=Y$3':>A(?S_^Z33/ M-@7Z&P89S\['E[/1;.YR./'Q\]"3_G;S'DV'[W5;A&[T-W[@^/QR-IO.+Q>G M/Y".NG:J]+?[P)_J>!4ZTM_XD3^9XXA*JOU,]S_=A[Z=Y84OD+;>FM5Q=?MI MO_MQ1@5.":-K-U:L-*]O5WMOE1[5G!OELQOF9D`"4%4=Z'CY[78T M&7VZ^(UJ?!UB[BHQ/&(9(UQ!NV&;$H@2R!*H$N@2F!+8#%R0+)TV=/3\&=JX M89PV,:N["))8XT*(&!&[-"40)9`E4"70)3`EL!E@0M`9`(284+'43T>Q)ERO MFP&=!+*:*!*]\S$T5LQT":0!(H!((`J(!F*`V)PP"2@-D,"=D7L>)VX8.M2H MXC)1R@/%!SF!LZ!)42)=4%2N`2*`2"`*B`9B@-B<,)U($J;3Z1)QT:T<,8D[ M3_*"`-(`$4`D$`5$`S%`;$Y8HG1U88FV)\X)A?>L"#<.E\"38OFGQ?)W05&Y M!H@`(H$H(!J(`6)SPE2ABR=3Y?3RNVB>NR?Y\@-I@`@@$H@"HH$8(#8G+%'G MM//KYNE$731/U),\42`-$`%$`E%`-!`#Q.:$)4K>A"7JZGS:O\S=,%P!3XHR MGQ5EW@5U90Y$`)%`%!`-Q`"Q.6&B.*?$5#F]_&TXSSZ@O``0-8@$(HE((=*( M#"++$,_9V:2\Y#]J%;W=HFM@7-,[=SVDZBAJ85[40HJ*'1M$`I%$I!!I1`:1 M98CKX]Q3KL\[->'-%HT7L[D;><1J`E"#40*11*00:40&D66(Y^S\4I[S!\\. M(^^[F!B=%>*RK(DN*M4$ M(.',NS_GQ"B)2"'2B`PBRQ#7QYFG7)]W:L)[+29#;K]"30!J1H`$(HE((=*( M#"++$,_9^:@\YX_6A/=C3(S.HN7GB:NR)KJHN-K-")!`)!$I1!J10609XOHX M^Y7K\TY->+?&9,@-7*@)0,T(D$`D$2E$&I%!9!GB.3MWE>?=U`C M;].8&IUSRXIB.BR+HHM*10%(A.&SZXE$I!!I1`:198@)-.YG,MMP;C(#RJ:^ M1-0@$H@D(H5((S*(+$,\YYK)G),0/6MBC"8S('[QF!9[+\L4U=4$(H%((E*( M-"*#R#+$]>EG,L=H,@-B-8$F$Z,$(HE((=*(#"++$,_Y3S*98S29`14U46Q2 M+E-4J@GPG0*C)"*%2",RB"Q#7)]^)G.,)C,@5A-H,C%*()*(%"*-R""R#/&< MG7LK+QY7'SA/>!>87SOV/(Q.B\ M8NXGRCW9T)'ITW5,-0%(8D>%2",RB"Q#7!]G_G)]WJD)[Q69#&`?EV-`#2*! M2")2B#0B@\@RQ'-V?B[/^:,UX7TA$Z.SBGE-E!N8XRXJ%D"#2""2B!0BC<@@ ML@PQ?=R5C^ESNB;:<.XQ`\J*?HFH0200240*D49D$%F&>,Y_DL>QYWS%!CQE041/E1F:*BI(UB`0BB4@ATH@,(LL0UZ>?QYR@ MQPR(U01Z3(P2B"0BA4@C,H@L0SSGFL<C[LIQ^8FG@7F!N*@(H31;F3F:)B`32(!"*)2"'2B`PBRQ#7IY_)G*#)#(C5 M!)I,C!*()"*%2",RB"Q#/.>:R?Q(3:#)G'3V,3,4LW(C,T6EFN@Z1B0P2B)2 MB#0B@\@RQ/29]C.9;3@WF0'E-8&H0200240*D49D$%F&>,XUD_F!#8HIFLR` M^'EB5FYDIJA8``TB@4@B4H@T(H/(,L3UZ6(YUTSF!YZEF:+)#*BHB7(C,T6EFO!C99()C)*(%"*-R""R#'%]^IG, M*9K,@+)LEH@:1`*11*00:40&D66(YUPSF6X9>WI,5T9D*',_$5!1$^5&9HI* M-8$>$Z,D(H5((S*(+$-,R!6$^@Q,4H@DH@4(HW((+(,\9QK'M-) M='IS9HJ6,J)QNA&/B([[M$4Q*[8RFQ#%@]+>%I]N/\LW15K%!"7'];(1_&@M-?$YCOK9\':<'XV M"2A?(T0-(H%((E*(-"*#R#+$E+9^ M^'3[.:(9.J*`V!*A(\(H@4@B4H@T(H/(,L1S)F7@;MJ=Z7I>_69NG*)>/2(Q M\O-GGR.:H2,**$MPB:A!)!!)1`J11F00 M689XSLY]E#LL;AG[UH1W,;DCFGE4U$2YPY*B.D>$2""2B!0BC<@@L@QQ??HY MHADZHH!83:`CPBB!2")2B#0B@\@RQ'-^RQ'UK0FT2#./>$W,RQV6%)5JHNL8 MD<`HB4@ATH@,(LL0UZ>?!9NA!0N(U01:,(P2B"0BA4@C,H@L0SQG9W_*\X1[ M[+9O302SE3V(/PO.BET[YN4.2XJ*!=`@$H@D(H5((S*(+$-,'^=TF#ZG;4\; MSB^A`>4U@:A!)!!)1`J11F00689XSC7+-YJ=N\W8X^-V_>UN1S<]%%318D(_ M6VX?G/T\1P<8T"3=1P7B'L%)]U'S8L>E25&Q1@0BB4@ATH@,(AL0/9]/G\C% M*0UF^RP$O1<@://K[K75IH=0Z$'GP7!F0GE"S^VXGX6/AZ-T&]G*W80N%)`T MZOI$)$.4SZOMJ%+',')AOW4*B,,81):-S!6KV=.\G*)DE7*BPNCJ"=WI/"!6 M/FL2?$%*/^Q*V%VZWUD`],5SC]RWN5GNZ=:LG=PR1J5K0Q-1 MNA<4$;DSR&^WD]%\?G4U*X:2,:@]+D/]ACFDT76,2J.;B,+HP^G5Y>6H\*PV M!E6.>BJQ/I3DS`QBDUB4;A`&Z/>F@2OU7X^?8X^/2!V_46?CE$"D42D$&E$!I%EB.=, M*K-BB\=G3T\V=^,45>B1.]C3`;N`,V87%<_X31@K4U$@DH@4(HW((+(,<7VH MOI@^[YRW7'@A@T=9-LLYH`:10"01*40:D4%D&>(YT]'"K(N*M:(F`.2B!0BC<@@L@%5/-FB-.G_MR=K1^1"!90)%0@] M%_J&)TL!G4:(9$"Y)TM1;WBR%!!'-H@L&YF5TZ)F\2?#5$X_Y\G:80J9@NUG MU[E%X>B7L6-VG8MHD0QL0/0PMI-A.A[/AL/B:B)CMZNNFXHH#:XC2H,;/OB$ MWOH$@]O8K1V<"^B\=7[??/HG^WQ$*77X[0FM08ZTO$36( M!"*)2"'2B`PBRQ`OCK<,=L\+^`(==T#%!;RX)UFFJ"A9@T@@DH@4(HW((+(, M<7V

QQ\`0_FLKTSFU%T(4LOX`C:A`)1!*10J01&426(9YS:63=->H#7]+0 M"Q/+2WA`14T4=Z#+%)5J`GRPP"B)2"'2B`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`&2WGXVM!&^780KOPU*?6LIQ?44MM:9>+X;6@6[S*:-3B[@>IY:);#7JS M\>OJZ^8?J_W7[W]^]&#K=_X0N,+[LCO=.8;N[H=;;T#NL- MO4EVZ+[E>-CMCO$?[@.ZMV+?_@\``/__`P!02P,$%``&``@````A`/'J>*`) M`P``*0D``!@```!X;"]W;W)KZ\EZ85%PT*8G\D'BLR43.FTU*_OQ^O+DEGM*TR6DE&I:2-Z;(W?+SI\5. MR&=5,J8]0&A42DJMVWD0J*QD-56^:%D#OQ1"UE3#I]P$JI6,YJ:HKH(X#"=! M37E#+,)FZ`M^OT8AF!VSS<01?\TP*)0KM`UQ@A1Y[G@6S`)"6 MBYR#`VR[)UF1DE4TOX]&)%@N3(/^( ME(D*!,#3JSEN#>@(?4U)#,0\UV5*DHD_GH9)!.G>FBG]R!&2>-E6:5'_LTF1 M$66QC+0'JNER(<7.@_6&;-52W#W1'(`/FBQ"I_*<2%"'("M$20EL5.!7T-F7 M910GB^`%NI'M<^YM#CS?<[J,`-1TDD!&7]+I]AR8,1F9L5THY=X&^C3Q:9K$ MI4'G":SI93HL2LFH;R(>=?A6@9,-EELI%C)Q'T?V@E.3]O#@?* ME+D,^Y!KYO:T&=RI?=;+;DSV@`P!4G+"SV`NF/-S?9-%^X%@QJ`]H/N0ZV=V MQL]@3%SQ8\\^V.I.3'1N',!5XW0*_8S"F7]ULYG"0=-.3(`D'#BR%Y.=_C63 M&_:%597R,K'%2R>&L=U%NPMQ%:.387PT7]F+,NA^@8NJI1OV@\H-;Y17L0(P M0W\*;J2]ZNR'%BU(A^M*:+BBS&L)?TD8C.X0K1="Z,,',`?=GYSE?P```/__ M`P!02P,$%``&``@````A`"'(*8"T!0``J18``!@```!X;"]W;W)KE6H[NZ5]DJKU7X\4^(D MJ"%$0&_;?[]CQ@%[2"-RJZI-S&$X/C,^8WS_Y;TZ.#]DTY;U<>VRI>\Z\EC4 MF_*X6[O__/UU$;M.V^7'37ZHCW+M?LC6_?+PZR_W;W7STNZE[!R(<&S7[K[K M3G>>UQ9[6>7MLC[)(US9UDV5=_"UV7GMJ9'YIK^I.GC<]U=>E9='%R/<-7-B MU-MM67D]+8JZ.D&(Y_)0=A]] M4->IBKMONV/=Y,\'F/<["_/B'+O_,@E?E453M_6V6T(X#XE.YYQXB0>1'NXW M)XT[CO!?JWE&^M\=EI]_7;;TVY^:,\2E`;\J0R\%S7 M+PKZ;:.&X&9O;CR?9%J`H MA%ERH2(5]0$(P%^G*E5I@"+Y>___K=QT^[4;K)8B\@,&<.=9MMW74H5TG>*U M[>KJ/P0Q'0J#\BY_N&_J-P>*!A[9GG)5@NP.`I\G MAC2&J7XV4YBB"O*HHJQ=J':81`OI^?&0)/?>#U"TT)!T"F$V(CLC5"*`W4`1 MYFU2O*SYF8D"*R8J!XI:B@,0>Z#&R7.GB"@8(!83$,ADHL0*H):N,U(WK=W0 M(,!\?XB/)!&#E:-89\:`Q0#"F`RN/UF!@:'U9")ZBIBDS]F")Q$77-CD,AO" MXU44CLFUV$$MF^SFZ:-NHOJ0%*6(,?0Q!BP&*YO!=7T4F.HS9AXS@YBHUX<% M/&014<<&^"+Z1)OH%F8*3)F%]H-3Q""S5<(305*;F0`N5-J&")9FJDD9%G!= M,P6FS$C!I(C1S"(F.&5F`J#B0J/D+&;)+,"U(L4$=?K[Z9>P*;-("15E6H,J@:2A0'= M8F0:Z_9WD0T0&YT+==0@PW7-$9L%\?[K MQL'1\TWC8(QF48/.&H@H&E.$96\CDE4HQCS;[&[J"7S:$QBCOJ9!FAU/5D%, M()F&7"U^KIQYMN'V:+NI,T;-3(/H8[5D5B>`!0L_P]JP-;NI%?!I*X"=SA!9 MUY/E]/`:R@3U61U'RQI.GKIYRT_A%(&)A;*7U M^D3(58;J[7^^9_1HXAE\7/,HG09A1L,@%$(02&9!%BP.16!L]JR2"T@SF"=A M?Q9*V,)/GA?;`2?VG<"ZH?`:/.*)0 MO?:-)##5%B3@T-_&R2)-/!G$D[-*-CN9R<.A=8KZ59WZ<7C;&$:'$\G'_D"2 MC*=P4MD?ZWG#!3@H/.4[^3UO=N6Q=0YR"R']901&U^!1(W[IZE-_7O=<=W!$ MV'_4D&V5EP2; M,\=GSHR'Y>U+4SO/7&DAVXP$KD\3JO>,.T*SO>PIM2JH896*J=ISO%6=$' M-;5'?7_N-4RTQ#(LU#4%7J9 M<^JE'C"MEH6`#-!V1_$R(W?!8I,0;[7L_?DC^$&/GAU=R<,7)8IOHN5@-I0) M"["5\@FACP5N0;!W$?W0%^"'<@I>LGUM?LK#5RYVE8%JQY`0YK4H7N^YSL%0 MH'%IC$RYK$$`_#J-P,X`0]A+_W\0A:DR$L[=./'#`.#.EFOS()"2./E>&]G\ MM:#@2&5)Z)$D!/7']_1:$L\*ZO.[9X:MEDH>'.@9.%)W##LP6``Q)A:"/5;& MD.I[F4**2'*'+!F!9H=P#=5Y7J71TGL&1_,C9'T)""8(S$HT.3B<9KRW$-@R* MW8PVS@X&ENL/1C!4<7QP/.1C3;&0M*_4C*8)C>D$LCF'T)MY$J4#RYDXZ."Q M.&RAZ-V[<:H3!DWP^XP9>\H7JW)_AJF;S^KO.$% M3+^.[?AWIG:BU4[-2Z#TW01JJ.S\M`LCNWX(;:6!N=<_5O"9XW`;?!?`I93F MM,#!,'PX5_\```#__P,`4$L#!!0`!@`(````(0";,I6?&0<``*L<```9```` M>&PO=V]R:W-H965T&8S':&UC`;.S^_>IIB]T=[$>:Y*787RH.MUUJKJ[@(?/W\^G MV;>J[>KFLC'LN67,JDO9[.O+R\;XZTOR:67,NKZX[(M33Z5B6;YZ+^F)0AJ"]AZ,Y'.JRBIKR]5Q=>DK25J>BA_EWQ_K:<;9S>0_= MN6B_OEX_E2`:>F^8K,TJE^. M/:1[`1&1P(+]CZCJ2E`4:.;.@C"5S0DF`']GYYJ4!BA2?!^N;_6^/VX,UY\O MEI9K@_GLN>KZI":4QJQ\[?KF_`\U&B(2)`XC@>L$R0U'ESG"E3G:WGQI6VMW M":/?X.\0+5S[B)PE5$>,<\U\P-KGP\_SYE;*@]6@JD"&F:;\9HTE(:*C,J^N+Q MH6W>9K# MS&^P&DIFL\4VMFH1<@M2^H0VTH%8!Q(=V.E`J@.9#N028((L0AM8(O^'-H2& M:,.CVG)@%,O1A.`6W"72@5@'$AW8Z4"J`YD.Y!*@"`%+7A%B>L/BM4"L-P:L M=E$+CK=6`]Q2&W?8+X=4APB)$!(C)$'(#B$I0C*$Y#*BA`YA**%_<'T0&EAB M4&E"%'>UT$2A1B#*:.0L]-(01J(V$!(C)$'(#B$I0C*$Y#*BZ`1[M*+3[1(A MUH,2"0$B$D!@A"4)V"$D1DB$DEQ$E4#A4E$`_6!"$1E4`(2%%M'IP MU:*)A!&7,D9(0A'/$5O0#MFD`I&+3]O",V'$!\ME:D4G.$0G=)J37J$_UN77 M;4-;E8E"<>$`H<<*(5%50DA($6@ER*GC6+:VJB)QG\\Y1DA"$5D@BDCUF`HO M-HZNC;C/Q\EE5D4;TM#C0W?4YDMSA:C?.W,)BRH.15R1YI`"'JQ:L>TXSDJK M(&'$)QXC)*&([0GJ'45HFTK.ZA0Y90C)91I%$6B!%$4FJF+(,"T+8JU&SA!2 M7+P!<3PMT)`9^2*(B"&0*.%F^]H*BZF1LZ0%YJ\6:]^S5`T31K06U#LT6'K/ M8-D=@^7R8(J*I(%39*2;TUA8=RVZ@465ET&.>C1I*RWD5O2!@S9P9$;D.44( M$S,K3^7R-4$YEURZMJ^-N.-6XX@I@Z01L^D1E^J(.>?ZV8BJTJ1G1$L8GL;8 M[L97\/U;'>D-M*+FD%S5KK;MA-QH5#ABD`NK[499K8L-1RN^=488BC&48&B'H11#&89R!5(5(UVMK-@[RM`F&)3A MT6QMN2^F?3J&(@S%&$HPM,-0BJ$,0[D"J3&3#E6.^6-;(&'1MD`*>?)B='SM M'`CAA"2.X[$8,01.K['>'%][\HU'*ZY]PB"X`*3&"%PW8[QS)1`:+4@&L;,. M-5,A>5U%?,;%'W'H]B'*K/@I:MF>M]0.VH0S3:Q]TF;*67VGDFE7JE0RA1R' MMXG:B@\A)!*9,U9_Q*&Q;XXY1%I4Z#9I,Z`>)`FWF4@.U'0_E&) M@D$B/]HA%MK,0,Z/\.&E%3,KGHSI*)C;1#)(%W=_%*SG&W7=VA0:"T=S,!;.9R`7IHNZ/@O5=$4./J#0,@=I80RZ)U6BUO=;+4XNY1D^B6!OJ\] M5^U+%5:G4S&I'\!;%VR?+H-LL#=%`/"IZ%J\5+\7[4M]Z6:GZ@!%8@W]<4L_-M$? M/7N[\-ST\)$(%@*\]8>/@A4\Q%OD`>;0-#W_`0.;XC/CX[\```#__P,`4$L# M!!0`!@`(````(0`*()WU<`@``)XE```9````>&PO=V]R:W-H965TSM7E:;3\,AYT%R2.OAMV_'P^!K5E9Y<5H-K;OQ<)"=-L4V M/SVOAG]_"3[=#P=5G9ZVZ:$X9:OA]ZP:_O;XZR\/;T7Y4NVSK!Z`AE.U&N[K M^KP4Q[2&/\OG474NLW3;-#H>1O9X/!L=T_PT%!J6 MY34ZBMTNWV1>L7D]9J=:*"FS0UK#^*M]?JZ4MN/F&G7'M'QY/7_:%,(H/&(M0Z:"/Q9#K;9+GT]U'\5;U&6/^]K"/<4+$+#EMOO M7E9MP*.@YLZ>HJ9-<8`!P+^#8XZI`1Y)OS7/MWQ;[U=#>WHWG8\="\0'3UE5 M!SFJ'`XVKU5='/\50I94)9384@D\I1)GUBFYT-"1#>&I&CIW]OW4FLZP^PLM M)[(E/&7+^74-06UC,#Q5E]>-=28;PE,VG-U9D_%'`YW+9O!4_5UI(DS19J3P MO,W$A6P(3]7E=29:D'XB&S`/1:0O&3D2R=3DII?6Z>-#6;P-8,)#NE3G%)";P31"8(#1!9(+8!(D&B"-@TA-']"]9*A=0>C6$Z:[EPH(:N!8R3K-B-J%V M&?$8\1D)&`D9B1B)&4ET0DP',XCI/S@_4`U,,<@TS2GF!!%"X!1-:#JFGG-; MH38W&/$9"1@)&8D8B1E)=$+\!(LT\=/E%$'IQAW*B+4@>D(PXC'B,Q(P$C(2 M,1(SDNB$&`J;"C$4$P)#=N."B6JH!P0QHF^ND*V0)Z62PN$J*2TQ)5D`GMY5XS81C'B=5)* ME<]1()$U:=6'$G5F1[Q=S%%"5%'G8'6F.Z0K`AM`VMF3$'?2EEST7BS>ZGB]G$*-P"I:JY8FC"%2K4=1@I=+'#^)H. M$Z6JZ9`Z%,LXW:%B';MU4HIBD/A9()N6L,8T="%;<.K:799Z$CF=)WR))E37 MC$[I0.D"E5J`C!Y#)=7U&/$>X_X>Y[3'1.EZKT?J::PCF:?AC`_#Q=5/3>L; MED+4:.P=$J%2E=V.L1RY>-6$[3H/>Q(YL+&W[7J26S1T%B*Y[7MG/)L9V@.E M74]NUF%T58>QDI(=.M.Q;=T;$4U(A]3E6*4RET^[Y%8^_V`5$<4NR6Z]_A6G M5G`G>E7;&#R.?(X"CD*.(HYBCA*"J"^PD-5]\8'-HNXE-@ND&>A:#'D<^1P% M'(4<11S%'"4$49NQ3M5MQL5M`LEXXPG-$O4N<49;`G<3QIX:.Z<4M$2XY[;9J MSXQRT)5279GL20*5K-[.N`'R.RF528%$4)@`HC::E;-9Z%VW%]J\HE9(EKSL MK.4J`:W>4`CVC]8QO-Z04JJ8'EN3R=PHN`.EB9>V-M:6-V2R*$7UU:W1`-6I MK4Z11LGI*H&NF/04ZH[7OD)XB(5?0\29@):2@9+I"1P63S>8@>+&NB11&R"C MCG4QSXR"4*%Y>P#R)5+1Z#=#:NJ)AEF+7=YK;%YS2=1%P]QME8`>#:$&VJ@I MXBNIB]&0S7JB@17/#=$0!1))*HG::+`-0@KHTZ5MTYDAT.5HR&8]T>BKC"RM M,KYNQ>-UD2T0KD/MQ+9GYNVEDM(C)0NJSFI?2CG"4]9X/+<=QZC^`Z6J)U18 M=>BA:E:\_W/@@F\"V-R2"#RMV6LL4JYJV!GG2?3!B4M)73QQ*>U:F,6G!^+G MW6-6/F=N=CA4@TWQBI\5@,\>'UHLOGE86_,EEM*08.S-/;QI?K1D;Q;PING6 M?&./X1.*YC<]]@8_KF@";[Z9+N&WEI[^9TOXN:&'PX![QPO#[1TM#+9WK!9T M``J_(WM6>--H&[49!%_'G-/G[(^T?,Y/U>"0[2#- MQ\U!OQ3?UX@_:GEW^E34\%T,;)/PF0-\!Y7!%P9CO(G9%46M_H#ACMHOJQ[_ M`P``__\#`%!+`P04``8`"````"$`BYLOS(D1``!>70``&0```'AL+W=O-D_WFX?]T_;]]9_;X_4_ M/OS];^]^[@_?CE^WV],5>7@ZOK_^>CH]KVYNCG=?MX^;XVC_O'VBDL_[P^/F M1/\\?+DY/A^VF_NNTN/#S60\GM\\;G9/U]K#ZO`:'_O/GW=WVWA_]_UQ^W32 M3@[;A\V)KO_X=?=\M-X>[U[C[G%S^/;]^;>[_>,SN?BT>]B=_NR<7E\]WJV* M+T_[P^;3`_7[CV"ZN;.^NW^`^\?=W6%_W'\^CI^^WGS_>'TK_W/?+O[\O5$PSVC'JF.K>[_ MC+?'.U*4W(PF,^7I;O]`%T#_OWKGK^^O)\O1Y'86S.9D M?_5I>SRE.^7S^NKN^_&T?_ROM@J,+^UE8KS0I_$2SD>SQ3@,+G`2&B?T:9PL M1L%TW%W'F;:GIAI]OKUMZFHG`WT:)Y/YV1Y3:5>!/DV%^6@1C)?A@ER?MJ&II_>9FC1CNQ;IT]2I:E&GQN"&I.WUI6CX M?^BKW"A]K3)K"SS!A9C6PE:))4@D2"7(),@E*"0H):@DJ"5H)&@]P,2D:<'$ M'+Y;V)A4UN^O*::]F)QQD=;:)NQN5EW(14!B(`F0%$@&)`=2`"F!5$!J(`V0 MUB=,0I*#2?C&^:[^)*R>\-B)Q?:,Y'X&H-^KC%$@")`62`GHE[/AJ5-==0$S\:@<1`$B`ID`Q(#J0`4@*I@-1`&B"M3YA@*K5A MBKUQ<>S\<"T-$@&Y%`'IK/J(1)0@2A%EB')$!:(2486H1M0@:AGB6JL=O3_U MST>GV@J)\#3(CT]$,:($48HH0Y0C*A"5B"I$-:(&4):J^V^ MK_4+L:JS`R:IGS#H1$@=0FB5K5@QH@11BBA#E",J$)6(*D0UH@91RQ#73VW? M??W>F!6I`Q2Y"/29@9<$+>'@H[=R6@-*C'MO04D198AR1`6B$E&%J$;4(&H9 MXEJKG;^O]0NQJA,%%JM^[F!B%5"L3I-Y^":(4D09HAQ1@:A$5"&J$36(6H:X M?FIS[^NG8E4MA1 MGY:B3XFSLGU*#6(C`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`C=-,=1\5X&9@L*E?U1T7>8%YWP]<9 M+QLLC<1@B<4[FO16;C73*'1!GABKT-QCX!Z06C=.N,PBM];DUHWS7!@T]9\I M"<=BPU%:7V?#H+)6KL4:6VQ$XV,D5Y-?Q,;F[@O=1$3CEU` M\*N4&>X+HXR);`AI980H1I0@2A%EB')$!:(2486H1M0@:AGB^@WGHQ>?HH68 MD1JD(JR?^>%8[&($D0IH@Q1CJA`5"*J$-6(&D0M0UQKE:SX6K\0JR:W M<5NS->TOER.]6W\E,[+L29V4C.D64(XSNF#5Q5DX=[8LJ6I2A58ZH0%0:-*2. MVEJ#.G\E$0G-9MV?H!JYGD3&R)'8$#ITZ)*I<2`2^,096#U2VY27*X+CW-4S MCD425#@#Z[ADCEDTJ?02];HX!^C<\+VK1;1R]8$2!F+'&CDK>[&Q1>YH)[%( M'^W,1K="S-0:N(PJL\A+URQRG@N+M.?I*!"17%H#3)^FGO/ M#R(">9AG*OK'JA:YO8J2[DV36R@](:*DXVU)I??RJ)2XA6;$5\04)E;F8UAKY MVXPIH!A1@BA%E"'*$16(2D05HAI1@ZAEB.LWE&N\X;4F544*JY'(-<3:$YF* MGOPQH@11BBA#E",J$)6(*D0UH@91RQ#76J4%_F[GA5C5682_):;#5*6R)U:$ M*$:4($H198AR1`6B$E&%J$;4(&H9XOJIK;ZOWQMS#3I]A5@=R"+"0!S?1Z:B M)W^,*$&4(LH0Y8@*1"6B"E&-J$'4,L2U5OM_7^L78E6G"RQ6(1N)Z(19A&^, M*$&4(LH0Y8@*1"6B"E&-J$'4,L3U4TF'KY^*5;447OC4WE0G+TQ8C90S;T,C M=L*1JN.Z.M,)DA^K!HE8E6?CSLH& M9HPH090BRA#EB`I$):(*48VH0=0RQ+56286_+KP0JR8'W>.UQ, MT2I#E",J$)4&#:DSE.T$?^6\<89YCT%A?W(:&?++T\78&3B-M&.J8U%JV_(. M'%W%X>/%W!E8-P6BDGGF\21S%AE/KWOJ8(:YC$74SWX;UL*C+/U#KR3B$M%I+L#=OG+KR/DN+#)/94W#F7S`IV2^>8#*1$4%:!C\A6>99IC+6.3' M:C@1(QQ9*]>UV"#U#4@_`@/!:O(B_132?#E9SL1$2*UO/UC-=;KF\E.!I8!"Y.&#L_/+LQB.UBPHF(L,A9V4D?(TH0I8@R1#FB`E&) MJ$)4(VH0J9\)=:<-6FO]LY_Z=P8?MX6!WP1E4& M:U"%07N2>5#E@%2FGW`9:"&@<=;W:+@JTI]^2@/KT/YQE=`6#4LR*E'[.2RA MW\G]..1KK9H?L%]3XX/V:N@'[#].5Q]I@F'#:QK#P2&D$1RZT#6-W]#PT5?R M*_6M.[9`WZFOU-?F6+*>A:LU[?ZQA#(Y$FJH(Y3%4,E0'KD M<`EUD[X!&*I#':6S[:$2BCHZB<42>@>51F7HJM?A8K6F7076B:@D&BRA1V5( MMZ%VZ#$1*AGR1D^VK-3S&]@./?=$D3'4'WHQ=Z5>=,,Z]'[N2KWOAB7TFNY* MO80[5!)0R5#(TFN+5#(4M/0"'94,M4/O)*_4.W[8#KV:O,H&2^@-Y95Z_QCK MT)NR5#)T;?3&)I4,71N].T@E0U>PIG;6@R7T5O9*O>6(5T`O9Z_4J]=#)0&5 M#%T;O:Q*)4/71J]-4DG7SDV_.M&O6S]OOFR;S>'+[NEX];#]3+?*<9><'/3O M8^M_G,P+A)_V)_I9:]J!T&_VTN^8;^DYZ+':C7_>[T_V'W2Y-_TOHW_XGP`` M``#__P,`4$L#!!0`!@`(````(0#@%8IP\P<``,`@```9````>&PO=V]R:W-H M965TB;LD14FP'%B\M`%:H"C2 M]IF6*(NP)`HD'2=_WQGNA;NSC"PWS4,<'\T.Y^S9N:R8NX]?3\?)E[)IJ_J\ M]MC4]R;E>5OOJO/3VOOK<_YAX4W:KCCOBF-]+M?>M[+U/M[__-/=:]T\MX>R M[";@X=RNO4/775:S6;L]E*>BG=:7\@R?[.OF5'3P:_,T:R]-6>SZ1:?CC/O^ M?'8JJK,G/*R:6WS4^WVU+=-Z^W(JSYUPTI3'HH/XVT-U:96WT_86=Z>B>7ZY M?-C6IPNX>*R.5?>M=^I-3MO5IZ=SW12/1^#]E87%5OGN?W'84NOWJTS_"B$E7PDD@GN3BMI5SN1)^RI5\&C-_&<2C3YR)#>OW/RVZ MXOZNJ5\G<*AA2]I+@2G"5N!+;;R(64OQ/25``G3R@%[6'F0C;'(+Q^?+?1`O M[F9?0/*MM-FX-LRV2)0%ZHMN4PID%,@-8`:,-"TX"/\#+?2"M%1`&P4,/#GA MH"S4DI0"&05R`[`XP#DT.8SG@E(`C>'46PHL[=@VTJ9/Q7Z#$P=)'21SD-Q$ MK(CA_)L1XV$*H!9S@["Y]$+FS`E]K6Q$%2!\D<)#<1*W)(FK'( MWYD&Z`42"0ZEP86<\HTPPGW11FP1VH03;:0(IPZ2.4AN(A8]R&R3WG5!T+AG MH9Z]$8BY_0Z2.DCF(+F)6/'%[XD/C>WX!`+LC1V-R(XJ&T4J%8!!*G.07"`L MQ'-G!8R#AU$VKV\H&ML!2P3VPXAX3B+61CIDB4!4P[)Y8"_+A!&/^S(<<38/ MHSFIQ;ETM'1X+6U>MV4P+K+Y"82;B<`6L1UHHHTT/XEPG>:91(*>#/<9#Q/D]V-G1BD^O]`F2K1[8X&:PT M/0D%8NS`#I>7+6PTE"&#`8?2?!S?>D)OH,M.B1L!42T M)*TEZ2.!^6N@EDH(QL9KIU59A>*X+I9QS!AIJKGR/J(Q-D\C$<7\,FBLMF!$ M8QC-M,BB!<-CE%8;)J&YAA(72A44:ZM,0&REMT\CPF`KO9T>6I.T$1`1AASL!.\XL-!*&PF9 MPDA(5$&VX/$\]$FWR)6K$:FP[1I<;BOJ6-XH)PG9DI%RE:B%IF1RH9DF`E)M M"NH>_+$;1*X\CR#9NIK>`B#QT"F/::L@;"9GR2$C($[(H"LF> MY,K1B#C8B@TF_ZU)R7YN$I20K14=BIBV&@@*R&I2$A)-*AB52CH:D0K[,R'X M8SU*-'RKEL@9`%K5,!@M288D3%L-9`7T5H^25M=[E/3N2LQ'YA#X9D'/(;?U MJ-X+N>$M2#W9*"/CHN1"J0ME+I1;D#7\8M902?$^'D_LT$P3"V6G91'CC'-2.'+EW:W?'!NU(<^--$5[-XMT[ZB?=89HN4^O38/50%/X M@H.NH$Q979V(E-%(1<:.33B9%?FFFR%L*!V0%&0K2>]*@Y7BDTK(;+H*$DT7 M9%LN?3*?Y,K3B&K8CRG#'[D9"UBZ,,&S.`J<JOM]JOL@B,A(AS9VF2PT@P4!'U/*^X6'&4EDI,O?1;[/DF" M7!FYPD$2.#1#J'37^T*_BM!$1P#90I'1/%$+C>N*@@RA%`3'33/GC.:CL@*A MM16;#ZW>ZGO!R!#R[B+4.R&TQ51"U!V"D-_\:ZM!70$%PTYDTGT@ODQD<1@M MXCEIK;DT@DX)KFR*9`+I>P?[@>^GL&202ZF";)5)C,E@-="5HXPIZ%_AT`T! M.I_`ZU=10,DG#YRO'N#I8VLXK.E;)EFSX0%\,K8FC5?P';CK*^7A"F&ZT>X#KG?K")5O`69`2?K^#M M`^`S'1&\/[X43^7O1?-4G=O)L=R#,*)!-.(-M.P6\EO4Q[J#-\>@';PEA?\I M4,+W8SX>Y7U==^H7?(#^OP?W_P(``/__`P!02P,$%``&``@````A`$2>`6E4 M!@``UQ@``!D```!X;"]W;W)K&ULK)E=CZ,V%(;O M*_4_(.XW?`82E&0U"=]JI:K:MM<,(0F:$")@=G;__1YC&[!/)IMI>S/,/!R_ MV*^/S<&S^ORM.BM?BZ8MZ\M:-6:ZJA27O-Z7E^-:_>M+^&FA*FV77?;9N;X4 M:_5[T:J?-[_^LGJKFY?V5!2=`@J7=JV>NN[J:5J;GXHJ:V?UM;C`G4/=5%D' M?S9'K;TV1;;O&U5GS=1U1ZNR\J)2!:]Y1*,^',J\\.O\M2HN'15IBG/60?_; M4WEMN5J5/R)79,Q+;:F!TF:U+V$$Q':E*0YK]?OO?M'FX"C(S,PY4,[`.&1]1X>E&'AX1[+]\@T8C*$Y%9JV``I%(+B^3KQG+G M*^TK)';.8K8XQA`C=CR"9#&1]640R""4022#6`:)#-()T,"6P1M8,O^'-T2& M>,-'M>5@-,N4C.`1O(DO@T`&H0PB&<0R2&203H!@!"Q[9(0%R7)[#^(Y05JM M55CX0TX8EC30+8T!+3[2'2(^(@$B(2(1(C$B"2+IE`@6P#"0!60;_N`Z(3*P MU"#C!E,LUQ%G?TN#B,%#D.'(:V4(XL[YB`2(A(A$B,2()(BD4R+X!)8(/MU/ M$1+=V\$'L:5DFA"(^(@$B(2(1(C$B"2(I%,B#!3>+\)`Z<8Y(Z_#[E3F+]L: M)@_F^88!%FR0=-LD(N+X*;'&]4`!>>E-DD%:1OX0Q'T,$`D1B1")$4D022DQ M;-)%P1%X<6)'H-9@AGRIK[TAC[M#!$5W*)FX0X'I]*\<4S>D=XX_W!^,022D MA`ZHGY9HB"$O,E"UQ04:#_>Y:H)(.E45;"*%.7[CCHG#?;J1.)`%/'.(BN@- M(T*BZ/*NP8+Z>I6^8AF![D[RRQ(''+`@N$R")%="%@3%S"1(FI"(!8T=B!FY MVX&$!<%EHBWMFRD+>J\#PBQ`$)J%G[_22"O1=4I,<:]V1?MV+(C6U'UAPX@Y MK/.`$;(W0/%D.,YR.9=T0A;3+SV:J4@Y1LJ)J*S;R\7"6(H]3*?*@D^D)A2, MNI^6?;CH$$="8CH+L0,['C4FAL_1W)28&M+X0AX%XYPDD)R M/<8HOO'Y&`48A1A%&,48)1BE`A(M(_7KU+*?Y"HM=T&/CV9K4#0M/S#R,0HP M"C&*,(HQ2C!*!22.F52LTS'_JSK$H'6O8`4KA0=S=BS(%)+J$J8"`:-'0QN.0OZL MR78_-GRG,AD#N$R"42HHB^D$NS1*)TO_:'5"OHRD%R5'PFO`E;)GQZ/&'=CG MR)V81>5-MS?8-LVYKDN;;C>,(0$[?@R`F)I[Q9+RX:2,KC MZ7K\R1[$JNGI'L1*;J&D<*6*;`='CL1A@A5%L9('0SWO+@N`#WZ`[Y$:\87EDW[QU MQ_8"V`SPG$Q<*Q\S8[%[UES+"^M&PO=V]R:W-H965T'OC48]7OY>5OL#N?7A_Y_ M_O+^6/1[9;4Y[S;'XIP_]'_F9?_/QW_^X_Z]N'XK]WE>]6:;W9UI=-Q:(]&L^%I7PS9WBNW;*3]7W,DU/VXJZG^Y/UQ*X>VT_8R[T^;Z[>WRQ[8X7+\[T!4PV7O7_.6A_V0M,WO:'S[>UP+]]Y"_E\KW7KDOWOWK89</$1N"Y*+XQTW#'$%4>0FVO'H%_77N[_&7S=JS^7;P'^>%U7]%P3^F*V(4M M=S^=O-R2HN1FP+NQ+8[4`?K?.QU8:)`BFQ_UY_MA5^T?^N/98&)/YPN+['O/ M>5EY!^:SW]N^E55Q^A^WLEBO6B]VXX4^I9?I?#2NG=RH.&XJSMN*]F1@+Z;6 M=,::OU&3`KCN.'TV3=ZVOVOLZ;.QM\?*A=YHR:)!X1J1"*+N)WMI"678ET_U MTQ*2L"]-#6L\L":CCQ2Q)J*?].5S_1SR:*B#R]E4F\?[:_'>HQE+5UI>-FS^ M6TOF5X05EZD-M+^+,PH-YN6)N7GHTQ!1!)4T.;X_VK/)_?`[!?2VL5FAC:5; MK(4%BSCFUC&!:P+/!+X)`A.$)HA,$)L@,4%J@DP!0Y*VU9>BX7?HR]PP?84R M*P$4P0TQA86HXIC`-8%G`M\$@0E"$T0FB$V0F"`U0:8`34R:*)J8W6N?B$EF M_="GF%9B&Y&XJM%,'X%U:]3&*1`7B`?$!Q(`"8%$0&(@"9`4 M2*8236^Z5VEZWPY99EW+*L18<:(&*!`'B`O$`^(#"8"$0"(@,9`$2`HD4XDF MV,P0[(L!RMSH2G)B1./1$ MC48@#A`7B`?$!Q(`"8%$0&(@"9`42*8233"6H&B*L<5Q0DOIK^[6F1]=R]HU MY83ZS?K."$AIU48D(A>1A\A'%"`*$46(8D0)HA11IB%=:[:C5Z?^[>AD6R%3 M4H[4^&RL%.0@0A\A$%B$)$$:(848(H191I2->:[?Q5 MK3^(59XH:)*JN0-/VME!J"Z6@\A%Y"'R$06(0D01HAA1@BA%E&E(UX]M[E7] MOAJK/$G0A%7SAD980([5(C6BC:,\5UJ)B/8:-+';9<='JT`BU;VM3YA06@GW M$;J/T2J12'5O'`NETDJXSS3W^HBP[.%WC`C/0K0141.39D0`.5:+Y#7!_="5 M5N*:O`9I(]+Z$E:!K"C=V^;M-I16HF*$[F.T2B12W1O'1*FT$NXSS;T^(BSE M^!TCPE,7;434;*89$4".!1UR!-?/`58,40482^X@8I&ZI$5E25-G+^5%I)I7F_ M>%VNA-":2J7_*BY_IS3I(Z2NW>CYH$"TV,L3WKF9#THKT5E'H'F[RKL- MLN?U@Z'Q=,3^]`7=$]7NVFJ^0+,6!0+1(M7VRIH9._]06"WJ]HRU/1*ELJ58 M(-E2(M#-EE)AU=E2)DKKEO1Q,Y-+?A.7X_:I&6)CSMD@]M$*9"\,L=?22@X; M]S66$KB-U9@/&Q\UPY,G/$W:,?(%DME%()"\\X?".0M">E@X&!L+6B3J2,^Q M0-)S(I#TG'[D.1-U:L_ZL+#\$!:NV4"L6V(V?7X1LWG&J2YB`FDS:V'LG];2 M2@Y1D[W*IX!N8S6^JU5<=,^LI@LRWGUT'@AT,]Y#845W*26\C,U9)*QDB[%` M,KP2@6ZVF`HK/L/H0;X1)YDPZ)AD9E9L3C(QG!VW(75QQ&S9QFP9D8/(1>0A M\A$%B$)$$:(848(H191I2)\E+#.%64)SY!=/(6V>X6ISHTUZU?@RUO=U4U&Y MMSJ(7$0>(A]1@"A$%"&*$26(4D29AG2M66*K:OU!K#)SXT;.D2+6FH+;S)81 MN8@\1#ZB`%&(*$(4(TH0I8C8>U?R@KA^_#TJ_JK+*;^^YNO\>"Q[V^*-O2-5 M+Y@MYB]PK:S)DIU;T'H+)5,JJ=_M,DOL,;WU->ZJ8Y,W&M<.;S9YHQYWE"R6 M]+"D@]\MZ9E`![=&U*_ZW06S7Q:]C<8G%I385%+?+J&$KH7.R+`=RGVII*L' M]-+;4[R=\Q? M:!$8U=OM*W^5DO^HFG3IN:CH#<@Z<]K3*Z\YY9`CM@M\*8I*_*#N#MN7:!__ M#P``__\#`%!+`P04``8`"````"$`YTB6>[@"``"E!P``&0```'AL+W=OUZQ%0.FS3I7X`#+3JPL,KJ-T]LXHFRS[@KT M1\F#.WDFKC*'SU;EWU0CH=IP3G@".V,>$/HUQQ!L9J/=]]T)_+`DEP7?U_ZG M.7R1JJP\'/<<'*&Q-'^^DTY`18%FDLR129@:$H`KT0I;`RK"G[K[0>6^RFBR MG,R7T30&.-E)Y^\54E(B]LX;_3>`XB-5($F.)'`_DDP7EY*PD%#G[XY[OEE; M9_H\,@C,Z.TE^.E_VO$$Y8+I3'OB! M79?[03"4_#3_<2D#"!JD+^5T?MUG,Q`'T.7B".[$^VJ&R-C38DB+;9]@Q[[= M)KAKR!\BL/'$R>J\D^50\FTE!`^50F3L!"?Q29^CDUFTFKSK!?<-%4)DX&41 MG?>R&HJ^[07!0Z40&7N!23]0PBB(\!`+8_S+`I19_X/=_`,``/__`P!02P,$%``& M``@````A`'@!?G2`#0``ND<``!D```!X;"]W;W)K&ULK)Q;;^,X$H7?%]C_8/A]8DNRG,1(,H@NE"CL`HO%[.ZSVW$2H^,XL-V7 M^?=3E$B154>Y.-LOD^F/Q1)Y5"*/9-E7O__'S>[Y>AR=3<>C]?-J M=[=Y?K@>_^'0X+I_OED^[Y_7U^,_U8?S[S=__=O5CM_]Z>%ROCR/* M\'RX'C\>CR^+R>2P>EQOEX>SWQUV&Q?XC.7;W]YO5NMBMOFW7S\#R[9=?23= M=KG_^NWEM]5N^T(IOFR>-L<_VZ3CT7:UT`_/N_WRRQ/-^VUWA]W]\8S23;J!XIPO)Y<3RG1S=;>A&1C91_OU_?7X-EHTZ7P\N;EJ!?KO M9OWC$/S_Z/"X^U'M-W?_V#RO26TZ3^8,?-GMOII0?6<0=9Y`;]6>@7_M1W?K M^^6WI^._=S_J]>;A\4BG.Z49F8DM[OXLUH<5*4IISN+49%KMGF@`]-_1=F-* M@Q19_KP>QW3@S=WQ\7J+T++Y(HW1NYO#&X>>V M)_WMQQW-IN]U.[?=Z*\[8'QVD::S^<7YVP>DJZX=*OWM#_BACI>V(_UUA_S@ M'",JJ?:8YG_Z@[X^RTE7(&V]%&[IZ?H4V)HW1QLTJ<\"+):3*783K4DA02J`DJ"2H M)=`2-`%@0M`*`$(D5"S#RY&K"=/K>DR+0%\342(FFG4QE,O--`=2`"F!*"`5 MD!J(!M*$A$E`TP`)HJ1?%SY\H9@\M!H'HB3SA%\&F8TA@0/E9CPH[X.<<@60 M$H@"4@&I@6@@34B83J0(T^GM$C'1M/+0!=C/-)F+F69=4%@C0`H@)1`%I`)2 M`]%`FI"PN=.&P^9NUM(919^XEIHTK2CNS&8=,5=<+Q/5GBB(/LAU*X"40!20 M"D@-1`-I0L)$H>T41#%6YD113!I^W<3G7(#,AG"5YCPH[X-ZE8"40!20"D@- M1`-I0L)4,L9=;L.?*!V31JATP07(;`A724B9]T&]2D!*(`I(!:0&HH$T(6$J MD4]B*KV]N)AHL;C$\:60HPL2EY;0+.^#>CF`E$`4D`I(#40#:4+"Y#!^[00] MVG"^L%@4KJV("D0E(H6H0E0CTH@:AOB9B^+4B M*BCW47UU("H1*405HAJ11M0PQ`4SI@X$FYZ^`D>=.PRM2SP35TKF@IADLRF_ MZ'(?Y26SV;T3+#%*(:H0U8@THH8A+IEQ@5*R.4WIQ#TKLFXRV+:3N=BV,Q?$ M%8,[(YO*RU/XCD[$$I%"5"&J$6E$#4-<,>,'I6*?V+\BZRN98G!9]N8SL$,S M<6>1NU2A8GU'KQ@@A1TK1#4BC:AAB"MF7*14[/(3-6;R\"T_F8OM/#/KHPGB M-29N.W(?Y>0I$)6(%*(*48U((VH8XHH9BRD5,^&G7I76JK(:@W6L][-AC8D[ MDSSJH[QB@$J,4H@J1#4BC:AAB"MF[.:O4,S:5J:8V`:SJ/>VH6)BML M[^A0B5$*486H1J01-0QQQ8SUE(I]9N6W%C90[$(LZ5G4V]Q0,+'8Y3[*J5,@ M*A$I1!6B&I%&U##$!3/F5`IFUIE3+TIK1;T1#@43:UWNH[Q@?4>' M2HQ2B"I$-2*-J&&("1:3-B!89.B)BK6)Q.U-++&;3691>)^#J$!4(E*(*D0U(HVH88C/ M>Y\-1.CM]KA=236\]QV#"0K$)6(%*(*48U((VH8XOI(C_Y. M373^F<^RBO6 MFW&'2HQ2B"I$-2*-J&&(*V;G<+;O6P/#F,:`"48E((:H0U8@THH8A M/NI;.\3(PA%YS*6].XC_(U`:C$*(6H0E0CTH@:AK@^T@6_4Q.= M'V4R@$7-8T`%HA*10E0AJA%I1`U#;,[F]`\N'6_/O>W&'T([%/=^+7>(]F/_ MB5\I#M MO<8[YP@]8V)1>(XLXO+#.>JB>)"_R>7CI2A64N\,TX2+4NH0.T>`B@10B4@A MJA#5B#2BAB$^YR%/9YXXO#-WM'")1>$ILHCF^]9EU$7Q('];S81_C("5&!4B4@AJA#5B#2BAB$^YU]DDI+>)+F99Q:9A2PX0?+V MW$>YC@6B$I%"5"&J$6E$#4-<'^F(S'L/9DHGNH/$FJ!`B^1Z M[LQZM^`1J46)=[>6F*<'?G.2;_46/LK52(E((:H0U8@THL8B^FR5CLC%,<8. MQ*$WWZTV?^Q>6FU.$*JSBJ&!F74H%*HC],S`O/@<3R-_#]*]QFR[4(#7J._C MD+)1W;S:CI7O:#,+>UW[`)=&(VI89JZ8\7Z@6%!.3K*!66*F46T7P=E)S:UTD71%A5$"7F4BZ)U/H@2IZ=R47X0M4-O#D*[ M*#X(?W?3GL3&1;TV"'Y"2"\X(6:9?N<$F&YBB>^0^5@EF+OW]>W@C5_F@^O[Q,12KE@MKKTM8O9*]=E,^N';+9I[/+BXM( M6+K&!0U<]=*?OR,5VO"9133:0"IIPUV4+Y/"H3?+I'11O$S$!)6+>JU,K*)V MJ'X0M>OXYB"TBV*#D)\7-B[JM4'P6J4CLEI]1W@3+FJT0VS_!53,`)6(%*(* M48U((VH8XG,F_=B=FC#A0H8.!1/,9X`*1"4BA:A"5"/2B!J&V)S389]^HB=KLW`I+`JL MAB7F472P4HF;Y,)'N46]1*0058AJ1!I18]&`)TNE26^_8?;_>+(VHQ"JL_:A M4!VAY]>O>#*;A0*\1GT?AY0[5K"G^8ZO>#(?X-)H1`W+S,MIR.(G4U].'_-D M*7I\A]@^)Q^QY"[*;S&%0^>!6%UZ^M#(R#"+XW0Z%<\4E.OF-:X<\LEKAWQR M;9%-GM#W&B%YX[JUR;F`QEN'IO;M-2CMK'CH\2WBWDD^6,E=5."='/+NIG2H MNTP^N7;(6J>AY(V+0>>4&JL="O7)S:S-TUZ1?E5* MSH49SVR4V-]$5.ZCW-53("H1*405HAJ11M0PQ&O+.-I0LG=JJS/`K+8Z%.YO M*:`"48E((:H0U8@THH8A/F=IL$V9&#]^X@->^L:\W.PM$C4A;M!R'^5KHLL5 MJ%ABE$)4(:H1:43F^_YF]-T1.WVZ[^]WWZ?>KODL\4M-=`\1`M='O2;`NTU"BTIM;1?\X>6N?L=`MF2G"_,`V@\SFUR M02-H=TKH)YO1;R30RA%AH! M>W]+$%MM";*-1GN(7&1MO.4!\:&_FNH18: M6^#X1C8#>.<4^M_%T<4MO3&$+ MO1I*HQX\&CD-U/3R"B/K0=TH&^D34I_.2 M\C@1J4./P(?ZD#KT+OQ0"YU3>N=[J(7.*;WA^-O+Q2U]:6T@ MD3DS@PT1J=SM"S!'4IF^G83)Z&=';H=X9E(-Q&?F=`UQ4WQ#G&0?JI7;='$[ MJ*Q9F(;RT*D8BL]G\<(\T<69Y;-D4=)C2FRA9Z#49Z@E3Z<+]^>\6:;_OX^,ON M2+^90GZ'?BZ#?B-G3;]4,37/F.]WNZ/[ASE`_ZL[-W\!``#__P,`4$L#!!0` M!@`(````(0`/37@\>P(```L&```9````>&PO=V]R:W-H965TI)(B**`DG'R=_W M4;0%.PY:]R*)U'#FS5NXO'E1+7D&8Z7N"II$,270"5W*KB[HSQ_W5]>46,>[ MDK>Z@X*^@J4WJX\?ECMMGFP#X`@R=+:@C7-]SI@5#2AN(]U#AW\J;11WN#0U ML[T!7@Z'5,O2.)XQQ65'`T-N+N'0524%W&FQ5="Y0&*@Y0[CMXWL[8%-B4OH M%#=/V_Y*:-4CQ4:VTKT.I)0HD3_4G39\TZ+OEV3"Q8%[6)S1*RF,MKIR$=*Q M$.BYYP5;,&1:+4N)#GS:B8&JH.LDOYU1MEH.^?DE86>/OHEM].ZSD>57V0$F M&\OD"[#1^LE#'TJ_A8?9V>G[H0#?#"FAXMO6?=>[+R#KQF&UIVC(^\K+USNP M`A.*-%$Z]4Q"MQ@`/HF2OC,P(?QE>.]DZ9J"IHMHGL2+;(XL&[#N7GI*2L36 M.JU^!U"RIPHDZ9X$WWN2;!9-YW&6H.8_2%@(:/!WQQU?+8W>$>P9E+0]]QV8 MY$C\OB%TXK%K#RXH]C3&:K$(SZML,E^R9\R#"F_#C^ M\U0&$-9V3&4V68S1G(@CZ')Q#Q[$QVR&G7-/LU-:W_99C-/S]S;QIT[YP\Z) MDVG\QDD8OM"<"DP-GZ!M+1%ZZP97Z>^(][N3_+UP\0?.8L]K M>.2FEITE+51(&4=^^$R8YK!PNL?`<9BTPRD&PO=V]R M:W-H965T)PM$X<]&6].9P9S3E#][+U/J]^_NG^M6Z> MVWU9=A.(<&J7WK[KSHOIM"WVY3%O;^IS>8*17=T<\P[^;)ZF[;DI\ZUT.AZF MP6PVGQ[SZN2I"(OF/3'JW:XJRK0N7H[EJ5-!FO*0=Y!_NZ_.K8EV+-X3[I@W MSR_G3T5]/$.(Q^I0==]E4&]R+!:_/9WJ)G\\`.]O?I07)K;\@X4_5D53M_6N MNX%P4Y4HYYQ,DRE$6MUO*V"`LD^:_5J02UH4Y8@<>Z?D;3W[8(@?.4>0M9@3^;R;;R>MIW M4.Y;8(3$%MOO:=D6H"B$N0EN,5)1'R`!^'=RK'!J@"+Y-_G[6FV[_=(+YS>W M\2STP7SR6+:=J#"D-RE>VJX^_JN,?!U*!0ET$/@="7+!,=2.\*L=`W]X^@7' M2#O"KW:,;F)_EH0Q9'W!#T8E7?@U#X00%QSFV@%^C4O()BIDWIT7[D?%0XJAD$>,,K2@\4+-6EAMGU=A4%P/_T* M,Z30-FMNXU.+C;'`Z8!A4Q?(7$!8P!08];2@Y/\#+8R"M$Q":P,,/!V6&V-A M7%(7R%Q`6`#A`+//Y1#"0AQ?0J82Z+3T8/)8E0BISFME`[%,DAN&I`S)&")L MA&0.CW]$:&<,J0C"'"1@@]H&+3 MNUP0-)8LS+/7"K'E9TC*D(PAPD9(?K".[?QP34=@?*7\&(4FKA!'ZUM'Z][( M\$T9DC%$V`CA$E,NE[5&8YJR0FRM&9(R)&.(L!&2'QY8G/WS`UIC%)JX0ARM MYX[6O5&O-4,RA@@;(5P2RN6RUFA,4U:(K35#4H9D#!$V0O+S896[8OL!@%?. M;!F'YJXA1^_8T7NPZ@7G4,8A02#*"3N8-8$NBXZ;H:.ZAFS9.91R*..0(!!- M$YN4E:8\)WQ$>M7LX$%&P;6O($?Z.U?ZWLHXIH.C@3(."0)13MB_+$YO2*^Z M'D-Z57?(YG;K5!+SZ#4 M9U#&(4$@FB8V*2M-E'YXAWK_>XGJ=23_OOW9RK-7D=YJ4)Y!F<\@02!*"?N: M1>D-Y547))G;C5$KSZ#49U#&(4$@DB9NZG::J/P'3C0R#.VQ&J(;?>@# M5:\\AS(."0)12E?UV(#W6`U9&\F&0RF',@X)`M$T1WHLBG7E;A/P%JLA1WGG MM7`S6`W*LZZ;<2M!($KIJA8;\!:K(:(\;['<*N.0(!!-$_N9M33E1G_]/A^H MMFBO60U%L%'`.M*?1D+W_51;62S3`;(=G9>M;+`R)1/FB?+C'F6)[9"QO,%M MM=M7Q?.ZAA1A\H]L3"%\TY$[S@-^?G-.H!J*DOY,M]$0(:0<<<12PGFCR;0C M_`R$E&,T0@@;WP5"7^KSCPC!`WI&JGV2JFDHEI^R@IGOZ+X)M,&\3S,U$#2^ MGI\_=]98IJT"%3F.;^/8F0S"!))RT@)B4[7XCA3*YJ5:,.&E(%BO^(D.>#GR M;R`OK"[L44;^U$!2?CD',@/AK/BZ\H/$C^\AFC)AH:"A%NX;3Z`- M[%KT/@,+#>E:A%$;J"^%N[;@S&P:F&@N)]DF8;Z M6MS-X\0Y&`CCQFL1.OU=;=]7;FPRB$-.G02PO?5+.I@[>6VTH[UF-!0.I#,# M*:&B61@FH;,Y"!-II$XC1P,?+D3TSFTVNO=OXW#WXV[C!H(MP&+KY+@Q5@.U M5$,AK)7>D>]\QBI1RVWF1U$2.='Q2DJF9=5873&I.XMCV3R5F_)P:"=%_8+7 M1S`I5O<]K.ZVUD&PP#,)K!$V$L)(.#;BSQ?XUC3BX\J&\V_@Q%Y.\!& M$AB1)-R18`89R"_O;`2NY-0DC M/=R1EW#7-L/-9%?7G?D#']#?NJ_^`P``__\#`%!+`P04``8`"````"$`9$\J M*C\#``"P"@``&0```'AL+W=OU["858!%N^LX^?O.[#H$#+[D!<$P>\Z< MF6&8Y>U+63C/3"HNJICX(X\XK$I$RJMM3/[\?KB9$4=I6J6T$!6+R2M3Y';U M^=-R+^23RAG3#B!4*B:YUO7"=562LY*JD:A9!6\R(4NJX5%N755+1E-SJ"S< MP/,F;DEY12S"0EZ#(;*,)^Q>)+N25=J"2%90#?&KG-?J#:U,KH$KJ7S:U3>) M*&N`V/""ZU<#2IPR63QN*R'II@#=+WY$DS=L\]"#+WDBA1*9'@&<:P/M:YZ[ M05LN4@P),NR-9%I.UO[CS9\1=+4V"_G*V5ZU[1^5B_U7R]#NO&&0;ZH05 MV`CQA*Z/*9K@L-L[_6`J\%,Z*Z82R"C` MC((Q(B6B@`#@ZI0<6P,R0E]B$@`Q3W4>DW`R&D^]T`=W9\.4?N`(29QDI[0H M_UDGWP1EL4QH]U33U5**O0/U!F]54^P>?P'`P[%`$.B[1N>80#\"C8($/J_" M<+ITGT%T*AV(2M42$X:S!MQ%8'U.HCBXXU=9U'2$>@A*T]?13:YV@UDUJPW#>1-4) M`IS:09Q7B\Z&O,FNM?2U3;JPJ"WRYB-P/\^`Y[H,U@('W[5$WK"6:9?T/!,Z M=YFLI:\%QVJK\TV=HHM*\%07WUJZ2DZT_+Q+>5X).G>9K*6OQ(=^[DF97&QR MIJA\$XQ,`*BZ(0>4/V!^J#W47VL M::`^`V,@P-:YD++^%/"'QL#XA)X/S0&_/P@.I@$]`Z-@"N(OR.F/`M@>;$>W MI]KD2([=#^Q/N&1RR[ZPHE!.(G;X[P_@M]I8F[UD'6";'=NCQ=KN*V[S!O:% MFF[9#RJWO%).P3+`]$:H1MJ-PSYH44.Q86L0&C8%&ULC%7=;YLP$'^?M/_!\GLQA-`/%%*E MJ[I-VJ1IVL>S8PQ8Q1C93M/^][O#"X6FR_J"\''W^[BSS>KZ4;?D05JG3%?0 M)(HID9TPI>KJ@O[\<7=V28GSO"MY:SI9T"?IZ/7Z_;O5WMA[UTCI"2!TKJ"- M]WW.F!.-U-Q%II<=?*F,U=S#TM;,]5;RBQYRMVQ0!IO2H5.,"V$RNK@FZ2_.:2 MLO5JZ,\O)?=N\DY<8_8?K2J_J$Y"LV%,.("M,?>8^KG$$!2SH^J[80#?+"EE MQ7>M_V[VGZ2J&P_3SL`0^LK+IUOI!#048*)%ADC"M"``GD0KW!G0$/Y8T`40 MJ](W!4W/H^PB3A-()UOI_)U"2$K$SGFC?X>D9!`5L`9IM]SS])`?@@Z:`,*K\ETA0AR`;1"DH[%/@=]#8AW6:)2OV`-T0?W-N0@X\QYSG M#`9J1DD@8RKI]?8SN>PZ&T97T60?IH!Z^8,(0*%$R_+U[US_@,``/__`P!02P,$%``&``@````A`"VM7UHR`0``0`(` M`!$`"`%D;V-0'`A.E+W% MY&X+-FE(HFW_O5G7U8D^"7D)Y]POYYZ4RT[7R2-P8JU(-'2W9]50I+1>/@T3467%#@DT@RG@I;H4,(EF+LQ0$T M]UETF"CN&J=YB%>WQY:+=[X'7.3Y'&L(7/+`\1&8VHF(1J04$])^N'H`2(&A M!@TF>$PR@K^]`9SV?PX,RH53J]#;N-,8]Y(MQ4FN!"!V[*?F/JQCE3L%\K9GW9NK$^\/)?ZME5(,Z:APP`/()+Y' M3^G.RLOL[GZS0JS(R4V:Q[/8%(22@I+YML1GUSC/)J`>`_R;>`:P(??//V=? M````__\#`%!+`P04``8`"````"$`'(0:_I4```"I````$````'AL+V-A;&-# M:&%I;BYX;6P\CD$*`C$0!.^"?PAS=V?UL(@D65#P!?J`D!U-()DLF2#Z>^/% M2T/14-UZ?N>D7E0E%C:P'T90Q+XLD9\&[K?K[@A*FN/%I<)DX$,"L]UNM'?) M7X*+K+J!Q4!H;3TAB@^4G0QE)>[-H]3L6L?Z1%DKN44"4X"L-JK M:N`\@8K]`ZCT2[0:_R/V"P``__\#`%!+`P04``8`"````"$`ND$L"D,#``"\ M"@``$``(`61O8U!R;W!S+V%P<"YX;6P@H@0!**```0`````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````"<5E%/VS`0?I^T_U#E?:0P-$THS13:()"`5B2P M1\NXU]8BL8/M9,"OWSD9M(5+INTMMN\^?W?WW<71CZ>R@K-1J$AP>C(,1 M**&74JTGP6U^]N5[,+*.JR4OM())\`PV^!%__A0MC*[`.`EVA!#*3H*-<]5) M&%JQ@9+;`SQ6>++2IN0.EV8=ZM5*"IAI49>@7'@T'G\+XK!3>.H'Q\N,NY9=$Q[@B]5I&A-EBJ'.:+7:BNVE+O M,G^+83J_GJ7763ICI\EEIGG&;A6OEZ3+#0B-ZH0ERWQ&NB#_9(3` MS?(D3Z_2:\2F2U67)S;.WR^1:26P8E`I+A-"UXFS M9&T`?(^Q7Z3+*2^X$M`E%5W+"IM;[0ON+;T7J@'K6C2IV*G4N2RA+;M?DOBT MRT]N#`:S)^N=6W#*K.5]@=`^(-H*J9887^:T>&@I#&*FCW4G2X'!R0;8`L,F M"7MQF'(4XX$B/;,.]+,^XD(7T8[#UR\`T..(8[0+K-HO;-NDA M4TB%92]8CG.B:''GU5M=:>CZWL)C[2N>-KV5'!87W5S#/DO5KF><0>O+Y_]S:@+'M\$K^?;C>@<'ST& MB3_8Z0;[%9:O-A\/_#OMKGN,QH?'!^.O8WR"[>Q%X?;9&?\&``#__P,`4$L! M`BT`%``&``@````A`(191SX!`@``&PO7W)E;',O=V]R:V)O M;VLN>&UL+G)E;'-02P$"+0`4``8`"````"$`D/6VL@`$```-#0``#P`````` M``````````#!"@``>&PO=V]R:V)O;VLN>&UL4$L!`BT`%``&``@````A`"6J M9>:D!```HQ```!@`````````````````[@X``'AL+W=O&UL4$L!`BT`%``&``@` M```A`//>%E[R!```B1(``!D`````````````````!AL``'AL+W=O&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A`,)KV/SP!```H!```!D````````` M````````L$(``'AL+W=O&PO=V]R:W-H M965T&UL4$L!`BT`%``&``@````A``('IW;Z"0``.#$``!D` M````````````````\4L``'AL+W=O&PO M=V]R:W-H965T&UL4$L!`BT`%``&``@````A`+-@#B$@!@``.!D``!@````````````````` M36```'AL+W=O&PO&PO&UL4$L!`BT`%``&``@````A`"]:.9%K!```&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A`$E.*C5`!@``PA@``!D````````````` M````J_,``'AL+W=O&PO=V]R:W-H965T M&UL4$L!`BT` M%``&``@````A`**LKABB`@``N08``!D`````````````````VPL!`'AL+W=O M&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A`(4, M/Y("#0``A4```!@`````````````````XA@!`'AL+W=OIXH`D#```I"0``&``````````````````!-@$`>&PO=V]R:W-H965T M&UL4$L!`BT`%``&``@````A`"'(*8"T!0``J18``!@````` M````````````0#D!`'AL+W=OP]@SY`(``'T'```8`````````````````"H_`0!X;"]W;W)K M&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A`(N;+\R) M$0``7ET``!D`````````````````.U(!`'AL+W=O&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A`-I,G\;]"```B2L``!D````` M````````````L'(!`'AL+W=O[@"``"E!P``&0````````````````#D>P$`>&PO=V]R M:W-H965T&UL M4$L!`BT`%``&``@````A``]->#Q[`@``"P8``!D`````````````````BHP! M`'AL+W=OW MU6L'``"Z'P``&0`````````````````\CP$`>&PO=V]R:W-H965T&UL4$L!`BT`%``&``@` M```A`/5FWIZ?`@``NP8``!D`````````````````5)H!`'AL+W=O&PO8V%L8T-H86EN M+GAM;%!+`0(M`!0`!@`(````(0"Z02P*0P,``+P*```0```````````````` K`%:@`0!D;V-0&UL4$L%!@`````S`#,`S@T``,^D`0`````` ` end XML 12 R33.htm IDEA: XBRL DOCUMENT v2.4.1.9
Investment in BioTime and in BioTime Subsidiaries (Details)
3 Months Ended
Mar. 31, 2015
Investment in BioTime and in BioTime Subsidiaries [Line Items]  
Common shares held, available-for-sale securities (in shares) 3,852,880ast_CommonSharesAvailableForSaleSecurities
BioTime, Inc. [Member]  
Investment in BioTime and in BioTime Subsidiaries [Line Items]  
Common shares sold (in shares) 8,902,077us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember

XML 13 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 14 R25.htm IDEA: XBRL DOCUMENT v2.4.1.9
Intangible assets (Tables)
3 Months Ended
Mar. 31, 2015
Intangible assets [Abstract]  
Intangible Assets
Intangible assets net of accumulated amortization at March 31, 2015 and December 31, 2014 are shown in the following table:

 
March 31,
2015
  
December 31,
2014
 
 
(Unaudited)
   
Intangible assets
 
$
26,859,640
  
$
26,859,640
 
Accumulated amortization
  
(4,028,976
)
  
(3,357,455
)
Intangible assets, net
 
$
22,830,664
  
$
23,502,185
 

Intangible Assets Future Amortization Expense
Amortization of intangible assets for periods subsequent to March 31, 2015 is as follows:

Year
 
Amortization Expense
 
2015
 
$
2,014,473
 
2016
  
2,685,964
 
2017
  
2,685,964
 
2018
  
2,685,964
 
2019
  
2,685,964
 
Thereafter
  
10,072,335
 
Total
 
$
22,830,664
 
XML 15 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Commitments and Contingencies (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2015
sqft
Dec. 31, 2014
Property, Plant and Equipment [Line Items]    
Tenant improvement allowance $ 4,400,000ast_TenantImprovementAllowanceUnderLeaseAgreement  
Portion of construction costs from landlord included in long term liabilities 560,970ast_TenantAllowanceReceivable  
Deferred rent balance 34,967us-gaap_DeferredRentCreditNoncurrent 93,763us-gaap_DeferredRentCreditNoncurrent
Contractual Lease Obligations [Abstract]    
2015 775,774us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent  
2016 1,291,785us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears  
2017 1,309,295us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears  
2018 1,347,364us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears  
2019 1,386,792us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears  
Thereafter 4,033,933us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter  
Total 10,144,943us-gaap_OperatingLeasesFutureMinimumPaymentsDue  
Menlo Park, CA [Member]    
Property, Plant and Equipment [Line Items]    
Lease term 3 years  
Commencement date of lease Jan. 07, 2013  
Payments for rent 31,786us-gaap_PaymentsForRent
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_MenloParkCAMember
 
Freemont, CA [Member]    
Property, Plant and Equipment [Line Items]    
Date on which company entered into lease Dec. 30, 2013  
Space of building 44,000ast_SpaceOfBuilding
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Lease term 96 months  
Commencement date of lease Oct. 01, 2014  
Base monthly rent for first 15 months 50,985ast_PaymentsForRentForFirst15Months
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Limited area for the base rent paid 22,000ast_LimitedAreaForTheBaseRentPaid
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Percentage increase on base rent annually (in hundredths) 3.00%ast_PercentageIncreaseOnBaseRentAnnually
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Security deposit amount 300,000us-gaap_SecurityDeposit
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Number of options to extend lease term 2  
Option to extend lease, term 5 years  
Notice required to extend lease term 1 year  
Taxes paid during first 15 months by the subsidiary company (in hundredths) 50.00%ast_TaxesPaidDuringFirst15MonthsBySubsidiaryCompany
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Taxes levied on the excess assessed valuation by the subsidiary company (in hundredths) 100.00%ast_TaxesLeviedOnExcessAssessedValuationBySubsidiaryCompany
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Tenant improvement allowance 4,400,000ast_TenantImprovementAllowanceUnderLeaseAgreement
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Term of tenant allowance 18 months  
Construction and development costs 606,641us-gaap_ConstructionAndDevelopmentCosts
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
405,730us-gaap_ConstructionAndDevelopmentCosts
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
Tenant improvements, planned 5,500,000ast_TenantImprovementsPlanned
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Disclosure of future lease payment 105,142ast_DisclosureOfFutureLeasePayment
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Portion of construction costs from landlord included in long term liabilities 560,970ast_TenantAllowanceReceivable
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
377,981ast_TenantAllowanceReceivable
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
Rent, expensed 79,000us-gaap_LeaseAndRentalExpense
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
Deferred rent balance 35,000us-gaap_DeferredRentCreditNoncurrent
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_FreemontCAMember
 
New York City [Member]    
Property, Plant and Equipment [Line Items]    
Space of building 120ast_SpaceOfBuilding
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_NewYorkCityMember
 
Lease term 1 year  
Commencement date of lease Jul. 01, 2014  
Payments for rent $ 3,512us-gaap_PaymentsForRent
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= ast_NewYorkCityMember
 
XML 16 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
Asset Contribution Agreement with BioTime and Geron Corporation
3 Months Ended
Mar. 31, 2015
Asset Contribution Agreement with BioTime and Geron Corporation [Abstract]  
Asset Contribution Agreement with BioTime and Geron Corporation
3. Asset Contribution Agreement with BioTime and Geron Corporation

On January 4, 2013, Asterias entered into an Asset Contribution Agreement with BioTime and Geron Corporation (“Geron”) pursuant to which BioTime and Geron agreed to concurrently contribute certain assets to Asterias in exchange for shares of Asterias common stock and warrants to purchase common stock. The transaction closed on October 1, 2013.

Transfer of BioTime Assets

Under the Asset Contribution Agreement, BioTime contributed to Asterias 8,902,077 BioTime common shares registered for re-sale with the SEC; warrants to subscribe for and purchase 8,000,000 additional BioTime common shares (the “BioTime Warrants”) exercisable for a period of five years at a price of $5.00 per share, subject to pro rata adjustment for certain stock splits, reverse stock splits, stock dividends, recapitalizations and other transactions; a 10% common stock interest in BioTime’s subsidiary OrthoCyte Corporation (“OrthoCyte”); a 6% ordinary stock interest in BioTime’s subsidiary Cell Cure Neurosciences, Ltd. (“Cell Cure Neurosciences”); and a quantity of certain human embryonic stem ("hES") cell lines produced under “good manufacturing practices” sufficient to generate master cell banks, and non-exclusive, world-wide, royalty-free licenses to use those cell lines and certain patents pertaining to stem cell differentiation technology for any and all purposes.

In return, Asterias issued to BioTime 21,773,340 shares of its Series B Common Stock, par value $0.0001 per share (“Series B Shares”), and warrants to purchase 3,150,000 Series B Shares, exercisable for a period of three years from the date of issue at an exercise price of $5.00 per share. In addition, BioTime cancelled Asterias’ obligations under a loan of $5,000,000 from BioTime, related to cash financing provided by BioTime during 2013 prior to the Asset Contribution Agreement closing.

Because Asterias is a subsidiary of BioTime, the transfer of assets from BioTime was accounted for as a transaction under common control. Non-monetary assets received by Asterias were recorded at their historical cost basis amounts with BioTime. Monetary assets were recorded at fair value. The difference between the value of assets contributed by BioTime and the fair value of consideration issued to BioTime was recorded as an additional contribution by BioTime, in additional paid-in capital.

The assets transferred by BioTime and the related consideration were recorded as follows:
 
Consideration transferred to BioTime:
  
Asterias Series B shares
 
$
52,164,568
 
Warrants to purchase Asterias Series B shares
  
2,012,481
 
Excess of contributed assets’ value over consideration
  
4,800,063
 
Total consideration issued
 
$
58,977,112
 
     
Assets transferred by BioTime:
    
BioTime common shares, at fair value
 
$
34,985,163
 
BioTime Warrants, at fair value
  
18,276,406
 
Cancellation of outstanding obligation to BioTime
  
5,000,000
 
Investment in affiliates, at cost
  
415,543
 
Geron asset acquisition related transaction costs paid by BioTime
  
300,000
 
Total assets transferred
 
$
58,977,112
 

The fair value of the Asterias Series B shares issued was estimated at $2.40 based on the Asterias enterprise value as determined on January 4, 2013, at the time the Asset Contribution Agreement was negotiated and executed by its parties, and as adjusted for subsequent changes in fair values of assets the parties agreed to contribute. The fair value of the warrants to purchase Asterias Series B shares was computed using a Black Scholes Merton option pricing model, which utilized the following assumptions: expected term of three years, which is equal to the contractual life of the warrants; risk-free interest rate of 0.63%; 0% expected dividend yield; 69.62% expected volatility based on the average historical common stock volatility of BioTime and Geron, which were used because Asterias’ common stock did not have a trading history; a stock price of $2.40; and an exercise price of $5.00 per share.

BioTime common shares were valued using $3.93, the closing price per BioTime common shares on the NYSE MKT on October 1, 2013. The fair value of the BioTime Warrants was computed using a Black Scholes Merton option pricing model, which utilized the following assumptions: expected term five years, which is equal to the contractual life of the warrants; risk-free interest rate of 1.42%; 0% expected dividend yield; 77.6% expected volatility based on historical common stock volatility of BioTime; a stock price of $3.93; and an exercise price of $5.00 per share.
 
The investment in affiliates represents a non-monetary asset and was recorded at BioTime’s historical cost because BioTime is a common parent to Asterias and those affiliates.

Geron Assets Acquisition

Under the Asset Contribution Agreement, Geron contributed to Asterias certain patents, patent applications, trade secrets, know-how and other intellectual property rights with respect to the technology of Geron directly related to the research, development and commercialization of certain products and know-how related to hES cells; certain biological materials, reagents, laboratory equipment; as well as clinical trial documentation, files and data, primarily related to GRN-OPC1 clinical trials for spinal cord injury and GRN-VAC1 clinical trials for acute myelogenous leukemia. Asterias assumed all obligations related to such assets that would be attributable to periods, events or circumstances after the Asset Contribution Agreement closing date, including those related certain patent interference proceedings that have since been settled.

As consideration for the acquisition of assets from Geron, Asterias issued to Geron 6,537,779 shares of Series A Common Stock, par value $0.0001 per share (“Series A Shares”), which Geron agreed to distribute to its stockholders, on a pro rata basis, subject to applicable legal requirements and certain other limitations (the “Series A Distribution”). The Series A Distribution was completed during July 2014. Asterias agreed to distribute to the holders of its Series A Shares the 8,000,000 BioTime Warrants contributed to Asterias by BioTime. Geron gave notice to Asterias that the Series A Distribution was completed on August 15, 2014. On October 1, 2014 the distribution of the BioTime Warrants to the new holders of Series A Shares was completed and on October 3, 2014 Asterias’ Series B Shares were converted to Series A Shares. See Note 8.

In addition, Asterias agreed to bear certain transaction costs in connection with the Asset Contribution Agreement. Such transaction costs were allocated to acquisition of assets in the amount of $1,519,904 and issuance of equity in the amount of $541,800.

The assets contributed by Geron did not include workforce or any processes to be applied to the patents, biological materials and other assets acquired, and therefore did not constitute a business. Accordingly, the acquisition of Geron assets has been accounted for as an acquisition of assets in accordance with the relevant provisions of Accounting Standards Codification (ASC) 805-50. Total consideration payable by Asterias, including transaction costs, has been allocated to the assets acquired based on relative fair values of those assets as of the date of the transaction, October 1, 2013, in accordance with ASC 820, Fair Value Measurement.

The assets acquired from Geron and the related consideration paid were recorded as follows:
 
Consideration paid to Geron:
  
Asterias Series A shares, net of share issuance costs of $541,800
 
$
15,121,222
 
Obligation to distribute BioTime Warrants
  
18,276,406
 
Transaction and other costs
  
1,519,904
 
Total consideration paid
 
$
34,917,532
 
Assets acquired from Geron (preliminary allocation):
    
Patents and other intellectual property rights related to hES cells
 
$
29,017,009
 
Deferred tax liability arising from difference in book versus tax basis on Geron intangible assets acquired
  
(11,558,243
)
IPR&D expensed upon acquisition
  
17,458,766
 
Total assets and in-process research and development acquired
 
$
34,917,532
 

The fair value of the Asterias Series A shares issued was estimated at $2.40 based on the estimated Asterias enterprise value as determined by parties at the time the Asset Contribution Agreement was negotiated and executed by its parties on January 4, 2013, as adjusted for subsequent changes in fair values of assets the parties agreed to contribute.

The fair value of the obligation to distribute BioTime Warrants equaled the fair value of such warrants, which was computed as noted above under “Transfer of BioTime Assets.” Because the fair value of the BioTime Warrants was expected to always be equal to the fair value of the obligation to distribute them at any date on which those values are determined, the remeasurement of those values would not result in a charge or credit on the statement of operations.

The difference between the fair value of assets contributed by Geron and the fair value of consideration issued to Geron was recorded as an additional contribution by Geron, in additional paid-in capital.
 
A portion of the assets acquired from Geron, consisting primarily of biological materials, reagents, clinical trial documentation, files and data related primarily to certain clinical trials previously conducted by Geron, have been treated as in-process research and development (“IPR&D”). Intangible assets related to IPR&D represent the value of incomplete research and development projects which the company intends to continue. In accordance with the accounting rules in ASC 805, such assets, when acquired in conjunction with acquisition of a business, are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as the acquisition of assets from Geron), in accordance with the accounting rules in ASC 805-50, such intangible assets related to IPR&D are expensed upon acquisition.

The values of the acquired assets were estimated as of October 1, 2013 based upon a preliminary review of those assets which took into account factors such as the condition of the cells, cell lines and other biological materials being contributed, the stage of development of particular technology and product candidates related to patents, patent applications, and know-how, the intended use of the assets and the priority assigned to the development of product candidates to which those assets relate, and the assessment of the estimated useful lives of patents. The amounts allocated to patents and other intellectual property rights that Asterias intends to license, in-process research and development with alternative future uses, and equipment were capitalized as intangible assets and are being amortized over an estimated useful life period of 10 years. The amounts allocated to IPR&D that management determined to have no alternative uses were expensed at the time of acquisition of the related assets in accordance with the requirements of ASC 805-50. The allocation was based on the relative fair value of assets eligible for capitalization and the fair value of assets representing IPR&D before assessing the deferred tax liability arising from the difference in book versus tax basis on Geron intangible assets acquired, which management estimated to be approximately equal. Accordingly, $17,458,766 was capitalized as of December 31, 2013, and $17,458,766 was expensed during the year ended December 31, 2013. The amounts recorded were preliminary as management had not yet completed a detailed assessment and valuation of the acquired assets at the time. During the year ended December 31, 2014, Asterias finalized its assessment of values pertaining to these Geron capitalized intangible assets and recorded an adjustment to reduce the gross intangible cost by $2,157,369 with a corresponding reduction to the accumulated amortization balance of $269,671, resulting in an additional amortization expense of $1,887,698 included in the statements of operations for the year ended December 31, 2014. This adjustment was wholly attributable to finalizing the California income tax rate previously used to compute both the intangible asset and the corresponding deferred income tax liability, recorded at the acquisition date. Accordingly, Asterias simultaneously recorded an adjustment to reduce the related deferred tax liability resulting in the same net amount of $1,887,698 being included in the deferred income tax benefits of $7,375,611 included in the statements of operations for the year ended December 31, 2014. See also Note 7.

Asterias is also obligated to pay Geron royalties on the sale of products, if any, that are commercialized in reliance upon patents acquired from Geron, at the rate of 4% of net sales.

EXCEL 17 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=%\S,C0P-F1D,U]E,V4Y7S0X9F9?.38X9%\V-60W M-C1E96(P-V4B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=OF%T:6]N7T)A#I%>&-E;%=O5]O9E]3:6=N:69I8V%N=%]!8V-O=6YT/"]X.DYA;64^#0H@("`@/'@Z M5V]R:W-H965T4V]U#I%>&-E;%=O#I%>&-E;%=O M#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I% M>&-E;%=O#I%>&-E;%=O#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I7;W)K#I% M>&-E;%=O5]O9E]3:6=N:69I8V%N=%]!8V-O=6YT,CPO>#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D%S#I7;W)K#I7;W)K#I7;W)K#I%>&-E;%=O#I%>&-E;%=OF%T:6]N M7T)A#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-U;6UA#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/DEN=&%N9VEB;&5?87-S971S7T1E=&%I M;',\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7 M;W)K#I%>&-E;%=O#I.86UE/D-O M;6UI=&UE;G1S7V%N9%]#;VYT:6YG96YC:65S7S$\+W@Z3F%M93X-"B`@("`\ M>#I7;W)K#I%>&-E M;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I. M86UE/E-U8G-E<75E;G1?179E;G1S7T1E=&%I;',\+W@Z3F%M93X-"B`@("`\ M>#I7;W)K#I3='EL97-H965T($A2968],T0B5V]R:W-H965T M&-E;"!84"!O3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%\S,C0P-F1D,U]E,V4Y7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F M7SDV.&1?-C5D-S8T965B,#=E+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R2!);F9O2`P,2P@,C`Q-3QB'0^07-T97)I87,@0FEO=&AE'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$"!+97D\+W1D/@T*("`@("`@("`\ M=&0@8VQA2!796QL+6MN;W=N(%-E87-O;F5D($ES'0^3F\\2!6;VQU;G1A M'0^665S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^9F%L'0^36%R(#,Q+`T*"0DR,#$U/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S M,C0P-F1D,U]E,V4Y7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F7SDV.&1? M-C5D-S8T965B,#=E+U=O'0O:'1M;#L@8VAA3PO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$F5D(#4L,#`P+#`P,"!S:&%R97,[(&YO;F4@:7-S=65D(&%N9"!O=71S=&%N M9&EN9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S M,C0P-F1D,U]E,V4Y7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F7SDV.&1? M-C5D-S8T965B,#=E+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F5D M("AI;B!S:&%R97,I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XW M-2PP,#`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'1087)T7S,R-#`V M9&0S7V4S93E?-#AF9E\Y-CAD7S8U9#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!I;G9E&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS+#$P M-2PW-3D\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$6UE;G1S(&]N(&-O;G-T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA MF%T:6]N+"!"87-I3QB'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[ M)SX\9&EV('-T>6QE/3-$)V9O;G0M3LG M/C$N($]R9V%N:7IA=&EO;BP@0F%S:7,@;V8@4')E3H@)U1I;65S($YE=R!2;VUA M;B'0M86QI9VXZ M(&IU'0M:6YD96YT.B`S-G!T.R<^07-T97)I87,@0FEO=&AE M'0M M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^07-T97)I87,F M(S@R,3<[('!R:6UA2X\+V1I=CX\9&EV M/B8C,38P.SPO9&EV/CQD:78@3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD M96YT.B`S-G!T.R<^5&AE(&9I;F%N8VEA;"!S=&%T96UE;G1S('!R97-E;G1E M9"!H97)E:6XL(&%N9"!D:7-C=7-S960@8F5L;W2!A8V-E<'1E9"!I;B!T:&4@ M52Y3+B!A;F0@=VET:"!T:&4@86-C;W5N=&EN9R!A;F0@6QE/3-$)V9O;G0M7)O M;&P@'!E;G-E'!E;G-E2!!6QE/3-$)W1E>'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^/&)R("\^/"]D:78^/&1I=B!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SX\9F]N="!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SY,:7%U:61I M='D\+V9O;G0^("8C.#(Q,3L@4VEN8V4@:6YC97!T:6]N+"!!2!!7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ M(&IU'0M:6YD96YT.B`S-G!T.R<^/&9O;G0@2!H87,@;V-C=7)R960@;W(@2!A2!P87EM96YT MF5S(')E=F5N=64@:6X@=&AE('%U87)T M97(@:6X@=VAI8V@@=&AE(')O>6%L='D@2!O=F5R('1H92!P97)F;W)M86YC92!P97)I;V0N($EF M('1H92!P97)F;W)M86YC92!P97)I;V0@8V%N;F]T(&)E(')E87-O;F%B;'D@ M97-T:6UA=&5D+"!!2!E'!E M;F1E9"P@86YD("AC*2!C;VQL96-T:6]N(&]F('1H92!P87EM96YT(&ES(')E M87-O;F%B;'D@87-S=7)E9"X\8G(@+SX\+V1I=CX\9&EV('-T>6QE/3-$)V9O M;G0M'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^/&9O;G0@ M3H@)U1I;65S M($YE=R!2;VUA;B6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M2!R96QA=&5D('1O(&5Q=6ET>2!S96-U'0M86QI9VXZ(&IU'0M:6YD M96YT.B`S-G!T.R<^/&9O;G0@3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)V9O;G0M'0M86QI9VXZ M(&IU'0M:6YD96YT.B`S-G!T.R<^/&9O;G0@6EN9R!A'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^/&9O M;G0@3H@)U1I M;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SXF(S$V,#L\+V9O;G0^=VET:"!F:6YI=&4@ M=7-E9G5L(&QI=F5S(&%R92!A;6]R=&EZ960@;W9EF5D(&)U="!R871H97(@ M87)E('1E2!F;W(@:6UP86ER;65N="X@ M06-Q=6ER960@:6XM<')O8V5S'!E M;G-E9"!U<&]N(&%C<75IF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SX\ M9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I M=&%L:6,[)SY);7!A:7)M96YT(&]F(&QO;F'!E8W1E9"!T M;R!B92!G96YE2!W:&EC:"!T:&4@8V%R M6QE/3-$)V9O;G0M6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE M.B!I=&%L:6,[)SXF(S@R,3$[/"]F;VYT/B!!2!T:&%T($%S=&5R:6%S(&UA>2!N965D('1O('-E='1L92!T M:&4@=V%R'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^/&9O M;G0@3H@)U1I M;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SX@26YV97-T;65N=',M1&5B="!A;F0@17%U M:71Y(%-E8W5R:71I97,\+V9O;G0^/&9O;G0@3H@)U1I;65S($YE=R!2;VUA;B2X@5&AE2!A M&-L=61E9"!F2!AF5D(&=A:6YS(&%N9"!L;W-S97,@ M87)E(')E8VQA6QE M/3-$)V9O;G0M6QE M/3-$)V9O;G0M2!D979E;&]P960@87)E(&5X<&5NF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z M(#,V<'0[)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SY296-L87-S:69I8V%T:6]N("8C.#(Q,3L\+V9O M;G0^($-E65A65A6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M2US<&]N2!F965S M+"!R96YT(&]F(')E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SX\9F]N="!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SY'96YE6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE.B!I=&%L:6,[ M)SXF(S@R,3$[/"]F;VYT/B!&;W(@=&AE('!E3H@)U1I;65S($YE=R!2;VUA;B&5S(&EN(&%C8V]R9&%N8V4@=VET:"!T M:&4@86-C;W5N=&EN9R!P2!A8V-E<'1E9"!I M;B!T:&4@56YI=&5D(%-T871E2!D969E"!L87=S(&%N9"!R871E2!T;R!R961U8V4@ M9&5F97)R960@=&%X(&%S&%M:6YA=&EO;G,@8GD@=&%X:6YG(&%U=&AO M"!E>&%M:6YA=&EO;G,@8GD@;6%J;W(@=&%X:6YG(&%U=&AO65A'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^ M)B,Q-C`[/"]D:78^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E M;G0Z(#,V<'0[)SY!(&1E9F5R&EM871E;'D@)#$L-#,R+#`P,"!W87,@2`D,2PS M-#DL,#`P('=A2`D,2PQ M-3$L,#`P('=A&5S+B!!2!T:&%N(&YO="!T:&%T('1H92!D969E2!R96%L:7IA8FQE('-I;F-E('1H97-E(&EN8V]M92!T87@@8F5N M969I=',@87)E(&5X<&5C=&5D('1O(&)E(&%V86EL86)L92!T;R!O9F9S970@ M6QE/3-$)V9O;G0M&EM871E;'D@)#$P+C,@;6EL;&EO;B!A;F0@ M86X@:6YC;VUE('1A>"!L:6%B:6QI='D@;V8@87!P2`D,RXV M(&UI;&QI;VXN($%S=&5R:6%S(')E8V5I=F5D('1H92!":6]4:6UE(&-O;6UO M;B!S:&%R97,@9G)O;2!":6]4:6UE(&%S('!A2!A=F%I;&%B;&4@;F5T(&]P97)A=&EN9R!L;W-S97,L(')E"!L:6%B:6QI='D@9F]R('1H92!T96UP;W)A MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SX\9F]N="!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SY3=&]C M:RUB87-E9"!C;VUP96YS871I;VX\+V9O;G0^)B,Q-C`[/&9O;G0@6UE;G0@ M87=A2!!2!A'!E'!E8W1E9"!T97)M(&]F(&]P=&EO;G,@9W)A;G1E M9"P@9&5R:79E9"!F6QE/3-$)V9O;G0M6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E6QE.B!I=&%L:6,[)SXL/"]F;VYT/CQF;VYT M('-T>6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E&ET('!R:6-E+"!R97!R97-E;G1I;F<@ M=&AE(&%M;W5N="!T:&%T('=O=6QD(&)E(')E8V5I=F5D('1O('-E;&P@86X@ M87-S970@;W(@<&%I9"!T;R!T2!I;B!A;B!O M6QE/3-$)V9O;G0M2P@=VAI M8V@@<')I;W)I=&EZ97,@:6YP=71S('1H870@;6%Y(&)E('5S960@=&\@;65A MF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B!3>6UB;VPL('-E6QE/3-$)W=I9'1H.B`Y M,RXS,R4[('9E6QE/3-$)V9O M;G0M6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`S+C,S M)3L@=F5R=&EC86PM86QI9VXZ(&UI9&1L93LG/B8C,38P.SPO=&0^/'1D('-T M>6QE/3-$)W=I9'1H.B`S+C,S)3L@=F5R=&EC86PM86QI9VXZ('1O<#LG/CQD M:78@3H@4WEM M8F]L+"!S97)I9CL@8V]L;W(Z(",P,#`P,#`[('1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$X,SL\+V1I=CX\+W1D/CQT9"!S='EL93TS1"=W:61T:#H@.3,N,S0E M.R!V97)T:6-A;"UA;&EG;CH@=&]P.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I M>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E3LG/DQE=F5L(#(\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SXF(S@R,3$[/"]F;VYT/B!/8G-E2!O8G-E6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M'0M86QI M9VXZ(&IU2!A;F0@=&AA="!A'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T M.R<^5&AE(&-A6QE/3-$)V9O;G0M6QE/3-$)V9O;G0MF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SX@0V]M<')E:&5N2!O6QE/3-$)V9O;G0M M6QE/3-$)V9O;G0M M2!D:79I9&EN9R!N970@;&]S'0M86QI9VXZ M(&IU'0M:6YD96YT.B`S-G!T.R<^5&AE(&-O;7!U=&%T:6]N M6QE/3-$)W=I9'1H.B`W-2XQ)3L@=F5R=&EC86PM86QI9VXZ('1O<#L@<&%D M9&EN9RUB;W1T;VTZ(#)P>#LG/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0W M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T M=&]M.R!B;W)D97(M8F]T=&]M.B`C,#`P,#`P(#)P>"!S;VQI9#LG/CQD:78^ M/"]D:78^/&1I=CX\+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/CPO='(^/'1R M/CQT9"!V86QI9VX],T1B;W1T;VT@6QE M/3-$)W9EF4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E6QE/3-$)W=I9'1H.B`W-2XQ)3L@=F5R=&EC86PM86QI9VXZ('1O M<#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)W=I9'1H.B`Q+C$R M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@ M8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M M:6YD96YT.B`M-RXR<'0[)SY796EG:'1E9"!A=F5R86=E(&-O;6UO;B!S:&%R M97,@;V8@8V]M;6]N('-T;V-K("8C.#(Q,3L@8F%S:6,@86YD(&1I;'5T960\ M+V1I=CX\+W1D/CQT9"!V86QI9VX],T1B;W1T;VT@6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI M9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q M+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$ M)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA M;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&UA6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG M6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Y+C$Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD M+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC M;VQO'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^ M5&AE(&9O;&QO=VEN9R!C;VUM;VX@&-L=61E9"!F6QE/3-$)V9O;G0M'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`W M-2XQ)3L@=F5R=&EC86PM86QI9VXZ('1O<#L@<&%D9&EN9RUB;W1T;VTZ(#)P M>#LG/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)W9E6QE/3-$)V9O M;G0M'0M86QI9VXZ(&-E;G1E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/CPO='(^ M/'1R/CQT9"!V86QI9VX],T1B;W1T;VT@F4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M:6YD96YT.B`M M-RXR<'0[)SY3=&]C:R!O<'1I;VYS('5N9&5R($5Q=6ET>2!);F-E;G1I=F4@ M4&QA;CPO9&EV/CPO=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W M:61T:#H@,2XQ,B4[('9E6QE M/3-$)W=I9'1H.B`Y+C$Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$ M)W=I9'1H.B`Y+C$Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA M;&EG;CH@6QE/3-$)V9O;G0M6QE M/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y+C$Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO M6QE/3-$)W=I9'1H M.B`Y+C$Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M6QE M/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SX\9F]N="!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SY%9F9E M8W0@;V8@2!A9&]P=&5D(&%C M8V]U;G1I;F<@<')O;F]U;F-E;65N=',\+V9O;G0^)B,Q-C`[/&9O;G0@2!I M;7!A8W0@=&AE(&9I;F%N8VEA;"!S=&%T96UE;G1S+CPO9&EV/CQD:78@'0M M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^)B,Q-C`[/"]D M:78^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[ M)SY);B!*=6YE(#(P,30L('1H92!&05-"(&ES3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%\S,C0P-F1D,U]E,V4Y7S0X9F9?.38X9%\V M-60W-C1E96(P-V4-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S(T M,#9D9#-?93-E.5\T.&9F7SDV.&1?-C5D-S8T965B,#=E+U=O'0O:'1M;#L@8VAA'0^/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S M($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&QE9G0[)SXS/&9O M;G0@3H@)U1I M;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY/;B!*86YU87)Y M(#0L(#(P,3,L($%S=&5R:6%S(&5N=&5R960@:6YT;R!A;B!!3LG/E1R86YS9F5R(&]F($)I;U1I;64@07-S971S/"]D:78^/&1I M=CX\8G(@+SX\+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M65A2!/ M2!S=&]C:R!I;G1E2!#96QL($-U6]N:6,@ M&-L=7-I=F4L('=O6%L='DM9G)E92!L:6-E;G-E M'0M86QI9VXZ(&IU'0M:6YD96YT M.B`S-G!T.R<^26X@F4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E2!O9B!":6]4:6UE+"!T M:&4@=')A;G-F97(@;V8@87-S971S(&9R;VT@0FEO5&EM92!W87,@86-C;W5N M=&5D(&9O6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SXF(S$V,#L\+V1I=CX\=&%B;&4@ M8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W9E6QE/3-$)V9O;G0M'0M:6YD M96YT.B`M-RXW<'0[)SY#;VYS:61E6QE/3-$ M)W9E6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(&QE9G0[(&)A8VMG6QE M/3-$)V9O;G0M'0M86QI9VXZ(')I9VAT.R!B M86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI M9VXZ(&QE9G0[(&)A8VMG3H@)U1I;65S($YE=R!2;VUA;B6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA M;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N9"UC M;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R M<'@@'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R M.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`X."4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY4;W1A;"!C;VYS:61E"!D;W5B;&4[('1E>'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`X."4[ M('9E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI M9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^)B,Q-C`[ M/"]T9#X\=&0@;F]W'0M M86QI9VXZ(&QE9G0[(&)A8VMG'0M86QI9VXZ(&QE9G0[(&UA2!":6]4:6UE.CPO9&EV/CPO=&0^/'1D('9A;&EG;CTS M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,24[('9E6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M'0M86QI9VXZ(')I M9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`X M."4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY#86YC96QL871I;VX@;V8@ M;W5T6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$)W=I M9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG'0M86QI9VXZ(&QE9G0[(&)A8VMG3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&QE9G0[(&UA2!":6]4:6UE/"]D:78^/"]T9#X\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN M9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI M9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@=&5X="UA;&EG;CH@;&5F=#L@ M8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@8F%C:V=R;W5N9"UC;VQO M6QE/3-$)W=I9'1H.B`Y)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P M,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H=#L@8F%C:V=R;W5N9"UC M;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T M.R<^5&AE(&9A:7(@=F%L=64@;V8@=&AE($%S=&5R:6%S(%-EF5D('1H92!F;VQL M;W=I;F<@87-S=6UP=&EO;G,Z(&5X<&5C=&5D('1E65A M2!B87-E9"!O;B!T:&4@879E3L@82!S M=&]C:R!P'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^0FEO5&EM M92!C;VUM;VX@'!E M8W1E9"!T97)M(&9I=F4@>65A'!E8W1E9"!V;VQA=&EL:71Y(&)A'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^5&AE(&EN M=F5S=&UE;G0@:6X@869F:6QI871EF4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M6QE/3-$)V9O;G0M2!O9B!' M97)O;B!D:7)E8W1L>2!R96QA=&5D('1O('1H92!R97-E87)C:"P@9&5V96QO M<&UE;G0@86YD(&-O;6UEF%T:6]N(&]F(&-E2!E M<75I<&UE;G0[(&%S('=E;&P@87,@8VQI;FEC86P@=')I86P@9&]C=6UE;G1A M=&EO;BP@9FEL97,@86YD(&1A=&$L('!R:6UA2!R96QA=&5D('1O($=2 M3BU/4$,Q(&-L:6YI8V%L('1R:6%L'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^07,@8V]N M'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^26X@861D M:71I;VXL($%S=&5R:6%S(&%G3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)V9O;G0M6%B;&4@8GD@07-T97)I87,L(&EN8VQU9&EN9R!T6QE.B!I=&%L:6,[ M)SX@1F%IF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`S M-G!T.R<^5&AE(&%S3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD M96YT.B`S-G!T.R<^)B,Q-C`[/"]D:78^/'1A8FQE(&-E;&QP861D:6YG/3-$ M,"!C96QL3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W9E6QE/3-$)W9E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/CPO='(^/'1R/CQT9"!V86QI9VX],T1B;W1T;VT@'0M86QI9VXZ(&QE9G0[(&UA6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^ M/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC M;VQO6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI M9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN M9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI M9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`X."4[ M('9E6QE/3-$)V9O M;G0M'0M:6YD96YT.B`M-RXW<'0[ M)SY4;W1A;"!C;VYS:61E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N M.B!L969T.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E"!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD M+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M6QE/3-$)W=I M9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T M;VTZ(#1P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-EF4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M'0M86QI9VXZ(&QE9G0[(&)A M8VMG'0M86QI9VXZ(&QE9G0[(&UA'0M:6YD96YT.B`M-RXW<'0[)SY$969E"!B M87-I6QE/3-$)W=I9'1H.B`Y)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`X."4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY)4%(F86UP.T0@97AP96YS960@=7!O;B!A M8W%U:7-I=&EO;CPO9&EV/CPO=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL M93TS1"=W:61T:#H@,24[('9E"!S;VQI9#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(&QE M9G0[(&)A8VMG#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(&QE9G0[(&UA6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R M+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T M.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E"!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R M.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P M>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY4 M:&4@9F%I6QE/3-$)V9O;G0M'!E8W1E9"!T;R!A;'=A>7,@ M8F4@97%U86P@=&\@=&AE(&9A:7(@=F%L=64@;V8@=&AE(&]B;&EG871I;VX@ M=&\@9&ES=')I8G5T92!T:&5M(&%T(&%N>2!D871E(&]N('=H:6-H('1H;W-E M('9A;'5E'0M86QI9VXZ(&IU'0M M:6YD96YT.B`S-G!T.R<^5&AE(&1I9F9E2!'97)O;BP@:6X@861D:71I;VYA;"!P86ED+6EN(&-A<&ET86PN/"]D:78^ M/&1I=CXF(S$V,#L\+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M2!C;VYD=6-T M960@8GD@1V5R;VXL(&AA=F4@8F5E;B!TF5D(&%S(&%N(&%SF5D(&)A'!E;G-E9"!U<&]N(&%C<75IF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY4:&4@=F%L=65S(&]F('1H92!A M8W%U:7)E9"!A2!R979I97<@;V8@=&AO M2!R:6=H=',@=&AA="!!65AF%T:6]N(&%N9"!T:&4@9F%I&EM871E;'D@97%U86PN($%C8V]R9&EN9VQY+"`D,365AF5D(&ETF5D(&EN=&%N9VEB;&4@87-S971S M(&%N9"!R96-OF%T:6]N(&5X<&5N65A"!R871E('!R979I;W5S;'D@=7-E9"!T M;R!C;VUP=71E(&)O=&@@=&AE(&EN=&%N9VEB;&4@87-S970@86YD('1H92!C M;W)R97-P;VYD:6YG(&1E9F5R"!B96YE9FET6QE/3-$ M)W1E>'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^/&)R M("\^/"]D:78^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z M(#,V<'0[)SY!F5D(&EN(')E;&EA;F-E('5P;VX@<&%T M96YT'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE M/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY!="!- M87)C:"`S,2P@,C`Q-2!A;F0@1&5C96UB97(@,S$L(#(P,30\9F]N="!S='EL M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M#LG/B8C,38P.SPO M=&0^/'1D(&-O;'-P86X],T0S('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=V M97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B;W)D97(M8F]T=&]M.B`C,#`P,#`P M(#)P>"!S;VQI9#LG/CQD:78@3H@)U1I;65S($YE=R!2;VUA;B#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C,38P.SPO=&0^/'1D(&-O;'-P M86X],T0S('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG M;CH@8F]T=&]M.R!B;W)D97(M8F]T=&]M.B`C,#`P,#`P(#)P>"!S;VQI9#LG M/CQD:78@3H@ M)U1I;65S($YE=R!2;VUA;BF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC M;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG M6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[ M(&)A8VMG#L@8F%C M:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[ M(&UA"!S;VQI9#L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R M<'@@'0M86QI9VXZ(&QE9G0[(&)A8VMG"!S;VQI9#L@=&5X="UA;&EG;CH@6QE/3-$ M)V9O;G0M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M<&%D9&EN9RUB;W1T;VTZ(#)P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`W-B4[('9E M6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY%<75I M<&UE;G0@86YD(&9U6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@8F%C:V=R;W5N9"UC;VQO M6QE/3-$)W=I9'1H.B`Y)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P M,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H=#L@8F%C:V=R;W5N9"UC M;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P M,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T.R!B86-K9W)O=6YD+6-O M;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E"!D;W5B;&4[('1E>'0M M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I M=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)V9O M;G0M'!E M;G-E(&%M;W5N=&5D('1O("0Q,S(L-#$W(&%N9"`D,3,P+#4W.2!F;W(@=&AE M('1H6QE/3-$)V9O;G0M6QE/3-$ M)V9O;G0M6QE M.B!I=&%L:6,[('1E>'0M86QI9VXZ(&QE9G0[)SY#;VYS=')U8W1I;VX@:6X@ M<')O9W)E3L@=&5X="UI M;F1E;G0Z(#,V<'0[)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E2!A;F0@<')O9'5C=&EO;B!F86-I;&ET>2!T:&%T(&-A;B!B92!U M2!!2!!'1087)T M7S,R-#`V9&0S7V4S93E?-#AF9E\Y-CAD7S8U9#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$)V9O M;G0M3LG/DEN=F5S=&UE;G0@:6X@0FEO5&EM93PO9&EV/CQD:78^/&)R M("\^/"]D:78^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z M(#,V<'0[)SY!="!-87)C:"`S,2P@,C`Q-3QF;VYT('-T>6QE/3-$)V9O;G0M M2!T:6UE+B!4:&4@:6YV97-T;65N="!IF5D(&=A:6YS(&%N9"!L;W-S97,L(&YE="!O M9B!T87@L(')E<&]R=&5D(&EN(&]T:&5R(&-O;7!R96AE;G-I=F4@:6YC;VUE M('5N=&EL;"!R96%L:7IE9"X@4F5A;&EZ960@9V%I;G,@86YD(&QO6QE.B!I M=&%L:6,[)SXF(S@R,C`[06-C;W5N=&EN9R!F;W(@0FEO5&EM92!S:&%R97,N M)B,X,C(Q.SPO9F]N=#X\+V1I=CX\9&EV/CQB'0M M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^07-T97)I87,@ M2!T;R!H;VQD M('1H92!I;G9E2!A;G1I8VEP871E9"!R96-O=F5R>2!I;B!M87)K970@=F%L M=64L(&%N9"!T:&4@;&5N9W1H(&]F('1I;64@86YD(&5X=&5N="!T;R!W:&EC M:"!T:&4@9F%I2!I;7!A:7)M96YT('=AF5D+CPO9&EV/CQD:78^/&)R("\^/"]D:78^/&1I=B!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY!7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M2!A<'!L>6EN9R!A($)L86-K(%-C:&]L M97,@365R=&]N(&]P=&EO;BUP'!E8W1E9"!T;R!A;'=A>7,@8F4@97%U86P@=&\@=&AE M(&9A:7(@=F%L=64@;V8@=&AE(&]B;&EG871I;VX@=&\@9&ES=')I8G5T92!T M:&]S92!W87)R86YT'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE M/3-$)V9O;G0M3LG/C6QE/3-$ M)V9O;G0MF5D(&EN=&%N9VEB;&4@87-S971S(&%C<75I2!R96QA=&5D('1O('!A=&5N=',@86YD(&]T:&5R(&EN M=&5L;&5C='5A;"!P2!R:6=H=',@F5D(&]V97(@=&AE M(&5S=&EM871E9"!E8V]N;VUI8R!L:79E&EM871E2!E65A6QE/3-$)V9O;G0M6QE/3-$)W9E MF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C,38P.SPO=&0^/'1D('9A;&EG M;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!P M861D:6YG+6)O='1O;3H@,G!X.R<^)B,Q-C`[/"]T9#X\=&0@8V]L6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$ M)W9E6QE/3-$)V9O;G0M M6QE/3-$)W9E6QE/3-$)W9E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/CPO='(^/'1R/CQT9"!V86QI9VX],T1B;W1T;VT@6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&QE9G0[(&)A8VMG#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@8F%C M:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H M.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@ M(S`P,#`P,"`R<'@@'0M86QI9VXZ(')I9VAT.R!B86-K9W)O M=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E"!S;VQI9#L@=&5X="UA M;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$ M)W=I9'1H.B`W-B4[('9E6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&UA M6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O M='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T.R!B M86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I M9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O M;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T.R!B86-K M9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I M>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E"!D;W5B M;&4[('1E>'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E M969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)V9O;G0M'!E;G-E M(&]F(&EN=&%N9VEB;&4@87-S971S(&1UF%T:6]N M(&5X<&5N65A'0M86QI M9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^06UOF%T:6]N M(&]F(&EN=&%N9VEB;&4@87-S971S(&9O6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[)SX\9&EV('-T>6QE/3-$)V9O;G0M#LG/B8C M,38P.SPO=&0^/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B;W)D97(M8F]T=&]M.B`C M,#`P,#`P(#)P>"!S;VQI9#LG/CQD:78@3H@)U1I;65S($YE=R!2;VUA;B#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C,38P.SPO=&0^/"]TF4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C M:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(&QE9G0[(&)A8VMG6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG M;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA M;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B M86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$ M)W=I9'1H.B`X."4[('9E'0M86QI M9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H M.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$ M)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(&QE9G0[(&)A8VMG"!S;VQI9#L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`X."4[('9E'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$ M)V9O;G0M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U M8FQE.R!T97AT+6%L:6=N.B!L969T.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E M969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E"!D;W5B;&4[('1E>'0M86QI9VXZ(')I M9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C M:V=R;W5N9"UC;VQO7!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@8VAA3H@)U1I;65S($YE=R!2;VUA;B3L@=&5X="UI;F1E;G0Z(#,V<'0[ M)SX\8G(@+SX\+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE.B!I=&%L:6,[('1E>'0M86QI9VXZ(&IU3L@ M=&5X="UI;F1E;G0Z(#,V<'0[)SY$=7)I;F<@=&AE('1H&EM M871E;'D@/&9O;G0@3H@)U1I;65S($YE=R!2;VUA;B3LG/E=A6QE/3-$)V9O;G0M'0M86QI9VXZ(&IU'0M:6YD M96YT.B`S-G!T.R<^)B,Q-C`[/"]D:78^/'1A8FQE(&-E;&QP861D:6YG/3-$ M,"!C96QL3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)W9E M6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)W9E6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E M;G1EF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E'0M86QI9VXZ(&-E;G1E6QE M/3-$)W9E6QE/3-$)V9O;G0M M6QE/3-$)V9O;G0M3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[ M(&)A8VMG6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@ M8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[ M(&)A8VMG6QE/3-$)V9O M;G0M'0M86QI9VXZ(')I9VAT.R!B86-K9W)O M=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E6QE/3-$)W=I9'1H.B`V-"4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY)6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P M>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$ M)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O M='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(')I9VAT.R!B M86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N9"UC;VQO'0M86QI M9VXZ(&QE9G0[(&)A8VMG3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD M+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M6QE/3-$)W=I9'1H.B`V-"4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY/=71S M=&%N9&EN9RP@36%R8V@@,S$L(#(P,34\+V1I=CX\+W1D/CQT9"!V86QI9VX] M,T1B;W1T;VT@6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R M9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!L M969T.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^)B,Q-C`[/"]T9#X\ M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@ M9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P M>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M<&%D9&EN9RUB;W1T;VTZ(#1P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQOF4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M3L@=&5X M="UI;F1E;G0Z(#,V<'0[)SY4:&4@=V%R'!I3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,C0P M-F1D,U]E,V4Y7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F7SDV.&1?-C5D M-S8T965B,#=E+U=O'0O:'1M;#L@8VAA2!);F-E;G1I=F4@4&QA M;CQB2!);F-E;G1I=F4@4&QA;B!;06)S=')A8W1=/"]S=')O;F<^ M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\2!);F-E M;G1I=F4@4&QA;CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I M=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E'0M86QI9VXZ(&QE9G0[)SXY+B!%<75I='D@26YC96YT:79E M(%!L86X\+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^1'5R:6YG($UAF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY.;R!O M<'1I;VYS(&UA>2!B92!G65A2!T:&4@0F]A2!B92!E>&5R M8VES960@869T97(@=&AE(&5X<&ER871I;VX@;V8@=&5N('EE87)S(&9R;VT@ M=&AE(&1A=&4@;V8@9W)A;G0N(%5N9&5R('1H92!0;&%N+"!O<'1I;VYS('1O M('!U2!B92!F=6QL>2!E>&5R8VES M86)L92!I;6UE9&EA=&5L>2P@;W(@;6%Y(&)E(&5X97)C:7-A8FQE(&%C8V]R M9&EN9R!T;R!A('-C:&5D=6QE(&]R(&-O;F1I=&EO;G,@F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY!7!O=&AE=&EC86P@=6YI=',@ M:7-S=65D('=I=&@@2!T:&4@0F]A&5R M8VES960@;75L=&EP;&EE9"!B>2!T:&4@97AC97-S(&]F("AA*2!T:&4@9F%I M&5R8VES960L(&]V97(@ M*&(I('1H92!E>&5R8VES92!P6QE/3-$)V9O;G0M3L@ M=&5X="UI;F1E;G0Z(#,V<'0[)SX\8G(@+SX\+V1I=CX\9&EV('-T>6QE/3-$ M)V9O;G0M6QE M.B!I=&%L:6,[('1E>'0M86QI9VXZ(&QE9G0[)SY/<'1I;VYS($=R86YT960@ M86YD(%)E6QE/3-$)V9O;G0M6QE/3-$)V9O M;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[ M)SY!('-U;6UA2!A;F0@6QE/3-$)W9E6QE/3-$)V9O;G0M6QE/3-$)V9O;G0MF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C,38P.SPO M=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG M;CH@8F]T=&]M.R!P861D:6YG+6)O='1O;3H@,G!X.R<^)B,Q-C`[/"]T9#X\ M=&0@8V]L6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E M;G1EF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E'0M86QI9VXZ(&-E;G1E6QE/3-$ M)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/CPO M='(^/'1R/CQT9"!V86QI9VX],T1B;W1T;VT@'0M86QI9VXZ(&QE9G0[(&UA6QE/3-$)W=I9'1H.B`Y M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O M;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT M.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M'0M86QI9VXZ M(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`V-"4[('9E6QE/3-$)V9O;G0M'0M M:6YD96YT.B`M-RXW<'0[)SY);F-R96%S92!T;R!P;V]L/'-U<"!S='EL93TS M1"=F;VYT+7-I>F4Z('-M86QL97([('9E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@ M8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O M;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[ M(&)A8VMG'0M86QI9VXZ(&QE9G0[(&)A8VMG M6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C M9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H M.B`V-"4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY/<'1I;VYS(&=R86YT M960\+V1I=CX\+W1D/CQT9"!V86QI9VX],T1B;W1T;VT@6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I M9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE M/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA M;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A M8VMG'0M86QI9VXZ(&QE9G0[(&UA6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMGF4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I M=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE M/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA M;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A M8VMG#L@8F%C M:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[ M(&UA6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M<&%D9&EN9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^ M/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M M86QI9VXZ(&QE9G0[(&)A8VMG"!S;VQI9#L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M"!S;VQI9#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT M+6%L:6=N.B!L969T.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^)B,Q M-C`[/"]T9#X\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Y M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P M,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H=#L@8F%C:V=R;W5N M9"UC;VQO6QE/3-$)W=I M9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T M;VTZ(#1P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO"!D;W5B;&4[('1E>'0M86QI9VXZ(&QE9G0[(&)A8VMG"!D;W5B;&4[('1E>'0M M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I M=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@8F%C:V=R M;W5N9"UC;VQO6QE/3-$)W=I M9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O M;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H=#L@8F%C M:V=R;W5N9"UC;VQO'0M86QI9VXZ(&-E;G1E M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)V9O;G0M2!T:&4@07-T97)I M87,@F4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[('1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)W9E"!S;VQI9#LG/CQD:78^/"]D:78^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E'0M86QI9VXZ(&-E;G1E#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C,38P.SPO=&0^/"]T6QE/3-$)W9E6QE/3-$)V9O;G0M#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C,38P.SPO M=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG M;CH@8F]T=&]M.R!P861D:6YG+6)O='1O;3H@,G!X.R<^)B,Q-C`[/"]T9#X\ M=&0@8V]L6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E M;G1E6QE/3-$)W9E'0M86QI9VXZ(&QE9G0[)SXF(S$V M,#L\+W1D/CPO='(^/'1R/CQT9"!V86QI9VX],T1B;W1T;VT@'0M86QI9VXZ(&QE9G0[(&UA6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C M:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG'0M86QI9VXZ(&QE9G0[(&)A8VMG'0M86QI9VXZ M(&QE9G0[(&UA6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@ M8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O M;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C M:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`W-B4[ M('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY6;VQA=&EL:71Y/"]D:78^/"]T M9#X\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(&QE9G0[(&)A8VMGF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG M;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K M9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I M>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E'0M86QI9VXZ M(&QE9G0[(&)A8VMG6QE M/3-$)V9O;G0MF4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M6EE;&0\+V1I=CX\+W1D/CQT9"!V86QI9VX],T1B;W1T;VT@6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I M9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC M;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG'0M M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M3L@=&5X="UI;F1E;G0Z(#,V<'0[)SX\8G(@+SX\+V1I M=CX\9&EV('-T>6QE/3-$)V9O;G0M'!E8W1E9"!L:69E M+B!!(&1I=FED96YD('EI96QD(&]F('IE2!P86ED(&1I=FED96YD2!P965R(&-O;7!A;FEE'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^ M5&]T86P@<')O8V5E9',@:68@86QL(&]P=&EO;G,@9W)A;G1E9"!A;F0@;W5T M&5R8VES960@ M=V]U;&0@8F4@)#$Q+#@R."PW-3`\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^16UP;&]Y M964@2P@:6X@3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^3W!E6QE/3-$)V9O;G0M#LG M/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0W('9A;&EG;CTS1&)O='1O;2!S M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B;W)D97(M8F]T=&]M M.B`C,#`P,#`P(#)P>"!S;VQI9#LG/CQD:78@3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E M;G1E6QE/3-$)W9E6QE/3-$)V9O;G0M M"!S;VQI9#LG/CQD:78@6QE/3-$)W=I9'1H.B`W-B4[('9E6QE/3-$)V9O;G0M'0M:6YD M96YT.B`M-RXW<'0[)SY297-E87)C:"!A;F0@9&5V96QO<&UE;G0\+V1I=CX\ M+W1D/CQT9"!V86QI9VX],T1B;W1T;VT@6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG M;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O M;G0M6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M'0M86QI9VXZ(')I M9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(&QE9G0[(&)A8VMG"!S;VQI9#L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M<&%D9&EN9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^ M/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@=&5X="UA;&EG;CH@ M;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U M8FQE.R!T97AT+6%L:6=N.B!L969T.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E M969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E"!D;W5B;&4[('1E>'0M86QI9VXZ(')I M9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M<&%D9&EN9RUB;W1T;VTZ(#1P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQO"!D;W5B;&4[('1E>'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$ M)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M2`R+CDX('EE87)S/&9O;G0@3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,C0P M-F1D,U]E,V4Y7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F7SDV.&1?-C5D M-S8T965B,#=E+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/&1I=B!S='EL93TS1"=F;VYT+69A;6EL M>3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&QE M9G0[)SXQ,"X@0V]M;6ET;65N=',@86YD($-O;G1I;F=E;F-I97,\+V1I=CX\ M9&EV('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ(&IU'0M:6YD96YT.B`S M-G!T.R<^070@36%R8V@@,S$L(#(P,34@07-T97)I87,@:&%D(&-O;6UI=&UE M;G1S(&-O;G-I2P@82!L96%S92!O9B!I=',@2!I;B!&F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY!&5S(&%N9"!C97)T86EN(&-O3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M M:6YD96YT.B`S-G!T.R<^3VX@1&5C96UB97(@,S`L(#(P,3,L($%S=&5R:6%S M(&5N=&5R960@:6YT;R!A(&QE87-E(&9O2!A&EM871E;'D@)#4N M-2!M:6QL:6]N+"!O9B!W:&EC:"!A(&UA>&EM=6T@)#0N-"!M:6QL:6]N('=I M;&P@8F4@<&%I9"!B>2!T:&4@;&%N9&QO'!I2!P;W)T M:6]N(&]F('1H92!A;&QO=V%N8V4@;F]T(&5X<&5N9&5D(&)Y('1H96XN($%S M=&5R:6%S(&5X<&5C=',@=&\@2!C;VUP;&5T92!C;VYS M=')U8W1I;VX@;V8@=&AE(&)U:6QT+71O+7-U:70@9F%C:6QI='D@9'5R:6YG M('1H92!T:&ER9"!Q=6%R=&5R(&]F(#(P,34N/"]D:78^/&1I=CX\8G(@+SX\ M+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M2!D97!O'1E;F0@=&AE('1E2!M M;VYT:&QY(&)A2`S)2!A;FYU86QL>2!O;B!E=F5R>2!/8W1O8F5R(#$@=&AE3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^26X@861D:71I;VX@=&\@;6]N=&AL M>2!B87-E(')E;G0L($%S=&5R:6%S('=I;&P@<&%Y(&%L;"!R96%L(&5S=&%T M92!T87AE2`U,"4@;V8@=&AE(')E86P@ M97-T871E('1A>&5S(&%S&-E3L@=&5X="UI;F1E;G0Z(#,V M<'0[)SX\8G(@+SX\+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M2!!4T,@.#0P+30P+3(U+B!) M;B!A8V-O2!T:&4@;&%N9&QO2!I2!A;F0@=&AE(&QE87-E M('!A>6UE;G1S(&%L;&]C871E9"!T;R!T:&4@;&%N9&QO3QF;VYT('-T>6QE/3-$)V9O M;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[ M)SY!2!B96=I;FYI;F<@:6X@36%R8V@@,C`Q-"!W:71H M("8C.#(R,#MF'!E;G-I;F<@&EM871E;'D@)#'0M86QI9VXZ(&IU'0M:6YD M96YT.B`S-G!T.R<^07-T97)I87,@86QS;R!C=7)R96YT;'D@<&%Y&EM871E;'D@,3(P M('-Q=6%R92!F965T(&]F('1H92!O9F9I8V4@2!T:&%T(&ES('5S960@=&\@8V]N9'5C="!M965T:6YG3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^4F5M86EN:6YG(&UI;FEM=6T@86YN=6%L(&QE M87-E('!A>6UE;G1S('5N9&5R('1H92!V87)I;W5S(&]P97)A=&EN9R!L96%S M97,@9F]R('1H92!Y96%R6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W9EF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/CPO='(^ M/'1R/CQT9"!V86QI9VX],T1B;W1T;VT@3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$ M)V9O;G0M'0M86QI9VXZ(')I9VAT.R!B86-K M9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I M>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG M;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA M;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B M86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$ M)W=I9'1H.B`X."4[('9E'0M86QI M9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H M.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$ M)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I M=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`X."4[('9E'0M86QI9VXZ(&QE9G0[ M(&)A8VMG6QE/3-$)V9O M;G0M"!S M;VQI9#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D M9&EN9RUB;W1T;VTZ(#)P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N M9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ M(#1P>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N M.B!R:6=H=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[ M(&)A8VMG'1087)T7S,R-#`V9&0S7V4S93E?-#AF9E\Y-CAD7S8U9#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)V9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z M(#$P<'0[)SX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M M:6YD96YT.B`S-G!T.R<^3VX@07!R:6P@,2P@,C`Q,RP@07-T97)I87,@86YD M($)I;U1I;64@97AE8W5T960@82!3:&%R960@1F%C:6QI=&EE6%B;&4L(&%N9"!O=&AE2!A;'-O('!R;W9I9&4@ M=&AE('-E65EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY":6]4:6UE('=I;&P@8VAA M2!P2`Q,#4E/&9O;G0@3H@)U1I;65S($YE=R!2;VUA;B'0M M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^5&AE(%5S92!& M964@=VEL;"!B92!D971E2!B87-I65A2!I;G9O:6-E(&]R('!O2!E;7!L;WEE92!O'0M86QI9VXZ M(&IU'0M:6YD96YT.B`S-G!T.R<^26X@861D:71I;VX@=&\@ M=&AE(%5S92!&965S+"!!2!":6]4 M:6UE(&9O2!O9F9I8V4@6QE M/3-$)V9O;G0M2!/=&AE28C.#(R,3L@;65A;G,@82!S=6)S M:61I87)Y(&]F($)I;U1I;64@;W1H97(@=&AA;B!!6QE/3-$)V9O;G0M65A M65A M'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^0FEO5&EM92!A;&QO8V%T960@)#4P M+#(U,2!A;F0@)#,Y+#3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S M,C0P-F1D,U]E,V4Y7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F7SDV.&1? M-C5D-S8T965B,#=E+U=O'0O:'1M;#L@8VAA'0^/&1I=B!S M='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E'0M86QI9VXZ(&IUF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY/<&5R871I;F<@2!T:&4@8VAI968@;W!E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[ M)SY$=7)I;F<@4V5P=&5M8F5R(#(P,30L($%S=&5R:6%S(&5N=&5R960@:6YT M;R!A($-L:6YI8V%L(%1R:6%L(&%N9"!/<'1I;VX@06=R965M96YT("AT:&4@ M)B,X,C(P.T-254L@06=R965M96YT)B,X,C(Q.RD@=VET:"!#86YC97(@4F5S M96%R8V@@54L@*'1H92`F(S@R,C`[0VAA28C.#(R,3LI(&%N9"!#86YC M97(@4F5S96%R8V@@5&5C:&YO;&]G>2!,:6UI=&5D+"`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`D,BPR-CDL-3$U(&EN($IA;G5A M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T M>6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY/;B!!<')I;"`Q,"P@ M,C`Q-2P@07-T97)I87,@96YT97)E9"!I;G1O(&%N(&%T+71H92UM87)K970@ M:7-S=6%N8V4@2!F:6QE9"!A;F0@8W5R6QE/3-$)V9O;G0M2!S86QE2!S96QL('1H92!397)I97,@ M02!3:&%R97,@8GD@86YY(&UE=&AO9"!T:&%T(&ES(&1E96UE9"!T;R!B92!A M;B`F(S@R,C`[870@=&AE(&UA2!-3%8@86YD('1H92!#;VUP86YY+B!-3%8@ M;6%Y(&%L2!P2!I;F1E;6YI9FEC M871I;VX@F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY);B!!<')I;"`R M,#$U+"!!6UE;G1S(&]F(&$@)#$T+C,@ M;6EL;&EO;B!R97-E87)C:"!G7!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@8VAA2!O9B!3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S M(%M!8G-T'0^/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I M;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[ M)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE M.B!I=&%L:6,[)SY2979E;G5E(')E8V]G;FET:6]N/"]F;VYT/B`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`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SXF M(S$V,#L\+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M'0^/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I M;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[ M)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE M.B!I=&%L:6,[)SY#87-H(&%N9"!C87-H(&5Q=6EV86QE;G1S/"]F;VYT/B`F M(S@R,3$[($%S=&5R:6%S(&-O;G-I9&5R2!O9B!T:')E92!M;VYT:',@;W(@;&5S'0^/&1I=B!S='EL93TS1"=F;VYT+69A;6EL M>3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z M(#,V<'0[)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SY!=F%I;&%B;&4M9F]R+7-A;&4@F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SXF(S@R,3$[ M/"]F;VYT/B!-87)K971A8FQE(&5Q=6ET>2!S96-U2!A"P@F5D(&=A:6YS(&%N9"!L;W-S97,L(&%N9"!D96-L:6YE M'0M86QI9VXZ M(&IU'0M:6YD96YT.B`S-G!T.R<^/&9O;G0@6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M'0^/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@ M)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V M<'0[)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SY);G1A;F=I8FQE(&%S6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P M<'0[)SX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M2!N;W0@8F4@9G5L;'D@6EN9R!A;6]U;G0@;V8@=&AE(&%S2!T:&4@87-S971S+B!)9B!T:&4@87-S M971S(&%R92!I;7!A:7)E9"P@=&AE(&EM<&%IF5D(&%N9"!M96%S=7)E9"!B>2!T:&4@86UO=6YT(&)Y('=H:6-H('1H M92!C87)R>6EN9R!A;6]U;G0@97AC965D'0^/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S($YE M=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SX\9F]N M="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L M:6,[)SY787)R86YT'0^/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S($YE M=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SX\9F]N M="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L M:6,[)SY!8V-O=6YT:6YG(&9O2!S96-U6QE/3-$)V9O;G0MF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E2!D971E2!F;W(@9G5T=7)E('=O'0^/&1I=B!S='EL93TS1"=F;VYT+69A M;6EL>3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E M;G0Z(#,V<'0[)SX\9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SY0871E;G0@8V]S=',\+V9O;G0^("8C.#(Q M,3L@0V]S=',@87-S;V-I871E9"!W:71H(&]B=&%I;FEN9R!P871E;G1S(&]N M('!R;V1U8W1S(&]R('1E8VAN;VQO9WD@9&5V96QO<&5D(&%R92!E>'!E;G-E M9"!A3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD M96YT.B`S-G!T.R<^/&9O;G0@3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)V9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M2US<&]N M2!F965S+"!R96YT M(&]F(')E6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$ M)V9O;G0M'0M86QI9VXZ(&IU'0M M:6YD96YT.B`S-G!T.R<^/&9O;G0@3H@)U1I;65S($YE=R!2;VUA;B&5S/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE M.B!I=&%L:6,[)SXF(S@R,3$[/"]F;VYT/B!&;W(@=&AE('!E3H@)U1I;65S($YE=R!2;VUA;B3H@)U1I;65S($YE=R!2;VUA;B&5S(&EN(&%C8V]R9&%N M8V4@=VET:"!T:&4@86-C;W5N=&EN9R!P2!A M8V-E<'1E9"!I;B!T:&4@56YI=&5D(%-T871E2!D969E"!L87=S(&%N9"!R871E2!T M;R!R961U8V4@9&5F97)R960@=&%X(&%S&%M:6YA=&EO;G,@8GD@=&%X M:6YG(&%U=&AO"!E>&%M:6YA=&EO;G,@8GD@;6%J;W(@=&%X:6YG M(&%U=&AO65A'0M86QI9VXZ(&IU'0M:6YD96YT M.B`S-G!T.R<^)B,Q-C`[/"]D:78^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E3L@ M=&5X="UI;F1E;G0Z(#,V<'0[)SY!(&1E9F5R&EM871E;'D@)#$L-#,R+#`P,"!W87,@2`D,2PS-#DL,#`P('=A2`D,2PQ-3$L,#`P('=A&5S+B!!2!T:&%N(&YO="!T:&%T('1H92!D969E2!R96%L:7IA8FQE('-I;F-E('1H97-E(&EN8V]M M92!T87@@8F5N969I=',@87)E(&5X<&5C=&5D('1O(&)E(&%V86EL86)L92!T M;R!O9F9S970@6QE/3-$)V9O;G0M&EM871E;'D@)#$P+C,@;6EL M;&EO;B!A;F0@86X@:6YC;VUE('1A>"!L:6%B:6QI='D@;V8@87!P2`D,RXV(&UI;&QI;VXN($%S=&5R:6%S(')E8V5I=F5D('1H92!":6]4 M:6UE(&-O;6UO;B!S:&%R97,@9G)O;2!":6]4:6UE(&%S('!A6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$ M)V9O;G0M6QE/3-$ M)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[)SXF(S@R M,3$[/"]F;VYT/B!!'!E;G-E(&9O65E65E('-T;V-K(&]P=&EO;G,L(&)AF5S('1H92!";&%C:RU38VAO;&5S($UE2!O=F5R('1H92!T97)M(&]F('1H92!A=V%R9',[(&%C='5A;"!A;F0@<')O M:F5C=&5D(&5M<&QO>65E('-T;V-K(&]P=&EO;B!E>&5R8VES928C,38P.V5X M<&5R:65N8V4@=&AE(&5X<&5C=&5D('1E2!R871E3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^/&9O;G0@3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M2X\+V1I=CX\9&EV/CQB'0M86QI9VXZ(&IU M'0M:6YD96YT.B`S-G!T.R<^05-#(#@R,"!R97%U:7)E&EM:7IE('1H92!U6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M'0M86QI9VXZ(&IUF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B!3>6UB;VPL('-E6QE M/3-$)W=I9'1H.B`Y,RXS-"4[('9E6QE/3-$)V9O;G0M6QE/3-$)V9O M;G0M6QE/3-$)W=I9'1H.B`S+C,S)3L@=F5R=&EC86PM86QI9VXZ M(&UI9&1L93LG/B8C,38P.SPO=&0^/'1D('-T>6QE/3-$)W=I9'1H.B`S+C,S M)3L@=F5R=&EC86PM86QI9VXZ('1O<#LG/CQD:78@3H@4WEM8F]L+"!S97)I9CL@8V]L;W(Z M(",P,#`P,#`[('1E>'0M86QI9VXZ(&QE9G0[)SXF(S$X,SL\+V1I=CX\+W1D M/CQT9"!S='EL93TS1"=W:61T:#H@.3,N,S,E.R!V97)T:6-A;"UA;&EG;CH@ M=&]P.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3LG/DQE=F5L(#,\9F]N="!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE.B!I=&%L:6,[ M)SXF(S@R,3$[/"]F;VYT/B!5;F]B2!L:71T;&4@;W(@;F\@;6%R:V5T(&%C=&EV:71Y(&%N M9"!T:&%T(&%R92!S:6=N:69I8V%N="!T;R!T:&4@9F%IF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E3L@ M=&5X="UI;F1E;G0Z(#,V<'0[)SY4:&4@8V%R&-E<'0@9F]R('1H92!I;G9E3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT M.B`S-G!T.R<^/&9O;G0@3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF5D(&=A:6YS(&%N9"!L;W-S97,@;VX@:71S(&%V86EL86)L92UF M;W(M6QE/3-$)V9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M2!D:79I9&EN9R!N970@;&]S3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^5&AE(&-O;7!U=&%T:6]N6QE/3-$)W=I9'1H M.B`W-2XQ)3L@=F5R=&EC86PM86QI9VXZ('1O<#L@<&%D9&EN9RUB;W1T;VTZ M(#)P>#LG/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0W('9A;&EG;CTS1&)O M='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B;W)D97(M M8F]T=&]M.B`C,#`P,#`P(#)P>"!S;VQI9#LG/CQD:78^/"]D:78^/&1I=CX\ M+V1I=CX\9&EV('-T>6QE/3-$)V9O;G0M'0M M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/CPO='(^/'1R/CQT9"!V86QI9VX] M,T1B;W1T;VT@6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W9E MF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$ M)W=I9'1H.B`W-2XQ)3L@=F5R=&EC86PM86QI9VXZ('1O<#L@8F%C:V=R;W5N M9"UC;VQO6QE/3-$)W=I9'1H M.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC M;VQO6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I M9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG M;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M:6YD96YT.B`M-RXR M<'0[)SY796EG:'1E9"!A=F5R86=E(&-O;6UO;B!S:&%R97,@;V8@8V]M;6]N M('-T;V-K("8C.#(Q,3L@8F%S:6,@86YD(&1I;'5T960\+V1I=CX\+W1D/CQT M9"!V86QI9VX],T1B;W1T;VT@6QE/3-$)W=I M9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG M;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B M86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(&QE9G0[(&)A8VMG3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)W=I9'1H.B`Q+C$R M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@ M8F%C:V=R;W5N9"UC;VQO6QE/3-$)V9O;G0M'0M86QI M9VXZ(&QE9G0[(&UA6QE/3-$ M)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H M.B`Y+C$Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M6QE M/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E M969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO3H@)U1I;65S($YE=R!2 M;VUA;B'0M86QI M9VXZ(&IU'0M:6YD96YT.B`S-G!T.R<^5&AE(&9O;&QO=VEN M9R!C;VUM;VX@&-L=61E9"!F6QE/3-$)V9O M;G0M'0M86QI9VXZ M(&-E;G1E6QE/3-$ M)V9O;G0M6QE/3-$)W=I9'1H.B`W-2XQ)3L@=F5R=&EC M86PM86QI9VXZ('1O<#L@<&%D9&EN9RUB;W1T;VTZ(#)P>#LG/B8C,38P.SPO M=&0^/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)W9E6QE/3-$)V9O;G0M'0M86QI9VXZ(&-E M;G1E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/CPO='(^/'1R/CQT9"!V86QI M9VX],T1B;W1T;VT@'0M:6YD96YT.B`M-RXR<'0[)SY3=&]C M:R!O<'1I;VYS('5N9&5R($5Q=6ET>2!);F-E;G1I=F4@4&QA;CPO9&EV/CPO M=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,2XQ,B4[ M('9E6QE/3-$)W=I9'1H.B`Y M+C$Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$ M)V9O;G0M6QE/3-$)W=I9'1H M.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y+C$Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O M;G0M6QE/3-$)W=I9'1H.B`Q M+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I M9'1H.B`Y+C$Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG M;CH@6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y+C$Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q M+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)V9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE.B!I=&%L:6,[)SXF(S@R,3$[/"]F;VYT/B!4:&5R M92!A65T(&5F9F5C=&EV92!W:&EC:"!!F4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M3L@=&5X M="UI;F1E;G0Z(#,V<'0[)SXF(S$V,#L\+V1I=CX\9&EV('-T>6QE/3-$)V9O M;G0M2P@05-5($YO+B`R,#$T+3$P(&ES(&5F M9F5C=&EV92!F;W(@86YN=6%L(')E<&]R=&EN9R!P97)I;V1S(&)E9VEN;FEN M9R!A9G1E'1087)T M7S,R-#`V9&0S7V4S93E?-#AF9E\Y-CAD7S8U9#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!O9B!3:6=N M:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S("A486)L97,I/&)R/CPO2!O9B!3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S(%M!8G-T'0^/&1I=B!S M='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY4:&4@8V]M<'5T871I;VYS(&]F M(&)A6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SX\8G(@+SX\+V1I=CX\=&%B;&4@8F]R9&5R/3-$,"!C96QL<&%D9&EN9STS M1#`@8V5L;'-P86-I;F<],T0P('-T>6QE/3-$)V9O;G0M6QE/3-$)W9E3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)W=I9'1H.B`Q+C$R M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P M>#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C,38P.SPO=&0^/"]T6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/CQT9"!C;VQS<&%N/3-$,R!V86QI9VX],T1B;W1T;VT@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/CPO='(^/'1R/CQT9"!V86QI9VX],T1B;W1T;VT@ MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E'0M:6YD96YT.B`M-RXR<'0[)SY.970@;&]SF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(')I9VAT.R!B86-K9W)O M=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-EF4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M'0M M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I M=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&UA6QE/3-$)W=I9'1H M.B`Y+C$Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M6QE M/3-$)V9O;G0M'0M86QI M9VXZ(&QE9G0[(&)A8VMG6QE M/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I M9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H M.B`W-2XQ)3L@=F5R=&EC86PM86QI9VXZ('1O<#L@8F%C:V=R;W5N9"UC;VQO M6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N M9"UC;VQO'0M M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(&QE9G0[(&)A8VMG6QE M/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Y+C$Q)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)V9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV('-T>6QE/3-$)V9O;G0M6QE/3-$)W=I M9'1H.B`W-2XQ)3L@=F5R=&EC86PM86QI9VXZ('1O<#L@<&%D9&EN9RUB;W1T M;VTZ(#)P>#LG/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0W('-T>6QE/3-$ M)W9EF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@=&5X="UA;&EG;CH@;&5F=#LG M/B8C,38P.SPO=&0^/"]TF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@=&5X="UA;&EG;CH@ M;&5F=#LG/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)W9E M6QE/3-$ M)V9O;G0M6QE/3-$ M)W=I9'1H.B`W-2XQ)3L@=F5R=&EC86PM86QI9VXZ('1O<#L@8F%C:V=R;W5N M9"UC;VQO6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R M.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C M8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H M.B`Q+C$R)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD M+6-O;&]R.B`C9F9F9F9F.R<^."PU,#`L,#`P/"]T9#X\=&0@;F]W'0M86QI9VXZ(&QE9G0[(&)A M8VMG6QE/3-$)W=I9'1H.B`Q+C$R)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F M.R<^,RPU,#`L,#`P/"]T9#X\=&0@;F]W'0M86QI9VXZ(&QE9G0[(&)A8VMG'1087)T7S,R-#`V9&0S7V4S93E? M-#AF9E\Y-CAD7S8U9#'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV M('-T>6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SXF M(S$V,#L\+V1I=CX\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG M/3-$,"!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY#;VYS:61E6QE/3-$)W9EF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^ M/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC M;VQO6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C M:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO MF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ M(#)P>#L@8F%C:V=R;W5N9"UC;VQO6QE M/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R M+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(')I9VAT M.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`X."4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY4;W1A;"!C M;VYS:61E"!D;W5B;&4[('1E>'0M86QI9VXZ(&QE9G0[ M(&)A8VMG6QE/3-$)V9O M;G0M6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`X."4[('9E6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C M:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R M.B`C8V-E969F.R<^)B,Q-C`[/"]T9#X\=&0@;F]W'0M86QI9VXZ(&QE9G0[(&)A8VMG3H@)U1I;65S($YE M=R!2;VUA;B'0M M86QI9VXZ(&QE9G0[(&UA2!":6]4:6UE.CPO9&EV M/CPO=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,24[ M('9E6QE/3-$)W=I9'1H.B`Y)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@ M8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E M969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I M9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M6QE M/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`X."4[('9E6QE/3-$)V9O M;G0M'0M:6YD96YT.B`M-RXW<'0[ M)SY#86YC96QL871I;VX@;V8@;W5T6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(&QE9G0[(&)A8VMG'0M86QI9VXZ M(&QE9G0[(&)A8VMG#L@8F%C:V=R;W5N9"UC;VQO'0M86QI M9VXZ(&QE9G0[(&UA6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N9"UC M;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R M<'@@'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R M.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P M>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R M9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!R M:6=H=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A M8VMG3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S M-G!T.R<^5&AE(&%S3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD M96YT.B`S-G!T.R<^)B,Q-C`[/"]D:78^/'1A8FQE(&-E;&QP861D:6YG/3-$ M,"!C96QL3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W9E6QE/3-$)W9E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/CPO='(^/'1R/CQT9"!V86QI9VX],T1B;W1T;VT@'0M86QI9VXZ(&QE9G0[(&UA6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^ M/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC M;VQO6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI M9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN M9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI M9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`X."4[ M('9E6QE/3-$)V9O M;G0M'0M:6YD96YT.B`M-RXW<'0[ M)SY4;W1A;"!C;VYS:61E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N M.B!L969T.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E"!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD M+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M6QE/3-$)W=I M9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T M;VTZ(#1P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-EF4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M'0M86QI9VXZ(&QE9G0[(&)A M8VMG'0M86QI9VXZ(&QE9G0[(&UA'0M:6YD96YT.B`M-RXW<'0[)SY$969E"!B M87-I6QE/3-$)W=I9'1H.B`Y)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`X."4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY)4%(F86UP.T0@97AP96YS960@=7!O;B!A M8W%U:7-I=&EO;CPO9&EV/CPO=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL M93TS1"=W:61T:#H@,24[('9E"!S;VQI9#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(&QE M9G0[(&)A8VMG#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(&QE9G0[(&UA6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R M+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T M.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E"!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R M.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P M>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV M('-T>6QE/3-$)V9O;G0M6QE M/3-$)V9O;G0M3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S-G!T M.R<^)B,Q-C`[/"]D:78^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL6QE/3-$)W9E MF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ M(&-E;G1EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E6QE M/3-$)W=I9'1H.B`W-B4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY%<75I<&UE M;G0@86YD(&9UF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQOF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@ M8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F M9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M"!S;VQI9#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E#L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&UA M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R M9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!L M969T.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E"!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O M;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P M>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO"!D;W5B;&4[('1E>'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE M9G0[(&)A8VMG7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M M:6YD96YT.B`S-G!T.R<^26YT86YG:6)L92!A6QE M/3-$)W9E6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)W9E6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)W9E6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E'0M:6YD96YT.B`M-RXR<'0[)SY);G1A;F=I8FQE(&%SF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD M+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C M8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C M:V=R;W5N9"UC;VQOF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E'0M:6YD96YT.B`M-RXR<'0[)SY!8V-U;75L871E9"!A;6]R=&EZ871I M;VX\+V1I=CX\+W1D/CQT9"!V86QI9VX],T1B;W1T;VT@6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`R M<'@@'0M86QI9VXZ(&QE9G0[(&)A8VMG"!S;VQI9#L@=&5X="UA;&EG;CH@6QE/3-$ M)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P M>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$ M)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O M='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(')I9VAT.R!B M86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT M+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D M9&EN9RUB;W1T;VTZ(#)P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N M9"UC;VQO#L@8F%C:V=R;W5N9"UC;VQO"!D;W5B;&4[('1E>'0M86QI M9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE M.R!T97AT+6%L:6=N.B!R:6=H=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C M:V=R;W5N9"UC;VQO"!D;W5B;&4[('1E>'0M86QI9VXZ M(&QE9G0[(&)A8VMG6QE M/3-$)V9O;G0M6QE/3-$)V9O;G0M'0^ M/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#,V<'0[)SY!;6]R=&EZ871I;VX@ M;V8@:6YT86YG:6)L92!A"!S;VQI9#L@ M=&5X="UA;&EG;CH@;&5F=#LG/CQD:78@3H@)U1I;65S($YE=R!2;VUA;B6QE M/3-$)W9EF4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M'0M M86QI9VXZ(&-E;G1E'!E;G-E/"]D:78^/"]T M9#X\=&0@;F]W6QE/3-$)W=I9'1H.B`X."4[('9E'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W=I M9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O M=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E6QE/3-$)W=I9'1H M.B`X."4[('9E'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$ M)V9O;G0M6QE/3-$)W=I9'1H.B`Y)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M M'0M M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`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`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M3L@=&5X M="UI;F1E;G0Z(#,V<'0[)SY!2!R96QA M=&5D('1O('=A6QE/3-$ M)V9O;G0M6QE/3-$ M)V9O;G0M#LG/B8C,38P.SPO=&0^/'1D('9A;&EG;CTS M1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!P861D M:6YG+6)O='1O;3H@,G!X.R<^)B,Q-C`[/"]T9#X\=&0@8V]L6QE/3-$)W9E'0M86QI9VXZ(&-E;G1E#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C M,38P.SPO=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A M;"UA;&EG;CH@8F]T=&]M.R!P861D:6YG+6)O='1O;3H@,G!X.R<^)B,Q-C`[ M/"]T9#X\=&0@8V]L6QE/3-$ M)W9EF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI M9VXZ(&-E;G1E3H@)U1I;65S M($YE=R!2;VUA;B#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C,38P.SPO=&0^/'1D('9A M;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M M.R!P861D:6YG+6)O='1O;3H@,G!X.R<^)B,Q-C`[/"]T9#X\=&0@8V]L6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G M5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1EF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ M(&-E;G1E6QE/3-$)V9O;G0M6QE M/3-$)V9O;G0M6QE M/3-$)W9E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/CPO='(^/'1R/CQT M9"!V86QI9VX],T1B;W1T;VT@3H@ M)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&QE9G0[(&UA6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I M9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS M1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O M;6%N)RP@5&EM97,L('-E6QE/3-$)W=I M9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC M;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M'0M86QI M9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C M:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E"!S;VQI9#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C M:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@=&5X="UA;&EG M;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG'0M M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P M>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)V9O M;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA M;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H M.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$ M)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I M9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M6QE M/3-$)V9O;G0M'0M M86QI9VXZ(&QE9G0[(&)A8VMG'1087)T7S,R-#`V9&0S7V4S93E?-#AF9E\Y-CAD M7S8U9#'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA2!O9B!3=&]C:R!/<'1I M;VX@06-T:79I='D@86YD(%)E;&%T960@26YF;W)M871I;VX\+W1D/@T*("`@ M("`@("`\=&0@8VQA3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT M.B`S-G!T.R<^02!S=6UM87)Y(&]F($%S=&5R:6%S)R!S=&]C:R!O<'1I;VX@ M86-T:79I='D@86YD(')E;&%T960@:6YF;W)M871I;VX@9F]L;&]W6QE/3-$)V9O;G0M#LG/B8C M,38P.SPO=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A M;"UA;&EG;CH@8F]T=&]M.R!P861D:6YG+6)O='1O;3H@,G!X.R<^)B,Q-C`[ M/"]T9#X\=&0@8V]L6QE/3-$ M)W9EF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI M9VXZ(&-E;G1EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M6QE/3-$ M)W9E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/CQT9"!V86QI9VX],T1B M;W1T;VT@#LG/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0R('9A M;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M M.R!B;W)D97(M8F]T=&]M.B`C,#`P,#`P(#)P>"!S;VQI9#LG/CQD:78@6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/CQT9"!V86QI9VX],T1B;W1T;VT@"!S;VQI9#LG/CQD:78@3H@)U1I;65S($YE=R!2;VUA;B3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&-E;G1EF4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E M6QE/3-$)W=I M9'1H.B`V-"4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY*86YU87)Y(#$L M(#(P,34\+V1I=CX\+W1D/CQT9"!V86QI9VX],T1B;W1T;VT@6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-E6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N M9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q M)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@ M8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ M(&QE9G0[(&)A8VMG6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG M;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[ M(&)A8VMG'0M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@ M=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC M;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F M.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`V M-"4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY297-T6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM M86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC M;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F M.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY M.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`V M-"4[('9E6QE/3-$ M)V9O;G0M'0M:6YD96YT.B`M-RXW M<'0[)SY/<'1I;VYS(&9O"!S;VQI9#L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#)P>#L@ M8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I M9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O M;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(')I9VAT.R!B86-K M9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I M>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-EF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O M='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(&QE9G0[(&)A M8VMG"!S;VQI9#L@ M=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[(&)A8VMG#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&UA6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@ M8F%C:V=R;W5N9"UC;VQO6QE/3-$)V9O;G0M M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O M='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T.R!B M86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^)B,Q-C`[/"]T9#X\=&0@=F%L M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE M.R!T97AT+6%L:6=N.B!R:6=H=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@<&%D9&EN9RUB;W1T;VTZ(#1P>#L@=&5X="UA M;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO"!D;W5B M;&4[('1E>'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$ M)V9O;G0M'0M86QI M9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SX\8G(@+SX\+V1I=CX\9&EV('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SX\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!C M;&%S3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)W=I9'1H.B`Q.'!T M.R<^/"]T9#X\=&0@3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&QE9G0[)SY4:&4@,RPU,#`L,#`P M('-H87)E)B,Q-C`[:6YC2!);F-E;G1I=F4@ M4&QA;B!I3H@)U1I;65S($YE=R!2;VUA;B'0M86QI9VXZ(&IU'0M:6YD96YT.B`S M-G!T.R<^5&AE('=E:6=H=&5D+6%V97)A9V4@97-T:6UA=&5D(&9A:7(@=F%L M=64@;V8@6QE/3-$)V9O;G0M6QE/3-$)W9E6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)W9E#LG/B8C,38P.SPO=&0^/'1D(&-O;'-P M86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG M;CH@8F]T=&]M.R!B;W)D97(M8F]T=&]M.B`C,#`P,#`P(#)P>"!S;VQI9#LG M/CQD:78@3H@ M)U1I;65S($YE=R!2;VUA;B6QE/3-$)W9E6QE/3-$)V9O;G0M#L@=&5X="UA;&EG;CH@;&5F=#LG/B8C,38P.SPO M=&0^/"]TF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E65A6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C M:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O M='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI M9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@ M3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG M'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI9VXZ M(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0MF4Z M(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L M('-E'0M86QI9VXZ(&QE9G0[(&UA6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD M+6-O;&]R.B`C8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P M<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E M'0M86QI9VXZ(&QE9G0[ M(&)A8VMG6QE/3-$)V9O M;G0M6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H M.B`W-B4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY$:79I9&5N9"!Y:65L M9#PO9&EV/CPO=&0^/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T M:#H@,24[('9E6QE/3-$)W=I9'1H M.B`Y)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$ M)V9O;G0M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X M="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT M.R!B86-K9W)O=6YD+6-O;&]R.B`C9F9F9F9F.R<^/&1I=B!S='EL93TS1"=F M;VYT+7-I>F4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RP@5&EM97,L('-E6QE/3-$ M)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG M;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0^/&1I=B!S='EL93TS1"=F;VYT+69A M;6EL>3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E3L@=&5X="UI;F1E M;G0Z(#,V<'0[)SY/<&5R871I;F<@97AP96YS97,@:6YC;'5D92!S=&]C:RUB M87-E9"!C;VUP96YS871I;VX@97AP96YS92!A6QE/3-$)W9E MF4Z(#$P<'0[(&9O M;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ M(&-E;G1E6QE/3-$)V9O;G0M6QE/3-$)W9E'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/CPO='(^/'1R/CQT9"!V86QI9VX],T1B;W1T;VT@#LG/B8C,38P M.SPO=&0^/'1D(&-O;'-P86X],T0S('9A;&EG;CTS1&)O='1O;2!S='EL93TS M1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B;W)D97(M8F]T=&]M.B`C,#`P M,#`P(#)P>"!S;VQI9#LG/CQD:78@3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)W9EF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM M97,L('-E'0M86QI9VXZ(&-E;G1E6QE/3-$)W9E'0M86QI M9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/CPO='(^/'1R/CQT9"!V86QI9VX],T1B M;W1T;VT@'0M86QI9VXZ M(&QE9G0[(&UAF4Z(#$P<'0[(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@ M5&EM97,L('-E'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$)W=I9'1H M.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F M=#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H M.B`W-B4[('9E6QE/3-$ M)V9O;G0M'0M:6YD96YT.B`M-RXW M<'0[)SY'96YE"!S;VQI9#L@=&5X="UA M;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@ M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P M,"`R<'@@'0M86QI9VXZ(&QE9G0[(&)A8VMG"!S;VQI9#L@=&5X="UA;&EG;CH@ M6QE M/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`W-B4[('9E6QE/3-$)V9O;G0M'0M:6YD96YT.B`M-RXW<'0[)SY4;W1A;"!S M=&]C:RUB87-E9"!C;VUP96YS871I;VX@97AP96YS93PO9&EV/CPO=&0^/'1D M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,24[('9E"!D;W5B;&4[('1E>'0M M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@<&%D M9&EN9RUB;W1T;VTZ(#1P>#L@8F%C:V=R;W5N9"UC;VQO6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@8F]R9&5R+6)O='1O;3H@(S`P,#`P,"`T<'@@9&]U8FQE M.R!T97AT+6%L:6=N.B!R:6=H=#L@8F%C:V=R;W5N9"UC;VQO'0M86QI M9VXZ(&QE9G0[(&)A8VMG'1087)T7S,R-#`V9&0S7V4S93E?-#AF9E\Y-CAD7S8U M9#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RP@5&EM97,L('-EF4Z(#$P<'0[)SX\9&EV M('-T>6QE/3-$)V9O;G0M65A"!S M;VQI9#L@=&5X="UA;&EG;CH@;&5F=#LG/CQD:78@3H@)U1I;65S($YE=R!2;VUA;B#LG/B8C,38P.SPO=&0^/'1D(&-O;'-P86X] M,T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@ M8F]T=&]M.R!B;W)D97(M8F]T=&]M.B`C,#`P,#`P(#)P>"!S;VQI9#LG/CQD M:78@3H@)U1I M;65S($YE=R!2;VUA;BF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI M9VXZ(&-E;G1E6UE;G1S/"]D:78^/"]T9#X\=&0@;F]W6QE/3-$)W=I9'1H.B`X."4[('9E'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E'0M86QI9VXZ(&QE9G0[(&)A8VMG3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N M9"UC;VQOF4Z(#$P<'0[ M(&9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`Q)3L@=F5R M=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R M;W5N9"UC;VQO'0M86QI9VXZ(')I9VAT.R!B86-K9W)O=6YD+6-O;&]R.B`C M8V-E969F.R<^/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE/3-$)W=I9'1H.B`X."4[('9E'0M86QI9VXZ(&QE9G0[(&)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.B`Y)3L@=F5R=&EC86PM86QI M9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0[ M(&)A8VMG3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)W=I9'1H.B`Q)3L@=F5R=&EC M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$)W=I M9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@=&5X="UA;&EG;CH@ M;&5F=#L@8F%C:V=R;W5N9"UC;VQOF4Z(#$P<'0[(&9O;G0M9F%M M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RP@5&EM97,L('-E6QE M/3-$)W=I9'1H.B`Q)3L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R M+6)O='1O;3H@(S`P,#`P,"`R<'@@'0M86QI9VXZ(&QE9G0[ M(&)A8VMG"!S;VQI M9#L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M'0M M86QI9VXZ(&QE9G0[(&)A8VMG#L@=&5X="UA;&EG;CH@;&5F=#L@8F%C:V=R;W5N9"UC;VQO M"!D;W5B;&4[('1E>'0M86QI9VXZ(&QE M9G0[(&)A8VMG6QE/3-$ M)V9O;G0M6QE/3-$)V9O;G0M3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,C0P-F1D,U]E,V4Y M7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O;G1E;G0M3&]C871I;VXZ(&9I M;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F7SDV.&1?-C5D-S8T965B,#=E M+U=O'0O M:'1M;#L@8VAAF%T:6]N+"!"87-I2`H1&5T86EL'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S2`H:6X@:'5N9')E9'1H'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S,C0P-F1D,U]E,V4Y7S0X9F9?.38X9%\V-60W-C1E96(P M-V4-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S(T,#9D9#-?93-E M.5\T.&9F7SDV.&1?-C5D-S8T965B,#=E+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R2!O9B!3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S("A$971A M:6QS*2`H55-$("0I/&)R/CPO"!B96YE9FET/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#4X-"PP,#`\'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M&5S/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ-3(L,#`P/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$2!);F-E;G1I=F4@4&QA;B`H:6X@ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!);F-E;G1I=F4@4&QA;B`H:6X@'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&EM=6T@6TUE;6)E M2P@4&QA;G0@86YD($5Q=6EP;65N="!;3&EN92!)=&5M'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA"!%>'!E;G-E("A"96YE9FET*3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$&5R8VES92!P'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^,R!Y96%R6EE;&0@*&EN(&AU;F1R961T M:',I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\2`H:6X@:'5N9')E9'1H'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,3`@>65AF5D(&%M;W5N="!E>'!E;G-E9#PO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'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@("`@("`@(#QT9"!C;&%S'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@("`@("`@(#QT9"!C;&%S'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-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'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-$2!A;&QO8V%T:6]N*2!;06)S=')A8W1=/"]S=')O M;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\2!R:6=H=',@"!L:6%B:6QI='D@87)I'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-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@("`@("`@(#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-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'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@("`@("`@(#QT9"!C;&%S'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@("`@("`@(#QT9"!C;&%S'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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$&-E'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!":6]4:6UE/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#,P,"PP,#`\'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@("`@("`@(#QT9"!C;&%S'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@("`@("`@(#QT9"!C;&%S'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-$'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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^-2!Y96%R'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'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-$'!E8W1E9"!D:79I9&5N9"!Y:65L9"`H:6X@:'5N M9')E9'1H'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'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-$'!E8W1E9"!V;VQA=&EL:71Y("AI;B!H=6YD'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$71E($-O'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!S=&]C:R!C;VYT'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO M8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,C0P-F1D,U]E M,V4Y7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F7SDV.&1?-C5D-S8T965B M,#=E+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'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^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO M=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%\S,C0P-F1D,U]E,V4Y7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O;G1E M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F7SDV M.&1?-C5D-S8T965B,#=E+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!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@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,3`@>65A'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%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@("`@("`@(#QT9"!C;&%S7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$2!T:&ER9"!P87)T M>2!I;B!P'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5R8VES92!P&5R8VES92!P'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'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^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$&5R8VES92!0'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5R8VES M92!P'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M7!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@8VAA2!) M;F-E;G1I=F4@4&QA;B`H1&5T86EL'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'!E;G-E(%M!8G-T'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^-2!Y96%R'0^-"!Y96%R7,\&5R8VES92!O M9B!S=&]C:R!O<'1I;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M<#XQ,2PX,C@L-S4P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'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-$2!3:&%R92UB87-E9"!087EM96YT($%W87)D(%M, M:6YE($ET96US73PO'0^/'-P86X^/"]S<&%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-$2!I;F-E;G1I=F4@87=A'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$2!3:&%R92UB87-E9"!087EM96YT($%W87)D(%M,:6YE($ET96US73PO'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!I'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 M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!);F-E;G1I=F4@4&QA;B!; M365M8F5R73PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!3:&%R92UB87-E9"!087EM M96YT($%W87)D(%M,:6YE($ET96US73PO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$65A7,\'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA2P@4&QA;G0@86YD($5Q=6EP;65N="!;3&EN92!)=&5M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$65A2!E;G1E'0^.38@ M;6]N=&AS/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^3V-T(#$L#0H)"3(P,30\2!R96YT(&9O'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M65A&5S(&QE=FEE9"!O;B!T:&4@97AC97-S(&%S2!T:&4@2!C;VUP86YY("AI;B!H=6YD'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E;G-E9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$2!;365M8F5R73PO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'!E;G-E7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA'1087)T7S,R-#`V9&0S7V4S93E?-#AF9E\Y-CAD7S8U9#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^-"!Y96%R7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,C0P-F1D,U]E,V4Y M7S0X9F9?.38X9%\V-60W-C1E96(P-V4-"D-O;G1E;G0M3&]C871I;VXZ(&9I M;&4Z+R\O0SHO,S(T,#9D9#-?93-E.5\T.&9F7SDV.&1?-C5D-S8T965B,#=E M+U=O&UL#0I#;VYT96YT+51R86YS9F5R+45N M8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O M:'1M;#L@8VAA&UL;G,Z;STS1")U M XML 18 R29.htm IDEA: XBRL DOCUMENT v2.4.1.9
Organization, Basis of Presentation and Liquidity (Details) (USD $)
3 Months Ended 1 Months Ended 12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Jan. 31, 2015
Oct. 31, 2014
Dec. 31, 2014
Dec. 31, 2013
Noncontrolling Interest [Line Items]            
Accumulated deficit $ (36,208,316)us-gaap_RetainedEarningsAccumulatedDeficit       $ (33,235,791)us-gaap_RetainedEarningsAccumulatedDeficit  
Stockholders' equity 38,532,008us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest       32,631,060us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest  
Cash and cash equivalents 7,421,143us-gaap_CashAndCashEquivalentsAtCarryingValue 325,771us-gaap_CashAndCashEquivalentsAtCarryingValue     3,075,593us-gaap_CashAndCashEquivalentsAtCarryingValue 2,171,113us-gaap_CashAndCashEquivalentsAtCarryingValue
Grant award 677,313us-gaap_RevenueFromGrants 0us-gaap_RevenueFromGrants        
CIRM [Member]            
Noncontrolling Interest [Line Items]            
Grant award     2,269,515us-gaap_RevenueFromGrants
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
916,554us-gaap_RevenueFromGrants
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
   
BioTime, Inc. [Member]            
Noncontrolling Interest [Line Items]            
Percentage of ownership interest in subsidiary (in hundredths) 67.50%us-gaap_MinorityInterestOwnershipPercentageByParent
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
      70.60%us-gaap_MinorityInterestOwnershipPercentageByParent
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
 
Accumulated deficit 36,208,316us-gaap_RetainedEarningsAccumulatedDeficit
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
         
Working capital 16,916,014us-gaap_Capital
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
         
Stockholders' equity 38,532,008us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
         
Cash and cash equivalents 7,421,143us-gaap_CashAndCashEquivalentsAtCarryingValue
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
         
BioTime, Inc. [Member] | CIRM [Member]            
Noncontrolling Interest [Line Items]            
Grant award         $ 14,323,318us-gaap_RevenueFromGrants
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
 
XML 19 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2015
Commitments and Contingencies [Abstract]  
Contractual Lease Obligations
Remaining minimum annual lease payments under the various operating leases for the years ending after March 31, 2015 are as follows:

Year Ended December 31,
 
Minimum Lease
Payments
 
2015
 
$
775,774
 
2016
  
1,291,785
 
2017
  
1,309,295
 
2018
  
1,347,364
 
2019
  
1,386,792
 
Thereafter
  
4,033,933
 
Total
 
$
10,144,943
 
XML 20 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
Summary of Significant Accounting Policies (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Income taxes [Abstract]      
Amount accrued for payment of interest and penalties $ 0us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued   $ 0us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued
Deferred income tax benefit 1,584,000us-gaap_DeferredTaxAssetsOperatingLossCarryforwards 1,349,000us-gaap_DeferredTaxAssetsOperatingLossCarryforwards  
Deferred income tax benefit, federal 1,432,000us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic 1,151,000us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic  
Deferred income tax benefit, state taxes 152,000us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal 198,000us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal  
Sale of common shares (in shares)     5,000,000us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction
Gain on sale     10,300,000us-gaap_GainOnSaleOfInvestments
Taxes payable     3,600,000us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
Deferred tax liabilities     4,700,000us-gaap_DeferredTaxLiabilitiesInvestments
Computations of basic and diluted net loss per share [Abstract]      
Net loss $ (2,972,525)us-gaap_NetIncomeLoss $ (2,286,749)us-gaap_NetIncomeLoss  
Weighted average shares of common stock - basic and diluted (in shares) 31,669,957us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 30,498,819us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted  
Net loss per share - basic and diluted (in dollars per share) $ (0.09)us-gaap_EarningsPerShareBasicAndDiluted $ (0.07)us-gaap_EarningsPerShareBasicAndDiluted  
Stock Options [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Stock options under Equity Incentive Plan (in shares) 4,225,000us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
/ us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis
= us-gaap_EmployeeStockOptionMember
3,140,000us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
/ us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis
= us-gaap_EmployeeStockOptionMember
 
Warrants [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Stock options under Equity Incentive Plan (in shares) 8,500,000us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
/ us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis
= us-gaap_WarrantMember
3,500,000us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
/ us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis
= us-gaap_WarrantMember
 
Minimum [Member]      
Property, Plant and Equipment [Line Items]      
Equipment and furniture useful life 36 months    
Maximum [Member]      
Property, Plant and Equipment [Line Items]      
Equipment and furniture useful life 120 months    
XML 21 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
Asset Contribution Agreement with BioTime and Geron Corporation (Details) (USD $)
3 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Jan. 04, 2013
Oct. 01, 2013
Jul. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Aug. 15, 2013
Asset Contribution Agreement [Line Items]                  
Accumulated amortization of intangible assets $ 4,028,976us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization   $ 3,357,455us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization            
Deferred Income Tax Expense (Benefit) (1,584,264)us-gaap_DeferredIncomeTaxExpenseBenefit (1,349,026)us-gaap_DeferredIncomeTaxExpenseBenefit              
Amortization of intangible assets 671,521us-gaap_AmortizationOfIntangibleAssets 725,425us-gaap_AmortizationOfIntangibleAssets 1,887,698us-gaap_AmortizationOfIntangibleAssets            
Series A Common Stock [Member]                  
Asset Contribution Agreement [Line Items]                  
Common shares sold (in shares) 1,410,255us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
               
Estimated fair value (in dollars per share) $ 3.90us-gaap_SharePrice
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
               
Common stock price (in dollars per share) $ 3.90us-gaap_SharePrice
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
               
Series B Common Stock [Member]                  
Asset Contribution Agreement [Line Items]                  
Exercise price of warrant (in dollars per share)       $ 5.00us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
         
Warrants exercise period       3 years          
Estimated fair value (in dollars per share)       $ 2.40us-gaap_SharePrice
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
         
Contractual term       3 years          
Risk-free rate (in hundredths)       0.63%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
         
Expected dividend yield (in hundredths)       0.00%us-gaap_FairValueAssumptionsExpectedDividendRate
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
         
Expected volatility (in hundredths)       69.62%us-gaap_FairValueAssumptionsExpectedVolatilityRate
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
         
Common stock price (in dollars per share)       $ 2.40us-gaap_SharePrice
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
         
Common stock, exercise price (in dollars per share)       $ 5.00us-gaap_FairValueAssumptionsExercisePrice
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
         
Geron [Member]                  
Asset Contribution Agreement [Line Items]                  
Equity issuance cost         541,800us-gaap_PaymentsOfStockIssuanceCosts
/ dei_LegalEntityAxis
= ast_GeronMember
       
Estimated useful life period         10 years        
Capitalized amount expensed     17,458,766us-gaap_OtherInventoryCapitalizedCosts
/ dei_LegalEntityAxis
= ast_GeronMember
      17,458,766us-gaap_OtherInventoryCapitalizedCosts
/ dei_LegalEntityAxis
= ast_GeronMember
   
Net sales (in hundredths)         4.00%us-gaap_ConcentrationRiskPercentage1
/ dei_LegalEntityAxis
= ast_GeronMember
       
Adjustment to deferred income tax liability     (2,157,369)ast_AdjustmentToDeferredIncomeTaxLiability
/ dei_LegalEntityAxis
= ast_GeronMember
           
Accumulated amortization of intangible assets     269,671us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
/ dei_LegalEntityAxis
= ast_GeronMember
           
Deferred Income Tax Expense (Benefit)     (7,375,611)us-gaap_DeferredIncomeTaxExpenseBenefit
/ dei_LegalEntityAxis
= ast_GeronMember
           
Amortization of intangible assets     1,887,698us-gaap_AmortizationOfIntangibleAssets
/ dei_LegalEntityAxis
= ast_GeronMember
           
Consideration transferred [Abstract]                  
Issuance of shares         15,121,222us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
/ dei_LegalEntityAxis
= ast_GeronMember
       
Issuance of warrants and warrants obligations         18,276,406us-gaap_PaymentsToAcquireBusinessesGross
/ dei_LegalEntityAxis
= ast_GeronMember
       
Transaction and other costs               1,519,904us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
/ dei_LegalEntityAxis
= ast_GeronMember
 
Total consideration issued         34,917,532us-gaap_BusinessCombinationConsiderationTransferred1
/ dei_LegalEntityAxis
= ast_GeronMember
       
Assets acquired from Geron (preliminary allocation) [Abstract]                  
Patents and other intellectual property rights related to hES cells               29,017,009us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
/ dei_LegalEntityAxis
= ast_GeronMember
 
Deferred tax liability arising from difference in book versus tax basis on Geron intangible assets acquired               (11,558,243)us-gaap_DeferredTaxesBusinessCombinationValuationAllowanceAvailableToReduceIntangibleAssets
/ dei_LegalEntityAxis
= ast_GeronMember
 
IPR&D expensed upon acquisition               17,458,766ast_InProcessResearchAndDevelopmentExpensedUponAcquisition
/ dei_LegalEntityAxis
= ast_GeronMember
 
Total assets and in-process research and development acquired               34,917,532ast_BusinessAcquisitionPurchasePriceAllocationAssetsAcquiredAndAssetsExpensedUponAcquisition
/ dei_LegalEntityAxis
= ast_GeronMember
 
Geron [Member] | Series A Common Stock [Member]                  
Asset Contribution Agreement [Line Items]                  
Common shares sold (in shares)           6,537,779us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ dei_LegalEntityAxis
= ast_GeronMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
     
Estimated fair value (in dollars per share)       $ 2.40us-gaap_SharePrice
/ dei_LegalEntityAxis
= ast_GeronMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
         
Common stock price (in dollars per share)       $ 2.40us-gaap_SharePrice
/ dei_LegalEntityAxis
= ast_GeronMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
         
Geron [Member] | Warrants [Member]                  
Asset Contribution Agreement [Line Items]                  
Number of warrants acquired (in shares)                 8,000,000us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
/ dei_LegalEntityAxis
= ast_GeronMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_WarrantMember
Common stock, par value (in dollars per share)                 $ 0.0001us-gaap_CommonStockNoParValue
/ dei_LegalEntityAxis
= ast_GeronMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_WarrantMember
BioTime, Inc. [Member]                  
Asset Contribution Agreement [Line Items]                  
Common shares sold (in shares) 8,902,077us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Number of warrants acquired (in shares) 8,000,000us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Consideration transferred [Abstract]                  
Issuance of shares 52,164,568us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Issuance of warrants and warrants obligations 2,012,481us-gaap_PaymentsToAcquireBusinessesGross
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Excess of contributed assets' value over consideration 4,800,063us-gaap_Goodwill
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Total consideration issued 58,977,112us-gaap_BusinessCombinationConsiderationTransferred1
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Assets Transferred [Abstract]                  
Common shares, at fair value 34,985,163us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeFairValue1
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Warrants at fair value 18,276,406ast_BusinessAcquisitionPurchasePriceAllocationWarrantsAtFairValue
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Cancellation of outstanding obligation to BioTime 5,000,000us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Investment in affiliates, at cost 415,543ast_InvestmentInAffiliatesAtHistoricalCost
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
Geron asset acquisition related transaction costs paid by BioTime $ 300,000ast_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsPaidByParentCompany
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
               
BioTime, Inc. [Member] | Series B Common Stock [Member]                  
Asset Contribution Agreement [Line Items]                  
Number of warrants acquired (in shares)               3,150,000us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
 
Exercise price of warrant (in dollars per share)               $ 5.00us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
 
Warrants exercise period         5 years        
Common stock, par value (in dollars per share)               $ 0.0001us-gaap_CommonStockNoParValue
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
 
Number of shares held (in shares)               21,773,340us-gaap_InvestmentOwnedBalanceShares
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
 
Estimated fair value (in dollars per share)               $ 3.93us-gaap_SharePrice
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
 
Contractual term         5 years        
Risk-free rate (in hundredths)         1.42%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
       
Expected dividend yield (in hundredths)         0.00%us-gaap_FairValueAssumptionsExpectedDividendRate
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
       
Expected volatility (in hundredths)         77.60%us-gaap_FairValueAssumptionsExpectedVolatilityRate
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
       
Common stock price (in dollars per share)               $ 3.93us-gaap_SharePrice
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
 
Common stock, exercise price (in dollars per share)               $ 5.00us-gaap_FairValueAssumptionsExercisePrice
/ dei_LegalEntityAxis
= us-gaap_ParentCompanyMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
 
OrthoCyte Corporation [Member]                  
Asset Contribution Agreement [Line Items]                  
Percentage of subsidiary stock contributed (in hundredths)               10.00%ast_PercentageOfSubsidiaryStockContributed
/ dei_LegalEntityAxis
= ast_OrthocyteCorporationMember
 
Cell Cure Neurosciences, Ltd. [Member]                  
Asset Contribution Agreement [Line Items]                  
Percentage of subsidiary stock contributed (in hundredths)               6.00%ast_PercentageOfSubsidiaryStockContributed
/ dei_LegalEntityAxis
= ast_CellCureNeurosciencesLtdMember
 
XML 22 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies

Revenue recognition – Asterias complies with ASC 605-10 and records revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Grant income is recognized as revenue when earned. Royalty revenues consist of royalty payments on sales of products under a license agreement. Asterias recognizes revenue in the quarter in which the royalty reports are received rather than the quarter in which the sales took place. When Asterias is entitled to receive up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias has no continuing performance obligations, the fees are recognized as revenues when collection is reasonably assured. When Asterias receives up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias does have continuing performance obligations, the fees are deferred and amortized ratably over the performance period. If the performance period cannot be reasonably estimated, Asterias amortizes nonrefundable fees over the life of the contract until such time that the performance period can be more reasonably estimated. Milestone payments, if any, related to scientific or technical achievements are recognized in income when the milestone is accomplished if (a) substantive effort was required to achieve the milestone, (b) the amount of the milestone payment appears reasonably commensurate with the effort expended, and (c) collection of the payment is reasonably assured.
 
Use of estimates – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents – Asterias considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Available-for-sale securities, at fair value  Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income. Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income.

Equipment and furniture – Equipment and furniture are stated at cost and are being depreciated using the straight-line method over a period of 36 to 120 months.
 
Construction in progress – Construction in progress is stated at cost and is not depreciated untill the underlying asset is placed into service (see Note 4).

Intangible assets – Intangible assets with finite useful lives are amortized over their estimated useful lives, and intangible assets with indefinite lives are not amortized but rather are tested at least annually for impairment. Acquired in-process research and development intangible assets are accounted depending on whether they were acquired as part of an acquisition of a business, or as assets that do not constitute a business. When acquired in conjunction with the acquisition of a business, these assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as part of the acquisition of assets from Geron Corporation), in accordance with the accounting rules in ASC 805-50, such intangible assets related to in process research and development (IPR&D) are expensed upon acquisition.

Impairment of long-lived assets – Asterias’ long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, Asterias will evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment will be recognized and measured by the amount by which the carrying amount exceeds the estimated fair value of the assets.

Warrants to purchase common stock  Asterias generally accounts for warrants issued in connection with equity financings as a component of equity. None of the warrants issued by Asterias as of March 31, 2015 and December 31, 2014 include a conditional obligation to issue a variable number of shares; nor was there a deemed possibility that Asterias may need to settle the warrants in cash.

Accounting for BioTime common shares – The Company accounts for the BioTime common shares it holds as available-for-sale equity securities in accordance with ASC 320-10-25, Investments-Debt and Equity Securities, as the shares have a readily determinable fair value quoted on the NYSE MKT and are held principally for future working capital purposes, as necessary. These shares are measured at fair value and reported as current assets on the balance sheet based on the closing trading price of the security as of the date being presented. Unrealized holding gains and losses in changes to the fair value of these shares are excluded from the statements of operations and reported in equity as part of other comprehensive income or loss until realized. Realized gains and losses are reclassified out of other comprehensive income or loss and included in equity, as an increase or decrease in additional paid-in capital consistent with, and pursuant to, ASC 805-50, transactions between entities under common control.

Patent costs – Costs associated with obtaining patents on products or technology developed are expensed as research and development expenses when incurred.

Reclassification – Certain prior year amounts in the statement of cash flows have been reclassified to conform to the current year presentation.

Research and development – Research and development expenses consist of costs incurred for company-sponsored, collaborative and contracted research and development activities. These costs include direct and research-related overhead expenses including salaries, payroll taxes, consulting fees, research and laboratory fees, rent of research facilities, amortization of intangible asset, and license fees paid to third parties to acquire patents or licenses to use patents and other technology. Asterias expenses research and development costs as such costs are incurred.
 
General and administrative – General and administrative expenses consist principally of compensation and related benefits, including stock-based compensation, for executive and corporate personnel; professional and consulting fees; and allocated overhead.
 
Income taxes  For the period October 1, 2013 through December 31, 2013 and future years, Asterias will file its own U.S. federal tax return. For California purposes their activity will continue to be included in BioTime’s California combined tax return. Asterias accounts for income taxes in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”), which prescribe the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. The guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examinations by taxing authorities. Generally, Asterias is subject to income tax examinations by major taxing authorities for all years since inception. Asterias will recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2015 and December 31, 2014.
 
A deferred income tax benefit of approximately $1,584,000 was recorded for the three months ended March 31, 2015, of which approximately $1,432,000 was related to federal and $152,000 was related to state taxes. A deferred income tax benefit of approximately $1,349,000 was recorded for the three months ended March 31, 2014, of which approximately $1,151,000 was related to federal and $198,000 was related to state taxes. As disclosed in Note 3, Asterias established deferred tax liabilities primarily related to its acquisition of certain intellectual property. It is more likely than not that the deferred tax assets are fully realizable since these income tax benefits are expected to be available to offset such deferred tax liabilities.

In June 2014, Asterias sold 5,000,000 BioTime common shares which resulted in a taxable gain of approximately $10.3 million and an income tax liability of approximately $3.6 million. Asterias received the BioTime common shares from BioTime as part of the consideration under the Asset Contribution Agreement, a tax-free transaction. See Note 3. This liability, however, is expected to be fully offset by available net operating losses, resulting in no cash income taxes due from that sale. As of December 2014, Asterias recorded a $4.7 million deferred tax liability for the temporary taxable difference in the basis of the investment still held by Asterias in BioTime stock. Both transactions were treated as a deemed distribution by Asterias and recorded against equity.

Stock-based compensation  Asterias adopted accounting standards governing share-based payments, which require the measurement and recognition of compensation expense for all share-based payment awards made to directors and employees, including employee stock options, based on estimated fair values. Consistent with those guidelines, Asterias utilizes the Black-Scholes Merton option pricing model. Asterias' determination of fair value of share-based payment awards on the date of grant using that option-pricing model is affected by Asterias' stock price as well as by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, Asterias' expected stock price volatility over the term of the awards; actual and projected employee stock option exercise experience the expected term of options granted, derived from using the simplified method under SEC Staff Accounting Bulletin No. 107; and a risk-free rate based on the U.S. Treasury rates in effect during the corresponding period of grant.

Fair value of financial instruments – ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows:

 
·
Level 1 Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.

 
·
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 
·
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
 
The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period until they mature or are required to be settled, except for the investment in BioTime common shares, which are carried at fair value based on Level 1 inputs, and BioTime Warrants and related obligation to distribute the BioTime Warrants, which were carried at fair value based on Level 2 inputs.

Comprehensive income/loss – ASC 220, Comprehensive Income, requires that an entity’s change in equity or net assets during a period from transactions and other events from non-owner sources be reported. Asterias reports unrealized gains and losses on its available-for-sale securities as other comprehensive income (loss).

Loss per share – Basic net loss per share is computed by dividing net loss attributable to Asterias by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share reflects the weighted-average number of shares of common stock outstanding plus the potential effect of dilutive securities or contracts which are convertible to common stock, such as options and warrants (using the treasury stock method) and shares issuable in future periods, except in cases where the effect would be anti-dilutive.

The computations of basic and diluted net loss per share are as follows:

 
Three Months Ended March 31,
 
 
2015
 
2014
 
Net loss
 
$
(2,972,525
)
 
$
(2,286,749
)
Weighted average common shares of common stock – basic and diluted
  
31,669,957
   
30,498,819
 
Net loss per share – basic and diluted
 
$
(0.09
)
 
$
(0.07
)

The following common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive:

 
Three Months Ended March 31,
 
 
2015
 
2014
 
Stock options under Equity Incentive Plan
  
4,225,000
   
3,140,000
 
Warrants8,500,0003,500,000
 
Effect of recently issued and recently adopted accounting pronouncements  There are no recently issued accounting standards which are not yet effective which Asterias believes would materially impact the financial statements.
 
In June 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-10 “Development Stage Entities” (Topic 915). The guidance of this Update allows for the elimination of certain financial reporting requirements, including an amendment to variable interest entities guidance in Topic 810, Consolidation. For a public entity, ASU No. 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Asterias has adopted the ASU effective the quarter ended March 31, 2015.
XML 23 R32.htm IDEA: XBRL DOCUMENT v2.4.1.9
Balance Sheet Components (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Equipment and furniture, net [Abstract]      
Equipment and furniture $ 1,811,601us-gaap_PropertyPlantAndEquipmentGross   $ 1,795,827us-gaap_PropertyPlantAndEquipmentGross
Accumulated depreciation (883,403)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment   (750,986)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
Equipment and furniture, net 928,198us-gaap_PropertyPlantAndEquipmentNet   1,044,841us-gaap_PropertyPlantAndEquipmentNet
Depreciation expense 132,417us-gaap_Depreciation 130,579us-gaap_Depreciation  
Leasehold improvements for the Fremont facility 606,641ast_PropertyLeaseholdImprovementsAndEquipmentUsedForFacility 405,730ast_PropertyLeaseholdImprovementsAndEquipmentUsedForFacility  
Tenant improvement allowance 4,400,000ast_TenantImprovementAllowanceUnderLeaseAgreement    
Reimbursable portion of construction costs from landlord 560,970ast_TenantAllowanceReceivable    
Rent from landlord $ 283,764us-gaap_OtherOperatingActivitiesCashFlowStatement    
XML 24 R40.htm IDEA: XBRL DOCUMENT v2.4.1.9
Clinical Trial and Option Agreement and CIRM Grant Award (Details) (USD $)
3 Months Ended 1 Months Ended 12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Jan. 31, 2015
Oct. 31, 2014
Dec. 31, 2014
Notice of Grant Award [Line Items]          
Revenue from grant award $ 677,313us-gaap_RevenueFromGrants $ 0us-gaap_RevenueFromGrants      
CIRM [Member]          
Notice of Grant Award [Line Items]          
Grant award         14,300,000ast_GrantAward
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
Revenue from grant award     2,269,515us-gaap_RevenueFromGrants
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
916,554us-gaap_RevenueFromGrants
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
 
Notice of Grant Award [Member] | CIRM [Member]          
Notice of Grant Award [Line Items]          
Grant award $ 14,300,000ast_GrantAward
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
/ us-gaap_TypeOfArrangementAxis
= ast_NoticeOfGrantAwardMember
       
Effective date of grant award agreement October 1, 2014        
Term of grant 4 years        
XML 25 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED BALANCE SHEETS (Unaudited) (USD $)
Mar. 31, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash and cash equivalents $ 7,421,143us-gaap_CashAndCashEquivalentsAtCarryingValue $ 3,075,593us-gaap_CashAndCashEquivalentsAtCarryingValue
Available-for-sale securities, at fair value 19,152,584us-gaap_AvailableForSaleSecuritiesCurrent 14,374,492us-gaap_AvailableForSaleSecuritiesCurrent
Grant receivable 0us-gaap_GrantsReceivable 117,902us-gaap_GrantsReceivable
Landlord receivable 277,206us-gaap_OtherReceivables 377,981us-gaap_OtherReceivables
Prepaid expenses and other current assets 510,171us-gaap_PrepaidExpenseAndOtherAssetsCurrent 438,263us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 27,361,104us-gaap_AssetsCurrent 18,384,231us-gaap_AssetsCurrent
NONCURRENT ASSETS    
Intangible assets, net 22,830,664us-gaap_IntangibleAssetsNetExcludingGoodwill 23,502,185us-gaap_IntangibleAssetsNetExcludingGoodwill
Equipment and furniture, net 928,198us-gaap_PropertyPlantAndEquipmentNet 1,044,841us-gaap_PropertyPlantAndEquipmentNet
Construction in progress 606,641us-gaap_LeaseholdImprovementsGross 405,730us-gaap_LeaseholdImprovementsGross
Investment in affiliates 415,543us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures 415,543us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
Other assets 360,983us-gaap_OtherAssetsNoncurrent 360,983us-gaap_OtherAssetsNoncurrent
TOTAL ASSETS 52,503,133us-gaap_Assets 44,113,513us-gaap_Assets
CURRENT LIABILITIES    
Amount due to parent, BioTime, Inc. 863,224us-gaap_DueToRelatedPartiesCurrent 614,977us-gaap_DueToRelatedPartiesCurrent
Accounts payable 1,132,352us-gaap_AccountsPayableCurrent 736,919us-gaap_AccountsPayableCurrent
Accrued expenses and other current liabilities 589,934us-gaap_AccruedLiabilitiesCurrent 431,503us-gaap_AccruedLiabilitiesCurrent
Deferred grant income 1,474,300ast_DeferredGrantIncomeLiabilitiesCurrent 0ast_DeferredGrantIncomeLiabilitiesCurrent
Deferred tax liabilities, current portion 6,385,280us-gaap_DeferredTaxLiabilitiesCurrent 4,712,948us-gaap_DeferredTaxLiabilitiesCurrent
Total current liabilities 10,445,090us-gaap_LiabilitiesCurrent 6,496,347us-gaap_LiabilitiesCurrent
LONG-TERM LIABILITIES    
Deferred tax liabilities, net of current portion and deferred tax assets 2,930,098us-gaap_DeferredTaxAssetsLiabilitiesNet 4,514,362us-gaap_DeferredTaxAssetsLiabilitiesNet
Deferred rent liability, net of current portion 34,967us-gaap_DeferredRentCreditNoncurrent 93,763us-gaap_DeferredRentCreditNoncurrent
Lease liability 560,970us-gaap_OtherLiabilities 377,981us-gaap_OtherLiabilities
TOTAL LIABILITIES 13,971,125us-gaap_Liabilities 11,482,453us-gaap_Liabilities
Commitments and contingencies (See Note 10)      
STOCKHOLDERS' EQUITY    
Preferred Stock, $0.0001 par value, authorized 5,000,000 shares; none issued and outstanding 0us-gaap_PreferredStockValue 0us-gaap_PreferredStockValue
Common Stock, authorized 75,000,000 Series A Common Stock, $0.0001 par value, and 75,000,000 Series B Common Stock, $0.0001 par value; 32,312,407 and 30,902,152 shares Series A Common Stock issued and outstanding at March 31, 2015 and December 31, 2014, respectively. No Series B Common Stock issued and outstanding at March 31, 2015 and December 31, 2014. 3,226us-gaap_CommonStockValue 3,080us-gaap_CommonStockValue
Additional paid-in capital 72,134,001us-gaap_AdditionalPaidInCapital 66,366,434us-gaap_AdditionalPaidInCapital
Accumulated other comprehensive gain (loss) on available-for-sale investments 2,603,097us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax (502,663)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
Accumulated deficit (36,208,316)us-gaap_RetainedEarningsAccumulatedDeficit (33,235,791)us-gaap_RetainedEarningsAccumulatedDeficit
Total stockholders' equity 38,532,008us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest 32,631,060us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 52,503,133us-gaap_LiabilitiesAndStockholdersEquity $ 44,113,513us-gaap_LiabilitiesAndStockholdersEquity
XML 26 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,972,525)us-gaap_NetIncomeLoss $ (2,286,749)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 132,417us-gaap_Depreciation 130,579us-gaap_Depreciation
Stock-based compensation 692,951us-gaap_ShareBasedCompensation 258,674us-gaap_ShareBasedCompensation
Amortization of intangible assets 671,521us-gaap_AmortizationOfIntangibleAssets 725,425us-gaap_AmortizationOfIntangibleAssets
Amortization of prepaid rent 21,146ast_AmortizationOfPrepaidRent 21,146ast_AmortizationOfPrepaidRent
Deferred income tax benefit (1,584,264)us-gaap_DeferredIncomeTaxExpenseBenefit (1,349,026)us-gaap_DeferredIncomeTaxExpenseBenefit
Changes in operating assets and liabilities:    
Grant receivable 117,902ast_IncreaseDecreaseInGrantReceivable 0ast_IncreaseDecreaseInGrantReceivable
Prepaid expenses and other current assets (93,054)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (70,691)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable 354,188us-gaap_IncreaseDecreaseInAccountsPayable (80,898)us-gaap_IncreaseDecreaseInAccountsPayable
Accrued expenses and other current liabilities 295,147us-gaap_IncreaseDecreaseInAccruedLiabilities 120,601us-gaap_IncreaseDecreaseInAccruedLiabilities
Deferred rent liability (58,796)us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities 0us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities
Deferred grant income 1,474,300ast_IncreaseDecreaseInDeferredGrantIncome 0ast_IncreaseDecreaseInDeferredGrantIncome
Amount due to parent, BioTime, Inc. 248,248us-gaap_ProceedsFromContributionsFromParent 1,082,055us-gaap_ProceedsFromContributionsFromParent
Net cash used in operating activities (700,819)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (1,448,884)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment and furniture (15,775)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (96,458)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Payments on construction in progress (296,382)us-gaap_PaymentsForCapitalImprovements 0us-gaap_PaymentsForCapitalImprovements
Payment of security deposits 0us-gaap_PaymentsForDeposits (300,000)us-gaap_PaymentsForDeposits
Net cash used in investing activities (312,157)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (396,458)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common shares and warrants 5,499,994us-gaap_ProceedsFromIssuanceOrSaleOfEquity 0us-gaap_ProceedsFromIssuanceOrSaleOfEquity
Fees paid on sale of common shares (425,232)ast_FeesPaidOnSaleOfEquity  
Reimbursement from landlord on construction in progress (see Note 4) 283,764ast_ReimbursementFromLandlordOnConstructionInProgress 0ast_ReimbursementFromLandlordOnConstructionInProgress
Net cash provided by financing activities 5,358,526us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 0us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net increase/(decrease) in cash: 4,345,550us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (1,845,342)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 3,075,593us-gaap_CashAndCashEquivalentsAtCarryingValue 2,171,113us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period $ 7,421,143us-gaap_CashAndCashEquivalentsAtCarryingValue $ 325,771us-gaap_CashAndCashEquivalentsAtCarryingValue
XML 27 R35.htm IDEA: XBRL DOCUMENT v2.4.1.9
Common Stock and Warrants (Details) (USD $)
3 Months Ended 15 Months Ended
Mar. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Jan. 04, 2013
Series A Shares [Member]        
Common stock by transaction [Line Items]        
Common shares, outstanding (in shares) 32,312,407us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
32,312,407us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
30,902,152us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
 
Gross proceeds from the sale of common stock $ 5,500,000us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
     
Gross proceeds from the sale of common stock (in shares) 1,410,255us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
     
Shares price (in dollars per share) $ 3.90us-gaap_SharePrice
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
$ 3.90us-gaap_SharePrice
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
   
Number of shares purchased by third party in private placement (in shares) 1,025,640ast_NumberOfSharesPurchasedByThirdPartyInPrivatePlacement
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
     
Number of Warrants [Roll Forward]        
Issued, Number of Warrants (in shares) 32,312,407us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
32,312,407us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
30,902,152us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
 
Series B Shares [Member]        
Common stock by transaction [Line Items]        
Common shares, outstanding (in shares) 0us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
0us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
0us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
 
Shares price (in dollars per share)       $ 2.40us-gaap_SharePrice
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
Number of Warrants [Roll Forward]        
Issued, Number of Warrants (in shares) 0us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
0us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
0us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
 
Per share exercise price (in dollars per share) [Rollforward]        
Per share exercise price, beginning of period (in dollars per share)       $ 5.00us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
Per share exercise price, end of period (in dollars per share)       $ 5.00us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
Warrant [Member]        
Number of Warrants [Roll Forward]        
Number of Warrants, Outstanding, beginning of period (in shares)   3,500,000us-gaap_ClassOfWarrantOrRightOutstanding
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
   
Issued, Number of Warrants (in shares) 5,000,000us-gaap_CommonStockSharesIssued
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
5,000,000us-gaap_CommonStockSharesIssued
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
   
Number of Warrants, Outstanding, end of period (in shares) 8,500,000us-gaap_ClassOfWarrantOrRightOutstanding
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
8,500,000us-gaap_ClassOfWarrantOrRightOutstanding
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
   
Per share exercise price (in dollars per share) [Rollforward]        
Per share exercise price, beginning of period (in dollars per share)   $ 5.00us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
   
Issued, exercise price (in dollars per share)   $ 2.34invest_InvestmentWarrantsExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
   
Weighted Average Exercise Price (in dollars per share) [Rollforward]        
Weighted Average Exercise Price, beginning of period (in dollars per share)   $ 5.00us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
   
Issued, Weighted Average Exercise Price (in dollars per share)   $ 2.34ast_InvestmentWarrantsWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
   
Weighted Average Exercise Price, end of period (in dollars per share) $ 3.44us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
$ 3.44us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
   
Warrant [Member] | Minimum [Member]        
Per share exercise price (in dollars per share) [Rollforward]        
Per share exercise price, end of period (in dollars per share) $ 2.34us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
/ us-gaap_RangeAxis
= us-gaap_MinimumMember
$ 2.34us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
/ us-gaap_RangeAxis
= us-gaap_MinimumMember
   
Warrant [Member] | Maximum [Member]        
Per share exercise price (in dollars per share) [Rollforward]        
Per share exercise price, end of period (in dollars per share) $ 5.00us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
/ us-gaap_RangeAxis
= us-gaap_MaximumMember
$ 5.00us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
/ us-gaap_RangeAxis
= us-gaap_MaximumMember
   
Warrant [Member] | Series A Shares [Member]        
Weighted Average Exercise Price (in dollars per share) [Rollforward]        
Proceeds from warrant exercises $ 29,200,000us-gaap_ProceedsFromWarrantExercises
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
     
XML 28 R22.htm IDEA: XBRL DOCUMENT v2.4.1.9
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]  
Computations of Basic and Diluted Net Loss Per Share
The computations of basic and diluted net loss per share are as follows:

 
Three Months Ended March 31,
 
 
2015
 
2014
 
Net loss
 
$
(2,972,525
)
 
$
(2,286,749
)
Weighted average common shares of common stock – basic and diluted
  
31,669,957
   
30,498,819
 
Net loss per share – basic and diluted
 
$
(0.09
)
 
$
(0.07
)
Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share of Common Stock
The following common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive:

 
Three Months Ended March 31,
 
 
2015
 
2014
 
Stock options under Equity Incentive Plan
  
4,225,000
   
3,140,000
 
Warrants8,500,0003,500,000
XML 29 R36.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity Incentive Plan (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2013
All stock-based compensation expense [Abstract]      
Total stock-based compensation expense $ 692,951us-gaap_AllocatedShareBasedCompensationExpense $ 258,674us-gaap_AllocatedShareBasedCompensationExpense  
Research and Development [Member]      
All stock-based compensation expense [Abstract]      
Total stock-based compensation expense 288,546us-gaap_AllocatedShareBasedCompensationExpense
/ us-gaap_IncomeStatementLocationAxis
= us-gaap_ResearchAndDevelopmentExpenseMember
115,140us-gaap_AllocatedShareBasedCompensationExpense
/ us-gaap_IncomeStatementLocationAxis
= us-gaap_ResearchAndDevelopmentExpenseMember
 
General and Administrative [Member]      
All stock-based compensation expense [Abstract]      
Total stock-based compensation expense 404,405us-gaap_AllocatedShareBasedCompensationExpense
/ us-gaap_IncomeStatementLocationAxis
= us-gaap_GeneralAndAdministrativeExpenseMember
143,534us-gaap_AllocatedShareBasedCompensationExpense
/ us-gaap_IncomeStatementLocationAxis
= us-gaap_GeneralAndAdministrativeExpenseMember
 
Stock Options [Member]      
Options and Restricted Stock and Units Available for Grant [Roll Forward]      
Options and Restricted Stock and Units Available for Grant, beginning of period (in shares) 1,150,001ast_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAuthorizedNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Increase to pool (in shares) 3,500,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
[1]    
Options granted (in shares) (1,080,000)ast_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Options forfeited (in shares) 1,666ast_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantForfeituresInPeriod
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Options and Restricted Stock and Units Available for Grant, end of period (in shares) 3,377,934ast_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAuthorizedNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Number of Options and Restricted Stock and Units Outstanding [Rollforward]      
Outstanding, beginning of period (in shares) 3,346,666us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Options granted (in shares) 1,080,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Options forfeited (in shares) (1,666)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Outstanding, end of period (in shares) 4,618,733us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Weighted Average Exercise Price (in dollars per share) [Rollforward]      
Outstanding, beginning of period (in dollars per share) $ 2.42us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Options granted (in dollars per share) $ 3.90us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Options forfeited (in dollars per share) $ 2.34us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Outstanding, end of period (in dollars per share) $ 2.68us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Weighted-average fair value of options granted (in dollars per share) $ 2.57us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
$ 1.26us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
 
Weighted-average assumptions [Abstract]      
Expected life (years) 5 years 10 months 6 days 4 years 2 months 5 days  
Risk-free interest rates (in hundredths) 1.64%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
1.06%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
 
Volatility (in hundredths) 78.55%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
70.03%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
 
Dividend yield (in hundredths) 0.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
0.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
 
Proceeds from exercise of stock options 11,828,750us-gaap_ProceedsFromStockOptionsExercised
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
   
Stock Options [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Term of equity incentive awards 10 years    
Stock Options [Member] | Officers, Employees and Directors [Member]      
Options and Restricted Stock and Units Available for Grant [Roll Forward]      
Options granted (in shares) (4,225,000)ast_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember
/ us-gaap_TitleOfIndividualAxis
= ast_OfficersEmployeesAndDirectorsMember
   
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares of common stock to be issued per unit of award upon expiration of restrictions (in shares) 1ast_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsNumberOfSharesOfCommonStockToBeIssuedPerUnitOfAwardUponExpirationOfRestrictions
/ us-gaap_AwardTypeAxis
= us-gaap_RestrictedStockUnitsRSUMember
   
Options and Restricted Stock and Units Available for Grant [Roll Forward]      
Options granted (in shares) (193,733)ast_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_RestrictedStockUnitsRSUMember
   
Number of Options and Restricted Stock and Units Outstanding [Rollforward]      
Options granted (in shares) 193,733us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_RestrictedStockUnitsRSUMember
   
Weighted Average Exercise Price (in dollars per share) [Rollforward]      
Options granted (in dollars per share) $ 3.90us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_RestrictedStockUnitsRSUMember
   
Restricted Stock Units (RSUs) [Member] | Officers, Employees and Directors [Member]      
Options and Restricted Stock and Units Available for Grant [Roll Forward]      
Options granted (in shares) (200,000)ast_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_RestrictedStockUnitsRSUMember
/ us-gaap_TitleOfIndividualAxis
= ast_OfficersEmployeesAndDirectorsMember
   
Number of Options and Restricted Stock and Units Outstanding [Rollforward]      
Options granted (in shares) 193,733us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_RestrictedStockUnitsRSUMember
/ us-gaap_TitleOfIndividualAxis
= ast_OfficersEmployeesAndDirectorsMember
   
Weighted Average Exercise Price (in dollars per share) [Rollforward]      
Options granted (in dollars per share) $ 2.83us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_RestrictedStockUnitsRSUMember
/ us-gaap_TitleOfIndividualAxis
= ast_OfficersEmployeesAndDirectorsMember
   
Equity Incentive Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized for grant under the incentive plan (in shares)     4,500,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
/ us-gaap_PlanNameAxis
= us-gaap_StockCompensationPlanMember
Weighted-average assumptions [Abstract]      
Total unrecognized compensation expense $ 5,615,657us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
/ us-gaap_PlanNameAxis
= us-gaap_StockCompensationPlanMember
   
Weighted-average period recognized 2 years 11 months 23 days    
[1] The 3,500,000 share increase to the Equity Incentive Plan is subject to subsequent approval by the Asterias shareholders.
XML 30 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Balance Sheet Components (Tables)
3 Months Ended
Mar. 31, 2015
Balance Sheet Components [Abstract]  
Equipment and Furniture, Net
At March 31, 2015 and December 31, 2014, equipment and furniture were comprised of the following:
 
 
March 31, 2015
(Unaudited)
 
December 31, 2014
 
Equipment and furniture
 
$
1,811,601
  
$
1,795,827
 
Accumulated depreciation
  
(883,403
)
  
(750,986
)
Equipment and furniture, net
 
$
928,198
  
$
1,044,841
 

XML 31 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 32 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
Organization, Basis of Presentation and Liquidity
3 Months Ended
Mar. 31, 2015
Organization, Basis of Presentation and Liquidity [Abstract]  
Organization, Basis of Presentation and Liquidity
1. Organization, Basis of Presentation and Liquidity

Asterias Biotherapeutics, Inc. (“Asterias”) was incorporated in Delaware on September 24, 2012. Asterias is a majority-owned and controlled subsidiary of BioTime, Inc. (“BioTime”).

Asterias’ primary focus is the emerging field of regenerative medicine. Asterias’ core technologies center on stem cells capable of becoming all of the cell types in the human body, a property called pluripotency. Asterias plans to develop a wide range of technologies that are based on “pluripotent” stem cells and that could be used to treat diseases or injuries in a variety of medical fields, with an initial focus on the therapeutic areas of neurology and oncology.
 
The financial statements presented herein, and discussed below, have been prepared on a stand-alone basis. The financial statements are presented in accordance with accounting principles generally accepted in the U.S. and with the accounting and reporting requirements of Regulation S-X of the Securities and Exchange Commission (“SEC”). BioTime has consolidated the results of Asterias into BioTime’s consolidated results based on BioTime’s ability to control Asterias’ operating and financial decisions and policies through the ownership of Asterias common stock throughout the periods presented. BioTime owned 67.5% and 70.6% of the outstanding of Asterias common stock as a whole at March 31, 2015 and December 31, 2014, respectively.

BioTime allocates expenses such as salaries and payroll related expenses incurred and paid on behalf of Asterias based on the amount of time that particular employees devote to Asterias affairs. Other expenses such as legal, accounting, travel, and entertainment expenses are allocated to Asterias to the extent that those expenses are incurred by or on behalf of Asterias. BioTime also allocates certain overhead expenses such as insurance, internet, and telephone expenses based on a percentage determined by Asterias management. These allocations are made based upon activity-based allocation drivers such as time spent, percentage of square feet of office or laboratory space used, and percentage of personnel devoted to Asterias operations or management. Management evaluates the appropriateness of the percentage allocations on a quarterly basis and believes that this basis for allocation is reasonable.

Liquidity – Since inception, Asterias has incurred losses and has funded its operations primarily through the support from BioTime, issuance of equity securities, payments from research grants, and royalties from product sales. At March 31, 2015, Asterias had an accumulated deficit of $36,208,316, working capital of $16,916,014 and stockholders’ equity of $38,532,008. Asterias has evaluated its projected cash flows and believes that its cash and cash equivalents of $7,421,143 as of March 31, 2015 and financial support from BioTime as needed will be sufficient to fund its operations at least through 2015 (See Note 14). However, the Phase 1/2a clinical trial of AST-OPC1 being conducted by Asterias will be funded in part with funds from the $14,323,318 grant awarded in 2014 by the California Institute of Regenerative Medicine (“CIRM”) and not from cash on hand. If Asterias was to lose its grant funding it may be required to delay, postpone, or cancel its clinical trial or limit the number of clinical trial sites, or otherwise reduce or curtail its operations unless it is able to obtain from another source of adequate financing that could be used for its clinical trial.
XML 33 R3.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $)
Mar. 31, 2015
Dec. 31, 2014
STOCKHOLDERS' EQUITY    
Preferred Shares, par value (in dollars per share) $ 0.0001us-gaap_PreferredStockParOrStatedValuePerShare $ 0.0001us-gaap_PreferredStockParOrStatedValuePerShare
Preferred Shares, authorized (in shares) 5,000,000us-gaap_PreferredStockSharesAuthorized 5,000,000us-gaap_PreferredStockSharesAuthorized
Preferred Shares, issued (in shares) 0us-gaap_PreferredStockSharesIssued 0us-gaap_PreferredStockSharesIssued
Preferred Shares, outstanding (in shares) 0us-gaap_PreferredStockSharesOutstanding 0us-gaap_PreferredStockSharesOutstanding
Series A Common Stock [Member]    
STOCKHOLDERS' EQUITY    
Common shares, par value (in dollars per share) $ 0.0001us-gaap_CommonStockParOrStatedValuePerShare
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
$ 0.0001us-gaap_CommonStockParOrStatedValuePerShare
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
Common shares, authorized (in shares) 75,000,000us-gaap_CommonStockSharesAuthorized
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
75,000,000us-gaap_CommonStockSharesAuthorized
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
Common shares, issued (in shares) 32,312,407us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
30,902,152us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
Common shares, outstanding (in shares) 32,312,407us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
30,902,152us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
Series B Common Stock [Member]    
STOCKHOLDERS' EQUITY    
Common shares, par value (in dollars per share) $ 0.0001us-gaap_CommonStockParOrStatedValuePerShare
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
$ 0.0001us-gaap_CommonStockParOrStatedValuePerShare
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
Common shares, authorized (in shares) 75,000,000us-gaap_CommonStockSharesAuthorized
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
75,000,000us-gaap_CommonStockSharesAuthorized
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
Common shares, issued (in shares) 0us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
0us-gaap_CommonStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
Common shares, outstanding (in shares) 0us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
0us-gaap_CommonStockSharesOutstanding
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassBMember
XML 34 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
Shared Facilities and Service Agreement
3 Months Ended
Mar. 31, 2015
Shared Facilities and Service Agreement [Abstract]  
Shared Facilities and Service Agreement
11. Shared Facilities and Service Agreement
 
On April 1, 2013, Asterias and BioTime executed a Shared Facilities and Services Agreement (“Shared Facilities Agreement”). Under the terms of the Shared Facilities Agreement, BioTime will allow Asterias to use its premises and equipment located at Alameda, California for the sole purpose of conducting business. BioTime will provide basic accounting, billing, bookkeeping, payroll, treasury, collection of accounts receivable (excluding the institution of legal proceedings or taking of any other action to collect accounts receivable), payment of accounts payable, and other similar administrative services to Asterias. BioTime may also provide the services of attorneys, accountants, and other professionals who may also provide professional services to BioTime and its other subsidiaries. BioTime will also provide Asterias with the services of its laboratory and research personnel, including BioTime employees and contractors, for the performance of research and development work for Asterias at the premise.

BioTime will charge Asterias a fee for the services and usage of facilities, equipment, and supplies aforementioned. For each billing period, BioTime will equitably prorate and allocate its employee costs, equipment costs, insurance costs, lease costs, professional costs, software costs, supply costs, and utilities costs, between BioTime and Asterias based upon actual documented use and cost by or for Asterias or upon proportionate usage by BioTime and Asterias, as reasonably estimated by BioTime. Asterias shall pay 105% of the allocated costs (the “Use Fee”). The allocated cost of BioTime employees and contractors who provide services will be based upon records maintained of the number of hours of such personnel devoted to the performance of services.

The Use Fee will be determined and invoiced to Asterias on a quarterly basis for each calendar quarter of each calendar year. If the Shared Facilities Agreement terminates prior to the last day of a billing period, the Use Fee will be determined for the number of days in the billing period elapsed prior to the termination of the Shared Facilities Agreement. Each invoice will be payable in full by Asterias within 30 days after receipt. Any invoice or portion thereof not paid in full when due will bear interest at the rate of 15% per annum until paid, unless the failure to make a payment is due to any inaction or delay in making a payment by BioTime employees from Asterias funds available for such purpose, rather than from the unavailability of sufficient funds legally available for payment or from an act, omission, or delay by any employee or agent of Asterias.

In addition to the Use Fees, Asterias will reimburse BioTime for any out of pocket costs incurred by BioTime for the purchase of office supplies, laboratory supplies, and other goods and materials and services for the account or use of Asterias, provided that invoices documenting such costs are delivered to Asterias with each invoice for the Use Fee. Furthermore, BioTime will have no obligation to purchase or acquire any office supplies or other goods and materials or any services for Asterias, and if any such supplies, goods, materials or services are obtained for Asterias, BioTime may arrange for the suppliers thereof to invoice Asterias directly.

Asterias in turn may charge BioTime or any Other Subsidiary for similar services provided by Asterias at the same rate and terms as aforementioned. “Other Subsidiary” means a subsidiary of BioTime other than Asterias and other than a subsidiary of Asterias.

The Shared Facilities Agreement terminates on December 31, 2016, provided that, unless otherwise terminated under another provision of the Shared Facilities Agreement, the term of the Shared Facilities Agreement will automatically be renewed and the termination date will be extended for an additional year each year after December 31, 2016, unless either party gives the other party written notice stating that the Shared Facilities Agreement will terminate on December 31 of that year.

BioTime allocated $50,251 and $39,720 of general overhead expenses to Asterias during the three months ended March 31, 2015 and 2014, respectively.
XML 35 R1.htm IDEA: XBRL DOCUMENT v2.4.1.9
Document and Entity Information
3 Months Ended
Mar. 31, 2015
May 01, 2015
Document Information [Line Items]    
Entity Registrant Name Asterias Biotherapeutics, Inc.  
Entity Central Index Key 0001572552  
Current Fiscal Year End Date --12-31  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q1  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2015  
Series A Common Stock [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   32,322,302dei_EntityCommonStockSharesOutstanding
/ dei_DocumentInformationDocumentAxis
= us-gaap_CommonClassAMember
XML 36 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
Segment Information
3 Months Ended
Mar. 31, 2015
Segment Information [Abstract]  
Segment Information
12. Segment Information

Operating segments are defined as components of an enterprise that engage in business activities for which separate financial information is available and evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. Asterias’ executive management team represents its chief decision maker. The executive management team reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance and there are no managers who are held accountable for levels or components below the consolidated unit level. To date, management has viewed Asterias’ operations as one segment.
XML 37 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
REVENUE    
Royalties from product sales $ 101,747us-gaap_RoyaltyRevenue $ 61,980us-gaap_RoyaltyRevenue
Grant income 677,313us-gaap_RevenueFromGrants 0us-gaap_RevenueFromGrants
Total revenues 779,060us-gaap_Revenues 61,980us-gaap_Revenues
Cost of sales (50,874)us-gaap_CostOfRevenue 0us-gaap_CostOfRevenue
Total gross profit 728,186us-gaap_GrossProfit 61,980us-gaap_GrossProfit
EXPENSES    
Research and development (3,592,615)us-gaap_ResearchAndDevelopmentExpense (2,599,146)us-gaap_ResearchAndDevelopmentExpense
General and administrative (1,672,150)us-gaap_GeneralAndAdministrativeExpense (1,094,474)us-gaap_GeneralAndAdministrativeExpense
Total operating expenses (5,264,765)us-gaap_OperatingExpenses (3,693,620)us-gaap_OperatingExpenses
Loss from operations (4,536,579)us-gaap_OperatingIncomeLoss (3,631,640)us-gaap_OperatingIncomeLoss
OTHER INCOME/(EXPENSES)    
Interest expense, net (19,835)us-gaap_InterestIncomeExpenseNet (4,099)us-gaap_InterestIncomeExpenseNet
Other expense, net (375)us-gaap_OtherNonoperatingIncomeExpense (36)us-gaap_OtherNonoperatingIncomeExpense
Total other expenses, net (20,210)us-gaap_NonoperatingIncomeExpense (4,135)us-gaap_NonoperatingIncomeExpense
LOSS BEFORE DEFERRED INCOME TAX BENEFIT (4,556,789)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (3,635,775)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Deferred income tax benefit 1,584,264us-gaap_IncomeTaxExpenseBenefit 1,349,026us-gaap_IncomeTaxExpenseBenefit
NET LOSS $ (2,972,525)us-gaap_NetIncomeLoss $ (2,286,749)us-gaap_NetIncomeLoss
Basic and diluted net loss per common share (in dollars per share) $ (0.09)us-gaap_EarningsPerShareBasicAndDiluted $ (0.07)us-gaap_EarningsPerShareBasicAndDiluted
Weighted average shares of common stock outstanding, basic and diluted (in shares) 31,669,957us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 30,498,819us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
XML 38 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants
3 Months Ended
Mar. 31, 2015
Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants [Abstract]  
Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants
6. Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants

As part of the consideration for the issuance of Series B Shares to BioTime under the Asset Contribution Agreement, Asterias received the BioTime Warrants. Under the Asset Contribution Agreement, Asterias agreed to distribute the BioTime Warrants to holders of its Series A Shares as promptly as practicable after notice from Geron that the Series A Distribution has been completed. During August 2014, Geron gave notice to Asterias that the Series A Distribution has been completed and on October 1, 2014, Asterias completed the distribution of the BioTime Warrants to the holders of its Series A Shares.

Both the BioTime Warrants and the corresponding obligation to distribute them were measured at fair value at each relevant balance sheet date by applying a Black Scholes Merton option-pricing model using assumptions deemed appropriate as of the applicable date. Because the fair value of the BioTime Warrants was expected to always be equal to the fair value of the obligation to distribute those warrants at any date on which those values are determined, remeasurement of those values did not result in a charge or credit on the statement of operations and comprehensive loss.
XML 39 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Investment in BioTime and in BioTime Subsidiaries
3 Months Ended
Mar. 31, 2015
Investment in BioTime and in BioTime Subsidiaries [Abstract]  
Investment in BioTime and in BioTime Subsidiaries
5. Investment in BioTime and in BioTime Subsidiaries

Investment in BioTime

At March 31, 2015, Asterias held 3,852,880 of the 8,902,077 BioTime common shares that Asterias received under the Asset Contribution Agreement, and which are included at fair value in current assets in its balance sheet as the shares are available for use and could be sold at fair value for liquidity purposes at any time. The investment is classified as “available for sale.” Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income untill realized. Realized gains and losses are reclassified out of other comprehensive Income or loss and included in equity, as an increase or decrease in additional paid-in capital. See Note 2, “Accounting for BioTime shares.”

Asterias reviews various factors in determining whether it should recognize an other-than-temporary impairment charge for its marketable securities, including its intent and ability to hold the investment for a period of time sufficient for any anticipated recovery in market value, and the length of time and extent to which the fair value has been less than its cost basis. Based on consideration of these factors, as of March 31, 2015 and December 31, 2014, no other-than-temporary impairment was recognized.

Investments in Affiliates

Asterias’ investments in the OrthoCyte and Cell Cure Neurosciences stock received from BioTime were recorded at BioTime’s historical costs but not below zero. The investment is carried using the cost method of accounting.
XML 40 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
Asset Contribution Agreement with BioTime and Geron Corporation (Tables)
3 Months Ended
Mar. 31, 2015
BioTime, Inc. [Member]  
Asset Contribution Agreement [Line Items]  
The Assets Acquired / Transferred and Related Consideration
The assets transferred by BioTime and the related consideration were recorded as follows:
 
Consideration transferred to BioTime:
  
Asterias Series B shares
 
$
52,164,568
 
Warrants to purchase Asterias Series B shares
  
2,012,481
 
Excess of contributed assets’ value over consideration
  
4,800,063
 
Total consideration issued
 
$
58,977,112
 
     
Assets transferred by BioTime:
    
BioTime common shares, at fair value
 
$
34,985,163
 
BioTime Warrants, at fair value
  
18,276,406
 
Cancellation of outstanding obligation to BioTime
  
5,000,000
 
Investment in affiliates, at cost
  
415,543
 
Geron asset acquisition related transaction costs paid by BioTime
  
300,000
 
Total assets transferred
 
$
58,977,112
 
Geron [Member]  
Asset Contribution Agreement [Line Items]  
The Assets Acquired / Transferred and Related Consideration
The assets acquired from Geron and the related consideration paid were recorded as follows:
 
Consideration paid to Geron:
  
Asterias Series A shares, net of share issuance costs of $541,800
 
$
15,121,222
 
Obligation to distribute BioTime Warrants
  
18,276,406
 
Transaction and other costs
  
1,519,904
 
Total consideration paid
 
$
34,917,532
 
Assets acquired from Geron (preliminary allocation):
    
Patents and other intellectual property rights related to hES cells
 
$
29,017,009
 
Deferred tax liability arising from difference in book versus tax basis on Geron intangible assets acquired
  
(11,558,243
)
IPR&D expensed upon acquisition
  
17,458,766
 
Total assets and in-process research and development acquired
 
$
34,917,532
 
XML 41 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
Clinical Trial and Option Agreement and CIRM Grant Award
3 Months Ended
Mar. 31, 2015
Clinical Trial and Option Agreement and CIRM Grant Award [Abstract]  
Clinical Trial and Option Agreement and CIRM Grant Award
13. Clinical Trial and Option Agreement and CIRM Grant Award

During September 2014, Asterias entered into a Clinical Trial and Option Agreement (the “CRUK Agreement”) with Cancer Research UK (the “Charity”) and Cancer Research Technology Limited, (“CRT”), a wholly-owned subsidiary of the Charity, pursuant to which the Charity has agreed to fund Phase I/IIa clinical development of our AST-VAC2 product candidate. Asterias will, at its own cost, complete process development and manufacturing scale-up of the AST-VAC2 manufacturing process and will transfer the resulting cGMP-compatible process to the Charity. The Charity will, at its own cost, manufacture clinical grade ASTVAC2 and will carry out the Phase I/IIa clinical trial of AST-VAC2 in cancer patients both resected early-stage and advanced forms of lung cancer. Asterias will have an exclusive first option to obtain a license to use the data from the clinical trial. If Asterias exercises that option Asterias will be obligated to make payments upon the execution of the License Agreement, upon the achievement of various milestones, and then royalties on sales of products. In connection with the CRUK Agreement, Asterias sublicensed to CRUK for use in the clinical trials and product manufacturing process certain patents that have been licensed or sublicensed to us by third parties. Asterias would also be obligated to make payments to those licensors and sublicensors upon the achievement of various milestones, and then royalties on sales of products if AST-VAC2 is successfully developed and commercialized.

On October 16, 2014 Asterias signed a Notice of Grant Award (“NGA”) with the California Institute for Regenerative Medicine (“CIRM”), effective October 1, 2014, with respect to a $14.3 million grant award for clinical development of Asterias' product, AST-OPC1. The NGA includes the terms under which CIRM will release grant funds to Asterias. CIRM will disburse the grant funds to Asterias through July 1, 2018 in accordance with a quarterly disbursement schedule, subject to Asterias' attainment of certain progress and safety milestones. Asterias received the first payment from CIRM in the amount of $916,554 in October 2014, and the second payment in the amount of $2,269,515 in January 2015.
XML 42 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity Incentive Plan
3 Months Ended
Mar. 31, 2015
Equity Incentive Plan [Abstract]  
Equity Incentive Plan
9. Equity Incentive Plan
 
During March 2013, Asterias’ Board of Directors approved an Equity Incentive Plan (the “Plan”) under which Asterias has reserved 4,500,000 shares of common stock for the grant of stock options or the sale of restricted stock. Initially, Asterias issued Series B Shares under the Plan. Since the date on which all of the outstanding Series B Shares were converted into Series A Shares, Asterias has issued Series A Shares under the Plan. The Plan also permits Asterias to issue such other securities as its Board of Directors or the Compensation Committee administering the Plan may determine. Asterias’ stockholders approved the Plan in September 2013.

No options may be granted under the Plan more than ten years after the date upon which the Plan was adopted by the Board of Directors, and no options granted under the Plan may be exercised after the expiration of ten years from the date of grant. Under the Plan, options to purchase common stock may be granted to employees, directors and certain consultants at prices not less than the fair market value at date of grant, subject to certain limited exceptions for options granted in substitution of other options. Options may be fully exercisable immediately, or may be exercisable according to a schedule or conditions specified by the Board of Directors or the Compensation Committee. The Plan also permits Asterias to award restricted stock for services rendered or to sell common stock to employees subject to vesting provisions under restricted stock agreements that provide for forfeiture of unvested shares upon the occurrence of specified events under a restricted stock award agreement. Asterias may permit employees or consultants, but not officers or directors, who purchase stock under restricted stock purchase agreements, to pay for their shares by delivering a promissory note that is secured by a pledge of their shares.

Asterias may also grant stock appreciation rights (“SARs”) and hypothetical units issued with reference to Asterias common stock (“Restricted Stock Units”) under the Plan. An SAR is the right to receive, upon exercise, an amount payable in cash or shares or a combination of shares and cash, as determined by the Board of Directors or the Compensation Committee, equal to the number of shares subject to the SAR that is being exercised multiplied by the excess of (a) the fair market value of a share of Asterias common stock on the date the SAR is exercised, over (b) the exercise price specified in the SAR Award agreement.

The terms and conditions of a grant of Restricted Stock Units will be determined by the Board of Directors or Compensation Committee. No shares of stock will be issued at the time a Restricted Stock Unit is granted, and Asterias will not be required to set aside a fund for the payment of any such award. A recipient of Restricted Stock Units will have no voting rights with respect to the Restricted Stock Units. Upon the expiration of the restrictions applicable to a Restricted Stock Unit, Asterias will either issue to the recipient, without charge, one share of common stock per Restricted Stock Unit or cash in an amount equal to the fair market value of one share of common stock.

Options Granted and Restricted Stock Units Issued

As of March 31, 2015, Asterias had granted to certain officers, employees, and directors, options to purchase a total of 4,225,000 shares of common stock, 200,000 shares of restricted common stock, and 193,733 restricted stock units at a weighted average exercise price of $2.83 per share.

A summary of Asterias' stock option activity and related information follows:

  
Options and
Restricted
Stock and Units Available
for Grant
  
Number of
Options and
Restricted Stock
and Units Outstanding
  
Weighted
Average
Exercise
Price
 
January 1, 2015
  
1,150,001
   
3,346,666
  
$
2.42
 
Increase to pool(1)
  
3,500,000
   
-
   
-
 
Options granted
  
(1,080,000
)
  
1,080,000
   
3.90
 
Restricted stock units issued
  
(193,733
)
  
193,733
   
3.90
 
Options forfeited
  
1,666
   
(1,666
)
  
2.34
 
March 31, 2015
  
3,377,934
   
4,618,733
  
$
2.68
 

(1)The 3,500,000 share increase to the Equity Incentive Plan is subject to subsequent approval by the Asterias shareholders.

Stock-Based Compensation Expense
 
The weighted-average estimated fair value of stock options granted during the three months ended March 31, 2015 and 2014 were $2.57 and $1.26 per share respectively, using the Black-Scholes Merton model with the following weighted-average assumptions:

  
March 31,
(Unaudited)
 
  
2015
  
2014
 
Expected life (in years)
  
5.85
   
4.18
 
Risk-free interest rates
  
1.64
%
  
1.06
%
Volatility
  
78.55
%
  
70.03
%
Dividend yield
  
0
%
  
0
%

The risk-free rate is based on the rates in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to each grant’s expected life. A dividend yield of zero is applied since Asterias has not historically paid dividends and has no intention to pay dividends in the near future. The expected volatility is based upon the volatility of a group of publicly traded industry peer companies. The expected term of options granted is calculated using the simplified method under SEC Staff Accounting Bulletin No. 107.

Total proceeds if all options granted and outstanding as of March 31, 2015 were exercised would be $11,828,750.

Employee stock-based compensation expense is calculated and recorded based on awards ultimately expected to vest and has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and will be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

Operating expenses include stock-based compensation expense as follows:

 
Three Months Ended March 31,
(Unaudited)
 
 
2015
 
2014
 
Research and development
 
$
288,546
  
$
115,140
 
General and administrative
  
404,405
   
143,534
 
Total stock-based compensation expense
 
$
692,951
  
$
258,674
 

At March 31, 2015 Asterias had $5,615,657 of total unrecognized compensation expense, net of estimated forfeitures, related to the Plan that will be recognized over a weighted-average period of approximately 2.98 years.
XML 43 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
Intangible assets
3 Months Ended
Mar. 31, 2015
Intangible assets [Abstract]  
Intangible assets
7. Intangible assets

As of March 31, 2015 and December 31, 2014, Asterias had capitalized intangible assets acquired from Geron, primarily related to patents and other intellectual property rights related to hES cells. These assets are being amortized over the estimated economic lives of the patents on a straight-line basis, which approximates the pattern of consumption over their estimated useful lives. Asterias is currently estimating a useful life of 10 years.

Intangible assets net of accumulated amortization at March 31, 2015 and December 31, 2014 are shown in the following table:

 
March 31,
2015
  
December 31,
2014
 
 
(Unaudited)
   
Intangible assets
 
$
26,859,640
  
$
26,859,640
 
Accumulated amortization
  
(4,028,976
)
  
(3,357,455
)
Intangible assets, net
 
$
22,830,664
  
$
23,502,185
 


Asterias amortizes its intangible assets over an estimated period of 10 years on a straight line basis. Asterias recognized $671,521 and $ 725,425 in amortization expense of intangible assets during the three months ended March 31, 2015 and 2014, respectively. As further discussed in Note 3, as of December 31, 2014, Asterias recorded an adjustment to reduce the cost of the intangible asset by $2,157,369 with a corresponding reduction to the accumulated amortization balance of $269,671, resulting in an additional amortization expense of $1,887,698 included in the statements of operations for the year ended December 31, 2014.

Amortization of intangible assets for periods subsequent to March 31, 2015 is as follows:

Year
 
Amortization Expense
 
2015
 
$
2,014,473
 
2016
  
2,685,964
 
2017
  
2,685,964
 
2018
  
2,685,964
 
2019
  
2,685,964
 
Thereafter
  
10,072,335
 
Total
 
$
22,830,664
 
XML 44 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
Common Stock and Warrants
3 Months Ended
Mar. 31, 2015
Common Stock and Warrants [Abstract]  
Common Stock and Warrants
8. Common Stock and Warrants

At March 31, 2015, Asterias had outstanding 32,312,407 Series A Shares and no Series B Shares. All outstanding Series B Shares were converted into Series A Shares on October 3, 2014.

Common Stock Issuance

During the three months ended March 31, 2015, Asterias raised approximately $5.5 million in aggregate gross proceeds from the sale of 1,410,255 shares of common stock at a price of $3.90 per share through an underwritten public offering and a private placement. Broadwood Partners, L.P., British & American Investment Trust PLC and Pedro Lichtinger purchased an aggregate of 1,025,640 of the shares. Broadwood Partners, L.P. is BioTime’s largest shareholder and one of its directors, Neal C. Bradsher, is President, and one of Asterias’ directors, Richard T. LeBuhn, is Senior Vice President, of Broadwood Capital, Inc., the investment manager of Broadwood Partners, L.P. Pedro Lichtinger is Asterias’ President and Chief Executive Officer and a member of its Board of Directors. British & American Investment Trust PLC is an affiliate of a stockholder of Asterias and BioTime.

Warrants

Asterias has issued warrants to purchase its common shares. Activity related to warrants through March 31, 2015 is presented in the table below:
 
  
Number of
Warrants
  
Per share
exercise
price
  
Weighted
Average
Exercise
Price
 
Outstanding, January 1, 2014
  
3,500,000
  
$
5.00
  
$
5.00
 
Issued in June 2014
  
5,000,000
   
2.34
   
2.34
 
Outstanding, March 31, 2015
  
8,500,000
  
$
2.34-5.00
  
$
3.44
 

The warrants to purchase 3,500,000 Asterias Series A Shares will expire on September 30, 2016 and the warrants to purchase 5,000,000 Asterias Series A Shares will expire on June 15, 2015. Asterias will receive $29,200,000 if all of the warrants are exercised.
 
XML 45 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
Commitments and Contingencies
3 Months Ended
Mar. 31, 2015
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
10. Commitments and Contingencies
 
At March 31, 2015 Asterias had commitments consisting of an operating lab equipment lease, a sublease of its current office and research facility, a lease of its satellite office in New York, and a lease for its future office and research facility in Fremont, California.

Asterias subleases from BioTime an office and research facility located in Menlo Park, California. The lease is for a term of three years commencing January 7, 2013. Base rent is $31,786 per month, plus real estate taxes and certain costs of maintaining the leased premises.

On December 30, 2013, Asterias entered into a lease for an office and research facility located in Fremont, California, consisting of an existing building with approximately 44,000 square feet of space. The building will be used by Asterias primarily as a laboratory and production facility that can be used to produce human embryonic stem cells and related products under current good manufacturing procedures. Asterias plans to construct certain tenant improvements for its use, which it expects will cost approximately $5.5 million, of which a maximum $4.4 million will be paid by the landlord. The landlord’s obligation to fund the tenant improvements expires on June 30, 2015, 18 months from the date of the lease, with respect to any portion of the allowance not expended by then. Asterias expects to substantially complete construction of the built-to-suit facility during the third quarter of 2015.

In January 2014, Asterias paid the landlord a $300,000 security deposit and the landlord allowed access and use of the premises beginning in March 2014 to allow for the construction of the tenant improvements. The lease is for a term of 96 months, commencing on October 1, 2014, with two available five-year options to extend the term, upon one year written notice by Asterias. During the first 15 months of the lease term, from October 1, 2014 through December 31, 2015, Asterias will pay monthly base rent of $50,985 representing 22,000 square feet rather than 44,000 square feet provided that Asterias is not in default in performing its obligations under the lease beyond any notice and cure periods. Beginning on January 1, 2016, base rent will increase to $105,142 per month and increase by approximately 3% annually on every October 1 thereafter.

In addition to monthly base rent, Asterias will pay all real estate taxes, insurance and the cost of maintenance, repair and replacement of the leased premises. During the first 15 months of the lease term, Asterias will pay only 50% of the real estate taxes assessed on the premises provided that Asterias is not in default in performing its obligations under the lease beyond any notice and cure periods. However, if any improvements or alterations to the premises that Asterias constructs or adds are assessed for real property tax purposes at a valuation higher than the valuation of the improvements on the premises on the date it signed the lease, Asterias will pay 100% of the taxes levied on the excess assessed valuation.

Asterias is considered the owner of the asset under construction under ASC 840-40-55 as Asterias, among other things, has the primary obligation to pay for construction costs and Asterias will retain exclusive use of the building for its office and research facility requirements after construction is completed. In addition, the lease does not qualify for sale-leaseback accounting under ASC 840-40-25, Accounting for Leases, Sale-Leaseback Transactions, due to Asterias' significant continuing involvement with the facility that Asterias considers to be other than a normal leaseback as defined by ASC 840-40-25. In accordance with this guidance, amounts previously expended by Asterias for construction would continue to be reported as construction in progress in Asterias’ financial statements, and the landlord reimbursement proceeds received, including amounts earned by Asterias but not yet paid by the landlord at period end, are reported as a lease liability. Once the property is placed in service, Asterias will depreciate the property and the lease payments allocated to the landlord liability will be accounted for as debt service payments on that liability using the finance method of accounting per ASC 840-40-55. As of March 31, 2015 and December 31, 2014, Asterias had incurred $606,641 and $405,730, respectively, of construction costs included in construction in progress, of which $560,970 and $377,981 is the lease liability included in long term liabilities at March 31, 2015 and December 31, 2014, respectively.

Asterias was provided access and rights to use the property beginning in March 2014 with “free-rent” until the lease payments commenced on October 1, 2014, as described above. Asterias commenced expensing rent beginning in March 2014 in accordance with ASC 840-20-25-10 and 11, Rent Expense During Construction. Accordingly, during the three months ended March 31, 2015, Asterias has deferred rent credit of approximately $79,000 included in the statements of operations and a deferred rent balance of approximately $35,000 as of March 31, 2015, included in long-term liabilities.
 
Asterias also currently pays $3,512 per month for the use of approximately 120 square feet of the office space in New York City that is used to conduct meetings and other business affairs. The lease is for a term of one year commencing July 1, 2014.

Remaining minimum annual lease payments under the various operating leases for the years ending after March 31, 2015 are as follows:

Year Ended December 31,
 
Minimum Lease
Payments
 
2015
 
$
775,774
 
2016
  
1,291,785
 
2017
  
1,309,295
 
2018
  
1,347,364
 
2019
  
1,386,792
 
Thereafter
  
4,033,933
 
Total
 
$
10,144,943
 
XML 46 R34.htm IDEA: XBRL DOCUMENT v2.4.1.9
Intangible assets (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Intangible assets, net [Abstract]      
Intangible assets $ 26,859,640us-gaap_FiniteLivedIntangibleAssetsGross   $ 26,859,640us-gaap_FiniteLivedIntangibleAssetsGross
Accumulated amortization (4,028,976)us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization   (3,357,455)us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
Intangible assets, net 22,830,664us-gaap_FiniteLivedIntangibleAssetsNet   23,502,185us-gaap_FiniteLivedIntangibleAssetsNet
Intangible assets, useful life 10 years    
Amortization of intangible assets 671,521us-gaap_AmortizationOfIntangibleAssets 725,425us-gaap_AmortizationOfIntangibleAssets 1,887,698us-gaap_AmortizationOfIntangibleAssets
Accumulated amortization of intangible assets 4,028,976us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization   3,357,455us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
Intangible assets future amortization expense [Abstract]      
2015 2,014,473us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear    
2016 2,685,964us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo    
2017 2,685,964us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree    
2018 2,685,964us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour    
2019 2,685,964us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive    
Thereafter 10,072,335us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive    
Intangible assets, net 22,830,664us-gaap_FiniteLivedIntangibleAssetsNet   23,502,185us-gaap_FiniteLivedIntangibleAssetsNet
Geron [Member]      
Intangible assets, net [Abstract]      
Accumulated amortization     (269,671)us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
/ dei_LegalEntityAxis
= ast_GeronMember
Amortization of intangible assets     1,887,698us-gaap_AmortizationOfIntangibleAssets
/ dei_LegalEntityAxis
= ast_GeronMember
Adjustment to deferred income tax liability     (2,157,369)ast_AdjustmentToDeferredIncomeTaxLiability
/ dei_LegalEntityAxis
= ast_GeronMember
Accumulated amortization of intangible assets     $ 269,671us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
/ dei_LegalEntityAxis
= ast_GeronMember
XML 47 R21.htm IDEA: XBRL DOCUMENT v2.4.1.9
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]  
Revenue recognition
Revenue recognition – Asterias complies with ASC 605-10 and records revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Grant income is recognized as revenue when earned. Royalty revenues consist of royalty payments on sales of products under a license agreement. Asterias recognizes revenue in the quarter in which the royalty reports are received rather than the quarter in which the sales took place. When Asterias is entitled to receive up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias has no continuing performance obligations, the fees are recognized as revenues when collection is reasonably assured. When Asterias receives up-front nonrefundable licensing or similar fees pursuant to agreements under which Asterias does have continuing performance obligations, the fees are deferred and amortized ratably over the performance period. If the performance period cannot be reasonably estimated, Asterias amortizes nonrefundable fees over the life of the contract until such time that the performance period can be more reasonably estimated. Milestone payments, if any, related to scientific or technical achievements are recognized in income when the milestone is accomplished if (a) substantive effort was required to achieve the milestone, (b) the amount of the milestone payment appears reasonably commensurate with the effort expended, and (c) collection of the payment is reasonably assured.
Use of estimates
 
Use of estimates – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents
Cash and cash equivalents – Asterias considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Available-for-sale securities, at fair value
Available-for-sale securities, at fair value  Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income. Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in investment income.
Equipment and furniture
Equipment and furniture – Equipment and furniture are stated at cost and are being depreciated using the straight-line method over a period of 36 to 120 months.
 
Construction in progress
Construction in progress – Construction in progress is stated at cost and is not depreciated untill the underlying asset is placed into service (see Note 4).
Intangible assets
Intangible assets – Intangible assets with finite useful lives are amortized over their estimated useful lives, and intangible assets with indefinite lives are not amortized but rather are tested at least annually for impairment. Acquired in-process research and development intangible assets are accounted depending on whether they were acquired as part of an acquisition of a business, or as assets that do not constitute a business. When acquired in conjunction with the acquisition of a business, these assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as part of the acquisition of assets from Geron Corporation), in accordance with the accounting rules in ASC 805-50, such intangible assets related to in process research and development (IPR&D) are expensed upon acquisition.
Impairment of long-lived assets
Impairment of long-lived assets – Asterias’ long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, Asterias will evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment will be recognized and measured by the amount by which the carrying amount exceeds the estimated fair value of the assets.
Warrants to purchase common stock
Warrants to purchase common stock  Asterias generally accounts for warrants issued in connection with equity financings as a component of equity. None of the warrants issued by Asterias as of March 31, 2015 and December 31, 2014 include a conditional obligation to issue a variable number of shares; nor was there a deemed possibility that Asterias may need to settle the warrants in cash.
Accounting for BioTime Shares
Accounting for BioTime common shares – The Company accounts for the BioTime common shares it holds as available-for-sale equity securities in accordance with ASC 320-10-25, Investments-Debt and Equity Securities, as the shares have a readily determinable fair value quoted on the NYSE MKT and are held principally for future working capital purposes, as necessary. These shares are measured at fair value and reported as current assets on the balance sheet based on the closing trading price of the security as of the date being presented. Unrealized holding gains and losses in changes to the fair value of these shares are excluded from the statements of operations and reported in equity as part of other comprehensive income or loss until realized. Realized gains and losses are reclassified out of other comprehensive income or loss and included in equity, as an increase or decrease in additional paid-in capital consistent with, and pursuant to, ASC 805-50, transactions between entities under common control.
Patent costs
Patent costs – Costs associated with obtaining patents on products or technology developed are expensed as research and development expenses when incurred.
Reclassification
Reclassification – Certain prior year amounts in the statement of cash flows have been reclassified to conform to the current year presentation.
Research and development
Research and development – Research and development expenses consist of costs incurred for company-sponsored, collaborative and contracted research and development activities. These costs include direct and research-related overhead expenses including salaries, payroll taxes, consulting fees, research and laboratory fees, rent of research facilities, amortization of intangible asset, and license fees paid to third parties to acquire patents or licenses to use patents and other technology. Asterias expenses research and development costs as such costs are incurred.
General and administrative
General and administrative – General and administrative expenses consist principally of compensation and related benefits, including stock-based compensation, for executive and corporate personnel; professional and consulting fees; and allocated overhead.
Income taxes
Income taxes  For the period October 1, 2013 through December 31, 2013 and future years, Asterias will file its own U.S. federal tax return. For California purposes their activity will continue to be included in BioTime’s California combined tax return. Asterias accounts for income taxes in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”), which prescribe the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. The guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examinations by taxing authorities. Generally, Asterias is subject to income tax examinations by major taxing authorities for all years since inception. Asterias will recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2015 and December 31, 2014.
 
A deferred income tax benefit of approximately $1,584,000 was recorded for the three months ended March 31, 2015, of which approximately $1,432,000 was related to federal and $152,000 was related to state taxes. A deferred income tax benefit of approximately $1,349,000 was recorded for the three months ended March 31, 2014, of which approximately $1,151,000 was related to federal and $198,000 was related to state taxes. As disclosed in Note 3, Asterias established deferred tax liabilities primarily related to its acquisition of certain intellectual property. It is more likely than not that the deferred tax assets are fully realizable since these income tax benefits are expected to be available to offset such deferred tax liabilities.

In June 2014, Asterias sold 5,000,000 BioTime common shares which resulted in a taxable gain of approximately $10.3 million and an income tax liability of approximately $3.6 million. Asterias received the BioTime common shares from BioTime as part of the consideration under the Asset Contribution Agreement, a tax-free transaction. See Note 3. This liability, however, is expected to be fully offset by available net operating losses, resulting in no cash income taxes due from that sale. As of December 2014, Asterias recorded a $4.7 million deferred tax liability for the temporary taxable difference in the basis of the investment still held by Asterias in BioTime stock. Both transactions were treated as a deemed distribution by Asterias and recorded against equity.
Stock-based compensation
Stock-based compensation  Asterias adopted accounting standards governing share-based payments, which require the measurement and recognition of compensation expense for all share-based payment awards made to directors and employees, including employee stock options, based on estimated fair values. Consistent with those guidelines, Asterias utilizes the Black-Scholes Merton option pricing model. Asterias' determination of fair value of share-based payment awards on the date of grant using that option-pricing model is affected by Asterias' stock price as well as by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, Asterias' expected stock price volatility over the term of the awards; actual and projected employee stock option exercise experience the expected term of options granted, derived from using the simplified method under SEC Staff Accounting Bulletin No. 107; and a risk-free rate based on the U.S. Treasury rates in effect during the corresponding period of grant.

Fair value of financial instruments
Fair value of financial instruments – ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows:

 
·
Level 1 Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.

 
·
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 
·
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
 
The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period until they mature or are required to be settled, except for the investment in BioTime common shares, which are carried at fair value based on Level 1 inputs, and BioTime Warrants and related obligation to distribute the BioTime Warrants, which were carried at fair value based on Level 2 inputs.
Comprehensive income/loss
Comprehensive income/loss – ASC 220, Comprehensive Income, requires that an entity’s change in equity or net assets during a period from transactions and other events from non-owner sources be reported. Asterias reports unrealized gains and losses on its available-for-sale securities as other comprehensive income (loss).
Loss per share
Loss per share – Basic net loss per share is computed by dividing net loss attributable to Asterias by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share reflects the weighted-average number of shares of common stock outstanding plus the potential effect of dilutive securities or contracts which are convertible to common stock, such as options and warrants (using the treasury stock method) and shares issuable in future periods, except in cases where the effect would be anti-dilutive.

The computations of basic and diluted net loss per share are as follows:

 
Three Months Ended March 31,
 
 
2015
 
2014
 
Net loss
 
$
(2,972,525
)
 
$
(2,286,749
)
Weighted average common shares of common stock – basic and diluted
  
31,669,957
   
30,498,819
 
Net loss per share – basic and diluted
 
$
(0.09
)
 
$
(0.07
)

The following common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive:

 
Three Months Ended March 31,
 
 
2015
 
2014
 
Stock options under Equity Incentive Plan
  
4,225,000
   
3,140,000
 
Warrants8,500,0003,500,000
Effect of recently issued and recently adopted accounting pronouncements
Effect of recently issued and recently adopted accounting pronouncements  There are no recently issued accounting standards which are not yet effective which Asterias believes would materially impact the financial statements.
 
In June 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-10 “Development Stage Entities” (Topic 915). The guidance of this Update allows for the elimination of certain financial reporting requirements, including an amendment to variable interest entities guidance in Topic 810, Consolidation. For a public entity, ASU No. 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Asterias has adopted the ASU effective the quarter ended March 31, 2015.
XML 48 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
Common Stock and Warrants (Tables)
3 Months Ended
Mar. 31, 2015
Common Stock and Warrants [Abstract]  
Activity Related to Warrants
Asterias has issued warrants to purchase its common shares. Activity related to warrants through March 31, 2015 is presented in the table below:
 
  
Number of
Warrants
  
Per share
exercise
price
  
Weighted
Average
Exercise
Price
 
Outstanding, January 1, 2014
  
3,500,000
  
$
5.00
  
$
5.00
 
Issued in June 2014
  
5,000,000
   
2.34
   
2.34
 
Outstanding, March 31, 2015
  
8,500,000
  
$
2.34-5.00
  
$
3.44
 
XML 49 R41.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subsequent Events (Details) (USD $)
3 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Jan. 31, 2015
Oct. 31, 2014
Dec. 31, 2014
Apr. 30, 2015
Subsequent Event [Line Items]            
Revenue from grant award $ 677,313us-gaap_RevenueFromGrants $ 0us-gaap_RevenueFromGrants        
CIRM [Member]            
Subsequent Event [Line Items]            
Revenue from grant award     2,269,515us-gaap_RevenueFromGrants
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
916,554us-gaap_RevenueFromGrants
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
   
Research grant award amount         14,300,000ast_GrantAward
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
 
Subsequent Event [Member] | Series A Shares [Member]            
Subsequent Event [Line Items]            
Percentage of commission on sale of shares (in hundredths)           3.00%ast_PercentageOfCommissionOnProceedsOfSaleOfShares
/ us-gaap_StatementClassOfStockAxis
= us-gaap_CommonClassAMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
Subsequent Event [Member] | CIRM [Member]            
Subsequent Event [Line Items]            
Revenue from grant award           1,062,023us-gaap_RevenueFromGrants
/ us-gaap_MajorCustomersAxis
= ast_CaliforniaInstituteOfRegenerativeMedicineMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
XML 50 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
NET LOSS    
Net loss, net of tax: $ (2,972,525)us-gaap_NetIncomeLoss $ (2,286,749)us-gaap_NetIncomeLoss
Change in comprehensive income/(loss) from equity investments:    
Unrealized gain/(loss) on available-for-sale securities, net of taxes 3,105,759us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax (2,762,293)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
COMPREHENSIVE INCOME/(LOSS) $ 133,234us-gaap_ComprehensiveIncomeNetOfTax $ (5,049,042)us-gaap_ComprehensiveIncomeNetOfTax
XML 51 R10.htm IDEA: XBRL DOCUMENT v2.4.1.9
Balance Sheet Components
3 Months Ended
Mar. 31, 2015
Balance Sheet Components [Abstract]  
Balance Sheet Components
4. Balance Sheet Components

Equipment and Furniture, Net

At March 31, 2015 and December 31, 2014, equipment and furniture were comprised of the following:
 
 
March 31, 2015
(Unaudited)
 
December 31, 2014
 
Equipment and furniture
 
$
1,811,601
  
$
1,795,827
 
Accumulated depreciation
  
(883,403
)
  
(750,986
)
Equipment and furniture, net
 
$
928,198
  
$
1,044,841
 

Depreciation expense amounted to $132,417 and $130,579 for the three months ended March 31, 2015 and 2014, respectively.

Construction in progress

Construction in progress of $606,641 and $405,730 as of March 31, 2015 and December 31, 2014, respectively, entirely relate to the improvements for Asterias’ Fremont, California facility. Under the terms of the lease agreement, the landlord will provide Asterias with a tenant improvement allowance of $4,400,000, which Asterias is using to construct a laboratory and production facility that can be used to produce human embryonic stem cell and related products under current good manufacturing procedures (cGMP). Of the $606,641, $560,970 qualifies for reimbursement under the tenant improvement allowance. As of March 31, 2015, we received $283,764 from the landlord. Reimbursable amounts earned by Asterias but not yet paid by the landlord as of period end are recorded by Asterias as a landlord receivable with a corresponding increase to lease liability since Asterias has contractually earned the right to that cash. The facility is expected to be substantially completed and placed into service in the third quarter of 2015. See also Note 10.
ZIP 52 0001140361-15-018545-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001140361-15-018545-xbrl.zip M4$L#!!0````(`!V(J$:KI&/VX,\``$'C!P`0`!P`87-T+3(P,34P,S,Q+GAM M;%54"0`#"B1-50HD355U>`L``00E#@``!#D!``#L/6MSXS:2WZ_J_@/6>Y5- MJB2;%"E+\CRV;(\GY2>\H%"_PW!_JA=D"H;P<.\T=O#B+1MH3-V,'? MW_[W?[W^2[O],_4IMT+JD+LIN7CW\^G-D+G05)#KFROX28EQ:!QJAQHY#R93 MSD;CD.B#09>T24?3N^0V\CP6DO?,MWR;62ZYYLP/`4"+?/AP?DA.79?(7H)P M*BB_I\YANXV#/]YQEP"NOCC!G^S-P3@,)R='1P\/#X?XY##@HZ..IAE'S!
Y]@^&;`V$#([DV[2I8&4-`:Q^]+\?/]S:8^I9 M[2(^.+PSZYC%YOA(O4R:,A&8';VWC%C5(NW@WU,1YF$+:A^.@OLC]0ZZZ49; MT]N&GG0",8\L:Y+V&EKB3HX0O\`N9KZ+0UGY(/"BI'D4\H4T#([@;=+0C[SR MAD[(C\+IA!Y!"\J9G78(_`I]`K]=Z&<'D1_R:3D1\["&:7=X`79HVV="&DU-W1(I*V=H`3?'`CF M35PT(?ELS.GPS0'@T$[&.GP4S@$Y4G"DAP`1^R%]#`ESWAS8LIVNZ6&08B?; MIJTI^*%P&C]+GS('GP\9Y43B17/$)/PZO_SEX*T&5M_M=;K=SNNC8N=DJ*.2 ML>*1)L#.P"F.#^SAX3OPN&\1;12'IB=09N\*G:CO9+H8(,'9P$ZF0_(T,W3R M*.;=DC$U_.`\\+_'/7$N+T(_7N*/\& M?)^QDXX0L_1Q_,(!-!XG+K-9J'`D#H-V:DX$CW:R@LJ#M[&G/)DG]_51Z0@S MS([*4%M?4Y0IA;'0NQD]2=YL0^BFWMD3R\GPPVSKG8P1;),?^^-)\OIA[(@? M4C^^W(;@9%";I2%<#6_#P/[Z0MQ!8ND+::R9,]BA\J\A[+/O2=AG+U'8TM,U MPJZ1L'?HQM<0=N/&]UW89KHN,O6>R&1E+[UVN+HC@)O8OG3_72NN&0ND#5SIR7T/9<_K74V M9;E6_$QYX+\@;;!$>)*AJ=&`QAL\MS=XSHQ((]87MAS.!,U5!?SEH_6?@)]' M(@P\RH5:2%DN&P;<9]8E(,?"**17PQLZ4ONL[)Y^I`[PRJ?[J2.).LQ3KF:` M-FK:N99>>!,WF%(JMXFN)@BAT=B5&KN0:XV/?58?VVCO_FMO MW7QO+_6]O>7;%DTYP:;E!!NGM>JPR0*NL[>^M^WM:G->Z^O=#;5TKR/4;>C' ME@WAF\2QN9H'K=_6N[O8'3"T@:%5VA-H"NHV+*C;YUQ_7@D';4/;C1+JFMDH M6(TJ-N5A,LWA[P2<"M_")M1WZ;B0^B\,"$O)_.E"1KCE29QU"2.GBM47A'^-*76+SYX*"W9;.2^ M?2/>\=GC1H0ON(2Z$>;V_7"]JN#*8_Q&[GL4O1?+%YI8_1N?&:]QL8`*NTX? M+.Y\GD[H_F^JIF4H69+JM,&YX]M`&E&^A`.*Q0*T1JAU#L=V?@)YB?R;DU^; M%\3420>?\Q*ABNK4'"-KU&G-0NDEBM6L0G:X8U!'%:SSJD=JZ[5K^9\L3RFK M%!7NZ`-+Y08NOMUO;;126?6>C2J^&E[[![YD26JXHKAT-F4RZ2?N(44&6/5-(^QO'AS5 M[7J9)OM+^1N*N=320UY%+WPX\FFXB?@ALR;.X`A?O7W8A_CYU M/.8SB+/D;@GA,UVJQ(%&J^8"D&5:!?$ZM;@]QF4=O:=N,,$F MWX].5:"_"5C6TJC&3]773]5+J]:9_1H_54\_5:^9;R[FY@$`"J<8=(;`NHL_ M(B89=S9-%^3O.:4>P#G?\]*S"K2JE&Z1X$9O-M*;3_3A]X!_/0?JOQ/%F:.X MT9R--.K!&!6JD`C4^F-]H2^VT MY=O4%#[]DX5?D'U7PU,\%#*2JTX5T@8AL^'YSWA61.[K[;?^U.@+AVFI31GC MX_!Z`?>;6"EG`?I6+*!1Z7W1*7UGTZF6AF%:HU-[JE/F^G?8R2Z[\E-FZJ=, M0UOKR.N7V^A.T#\B3.O>P__2:*[P?+]U;0&1F8*!,FJW.0/OU45!YOK^TLQ< M*K5+W=Y"%-IH_+-H_#[[]WK90#%UT\0,^ZA3WS:M$_E,*=2O(*J"^#UJB8C3 MMS%B^#D\D8!*WF7!(ZQ%L#L+8#,1F!V]=_+K[;M-01L%T/+8R!S[L,>GR$.Y M!W..JS(^60:70\P,]X[Z@EV:^#MT/+%<"IN9[I2.<1YW(<)FS+);]3BY,+WR%HLMEQXW:J&;:Z4&:] M&H5VX@Z6@4GQ>1?8D23\6CJ(4ER2-JI)942R:9>%8%)$+J2_)+]1UVU_]8,' MG]R"U`*?.N12B(CR+$:J,;;]!9LF+57#U9A]"A1&2\$4,?M7X$8^N.,IR,Z% M>64>G[2%:K`N'H7NQ?$3S;FADX"'S!\17"U$)7C$+=.&JMUJ='Y'G[,*3!$M MB2PY!U&.`CZ=1T:^3UY788G?MFR;NNA(0?:R>Q:K'+PB,C"9RXHV8!.6>\]C M,VN`[U>C6+2(_:BO(513BCH`#0F['#>0"DYR2 M?ZN@Y_]*\)4-)2`%)@.E!'E`_TOB`2Y]",,\64F6/%ITUQ9!/RW!R)"$.-1F M'CC9-P?:P5NC8W0ZAI:G?PE:\UXOZX;?PT-1YO=FWE,VJ>;Y\CZO`&(A(K$7 M7H&*:E41F7_J9:AD0,PC@^O`LM'Q^>H!=:W]S_R0V"\=17I7IT7H(^4V$Y1, M.+,I^9'YQ`E?NTISJ&5G5@_"U9P>5XO?7ZO7B<>? M(P+7=WGT.@7+Z!G'`WWP^F@YY&TCIA1@*6*Z#D:+'JLB9I^M1[H,+1Y9[ON` MRV97Z*$_CRU?5:W*9S&\4]^!F<7>D*%MB&&-8PW_RR&^R>!9GG,P!/*!67?, ME9\1;R63?"FAU,DT?8((NOW!`)5W)?`=HUI!C4T#"5H3U#4$%[2)AK6[ M6N?XN)Q#5<;<#T94T)3.L69H@][3&7$A0H"*;(@$'48N<=F0$I61:\L/?@_+DQ']50[Q`4WW+.F;XS%3",=A:$,8YUK,`?'"NG'"0LN=(SMMB0TO_;C9)NH, MJGQ\;.;FNW+@.T2S@K+U.CKX)4S\5D;3=?$T#FB57.>T[RP!O[/'F4E\!&<. M[:2G['B&_;+=XEXK`_WE;!]T!MTL-97&W(2X^$2;FI1R9]H66]56&+"%DX;+ M@Q_--+7N<[!P.^PI',1.>^1S$):?3I()DSJTF@;S(2L`(#JRU<&$:3G&;`BL1P$OCBE5F6=7N\N+4 M:CHX]'.8&V'O6VI'7"9<+AYM-W)@)<`##PTZ"F/L+BSN,W\DKBF7)@^X1V4Y MCN(-9$\;Y6Q:#F!5/G=N*Z%;3.]M@_J]E-#Q988O`U'6CJV?SE849?IT!JVR? M`'L,W5@UX.(-$OGZ"9LB>M_HFQU#+R(PMQ7R%#RJY$=[QK&N:^8J/&:[HYA* M.V/!9^91N0;*_(F%QJ!E%@?5FL,TR0R_#_BMY6:4\#.@?.:B.:_6AYSIR?D;XB"()_H`[D)/,O_6XO()RTB*&?#5T2V%NQ/ M>D)T;1*^.OAA%+XJ@YAI0S88XD'F4$_(7>`ZKX`F-^`GY*]RWM->$22P;;EL MY)\0EPYC-+J'9&T.(^I'@'N&C.3G'2='R>]"DRU16B1+@4/0)P0SG,S.D_J? M2(1L.%74EI):*W+*4%IW.ZU^7\.U3SBFI-\::)V6UNNE>F.K@B`U>T(;*YS! MX-2FN!<0S[T(0/H`<@[#<787R675Z0B/0--D6_!AS#`'PG%_1\TA!&`.+<;) MO>5&^)@D._5J#89/&/QS9\%<;E/`A5)\)P>,$4-XZ182L(GC9HL=Q=B>*,)@UL$()R]8=1.(' MRYN\^FN_T]%>Y1'`/:S#]*T.O)_?XA*I+Y,4V!`/LR)#6N2!A6-);.1S"KKU M)S3![3,A"<0M-!2Z#TQ!,5J/+9`,5NU1Z0'*-M^8S`4!O)"Y+DF`'I*;1>`E M>B#O&>E!)(ROFYG9ZSVC#P+4BK,@$J!C\EL)R&V'0AM,H0)/'L94"I4!3\?2>D#PP<@' MY%%@4N)M\`1^.Z0>Z!D6Q3(/A,35KCRP<:1,`*W6L_A7&DJKF&E[*U8('(Y) M"P^EO8.FJ-H.L+Z`C-%BP[S](5@KWCV5ZBXE%^&W(%CZ'HP7EI7P9")3LXC^ M/44L_1B=Q+)P0!S`I?X(;"R!AX^!EP@/T%`>"YME7,<8^'E'J0]=A?2+RD?9 M@0C!40DF#HG,>N+>-D0G,/?*4R8JS02P!$W8+PT!'N:G@CA+;*MC+O%3$ZP\ M6"F`!^6:E<2D$O7LBH?C MX'P:*DT\I^"C(:P>L!I2*#Y(KY2ZSWP&LHFK=2_ MSBE?\CNS:E@=WL_6-,MFT%9^VJR^C'A*/>-`AP5AWZQ"SMP"[5F)J;*R-(V> M:0XZFQ!SG@T3B\A?6Q(ES!.@:UZ4?D,CXT*6?4.(^1U.=(=Y$IC\3WD8?EUG$:9'-)S##((J#`)L.? M^MG:S'CL9:F6ITNCK=+"VE)I/!'W7.VZ7(&`CU.:OF([K`27\VPL\)E;OAA2 M,"4GKR)"EQGO-E?&K3%QZ]ZAV]&/ MS>YQ?[?,3)U$QL=`F(*0(*;$(/,+>;4U?S?/HJTY M-)BA]5[7>"IKKJU0QN0XIZHL!ZY279?:881)B;@4G'!,VN**2]4ZX[KUXI;8 MT'*#Z6'CJ6I6';!U`^T,-+VG:8/=S+$9Q%/6_Q;PK_(<85QX6]%"EQ;@/MWD M]..!?@R1](P/Q:+<,HR>KMY\K*DA!PF%:>-/^A,&/F<>KJFUC/Y]23G`_X#5N]C M\!'N-,XUYU;\DXC;8YDHDEE>S*^!0V&8]O2L$%=;4Y4Q@N4"P8M$QT(F5F76 M*<"\=A&Y31(^\\OR2EI82?%5JNXR2?/^^"Y.\OY44?%E_Z1[TOEIU7&F87:[ M76TEM:5#UXCHMMSLP M5M%1&.FY"*ARVL,$7V'6E0!CM00Z.H2>>ET)J&`+1J<+T?/V\:\[XA+$LCLDI%I6/[&_LL)S M%0+?G.`UKRA863!9F>"+_-4,0/E#3-N"6QH6:?UY]C*1L_4XD[M"(7TIXK>B M9/E8NL@IL8YJ5Y^>5;D&HGNXDL&KZ-B?:I(H5A_5C*_]JQ4*%:_^&8[K%PRL7Z*9-D# MO)MM.<(RRW5AG7PW33J(M,=EV);X MSG4F]>)NUQ/IV(TL%LU,5:/CK#\()RWQM7^^O:(5G*\=V5O6V,LTJ/Z\=: M76ORBE7XF2)YRY$%\`F[95)?R,)A+'/S"6X!6O)OU[J3F2!UI-_%E&F+6$1$ M=ZZJ;AZJ^M"X/"O`@E55WL>3>P&&EBU+7[%?KI.P<-^1A33I!I$F\@(_>:IJ M6),.2='M,`K1YI:-@D#><_EMLA:9W8U>KW+1CVY.J9:BB M8,+C2LK_`97K]8_EA8'QLI#%.A\`GGS_%02`H,YD:H#2DF1)W=L M0#$!!ZQ0[2@91Q[B[MWQ:>`S&P1*/57`$/-%53;$8).CMHDK&P6!`ZKH1UC/ M#B$6X`TM;>I$>)HB@[-K^7+/$KD&880=IAH=4A]#6>9!QWNJ?&WBRB)TI*H$ MGX7_W]Z_-K>-).NB\/<=L?\#ME_W678$R"9XYWA-1\BRW4NS[9;"LF?>B8D3 M'1!9E#`-`FQ<)'-^_1%"AAQ>HQ10)5655969E9F4_"!$\%DD`S M0V''^;E]W:EW+.`XG^)8T#KG=",@D#T:K]OUMGI`SR\FF.#\TB:"(0,GCN1N MEW_EXJ;#&V!+CHV!X8Q3F410-`J@U\/\)'CT;VD@%'=V;,OIJ^MMUJ-'@[LWT!,R.F8>PE66Z)?A@7"H-TAT,ATZ+2 M6"^XDMK`C[=>0#(=3R(22$@'K3ZV0#N#H^X75ZN`!U<>6X.NY$+;/+6@OQMT,17R8.P*V2YMFSDR\1@.T]N[A:"R`9Y>T=)CR`Z"R0ZSK^'^S"?,@D+ M@+N4,J[&;NK31SC^$1%=)4-EXD6)VFSH-P)$](C$@)Q!T@Q0V>.<*,P[T@P4 M9JS,T]"UC<'2/.CT.UBZUTZC8SOM9J:/J-P]?@06*R]M6S_!`]`^"A'H2U"2 ME5X2)!M>',/03UH:J$Q$G*(%EBGB*U?F5.94.$QY`S.6!+42#72`*44.=^Y0 M4.XFID[PR0N'YI"V<6X'&#K>EIMFD=@P@.%T&C^IIPMT3TP`E:EL.4GUA#S^ M/R!)@=M@4L?T8.[010GG)S*VDX12CNP\M5J*\GNCD4PF5H-&>4ESH@,^85;R MN<*4YL+Z``9Z*:F`G6:_R.G-$SHWH?)OT@,P^Q(X5(PL0QU87#ZGD2T=+Y>/ M69YZL<0//FS4<#1!+\7):0T?`E992)&BW'6IW)IG*W]U=GUN]=N- M&OQ_IX-ZMVH73'#8<+`6OKN3">JLJL_FE$9<.N2L7#]LV!'$8FZ= M(T%:LD#,%4JP-M0&;2LH?7FE01,)BL25SB.4S'D*:(98&1PAL(26?;:Q/T>A MX!T.QQW80C.=[5ZCWV_CSOLSR[?/64T%L)T=@AIDFX,+$ M1!.0%L94Q"@'O4":<.8\\!0/,4N3S@79,:S";>J-^#AP)[(V`V9OAVD,TMK4 M\351"]ST0*G;L2IYBWI)3D'EFE0[;P0=+<>\,%(3M2L/!S[V:IX]@-[&>Y MJ30@J#QV-,&:$FUVRDTB#QGBDYM$T9$U29(\IJ(PN1;4N-R4@N- MP#Q1T!Q-(B!JJVR:>"J&7%.U! M:1=X-DWH`R5C=%NWJ5A"SM,S*6EE'J+0IPM>6:*.)K#K.M MX]A'REJPO@H#5%B:!^?&=LNQ'8R=R(>'<.-F;IUL^YFY!]FW?`+E-U).9M"Q M1SE5/(-@1((N02(J[[+K#-0N6IA.F"/X+6#W7%,*U]YE*1>F9]!I[G@ MJR;5F?5,C4A#=,6(&K/97:3^2 M><>2^LJ_T7XY5LU7,9%7/Q,98<:NF'EAF%G7"O;'N+24UV1R^?GV2G`X,EL' M\P+DS1M@AN,92#+QN`D]3?^YG>!V^4W/V%3.1L M59-(?R)K&";[KZ]NPB0))[K?>SB<$!9%K07__`[^C6`R:_RG7C>K.?V!Z&+> M:.D5^)%OXJE355Q6Y'6;A=2O9+3[A,@UU#,",U%XZ9_K`XB%M0XPGG#O"_#T MP1I#NFUD0E3L)UFJI0G-,"F\DF)B-5<$X4/D3O_ZBO_=>M6*N&2S8)&,BI^- M?;O!#I9;O]__Z9VUC*P%"BRTUV\C,)]&-36!H,:*\?@(";#4@P*!W'J#*E&W M8KCK!K=BQ^[>:0GG^/5C)GBPX5C)YBG!8'L]L,][[;UL[X,L=]GV^YC^[XC[ MO7O$_9X;W-/M]_V0\?BM>-RU=NSF`,.]U@CX(V_&C=;BQ1R^O1=^^#[A9CSN M6CMVJS&`#5FNS5B=C.9F[%]M@32H7VQA0?5Y9_"Q/7/Y9`:"\1"(<_S9?L,R#(&H68#%C*Q3F8 M'WK+Z2B-XM&PG7;;'K2?3/#LN(TW$#P_T[6W_FL1;7.K!/AE51>FKJI.LPED MU-ERO`=ZC,`OKMSH,B)8C!'!P*FRCL5@!IL!:)RM!9IIO_JE40?&MRLYS,MC`#R#*9EOYMHBVDYUB:BAVW+39.[,*(")#T*J*.@ MNFL14941*__P:^XWFTJ.$E]\\?VZ%]]9K:;=.81Z+C]1N&*S\%X5LM;ON7=`#NX MU6QV-U]>)=3D0,PZV-M+=Y(/LBK)WB7Z/+A3,0^;)#S=6!][J!]OK!L=3_L: M:^&1M`",UH`-#ON[Q$-^["F\,&28P29(N'T.>2V^X59CW1ED>*'ZUI8C,\Z= M?>S7LZRY0\NGWOJA9]0\9OA;\/.*X>][&Y_8\/>]I8\V_/TP_[X/K$<-7RJ# MOQ'`EO7WE14BMY^+WT)H:TEA@V,CA%_\]FFE#9;1NLD<;8MPN^&<'`2W=D_3 MH':*J7SO8ZNLA]T_CG)76&Y@AZ%O(217#?T)=+V2S<`3J'[[FH$]L?\Q;9LE M0Y]&X@Y3;^\%%E`*)\)Z\SF,X[<@#SG]\)O[P[;.DB3R;E+.)TM(4`*]!6// MFN/6H)'+,33QR&I*G49[T&CG>7M95V48W58%LIP6<&[[,6/SZ*&??1C:!E1S M7;&JQMT3U+A;MFIT455ZJRO.4*4]4 M#`M8PWJ#3;U=2+,NO-+<:)=K^8'B#VF)Z8R[2X-1)$;)'9QSJZNHGH0G9M"[V`V#/,F^:1,CN!U^'XBY?%SUZ/Q8E@OD):A,A@C."Z>E M;W@Q@V@06!*#Y2*<(X-W9;A&(T9282@5@@OP9R2J"`_-Q$A"Y%B)3O0F5O4& MVIM)@\WYMGC#\!7+O?!#AECG"N>?(J%PF5>9`%D[9\'(:*6XH/E\L>XK"5=S MYJU>I^LXCQ@VCI<+VI.MOF(?\5,&FZ-NN\-E?ZTY:#4:@W[A M+BKJY.!$;Q"`4FMWG':KVWP$T709H"'];#*C$%)05AR0`/C+QH+X9^<$-O9; M&*AW=@FU:`^ZO<51%#7_)$/88"T&K5ZW=>`A;*1P;+\V!]`QJ`;PKK,A[5\\ M3&]80MC66("R[/IK-]6E0MQ"3Q^5509S`>_X7">AY,;+W`9]OWONH#!F:HS9%MGN@1, M$H*I2T6D+H+$#6X]_)(Y8D-+@'I7?1M=ZXYUO[K7;R'WF77)/6X8\;&QS0`' M;*??;!Z91][P-=M.3KO-6MX?25M9IK!TA6*5\-Z@PY^`U6=EB@#5'\KL8*Y9%X.R1LK MB438=MONJ'IGG)]!2/\%R5SC8+"E'LLL[1X.@1`]D8!U*WKCU5X($+Z06J^)_O:]!J(_)EOKD' MP1E9F"VJ;CMT]LFU#,7)S4J>KK-E='V3GQB+&_2D"5["ZI:@&VK(BE,@EJ]> M\]>Q^'C!@LNYS,G`HP%Z\C94T%&RC(:F$+Q0T1##P^UC`"J M,IF5F=(D+E26I*;KUO= M]X#/J4S#4$CJ4?3,SR%&RV&M2R])U?3P#I,/UJW+/`.,4Y\J[-`DDXKK329B MY!$6OHU[+K\.](BK2BA0D48K'MZ!JH<2CDKR<`6EV,*4,V_LK>*%U7MZ$U'B MHLVU(%>Y1!-?W:(T#[@$%O:&5[I42]58;G-]SBXWB;0O]N;?H MF2.5BT)F9%T0H@/^&PM/%JB&!K!5?%%*SZFL7!8.V9#BJ@[9Y,G@&.[8+>B: M9D`38(3(X,KQG!G#DV63)*O:NO`0US?@)1EE>_7ASM@CW.&2*=!/97-AFZ6_ M8(Q>I$9]@U+9AY-:!0G!SH53`2OZ!B&5'N)Z"G0P,`?!0[X8W:I*8+JMTQ7' MN84B#F( MQ8P:8?F]8';Q-5MC3A#]CBT6J%#9X7\&I^795U6LB,C&OF0U+%D=5!`5R$YN*;R5+<+:B2B MR*;`2`K4'/&YAL&7>.JX7*1;V2:R-@K7;)^QWDVG!FQ7W)G>U!/K)^;.O<>2 MV]9]2&>BE$CS!;NQO^)60`U31]V<_D956/D5#@R=PL89*G_;DOF9KUL')RSJ M.6Q:2$+TV+B<,UA#&+4:W<)&Q\(Z>J/E]A="7Q2O"!Z=*)JP!I:66SF)4;BC MEW9UVL5["@+ZEO@@E,KYJU12D9N7,-Q?\)(:&:)+"0W,&+;O7:BVJD:RT M4)EA]G:GB3+`RG^]`$-Q69B^U#I5.Y5EJDH_[;.PDI+QP)JE\8*;]&7G32G)XS,0]S6? M@_H:K934HF))A_E>D`L/64:KVN=[7OK?E$U<2L8\'2G$6F\IBGPX?/U?2@7AI4I3L]Y^,>6AME6BCE:L MY[%*U$4PC+`N/5VAA"'5B8G3:0&Q\<3U?5C[A6E@^(MP^L[RO4#4[J0&[G`' M;YRW-.W0:)&'O:KF>"R!<=SZ42T5(EPJ"7&$LF05'Y:*#VL5_U7\5X*CV52< M3I`G*]=33FNZS`>85ZZGEV'ROW'L1K]\6LUQ)^%MQ>TO@]M/@-E?LH/K)?#A M4A6J51^<(%M6OJ><%O6U.,K5*XQVK@RD9V<@29V*8YY+M9N/.P7'U*@J7G_" MA2X]JU?-A:>C3SV55ZHP3JLT2_8(5Y7,MS^<8K73S!U&X*P+*2V+=-B. MT!+(#^D7.&+0RV9QDT_#9Q7'OQ".?W.*+'^Z9DNUKY[_OEH15=9JG]A.>T+U MM+UD:YS,36H>%>!8$F6C:3NF1`&"K%&8WOBB-%+[%\/W;;OK](_I7:SX_LGX_N#,=+#PU0U'] MF2!O"F9U2:ZJOQ&$T/*7-T/8&6*E\;^^^G!]]>FS%R??\*7CX>[,K5/?1!C+ MK_A^*<*.%K,M,-%BGD=SVR67=G$X\MPT"3QA5C,HSF(/`(^PJ(9#$K_NEGO].B[UTZ]VB3;D"^S4$$',1\)G@$K"9B1P-'QC860@?`_<=(37K&N\XZ<')W*Z6^79@Q*M=YV6@-VJ5=__JN_' MR5DB(2,/\E[WF2:.H?9-`<^^-Q;6&T_6:*ER:IY_+@/UT*GW]R.IR[4,%0N> M#@NVZ\[1_)9/G3JS[3ER,E&=7[WXC]H8'0@>*@0B3JS(341\Q'.DBN%^RAC, M>O=H%]PE##W[J>+SE\+GC7+AZY6'SRO+*G+.<=5.WC<.*M`,4_9Y4:YIBW60M77*&8DE:4%,P.M`L M+1R.9OZY;WS#L,)45UV4EWXF;I)&7>"+FP,(?%/'E MS[(RM\(=WG&K_X^L`^[TWF'Y:>.Z#^L*CW+G,Y)"!'BRO"\B(7E8B-PHCAI3 M5>,[+T[""-D5NIVZWD@WQ56=^3GR!@<4YR=KS&=/RN-[0R`JB=P15=X"X^#CJ&(0Y3KN*9A;+%W@2FARIT3T1R%XYDB?7KC^?6=>*. MQ];9<(B5A_&%]ZGO"_AD_1;6@3E[IUU1>*N=095O@4-!/\A^%<(S% MB18!-T($T,(H'0JN=&Z$IS(`".Q[V(R?LC\L#"'-'BN4E-B\*M8>B7OD"!NY M*Q!#$<=N-+-1O!CQUU.8PU!RX#!!(6ET#T()I#)(H2B<0&=AG/4?OYR]>@ES MY)*\DKR`(GKHIZ,-N,:-7UQ58THL>%Q$6.^Y1X1]HY#R+QQ2_C$?4GZX35"% MRQZ)?UO/G7]/)8[U1:W(BXHQI5UZRM>@7T4L2.2CRC82]\(/IQ.QKB;YL[\K M.KB'YJ54@V.IT._;G7:Y`C.J0-:*U0\1@.1T;*==+M_SL0-FEZJN)WU5^JL( MP`#WZ:!T1Q,O\.($#?+[-87`*UR["M=N78A]HVVW&T>+3:HP4BN>?W*>=]HM MN_/"H1LW/SU/'K>1;YK6.:J/=9)6^%XE4>%/#]^+>N@.FO:@XSR5\*J@\ZJM M]5RW5K/3M[N]YX+&NBK8ZC2NG<^2^4@/(]9H9+WNV%T'_NOT\/8_H5,^#3`F MX38`>HN/>=L*1(+/%T8;V%8D.+Q!8KD1=%MRYR9&3(%N/X25M=Q%-"J.**#@ MHUP(5K,^Z#.(`L[Q4<-1U.?__CF-:[>N._W+!R\>^F$,H[X_ MU!KUQB`;PYJ^CCN0MAY(>[.!]/8SD"NP=H2?;$`\// MO4&A<"`SB05O9.0JAD?I1]TDB;R;E,.70-SH@TN"?"Z<&4$ZN8'F$8T1>Z`P M1^AB`B>7A&-4+),%WI!+)J3'[@Y5+\:E8!X)2.)\; M86A?;+W)HFP3%?O,='*D[5MZ7`X%:[/2]'N!#")6H7XV*`-#,4WPEZ&+T6P/ M=QA"BNW*$>D84NC7JZG!%47\G88JA1'-S+$NSRLLV8T6OJ/E_$/_K0SA*PIY MW`QUF7<'&PLZKJ_$<7[*==:I%ZGUY8_Z6\*>A^7:@HB>?<0$/LHHJSO-1_MK M#^*4/1AGG6STU\'C[X['$\]]/?;K.#G%/7I4#];:6Y%FT:U(4VD$O\FS_E'W M'JL7Z7"NV-7]/JVK=0^NU;JS:>#-$[A..1J^:0]Z3;O3/*80+L&Z/@[]M-HN M+W>[-/M=N]<>5-OEJ,?OX0)+'GG\_D.Z8BSEBE%ND&(_C.F56K#;CRN3]A3^ MM`?>W5-\TS[$Q\'XC%IL85'G@3WH],HF/H["#!43EH()&W9[T+?[3NG.L$.& MR3TS:\_P[);H2*G4W&>BYN+-<-FD0V40GN"TOH2=4CIEKA2VX(G&JGW+%2C, MV6[BS]2#QQ\X9A/A0`G@3K41!TTHT8NBG" M]A!2B[PWG\B;[3LP.QF!!R^XU?WV[@@MU26N>8G[V*NYU:7M MP2]M#\U)A^6-T[^D/?GYKRYE3\E,O\Y58F;3>ML-JRVV[V>Q@ MM?E2&PE']/A6/'AT'FPAG,C)\N#1[Q?_(<.4CWS[\=1W'D]]T]&W.XV,2\MT M%5'QP3'YH'4B?+#4U[68H[QQNJEF>W'"8[_^B(P#V0Q5TEB M0U^+Z-X;BBP=T&SB-TSGB!,Q.B/L9Z+%_!TS"7\+DW^*Y*M)7D'NW.](S&_N M1)S]\.+?B5BS(?R5"5V=9-?I.IUNQTSL.M0P]`+\8TD*:+8@Y9G[*R+M4QC) MK_`Y9UW:V>9+\\M5\Y^.\Z79^G"$!2@<2Y:H5U`N`.N8W\%.C03L]?AM[9R= MJ>>^&\?6^Z6K\_-.K=0;>93?/F1.YEBJY<2H,]I[H) MLX-,G=.03$B??O\L;EW_(UC!R8PFC"F0!'#W^YK>%DYOK]=]U.R>YU+;5(4" M:QK!)J!I'H6^[T:&?__MTEE]%*-RQU?4[R)_#EJ-`T_M?.9MI]YHK)M9@^9' M3>@!)^YQVWE?DZ+W\"A?L>6(^_B#[+ELNQBT@;53NCB"O,%7I'B$RJ1!C/--F@BAG>! M]V<*OZ8QK[R<;G--)M`33.,/;P(#H19PYK`HV@W0>2]A%J9IPH`-B%`\_V0: M+#Q;5\("P9C@>R^^PQI/\!:&%"2>4-W?P4>,*9C9$D8"%BQ$D(G_4"4BZE>N M]`RY8L5(3K,3V;W(3^YLB?)JW]UL+ZK*)[L%?"][)Q&8P&*U]8SI'.+N.HSI\FEPL[ MF7:4Q(^Q_DQ#5(3I.(DIZ@P50II(EIFQ*30]KFB)1\"]D/)WL5[:G@(`JTUY MVINR7=I-V2S?I@SA2,6(3U!5I."0>S*#3EK$I7DQ(` MHTZQK"MOYG?X-A-AB@D*30G%W4_F/$H"F&CN!(JRWA(JF4C-W&9RO0& ML:806,IGE*QQ"CJHJK]*6FO1`"JY4LF5TSKL6T\M5[XO*N/9/H[3Z32,Y'Z% M+9;PA@Y"M6-)$J#5A[I^]AJ,%LS1(19AE>BIXYPCX3`;.,_*I;/!"'C-C:(9 MV9=D='-VMP01E1.",ZF^,I4H`T`6YP^FTYA3%>$OYY:@:T%$@_`$`SE2E6TM M+#7MXQ,SK@Y.J\G8@&07DJET@\A]N-0CC8ZG4@L\NIB+.3SU>W M37@_&*W'U7E-6I5UKDXMYCJ;1J[:5!$TLK@P([2&8!C>NJI0^`A+WR"R(AN7 M\V\J0BC/8B-*FLH876#"A>OXC3R4F7L4C.!$U#Z30^4B@)/MEB`/SVC%;>ML M`FOD_8=']E&A$_\3:YY_"M-HP3U*S5%K66/X&OG,8_-QE`UN;&Z_9K%,;Q M%JM#SS]B'1H;+03U.3-?Q<3U***<;FMBM-RQZ<=-D6X592*V25._"[<#/[5[ MK5UGJI".S6=L.$PGLK"]V7CM5Q&%RV-T5I&8M9A;CL(]M'`E2MUN$NO4[`ZZ M/6>S22NFZ/%SM/])V8!=VHUF?Y`+SW@6(]]`I((XZ;4[&XJ41X[\-[$`B+^B M-P29V.6,:'4:3:>_V8B@CR-2OXG<:O9;C>Z&ZM(VU*_2#Q]]LCWF4-N'?OCX MXXPFXMM#^/AY@$:>:!J@Y[W,`MZ7[6$>Z-KMB68"^]9S\2LY6JRJM59H)S? M.`M&^>?EX]L5Y5C0-+N])CQGT+^ZMR..8V5-CD6->0!J8'N'<83A"&OT;!K. MIIY?$HJ^09#:&@6E#^S4-?19U6%&,?LZOE+0!;JV%DBD![+?=]F;)D?,-;=' M0C8XY1VG-V@T-Z(&;1'YW\+(^N#%TQ`$(UIQG\/@5IX8ZIC8/-XN:_8R4HU>CK%):I$; MK*K3'#_\SESOL>7C&ONTQNP]6Q%Z)XO,Z.]Z[Q9?MPU`&&_!,Y>YT]E!?.^) M!RZ19GD960]W()2Q^!G\3\#N_.$=M,2WAT,O`JL#K_+X.G'D#=E]+8./YMSA M5"=-!5YA``]>-M[PY=^,,F@PIP9HK%L7]*1!B&P5;#1/M M6+^E(TQ>J&2-T7B,MJFP$(T-G?#D>3>F?+'\'$5:<813UC(3#7^Q'[QH1.C> M%R,NY6-4P5MR5[.!7WP726)XAV$-A/4&:S*]942D\Q#C%%,D^7**,T>A?#<" MN%!8\OEO[@_<2A]_@#H01L#-;C2S+A(Q0;LO#*CN4.C[V,8%HF[`0!<$(+6$ M_7Z"7K-.LS[?4Y?\''68ZXYZR_>ENGKITG60AX66G@UIOW($)`)WA;/'7PJ'Q2/O?(83NM-NAJW?EA+W1S4)*W MVS).I]]NFC;H5B3#D1W0\H$")0+7Y[O78*19%GV`4;I8G]#H1;>A6P";1;TO M7W^D!K]E;R4;ZP9&PE['NI4RK'JK%-XG4'AYR1*4EODXA1'K87I[9WT`>UW[&&$#^KH M#X'UO7Y=M\9B1`X?F&[0)H&RX``TU1>G[QRF&8[&P'.M:1J!DD@)"1C2HN.) MM#\&#E4AE6>V5D"<9+$GAGT3F\T"%]U0*D@VM'K&0GI>W.&0PW#(JC%XCT.6 MAW!6H^D"U"2L0,L7J`9F!"]X4Q\>9JT>;13X74P3)A&?_X[>SY%%67H4[',V M@9Z'KO5&4=YLO/M^;?UZ=G:EOW$8(/6PO*&R)T0\C+R;7'Z&UOB)9;/,'JZL M:7.)3*QU*L8BBN0D+V;+J,FR;ER?#4"."?*'\@)-&H'R9RN^$QP#BH00=*J, M@L+F??=!Q@+13,+T^MX?@L)0P>)$BY3CW"R,C".4U@A[5A-7V"`RL[1E(P%< M"C9;W<)XL-O48PZ#8R_,5@-37Z(,QX#28.*[T&=+S\VE0:GZLD)':65I>K'* M#LVU9EB+RK6`Q,(^]&2JE/N'H''-6:_\/6X-G!CXJAH9*PN)\1-0L+8%7F,74N!K![VY`":98CG/.7M5M.@7+.X M4C.0Q5X[G<)G2%+QV0N[:NLY`RMU]SEKVRO&Y'2<]6,:]->/*<:`U:$?QJP= M_!;";RU#5IG'5>X0,8.`0>F8N)%'WE#=#PF+X9^I)V4KQA2+""4H20`?L[92 MH!5&!DIK,JM;%VL.MV4'&1ZKRAF+QQA):!:*\`HCC,\MESR+\P>)>^]ZOBJ( M'H['J#I0SLJR@9]NYNU%8/TM#83D,[W:,1[FA.I)G%,82BU9$CZEOM0IZ12E MB;NEB_'%K="HMRP8EJ\.>O229XN2*6>+K[;J7?6F<;!EB>!&C'6>3'(0JI_@ M%15).4%?SR[A6TZ(;<]#;,VIMS?+(&\;EW# M%[QQ4'T"%M;C.;S8NPL?\*+#QITSQ\Z\)20?XV6"9F^\#0C9(0B*!0+X8R>\ MHGSM@LD4=%^0,S]&8/3(D@"8Y.[BE<<9'=OZC)YC*"WU7.MUN][3/%"XHV:9 M;!03T&-))Y:,-?)`L0:]FQ0=J:#'7JP6U$@!`,8'I><.85!@T)G2E64&$#I/ MW7H?HOF4+:347!(0(F0'H+H[PK4?94']!!A@M,IY`&J,R/V@UP@"1-[D7F*) M4\?T%0$UZ*R$":9/;W$@9\I`O')G1=?AZC7UTD6@WI`O/,Z7V>JTG7X_-XS5 MW1U_/-NYD_N-_F"G\7Q0;)S+BYFMI_\2$Q31S<[&Y&?C,'W44!JK1K&\TZ,. M:#N_>:??&W0?.2KE\)76"F];SA$MR&G:B/NPO;VMFM-L=!O.&@:"0B0]DF,GZ4 MCD'\3I'@NQ(OV>(#FXYX=_"OE7=7^5ZRUY[1-=9BA9/-DZY[=6N!,T[6M#S; MV(]GV`EW[@CLC2E==?V'/93YZ6!70J1JDE'^D5WL>)C"!Y6CJX`@"OP-C-J= MYP*<;(2.4,#H<\W/OIM$0H;ICKW(Z%KGJ]ZS5R?S-$L=`*9( M/DW#,!-I&+9A9QM7L#J.+%]6)FMI*;DGH69O]UJ.>O,]<$'IAR-R3;GH1Z[CH27%`87" MDAHRQYV0'4M&=9]#Z<&U%M)6Q86>I+9;N>M?/ZZD>IOHJ;5]J1SYJ["P=[RMR^[S.N4'?K=;=[/=2]$;I9N<#]GX%OVG:CV;<'O>ZQI,)F=MOQ9V*-E5/MG6KOK#EA MW[3L5J=GMSO[\;<]T[UTZ+.\O61[G8X12Q?`QY)&&TW7,:41$&2-PA2FXZEM MAL/:"%L._\F,Y*;=;S7L;G<_WMQ=.;0DEG.U>TIJ<9=_-Q4;Y5@`O&D[_2=3 M&?:\NQY3N^)DX@JR4&\9^A%39LMB@`K%96!5.QV4(7.QC?"*?!"(E06!Y%,; M5.+=ZV[/L3M-A_-YK%ZS8[>;'J'(W,B M$6,R`:'U4Y#_.(THE@;3A=)X+EW(S2F45T[+B),L MHC\_$@R[?PV[!Y3N5G?`N<\N56\!2L.`X**H*07$+Q.CBV,_5'8O=/:ZV1W8 M.-'Y!`BB8<`_25@C=8H0J3L= M]U7(Q\8AH^:%?1'8[D%O[I\@`D/NJ'[_M"Z:UL=@59=YI34M2FDWV*A*M7NM MEW*7]_@=?UQ?,.SX-3]WQA[\[*,G-0!G]_DV[V^_8@^-YR/:W%B_F^.V] M\./W"3?CL4_&,F[&ZF0T-V._.AFKD[$Z&6XQ9$NC7(KP_-8"W6@TG2N"!:&0AP*4IGP[1KE*1@H\Q[^.$4PUEZ'P3)#9N=8M]` MAL"&)W+@?V8*A5_V9>`?8V!;'I;;A;'$7@"$V%0V(M;%!!'F=Q32P!&"*O$2 MK.B0/5^W_H%"QLV&A,_].PTX"L\H4+*TPV0>:$MA,VLY0)S#$LD\<*X%DB&0T80OTR=K.XHJW;D%BE6 MA`A[OE?%5&&*>,1"`0KGQD.-T@,)-GUCLO&-B_*>BFT@*V=AF4NXFLN7P/], M0X_XQX*G1-WZ'X43_;!VP0H89$-VL-X07/HDA!HZ6<5^_B<>6TVLW!KE:CL6='(C4+J'YKQV91[Q%V8 M*%`O5DV>/-^BR&-5)9M'.Y.T6/M''G\$:,_UMF21``FJF&#UPDA@L2D^123@ M-!R#D8`3)L83BFL'U*VORYOCJ1AB(@1)=*[O^^]T=*N/?VJ9JS!E90$,L;XP MOS87*C;"\8WJ`)*F323W$A&@1$+4:@U;C]\_B MUO4_PC&9S,Y^>/'OW)/LB+OY_5HE)A!=E^-K+(=`3S.]]/5[?C@OC9UY0&&G MUVNUVHVB65LDN4`FTV$_'GL^*DL%EJ)Z#JS.,_W8=7H#"J+G1EAG4VE:6''S M;ZCR_!T>3XLF:`-TY[;3Z;1;1:/9@8`G'NX&A^EAAON5SEJE--4^8?F4$+\Z M/UO*Z9\1"!Q:Q'>!?V5^S9JS]O1[!4R6P-L?01*0&O=^]FTV%<32JOOS MLR*&7H`J'\"9F$U((5EZH.>H`D:WXR5Q-J5```=F'@X@4BLV?D$[L0UVT/ MNBVS*L%BL_NF:H.U=1KM=JEP#$<7\_$XKVW:< M5L=I%9)9V,NAB=Y@;CM->,AI/9+H%93NM."M0<]QFIU"HA[;_P8KZ3CM?K/= M*9X4W;^AS%X;6E:!IFG^O+FUE;6?O:\;_Q1&UZ[Y2^4D/IXAEOE`L0J=0J]FH.8U:LV,?::8L0W>J M?4#;+I-NQJ[(6ZM[)8W(F"L.YW(A`66>N/>"*OBZ(ZR8,!*)B":RGFUF"%I_ MIF&B78[6;_^\_FA]^;_?M'>4C!Q995K[MV4!\8=8 M%5>09&&CLN[OG$TJJZM)(]/5M0QTQKTJ!&=6:C8=IA;>OE+V>^2.9'7LH2XF M+=EH)K/7J;HDEL;D2@]8]1@3+D=UZWMF$"-WXJ_SEBPY4L%$O16QRCTWQL&M MYX/=8!J.)>2@^@R(*:[5MS<[#`` MMHI3EU+&[9P/.%?,[T8D#T(`#6@-HZS@,H]2X.#Q$87^!HZ`74ZGS$<0!K(G M']E&N2MM"\WC*+[SIM:5B#"SU[T5"''`!ONF'H(O7H`EH6>J7=UJUNC[F6RK M4#W9Q&&05R':I@K1>O5+H][M&?K+%A2=PB21#K6/2>HUNH^<))!M[.6VWGR& MO?;6.I,EUE7%6CDK).WUJ4NDGJ&EV[*!@Q1)TKQZTLMI0L&@PVK M=M_/L-&+0+>8-9@UE[7VR(7J-1I])S_X1Q!S>K.U':\X[7:_WV\?>[H^@>X5 M#/+#9%]SI9N\:";L#7HMCO] MM;.U(3&G-UO;"?B6TW0ZO0/,UH-E&/W07`"?AVR5;./2@8:R=O+-\,O5O?KQ MW3D?QV,Q)%,.S#NN">C%<2HCD/1W[BBGHNPBLOZ6!D#"".+F?SJ[?J]4T9-2U7LWO4W+? MO%$,TFR\.[O^KO]RWKVU?@OKU&+-:5C&8Q^,"+!K,C(_2J>!\;;UYELX]8;6 MP.F\)1>6=9MZ(X4BF-QYF@*7`.NTJQ,X!]UL*OYM*"*,_S:8A7T[#&!(<7E2 MW+(GA>IU(N*C"$8*,_'>!>9#6\K3H5C*RZ&)@BZ8X+[3H".-LM6(C+KU"<,E MK6EZ`]N*WYVA*^5[;H9@1-E^P-%P3*M!KX+QNQ&W7D`A[92]F.$9.AV%!"F# M;>&%B7X-'4K""^IF'=A8RQ^<.R0IHP&_^3-U(^RB"+]R`V_.M@>3Z:0(M7VC MK%MY)?QVX?@S'LZ%ICW6`&\T'5/_7M;-H:G>,KS0,4/V-B!:!]9DM,?BEIWK M\S33LY=C;9M=RP>WF^FN2?/%;Y]>_6)([_D0N\B]> MX$W2R94[HP8^I`(-@'OQ3T*'W>D&L=_M#9H9L=MWJT>1V>]R119F6S^A'G@< M9[2Z@U:WV2@@7K6_5]JV,]^:W7:OV]F.-IYSV^)9M^2T6VK>;0MF'@7SIS"- M+)K\W;D&FG@$U[1[+;,0_/;=/F+TWPB'^''#IS8>,?[&H#DH6MS-^WW,!#R$ MCQW^0[C[X)L#I]??:?"RUX*AY_R]2X>U-_=NJ]MRNNTBR5'@Y-TCE=L=U^U. MJ]OI#3:C,@-_V)$KL@9V"@:$1P9F>,S6O9JG86?',3PB>*K7Z_1ZVXNT^;"J MC7&M#Y9,V4*ZSF^DL MI=GZUPK_C]E7KJ>S8&3V?FW*G]PZC:B8X"^-PF-+,D==C M(K`NUJTU]C!BB)R.MR(@D76/$3\C;^@%(IMRLT58-)&EP5-P(X&?X[+!XQ/& M\,L9#;E\!S\YBZ%^8#=-\*8%/1J4OPXM$,+ M.O73R)N&B0B&,X,5IKX;4%2/3!2$-Q^\D;`B#/>AODQ"*4D2.4P'(AFLD/60 MF)XE8TC(8]3$4&6,IC'GN21PS"98?H.D/<;0>,&_TTA%P9%/2"3$BS2Y(+=I MZF-;IW5B\B'*R)D@E)NL3)#:SW@\V1_VZSJG#!2FR6KN,6B*'AF7-?^ M_VJ[7.'&,3YMB[?KC>4ZDZ9!.].$-]9DO'7E<6X5ZSV1L M`&P])QUA]\^]K=[4^ZGH#0Y:GN$^D1*Z4*YD_B0<8;9.J&G%.M9NBBY`WLM1 MF-[RY(8Z%LD<@@I?Q>!Q]3B&R^$;RLMI1!*J*>+SI-NK=WZB'GN->OP*I.40O^Q`SD3+$$Y5]'KL^ M92OQ:KHS/+!URJ!^6D&CR*<\8JX;<>?ZX]R\YR)*W0EN,5HJ)()3[5T$)H(= M%<&I-_7#F8#6X;#`XDC`D%D%J3'&A(*0N*1(R@6R?0PSLXUM3!&-L%HLEN@$ MQ*N#/,P+`4+(N1CE^I.!J.('Q4\2J#B)\,7T#D6G?D?/M(N;1P7\J4!E)E&/ M#O@*?F5,#0XHEF3Q/L:H8G>DCF&9ND^7X+,:?Y<];HTBV!111C2M+6P63%LS M*,%43[Q_`!$O.`\V'(\IHCBR?/<&U8D"IPH=6T2E MON&4C.+%\D>Z^&@*K7JMO-;6_`RRUVCG2[G;??"O,JKCV^WD-U M@*S!W.V9VLZ93J;"NF&-\8%Q2C=G6,3.8#;6X3$OP#STXG2*.@3'J&L+!R]A MU;UG0?;U5#E(Z"T-M7$+4B"1*=]1.'-]TC3H&0E^A7);8"F\^0,M-T0N(6<4 M=D-TF*%'V_%UJVLW&WV[Y73MA6P$*M?6M0?P'QR'1$=L)'V9>H(<%;78MSNM MIMUH].>N*=4FY*F$(?P;SE;X:XC11F.Z`5[<5O@H/4"V)'[`KJ`EI9J][MGM MIF,[[99,2R@XV@W]LF!].-="C`AN#,Z]&UQ&%%.>O#Q&!IA??@U;I%:?.GMS M+037^'/:;PT,&62-JSN,WG=^;KH6IN^3O9%@2`2=&]??:I=7YX[,I0"5#-=W M3H`KZA1#!IS.P/A.\%VPDD%>! MYX(=K@!J6./-;,\OTO;,J;/G%U^_Y&(%<*8Q+(2(H*4"X0<:\8B`@+)1\$'K MX[F*D\KD(?U42#`!&3[#44H=?,2&I.^"!3H-XP3.)4&H2T/<43XSR-Q\PN'B M33Q6*@-]-SKW5.PE@O&;R&OR`':B*JV(K:=X3OOSRYX&/IX8'F$8J>!LQJ?C M<;L!9WW$81KQAH\6%5%MRP5XET*N%H6QP/[]OQV'F_62DKD)(.OJ- M`7HP%V%W'W2KVQCT31=M4<-[)&F#%,]=2%H2R(U[X!,(MLP?7$AU49@TO(IO MZAQSCY^8U/>0JH'*T&G\GP3PINH)&,[G,C!2BB(/4]4^4+G6*S(=?Q/)Y?B;^^.QJ1"];K,YF&>! M`]#Y3&9W*U9L.8U.KS,XXN2>:5M/^H86C:_"J?N5GP8Y>C8":\K#*L1X'.XE MQJZIZ..(9M+_RW M'L*YB>/(;AN-2L/`@\LR!JD#C)T/T)XWVF%`WP7HI<(D0>IB$]`9I]?N]'O= M^0$N[?_X`RS.@CS\`.EB&Y1?Z=TM',4C$3@ZH![UYB57(0C'(VG91%7K]0;] M>:%32`M8(7X8<IS#ZNH&2NA$`%?2,'6._F^R55L=DD5NRQTHE`+6,I&W5E`K'S>??J2]-NBV^L5L7=#7T<:P:]KKMN2C M?Y\!EZWW$BD9C1W"/EMS4*LVOH6RA:R!8F`VL$?DF.C3(P[M/MB-[4;!3EU& MRY8#WQ"]8>L9F!=A6X,W+'!OPVFVS7/G41.A)*IMD4RU-5#0M,BALM#54H'\ M..Z>2[[=O-MRC'4K:>1T>J9!])BQAF.+<..L"W4E0@KLAIM:0J^J=Y<9%WO: MT)VVTR\Z/8JHR$8:B;&@VV'&<,7;'85JA$BWH]#W,0Q]BCYB?&+!*M0M4"^P M^2XC-_HZ-7(F(&MY$'6R9`VHCJ`J;FCXO&W]G2&> M+RA[MTTN0LC\F!L2?-9]N8.='<:\[KTRBZ./8(-.&5_(S#CS;8< MPJ7QZOZYQVC]^.0_?K,N(9\BS;((+`RO96"]'+AA`?GXHO1Q@E9BW.,](FFF M`WI3+W_0K.OF:<:R"2PQV)C=UFYC^:KQ#CG*:9%D+XSX0F;^T;,1A@ZA*O5! MQ,/(HZ"9`3I2FT(KLA"> M+/0[!XG)<<;C,)JH*$O%\M3XU(A4V"#H85ON,K9@.!1"10?7D4@M%MOL)FI7/ZD;7&MQG&)JCO8/R]6UJ3VSD1FP.F@L' MX'*BL\M&OB<9I13J,B5?@)U/WEDU&8B>1$B&&#Z#7RP%U]S&/88@W/WB@2SI M\-CCV[$.]=4G@K)?C95#WN_K_ MUG;U%*/9[GJ[/8#_:^]U3&-+BAO:U$MESR8C'?/+[%M9)V_V)%-J'9B6S@J9 M4DC=DED14O!0R#B-(IPRBAR/Z9+_VFA6Z`WY@A)H:ZO\SDGACS(OP6AK(R>P MTV_V>YTE$U)(F#DAIO,O[_O;!DMNJ3^NPI![`@PY[8.E2.0T`NY)([$\6GW) M"Y2@04H7@;YC(64-,<]!PR,!6I2LHIDRBCOI:9&+.=0U+!EF3038M[+6JRL3 MKG#+M;IX&CK-AH6U?^Y.#X2M2$?<;!=LNO^^<]'0S]Y8U+ZX/PC:8(4T*NZ; M&\$VULJCKYA+R/?%W)N4/[] MC:G?N`+YT-J,Y?>1V&X$U*V?0&G7ZSMS7!:WCHM\7*IDL;+JYNNO[N MK=EW!OT-"#?KFAZ8[$TFO-%N]]N;<,C&=%O_^D9)"+LH`Y4:P/@,FR4#'[[V MC%AR[E-=\B'&1Y,:*Y,5QR%B9L(A_Y=3.ZFYI@&"-TRQCDEPBYN#P1RF[E#] MO9\1/'BCY`Y?;?R4\5T2Z4\CO+Z$\?SUU4V8).%$]POZ48)I.&JX23A]9TEZ M:_SL7ZSF]$?A8).1T0%,(HPKP*H6FW;&/[^#?Z.1B'1W*;[X&;CCS0D-\N*)"Y50O"A\B=_O45_[OURA5Q2HXH7XR+ M-\H+Y9U">5OJY?G9$",;"!0IB7K=G]Y9A<+EQAW^<1N%:3"JJ4D;#H48CX]] M8-+8K8F+8$0U_`.HKO>PCYRHK_&7:VWJ*<@GG2O+UFJE;LJ-T[79RB MIUPQZN'U8R9XL.%8(]S.)1BL8X.!98.%M1?)<)`%/PC?5N%P:%.RYTF\#"B;)U.NAD;[H?052)A M.T*7"XVC\20;-_U^RVXW6L>2&9MIT4\_+VM,O6IG53MKW<[J=1KVH-^M=M;F M.^O0>D![R68[=:.9,#V.);$VFL1C2BP@R!J%Z8TO7I81LN5TE,5.&33[MC/H M/Y5<;&\L%P_/T-76JK;6?ET`C7;;[K>/YN\Z\.8R](&?Z0K0F$;U<1F@Z1;! M/8MA/5\5GB;?ZV:%"V6>P_R%N7H>6C6>W@NP4*LS:'8=(\YW95]'&L%60;W- MSF#@M+O['L$VT8TK>Y2OO^B(AOV&*JQ()C'6=)2M1#ZJP8QL7/9&EA"%./9> MS"DEE-RML;81T6+($`2U>(HXEQ&B10\QYYAPI!&G5-<;<8<2"+^X/U<#'BHD M;-V;GXZ$-?(BK/O+-0&XC9I"0U\$[LZJCBH8=5MCJ!,PGTWC2GT"!1L+_")' MFH&$K7X-9-5A^=38'4I((QOS<$"`_T=7'?*"Q`UN/0RJH.PQ!@V`9:+=C@TR M5CNEW7C1B-'7!>$.N!)W8(I0V$G,R*E#'A;\G,;93UFNFJ[>8=;\T+.Q=-)Y MBEV)&2[_,N#4-TC[V6#K9WD>BX#'BY($VQ^2SD++>Z)G*S6FV^NUG-;61&T'-:W996,VVF+."^'Y"OCG M]R]8T.H<#EP80!1SCHP>AA[%Y=@<@QK"1ODB;=AU+:=_K,E\%&,X,&F'GI!F MLSOHY%7D4LU'6Z/+P*X[0UX[1; MC3U,U._9H&A,.E=K[ON-]ET#9']S(QDF?X$)&H:W6`\,*TA%"50Q[Y2 M98:9]0D5K8W,%VK.:$VU)5NBABH#YA@&#"]LE"W%P\&*^L"!!;E7*L2-<#)6.UC M)'PLK3.CDAGA4)H_H)C'DDUR&?8P=V0'4?V:""OK8/T9[P>_H@H!H;O%EM:1 M[X-IHZI_F:5I9F@^I*B(6Z8HX6=HA@@V=VYPH(\'^(K:!O+'G"D7R=]TG1,L MRH652ZBZ#YQL)6BE0@_`9XD`V;J73 MVCA"#@["(!)8VX*"WGEH5*8,UM,#_G4C::&ER"-<;D0/7,T)DY.KI1)PV38O M2*G\G8@068&SBF]@DW&U"F8+:E^.?'$58UY&R1?SY8H,GLB/6PXT/NQ(1Z%B M]ZT'.U*H-Y0CR28S+SH-BQ(@9=$GW1JG0U*UDN*?L.8(5CBAZB1ZB@1(LPF: M"$;5'=5C/#\/R*$.6E?$=/CRVWKAOJ01L`JM/PG`\QE(\#\1.6:T7V66^/=MZ<_-V MOIYC>G`.H""JJHE(BO^*+LGQ\5(51Y[,WQK[@55&4RV7;PU MMO-<;W3^SRL?"XA`7PTQN[MAV74&_47C\A&];V5&]GJ#1G=E]RN*7BV0Q).G MSO3'X5TVG%[;2(S,MWT(\AZU:L74$:26+-R'-BUL`'89GAE*Q\W,,I^3")<6 M02'8UB?7BQAM$`1;G$ZF4M"BPXT@'Z3]^[/FHKBTO/!4!6 MX%ZM0'MMOOJE4S@AV9LH8<9_@T434/I.CYR*[(&!`"`.OVG<*.=HCVWR9?8'%RA M^=S!%8K$W%ZB2LN'K]#OGU96XUQU_^-S3DF26EC%OM&EW^QU[T-T/FM%1U^+%'+]K(#:> M_?'[A)OQV"=C&3=C=3*:FW%-)FEU,E8GXY.OQ8LY&0?5R5B=C"_O9#P5\)5O M=R(2[C@1N_E2*WRC"M](8PTT[$:O:;=::WR1I4,X>D*QL",\PN'%0IBX_K$D M0@5R4A)7](F"G#2;=K_5L+O'4SV>"N5D,1!\GU$$61"$+)(WY/`3+NV[JLHO M%ZRC$(_?4HSH@#^,2M07P;?(#6)W6%BC=2ZC=LOZR]MT71CE<18DWLCS4\HF MN!;#-"*(!.OC#X)Q&'%<-D:BI(D.,5"IW=85QMQ1O?G-(SXNQV:?69>J1Z[7 MJ/N['*O>5,7Y*NY#Z:Y9!1/-K!0`B9D@L+TIX81*GXC<:G*J3&Y%:3G@]T`D MEH_%D*:PLL3NYDZ@QC&:1*;24$2)+#L++]^(H8MP%QF8!SPWL1["U!\9&7>N ML?R[!YFPM-;Q)26.-U&PC)UZD5#=0U64WIY#6\RXA[DU6;)4QRI2(AD_$L+Z M$F*-/>LCYAUE<4Q[/0+K3O/1ZO=!@+X/QDFMPW/287EC?2Q(Z7C@NQ<,9OZO[ M/:8[N^YLZLQ]`KN26FS;S6;'!F%RQ/U[3-S9B@?+SX,M&^SAD^7!HYPDIN]6 MIF_%A]\+\[[T8^^`Q_2_%[XW">C;G4;&I4_,F0=_M)VNX"M*R:,24Z.4M"F\G%(21R`^ MI=_,N_GRNNU'N)B/9@GN4&CQ;VZ0HFDHD4(>=1E49364T?^^I(":TT$/U]$* MJ)6D$&'%A^7BPY;=:G?M;O=HU8,K/MQF[`=?_Y<"/[)4:6K6V\W3X_WC*%%' MR_-YK!)U$0P1^EP@\MHT#"G#)$ZG!<3&$]?W8>T7;X6Q;;H:]KU`U.ZD!NYP M!V\6T*"/N@R,Z4XJO\`@FH'(4/7L#2>I4@Y;=:Y4+ MU_JX4W!,C:KB]:?$XRH[JU?-A:>C3SV55VHG;,0R*UG*534.H['P#NBL MJE`EMY8.)XHJ>T8>KOB^XOM- M^+YM=YW^,;V+%=]7>/8O8'.M4%2[:\J:G6PK&9,SJDEQ5?SEXSD8O;X:P M,_3=./[KJP_75Y\^>W%"$$G'P]V96Z>^B9.47_']4H0=%6/PS?-H;KODTBX. M1YZ;)N&&Y!4O/X+%ZS0!!G;/.-0S\E(0V;T0_]7R8BM.;_XMA@D^!Q]C\6<* M#UCN=!J%L-^LFQF]KK"CN)N[T`&17[FR"PSI[ M<*/1`B#9WUT_9:BKLSA.)]+AOQLZF>R).C()UWT8751(9?G*!P\2&Z+F,@Z# M)>"=">&1C5TO0OF?TM+&.8!C&41LC=)(UB>`_Q!.?L)P\B(/)T^&,H$B(;`U MUU)XW:QW>O3=:Z?>[!J5$B(13P4RG?!GMI7&JH?W/IP5R&^A#W/R!78QL,\D M'`D?]G=R1\]DE1P61N9F7%#AJI4.5ZU[6!26-8?]T\%X+"VY4`KJWGP/W'2$ M5[!K/.>G!S5RNEOEV0,6[:WZ1`53=5JKOA\':(F$C,(F[S[3I#*L`$?!T+XW M%E3;;2;<**[R;9Y_G@/UT*GWCU:GM21^VHH%R\6"[;IS-)_F4Z?5;'N.G$S$ MYU"APJ!B!,K*[GS(^LWZ\LKLE#$O[J>+SE\+GC7)A M[Y6'SRO+*GN=$AM3S^H0K!C]*1F]46^4*Z&T M/(Q>V86Y4_"#=^_!MR-KY@F_PE=X(5IRB=-ZG]4I6#%YQ>2E8_*=JFSN(QBL M,*+M4YJDD;"^>($W22?65VC:]55L&V6H6Y=3$4'+P:WU&:/_MHMBX_9E\]RZ M:OQ3&.FFN>4J>"T+7OLJ)JZ'I5*MB5P;-PA26!N?0C"G:H6`R45$H6'W;N2% M:6R%>KU\7B]<1'R`KBXQ=`U_<\<)O#AV[URO7U>(!XP,>O]^/:P?`?E]S'5;9N\_%WG7LYL"Q>R6+ M%SL@*,8)'KZ]%W[XOI@K&,=N-0:P(,WOA%X4BR2V#H;_IEZD1A9/UO?(C>(QR+"OQ!U MYJOP">;F/`QB;T3MAD'MRHT0M`BQD-Q@9OWK"UT\F,NG"'.P`- M_?Y9W+K^QR#QDMG9#R_^G>F09#`1SSN>`Q?-Y45+C)6ZF5GOO1"[H47#,(U( M+MS07#C&%(K$$#?_:$V01@F&.[=KGDF$2/D#BG.[/<=I2:@X;8%E'A,C/.B`VMD>/KEZ>,:7;,1.8RNH].5YLLHZK8:=I.MVUW MC@?F6FHGU2DGN/S#C1!*,<;C9YI&PSL,7BV!$*DNA)[R\L]N.$V[W7=*M;W+ MXFU:YGD]&1WAXX^AB&/,+D"K,/)NTH1,%C1^>&+[3:?W3F&OPKSD;9VG=G$_ MF4=K6Q?WDQ5>V-K%?>RZ"WU$L.Z>@(N[+!=?R[R[)Z-HD"]\SF=RV*KE.TUA MJ1WDQ]4"RN\@/^Y\=/KVH->S'>=H5_.[.\B?2E>J$!'+'\*R@H[*8"_].7JV MZHYB-\]Q9:'OVT(OSQ8KZT%0YBVF+OR&X60"6BK[OFS+38R2))4__425SS+: MPZVV/>AW;.=X!G%U/!]8=BB_^M.)C>I\?LJ4BK[=['7M=IG15BMM8+.(#3?` MX!?V6(5C*TR3.'$9I"6\@69E*(<.WWCAJD%9S-S#^X.P!B/^5ZHM7AW:VV_Q MB^!>Q`E5B_0"RQV//=]#]'\ZO(=AG%3']LLXMMM.Q^X<+P"ZU&?VL[OV_E5$ M<$[3-;?E8EQV[-')K>)YDRQZFC9]#%/@F=ZUZMZ[-/K`:=Y[MXZK+U2WWD\N M<_C6>S&OH+KSKNZ\JSOOI[WSWCPI;+,5Y5GM?N82#Y%(TS?4T=@'D;COE/ MBK!$_[4T:.'[UYVV@^&W+]Q+?;J:9!D-6Z=C.TW';C8KU*)3]X5?YJZT1EXL M$T2L^9OMRB?^,GSBU57V\W:+&]8CF3TAV#T1ZPN5P[MR>#\2S+#C#.Q!XVC( MHI7+^^GE24&B%YJ]E59V'[C7;D)543,C`PO2(3OBV&" M=1.G$19&3&;,#'$6EA-:=Q^O^3[BA?L<3E<7*.-!WQS8#3CH&XTUV/HOQ+%1 MYC/=Z=6[J^NT"X6BZ/ZP?,^]\7P/1(D;>3'&Z=,9/_+&\)#`VQ`O@&&'?^!< MQ&E,+]VXL1=;H`2P*@"BR0UN/;P9G;LFKG2!4N@"!Q[:*+D:S"MX$,XK0_2(1"RH>C]^/Q+WPPREE M.!U:CZGJ4I34!CO1NA2GY(\]7%V*+4.0U8L8\?71C0(83FQ=B!A.IFE" MKF0*P;O1DS^2DX\Q>WX(4GL*2\21>_3?1D'%2P(IX:&;R/IYGKEHM]!2LSS0 MP;XE#OZ5+_8Z]:)MFX338FUD\Y#8WM;1JVNU1),/B]9@^==[FFUZ^D&@%$>R M_3G%=0B,*B+%I)$0UA=XX2ZV/@88S_Z%=(>68^]5Z-:=YJ,URD.HC8?CK-9A M.>OXO()B^\1XXKFOQWZC:TYQCQY525UKM#6+C+:FT@A^DV?]H^ROU8MT.&MK M=;]/:TWMP7JJ.YNZ9Y_`.F*O=-,>])IVIWE,(5R"=5WEAZZV2[5=EF^7)I;3 M;N_WCK?TZ[K_:YLMC]_#>;\?>?S^@[0JS-B%H;BW:'KH3CO M%NWVX\JD/=W1[(%W]W0)LP_Q<3`^8]^C8W>[`WO0Z95-?!R%&2HF+`43-NSV MH&_WG=*=80>\R'MNUI[AV2W1D5*IN<]$S6W4]QS%6/HEK0S":J?LN%-*I\R5 MPA;<_"YZJ^O?PBOI3U[@):+VV;L'0^PB"[65N3G;W$5S4]12UA"W4]U#9_?0 M%POQS!(GQAT.TTG*J1;N)`0N_@_G;+I)=@EHX21QN(`8$CJ8^K9-%]7Q7?B` M,=.$F<57UAAV31Q5='6M/JZ^H"[YK71U6[C^=FKI-?)IWUT>^+9R#[UNSG-; MPX&5G>=,$546MMO/%6V)+F6+A-\!Y=S3>IEMQ%+)?/K,B_7\R]<.9$-&0L6`B)'9S)F&3T7P@F%X&P"WC*Y@_4-X+@9:J\`,I"1;&Z'6Q@N&?CH2 MG(%0NZ$5&IHK))]<@P^PCL=>:I#%@9/]#W<]N8K-=DWG+P7!Q[I?+SXI?Q4!&.`^'93N:.(%6/$2S.Q[45V"5I>@CQ(: M[4;;;C=.[0;T*)<%%<\_4YYWVBV[TSJ!>H^'Q"XH\07]01#(USFJJPO\Z@KR M%*X@NX.F/>@XS^3^L=I:U=8JS=9J=OIVM_=<`F=V@TW8[[5Y(;`"7>K?A3ZP M2/Q?UL<_4ZR"]EN8"-OZAQM%+M9?#"/K*Y=8W`9GP6R9V\5F5:.7$3=97>IS M3D*<0"-N;-W!?UX M5_Z6$@!`."YEN(,2FJ6_4:WXHKE>"N*F$>A,U8YY M:3M&P367DB?/&$*ZE+1]+/-FOCJ)S;R;][?;/M$BV^M\O9=I$B=N@--J6W]S M@]2-9I9$@3N4A_=$@BU>3%%LS-%HV/#GZ45"O`0^/%VW9AF9O5.O^+SB\V?- MYTLUM-/D_0-H;,\NX.V"W=%>8/TM#<1!M;%1/UT4"4\IEI8Q;KM3;`> MGJ?+R+'-^K,)4JN8]1DSZ_*4O.?#P$?0VDX^T#+G?,O?_A]+>WMF(6#'5-_* M'IW5/[9;KPI]K!PCI7:,Z#.V=DQ/2+4MJFU1ZFVQ5!UMU=LO.KAWR_#8+'A7 M#-,(HSU'8AK&7H(0UBDLT*=(B`FLE&V=GUG_^D(%;1:C<^7+'^2[BS&WK9;S M^U443F$F9U<^D'(6C)`\`H-X/_LVFXJS'U[\N^KN_(R[>F6E@<<-?6\TFJ^` MO*$W.B' M<1H]I\)M6T9*J+A93JAKUJV">2P(ZU`?E^%]E2/H-\,[BWE4,560&XFQ%R"" M.\5#3\.`?L'Z=(%%8F8:>;&PDCLW@;]OL7"[%U@W:0QOQ=`$!TU[`A'1(NOA MS@,#*193%_H2%C3M!D//]>$=/8,8-.W>NYY/L<:8_BU`)*44V>)'["3,/<<>@A@C+3JB7`GT)X,\(XY9IPHR]-3M[X! MS:N:N/?$0[QD-K+X<:S]AWN._,T\'6[L\<1.TPBVN."5D:D*,/K\:.4\X@]9 M7\;8Z2&87UAV7/H@E*1&,2Q<2-_="7^$I0E1%M+Z8.<^XMA0_H+!(A3@SJME MDHSBBU^`:0DM_-(V9P0#\W$ZX-&BA9!K#BTB1T)7BEOK"X?P0P,9\](=FZ54``]8^O[%-OW+O`&=A,@]_JR M;YCU($9^QN\#,2?BU:/S]F`33F'#SG#CYE)T\7V5:7(#;8X]1-UF"$J2TDMR>VW:DIFTP7:&(4@' MDKBP?>(P"`1,PC0*QR#\X!5)+5*5^BP>A(C?\1"DX`3Q`VK?G7!'&^VT7?:$ M`8O*._P6=33H^0T*]-#WW<@HU_ZV1JJ=I1Y>JHL5IW.A_LV7AH.#0:&,M+ M7+/+\1@:AU>%Y&%6,$9>)(9)&)WB;ERYNK]_\Q*T)B\"D'7>*`6AAN^H:5`[ M.:9BVW(.-N&+9KW?>EJ^H/;D,9)#FS:[1;W;?%!V;5'?MA+!MO4IC,;"2T"C M0K!DB\FP+46()2FQ%"D6T7(L06Y05QYICJ[,/7+`EF/,V&")-K'9(JS59E=Z M+;J#YJ#CK)N$0Y':UJ2VUY/:[/2[O;7KI4F]"(:1P'1B3"T.0Y^D+N<3[TU] M6<80G&IY.3X;C;R$E#QZ+CY+D[LPPN3UPS"XDY\RRQO]]=5%(B8UL&E:G7D' MU>%&MY6$VU3`L8`U9=NO41C'AU)UMA+W1,GA5)JY=?W%&;1ZK6T.K^T'<]0E M//!VW-N2[;8-?W$:_3UMO9*LUY-KJD^[.?>ED3[YMD:$#-2VEA@DYPS"<>Z[ M,'_O5Z]6L=K6@DEN_WZ=N`G12RW)>R&:,NZ!OGZ_F<;6GM]&!2KUCL.Z@E]A M$^!-] MG->;CJA:T\-H8L]E35=[>8ZD/Q?X-XZD/W>[W?UI107#..KV^WOH0YL^QK<\ M]0;,2#F26&W#%JSWX*P[\#[,#ZQ:WB-)6%[>?J=SLLNK0=(LJ31F3BVYDKF& M,7SL<.[#M4[#%L>R`1&_N1->-B+2[`]_W43(MO?N'USJ%?SJQ7_4QEB/C^[% M42._2X-1)$;)7;P?^VQ?'(>D8AS@!89;B3@IW$@MIR$W$GTZL`&XN.-`/CY7][8*ZM:UYLH[[S$J;?>DM(48NWK,$*?'A`W0CQ]@:'H*#K.! MYEU/3KVY1X-KRR&^R&4\4'Q#I_?TR[A/]T+^K#J-A(\)8G8V9RDZT_XC M8AKQ>]^%A;\>WH4^?/-%1`D.E;X*J)R>MJ M*V8BY,H([[IA8$]"%@& MEV)HW5[$X\KE=@&?4*YB4U"[S.7,?(G5RJ!Z42B\#//U#M, MZ$MEOL@T"O_-#16RAZ5AZ_4&Q9XC3V"J67(G,D)41W/JM`U+&L&X@:FB<)(U MHU8&^O.@9V_LP2,3`UR/KQ!);_D>5=MYKW2KU>[N]?9O@?H7MSI[ MO)AM=YW^7B/65JP.Z$8@;(9X.AARA7889CC_:Y6*F;V;O:K>?$9IH8])J6_N M5X&C-NMY%>TZG4P0'A\OUU:OYLDF\A])"_XJ[D60"E,9S4^UF2&KM3Q2;'"O MD#IX=GUN=1N=FM/0>BVJ8Y%L^N%.!)2QFKHQY<]28,M02/@!UY")`B0(*L^H M5X+Z,J,\\G`X3.$P'F%F>LS%_;#RVSU67X.6(X&Z`JH9>&ZS&H3I]-X/?D7K MDZ!@V3)#%C2(8>+>L*+D(:EN'.(3K-Q!:W6.6$:%+)P(?D:5"T0U,#L%J=31-`)">`.;S)4G*`Z! MVI&Y>B#[=.2C^0IDG.,(( M;!,+I3A8O2ER(,@QMM^6TX/$0&?%%-6M+QXP<((P$YE][J'PF=EF&<@8#@SH M%PX37+!$#.\"Q$<"8^G.`T;A-9IC(M@H4D00"Y&=KWM#VW+(LC*^PX?'UAOW M+9J"J)HPF,`8A@-F-;$3^0J(%-EEOCW;>G/SELTX0C%2LS:9'Y[E3J<"+R^, MZ0`RX"?@8[2)I!6ONR=WPP@7#SGES?"MN1=D+ZKMXJUQ`@?JTG*8):'O.`?^ M]YAVF]H=\?+3_AL=IPSRHUPQ&F\F5H$.9#_#OL5=B:K8?@++!(C$5'/(3^*82$ MNR/$)1_QJX#QX1R;)ZY:UC7+>J90QFH@@VJHK,(;A)CGX=NP>S,/H@`TQEHR]IJ@0"W]42\*:YC)45/*/N`L3!4)F MU>1Q&V"@40/F/-J9"I&":N?ZI`S=NEX@Q6>(D&RV%0C64MP?=B86X<`(R>Q` MU2@2=Z@DWPNI1X$5M;PYGHHA73I@,WPK\.]T=,MJ$VP?:KF&!DT-Y#+B)46Y M6M\+\VO3**7C72IT:C\KFE;LKVTW1+5EH1N-D4DK.DZC@+(HELOA)2_0TM$) M3/PY#&-^`+^^$8PI"!P&!S6!UF47#F!EH&^KAIRD[AS((G$-7W^KBPSC-!M2 M4*]B@TJQ?7:P<7CKF42I=`C@C64(ICJ@MGAP4*GL1BGON63\PEE7>;;46X5.*BSRWSS>3Y$ MO?G!\7F.ZR+[R!I''LTZP(MIZ37$'\'ND&SM"Y?X.DC)\,/(!6\R!8U!NB^' MTKOAX0U\.,1M@9BH5&N#S_5[X8=3>>S.DT>C9!-2X+/HKR#/&CHJA71B"C`_ M"?94]05*#YBOB?(TX]>Q#KAP-;ZMC2HX*DC<%YF7HY"5+-S2<-;`C&3/2T>@ MFPT)G_MW&O#.UZK1B@X3NO@W!J<,#*W(9&M1\\E7RSXQ=I-A7`$W"X3?P/2% M`4V+O M:$2N38.%M-LD2CE"A.Y;^HU.K=.PV46ZN%T,A9?/H=7[[2._C?A[?$ M#]))`?,\#7-34QTRZPX9+?9PX?TPN%482YK7WP:!&R7J+=T$I: M6!-W9LG;`=B<_HQ\Y1@3>H/6)HD2DQ#9.%(7*XQLXP;A`94AA1N>-<7W=AB) M11((=,$X\U,74">%$VWF$.@BTP'T*R]6!PK:J>1X&?OA0VR$-)$H9G>F@5S. MC>E+$D.,\]C4;:0YY3B4F_P%5#!208%9RTPT_)7=O\V/2/P8"C'B$+NBB+W\ MD*OMNF:[JBH2!.\GW7=T78(WM!C%4E*GD=XE.6\[>YP)I5^-R],E:8<(&FV< M>=(9(KW9P2W!L;L9_CO=%-`S=3`Q`LU9\TT;@9,$Z#Z>JZ%&K/Y!#"D02'W; M5DX7QL-7"(#&?28=7]@#/*%B)(TH2PH%C=^A84<7:!+S7BD;TS"./2DK2'9I M$DE("7GI)Y+$%W.C"D@85#MGG>;C\F89)%E#[VS^O/UI?_N\W M;490:0D3$1]75!ZY#V'T!S*+-#5TN0L;*0'!!#JJ&\U45+0D"QO5IV3."2VC MC=1E&Y@C&">4W>-)$F]1B53N()9J^ M`F3'HB[H4;>^9QYPY$[\==YU32)%:E@@=.@*-(;C M7`D-&%5Q$0V=5"F&[:";L>,D\[4VI+ M>]-3.+L4M24_XP[6Z+`P(&]4(_','#3,9R:P<\.(KK%SQA+Y!]TAS]J-2!XP M?HQ"EU!6K/\6?3/T"2.+Q)@+=H,U$K MM&-U*)P*P8$YN)TI:U6,\K:IN\*HU;?L9/L#LA*VW-TM M(EQ`E)JP6#-8!1WQ(`,2MC,]EA-D/[*3#Q&ZD7Z.8VSG[!1/H`SH6G$#.O96#KI0RFBV:,H_^*+\=5R M\PBWCT^]O:HB564I4G5$ICL!&7_!VC5)L9(ZJ3Z%.L0=!9B,>_GN^?2VRAO->Y[$'$ANAZ,.'@--&QV)$NPVF&W8+ M4!8"Y67U(OA:3!^6,*9;I`4+?'V9VEO2F&/<*L=DL<-$- ME0?-AE;/6"CS[)E.&L_@O0TNKXR8WX+@8*DN(C:^P$(`%/4+4NIL`CT/7>N- MHKS9>/?]VOKU[.Q*?^.\>WMXWF!G/"J@P\B[87=A&N<][;FXX9F,*J*;QTC< MS+)D#)QD?H'.<_6\G"SEKE#!=_XP]57DR*(W@QP2'->D5&5LWG,,I$P1B4=477P92"X7M_"'_&*45X M$\3!VA9%-\L+:V!6Y5`I:A"9.WRI/8T$H=ZXUXY9&7[$#L52*F:/1W3\$C6ONUHB_QZUA M[BLI$3%R6QVU\OGL9LB6KZ@^K`F<-RK'I<83S"&..$TQ_.A*/QW=U8H?KL)/ M(+P":(INCQ@^D_7J7]4FM'-Y7!*E@.^-U09?:'#B_AL'L="LAJL@B6T!6PY) M#@F*VZ_/25@]7F3]B&\H&(*-O3@"E`5JU;C,QF!3?7^&I.DY=.,\Q:3^X*V% MMDEE:`AWI59?9;6PIE[4^^;W&542S*/I.\LD@K&:M]F#W.6O;*\;D=)SU8QKTUX\I5EDZK!U0?&/+D%7F<94[ M1,S$'5`Z)F"Z^;D`C5P)\KY1C]RSOP8@=$CK\E@.\K$%CJV]1D]QU!:ZKG6ZW:]IWF@<$?- M,MFH,TH48W$^GF!%1RKHL:7L&"A9&..%E`[1,9.TYLZ+253US$0%"5FD+EF];4L MW?-)6"8-&A5P;C_EZ)G:FHXKFE!.-U_GXL4;IO*C5HJ6FSU/O'Q:'A3FT\>IU_LDT6'BVKH2% MX;[`Q6>7"UCNJOL[^(@^EYFM;QX\\K'^APX`ZE>N]`RY8L5(7/3*HJL__LL. MZ\J8!$/8&E.,P@MNJ1@\_AU/W:'Z>S\K_^"-DCM\M?'3.^N&ME:-`DBF,;2H M/F4'0Q+I3R-%@FRC56^UH!%0*1)$<%+\,_%&(U^\*_*$)J-M&TO":4;+QOQ_ M/9O7OHAO.6*V?,^[]F399M2E?S*9L MEW93[AFZ=1^;,LP`*J7@D'M2YK["^;:X51788N%&?3?W@J=T-04LIG+>:3._ MP[>9"%-,X$/&^8[ACPQ#B)982`&#;*$;#TFU#`Q^EZE4.(`4#$%WT2D&)9H& M<-$`*KE2R973.NQ;3RU7OB\JX]D^CM.I3)ZY04PWR@>$'1>$:L?J."M&^%.O M&73KH1]5,9XJ9$8S@L38>)BO!CH/*2#O-S4`!&:XJF(B6>2@A.G]X/FI@A"9 MHU3Z$N(]]#KU4VYF&N+%)MY.R%L@>&N$)"`G&KP:1CK7*C8/JS`@%5%.C=E? M9E"I&S%":%)'U)OL`BQ1-U),)U^"O>5[0YFH'\>IU+54%#_/5ZQ/6P99X/1, M>>4L1Z3=\V@;U=3@3G=C?9.076DB0VAAR6Z(NQF->BG_T'\K_;=%**2&*;'6 MV&/+2]MYQ[7[BHV[>QK&7U_=A$D23E[-V3F]3MU98N98DOH:O_D7JSG]L=[\ M@X6%44)_O5?+NI[OC'_69JOJ3O(&=HL!:]XH9W@M8<_#O7&'?]Q&81J,:NJP'@X%J!2' M6)R%T:*KZ-8+:O@'T%EO8ILY?:#&7Q(QO\FS?O6B/6J1UDW'BHWRJ'X79^:8 M"T,MOG[,M`[J3A&+%0TOPKWY!.-[T[0'O:;=:1Y3")=@7=]6VZ7:+CMMEV:_ M:_?:@VJ['/7X'=/_E?#X_8=TQ5C*%9//T)GWPYA>J06[_;@R*3>E3RJ3]D/) M7L3'P?B,6@3[M]L=V(-.KVSBXRC,4#%A*9BP8;<'?;OOE.X,VV@)*FMOSK-; MHB.E4G.?B9K;J#=*)QTJ@_`$I_4E[)32*7.EL`6W#ADMSP4K7Y(2$)9INQF% M5#E&:A%7V[B:U9?IQ?>Q\X9A/A0@SC#!=:1:ELP,STWDS7:&?HL7W.I^>_?T MG.H2U[S$?>Q5SM);EKDU>>*+W.K2]N"7MH?FI,/RQNE?TI[\_%>7LJ=DIE^; M*",2TD%6:+D(D'TPPN[*=X/*ZGAR;]MAM>6VW6P2VEBIC80C>GPK'CPZ#[9L MI]TX61X\^OVBRH5@$$%4:R,1O7"B4\OP71U@$ MGY@ET"`RP$PD,E<%30+^+4LR$KXGL"0Y._LPDS7B#'^L!CQ,EH'.%R9DEH'E M2KXE\I#!.+F?SJ[?J]4TD/BN]6I^GQ+HHEE5XNSZNUE1@M#ZL,6:T[",QSX8 M%9.@O5MA?93E`XVWK3??PJDWM`9.Y^UT2XG>F;F9$=$+OAPQ=EB8E`A4=N8%O)W$XLJO@]-T,(\JOW`X&`!D&:HU>YR&\$&.2$0^J.@:`, MH-?I*'1Q+A*)NV:B7Z/2OIZ)M'QG()X21#*0E-&`W_R9NA%V483[OIB!+S__ M]\]I7+MUW>E?KCV=WI\QT17,S!`F[QOPXGL_'/[QR__^7Y;UW_^G5OLUHKN" M*.3:W%G53LPAG;\X>..I8+.WM2N7DN!5)=Q_?:'Y^']K-6Y:DX,O7A!3?Z!\ MV2N:FFMJ!786_43EGG"??!7CO[X:XD@;3L-)0OK4:CF_?Q:WKD\\.SO[X<6_ M<^^R<^[ZE94&'K?PO=%P7F$M3F_B^C'>(/S2'S2:C5[/F*>-"'O\/)WS#^=8 M+M`ZR^;I5P%'SKZGK=WHR6F#3P731IURE[]?*PE.I%V.J4MZBDFFK\\VF=MN MI]7K]0;EF=O#\.#^)LQI.XUFI[/SA-'C6"E&1/%_26>?C=X^*4VO9-&:L[F, MXM_"0!:(]?&Q"RE;"^=+-L^-ZZ9ERV;#W\)\LZK5@OF$6L(3"!RY&DD9"G_SKQ-RK7XITY"V-FDRC/DZ&X68057W$6%\RGRN,A&T- MW7('G9PE4DB`F6`AEAMA>W< M$3=S3Z5F?9<]3G7K?12ZHXUNNZ'@ MR6*YDY=1A%9S46%.WXUN\:BE]_DD8@"D@/I!F")=/,.&=04[^QQ[<4?QG:RX M1K/07#:N M*VY>TF+H]CZ$&/.?>,M#-TJE8F&?HN8A<30&-Z_S.$V/KHZX_?#D&>UW. M%I9]5/@Z.&7O0QP;E@12(ZYOS1$,,^]"+[XG5]UEKI;+9$RRB?.6+^IZNB)X MQ1E_(F>VZ3V2'D(-<`0'J-K=Q#&YI$`XD!4(I%%++GM7BJVY,I&>&1,JZT/) MF$WAAP^K$'U*Z?%]*H38K8),MXF0VC6.8*]]Z)BWYJD"DZSB-C/P[C<%>7;, M2-F-J5LFWG:ZSSQPG&3%E_M<^:L<'&'9^%*7M"HC<:3)5SOFI>T8!:%02IX\ M8UB'4M+VLHD-O-NP87=HK(;F\:\'DTW+XQ;[Q7%K?>4NGZ9>0EMZV]N MD&)]6EFK>_5:K@G%>I(8X9($")/O]M7M'`YUN(9\.'!U_]Q*=LG MQNR=>L7G%9\_:SY?JJ&=)N\?0&,K5"2/"D*W9S6.HY;02ZS#60^EO>TT=X>1 M:UOE\!X:!VQOA#X!3%CQ28DJX3'5PLW,NZ?AM?)P?4EXNHP$0,?06MK+V'KTW2^Y6__CZ6];32'Q]3>@"!K%*8WOBB-SVY+2DM@ M`1:D5S^!1&EO+%$.SVWEX?O*,?*T@\4SMG9,3TBU+:IM4>IML50=;=7;3Z:. M[GF7/`^R"\I\[0[1BHV/88P"AB#_;HYL)NR86^,&>XJ'EY3 MX1(,*X=!C)9FI"P-0BU(U=XT9RM+PDMO8O%GBN'='[FB\+_P(8N>6LR=TT_S MPU4.6/+.:=>MA5E@&J/IH4DU!90A$J!LW$FT?HGUN;#>F.=4PPT'L#F41\$112Z&^M'.M&SK](V3#S.N#'ZRPD8Q2__A30B(9@O"8HL'5'J(4J^$=&$ M4[/@Y!YYNAQW`5_:1"(Q9VID!*':0FA.6`,]#$@D@50)(_H]B%%H$5.#0,=W M`I`CKH^DCU3>(N^E*99FQPEE^0;,"#HUMN:[#S"Z*/7E3R"C4E]6#D^,N:9(J,7;#`O@*V5RM5\8T(*S7CI;6X/YA?E$$MS6G=:=%#_ M(^`Y:%<5GU?SFS^3)M,P%F_GU<>I*_F$)AD.+HF!E$Z1_E:]\9,:Z%P"JDJV ME.FG2.S\5,2@ULP?5W1(F1LIO_CS0$/(I,A2'F7K$E_`^@Y!<(*TA4V$0G/" M<$$DF\@D+$3T.@V1?Z%DX7P^,FOY(^NU8S>Z3;O1;&4IP.?0.&R$P'.M"^`E M+TD31H,"L2T"@6(;#MXO8N0-0;SA*DB()L1&@Q=@6Y$X!EX@7"O.KWP-FF9+ MYR)C-AUYV6_1EK!<,"IP24:<7EV8XEY@+RS3Y[5]\-[U2:F[OA."L37"0!2A M1>A#Q/7E._1*9GM4Q@*0`;;"LADMU1;9*AL6+4U&@D,I_2D%QD]@P3$E.RG5 MJ!Z%:D&#TWI5RX@KWQ\$`?7,!2LT1J/(S>Y8S:["O9B`=,+33(I_7?VE2JD] M1DKM?NIK/.\,J=67P:4@\EGIY=@1\[Y:B M<,B>8T(^%A]=AXH'J>[Z7M9='[O?[;[CV-V&P.HJ]^6@0N--O]^R MVXW64T6_[!B,??!Y>5S1[&IG53OK3:_3L`?];K6S-M]9A]8#3CZ18HG1;&,= M[F-)K&>627&Z1LB)IFL,FGW;&?2?2BY64>G5UGJN6\NQ&^VVW6\?S=]5!;.O M0[0WC'4,$AY:XX$ M!05Z]\*?E2MF9UU`0G8S@V7;5/@6ALU-H_`6QO6T\17;5OS8WS(7"I%E26=WZKH/R.%I3AGCXPE51I1R>25\" MK3#0D0PBY`@],[0PN;-<:"?`8#&#-JZ\J$HROF[;;4Y9L>?#Z+W82F,*4@\I MO)/8!YKT73A(W22,9C1=T/!(\I4:"$<#8RV!&X$1I"03^3EAW:6P:!;,<#0+ M`V\(BRXF%/0A(SYUM#*V&LLX11G&;MUB`05X/X6N$@Y\HW#($8:;66^&OWZY M>ENW%5=-$5U^= MNA[]F.,!9F8N&8E'"B4:`0DAA0B:3>'_9^\QE=2]9!AX!;D]Y-([7C",B/E@ M`9D+?<^]X44&WAB*?+`HE:'"E:$P83D0"D)'78HW"G%&?,?5037'8!G-'[C' M=/!XG-X@O$#"(<<8]N2+1&8U4-$3F98"N_[>XU*>?+AZ,"Y5`!,FA^*`K-W#R@4D=K?H]I&W^$`P9+Y`"%5*=S9OU+_KLBMPO> MO1SK-T\_1O,P46HEH6^__%N@7%$WDIV$8HJ\LJ@/,H<*26/&$4:^JZ*]196= M<5L"8X&`G>`V)R'#$=&XJUTP&!;+:(-<\:8^)4)1I=]8UM%1A7TG[A\B(Y%S M".(XG4QEH@"*&)?+>',"#%;BQ4ZD@,78ZC@6";^J!)HGFQKI[<;UFX@JDOI+ MWN%>1K(JSK(2UT8^SB(YD;@702H)D`9%K"*[LY>R:L)4DX7+#,>I3_D76'%[ MY&%6C3IIPMB8I@UBP_/R0(L8A7=N26QQ2Y>R4%D&.228]VX,ISHI4IZ?PGOS M8D>U)YOCUB['U);1$K5S%HQD*P5U:AU=IW:A*.A\M=16HSWH]QVCONQN5)1] M4N9E]NI)<;K=P:#3V]NDP,$G:YO]2BD*9YBB0*ILK3!!`AXLSH_0E3R+6YPO M].G&R5_XR/?8-^UQ;D_>+^.XS.*9E%1#%7XM6D:DHOQR:=BDQ9!/G; M;`H/G&&&-\LH:F61'ED,])>K]C__^^?E).O9_*@3-I5L,1(_,FO@\%.K"?G@ M)CERLT3&$DZS*O\HC3B>\O5#RZ%)?GV&\W/ M?#;V^=?O_[MA[L0]+Y:^("&(5IXWLC#)$*54\T]VP79_<;/G)?( M.;;P^SC%:I4$[''Q\\4%F+!JVD:@5ODA7ZUBWF\:66?7WVI_/SMO*@<#>BE& M'@K8N;1,&Q4[2O)\0`TV3FQM@[++(8YS[>,$Y1T3,9`@:NE4#4YW7>"_B%GU M(U<.I?J.I?>!]3M\#GT;-20!A"/:Z^H]Z7V2<\-FM9JH)0/)"!#99,'A,B(B MB49-S="-<'U2UG(+ISDA[L0"D&J$J/0SLR"UI/[>A,!\F,)()CXP$+`!Z!.W M#-+@CN[Q^1%Z8MCOY:<]@/&1^!8(=="0!B%MR4L*00#$5FT72:#CT''K' M*`\\*)BRV'0"+F%M!8(!S""X9"1,)ZWBC1"!I3O$].I\_VG,KB[TZ8"IB0,U MN8&,'O*YK%X'VB,A>:^P[3!BJG5G^,4!IA]1@+(]@9,[Q/D8IVC[2N&A<#IT M?CT<3(7(0.KXVM9K4.X3\3*KT^UT)7)%QHS0!,Z/5:RKFF?-;[^>+9YU.V1F MY\XO4#OR!UB&H3*G74H8&WE/8-'IG<_>-G5W['[9(67B.1`7V<1"EU?G#LMV M&*G$M2#!I*X*V&'-9R7I2Q*:BKVVW#N>E+$)&E$W'AUY,;F_)=)`X?,:2N!O MJ:\*+?6I2/8075%53X;.+5" ME'*RK<46FG:S.[`[6/_R:?NE3&"'X@X&D\CA_0K_3[/<;%`%7 MH]<^"QK8^B&9[[)M3NT?:KE@=]><1JWA9,Q:T/LF(_LB`C_$FNY_/,G8J'OL M/3>X%HRLUN@]>G!XYO\SC/ZPSM&:./;8H'?L'/O.+5RCM_'"72D-D$]\/`?@ M`Y\,(*PY!F<]=ZIF0'YA(_#/)VS"Z7SA()Z#<&E.UC;G9&VG,>AW>`[6$)O'Z0_+;YLGRU8+@'8--:!_BT M0T8!CW(I/7J\+#SP5-E$L.[WY"L0I5?0M'G8&I>NWT7X)+9"+5\XFA*YE MF(.K$H/NEV5T?G-_@`+JBWN/`0G9;<*NL3B&?P3%_J9\W2P#8`P7XI#A]3;8 M%=C19^KG,OA(/9S)#OZNVG\_N]8M2]R^(XB(]IR0EX?,,C9@M*N=0*U\E8T<395V?J`7J1ZH-QSD*D)D;':D&P;_P';D[OC(K5Q`(P>V-%HUIUEKR2-P/2%S`I'" M_60DR)S>^F@A>`5M\Y543F,L@?!S7OW2J'<,\;;*2/>SFGN9:8>.W1B*0RM`R&/PE\$,1L'QMQ; M[V>6^9S2>J@EV[HD^.9O=VX@(RO`O%Z(Y(-/N4(!H':\%Y8L6@RBS/H.PZ"[ M&YJX[WB1^!%+A^C(V*\B3B*/\:5KZ@]XF=O#UV/KS=?K[_';8F<%TD'TF\,T M1@G'H'Y$CI!HH>'AZ.3@<@%],6_8,"`JOH7O!0\)=C12!"R,3>!HLL'@'^\";I).,!Y@])_7Y9 M8R,K)[^2'R=3/YP)050Q45+D?<7>V(G"0\@,GL8_'[F(.7OHT3.M)U/?26&Y M"WF"7`36%:?0_(I(Z[7+\1AD=A1;0HY<18A'8IA@S,`Q%DHV:MZA$;47`=-* MI.YM);]Y"9[6%\'(N_=&H"_1\VHBU'LQ!?_*6=AD)[>;S4[F[#SH5#P1KSP7 M#E@CD1O]QO->QPU/Y\U%0UDY8.6Y?"@YT&Q4['.R3+%&-`Q:O5;KY)=VK)<6 M^AX+0F**LV5^"CEO$*+FX4C2OMOM'FA!"\9TB&5-D[LPPHA*:=4=8_ETG]*0 M7#"DR7S>SP(YJ%4]VDPJ)OREK,<>-TRKU>L-6NT#K\=%<`]BFJ;W'[*PJ&TM M)"1^E-'KUA46L*K))PNG.&M0M3>7"*C:HJ96>(:*IE(V631]K3FO(A:WYKG; MCJ*"*,)8%^"CDJ^C?!CYC"%0O'N\8"(P`;I*V\!_FW-7V#;( M,V[Y2C6\5EIOX\9=IZ`W.]UV(Q^.N!6Q16P&L_7>"S'J6W, MRY#&#UBHT+M!Y^/"6\LRYK+.+@)X":NMJ7=`QY3]9-U\"[-.YAZODNN2=UU, M_-C_ZIULWMU93-M>)=]0L<*1D/Y9=36HR]FBYY?KZ+U7+F!T^F[L%I.`9!_Y/(,M.R&&#H/%O`S=9/8H98&9S4FV*)H__'[U')8+-6V; M7?$^E#DRA=*!-XH)!A3FY$2>^29%Y$?8;71"9;*170R.>TJ M;R;W],@;$7849Y)2LHX%>D!T2^5,A[!87J+B[8PRT)B((26DJAH[F4;B#O18 MO$7TP0Y?D]MR@",]@]\PMJC2:_*7="OPCY`XW72H7CUQ_?%WF)"+D8! M)C.%&A3<2I"VH2H42HA,]$S=^@V^41)EONDYF+<-T0U5,B'U*`L78SIW3EQ1 M#_`$)L.2[)PO6O\.JSV3<,0[5WQ42N$I"`KOQH`%S)5$#J0F`XI/XHNY404, M%+=:RFRSD0W3!F/N8I)[:4`A=B'8E:,40Z3N0[27<[8)/WT9?*=G+_G1"WYR MNYRYQ4`:IZ/$Y:I>#,`W-.['A#4'8Z(5,HFEWS\)<:9_?1R!3KTA"5QL>2'" M6,6D+H00+P\VG9.D5ZW&!S,*>#XDE'2ND?6)<0,59M>UQ`!OPTDD M7Z[064QT%J=N;3C5A]-M=Z:^[&!^EZK$.(O@EFG_;FDC*':>4`L-Z8[0--)9`99P0A`8AV^E"%R1!V$PX M\UTX)]P\(JXTR>,0@4[2:!K&"HV/L&9!X;]!O5^`$IJG1.'@WC#@FH85M*T; M3,2G#V'XQQ]"3.D/D%A1B"`I240Z]`QA7GQ?'L^(%*@.VOKM'.3&O@.?^44 M=6XN]H!U76AV!'8!JM(<[QTP26!,Q0]0+ M[IS]S5F_\.984-0GHH$\W(6+C9J/Y`A29&!KA%'#(U$QW03W,<=I1K-YL.-Y MRK&].:SB2$$7@6D3HQ8&"\_J#RZ.WG>Y*WV%:1M&,&K%F/`^(M4H=Y%NEV(` M#$"'!TP+,[&@%5RDW!NY,C06YFB88Y)XU(5X;=,4-&BSI-)+93O2%+Y-$Z(\4`OEKD+,LQGNK8@5!I&5+9&X3!%&O'K6$CF!"46]'Y,:C:Y#!%[IAS&3L"A M0&@BY-S#XT4=VA;Y*EW8%S1W"CET9+Q@0&V`VH_B%G:ZT^C\=%0K3!_LR@A3 MKAU?'2LTOPNX9@AN"_IK_NS[MO`B,N=:44!R3LDAS>`*$LI8.P;A1FO'"Q#, M!),;F=S,A+H+4W8OQJDIFU"2A-+-5"!T5*^G*T-P[N6BZ*G+'%M\*+#Y,\IY MAW%+&``S>-:SL4VR`6'7@A$/Z'&0AK@OI:H^583`JA#(.^AN(LE+CK M,7HM";?.71!&R>IA*;&8K?\(/8@25";?F"5\=QH3'K[1O2++\%VO&$7=^HBC MES.I*9(:!/:+@%0Y[P&>I_!]J\&D\54`Z213:.XLF.G6@"@I8-CP!W+0V4@F MM6KY`9&RT+:67<,*>,H`E\=A)&$GG,Y/%%&/*4D3"U4WG]JRX;-/:'?L6_4Q M#U+!?+D9,$],_:!;EFB4&A80.8*)I%O?"2MBV3N&.,QV.]UWZ.E@'"0W%R/$ M6Y554QOIOR,5V@TR;+DTD*^P]X/V-P;0(2">;)-T1709Y=K6"I^$COE M=.F9Y+#>LE5(VNX&7%5U@75,HX`F0ZKM:G[DNG!.5)97R^).&I=ZOC63YKS. M+,UCL.@MK7BS3\%=U.8-U6R^3T-'PSM%O(*:@XO51&>"-^=$,;Z??_7TY>*W MS?46V+?S+O_NG(C1ARO-V8,79QH&:K'D''(#;>S?>_%FBH>ME94-'I;F?9K` M9%%5.E3L*$%9/$A=<%[UH2M2IRT'ZQ-I,P:3(61`> MCY3BQ&Y!KK+6$1K?/D1>`MVIR`6\-F5GD(I:6#=./;]SZ\,3Y2:LHIXL?VK[ M4AM6KSL-N]F1);A:`[O7;!"B/5^:T>W+G7"-XA?F0684PMB\=EZ^:M>:6Z1M MK@4R>`HQ%J1$J%2`83A!9%]=&\2VSKEN50Z*0KXEX]KQ'>,5^4)QD.H:@(UV M#S-F)<[$)KT\R4@H_'GU2'8:@X(5L`A%`V-V7O:%2A.TFN^2R7 MI"^;TBV9#9F(!=@*XJVI*E:+D;%K5ZW=Z/04.,BN_99Z#C;@W&ZCVVT[>YJ# M1<@T*X,NXIL.!GS1.WLE9)I^EUZE-U>5O5B_WNU5@&BK>GO,"+>'BMM^W(>` MC]O?;&4S]%7?K2Q.@'XJ>VB71>YT&X->CNJ"AC>B<,.%VYCN0T!1EG&PG&2S M_\%B@D??V72P^2!L%XQDW^.:98EUY\5)&!$$.!KRM2N7CDL%N+0Z3^,B.-.- MG27_HYLZ1_]U\<)_1E?31S"^DAF-F_N3W6TR]+;3Z;1;B[%]RRG1\_!>7M9: M9^@SB$DQM[/`/4XKR>)*;`Z%EH]'4OV7WWUD#5&ZUXT&:QQ27#1QJG_C:=4Y M]9UUS9VH?H%E^`O5*<)!&(TL3'6K,6@U%J::"-N(N]H#I]=I292T0U%ML&=- ME6A8>H,IJ5`RF"6=M'FDRG5Z[T^^I#,;=:%K)P>S!(.KHVDH,V;6`9ME35*+1H,;[G'J=@C= M&KUNAAFHK(B-J-EE1LZQ4O4Y7C_])M(HC/$V9X@&\N=D5#_\S&#WV'NN<^AZ M0]"V[D[3TD=#:;A%69=GQM9D;(,$OG M!."2Z&)JUVQ6M_H/:%1FM8#B02T:#58AQ\F[UGYCB*C-?`GVE0F6&RS[R;KC M+[.:1.V%B&.1JSD9/':2-ZU4V)$LUIFTX?]/D:C7-IMWH]8PGF3V8O2)Q MZ\6\CY#I(L&UN'1<\O7'\WPS/R7_+?Q'(F`A&]-C0G1*K_L=(/I6W^=D& MC-\!E4[CI_QFUF%E&>2!3MSKO8O-.(!BR\847OH)5WPO$B%QB'C&$_QKDODT:-)(RF M8_=Z+;O5;ABGIH%X\#Z788UY*2K%_368EJ#19W(BGX>4!].8JPF][/QMV:#R MDAB<>]]>*&+B.U1'/.*5-9QF"JF"%LT53Q>/GD M^4**0>A3`G8-OA`)]BI;U@@ON1AJ3(/FZ'].=`.RO&C^VD<&KW,IT3BG7]>M M+W/]+#29H4RPAJJ$VE#HW!*<#(U#(=LQM9RY;)!%[(H\6,ZBU'A@B!M)4SP7 M>S4TN3'KRZ;[L.PQ*L9!"=]T]I>72S>)S%-6B63!J'B6U:;/S^_<$F-P+-XO MQG\IYW"79]HF?"T+DG**ZQSLK_G?; M1C?+#,\Z_-E@EPT81W)+#A6"-TSI9@L)VF[73;=J?; M7SWJ#27!05;\:>7%F/[O!.1%(7I3"81(;@*?3HCLAXS'[^^C\1/UT+0;3M-N M]YU2;>^-UN(`VUNJP37^^R]6<_KCM'4$KD0K341M3[+Q8[I$I"5YS]#;F=IZ M*#&PTT0?1#;FQ':%GTA[;=1W=:MW4L^5+( M6:76*>8I;B_9"R>C:'P+$_8J+?BDCB5.-IK"8XH3(,@:A>F-+W8Y`4_7I-ER M.LJB%77Z]J#7LQVG^51BJ[VQV'HJ7>EI3NO3\$$\H?FP*1V5P5[Z<_1LU1W% M;I[CRD+?MX5>GBU6UH.@S%NL,&3+SE_;5O[T$U4^RV@/M]KVH-^QG>,9Q-7Q M? D=5W>RJQ49W/3V@K.GV[V>O:[4:W5#NZT@9VB-C@L$$-VAFF29RX1865 M5`#QRU8-RF+F'MX?I()"2[7%JT-[^RV^#.V##F\,]JR.[9=Q;+>=CMUIETL+ MKZZ]][3+98XBQ=H;<"A9$+^9)4A0%5,)57'@@[VZ]WXA]]ZMX^H+U:WWD\L< MOO5>S"NH[KRK.^_JSOMI[[Q_IDP78Q[5Q_(G*BT6*5X6LJOROJCZL2X,!&;- MZV:]W9#U;F01X3RRQ#3R5"UB3&7Q M*63@(^??+4YH86KKTEE^D'7*4Z[QM+84MI4KA6U+1`VJ,_4?6>B<\\?F2F3_ MQ2AAK>'9==ZL:L>+\S6M5?DC_,KWQ@MC?`?R)OZ#<[5U1KRJ[-*H=UNP7QL_ M95VKK']KY@G$B>D.ZMVF\?M]B.XR`H7*,9@+FQZANG*IE`8*@/&>@62A\474 M\"C5+L5V;^:R2\WHU5S+JI8V%<>@;%'RWS$A,\0&X.>RE&+<'C)+?Y.4XP)9 M<1KBI!B?@J:8]H-BY]>M^J#%*;HR(UE.!LY!<2-RU7_[Y_5'Z\O__5:$N;)D M\Q46;W^*_97!:QQD;SGU=G/-WNKUZMTU6VNK[53$Z[BT>^#UDA=O_485/Y?@ M^D9BBDBJA/Q)N!;Y5'&)=A#GDKB+`$,6LL2EA%(<[V_&"Y6-*(`5ACFPXI M+%$XC`0^\P?HUK6[\,&`U4%Y0O5G4ZY;RR4$R':0B`2RDD96?TYCI<"^9B)5 MB203S(+3W!ENU\ZA"G,UQG:O-S!0?Z1AY`'_UNN\D=5K,PGLTI6&XP1=WUZ"YQK.1U;CO)R7DEO,Q"3 MV:2'!(*_T\"&JTX`'/MA`5VO\5!;I)56 M-*L]AM*A4#S*DKL,OD0FBF-WG($]:+2Y#&6,6*5LO5!1\5G!*YVV@WF(I\L8 M!F31'#"4TNS8Z<$GN*":]G#L#'7!2%E#@H'Y4*&@DII9V6JEGA;I9X8:*FF0 M945'MD)*B@36C=1DX/F7>`D*2S@')#H^B-7AD$`9;_V9770B&M>V8%ZA,$0% M8A$"+%C.*RYU00RA^1_4&'&/>+:Z,")CS7*[*/JO,B3FW MI[0>Y6NQDM4*2$]#K#$!]KQ'QBZ:+QBQU6\V[/W*A:7%XHW"&]87X<9II*62 MEB`'%U'/02IHKLG4R34H9A3Q4$&955!F6T.9$>`*FBO:LDK2K@^U#!EX:AG7DK2%\X5OQE%(BJV#N4D"8H=E[+&%2!7.7Q%`YT6!NA)EP>G:G]0R#N2O/B8:&*O+ZOIE& M`B_.J?25J\L\OSTF8%09G25E258O#V!4Y5G8?N-=R9)E&T;F%07#O7"?P^GJ M`F4\Z)L#NP$'?:,QJ!P;)3_3G5Z]NU*VJ!+G^6KMEAMY%*-)9[Q1/0RC:

UJ?S#FRK:?U\'

W05CUND>[I=G=U5J6JYMEGL+2J#U;X6901&]0D]&J.C&),WK, MW*0#ZS$[S7*I_;'/)'!D;_[8X\/^GHH_=ENWT+,&USC;`5PC^WU3F(V;609< M<1ATC6(DCT.";12L^BDS1KAI2!%C!HBB,MV4W_F@X:(EQ(6)=X#K&=*'F_!> MR/+F1M;;-Z-DNNJ8[P+J1NZ;I4JQ+Y*P%'(A`T,(+==_<&>8II#'/]AB4N#' M";(RIIYP/D(@A\M)"Y*=,+HSVP:VC%:?9(D`69J#?(,S8C''!#9EZG-N/W)K M=$NY+D-0"KQ$[<0X@;Y5.^B9Y63"T^;-)07D\ZNS*EEHNQKR_,YV%>1E.NMN M]>-+CBUQ9DW#R,R-7)Z!8?.DQHF$4)&IZ/#>NC3X;;+<]25#U@-*8IDE.)^O M/HW$O1>F,3P%Q&'^OL$:-F=O4WY2`M1(D;2)1FZF%N?\!?FH#)*EQ,#U&+.<:QE#N'53%$:X75-,(K58>4%J4"J"A/'W"Q# M+$I]/@TI0:K1L/WA8@Q-=#@?%32Q&<%##Z,,BD):I0>2+#I&TK8A(WU M'S/U#7X"&26A+3`%+M.MX'P;IPC$@QWDM""=3_$SX`Q=%&Z[,L MJ9#:'87+\QJM-Y(5-DKR?UN8=K>&VVJ=AF2X19?^TOV#J[K45W?:1Z"9`RFR M=55LATEMAI).#\XE/TH6XVFQS)`)E(]`^'Q^I90D>.$":Q"JU8)#%!J.8LOD M`12LGGE$T+VO3?\`PP;"O#\NS+B]$<@&QNEM*WWFEH2@N1'A3U+$AZGO1B;N M"_8A,5I@>P-)(XE_I!EF-2J-">O"_;/PY,TW?_Q)I0(.H3"B:ZLXAO7,TEOG M25XD#!XT=<0],D9:`[.>T:^T8B'^2%<\&]GI3BS#>9(*6*SHCT MM3A%8R%19`B=K,'09RMF*B]<:")@:P,_$IF&,8NQ#@Q9D1LC#DYN32643%L7 M965>=)JIJ^L2O`T8$FS/6"Y*K#;D-8H'G&2V$R/HBAF!#6A\XYQUF;?U$SA$1BP8$B.UHL;!9:R7.I M-DN(N7+1;[$YP#N7#<>92$Q0$F1=U_,EDTG)@E3BDKHY17_NG#'8MVY]V(CT MM@'K,4:@*9HLC_+W3;$F#[@I*_'4,$E1$(L2;\R8ZV)QD%EK@?3R3"0$'0PA M';)SX#8*XYP\822[F?6Z:3N=GMWJ#J2T0D0LU,-"+H=#;2C#7VHOZ225NY7E M#T_>C>LK?([7S>[`[O8<6QKOV!!NZ9R9F'M9CW>W9WT%84(4L^W(4^L/T\[I9<,[72Y_`']!%X+ILE@G8A03X: M=A;AEY*]05X>=-'>J>,TMW!:I.3G6LL&HP\M(NP<3N&\!HH'Z]RNU?P7>[!> M0(!@*C?B%R6/EXBKW++2RK@30H]Y(@T32N&4^`=!PJ'4QYIJ)P!BJ#EP'*QJXO M#&T1P570'"7X&'0O1B('4)P%(R+G/(RF(7/L-YC']Z"T_/'+ M__Y?EO7?_Z=6^R2$K%*"H*]R6G(@O+4:/XS]XM-7\/!E<`V/7HX_,C(2&A30 M\E^17?N."=_RARG7:OW6HT MF-Z-^CLT^6U-?GL]^3L13M^A)!?>/1Y9JVFFI[_JAP]$[UPO!Z)U*]:H.4YO MT&AN2_&9J9F04!*T(1':UZ3>?.YR?,5/?:5;M`:5<>0C!"M#Z\9))+5-AIT%(1KGY%VNB4_0PF?9P&5P M;KQ^$5S)EQ\YO'ZKUVWS^+;NNESCWF63[SADWPO^^,LX#!.\XOP,?U@_Z*LH M1/7D+DFF?_GYYX>'A_J/F\BOA]'MS\U&H_4S_OPS/OA*/I_,IO`\#((4N5?4 M^'SS\E'?O1'^7U]]DM_6+D`]K#FOMNA8-9CO'`85IM$0OYWXT`OB2XF@]OWZ MU2]HFK;LCL3]E`@V4L8H8TD>QR!ZT$-P+ZPK:`*5(P,LU;B,)U,<3$(TS')! M"M2ZQ-^L__?/N1G(30NH$I+^NPC7]O^7GP@Y3?SE[_Z-GQ\M>4_"Z)7U<^%< MGT5#B\)R_OK*J3?4JVXT7#._\HF?T85:FY]GW`Z%%(5+EY.)A585H7,S@BP' MW__WST@&?/C_`%!+`P04````"``=B*A&'P2HD#P0``!7W0``%``<`&%S="TR M,#$U,#,S,5]C86PN>&UL550)``,*)$U5"B1-575X"P`!!"4.```$.0$``.U= M6W/CMA5^[TS_@^J\5K[L)FEW)VY&EM>N.DZLD7>3]BE#DY"-"46H`"G;^?4] M@$B)%]Q(D2*6TY>]B`?G^N'@``3`'WY\786C#:(,D^CRY.+T_&2$(I\$.'JZ M/$G8V&,^QB<__N//?_KA+^/Q+8H0]6(4C![?1I^N;R>+)0Z!E(WFBWOX)QJ] M/WU_>GYZ/IJ2]1O%3\_QZ.+#A^]&X]&[\XOO1@_):H7CT0V.O,C'7CB:4QS% MP."OH[N[Z>EH$H8CT8J-*&*(;E!P.AYSX2#E]X_\CT>/H1$H';&/KPQ?GCS' M\?KCV=G+R\OIR_M30I_.WIV?7YS]^Z>[!_\9K;PQCE@,TM#)".@_,O'C'?&] M6%B<:_[Z2,.,P?NSG2PE!?_?.",;\Y_&%^_&[R].7UEPDJK('UL(R#$#V?BZ8X4&&$-ZYW9X+W1:.L_2D*T0,L1__O+8K9K[;$84>RQ1TSB9PCP M&B4Q]MFI3U9GG/9L2GC<5BB*V20*ID3$#'""$;M&L8=#!FH)$?';&EV>,+Q: MARC[[9FBY>4)"!ES$)R_W[KH&QNF9VUH/XO`$T_X,403QE"<<9]ZH7]^T4!Q M`[\N=6Y/VY;TO/)"CK*'9X1B".B:1#R>S;4U\&M%9^$'CC>*'Q.>!B9/%"$. MQ%]Q_'P%S?`*`21O$271E-`UH2);-+?J8(FMV`T*!"AB*'B((8>+CG>_G'KL M^28D+^Q+Y"4!AMS>J"M;5T9^/]&FUQ MT;Y94M;M6I+OVNT8H.*8U]N'K)R$PK0[^']!&GJ-$;#:Z<#U;<\PH42F1DC\ M@NB05R"$%BU-)8N!?`F2Q6@.1=B3YZUA5+_X]@R%,5)\<<8Q]S2[,>S?E6=)I0""J4:EYX5%-\]ZT__#:1G#X;6 M&T(?O!`](#^A.(8*1F&3+7UFIYF^:'L.[1-:=(-'_8P[_+,`]6KUF%*<,2C8 M!;7&&BU2UUFU'WAA@>W_1"M5,O%XF21IINSMV!:GG-Z&<4?WKUPX0O M"]\2$KS@,"S!MTZ3U#MV35R*=0,C%1"PX^1>$IM3LD8T?IO#E#>&X9-76FN^ MA@`&5(H4,^FN.M&1NH2`&D8I(J_GX%YU.HLVB&V7Z6?19,E?^'@Q8@_)(\,! M]BA,Q,`XXHM?P9Y_$1S%OP!Y0BMC7"N\=MGC(%XN@:I-MRCSS4$BW*N([Y#' MT#,)@]EJ38B)_SN'(J*,CX/Q6[GS M6I)G7=A([H+A:AO5YKBAN7PU2DU0M<.!-7O?IPD*C%89Z;(U>C5=?\E%HS6Q M-ZV0;*K48BJK9N5>\@%E20*#W=Q[XRL,RKAKB/9!EQ(Y''&S47;AEO)QKSZ\ M3M!GLD`AWZTV]ZBZGYL)4_?H"%V-N[5Q%K'7\6ISH:+ROA]^^.T:+1'("L1" M;[KMPI3!:[7)@FS7QMEX-S#9)O1V;-U;O,@4_^R]6L-%2UN"B8+6=7C8F%@# M%@IVEI/)GMQ3F%(W=8:83ZM-=VA)/Q>K[3PQIW9U[=:2NMH;Y-3.!;R>?;KH M&SG)DN+8#2PL`*M3^!O'RJ45&](2"N2DSD+`PC*;^,O9.+J>IEZ,4#W.KZ)I MEB4S-8OB1'=TI+*#5*6I5'.Q>E>56DH4[>O4^>$BL#$ MV]WW?-[ZF?!.RO?CDQ!4>9I%,:*(E9-?NTQ3S[?%M+^]C62U(I$P0[J-4?$X MV[%8>=Q?5VHYOL1H?*'7M2-=['RL2'5O)C:GZ4"I!(Z&8K^)L4HQ)/B87=`1 M@J2"W9O$3'P_625B!4J,U8K#.%!WWR^A(*^N[#9IO5_RK==Z2,`\S'4=@;:V M4NZ5+0M^P"]"P2>/1OP<=]M&@P)J;4=U!$X;?1P\`U9 M`!-8L-(+YQX.9M'46^/8*^_U-%!E"5-%-22XV;FBJP2H$N[VRJMQVMK)O*OV MC+]LYD2-]`) MME=<)`".O8^OT)+0M%B!&@6Q3Z\Q]0`R./+HVPRBPJR6*HX@:;?OMD-)_2V+ M;K7GNBCPIJ'(%D=E%#T>&0/YB>(.BI+(T7?YY5^!F M/_>G,'GSPO@MU:2LMO1AIGSI87_C<\6[Q*!Z83S-6HO*M]3*O66$5#6>O[8' M!^5(JSXO0B[_W+'`&0Q0QZ[:T,%7(+($1I0)HF!LKFG.7N8B2J>$Q?=+>5*1 M/MNML!>>.1ZZ6)7:R7`I>Z]^3(MU-0+1#;P%NR5<PQ"FAI-@A2/,8J[:!J6JE>LI.^JLQC)1.P#?2HA( M72OE@,[X"CB;^+FW=V*!&`(_\EM&KB$-A42U.^LTGY$AXN#GO'6'P@-C/P@D\[U*H0F[PV[AW8!P-(45-YOC+2 M94MK:KI^][39&FI'G-_O9FWR,?N7*,@UWYF1@N8*IF[5UPH&JL+K(PF5LW`S660#%0D/4R'OVGMAX\77 M/>Y'+BNFV`!H0;G?I:RF[+?.E:CV):+("_$?*/@G"<4-8AZ.>'#NH_UMN1.* M&3RZAO]&3W,```D4;NI:3+ZV[D1,?ZG$!F'D:!XN9":-:KN:OA.5W!O/.ME6 MXB#,=+;4P4:)CV&1P[F!J_H="K>N!=]V&/`PY3=S7:/MW^6QJT%3[27AJJ9] M]DJNXIR2#08$7+U]@4#.HNW-=9!7)GZ,-]MCUI*"N]J-6V"V[_<',>OOT(WW M)CK!#:'7:$T8KFQUT%!DAVYD%+T6ZVT$EMB87J[L#Q`L#MG(!#IX/#S3\S.9 M^)`O*%)>6:H`DWW#$L9L&@X)>K4=U1$B;?20E7&.`!4Z5+KU/7^EI3K3:8BK M24]*/"006CFDNU0HE2T[J=7W6\Y&%1AIN10IENTU-$KK^(,T<>^]CL*B]`.C M[=2,-9GI:T9K9GW>\.XC%(B5[1EC"?^TV;WX\M+]4GI'JWV#_6WOQ@;.)=BZ M*"`-'&.39"WU2&^:-\IOG'?`N'58T*9R.QQ^!WBRFB<\5 MGD6@[1-%E?68QNUW>ZMJMQ\"]@YU6\M0;*!.FX>UITC!:53-NY\E=<%38K-KJH"JTU<6^?KL*BW8Z]-JK"FLST5:$U ML_XN!ECQ(\]_"#WNE^6O%Y5<9D><71-@('8NB=:-/*GI$)MD:JF#N"3`(-N] M2RC*28I7!>*KC=E=B]*O-U9WHQS`9+]9I1&3(6"V%0>VC.6F.J48_[M+:Y>Y MR1DW5UPDP>WD/\P]Z4=?K5M()MK*%D/`:GW7M`Q,*P6R]^8.I=JO?B=$>QBR MWBQQ.%KD^RD!L$@_6`1JW'(,^!7%I]C[X`[TKM&:(OY%3+"BA#+9H]TU^/E'0\". MQMB685*4Y-["TL,SE')7@-^`[YB$F88,&WJB[!9P!=$0\&+E@):1HY+9^5N$ MXO)*.AU=2#XK9Z*3+H<5Z(:`#5LW=+H(5A";U3S?=P:1ZN`G[E9:(!_AC54) MHZ!7EC`5^B%`IZY;.B]A*N(S*!DO9^BU?LY.;Z#E4Q&=ZVIUJ MMJ0N?0/-S5/.KT6)>&7'F/;>.8,W#V.R*UN:,>DOG74.(M*2:PLIKRNMM\50,VW= M.U"1^YPM8IG+IF3UB"/A&_YIL*V3P%TO?$?Y9`-Y+V)`R[NW4?E*/UQ4Y,L;UU\X@]56+:`OGD*>)W=)SA'Z[F=F6/88-/C[./*"WD&>GA&?!*R M`I_P>5CSN45K>Q/EI\"K-V;:D.YW(VI(^]R(*5=+W+=O:VZ!V&1P2MQ?G@^F06X^C5;DN[GN.-3O'M(<^I3R';QI6C"A3$'A^\?]QQ0F3\V!*9^__01Z]`=H:6<+,Q")3 MZ)A\[=G"VD$M9@R=3/?.!3>PA"3T<(SFF#3'J&`R4(Q6'=0]1H7,-G=W]X'1 M!5IY&$9/>K^\P0RS4'*>0P4HA7W=`]0+M*P4ZS7;VZL5C@6]S;S'<5B M^^\3BGR,>G\_L-N>?,?W,;.;)$XH^@D"L$I6V0W4UTDYM==L5?Y\N:E5_Q]H MUVOX&:*,/#Z*-_-+M7T]#^7;._!Q9TL0D,/](_\@M)Y9X4/$]G(MSTBX!\[I M]@1;,V26&M>#Y:[Q$#$I]TS'@-P)=6^":VG!+.++4'R,+K]W;&Z*[]0`$J]T_W\-S)=>^LD_U(`+/UPT;Y,H/:H_R>P3#QJ?)0]Z/\7K!A M"5"YQI(^X'\\@C#XY7]02P,$%`````@`'8BH1O3&-=O(+0``6]L"`!0`'`!A M`L``00E#@``!#D! M``#M/=ERW#B2[QNQ_Z#UOJXLNSV].]TQO1,ZO8J570I)[MYYZJ!(5(EC%J'F M(4O]]0N`!(L';H($*-=+6UU,Y(',Q)G(_-O?G[?)P1/(\ABFO[QY__;=FP.0 MAC"*T\TO;\K\,,C#.'[S]__^UW_YV[\='GX$*/OA[;NW[PY.X>-+%F\>BH/W/_WTX\'AP0_OWO]X<%MNMW%Q MG;@^,D.2"M\H,,Y"![`M';PT-,'%'Y^C/^ MSWV0@P/$=)K__)S'O[QY*(K'GX^.OGW[]O;;A[`7#H"`2MYH_WV<)1?#AJ*'%A<#_=TC!#O%/A^]_ M./SP_NUS'KVI6<2?%8A0\.73;L@+T`6!_E]#(L'9`>/H"SB,'\;PNT1 MACVZ+>]S\$<)TN+\"?TG/P-%$"P2]O\GC[F`#ZVT,&UK^\09@/ ML8&\^U!UW[]S,1W9X/,4-8_#(+E#4,EQ&JT>L3$<;S(`MH@:^N4TSK8?LP#] M_2W((G,YC"E9D?,6;#"5RW0-LRTQ^!$:X>.RP^M#D('H(@C1@%+$($==EO`\"OJEM^"#'O3R&X6X+/"\V6*!N=-?)^`XSP'#?;3 M(`G?O3?@68)O2I[M<6N-SR>0%]5@=8*`XBU`>FS^QE-+',5!-LH738A8D>XD M2/"T?OL`0($L]1&FXV9:"3XK/!,MX_$JB^_+S@3X6UP\[+KO(\A@>@JS1YB- MG*U&4[0SIZ'E;I"]K-:W\2:-UV@A@*;Y,(0E&;FO81*/FQ`T\5N1:95M@C3^ MD_3629#'^6I]C=?JR*5)/Z?158Q&_`B-^>:"F1"9>MZ^"]!X97G:ICBGFK6- M>1;@FG#.'M7%?'23S'[&O/(033@[&/,J1N=T;C"6:2S!&6<&8QGUT,\H$?UW M,IEV!"Q)U3V'L'"4X>@,8X;#B\E.+:P<5\QW3C'-`<7T*QR[:YOI5C5VUC.3 MKF2LK6$F6KU86+=,MUNGLJ-NN`$)OFY8W2?QIIJ%X5F<5U,WZ(';V<4;$Y_[ M[&+:0XM)UZ/65J*.UZ`SKCYG7:5-MCJ;_PQBVL,':W-(&H$T!]$M(D&,`=$\ M#?*'BP1^R[^D08F(`:,EG"KF">5`WIJ!!_0[FGC1#`RWX`KF$T@EI3.=C*M' M4+FI?;&8J.U*TAY;=U2NT8HT12T+O`48(XT2^CDDLB^$);[/8%C6.ZIS-%[B MA>J8O8\879OC(`LIT_6?;;Z;.($X+8ZB>'M4PQP%B8)!<"(3:,`!#ICXD;!+ ML%G@"OV-G1^FAQ%8!V6BL`]3YI&!VR['O!4X?$%-96-Z#PZ8C+/++Q-[F&AE)G,;8WZ[0_W8(@^<"H#&E&8PPNY9& M"L(`92&!88=N@D.>8,:4F$B;@_#M!CX=12!&4K__"_X#CRM_.7SWOHYJ^G?T MT^^4A19E)"2X1#-6LW!,@GN0_/)&!10)@3M`#'HTCVA5E]Z`#=[EH07LYV`+ M>B*)0&I1V"!=$78&,]_R]X8>J4`]-1Z@!F$5H52Z:OU@&^6J\_S*C7 MTS+#Z\>+.$?+QW^`(#M/HS.T:NZI5@96]P$?S',%*\JGHV,^REK-'V9WW]]` MDOQO"K^EMR#(80JBRSPO=UW6<6,);,>=N;">:UU'4GWWYN*M]?^7V?7_*TS* MM`BREXLX`5E_E2&$Z>A[`+,(/8LET]?O`%^MUQ_GGY:KH>8&/,(,'Q/B2YH`N0ME*K_W5V2F^Q\51;X^0E^1L1V9X4&7:<6-EB$ZC5D-G!P(?+: M,/XZHV%0MG?KR`OT"^^$@`/5.QP80'FN=S7I=)3-Q5AK^"=G&KX&60PCN8X9 M<$PM=^`6I6>^A.::[N"DQRCO'"C[#J'EZ+?]J:?2ZM-"M,B0PT1Q%1JJJSG/ MO(X1^8C83A+TIU_FMUK*WC?/U2621$=?/3Q487,>9E$6*R]GGV0)87KNUH/Q M7)$JDIDX8`\?5>RI`/&OR.IP:;4<.NRUTRO$JE,5#M$2;5+ M#J>*]S^'":,!^EO?][:@G M+EJ`?9TCM$DKU-(5%]VH55?VWL0'#];=M;WS`6I+80$X?-0 M*RDC\G`@(RY75.\E\,+N#GZ&*5[-(WTA5C:7:%V?@;PXOL>A1F$QZ(HID#?= M:!>YHR%'8"YPXAYL#UE#-O"P99N\%S/6-<(%L@R'^B/IT*BRRHCTT:]!4H)K MD)%+G)XIZS6J.UBUD9>F9R2QW*14T7JQ-NTR6UWN'9?%`\SB/W>S'--$>,!, MTQ@"+\`D)!+JFL(0G<68-[LF0(*R5-3?!12HG@(N1NU,R!`+)C(P'? M*L<^W>:=H+Z=&>0"`5(U>!P%HI<":EQV]1&,S\R9) M[389-\9)\R;CR"0CX63,V$G[.!E[*MDU)R-NG)5T3HZLI(6=D&%1;MX)AR!Y MRN+)B$M3.D\JME+2Z^G&-MUTX=-Q(LFS/IT2DC')Z2><=439_AU/=C-/>N95 M*+R;AVLF]?(C:_]$U/#YO0@5;NYH^V@CMKAZ&YI[QX5*).C66V* M(\\,-/V)=:&B""WU(Q=7+IH&H2>J@?ZE!-IG"SX^R[P"FR`Y)RE4&#M:G3F8A]_OMCKGX=_L7:!1T]>':Q=:*-G5%/,I3F%&E%:]R.,==4CAZI%#`.=L M&NWSM/J6@BQ_B!^OT=H=*V4#3EZJ640BM4)+3C\(6SJ:%^0ZA6.ZH#V)<$GA M&46+A!?1#3?8:U,0G0=9BH:8_#@,RVU)CEK.D-1AW#FB<2_=7VFP"_W59YVR65=67-/;=AZP]T_`K2*U MFL[`;].:I..4+=,6=2_>J>)@([SZ1?]@69Z"A*R'BU.T(WA![))W9>)H MK$4&B+QXA]IGFG7A)H3A[&)<7*X9[5)D%VE:^Y'NI=E_[2_-1JI8>FDFUJ;6 M51D3U?Z";']!MK\@VU^0[2_(')^C?0K^";/3,B_@%FV]&+,6'X"N4!@`?L]= M4I&4IB\6%B]<$M>47:T[[#$'4RE'KB^ M$C]&W$1Q4N+.O`5AF9''/.?/^$081/BL!R^ERNHN?[6F]U`T%=G@?((&.%M& M2R.AK:%U-HN,%.%XBPW(;F]W<=KI:HK3U:L%V_8'I^GE3J"S)9Y)4+P=7KU8 M=^T>>(R4BIG::A+D@T<^=I#/^\YC`A>:M+>G\B7;3+MZC^)LSCIY82-@'(', M0,G._":FY#87VC1.-GX&U-!.)[F357DLS(YB.;R8,]D,XKT6\\A"%5SH.VUP M=Z=5<]@HUQ6X/69Q;A)QR#?N-F>OT4('IT_>V"CKB,T3(Q4>V3DV4V^NWG?*A_-JL\P8RZ"ZE')+VN$G-ZY\O%X,5_43(Z;F MF=_J?NA]6X"&1=+H:K6'RPM_OLX@6D`7+_C!%L[1@^,5'T6)3]0;T$MVA0;^ MB?\E!^LRN8K7PYI?RBUD'=!NX<@5-+0)361ONXB<5E4)1H&&%X/@;B?&Y5E\ MQJ;6;'!Z)FLVZ[F8G@$9RJYO1>J$EG?^=!.D&\`X+1K\3B.T=[][RQ?@2,B_33;>91PA33K)OF\3G[M)O\I\A5 MS;.S,L.14$AQ,*KJ8GT&W\BG87DBG4;MI\0*C1:26-.D"TS2:2K2\6+LK0M, MU,=,J^PFWCP4GTO4PISI_1_C+.P746AZ#YV+#^7L5^57&(K%:.8\&VJME!MBQ43G9D MYA#F^H.2::B3P9U]G\$!ZEYL#("680E*(AJHFH=W9+(,IBYW":/0.$),_8U1G"B>BB)J\H7NWWU*\"6G>2&'09QJ`AKH%-B+%[4>N= M,$.6)_W=^.`#W7&W/BQ#R5Q13';.+5Q>%',G#-T'.8API!9(\RHA*UZA;`C[ M)R\[D.O@A10MPH6*JO@;NHC!-TF_`;PJ!='Q$\C0A'8#L`+B=$-Z)0B+,DCN M0+;M[T@<0G?%0+X1;T`;6(R5``T[='FVWS7>U[MMY?^I3`J93G@1X&7:B M);+)%"?!3ZW$[4'U29DCIO/\%&[OXY0PBT3+XPA4R[6[+$CSRMZ/[W-R;]HS MG1$8ZLXUPK`,(QO?.0:69T24FJ/5?-QUY6BI#4GAVD^?V'#+L`=504W&&SYJ MJENWA\\,L[PMP",Y?\J)K+1<875/?)G61U.@.5_O;]-MHN0/1@8HEV&-$W2? MG>'*@`MJXU9#\"EK+5ZNRRQ\".I[G>.$X$(_TXD MZ!Q92Z,%=/TYOP[BZ.2E4X!./L>/1,R?\(T1+\,0)^M*.TL!8UZH09O>:`CV MV=JL5X1;<#$5G=ZZ+8AGF:*%[C/?TNE2IB;F] MJK"Y5-B=GDZY_F10F6`1VJ&R#..?IY,=+T<[C-'<#&ZO<.A-TUWP#'*&K'BK M6?D^&@6^X8C"XZ<@3K#`=_`&1&4()/<^$U+HW2I:I;`,MYF^5*F?]@VFDNH'-7.;V28GAR;"=:P,[=P1+,2([G33?Z?_. M1-VF^=*8717"JZ1-]==42PZ74NV.:5=%K62R]J^5F)RRRD`I0DNSV#LIAFYP M&Z0LJNG%CX@`U?=/!5#+MM/17)X.J2$ZTPJKGI*@685DGB6(L5'=BSHCD^IU9"HCQA>[6 MVE\<@B0Y+3/P&909S,,8 MI"'(KXJ(J34U8)H?0P+LF?:T9!-I4(9HBI(1-W!;)F7.KO3(^E;+T?OFF4I$ MG(LTT&OG11V&VR(HR#*_+AI#\H$Q-DA2.)I5EP^WE$V3JJB:VRLQ='7(`F8=@0P-&,*W!'J"!)6Y]#5+O2.%T4?GCICK$3 MF1I/9&H\68H:V9)HJ?'$TK[1CAKKI[=,#3*_%9WJ=E[K3<2_7&6]UL,]H[-2 MS4TM)`#(601,<80&+<1,N9N6A_;SPUUQZ.;OIIQ;#'+S"M&6=@SA`XC*!*S6 M32#V!]2^IZ"["I"W=6>BUM7804153(X6R^(29@[5JH\X`+F_D M:'`PTQTT[(S.TDR'*G]!N MIS%0NXBI,+@VH/"[*_.B:S+&=5Y4C46QT(O5],;[ M^G:FUC"VP)VR5>A5N'/[1EP@U$59E!EHVWB=@4A_1Z^,2K[844"U$(.TV%^6 M%TH*Y&OC];K2_B/`R2?X"@?P9L$:/"UE`9X_(MVK#W;&\> ME;FH[=MM(F4]23#C=]_@*(ONX3"RX0;'J[1:=@]-;Z<-77I&ZS9!L0'SB+SZ MIE8)B[EY5EA>KX$R>FDF$ZTH4R/U]B:!P_X%+,_%Q<<[A'L>/ML(3&W3X+D]=KGL(]FLD]"F-JGM[<9K,WAN@"9%2-E M8C*RU!ZF5VFNHMZ:WF9[U*GANKU?V85W"H011V*K-AR$8LL;SAJ+K6M[QCU@ M8FHZQ*AE_;@/OAYI(QK!U\HV8!A]+<._#[_>AU_OPZ_-%;//AM?M\EFSX?D6 M)7T:).&[)N?RQ#S4+T-);H\THH6RS>.U14^&,9&3=AKNP!/S M&?T07LF&-!^_NSTL)%R12F9]8QE\H`;1^K`(I?,$T5=L"],4V4`_EUC4U;JR M%%IF+D(,/<19=!UDN)(6HO\4%.`Z"4)0'91TU#8*1]TQACB68`PVND?;;@R) MC@Q79L>A(NZ>T&[H!I"W&'>0+O%O8))]V00[-8M>!'!;E/0W$&\>\+NZ)Y`%&S`0?#VU M(VHR8-\OE1GXSMS43#$NO5:98R\"V=N'!?6<33D>%(Q5`&47PE6$@SF(JK?5*M2(@?).FC3"9P.?@RU@1II/24+U?L.(A+O7"&R34[FP&-^7G4JB;3Z4KA^, MZ.\]P9S$X.G#HGV!]09D5F<0OB29Q1V\*0>P[/*!DXZ4&@4(I^"#7\+0=?6P M[Z-^M_+2T:1ZMW09N:_=O:_=O1"][FMW[VMW>U@\>%^[>U^[V_/:W22V@K%T M&OQ>B]KZ?1E+(YX@6DNA%A(O'G@1?IA>Q_C2UMPL?B9`]@PJF'O.G$:%];K*,X+.J4%ASS'Y5B\DX+%.`;*+:!9">))J=PG*A M3B>Q\]-:9*N*G1>PX\6ZAL,A\TI,"59L@^XO0%4LA&](TMM0`7J!07AU-6K- M)`:G>7X8!>M@TH95"`\OQ]B%-P><-R`'J$,?CM/H##R!!#YB9NLU,/M06KT% M/:I6:>%H[Z,V*$`3L15L97?1IX3>B['D(TA!%B2(T>-HBP3$>WI\JB>R&:TV M3:YII3:^VXV)Z%J6HTC`B]'&.#L,[Z#5'L*QF8@\/DZ5,]]-2KC+L6"KMV7X MQW8^'[^OT;WJ=CDF#91BOVO%`TLY'Y4&BL_QR,G/;L[#.Y!M;3E'&]=81ZAP M?=]&S^A/CPR\XFZ*@A[FJ=?PK>W=0Y#6"7*Z/MC)>'X'3T#U\O<:9%]0EZ[6 M!,671W)P'F?-&0I:AL0D&,K:E#T3FZ-3$D[-YO?MW?-:@4<#Q^2"CXQ09(Y) M-:]H\2]LZ2'7N6A-BOSW%FT8!/,XR8[9$E"+QSO7VN;-]S97OKSN.3:7OGZKK9 MMDUK3_@Q#)"%17Z95C?\/=G)Q[.@`!=!G/T:)"6S'-+\U"T-`-K4]]X_6F?^ MN;ZV/,LNE=$(^;&. M#-Y5R&CE;6]RS_97VLKPC%H9'/A78?6Z_6+?9A4X\*+XAE+HYV=(LB&#*I]1 M?@>+(&E_Q^&?GV'Q#U#L`D--GGN-H:/S\,N,SJOPC+GT8-^C)N1\;/T*SUVQ M6K]>P*S^"A=_.IHF)-F(3L6ZSVHHGAR.ZZ/!G\J$DTB:AG\5,<@32:RW59]*9TW"Z]O=L:Z&4A3MN5 M8&P=*3_B"A0#*MS$%+D))/K>G7B4CCQR95TY.F7#_'5H;GD+E3B)44YMG_+H M"CL&E+\/YYY,5PX;?11*.EOH#9&L1%F;GQ>D/RMOQ>F_S>\\=KS4/?UQ:(>K_;R"Z+NYCJ'>UT M._(N?OM[;XK_^W#0D?WN]7Z:HC>!V>,+;G M)C!T`Y:H'2\TQ(B_'+4\:0@H6)HTF!1>AZM,WO?^31I,GJFS6F!&C%;LYN$V/?M;"8:\G<"7['%*'>:ORRG&AVM-?PZV@%%]C_6)II+I?/*DOIXM0X-" MT=E%]$;2)DEC.C2]*&5$66+606-_[!F(^^)W3%5""?MM);<1M/7D50$[#4T- M:K8YTA6K)IV:LH15Y\3J\J:N'+FE:H\5F$]F;3`%R/85)0_2T>*=XV901RZ6 M>G?UO81XO'#.:IQ'5!B3+/,;+8O>_?;ZIEF1\)/-LSVB?HP&QF+MI$DCX20P M)8G10;,%B2+-H76$NS69U! MN,*;Q1V\62@VJ=%V84W,9:(4KI]N;PCGZ_GNF-$4JO>,UM&2`4^=1'=#7KP8 M?GNUAG!MK/SF]@NOT+4<=E?B6@3[2BU/IX?FL#X)/UZ,=W>X.U;KRS3"Z2_* M(&%LFH0P=7]R8%[?)DJE,R;;3'&(CRR5-Y$E_187#S<@(5+F#_'C'3Q/40>] M,%>)AJUYUB=K[6Z7([8?EH%I]43;])BDF&8D(^'%9#FK@0V6Q+Z:&&OS8-O& MA/L#6U9F80O`KOFY7L]T1;[[_?6MB7A"3[8.:A'TH@(KX8>] M:QM^:5O$+&.#<#TRU!T4<=U6:=.T48E_+BI3RF!JX!Q8P/M%-!8?WTF@U]YV]'/?&NT/]67Q@? M.H*#YP*DT>YU0$=TM#H"68QT&$-@\7D;%V1(1A/Q M*42S->(\#6.0GX$BB)/\CS>_[H(/8METM?O M`%^M5ZO/,'M$T#\7<987[W_\A!:4#X-UFAHT6XU#Z"6J52+S:#4/\==JM_H4 M\"I&>P<0'6<@0`3O'LAQ#B9_'<3]-WQ*L'0Z%<,N0N$Z\AI,NV+L(RNGLWT< M9"$B$&S`91IF>(Y8I93J<9J609*\]!U=HPGU=J4FB[```^D-_%Z)B!?5N&]! M6&;X+@`\PCP>5+UG?Z5[G_[715B`6":#O4\?W\B:UTP_I[DM=_"<'##Q MMD2JX+70U"(TK":COF*Y>,=6 MT&4[,RSB$$T&B)4,1%)?5H.FKBR#7H2>]60V<&09_K&56IEZOPN>08[7@E4V MQ\Y>X.3EMKS/XR@.LI?Z\+-G!X:M:1B-;NM%V,FX/M&W&VUZ8\N'\NWH"CS% M(%JEY\\AR//C/$?_!1$NLD:N]17MR1Q+VZY,L"S'OD;WD:&=F=`=6_&2;6\@ MQ6F,MH\9?")'DL=)`K\%:0B^I(@<&3:/-QD`V^%IH%%;:EMZ;9=A42/ZP\". M]*B-+;[(L9YLNUI7G#3D!U8B@&FL@0FS$*W+Y3/1+A.K'Q7W3M$&J$4YD7_]%D1NKDTDD`OPBCT9#:Y1)+@'UNU36VRR#&7Z2`]JA2. M-PGLX!:A954Y+0SN.\QC:W.Q@V7B'&=Z*C.P6E^4.(D:F3_J2XY^H(P2,`V2 MD0`O0M%:$AL$QTC0CRW()'#F9FZY`2&(GQA)YJ1P'6=FPBU"QZIRFCHS$[,? M=8"JM6(:X3N,(,'%N]-!R(<0IAV5,X19A/I5Y#.,UAEB]:,BS1E8@RP#A+E3 M]&]KN%)P_*%&T)FO0# M^R69F"*)@%"AY,5K);XLB#([SZ1Z"YDUM5LXS!VJ818B*^+*KS2`[8@)#:A- MY/4:T#![J4=OK@;?O=M M7S@0X,+#0!O'%!/L^7H-PB)^`M6;MATY7O2(>@.:]E.A@=]Z MU!990[\JN">9J@=L<>-<>4#<8<)I5*NB3I5$T]`C#Y\7^0AOP!-(2W"!.HCP M-\C4Q/O>Y%`=?/=;NS*!-!3+0.7%B]_=T5_-X2TLLQ#D_P."I'@X1QG>%AD49$6N_1E[&G0#>SJS6K5QFK'2Z M(A@:H,"&\>2D7]]>H)K8[&-^97(D@(%-QHLCVG:..[0Y^@S38/?+'?HK#TB4 M'#LMI6'KNFNU6SM,D2NT%#BV)SHY*EFD2-D:71+?GX$-#L9]-3%FBES+-B9. MD6O)RJ:Z(QC.W>R33`D8=V_D^%S3=+A@[IBD0XHF-?8^RJM1Y5/P3YB=EGD! MMR#+&2L:/D"3MG$(L.2UC%1@"PL9%@TOK=8<]YO6R%(Z.%WPX=VL0 M@8:ANFAM,QAB)*[/Q^2%[X]6]F!B=*]NUGK`4-_":5]3XU/-[J=!$J]AEL;! M99HC-LN"#$4;D((LP*>PGT`4AVBSSIST#5O3%U*ZK5T=L4D=&H[MBLYA"8\< M>2^E2\:CC,'X*3#XHT0KG?,GO`!RG2:XQ\_@'(R>"DK`Z-$?%\Q^'JW5FF1? MSO&0M4JO,Q@"$.6K]6W0Y-`?A)<:-1[DUE)K[*J&F$Q3<&0_=%9N'&+=W%IJ M1+R8S5_/G8B*'>A-`E` MV-.)BZLB%?4I2**J2#:J]M7B,JYY^G*PGWM(H#A6X,FS#I'2&4:A\&R#@9%E M$WX]RV!PQZYR+8/C:]O]88=,F6Q]2T\\.&@Y2O?JV&.TVH<5RITKGG7L,4;S MPK,/$]U[4YVHQR'S7$0(P]:YZ_++4A<>:EM>.YF'E*'I_:6&VSE;[]:",UWO MKR7VUQ+NO7=_+;&_EMA?2RSM6L+%4JX("G)L<)H$.3Z4+6#XE;57E\'1)1T? MSNNY7U4^I1T['Y<7IW-MMIBS`A^`C@\,`(?;.NMIUQO=MWX%@VFA$'VPW<^0*N(7Q_`TH($E; MGT-4M#1?'X5Z($#]._[/?9`#],O_`U!+`P04````"``=B*A&N^^PNV69``#L MW@@`%``<`&%S="TR,#$U,#,S,5]L86(N>&UL550)``,*)$U5"B1-575X"P`! M!"4.```$.0$``.V]>7/D.)8G^/^:[7?`YLQN19HI,E/*KNZIFFD?<^/T>'N[_ M\3^_K!/T@K,\)NF_?G?\PT_?(9PNR#).G_[UNVW^/LH7L_CI MN4#'?_G+G]%[=/+3\9_1_7:]C@OT(4ZC=!%'";K-XK2@!H[0U=79#VB>)(AK MY2C#.\/*']^^9<^KEC[^R_WF,RZ*S5]__/'SY\\_ M?/[Y!Y(]_7CRTT_'/_[O7Z_N%\]X';V/T[R@WO!WB,K_->OW'+C7NA;G,5D>9$N_1>\ M[PJJ\/=%E.T!*D-G[C_`?ZD%14W8HROZ5\;+GE MQC99=*PFK!4AF?#G<(,Y7OSP1%Y^7.*8&C[^)_;'>_;'^Y^.JX;BO]!'_S%? MT]+1_R\^)-%3;8[_DG_]3OBNB`OV`WKO?NR6ENEWRDN;5++-%KCG85""_T@> M$ZLOU:GHLF@RH^N$NF6Y!4[??[S_#L5+F>RL>838L__QXZ[,P]\YS[I5$V6+ MND#T3\V/J"1^7!#:7FZ*]YW?L\K(6E8+1//QJF_![?T5=<1009!$]\?]@.YL MFV7,;YPOHN3?<931X'5.6=5#ATZL^HUR,0=4RHQ"`51C7X95I=JL>HO*UXB] M1U0`,8EI0:RM2F+^V;O0EFG4*%=;W!/@S\EBRYAVF:Y(MN;Y?_UH_B7.>_@S ME*Z^@U;:@04:VU!D,',CXX2)]JQ^@EI21ZAY^HE)_G_3DC4RDP'`><4?$[O M<923%"\O\WR+,R'X-+(=-$IEG>$IL0R+5[43-8!5NC6BF^7);R39ID64O7Z($YSUNYI*F0XO!C+.?.A9A.6! MV+@:_R*=&O?-.U2^#`'MLFHCAE]9A.Z>>!?50EM[17,U&'^'-R1C:V_NBZC8 MBD&M%NU@6R;J#'&Q85BD*WVH`:]0K7%?SP@U,J@4"@'_FAHF=C4A8H-8JTL* ME>6]Q520BC184)/PID`'7NPN!>95L-]J%&CG+]!]:L0L"VN M*F+T;45([@AW`2RPLU?"KJ<_@("^J3R'H)9]>!?N6BACX M`YM[@OX5?HJ2LLT1K,N5O*U^Z>"M`[A[MJ`@+38K`[)(>L8?5@UX$*MF995" MM%^RB]">8(U+H?Z>`_$#-2N)O>U7O7!;O@*(L,P0=%!MV=3%T49T%SK9HS!B M9>?[$_5W$T=$)M4/@CM-(*3%Z0O."P:VGZN_&=Y^;N&M?/H?E_P_K`R_1QD; MD?X-HL'*#&4KGZX5GHD5LV*#H%@*T\B7%L8F/$IY^41PM4KM&'O MT+LX14N2)%&6HPW.4,XZ1-]/RP93')`QE=6EC4:1,8),_+D\W1Y3=)H]^2!_I5'"[;P M-O\5KQ\'J[9&:M<(M]5VY8"=/U"6C'*MY-$(B[.V$HK2):)J[UMZJ*T8R*+( ML1@C(!7?H[2=H0[IQY1ANK"P6)`M/S3GEB3Q(L;Y_)%-W"V*?@30"M9D5PBZ M\EIJ&I3".B]*MJJ59^S,(K9FC:S0??R4QJMXP6:)=VJHUJ--9*4Y-2_U-4]L MZZC'-JE.AU@:RU-S*+^-7MFNE6KYD9@_$J$N=P9",+SIF?7`&;$'`[Z(%&?U M.[0I7P9!`UD%#BF@^-Q"^/?D!=`76IP2]MDV2CZ0["'Z@O.;XAEG#\]1>IDN MR!KS9U5!RV9P(>.%BY4=<<99<6?6&+_`U',H@H:;HRW/^.M@F.L$,0):WP/N MCS'8"P[CRS1M],#+JSAZC).XB)M"BN*#2JX=`<1R$!P76;9E<3$\]4Y`984G M+5FENK/J-<)?-CC-<=DI)`PJJ(94LE,-@*_**N\S4E<[`LZ)5`:LDMOUB:EC MT*9!Y64TH(YWB&H)'-6;$]X*?HY]`>AXVLB[76\3=N3A.=YD>!&7)P'A38+9 M'[25F*_9SHE_\.>W&=G@K'B]I4AA+\(-19YMMBV>81JJ_0O9O>(BS2FOQ'8"GV'Q>!`DA?>T3TC:_IK MGFF?)G[!98_WBN3Y-2YN5K3K*\]1;+2'J8B9-ER@,_$'/*@TPK5AT#*VV`E- M56>UK8:>V.DG[Q*J]SUB4>HEBA,VWO1^1;+W>93@:N4(GXP+)B9904\<>FSQ M(`TP)H8D<<2\#!-&"QJW,KS\$*=Q@:]H$9>7:4$A&E.0S/,<%_GOF-T0@I?S M%YQ%3_ACCE?;Y"I>]4D)8:J)(RZFG(/*>.>P$<:Y'.IPXVA^=I$7\9I'GBU_ M@Q+ZBJW/B\ERZE`"`$4"#XE^D!EOM1MQ7$LW7?A9+F.6347);1334I]%F[B( MDGYD44O504,FY1H/Q';AQ[:5?I145FC.=B_1AKY]3_.!1?E^8HYJ*I58U4"/ M66*%#FE4-OTA!JX[K?8Q$B['';RPUS0_1&=O!R^R#J438";M[BW_89I>[5/.!G$7Y,^VPOL1+O#Q]I=&?EO]FPZZ6B].G^:*(7_CPNVQA MFT<73>SVX<*9QO"%`DT0_95/'3X\N9VU+#/F9;5ME.("L3XL>\K^7E#K+.GD MT8G49E'4V/WKU+'*(V/(_A#:#Y+PWKH1UM>OF2XZ)]PX7O(C'$XC6EPV'H#3 MG`\B7I1K#?KQUDJICJ"&2JXQTYH1F_A!+E[`R. M]^S>T"4?7:M%ZZ4B$\<:.[00E[KLQ0,C_0[#+3SN#:AP*;F52QB,LH2]%BX/ MV*F`VI9'%U\+4&7IO4>D3IK\MR:D;E;]09]^LV(D7#;^C9-HYHG8^JG1S2E7H=@!AZ\@\PJ].L'\(S\N6'M M^*L$FRRL`Z)MTC">%O$R3K:T\X+O\6*;\2[,Q9=%LJ6]G`_TL[*V9UM4Q;^( MLI1V=O);G)6MTZO8@&B7O7]/=0/BTY-K8/!7-M"FRWLQE;'(L_=9^SW:"81Q M\,$>>$+V#LA>]/3GM!-Z??^V0PW;5Y*K-*'-P@3D*^`B.<<=R@?>;M<`\;I$V8S*2V.6U:4I8BH)RD4R"/"4G+SXR?5H_( MADGF:)LN:7[!-D84K^B2\COE88;MF.`G.O)3'/.)CW&$!31G&A-0CS/^RAAM/K3?&<(/89S>H))DX^Z*6IIT')V7HC[*1;*8 M4273"0X#&1#X]:R")@P*!WIHBO1F9Q_O[BZN'P***K*:&^!7\:%%:.Z)#\$M MM#&@8OB<@]:%'M41U=GUS'5Z70%&7`["KO[L(]D.-(0-D5J?C0GW.QP>2 MW4=):T#O`7\I3JGG/_JT,->H&6*BX4H6O0]0WAB[4U+(T,IL=UL/V\=V&I.' M>(WY,5&M?]YO'_-X&4?9]*>.6D"$C*[#'@?URATZFOH*D)F2!-I47LM*L$1; MYV$_C+3(Q8ULS.;#LY'RUHQX5*!5%&?H)4JV4^^D,<:$$0WU^;U.U8R"JGY` M"`24)8S&"EH*PB616A?[(:%-8FEFQ+Y1#&?HQQPH1KPTR%"UNF;,#"1K/=WF M<8KS_(RL'^.43S3?%WC#SS?*^>$;Y6*"R[3`E"#%95H=?80_T,C\&PO,QSW" M0)JLOCV,2<<``%$(R!`!6!Y5$`%S,Z,6UJ1>@Q)4ZPX*6>(/,MU0!&&]':S@ M2AM2.&.G6CRE\3_P\G+)ED.MXJC9A58?XS9/VT?BTW?;-7TH6MGBSX$\U#D[ M@`]\CD4R#H/FQ\U[*Z1E;(1P.CN+:*A*DF;W`-D6>4'S,7;B#GE,XJ?R#>5N ME9T%%SZA2*$.IH`PU(961U^:0`OR2X+D.=ALD;_B[9_BQ]_-:L.H9?D([6RC MMO%Z_5=MGG?.6@Y0Y>$(A;#.[9#C@60^[A`#PI0S@X)?=$;2/%[R8\-(RN\< M7N&,_HIN4IE?TI_!?QK[@_UF?0;F:EF>>HVW#!^+QY;%2X.B,#.J3-.1`KQ3-;(,GOC0[AZUU(]0FR9GW\AAU&69AAT'TODP MF+S2JMIW'[Q,1DF=@>\0&>$<*,T_[JSK;@NAF*=]8<0#*_2,2]CMYH6D5D:F MW.)Y'M\@]CF4J'4,B6#I\%]'"[74OBY0'V@;1=DL53#A;L6S*PY54C M?$[9KEFLPAIK==8-!L5.+)CE5RY0&Q<>]`NT1A@;&2M`=WV.]#M%DVBS?W2T M6=L&\ALG5-O)IB%%8.WHZ"FUW>'5/I<#";QX6!/4\1+0@H%6N3Q/6`$6<5\+ M!_J>9[=1P:_LV@T5QVF!DP0OBBV[=;*Z*1UE[`[2'&6XO*Z:4OKYXAZQM46! MC)SY(HZG=0(2E/I;*]!RZ&O!P.`W31:SQ5?1BJ^>A;IJ=N35LJJ88WZ+;.?6 MV-])]@=;X!?$5;&*JSZU5\$*;O)47?6Z3WSESY0"[#]LSO@E2E@0O25)O'B5 M;=*UTFFP::3CC%P#+^!]9!NO:NB;VIDQ&=[2\3LH\4YZ:HK8((,X5%R?7@;J M7?(9^]L7),&ZK58>0?!XW`(D_Z,E?H1*!?2I^B_31%QUXEZI?[!*>I[^T#IE M[U)22)S%A.93BPQ'.3['Y7_-&A2EJKI=D:CZX;+0&?C93R.)ZJ%9$[VK5B<\'WS>Z[5HN<'B'UX[-B[,HRUYI9Y1OZC1JP"0ZRI9KH..% MYSTOMFW5AE?'5JD$J*_LB56Z7M7(-@M=C#6`Q&\K^6J!JU>1`8-5] MQ:&QJQ,;L!JLV+=R#`+5DP,;OEW@$@>3/7S$D?]XW M)'^>,B-/HCR_6?U.RQ2EQ4UVQV9P;W;G/_23<4/Q.@_7BKMR4>-@7/:M2V;, MG"J):&)B=KU=/^*,I2F5(.U%MX2.NDE,.#=N&:.$C*O)'C$UFAU.&GG9`RA' MI-CZ/J&A7U=@'AL@4]`??/OXE*79P``%2*X-O%CEU+.,>W6;S`SIOW=]PYV5"E-7H; M/DBK\PJZT,BA`-;D-K([JZ70AHDQYG^NF,\:FR5)DBC+6?M3-CPAMCO&V-/% M`QLH&,0(G3EMX#`KSU2D\##&Z5(4+_R@B=IM#7V$.U01]1V^T44*DE#X,F$K M8I4/NO183`OCA3(G*LK(.C7?B",%2RC$"2YM+7O0-ZO6Y0E1DN#EZ6N__"8) MK+TU52IK8\U'.#+W#[_>&*0\UJ')TD-K_*7*=W,4U6=UACW,,@*INH`T#BX& MDEK!K4J#*8MG3ATK1X]V?-M90Z4Y]/C:#((V&E-/D@7)/)ML M>C+J3;H\KBS^?4$6?YR3=12GXK9?(-!MSCL",*&D9=+#F-+0N@'=^TH[`O,W MZ%/Y;NJM$/(Z&])+\I6%A&G)"C@PL#0=JLEZ'?/KGG(V'4[2@O:@<+J@1#R/ M\T5"\FV&)8?+C-*MN6"GZTH3&V^@#!KA6$DN:WNSEDJY]KNM%,Q)&>.P1`"J MN$=?&S,=9MO[#Y'TYA0W)[1/^NZ)K&[4%!-QT2'BNWN,T34I,#K^:>JNH4&E MFS%O%,\,614NAW9\EVXD'Z5LTW0";BVW=JUK18.FJ M`I-MVVFR&]W*CG7K";P_W=HEW*#+*->PD#[6988[/?0IG*WK$V!=-C*R1[!/ M.N[!;^KD/=;;*+O)[@MV?!1?'WV+LWLVEBUHW0PU6DV:5@.`[QH?T,FDF3L= MKTVL].]3W4357:IA3H%:`(2,KL$A737*?8X:^9J8EWQ`:?XK9J.H0AJ*!#JL MZPJ`D*QMTE-"*'2B9])`:7:/^27F\PH@]>AD*1)`:R>IP0$M9-]0&&53>FGAJ4^[$%QW$(%9WK^!O"@R&)L`0&PSDEH%VY1N]2\/1A.FK:U MG,"8OP$LR!8`C<#"I$MW=FVT\&P*R>MAS@ETXD3/H*=LTOCP")'*K-W*':%H M6SR3C-\P^R]_/OKIIY_8_R-ADWB$_NM//]"WQ[O<\HCW&H>*ISK%_XY^/CGZ M^?CDZ)]^^A=NX^>?CO[RT\G1\9]/J@Q67(;J7I?RI-O6+HFH0+]2RCRCGX^/ M$`7+G[G$.5Z4(*Z>_M,1HI8W>%'$+SAY_0%=$W&)'=W\$$)@$,!>G$GK3LSH M24IR9/DY&).$@[+5+B]_E$<%D=0P.'2EX&)$VZZG4"%P81@Q!IK]#F9%D7"6 MLVFJ50Q^61U(.=!6D%!A:-,?9GSDT%)'(Z%S7%ZUR^XC'VY,?6L`4F;98Q$T M_>@?S_I.=:,,I[I1AE/X48;3?8PRG(X993@5C#*1AE.1XTRG(I&&4Z#'66PQH-^E,$8$*"C#*=^1QE.1XTRG,I' M&4[?`!;THPS&6`ADE*&DZ;SI-.NZ%D-)6?>B+0F=+NYL>^UF#-Q8Y8L][7YW MHS50$6[&**AN5=8HKA=-XKA34B:/?=LAL.>:W$:99J!N*#-D3%L&CBL[J_#; MUA1>#$G2TVOH40ZP'1S+9U4J*]547K2T,DI?;L[.;7V[N+OUU;0U3:RK9$`=F5*/.6K;?N$$F:OH_#A@J?T_3&%RP M&04J?83F19'%C]N"W7;)OC1MT7%:O"7`R1,=`,1-G/3TBU;>\Z6YDM%231[% M)6KP'!0Z`DZ2;'Q:'!R9X&H@TW5:+.?)0;A^6@UH^:=QIU?BE='K&K MH%F_Y'F;+C.\+)ZG[YL8U#.QKX\^I^1:71[IK$_)G;S(M@M6,K8%B&T+)UEN MUN;9J^ZX9:'JSC5C9QX&7:V=:PAI9V[6UF!716XR\D0_V.1MX0CL$/]PQAP#Z5O6-(_![W`-S2"?ABXSV#6]H9VP^ZI^VN[*MX,8KX[X*:-['EQ ML[JCI4H%*S4$[YJHW7GGS)B6->.(_)>2'BE^8KNUU3%Y:%]-B;[\C#UB(\^\ M%SXUU$7U0@P^9Q_%+;$N9@?ZT!4,&``%EJWJ]GA7N=730ZM>:90RK=\I(]`Y M7N$LP\N'Z,M5'#W&"3\7]C)]P7EY:DH/4L;RU<YO5/1E91ET5:U3:S#/U,3K9REH&6\N++!JID]B:;CD263?0V?0S*-A_B2U(,V>CE!:KF%:;#.V7@EM2-8: MQ&LI1=QV&(S4@46<:^EJ5)IIB10E>9;/C"I:P"-=A8@Y)-(2$4ANW3.>P".TRI$+F([[:*I3AE=9 MPO"V<*8)UJY`"R%,-ZW(S0:S16KI$UO4?A9EV>N*9)^C;)F?T^Y%7L0+2?0> M84&6QIM8@$Z@]#X]C91:NK=*LPRMJCK=1VB%E]1*$@:EQZ!,E9G95;LF6=,; M4R9PIF4YA&`Q/DB,#P[[#`H3!0/8(*`E_\%PWI'K(!P?R>W#X30_>7Z>+J]H M:9+Q!!>:L6=[S\S^J-]Q/%$<$)4!*"@,3:O3@YS)LTN\)^"*S"^>DVCU-,8P!9/\8IWV3&#I#A?\R3A'QF@W_S MERA.V(;T!W*'E]L%ODP+"JJ8/BG#B9R+T!Z&#(;S`,=[J#+YG2@$+J5AJ`'U M*@Y0KRC*XIP=\L+"`UK&*RJ$J5&VB>V1D#_0"\[R;5[F(U$>YXBDZ!><\6UN MM9MJJA)%B[]O8^HBF!`'SBEQ8/0!8FDXA7(F"<*POR7,0.%CWA:Z?!/$B-[\ M,,M=:N.H9?T(-?91X^`(-2X8L$HG:.>EFFS^%AD`4/L60L.T$S*;#"]B7NI! M/C9\U212[5?.@6UG#+:C,["K#B0]\5G["<+E,K>I22NH$J+_E'V6M'Y7!]Y] M;>":A5XC.K1N4\'';Z&&I8'0K(HG#3W-E;\W*W;N#_WXY7$E.&'=$;XGD!^L M>!KE>'D;O?)=`[*S08"LU0'.U9HK<]S\PR\?`BF/DIT`'F87M,]%^W&7_/`; M=A37+?4W,:&!<$F\@*,7-=P,=P(-1!FG)Q%<[PBF+)X9Q)K$Q@I;9]6V@RI# MY1;WH_+NEO>/S!BJK:%/P9R)$B;Q9.UU4,P[B*S@L5W\^6/.3XT9FQ0HC=GF M!!)C^XIF0O>@'2N(DH!$,KD#<2J`/M5"AQ*/VQ%<.&U0VL:V6'OVD.AUJ:2Q[Q1-O\8*=(Q4G6UI820IHJ55] M,F,M1V89^@$/VW9^5;2SL<3/2=\6O-7/6?>2S:(ORMV^I3C?W\,.3M]=XA5, MSF:+).)4S5WN&AIH$]G*Y_Y@#-9:6/H$PC!M1VII1,7+01":DS1`KG2^,M1* MFAR_L`VX,;)KA.P:']]LW7=CX][(E(W+J;HQ6;0N.`ORNDA3D)@S='1[8D'( M?;0?UNV&P2WWABX=47E"Q*?KP>1X]H*2TBZ7YABX`3L1G5#7XY@ M/#',7=XBZ"1WLL.";LK;VOO%4]^D8B@M24B@[TO1V/>>D-C?BF)B87;5B?IA ML8X^ ME:^F)HVV5HEE!?1X(E/I,$1M=WIJX.PE7N#==K4OP[+N[P@CRE\3^&XS:^_?2I">\'BMK0)?,2&CP5TBBT>/$]XZ)H MFV;--T_K<23=9NFP\;Z/MH&\_+L/?A;%\TYNEMZG-5&466UL[VF;?@([4R7%[4U MV61IO=R?@SXQ!XA["&4H`Y@JMJ%]'#Y'Q&YS1];!V?8W3!=]^?X+V:),XNH:NCCG0R".RK`P<0P6V))(M2RF'(-DD[.]1ED5\*UTH*\C$E45,/G&/ M/!VY#O8%%B:#[HE@[@J2*M9>532R-#:KWZ&7YB5?;O.\39<97A;/^<3K;$;@AKC6:)>9 MYC;:K+7U'!BC<;:(VJ M>6Q3VX[VU:(*?(YM3P>F=JWILGJ%7F.<+`^G114BQK`]E=6F>6O:MF#:E@Z] M3L_@F]6'.(W211PEERE-V[=\MW:YA$9&7Q.=/G?5.E#$57D!7WYHX]6(MUH[ M,R:*7I@L&S):U=(HWHD'0E@CC(C8:EJ%$JJJU(4\U?O;%SC!5B]:>01!YG$% MS=]J:#;BJ"4?[M)&_["5+'/TA]LIESS2DL4%OHI?V/W2W8-2YVMV9<`_^-!G M=>7TO^,H^T`9U&]NG(S4[<]((ZZ<'^46OH5R*88R,(PW/*.8^6\3L]T-602R MGGOA8)2]3GQP*-%DH(=K^9R*X`?QK&WDRN^Y]O``\2/4MH`J$T>(&4',RC>V MR%K/">D29OOZ,<>K;7(5KP9C+Q8JVK:SK>(M:.R<@(ZWF/L;%PYZ9F8MND<5 MW;=F%F6Z(<<;ZBT8\GBE3!:4A#:&G4N$;/TE[[>1W?M@V)P0$P M[J6!Z_8-K<\>GG&&(_8\6/X;0V]T5TZ*`9?N7,?H^#Z=H&S3\F.BP1!A.3Q2 M8_2P""=3-3A"-;_12@"=$'D5:!-^)=D88J.B;Y2OP+9PF#C9SX")U68+8S.: MJ!#0?@@KA)B17%B#QF2^$FU',/<6(CL_;(MMAD7A1;PC`<*4GLT&IORQ7.M\ MGZ,UIH49&1K,S`]'>="**Z*HG4%49RP$LR$#!*MF<<4*,\;Q1FO5,`X9EFYB M2NTC+S*,+8MB`&3X=Z0J$]P`A-P+6Y'TYV#C MDC4T1P\G:+'A,JH@-#Y^=$%1UC#X--$HGK(\>R#3Z%&]QF*Y>KC)(;[QT@!C MAT#,4'.)Q6*[WO)KLMJ_QB)U4!LPR!1D!CP&,K'+O>8!RB*,C50*H[/6R^ZX M``TX\<$L$]'!S3#*Z`%@'E/$MDQ#B*HDDS#`K.7^2TF!%#\Q&_`D<&FO55:E M-/AZ$3^B&?4%>??3'\?Y!;L!9;Q[>+"?&.2B+3+,OY$AD5ZP,@49IKR&15'B M:VPQZ=02UF>"7-@?_ZEYZPR/'1HYLG';N1M)[=J`:`E]BB>^Z->PSLWXV*L9 M8^JQ.\G,:-9X\`ZO?0Q\M%RY8A_G!,0>EL]W5\Y3S/PE6+Z;(,MMYW,,MU+>?3'OA.OC`U@:[V]5 M/,B"^(-<"N^'+7#G!(#1)=`\6%+JA\_$N7EMV1C=NG(;>X\SU&L`;>NN%+"! MIK;+6M9_/K18T0:54ZCHU;%KH*#FW.)$4YZIT#YAH]HJ@1>HNS6IU,C7SA*P M]A2*)@?6FE+W[MW5CI7Q+6II9?]1AOD-H55ME0,XV#266_S42%4?4RKE&!4D=B'G8M0N5)Q6:<[82\0N[:"OIZ6?K@:) MU>?NLD>BT&:'TN9TX,Z04T$;)P MZ,#!EAT5$3^5:6INTN:_* M06->?]CE/,X7"AA;D]P\E0HBU7' MX4?`/>MJ%?/3R(R(Q!;^IR,ZO^K]#B]P_!+18O:Y+'E=TW7PVI61/8,^\@JQ M"R6]1"HS_A1ES=.)62.K*6+V=7O8[TEVX"VTXJ'BX3(-B7';.C^N*CU'=P=> MZ[*4Q++:)TU1V`G[MQE9Q8,$9/BFB5>M-\Z(;6R!;TXV#VT1._ MKF##GT^-TF&%$.V7[$.S$>JBLJ<+6ZN`(6A@UZ)*>>!AM7E[<+4IC30FU3EE M?+E<;Z(X8_-I-QE-VS8DCY*;U15)G_AL=)G/E;>6LMM@^66P/5"YF*@^US@3 MCB08XQ1\H91#(53,&FUVMM-D8TL)U7B?\$4C(1R\XP0U`E?U79:/L=8.!^-+ M,Q$#P-H+EP+X@/]Q%_\9JI49%YAZM8"J7C45ZGW94_-$TAQ.191)&]AT0=;X MOH@*S`HN&4W42-7-I$S*-0Z([4*.!:I=*+FLT)R=W5R?7US?7YRC^X?YP\6O M%]7-^C=Q^OYQ_/+Q\NSK^?F)2:.B96%=)CEEBA0QZ5 MS5#H<<4\Q22=?XG[RP@-),4TZ4K"4J5MVR-=!&XL*#/0GI4"J)%`M0CZQ(2F M;KT,:EI.%EF5*`G35E*09FA[8N)[UD%\M5[NDQI=P7GXK;)JZ<.<3UY M`B&^E[*!#ZSY+ZL^^OCS/KNZN;]'IQ)T&(0]_K:P0P-<;]M_.2>,"\=-6O.. M^?@>,1ZBG1NT\X,>N:,*OXB[.D(=9^4-=D>HZP_5#K_%%@_X?HO!9?JA!UID M[6(F`\E.BB:1!(FC0ML>5DCHO>F#F5R[CD4%`TPPBXY,ZGE`?&V%B'@K5!KR M3F';+YB`&U6E'P<<[1HU*H)V,F\44+71'H9=,VTX9IGX M@U_H-#MVX:@/+@#8S"L<']3/..,K8[89AF;1(BC MQSB)6?:OC?QZ56DCH%(%9ZC<&?`,F:U?.]9JS.UF`]A;E%2O7T/CJP%JE-0U MJTT=B>56U'S6>0^(V567W8;1]K:AE?H+2""5@L8TZ>S:!,742)? M^F>I*&]VI8KPC:[$E>"_AD9A M+8#4+;!!U6K;7XD-3>NK]!P0M6\SO(GB99V259/*\W3)\X=R&[26YC9&I)0W M,P).?Q.W?A;:C"^(770P-CRK)%7-?1!'=[@!4!DR;.&@"Q\F]M2AQ+Q$DW'# MXS"231'\T$(^X%33I5ZAQ-C"E:M#/;ZQQ'BH:G\TF790JWNXZ34N+KXLDNV2 M)@J2\\AM5)JFU43%.5CHG@N&B+M='O*%&L8:$AH*-8!9*/#A9;N;J5<;*LJL#)D8%@E52%!P4%-5 M:@H*E%4,E/K:#_P`TT-C?P#(.^Y`K\I!VOOF`EHVXA.2TB3.!R9#2L]:5VF6 MBV'.2%[DE^64RO*!W.$4?[[)+KX4.!VN:`>P)6E)+&T!D]S*N\\4<$Q!;,*" MO?W9;52P09(%$PPK)(S#GR)8C(:!.HI8F57%EQ'E"S?PV`87VP#B/TCL-1!` MD/T@S0"%).@CA"J5I!QSJ M@MU\3O'R-*)@6.#[YR@3+('4BP[BL$@4C#A#X[`9BM:/&7DDZK/K+;^UF*Q0 MSI^B9YPLT;LXK?X]^3$3!O4M)(^Z7F3T&6J)&22S'@"':.=^OEK%21P5.+_? M/N;Q,HXRMCLXS\F"/YVGR_^7Q&GQ&Q7?JDCF8&O`PE&VP&@ZPKL?'H\OB!G1 MQ]IO-:1L44?4V`@E`+A@41@A'"$A"R$CS(ICS.CR31:$KM@:%%JF.UJ<**EZ M>#UJ*F6J;RJ1<0P&0JN0)%[XWEM-8HP\1$:ZIHC%A^Z2QVA>)L2 M"GO30OV9),O+]28C+_Q`OYS?0BC"NU*P#7J)(`3RA:;!X:_RHN6`7'EV1M*\ MR+8+?KXD;9^HT!/]U1.W3@:5V^>%MAH$Y!#J#!BBL#P=37:;*L[*I=-]>D@% M:EH(!%SI,#!I/8"FNR]$ZD+)`;%2=2UO<#O-%%5'3#]V#^P#V0[()9:\H`%L M\$MNWAX*Q]_-6B^.4/7J<&$@&WFZOSB[OY/Z.)_?;Q\^/=@.*1&A)A1VEJ3TDNH*2&;PLL>`.@C("N= MN:*O&ZSYKICRY=N$FCZ4@V`MD#!?-3R2'>!Z06ER"[;#6VX:M,^G\V*7Y/1V M;'^\N[NX?FC'[V"X(ZM79BD;X+ELL,( M))*%@^_0NJ>V6.K($.`2_=G5S?4O[Q\N[GX-,I`I*EK,!G5]2.DQ5),01F8_ M!`8),VP]F8S4#`QP\^-$,0W8:5Z5=CU/#60.OD]'W MU^@_27:VS0NRID6;?XG[6;90/9=L8EUF:$,W9'[A@2\'OFP7@S>KP#R2[C]IOA#O`7$PTC!AC MPIDS]DX]G&#@4`PU_4::K8]/9R?SL7N43F/R$+,K)OD*RZGIZ@`U`E?U?R\34T=4 M)\3@4_:QWA+K@GB@/QTXXU0.3M&[&IS==Z[@;%L#!:?`L!*<`_E9]2@4<`KK MA!A\RAXXVV(=<`[UIP0GH9'\M=Z[?!6G^++`ZT''6R>W`ZU,SAW`8LO`8%8Z MT0!;H3MC8Z4D+6@1$I;^-SOH/S$YQ`6G![ZFCHEE=0P((5;ID4-E-QBB/`CN M(E/*2`CR`'+GF-"J3V*T'=B08J.C?V*2P%PSV MV>;0+'^.-[>80C(MHB=\^GH;"5:_C]"4\$2I"

A2_PDRCL?=O036=MMGO. MMDB36GQWK3?;*%UOS7OE^Z:?M^DRP\OB>>J]TV/`I6"N8:VK^:PPHF*YUO=^ M$0XW"&7O%Q#>Q])&Y@@UJJA%@<=75&I_3<"6C2/M!=E3CAI=1VM\L^I,&YV3 M=12G/1)IY:H/IY!SI*_4,F2*IW.B(J9:MS4O63Z=.+G35RBQ_/9=ZDA5VD31 MV)V.%;@XB_+GVXR\Q$N\/'W]F./E9?HA3J-T06/H?%'$+^727,)FLK;T674- M$DESR0(;6*,UWX",NI(3I!B@3(8LD9+V<(YF9_/[OZ$/5S>_WZ,/=S>_H@^7 MU_/KL\OK7]#\[.'R-[X>:.)[RX!13'QBJ!>10.QWPA=@B:>,=>5AC5?#O6 MJFNEW;,A-&]5MZR/=/&`KF[N)U[G;%^YDHZ+>>T..Q_.U7L".C@D-&]5O2<[ M[O(S>MDH3Q%]F;XAM:SK$]>Z/H&OZY\!\[6A9:MJ_KFLYO(A>L<>?X_F19'% MC]NB'F(.86C#ON9_=JWYG\/K3#77QD)VID8:57>FK(WZZ4Q9%F,/G:EQ)1K1 MF1KC:-"9NKF]N)L_'$)G:BR*]9TI!PP9=:8L[1MTID:5^$!C'6B,`XUM$\(,7Q%\AV']*^T;]4,.8/"!RU?`@@M44#UJQR*`S6["%,4O ME8Y++C$KJ#;#YCG??2R)]3UJC*&=M2.TLX=V!K\13HJEXKMI-=:KVD+HR:\M3,&F0'U-?<)->?I,?BV*X#OY MM2R*7SKID]_&V($FOY,2SB[YG81Q$R>_HM*7%Z``Y066QM1Y@;$Q/U',T/V^ M\@*[XHP(9#8.A@-B<:T=>DY@"U%]B!H!%*,(96C7($)9E7!R-OG."2R+XI=* M^IR@,7:@.<&DA+/+"29AW.'F!'8+`D8:!?W;Q?U!+`@8BV*PJ#9Z08"E?;@@%\RXZ.?=>6?TIZ3TST5Y=5=Y;)#Z/OJQ MZDW\LE5WCE1V#L&W$H\L@#H$C3`YNUBM\((O-:C"G%!'0`[(B,GJ_G.P4WS2LE:M;0KF<*\=EEN''Z#2> ME,15ZE:W3Y+B&6?U1<3E7HF)":BM76)9$3U&R50ZU%';]0D?N+9`YV4T=LKS M)78K$^OM%Y7(Q,>CP`%(%I.=$11DE)4-LIC*ZZ(NW-"(S@/HJ(>ALU%DZHY5 MW#S\[>(.75Z?W?QZ\>.[B_]]>W%]?W$?*IN4`P\V-61(+N%P@9F?Z;BV94== MWJR:58OW^(GG7WV.Z>1J;LGE7#DELPS*)8T3)8>4NK/R-3_+JVF6\DIB8@)I MZY985D./,#*5#E'4=B?M%]_F%;;#-UMM9D^MB2A MAP!)=CI2VX[\8)FKI;\):&^1U8ZQ.&/3-NQ?VRA!7`_=/";Q4S7=_:D6GG@0 M<"RJ["."/B&V-#0B%@22+#>EK7)X:5/??]\G\^X]%%UKB\:$_$M)R!139./E M@VZ43^;(B'X=G7I4KTF"ZY&]0`@UJ#L1942?6T**6E0(^ZX='V``&ZR36K>& MP/%WL^8YNCCPVI>,P-E7_Y0C;N8I&<6?6R>G;\"ZD[,SL+=.3NT2?%W`Z"+` M]'0Z1EE/Y[\%PD)[%(WJZ8CJ=6Q/I[8UKJ?3+H MU*UO`4*U]A&B^FS]/K.`N(FOEPZZ9FV/?`BB83PC><$N:*Y;;%UG7R??;_;D M\E#!0.;!2Q=>X\R(Z$H;LWKR*1"*:NM;Q$B3*I'P3Z8JI)O:S_3DTH6#!^K5 M;6Q]:,$V[VQ;V%?[O/,Y7>8Y*`-((]VSRG+/?PF$R2.@-*:U%=?MR-9V9VQ4 M<]LORS3XWG\".O3O`=RC4E!NXJ!R4"^T<,U"07D11!ZJ+?)GXM90]O2MF\E& M?V]!I/(X81/9+0%,#&G;9,WC/Q]*'.@#:%04$-3IV!!0F1H7`#KEF`+1$S2* M/>_@G:D124^_'*'3_VR;"6YY'Z=L1_Q&>3^LK]Q-0/FN M9P"^MPVR/OZ?#X+F?;#8Y."4*G]CA.CR/SOECLKWMDY!>` MO*W%K`=!6P>^.A-U!$/W.>0VQ4`;X/":[:`:&U/[&B#K-F0V$K.3]A2SIRB- M_\$'<\Y(FI,D7O)_S-/E+:4*+2;_Y\VJ.J M8=6+7A#F.[$-KKR'&?C.XWR1D)Q&=-EYA[[,0X1#H?DI(Z.@0+9!\@5GCT0S M.>^GB-["ILRE?00]X+"IH@)4!-7`#S"8"CR!Q57IKPB0V7`])T^%VS>IC_NL M[ACF;.[0F]*],8YVUM'.//H4S.F3AQH`9)W!`XL`DW8OV4&,\SS'17Y-`2*> M<%#)U/F.6,8UM(FL@G;/%`Z4(4:J-^.O4,3?34QK9;T1B\_@4#Z7'=&NR&\3MW'+%+ MD9C2+D'\6B`LR]R\8WCR7.N,K#<9?L9I'K_@8MI[\U\RS.*>OSND_TZ=;G,5D>8V+F]5#]$748GETTV[@O+B! MB#(>"@:>=_HKHS:"^7(]VUE!3U3_QW<)6W.*6!?Y)8KI)TGP^Q7)WN=1@E'> MV.4GP+-.YJ,W#;WTU<:]"Y@>]=.E[Z86*B`%?#]+SZ0INHE M`T%M\OXPNV0SI0Y>SZ)-7)39(3_;2!2YM<+MR*T0AJ"7U#QXWJ3SI"67VL"L M]11%:W9S6QW!0QA2U==YGU-&-2.@E%1O0"F-AVD9=15'CW'"^U(B#@E>MUG3 M>0W!DY9!<&8,;6NYT%>9E>?!)]7CJ9?BR&JHCW')5Q6@NB4YP/'`RK3(O<,+ M'+^P,2(A<@6OV\CMO(9`;LL@.'*'MK7([:O,KJIY+W[';_DF`/2*:JF/7LF7 M%:"W)3E`[\!*<"/[;&SK%*](AA^B+[H>O4F`"$9[QJ'B"E'MNK]HQ]( M=C=<4BAYVX2[WEMG8'?L0>9*8M-J.`\U9LT>9MJLH6SR55"RZB%&W[0/W8Y@ M%[8"&R$@]AQO2!X/!F`5$D/D[B3@T%O;-$9P]SHT=5,M\V((YHY6#6BVGJ5: MXO**EI5$,-@>5*(8WZ*O+L5X+2S!>=>6'V0`-MA2^R-`<=P+<^=O``[2YGH, M'@)IKJL!_4O:\2(OY:X=>1Q4"`]#HE`8C@,"\WX#I=RA(3UD!G9$(6PL(Z4= MV>V";ZJ+4T1EG^A'"8(>;C^BK<.6&M'Y,KL10 M6^[MX4P?M9V!%D(L?R#SQ=^W<89/MWF"X7!Z*8S(&' M42HCAR9,4YJ87>;Y-J)(9UGQYRC+(@8KMF^Z^0?9WOO:*L,5`H0E-2ZLICTF_LW(JK:F.S6_I5GMD*'=ILX/H5 M;S=6VRR-V:%]@5%6#Q\5>8TJ5L-BJ0TEGS6>]XI@?\V+UBT<>"5-3JUSA+C6 M$0=SH_CU@-FT3?*`YA#:J9O5?4$6?]1IL6C-LXEHKRT2BP)Q5V3<6X=$X)J> M<"'4]'.YV-L"EB9DNR)KTK!,47`=K?$Y64=QV@_$PI=UZ.V]=&5'QQSH=+W( MLA+_0X49>X;80_2I?#SUBA-QU1"3#]I#<4>N@UN!A2,M7 M0!!EQGP`M&77!)Z->!N<[&$@T.Q4AP"8_<\HAB63$H%RIST=)*DMG&5XR5O4;+%MSB[?XZR/ICLE&H8&RJY`MS(#2CT;3PJ26%N:-;((OXP M/T*;*$,O3!"]HR%P29*$72]*.U(H9Q(3[[&UA`QQJ=`>"8WT._2T\!@(<7G) ME"SM2`@I64F`\H_;A.]G2GV8TVNGU>82>W.$_NM//_STTT_'.TH=H6A;/)., M[[/]\Q%]R?Z_)%;^WU%*4LP[I6P7;KI$9%OD!?TC3I]"8ET7`E**#>I,Q2EKM]'34ZGL(BEXWNVS2@%\":07!.M(>&-:R[YMB0U>V'.M;$)"LE=F'S3(1 M##0TD]25GF5KS=-FZ^4!\>;>%QHYQ>@UWUNE\`#// MT)V&?4969I5@<_!GV;WF!\K5EU>$<%V'#33(Z+H;,%&GW&.CF:\)&1F3K#PU M^`XO$EJO\2I>E#?T+/]S6QYW<8[S119OV,,!/<>I-URU57"2$"4ZU]@MM9ZK)]3"DFI#Y98+S,/]!J^+W<4W#Q!6>+.!\< M)V8BVE!:)>I,7[EQ#P/>6F=J;FK49[5$>)*^FX.`RPIATIWY7MC*3EH55LMQ=[ M4)[BHHC3&@U!N)9J`')+X@,VSS)U9\HSE979O#P!>%E.O&SXFR/4.7TJ',;I M0"$AGD&MR>DG49:Q4.DK""[6ZS!OLOLHP3>K'JC,<>/A9OTCZ(Y%7- M0U?>!Q';'O;3.`@\6C-Q8&-6;L_>=-A8/.-!(\$T`N2B$!@Z*LKJSH"(;54M M#X=^]H%$ORV"R)LS#!7MP0J5LN6ZM;>*0)NVP`F"H;0$O$`W?+0WK\<5A@MV M#.4%+8%$'I!_0@^^NNLJ9Z;LD]OHD:\>:.7'3G*4D4T(A^D8PT'"/FV-RO#[@+\5I(DS&K-1V3#14DD2,?&9J-8PU'S4W- M=H<6A'1TB2U,B%L5#HAJ9*''5PNO>T0I9/9FY10*HF4NUSZ8I'LN"7W(E="G MZK],&W'UJ;=9[@G%\F3/*XPG3OW$Y?R8X]4VN8I7P_UBQAJZ1J>MX8O).Q_[ M:VH&/D=1N&=%UL!0R#$YE%#!0&DJ0(8)0\559\C-G;(1+?N^]@-'_VW*T!\` M%O4M22F/KMXX)FT;#"=0!ME,7&/9U78V*KJ&HJ/BBYHM)[9-Q0O.'LG(QF+H M=A1#^V9DS06_LAU]JF5#S>Q$(#'AIZ02#?G9TC8BZ,#;GK#IO]T0.(2`I;[E MN/Z*T&G;?#C",\@&1'ADNY&PKM$`.JY=:1YX6%GO:10)6V>T']8HE?Q$;.-: M,:36\#!L`P_AL8DRWB(-LTB_O#9MUCUS4D3)V&3+,!C30_28X`.8X06`I&V>X8#)($=8'JAG\9GGYAK:AJ&E MX8V6C8^]C+H,W(VC9=>*+@]CXJ$[["(^7I*RNC MZ(1W>(25WRD:4[/L* MCY)7<8HO"[PV9N1`04?(EH(O/C8N]D+'OK=1;.P:T26N3!IQ\5#).(2%"1>% M%6=(Q4;7B(D]3Y,1\8XB1=0"#IY77Z'UW)$]C25(DO2-JKC0E9WQ?P;1P@R_ M/=%\MBY$&Y$V$GMZTP+N5[Q^Q)D(D:?$'T M.43UT`?@\`,*(%@*#4#8UIT.ACC']%L\TYA\CE]P0GA4KDY<[`/31+:&JEK6 M%;PJZ\9P-K^2V,2?$N=:_5DMPE.,Y4YH8@X853D943,]GJC4.LS1V_>-+;!! M6"-/3K`Z[N&J)84JL;>&+\D`*QS`IAQ651:NW,QC$[.[&B:1N];PR;'2!_@& M&7.?HRG7LG*(\;P'!U/6#>O+@GK5[CY3`K9][0>#^XGV77\``#2(_.%NL?2+ MTC$MQ&B8!MM:B+N>YAHFK0545U7O8[^MA7G_UM"*G*N?2JF0":GH(MM5G`4? M!5UJ4U_[`>-^FHVN/P`D&C0;7P4DQ[01HS$Y<1M19/&BJ&Z\^9C&17YW_U'6 M.NAE=^V"2M:=A'+KH,.9!HXTM-/HSW8BY>%EB`NA=U0L_SX'D196FA2S7AC(S,6L]I[YR_F)IBQB`@8ZNI3S:=;I=Q9I[V@CO`[,K4G3OH MCK\RU$ES*'C839M!O>!TB]F1?K_P8]$'T5WRO@GF@_?.'.I9]+![0>9#31.1 MSJQZ7)XJ^<0O6XD^1]G$UXW+JXT8?ND^['NB790+[?C``>P>1*D+:QP/_N:GW(W7U6@ M.[P@3[1+%9/T'F+Q#HHMX2-4BQ^A M2@'Q>@APWM$W;-7Y@0?+S`[-,HW/Y M+`B,JV"L#[`B+(*&22^1T";8]>+9@52:.KQ(:RV$("$YN%/VNASR3[C<$+L3N8U>V:,Y&X?[$,79 M;U&RQ?,\WZ[KRVHVF,V\/N!L?=R#IG]'U??WZ]EK6!WL4I6I(DH3DU M>X1R5O0@L^N)@XFV\9R>A":M[32EU+?/4WZ]-Q:3K?H591BX+Z*L.*2P/*Y3 M,F5Y]8'YL5;\%I[?5'BVZ@U]B\^"S_?&`C38XLT0?]@A1>43^>#24BFF;@6V@_I-`N62P<4C%##NU3 M+I$>/4QX4X\,\E_';CSH_>X[S`X]I#_UC*1\G<,V2D#G6-U+X#KYZE*"J>9D MQI<9@:_B%[R\3&E3^Q337S'/#7ZL`73AG:H=W-=LJHU$:E.FKKAW$LJ1?`$_]` MZX5@0"^=V`I>^L!X"[?"QD/!]DE:MHJF,LD&ETNC[[E5-*#SD8K/P5WR=F@4 MEXT&'PC')UW_$B7X9L5')JZW[(`H^@\^=G&9YUOVJQYH5IC33([^@'[F,T*U MSFRL5%TCH(4ST&ZIO5]E_+(U-V,:+#0MR'I-HTU>#KZRZ:_RSZGGO,;@A[C7 M:R](6%CI!`%K[Y/W?FY6\YR`>]@&"?`',`%%*`B>1OK`"^B89R"=#H[*U.3@[9_[INVM)`Z0&STH@*Y$L2>D%_ M29!!`7P@!;YX^X\(O4&5MNEV=J.,#K6#5E0(=8#E$`.#9K#ED"+#I`,O8+]( MW7,#-`Z>MD'W`0&*XZFC"%>R_<1D29<3-!R_F1ALT(,%1J:OT*OH"X/]@@`B M+B_2Z6#-WFYY7CY?T!\:%Z]&4__N!@>1=;Q!L&@ZM@@>.[R.13(+G4Y.9O?; M]3K*7EG@ZRQJKG7XS4%WN#SF_C)=D6S-[8<2"YV1+(Q_$%B2Q;RQML5QSJVD M09#/0\?2M3C^F=?K."JV(+18F1_M>!EN%S$\2FJ[@.%P,HPNWNX7M)=3MG\! M.R2C7(:Y.RC#.OEP-ZY(1%R,>XB+XXOCX<8/+P6T#9J.#KL]O9TH^LB"*"7F M15[$-%G![9-_>FE.>"$3@!*:\`D#1'TD'>]'%U5=?T%P[/::`;D7;;_$5F1& MO1.]>JE18[X3#0XA3PJ=]!;Y4ZBL#R.OJDZ0O>?A)?\;CI+B^8S^P)OL*4JK M99?J\7%K"X,,R<("6*`T]NEG.-O6O5G`L[/:"6KU&<.5[A$JM1%31VW]T(:> M[>$G#$RC\"`+/L;&Q!'&LBP!1!'%*FYU\#!5',0,O2)8J-"Y\A,A#+V:!08C M8Q:;,4(+`L8P$G+?IH)EE-?9$#/=S',(!.=[,7ZEQ5UOUWWW7`K=/";Q M$V_W)K[;`1:]XF@$`QYIH!IO7A+#7,L;"NT\C'D`E&@OG.OOQ"QW6E;F4&FO M'NO(T8IDJ#%9,C3D48U0F:H=PPB-JJ&,6/"I_]LH*UY;.\1,LPX[=<%8A9DZ MX$"%B4-?HQ06ODV'*(Q-SAZ>F_[&?/'W;9S1KLB/B&NM<,;^U5X*0K.&/%YR M"(;R8I\MJXXMAL!AE91`S M+*V`A0XKOQX['F/*819-["W/6HLL2.1[HD*))N/@*`PJH[$ABRU6 M!L4A9D29IN.*A]["J#)X(DJO1S!<@GXD8$ZX?8`IF:/-\Z>@3ABYO&[\TV`0 MT=:"]4R"EP%"4Y]>5UK9E@)FKD%W;ELH(<,>6:,F%^P&[TR-C9MN\#8P9^/7 MQS"N9Q-U[='F\`7G!5]3&*?H-"8/\1KS)+OUS_OM8QXOXRCC MYQ0Q"XB;""9(V"#,\L`B8<7;'UK4F+$]N*CG/X!0<+'>).05TS)F+_$"B_=Z MS!->%KZU]`XOR%/*+E6XY?OC`*@W1DLQBYLCF*Q+'<(H9/E[\\D6>(L9]&]>+TF M!?X]8C^DR&^R.W:MG4&G=*2=86BTM0,7"NT\^SS=;51)#./="-NSYFRH>I$N MI42M$DR4&@E`<50:CP5I%+(S*8DZ8\HU)4-\'$`RKA3>Z-$_5J1EX4^HM(&8 MD:.&,HADJ#04\`*!J?FD/QID(D)-NG"@G+]\/<<;DL=%OS46OZW;V/Y;U[C0 MM0?:%1":5C)8H#&K'Z)E^11%:[)-BXD9)JDD8O1E>V3H"G8@+K(Q(6Z?6/Y[ M1PN3L1'D^6/.MP8/`*P6:Y`L$W.&M-@P++:5/M0@5ZC.JK?MLW31IUIDZF9% M5['$KA+Z-!!K=/F@LAH,,<[C?)&0?*NXC,I<0T(7H08PSE_H[W^BOQ=G MBSC'MUF\P'R`M2!:X("N`:]O1<9?J1XJI^@C+C3%&I6"Z-* M&M7BB,OS6[Z75"G*5&-3"@;+")2K"(YVYY>W"G&$=/$RF"&CKS@JRN8^OL*P..EL MR^@U'M5/_H7/(EVFY>)7U:^V3>SA/9MF])">?;=X<&4%'?38>[&=6CC@TLPJ M-?3$]&@[)$[0`V]\//#/IM7Q`VS+U@:N$%;-#/1O/]SFY0/)5CAF9X%.TL:, M=`_5T%B[G[JUL2SP_H>-_/P`KXW/F"(U+="J5'ZK;=!8?D(V1`Z8!VZ-+$L" MVB2-^@H'&*[V-QCDJ?"AQ2K#@2#U?I+62%"K".P@FK(0VC&A;W%P4C)]W8$P MP`$@R>)%(V%U]@NVD%%I?@^#&1:+&O4&9O,D03D_:*`,;XMV',3EVH#0!ZY5 M*QZ-:\LH%(A6/QIX"(QE1NPR8I4G-OEGT6CV5*L6)8P)D1[FM+"E@YX&0<+? M8%[E>KM^Q-G-:KY/E@Z:4]7LP]?0L.`,!] M"]$AP!%:_4^ZDEVO`&;0-RR=5HYN_D?H]&5^_)U.W-2Y+/>J% M'),L31[E'&IALJ7SJ=?Y614WO$7)8XKO=9F??8&:(5A_L0&0>9YOU_4OW^`%_:'G\4N\Q.GR+BJL$VXH?ZZ#XN;^IAHS-RUA M.,L2+$OL9=C=J@RS^@EZC7%2)LO/VW29X67Q?+"K%JRI!#$(/P:M0&/TIJY! MAO#M?NC0XR M#95O]P->Y:KP`+3*5>AAXN5P@C(9IY-_*5N$%#^Q*5.?ZUSEI?2Y)D[F57+J M`Q]8/=B*6K\'B$;Z$! M`+9O(38<9":F2C5_(PDUD\3%Z[Z&!,4>?0X*]CV&V+7OEO$P!@:%9=Y[#U]0 MBMGNV5N!RQ>^B.=YU[[Y"+?NMA1)'IDT;[\@800O8T3-B*4V]T MH#"8X+3/P<+)H]-!IJGUAG_^UN,))C+[4.>6#.U/?5I)OT3AI)>:$GH]GD3H MLUYX'NT.LUB1K-P8CV@:B3-4/&,4TRB:LEO)T(86\`V,(FK)`7E4 M]%V!'DTB_ATALGWZ-%!7NKU3'2;%*ST@LD)5X-@Y^18)'+%ZZ*'@(+,P4:)Y M%^=_?,@PODQI)H#SPO=0H\\A+#A84/W/HH\>?0X;H>/N'K) MXTC^+9#L&;IO/9*\F>QQGBY_Q30O7I*$/+W:G9SOPZ./#%+F,:3&0%S&<,8" MK^)QW1E&Z1"V_WZ+3?IGP-82G@TQ:32Z-Y2_/:6K>?`_@72PCO7LY MQ]W`>U"'06O+&\10J5/1]W>$M%F)AGEOZ^!%LD*D:G,.^H9O3Y3U=K:T%0]\ M'CNM+8B_(ZD-O\'!ME(WVR(O:"87IT^0I^G!>@5JE8R]3MP:&9;3MA7:<$!? MI%YW:-J5W6HW M'T[PL1J4*=ET7T19$4C\\;W!U*HHW0CTB)_B-*5_?HM#`<0A3UM.PPY$0">! M[Z>PL,>,[Z_,@82?$]@][YU0=MCG<+Z)^*4Z+_[-QJ_P3KHO?\,\75[6NSUN M*?GS6Y+$BU>C#K:1!65G66/!2\17^MS3>@&3,M@'8[W5@[HQW0Q>VAAF7-\F MX4AI3!]:#,HR#>8]3V@;^?<`>,6$#,(; MIASU@^Y(DGP@&7OIKVLE<`+?O^HX"2=.MXH5TNI390GW%*_[CF>[0U3J`]K9 MD-,=SHLLYN?D\4%9_O!C&A=Y.S"C3\S4^X-YA)-W:^9+LK&3VF\ MBA<1+>AB0;9I01L!/@\2XYS-3/&)J7[]8C526>TBZC@[>-#])@,ME<)7]:-1N^E M*]\ZYD!35I%E)7N&"K/F&:4#>SHU$\0U0TR^9P_8';D.@`46IL?I59SB2_IG M+L/J0*"/UY8`%&8;DUYPV[=NA-VN4AN_[`WBKT(!\;#*1$`6?F0)F!M9(:![ MEJ8']N"L.Y+AI]I#R9^P=53R=EBX[3[=##5AN**F3\O1+)R;<0R M"XNS^X?YP\6O%] M?;R>?SR_?+@X_SZ0P6+UV=G-]3EEY\4YZA%W?O\W].'JYO?[T'DJQX&8 ME,KZDC)PH"6AF\1Z"-SZ$*=1NHBCY);D,1\WU'),JS+DFD(%CG-2)YZXI_-G MR$&UF=GI_&I^?7:![O]V)=&VR6[Z#I(WNFQ(>:?4=U)>2C5EO!1XVUZ M7IXE49[?K/@D^?Q++.WPR>3Z#!S*0=&N;]D+UR1.C`@FU)WQIWQ\FJ]#^,3> MA,(B::6*J*/Z_A*^]%6$)!';G9`9M!SMZ2TV7?4K%NTCT4LV[%!(.O-#:AM^ MNZ76EYHH:NW9Q=^W[#;+[G8Q]*D4F9PS^LHFUK72YXU4J=.:-$N\WR+E^?;C,WNE'O)^/X*_O*FOM&T M/!1@L"9UM(%V]+8T`$%!*Y<^)O3'%D++6GNCLWIQ)ZX?![3+9CS`^OP>7>4" MUEO9&@2#$269!/.PK=$H]_!PASG)O=F*4MO.$:5,68"OES&JAG+/E`FV6;W& MG_FKX6B`C9))\]E2\AD^&C?[;B;[CD?'BJZA&0T):U*W?R@GR:&TAT.4F#): M6(<6)&[TC8G;\[@W@.ZG31NXA,$F;;M^R4B>HTU&%A@O<\10P2\^SZ.$G^^^ MJ,#+NV=?%6S'-#Z.N)V\D7FFP0EG>3FX MR#6M'9(6M*9H49[J2^VD\T0^C+<;+4#C$+$#K#BP(^<>2J:-1+`.9_;J_.+N_L_H8O_]?'RX=\#"$;PX.X'+2^0$L0V,#^#&`C\"PX\5'H)D5Y" M8R`AT7J*A!11HNT-0!7+?QPLX]\#^U5E/E99_!/"W.9;B(+^HI_OJ`!Z M,B!%`;Y+'+1<^R%?/4WUC7=CH7,XQ`,X"PJL+'`'0($6:3^D.^F3KC1WA!J# MJ+*(VB89*KI&46WU&U^-`7P61S M1!HQ27B%F[>1&`9-;=0^;`C2FQ49TB.4;4"Z:E5PPV#&0J*A(D8HLPC=8@F/ M&U&(B.D`=/2(P*A'&A@?0R)3&\`_D#-)5-4GA[WN?!*!M`+N09Q5TBW2E>S$ M$HV8&/)7<*>72`Q[A'[?AP7\KWKGF0PHI5S05@'2CY<"0\Z45H- MA1?BG6LJ&3$CH':KB:QZY(+YYC2IGH`%8>P?4E:B'/[:76@B<07P%3O/IDM\ MJ#_QB<3T@-GL+[;KF1JF&_T5FC):A+#;7U.C:DIH=OJ+%31T"&&7 M_W:S2?@FJB@YC6B5+_#],\;%;BI!,69OK]K0QD;5F4OFSF`)9NU7S3I+<[-* M"G$QOGF.I#B`*8$1L"'NU=DGK+F5+HMMO4]&[0?V@]G!<\OX)5YNHT30RBEE MJB\FD7%DI=`J)/U4#E0\D^O-^"NV<6?W,HB635V+Q.*C=TDB%&^S06$O'-C_ M'A?/=SCANX;SYWCS0"Y2^CM?A?VBD=HRJNBTH4FD]N>57D:NK8AG8''6?L^0 M64H$T@T;"R858\UK6,-EM2$ERTW*,!W_J8.;5>MT`%&SIY*IN2R6<66LR"HH M+Q4.E.R3ZLUX#XZV>NT3%]CZK6N2OH]:SQ[HGWFT*,\G":)=5%8SL:B5'I=$ MXAW&R.U-QHN/.2W215[$ZZ@8'&@@?EG]ZOY+1PITS8&?S28TKT*^0&%&GS'$ MX_KIM#B6U`XQ^:9=Y';EVI`560"O:+#E4&+3=K5\W%1S\_BHO(>&Y@_5?X-9 M!C4&`I(%3S88F')I4[4\6#AQ)WQ7_.T<0=ZR!!RN1=16*A_*S>A5U(+-Q MXIHA!A^TB]*.6!ND`GWH*@8+4T++5O5[W%3PP=:O)`R95W``02B?I\N[^.FY MR+OK["7++2VUNH%+KP6#=YT?R%Z)G4L#AAA9FEVF+S2%XYT3VJ4]C9Q0C/1/6G4S4D>#D49< M@\,HM_")D4LQE/%CO.%9K8NB4KD^=JY_E!?9V3E"C\P2#S7+TE8X)WTYXI1` MHJ877T;9ZX0;AQ)-1B&KQ--@HYE;2?S0Z-B<1^^_D<<0+^&PQ_ULA_&^P? M?JX26/K@/VA&'2_PS>H7EFCSPZ^%@VK;R,5&$EQ51-L$@4W\".BJ%9M=H=7-&]EU1ZA)SXF$S$1M"(9>HQI=V;QC!:T)/&"GR*V7;(+ MS1G_UGC)G]$/@RE3GG^8EHE:`!#SRNH22:;!OYG6HB=<.0_GF3@8@RB:"I6O M603G`N61]8$,]4'`1)*AN.!D?(:ALVR5/TB[L"9>QJ#EY.VC1=(\NZ#%:_/Z M@+.UMG%M"TF;UE((%-?,I/]FM>7%'-2-TNSA&2/*I#4B-'%"GY]CVH2R(])7 MVW1)V\Z,[[Y]Q+3[ES]N,W;;!.W_18L%R99\;?/GN"@5Q-2(GC+,%V`$U^)V M4"&E1K\.=;Q@\G)6[*QY`9JG=K9MWAYBTC:6H>ZP06'WZ;%7; M/NRQ05M4_FDH,G@Z?]AP,&X\S>``V'!>K%9XP2ZR/(^*CJ]Y'9Y[@#)7J'ZK MB8(#N/7FH1M:8X\RU!L:X`TPKF71D@HS.DA;U(G;40M@D#%5UZ6.7K>FD:D7 M[Q@$:8/-7;FAC[;-%P/HM0=6FO3M;:).TH!#PV[<^AG#+M"5Y+P9`TEI9^C* M^=0935G]=XOZKLR3DZ[FC/T3Q?S,E0QOV``BK?Y5G-+>3QPEJ$(MN]&0G>U; M]8\0/]+W!T2#>XYW,JP[M:UN[%N6*R\PLTJR\ECG.%V1;%TN@HGRG%`/;)B; M][&6Y;:0->]8YVB):1E*;X06D&1H':6O*/I2KBAE[4=9AM!RJB$*I8F5$"ZZ MY.JJ?42.D5U_$/?4(1OX&`EN^?#G52BG*\'AQ[BS9@L@P.A^EI1S%P\9#2WS M=%G>U=FT);*#`&S5JB]@KN;`$%,GT"V"I5\9@ZS,S&II5#!Q/O-$-F4T;S*' M1UQ\QCA%\YQVM>,H/^*Q^HP-IF7HKIJ?0A__#;UCS[\[>XZRN'C][OLC;JXO M]X`7SRE)R-,KNHK7M)F:NH-@C44R'B==)IM:J&EMYW%/%`!I,6P=0H#_N(7^ MAP;]I0;:Y-5RG3S8WP692T68Q;+V(OU^0^XV2) MLFJ;&85:W-F45EYSB/+&(*(XP4\DB_]!Q5,-.ALA?4C%`TAV@K` MP6Q6\@U767_-$UPA%W56.S7*9"]_(!=?6(-YA:,Q<.]*V!QV>)`RG6A?(S^ABQ MY^B,7P7>_#/#4<).Q&/KM&A>P[NUK(<9+9=QR0':CXS7FXR\\"C+.=%6:C3R M(MLN6!CL.-&G_DZE25]SECUN,WCE,;[J2.U%"#$H$Y['.F+-J00VX!& M&DQXE5FVPMAQ#V2A[&`:5=NRD&A5W8!!KXRMNCQ6(U7]%JF4`S@E-J&#H=J- M#*XJK=U>);;?=[=5JVEIA.'-5WE$^.:ZF)>HE`C7VG/ M#Z)`@I[&_@@LT0!8S?KTTL:C`/)&=W1(0N)X>`#/KF#ZVQD-RU73W)-@.D4A MU9H_$4HYCJ4);/J8(9&[40V7R;1FYWP!?UI%QC+B?8Z3A$^',*T`9A)4=4J, M*V`XR"50:(]J2>WY`0K8\+_"_@B(5`/\]=MFQP>'RJ%C0S%@/PX<@#'O-GKE M';(/)+NC_Z7_^1!G>7'\YU])6CSWIY(-I:O?J95V@+C&-G1,-',G`[Z)]NPL MRI_1II)D(&#)(\G^E/.<1Q[1?)*^W:9+W)Z8Y30I!5?,,CK^,UISVQ,' M5E/`$.M:[7))HUASRLB^7U2"!&!#/PYXI`&YEN*PNN-[BX;X>FOPDL1J.'RY M3:<:.(";1S5TYH"R$W83(8UL'$O)*\J^$I1)YD3A4`8X"WJ_B=@6H]-MG+!% M1CU02MY6OVOPU@'Z/5O0+;S8O`S;(FD^")2S%^4P=?F*=7N:89XEVF1X';.V MFDW__WW+MEVN,)YZU$=6BT3[Z;L`[@G6@!7JPT(!I%F5V+4``6TV[_L(.+2J ME32!YG4+V#UYP&F4%I>MF:-;6A7IX%AUK5Q]#-E2B;(T27I68M]G]^;U.U&-] ME>)UXC"G1PFQJ-#>Q6\RE9HH&IN^X`<2&+4>1@'OF)VQQ`'5%CA"EB8@FLO!F:-*NRDKK#IY\;-*DP2 MW=45!AB]']@Q3%?X)<;+F_3BRP+G^9R&)_I_R]^B9,NCY.GK_?8QCY=QE+V> MD?4F2E_[W2TW*W5G;*P5E^QGG$_PCIQ3,:2IDX/5U@T&!3^J*^%VZN$KS*WQ MIHR90R^U/?3XR@7RQBJ;U&=FV1`7[?4MV&=XFGJ&WQ6Q!`P^O;1NG,$FZ7,I MSS0T@NF0NOGW0"#6F87AS==.%%F?>3*F./:WQSL&[(V[%<(#7T[`^,*W4CYO MTV6&E\7SU-LII^>/;`!A,OY`IJ\T([Y9E4,=\R0AG]E0]6`N0"'3S`,(99R& MU006X(HGJZH#54QV<,>`FFS@>5("&&==H?HA.([X;GI+9\H`YHV%]AW1IOQ[LK M%2I@-&`X9"Q(A_C'@`%PZO17G";D-LK^.)L+=SA*WU>_0_#>`:@#:]"A4>9` M!E.Q_(P_1NSY$3J+DIB&M#2.OL8-CG)\$(,J[9)A(%H306(#&F@@T5!JV0IB MQSV,S0/9X3BNNB7!SZZ^P2\AN&,G9]'>@/;$#C/ISF4$"FGGT]JEML&W@QNY M4Y_=KM;FB^$V.(O)DC?X\9I=)U!J\#RQM3V28B.E)E>O[72SNFFF%/E37AY6 M5I2;XG"VB-F8/WU/^GOE=ELJ62H[]29Q0X`1:Q2(CHJ7*G:/B]?8]XMBP'L' MM'X<\+N[?Z`!;8"G>("C2WD3`02\`$/]>7E+"S3T3ZUYQ M"Q+8S=R,1RP-ZSLAEF)4X*U.9"@%WQ:H)"$="E60`9UM#Q!I90Q,]!:'-#=RE]/P>!2BV7II&33 MU+'9'!MD3.WUV*35;1AEZ,4[#&'BM;$K-P`>]X^0D./N;<).%L6!<0>YV&9C;;K]+ZY+R\+R:S=*^?S+:VUVH9R0G]# M]=&2&^COXY5/XD\]'3@2;\09!())>G-#GT5^ZIE6'O!/N2>K_("SWF& MHP\D>WC&[-0.=O8$*U&/.$:R]=XPM:S++A659?`]9`;.I-M9M+JM!*L29K=U M1\TLVF/$K^IF^[(93X,Z6,(,#,2RSGI[9U1JS7X:O6V?:(/9TV;B933.V-XW M/;S>$IQDF^=`\`1Y1E^SB>8R762LKWZ3UN[F:;J-DJ3??[91J4_K,U)Q.;O* MP`%T9+;P*3W&RM1$*T[OMCW1<%PJL;&K'96B2G'JX_EL8$+&56/OB"L#[>:< M*V-/>T`ES+E]%LY<\P\/P\P=#S9S]`+X/%^%AY=P7AB`<:P M.HX^P2D[!M`#.`$[@Q_8X@S:\92L*Y>]KG[C\+4#:?K&H-,'B7T9&X3BL_KI MU[Z@7`H,HJ_,+D'ZDC49Q!:`\062",@,VR#KN`.M4-:1CZEE22-M4\U>NELW M*W8(>YSGE)`WZ6U&%A@O\YL5NW62_B^_C5+:\;)1'G3!S)1!T@T35_ZZ91;> M]3F(L;%9JX-67(&6QQ8,L=S&Q,\QBS+WO%?S`O3\;MW"P[_8(>[A/.VBOD5["^^L" MMK;+Z!?94-U(4W\^.I0VON'P?:+&=Q?3H?8R]X-Q;<_3+\8!>Z._9&P/]>GT`=XFG7A4LP`11 MU6:7'3N9&OE]+3`X@>0;0Y-F0*)Y0JO&#Z/&)(VVKLK<&MNN+:N&]`5GCT3> ME`XMFU7="9N%RC']L,\EY5!4LI;'@\.H2DG;I*O*89LROBI_!LN)AG;-*O+G MFH/1X7#PYW$5]S/@#9[-`.MEFM-2;-FU>7?X":?\IK07_"M>QHLXQ<*1ZY': M]8V?MMHN%SS:^8).4,:YEUX+.<)::ZX]Z@2ZSW'QC!:TP/&"ID%+_((3LN$) M"W]R>'4]]Z^A(O!%G$/0NHK0SU%Q0.<;_?D$/<]OI.+^` M<&>WH^ZFCAHU!NFV(JHU`YD*V#^^93>M[@W@;OGD"(=PHS%1O5]C#0< MZ&A@'SJS,G< M/3Q'Z0T_.#"_WK+2U7-3Y?P52>\+LOCC@9SBRSS?4@,X^YC&QG% METV<<9\LI\J++%YP,8NZ+[?Y!6^J-+Q7CHY+;37.]1>V5O^ M`3S0ZNBW::&64]Z="+7$S07>@9;/N>,4\@^#N:X^\!]XB*&?]DNY-<2=HW8! M4:N$Z/05M>7J7UBT^Q4\X!_L`)#HJA$P?`#%P_8M)0!E MFY(YTXXE/MHGACUDF_.6)' M\5`AMGBT;(6^,4:`BA`9$T)^6V7O\YVS9Q-,KAD4K1@V2.7I77F-&G[!!FOQ[ M%-4F^<[:<@-*=4!VT5Q\>:@9O1W3G(=7;/$,-49BXM=]I,/\UP4=3":>L+0I MYG1A!*+C4D\8HL8=HOZJ+?B7*2I=(N[S6WSQ`O&W&6"FF@LS+9]9'^PO981) M,3^T`GY.RZ:TTP4:MFZY"A/EP1K+MS`?%&98`)^;"2LLA-R/I/]=X9B?;5J7 MVW=O4N'25Y]2Z#*D4"TH8/#]2WF9]Q:U947@QS0-5A2+>I3E64QU)[1XC@KT M&=.T<1'1Z)LD>-GN0`0,LU.L*.S4L<]3!WG5=)!; M?G>=Y6_QR#L!WGY`"JS[+"EE`!.9(TH\=5AJ=:=7I<2;[E`'%$#VU;D.(("$ MU-'>%L\DB_^!E^7"2^A.M<0\5`=Z8'[*P-PK3'`=8W'YO$50*+J\)?$!C5P^@!2@JV3Y+#]NQVT:'T\(WKHX%YN&2?N,2E'&?Q&_UG5A#76_#H=0M=S6SAVS;CG"\Y@@]XJ,C%_ M.SVO"8COJT>U1^*[G>3NHT16Y\&7*+Y(_:U.D)1PG[3_V8WVF+[^1GA8;!XN MX0%O`*B]I,L=)#DB!\,T=R1)Z-^L:+THXF2C/IMVG`V78QK'>`0_O]:A$-*S M'$?;G,T1+77"`@_O7\3EC#@+`'$2-_OJ(U2%!,2B`)_4[J0E41VGJAGO*GA% M82SS=D,K`0)/[^S(,>::TR3'EV4*^L`FSB`3ATM?,IH;6QB5DO2;#"I;[_\7`G7 M9S*Q"S'I]WFF'9GFY";>29TXX;,"#!E7H5U:FFC7+#3WM`=\@N1F-LYO#822),4'"`-:''2S+?*" MYK%Q^G3Q!6>+.,>W-)G"\@QFCQZ!EA`9>9QP#L*@?*$M-#(OLJ]I"M,2M&Z^ M*H_D+V71A@GSWEITP-GA/LD(-*MAB7;8>0X#YU!3'\:_,_S($\2Z)XNR3AQS MZM51U>F/TM51C]7JJ$JN=Z)=Y9/^L?-ZA&J_B#L.*CE[N['(T_*J\(+1M(NP M#`L9SJX7BP)/'))HU^X6UZ=:]7(@MAYC2<6CC&_X+86^+T/+ZEMDV0^6WWID M`>SR7J9L;P`K1]V]_AW'3\\TC1UV=NHP,,;[7N$-T@<9 MYQ8.V+1GL%-JAEB/4`/W2K&7YG]=L)9DV_O"M5L.;.\/+IT=YQL.W33)+._N MT`):DG-^73B7Y'[[PCE@1M:]T.6V&BA=GKX^/,<931JSXO4RI8Y?H@+?)M&" MYY4]\CC9J+[@2!L.=!_E$3I;AA%O:.-JM5?9(,X%'(L\?G0H!3@W1K8IV[4<0O!+R*4WQ9X'7_+A)C^>H[&<@[,%YK'3I+-'4H([*9_HS] M$\7TW^R(4OK[,1N>*W;B[546B]8-J1/G=N;@("/JK\L\K6K-,D,?OE$(DG<9 M>W+"'\VGSMK7[K)FHH6]3QR=7'KB*2T_>)-D1+"`<\MTC%S`C8D9NW."W/".V)B(E!?6\Q'C-=_&1K/VOG'ZU MA):CX&-1U>'GU10DGWG,?J#L1E&2DUTI>L[0Y[AXYD;7I?X*1^7)Q?RD=U:& MR@T3I#T79IP?RTZ2KB_^4];T?QC:X^2U4]+R2ZS:CN*<_HM^R:S\J/QD>$12 MJLAOG4]B^FY9;8_/=@?%[W[B[JQY"AI:(8&F:EU&:N+7@#AFH8NKZ<)6R[9/ MRGM-RSI>1I-=EXYQP4";Q'%PLLS`[/#D)_-JS/O/NCJN1J-*EVV]/519)EAV MJ/*R-.LR/8U)$:]Q/1W)-VKSEOWF,8F?>`/S0,YCMG?[<5O@GO@#_E*<4L=_ M2-=O@7L8+/("]`"RH@"L//Z6BT$74;\X`=8COZV'93DT'5O&^2(A^3;CR\V: MI68L-60SZ\$M.H,GQ&!I@Q<$RI8_@#D;KI$`_AWAL1MXM1QXV?;,Z^ZZ.]JY MHL(/5'BWR[D\WZ7L>>[L,^3L/`RU/C$OB+N9.-\XW#"@7>YW*'$`:N$@:*%\ MK"X$+^">H\&)GVCP+0`X0O30`P!@1ZJQ3^JY]58W[I8D\>)5UD,:HUI]>3M5 MAV!GXPBZLS+"MRP^69N:-1%&<:Y``+/AHS!$W.JVRWX;*S6M[3WO$<(@&?D8 MIU#@/6ZAEW[P6JD:A$+EB8B?2D443%Z\3R1+,ME]0-DM][3U!I=4CO$,!>B3 M+J"%$$'H"G<:&YWDWY,-U&\O'G!V7*+:<)'1'N!382;86&U ML%/73V4:?K#6P)N\1Z95GMVUUOV56S<6K#A/?!@UK@P@BHOLB5WPEM)G7#OG MD_#,*OK\C%-$[4X^MFH$$&);C?V.CDIOUV?16_>*0:`A11,WX]''!_HJA%%D M;;D8(J5<#;2W!2KI^!D,JEQ'M73V(0>H3'R-Q]:)";;XIH/G;;K,\+)XGGKC M`336I$,U,%@#3`0^YK3!^8#Q/.$ZK::P0J=%EM0`O?XZ2!#WBLO'G6WMPM=:,TFR)L_)`G"7ZT'A`\Z<, M<$3P,O=UI#Y8UYDT:(?GFQ4JE]G MIN(`4!,'8+BU<2:#L[F-62W*$_M2&+6DT:=:?N*I'RM=*.KZONS)-;TIV:J",:KMZQN,55W/'S9T!)U@C/"M/!+8QI1DT7+3 M62_[SKO>>=DC+TVB*)!^]"B`$;>*%QRZ:VBE<]XAONV'Y+IU#(K@_2 M[PS\,/!66KM!H(!6XNX3R*J#Z3TC&>"H>`MOP&>^6WJ&PO.),9Z_'@BK3D#W M#&'H:[C4KB6]EQ&:YGD52%_&PL\^6QW3GHVU*?,V)Y".SA@(F;/5H-MC8<6" MJYXZ0>?5L0S\;N#+=$'6^"J.'JMRG&WIN\$(J)5./<9@IN,RR&#B`;JC8^-4 M.MA@;&-V%F79*SMZXB5*MK2WDM?3D8\1-;U@O1N,"[1D)__1-\G.##N)8\O/ MWV#3\Q1VR_H\CB?FEKVF?G]`'_-R'39%3((7Y1$?B[((B)][L3L(HVW]';-: M#>F2%*-7'&5L;VCK](Z4=><31#8XB_CQ&8O718+9Z1P)29]P]OW$72X[5).1 MH.N-D)BH-T,DYK[V02.8P3H;;\X$8L-U->S+6^E+:=02/T*5PEM&HVS`S@L< MW?I&QF[@.D56+IU!>=("93L6OV7\2;HY?O`'V+&YS5CS5;Q>X2C'SR197JXW M&7GA"1I+VB[J=3ZL&?U`LBJC>^WAVM5,]=7&FW'@XUBGT)F78SEDM'4RRX>> MH^4R9F6FN4[I^;'K0V3 MO(E3)F<<$SA,=2/)6(MU<'$KT43T`LG(7`O@@U@T;ZO54:./V@;*V=?:1-F+ MH4;J48O7;SR1I'Q3$L4M,73Q#)()? M3VGO7+Z2SM;6;+XFV[1<7UG+EDSGIMI'"%?)9C-FOTLU^?T#:5YDVT7!LM+H MD60,7*_54<%DN2W/DZQ#QN1+,\>@DCB"I;\]]T@)HZ>@(KV"$ MX$M/.?);2JC10ERMS"-#F6+>+YJEJUOW`6>WI,_:'5RF-\HU&*A/&E"W$KI= MO/^:X"M)U?8#7_"DK'%XQ[9)O`CN7-#*=9(MH9PSXP16_2114["3>`E24 M&<98K$!D#A+3D/=&:AV-PLP)VW87KQ^W6S6W,$U=?XL#_X:AU^+TY[`=!;P-C//C#V MLY_K).:K%?WR48'S>?&W.&=7'RVBY(Q670^I=DJ"2Q]42D`'/,M=0.>85EY- MSF'6&&G=_L[2R>=&@K.L7DC'IX7?Y=^S*Z\XQ2C44URRD=^3Q?7AY:$F2X&SR(\6LT"DX>=D,._*SE.7Z MHN.1==[V0@CPVPST[MRI,+AS(&K$V=*&'C/>-BH-SOB'A"7<2?QJ/Y!)M)U7 M=W@.#L'?P?.(X?/M@]+@W'E(4`*.HYUN\SC%>3Y?_'T;YWSM57W2ZFW&ME`T MI\3,^?HK+I?AY3Q=E@\NOFQPFN/EQPT5V1GID<&WF^J[^W/C$`1\%0HZO_-< M3EF<\>JV7%2XF^+=O6Z2R`@]5B5@QS4_UA>65N=$E5._U=K#J'+-,\7J&:Z\ MET?VM!Q,G!UZ9QS9'[J[4=67QSH.^_U%@082D+S8=P&G""$T]Z[-H]:KH]VM M!=P%VODX0J51-&^'B^K912=BN]2 M3A$TV((#]IN;Q"%E0U/O-QE9L#C"#@"DI'SFSY?X!2>D7'I=)QC?@@$8/M]. M,`"]V^*VA.)=A43J_WR'0[,^G9N19K1\G!&G09DQ+N%'TQU*(1^S&6VTUU.J MK[!9*H)5&=N*YXC^G>%=[XB-`(D[5<_1"]O+3CM7!<[8,_K/U;9@1XRQ=;2\ M6T7_9F/RF)WNC3YG<5%@-L_&[ONH+P&)R;+7FYM\*-Z)"@0*F/WAIS'V=L-1 MXTLS"3N!AO9=W,/SD@_]ZQ,'Z2C$U\T+Z63!-,1PG4P8ZQ?R8A27,L#3@TT] MW-[]/]%Z\]_/OY'`*A6>B@2`:6PWA_Y`O_8O.*,9=X:3>$USCNRUE6^+STQS M,5%]SW$F'`+!&(=@#:2+04C`!L(\]PDIS1#O8U MWF8D7\28?OO\JEC^BMF%(ST^F0E7WT'J.=Z4T]OKZ#])QK;5O^.[;_[\T__]?;VX MD6R+O*!]27XJ(N$'"Y9WQG,W&_(99]7F9FY[';&HD1.::<=Y42ZOC,IM/UGO MFK>F#$>\=/@+3=$3S'\-MT:!?E0NM#QJ;ZEF%LMOQM5X=9$RL>^4B2%YIYF8\"VFNR(38`848=<2.$!7\ M`7TJ92=N`*&!)4GSH)#EEKKI[<,E:6:^QN/KY.O$ER1I@L(78")TDQ7/9/%: MX#.2;=CY'+3E%"9!>L'JMZH$'5@A-PN=^&@]R>B@4?R6\+RYA,>`%,0&OMUP M(=>I0X7.JC>^@20W>A?CF$:3&BYP1@502R*0Q@8*-)(DQA4U@#A5>/:I2&H>A9(T+&K2TEH,:M,P`#"QP6%X4/PIBIK MYXT#K%IVH`/'T+0,6'W)\(.&J&*(\HMV,=82JA$VT(.K59!0(;!I6)\T3)13 M$&$$"?.ZDP0(?>4!!@?S5:6_\[/0BWQ>?(CB[#=VT4T/&B"VK+?;"6WM96F[ MP/-T&^?DA7%?I2ZS#;0%[G-EGBW[I%]CZMOE86!LO1!=@Z:QB\T%9NU7E$O+ M-B7/]KRO3%$*;PR3[!"3;Q!#OS=<*A`SA;BM;X02P"9$1NUK5Y;$/=R<"$A1 MO/'JY+M9FR@K1I27;T21@"%$HO@]IX*=AG&SJA?77/`NX0,M1AXMZM?Y;10O M3U]O^53"63D9H<^''0W+D^/1AF'#S'[)`"TLFS+B.Z1XD>O)M_`2=5=^R6,G`+*U<72D#T50=2IU,*'!5Z;O6*3] M!`59'X"?[W2SVAT%45I%+;-<)D>W%8%+TZBR_8V[5M`[+/*"]R,EHUUW?">QN0AGOKBV4,AK'FO)2C"@F]=XW[+ MFWB5^],4I^^YC'RSC*7N_9*KI9=AFAN9/3S'.:*EP"@N\)JV>AMVX@"_@+D\>:.UX#%O;)5+ M%\MECJ6UNB<:Q#R]):;(V!KO77YII-]<=6GA;2\PAKD.V9LN:?-0:?9:7!!MZI"BJB+\WU/*_\HCLJM(K3*(G_ MP8;PJX'^,_KO%@K_X@MM2.,< MW_)C%GMH5@M5OUDFY,`@L4GHIDCI1<83A=+L;M!_9B=7+K<9"^[EGLC=LLJ, M=I=+&^SZLXFCMZ:BB6FU=&D@EJ]AK[+F!3L@T59MWAXUQZU53Q4>:N0<-B0D MH7$L)@!#'Q\1;3H)-#8TEU9?Q2F^+/`Z%XW*FVFTQ^=U&JXC]6K[X)F[L4OE M&+Z!A=E5/229[\8D>4:>+N)R8SA#;=ZY:C.B>0<+I&QG-Z50(Q.5APUSB"WC M?)$0^I9:)1F7IZHTJ5]7*^#SG"QB/O/'=VHOR3JBIM=\DT?.$AU:,.Z-T`*2 M#*W9W%/T!3>W%A8!!',;M))11F<6=C.%\]XN4WX;:\O,1][:3<#[`)8&O?98XH;%>V"C?0/HAN= M+>K4E&$/[S[Q:3GJ-[QXX!&;33GDL$&\K'HL@[@MO#:2^#^G::&IS$I MXC6>ITN^A*QUWL@#_E*<4C=_&(=V2WO:X&]LSPL5#;WOKP&Q*Y`]J6WL\]D( MMDJ"=DJJS@@[/XZ=(%5."BS:\6!W;A2_4(IV9EJ3B(N=CV!;(5MD:R/)"'"9 MAAI#T_I@9%7&J2GHN;VT+(E7\NG:7-[CKY;UM0C`9]%#%,-;0H4A$'#/A^D`!C;#+7D*E:;C=O49NI)O]#+1GE1#B4F@G%@Q##:N<6%=, M;RN=4K'9'F=B'HH9'S#F&^MNTOLHP3>KB[]OAXMCU4+5;Y0).3!`;!)Z4$KI M189[A1(?/EI$^3,[V'R5D,_-:E6J4VY-Y1M5UVOZ'[[*_(BM3:V6YU4/B@Q' M^;9>AGY4K48G&_8;\O;I%.PC\N6FF)=@XE$F#5*(:;UV>2.6K_FBLN8%?"!A M5VW>'G8TS'YHXRN/$KZCH<;9[%%R\O91(NEPCT4)8-?X,EVPJ([/2/P+6T]7KB;N0(!NIVVG-%+ MDX%S$?+>,O"DU\K[0)[KI?&&;B#OB+=PZ8R_DZ\0?](;W7W@SVM6PGW=X06. M7P2K'XWEI=G(0!Z42CWK_K,0L4-S#HGT1V4??($*3SUR/N2P39=L@(`M>,?9 MF@\2/+'+UU+^^Y*C9G4*/F+K+5=49E5\*6O&D?2 MN72E7GEPQM-3QHG8&GB@7-AF/%5(*5#99`3^LL$IVW/W'&5/[)"*IRA.\P+A M*&.;*/)Z\&*SV^M97353/F:>7_G4.S<__;8*+6Z(117WIL%E*LW\MMJF+T#" MK/[0>1@%Q6-^!'OSGH%D4TIPL+P%K,C63#B!!?*^4QRO'[=9SM=9?*`__"I* MEPG)EC?I&:%4S[;\,-7+]#8C-&+D_0W4H_7K>U/M]5WNW;3U!AW1QQ9`>HOG M*'NM*QG+3F'+"&+H1TEEIIQUWAEB`7]3F9KZJM?1R",`8.C=,FIKJKF)=%P9 M]DT!F.MIQWH&!3^[YG8W*=[[J&V:LU5%74D57OZR2>5!"FTDPDZ%Y7D7S\`7%I\7=&B:8-']W>[?$?X)W/W[_X_<_ M?/_#NW.T>\W@YJEX]_&GG_[X[OV[/_SP\8_O[LOM%A;OKF`:I3&,DG>W&4P+ MS.!_O[NY.?_^W2))WM%2^;L,Y"![!JOOW[\GE>-:?OTK^<]CE(-W6.@T_^M+ M#O_^W5-1[/[ZX<.W;]^^__;C]RC;?/C##S]\_/#_/M_L._/V['&YW"6A^>\K`FLTGR;*6#;'.3\0Z M'_]$K/,?>\X?IHBW(5!\0$64V)&3\AO+.JIFNM!?;)E6)/(7FU;&+@(:76D/4*"^PBE'^"%'QA,>P M'2@+&.??QVA;U71?/N;@MQ*DQ>4S_D]^`8H()KE5D M1UVN M[^$FA6L<".!A/HY123WW+4K@M`%!D[\5G9;9)DKA[]1:9U$.\^7ZEJPSX"Y- M[8RC=X@]_@K[?'/%3"J9>]Q^B+"_LCQL-SSG&K6-91;PFG',GF1B/KM91C]C M67F,9AP=C&45LW,Z-ACK-+7"`XX,QCKJL3^@1LV_L^FTKV"6%0T+2QF.UC`. ML'@QVZJ%E>6*PZU3S+-`,7^$8S>VF2^JL1//S!K)6(MA9HI>+,0M\\W6&]VQ M&>Y`0A:IEX\)W%2C,+J`>35T@P&YG5F\<>6'7KN8=]%BUGC46B3J.`8]8/1Y MT"AMMNCL\&L0\RX^6!M#TA5(90_727H6_XUC4I<&3`*X50Y MSZ@'[JT9>,*_XX$7C\!H"VY0/H-6TGKFTW&Y`U4WM:\6D[5=3;J^=5_++8Y( M4URR(%.`*=HHL3^$1O:5L"3W!8K+>D9UB?TE"52GS'W$[+H2[SI^[0;_T*L+ MO!0`:]^:C8AJ22O0DY6(8RB9+XAU]$=2P><:06Q>UD+"'G'/[^ MG4X1_)EHK%;D@[Y.M2GIB8TZN]&A0F;_?1-&NDAHD1=[\,A2__OF7:FYZGD1YOO@,MH\@&ZC!)ZA5 M81'TU>GZHD765RW*XH8?_K/GB,:G-FN*#SLZPKR/GV#2^K!UAK91FWI$2_TS8'X^1 M[N@F-2;EW[4BEZ]ELQXR6,!!*[C&F@8T00"![%N)G@8<30?F`\+B/,R(S:]@GD<)?\"47:9KBZB8N@@9&1- M*,8E\QX9BAKJ@8//M,;''WS'1P7OGT&2_'>*OJ7W(,I1"E;7>5Z.(G4EVIX# MX=)Z#Q<=74T<"I=S#9P?PP#./U%28LVSURN8@&P820EI>D`9T00"$+%N)L`8 M<:P!\9]A`*+VB'=@AS*R>T>V(THV+L2D_4"$0QH(2I0T-0I+.(QKS/PQ#,Q0 MI)_C87.#,G:PRJ3H(61`$0@P1'J9X&'`KX;!G\*`0><0$SW2EB_+@MRA)[D0 MV`Y$H4#?C0@+!((9#:V-7(J0?8VH/_N.J$;7?61^A7_AK?1PJ`:+/",J[P&C MII\>2K@\:VC\)2QH5!?OY>!@T#'AT:,+#"!\':=`I,>U!LE/H8#D`;/EX*+[ M:0"%ZE,PK<_0Q*S!*T;-TICWBZ4++/.*`C6)AA$&\UMMG,$W[]M9I(M>0P\X M-2WM_2IHHU>;)8:Q!"JD&73P`8WW"%#1S:S+#S@VB+"U[NG_-NO8WA;V6#M, M+6\T.#"HTG$YMG%9Y\[8AA55PC%RS=S2UM[?/HSLBUOQU\,7W'"6`7-\JSJ,L>X7IYI]14HZV2G7*-/NF:F6P>*WD/XC*C%W9KHPS[DRI]T[?D M]/[B2U=916PIL'5]D,,<4/3R?'X'8H`[S?@8/^]S;<'Q9W_1(5%%$0QC+N:' M-#SQ*4L2#NXU&BYA\C[7=AM_]A<"$E44(3#FXOJXA7G;WV9@%\'5Y$5M]@D@R4U2E2*ZY6Q'&G$#0?,M*:U5O&E9!^H\8\W&YTFZ$= MR(I7DE*)KN#B^?^.+.1A14>QBYRT#5I$I%ZC24-+=12)F9K/?XO16Q$.('0# MHAP\H61UO=UEZ+G*?/$I0_EP+B0GK`TK(O0:/,H:JD-'Q-+U#89J,IMA5>[7`XB9?7X+1I)YT! M=%*MX2X.=.:C>\NP5H=X--TEHC&-UU!3T4L=0AQNEB?W'DWUI-,5M=D>BTVX M:^W]S)>]Z1US,N=Q^QJUYI3AWHL%#JUC!4BR+]^WF0KKO25M+'_X$7G#Z+&3 M<9A<&""1(A:M2IC+61/1+=9$Y>#PGA'C3?`L[ M06?DE4%"JTPS^JB5\1PJ)IIKC4EJ_,U73+P8GAHM'Z(79:P):0<8 MX]`&@BT534TPQ>$;[OD)*7:D9@P0)5:A(^3)LJK4BH5L6V]#$< MT.AH)3VEH40[[I=>G=?HN-)JF:DKZ&@S79%Z/'BQJ7WH4N(M`3V%N9V)O4,@ M96[0C7ZJNE$*-F01P)>PZ`YK?H[_A05W4TF%=(`K-FDXH%)0U1!1;,[ASNSI M7EI'>]:&).-S=R^R]]E_C$A4TL3%F)OE0QCAA$.:NY2&$=%Q;6+R>QX?H=[U M-Q.PS`&->79$#_PP@^0QS^;&J\*SG_NG&B1/>@:"'G6=S=$DK"/]B4I+Y--I8@\(W>3AI)9A(%SN?. M.-+_?(3`D]A@;M2-JP\WLEVL5O2X593<1G!UG9Y'.UA$PQM*$JIFNYA'=800 M5+/(W$CD2N%L0]K:089R6U;O@).9.^>5V2^@6*X?HI?Q\0:3TOM##WJECQ'= MDRPX.^IUI0MW1G`'B@BF8'4992FV1MY1_0*L80R'4;YZ@;JQ5`H<(<*U[30W MJ%4$,M_7]\*KVS':+-/:6::S1]EQ9K'WW)W+EM!O\"#%K,M&YBN`ML4ZBB-3 M3*OQ-RR$Y(JW1P)#LZ;V5O8[.!4%[DMTKX49WEXRNS"F7IFEE1N?UT\Z^'BEZ^\F'[LY*9#S^Z5X&^/[]<4SMWGPX?:L.C&RHV MIG.W)]$1I?_(?+,KP25H]B48!(ZW6*A(B\]@^SAZKY5/T-MFZ1,X&XH%QD<* MNO2'V#&S_99'GTGP>:4[2IW)8'`F@\%9.#!@ZZ()@[,!#`PB*!$,7$2R7,>, M%!P<)U`=\J169/"R?&'`A?E&;[ZHCG@&!$, M`X4.0>!KNZ>C2]:.+N%9WS*C$%G10PJW(*.OD@I/,\D*,0\X\0L=X?*WD;T. M>PR*+U2XWK*O8?6\[J(LGE`&?]\OFS`QS2-F8GE,?/08EMCGL-@="Q/NT2J6 M9M=Y7BKAM4\HP&I#^$9PRK2+"XPV@H2;S)6E%?_A>$5J`5+]>#+^L'!5?6'^ M,)AE/4@?X*&HSOE;Q2A7H\3X'/6;BF_U+77`T];2R#;`[?N.>I*P5H%R#-XW M$="J6^:`8.6&L@8[_MZ!E!G'2JAXX#SB"%;-(@<'Y2!V_=,1`)(?N*J0\J!Y M["&KAFT.#E)6L/KG@+='QLOXASU=.19DQG.4Q[F/-6Y"S0VL#@/+ZUJ>G[L4 M'N69<@JXS_8(T'<4QRFG-H`?QRE;\^3+]7*'24EE^W.5SHY25E?<6NDXFZ82 MJO;E)`Z5PRMOSR`MP>@%B?:"&_MS>YUM^-F=(N@U2HK76J*A&LR/C1*#C\Z\ M$M?82*)!W\\,V=#[;H/BX>Y-UBI<88M5#Z6S$3O^WH=L][N?#2[10Z'-QQS" MW=YK%.3X)XY?\KMMC9OT&))ZY3@,8CMKYK=VS:#WS=: MP-'PKD#;COE"6F==1+WMD)["_9XCK:;J0T+VP2<`_P12;(4$J[=8;6$*B>8% M?`9L="E2-X.2C#H,A.DI;8`Q:04&DQ"_4-::H5&?YZV'WX?>>?\]#.S(%#-` M"X.EP=2FCX^'0"(CW5%=.5128!SN2D"KW#[W&*__C2F&/;!+$014N"KI@Z/+ M*O#EA"\H17VU:L1SXFEE^MJX"O3.=&]VA7MRC=_2D9&U.Q0\,F?=0[VQD+*: M_=XBK8'T&S[G@.>A9$^.J_W0K2H1=Q]!$1"'@28ME0TP)>-O/DI[D8)0%5FJ M%@X>3S-"28XBJX.[7^&1[GBN'"PI,`[W9L<^`"1[A-6['B56='_ZX@RL458G M^7V(7D!^^8*UQAK#-,I>Z=DJI;2A!ZBI=\)BIII\[@*',[%RYYE5I#DV3@[> M][#.M3\Y`RD8;Y%)J'J89U#YCU>9:II88[`SN`;BUVHCGF)P5SJ8WYI@J?_- M9RR(U%`?JOM,S&];>.$?FL3DS:6[LRB',=FV@4E9C.X"*5+7)I52^XP5/565 MT2-E:WXGPHNIV,\`;IZP(HMG//9NP)>2I!-;KJFNG;L?8IA-8U(WB2D3GT%I MQ3#*6#6MK8;P7VQ`V+\SXYQW2=P?(.^<^Z_$HH\HCH25I^75*3W.T*M6VH\P MA[=L+Z)AA3V^Z15@^":VN5;PQF3%#]VL/BGHYG*15H\=VE+W4I%*92-K'\5I M.L&S5-4*`YX7,N]75LG:>8?N++/M[HQ88>N=P;^F&8@2DG[A'R@A(`H+L+JCE4SN];#:7F4/UTEZ)M?$_%6*OFLFTLZGF(S2%W..XDXMQEZAKA%SUZ_XH:Y M3MO3?XNX@,]T:&-MS/$GX!:9[F>Z5IB>IOCF4WR;K:J[)F"A;JN+")Z\E[)8 M_;O,"^I%']`=B%$:PP3TM'Q`BK;C=.-<@$PEF)(T3(T@W$4^=%GH-1(A8UXF:8D!`?+5ZUK'08 MW,I$W1O!']\V[B` M7D^:<(]97]3"JAWY5*1N(TL)]=$"5\].AXH_)3)-.+3LPR$RK%<&<$!S`:I_ M.P8YCW:PB!)^=D3-@ONCS>"^`1??!8%5O`+BQ'=4W8O?0SI,$: M9B5689^%6P6"G"(B%(Z*'`,0Q7:PCL51=>%.$QG6J+,#Q&5&6DX'D?*B_`!; M4#1XA"K;Q2Y21=6Z>$Q-<=[3!!\TPJXFM5+D":O MH'EQEG[N523CA8G#+"CIB!?N>W?8*#$`JS9+`#V228YWD!^J0YD#MZ-1HGTB M5Z'$T<)27);?S0OZ8-4!3NS,=3YK'M'#W4R?9EFK!S.M'L@\JOYF MU:XSGGR<)&3@^<&4SFI/;DO=ZRHC4::WU#'18X#I]!KGM8^F&3,5>4)NI MN[`Z>JU'VT7\6PDS@%7!\A6OMPF>()*LT/A7^@#`,+K6+M@$V1H%?1LD3,&" M)MA+:4#0%(R&U1H"!;]9VBA[A;)Z3GR]W6$;5A>0.-`6$P_@S",^0@@KV65N MV/*$"'ZSLZ/@!=B1IU\%^!Q2C$&YISA.)'(L<`#X[6N>_!B%:\Q-LX_50,MJ M@'54H+=JU[GZQU0AS;=FCV&:.6TR8F6:J2W"T2VNU>^NVYUF&C(5>T%MIE[L MWESG>8G%!LOL/DK`$,R4[S(4M7N4.YWA,1-T!N'TL,5+) M<$LZPDV4KA(LY3+%*F)]RICH1L[KH@VVU?B!@WD M"OR<[#3;60VDK`901]5=K-IUKKXS5?2P^B2[ M&_Z'!"C/.%0A=Q]H^L?AV;R!CS,IVF3:TRKJ/9(G6$(/KWH5S>%'G$-S@7ML MEKWBCOC/*"G5,,DI(P3CJ$R@*!3K;@-^HQK,S_OO*)*Q&%EQM.C[Y0]O&7\C M[>=$H,%)\0J!EVE_ENTTZ>@RVT1IG3*$O'B2T[PA^];'LD)LBQ5977"6+[TC M(YD?H@2N&NFZPB[7=6P5)?L4JKSL]#9Y-IG0[?!TEY=^BOP7,(\3E)<9>,"( M/,-B_FK3Y`+V-JS/9.\N_[Q5<*+93=]WLU:DIZG(K4MM-ZNI4\=]7VZW4?:Z M7-_#30K7,"9'TZK;Y7BHNL6VBLG]2&>Y[D:B\)*H2@F;]&("0G>I)D7&YSE" MO4)-*DK%0NXN8!^YHH*;T,.%U"FR"XUXAH5,F)W,4VYVR443%'2%7(?4?,C&X.B37RC5=29GU%L8C3)%GV'(:Z2 MQCQ:55FZ_>:TTU=G,8G&U^G>W;5_WY>/.5S!*',Z!7J.8$*R?%TA>NJK\QH: M)_!1+M`,V`H%W&4[YPK'C6?42T@-X(.OT&A/9*+](*Z0UD8C!Y5:CM1#_!QE M)+=/CCW%'4C(:;?E8P(W562$L+.LPBDP('?F0+KRDB?+\R^H`'N?SO$BFJ6: M9^552]E+EV6K?7CN9,8:VE1<,]3@S%WI`@<=PL1]'ZCJCLC6N-,LZ3&O)$X[O]I1+M&Y,H80SMV36RLC$ M$'UGHU5QY7(4*CRB=6<\&=VB]+[`>F$;.0^7JCL0'%_!_EBW^_"CNZ478LLG ME&"(Y)50_0&.N^ZB6ZY]?%6YG+/^SVDY9*YUOYOW^=/E%'6^QS!3JE2\3F/, M'SX#DN3$61_>&WFY[C[[5L=KYR@OLA'())T]&95M3A7KE75WSEI%3IZK,RNL8R$?')D9#-!$\_3=E)8, M]*2V9MU'-.FBSG9U%<7U"PA8_WN0/<,8M&<`;.U]*U3%\2T&);LO+JN6M+46 MK5`I=^9E4%1=51\0JO(]A;>8);E*UL#?T*]5[??=[7 MRYMC3&33!-/&;&Q%"!()N%,(S6)J^OK@`2:W+#*VSF#N8"@(G48H"W!,$XCR M,0>_E9C[Y;/A25E;YTS[@O#B!`E9>WZ41^;P(&U?)/ZI60D=1T4?_("T=9"Z M?H/QG\.Y.O#*Y7A4/57EBM_IJM]AU+P#&&HE($\OX=8@S5W/*_,[]!HEQ2O) MR3?06*M,F[).J8SG]_Q,-->YYJ?(WUE^33N8^YJ3W(YY`?&4?@0N]L?:EL./ MGL-%J(L.+H:,S',P>P$`3DXFHO@K=]*A4T:<,VM8QG,4F6BN`RY%_H'GJMR? MG!7C3$HW.B4=&IY4-=3!D(#GA)1J/N"&^TJ2&$:ZQ?99S16+>0XR0_UU,*=> MA7EV-2\@V,T>3*]'8P.@K/;0DE'3H&B[UZ]3U',X3K"#UE"J5KL=Z(*^5M^8WL0T)KNXM@1I,:9A

>.B!B%)D4'=U?5BGJ.N@EVT$&;7C4UROX2Z/C[.PJ)O'C(7G<+5@%QW8FE57P_ M%!&K?Y?5NMD%R.,,TJ,:HZ4DL^+MDI)N<<\!/-$>>DM,NE4U,`WP>OM=X6L`+W!F6A;L;<@P3S MW'S"+CZC9]06JRT>#H@5R&7=6EO)#'\:D_9$LAD3SS%JQ39:"8H-*VR0;+`] MY-I?XE`%;<%#]"+;4!23M4$GC\QSJ"GJIQ`)=S'HO]Y6MVH5#08-=G-XXQ M/6UUH"7EW"`JU)V;+^!;QP(92O&?,>@X;C'.3(NW;V/K%O<QX9/X%5F9!;`0-G29Z[C,GB(4S*`JQH:3IEP\=RMVK*,UKS2M,?`+07N]%]@V*Z(C#BKW.]Z7+W%28K]UA5N/ MQ)UE\T+BT$QRH-NN8-0'[%403/>8R:9F/<>>,#8O607YDI[Q4'YZ3V\6.]'V M4#9#CUJJ94T]<0C(0?S]!CU_6`%8>7_\Q]#IXY]^N0&;*+G$/;5X7;S`X150 MSM=:A]'7`\E<57F!MA$0#7004#0' M25@4[A)HLVR.5/08),KN\*%'/ECEG<573`]!?1"S$1E?FI>RZ_F-(#MM?7N]W/YJ]8J M%1Q1MK_AK1_'VX.GAQE5@^K.]2QF&\KC:FT.H]!:@T-X#SE.-U3?]6@_[&@D M@%W7Y!#A2*3U55D08VU)'O;?J7WK"PQ*T+?)>M`G[+`.M[/,8%I+OS MY\A^1=7QZ'\,;ZFV3IO]GF=CZ656/24N'Z8-^8P&:VT^/KZ]:LDJ@UV+\5NL MYO4K2(LUY?;78)>`:@?:F`[IT5"9:$G3NO''7['%J2)9:CY M%4[HSU//^`R_[7J.JJ_.VPKS=5OKTS M3.&VW-X1H"1-3[A"V7('R#YZNKD!&.S*&Q?3>8ZW,J;P#.\9]3F,V?>.VJ^K M6Q+I:-9?EMDF2NO5:'*]+%^N;[O(2EL/2[9.-FJ6==6QY@Z&IQNAW?FZ%U2..FA4%/NH(G`!2[TP# M[SKB25/^\'D=\:@D=;**`Q.+C^7K)`XG2#>W5#F9;?L`O) MG^#N%F3DK$:T`6>O52`KT5JA),<.PI+>=)IQJZ(I1A#WJ)ON?3FM2@+?];XC MBT\I6#696A9Q7&Y+N@5R`=9X3!O"4+U`^RB!O(#?H--660-K*KS#]>CGT0X6 M43**87N_MK%I_:O?8&`+K]'B+0-+FWPN-HA&QRJO4Y(!BJ:/RFA+%=4]2KJ\ MC[Z@-"8W*Q%]Q:"QRG"'R"K39HO($E._,3F+Z30@;:O^P!\S/X]R\K`,^8=8 MX3E*Z,Y#<1YEV2M6E&84'_E"C3*MIU0JXS=F3137\K)*[,W?+G?M@^_`,TA+ M0%+N?:*GV4=Q&N=[&Y:-OOL-&)E"6D'7B-4*@.&=677C@L[,RL"("JX&.*(F%6J9LUZXW9T,.R[Y( M+'I_P.@PJ-U^MV#(^]0O_(9E?6MWIU^\;EB!Z.*&[1<,-V?8V`\BD9MA&*79 M.NP5"G>S4'LH1/S!I&\M57AXDV/5`KXI_[7'*S+Y`:N MAV&81@F9`;HEG/4EC?8492/C:M_O7_+:A"G)NK4$?E[$Q(=I]SUSYZ925;@C MJNZ#(EHSKD&B3<5G0F15A#O$M(\G2V^**5`6@\>IO;H%UDIU^1)M84H1<`O2 M*"$OOE0)G.C*$L9$5N[76D2UM+/.I]+*:*HY^IU04&7O>6_5J@(? M>S3?49?V1AV/)^0:_#7\BUIFK%^5:&U_>0_E.=U)6Z.,9"@8QM4&)9MN$1?EU MGIMF;A6->9G7UPC\E,$TV5::7N=/N/Q M@AZ$&(!/0M4DD>=1>0XI->UTT,/E6`/E3^$!A4YVH^0*9=AA@WQ)3I8\/$5I M.X$#^7F9D8;`CIH<3ZW^9WQ48PJ7_3D.,RZ>`]&.=72`:EQC#>0_AP?D3MQQ M`Z-'F-`'F/F^3YE^'"/RZ#V'H:[&AE$?CW<-K;^$!ZWA8]TD;5&,.\X%>>\; MK'B)W?5*-;E55$NYRRP`BLJ-D'A^H#/S6Y-!H/_-79(5S79!8K4&F5?4F-,+ MWGVFP;]P\C,@.>.QCEB>:`-ZX?6R+/(B2LF]EX%%!@":QJ1N$E,F(4'2BJ&, ML6M:>_`K_Q(;Z0T!>JX_+'SJJ6X,1&DUYNOZ(L1Y%]N9!1LZ$9YR#;7%?PKT MKN+^K,8"VV)%M(//X![@*1*-:2]?R`5.L")WI$A&M;*Y=S(TD/ATOTWFHSL` M=IB[6Y.8)O[9*YL!X^[!`6IJUC;FK,FSEB*IBYC)QE3)A3;KDKN+`YK$YOL7 M")@G\J5TS=C/IW,W\JBV%E+7J'MIB087YK9C;];T%` M0Z2//AP&W&P^7.B-'>V./TC;[ZJTBA49Z5*U5+9CN,%B-=SCMN@<@0OO<+D- MC?CM;TF3<$>(B6:YX=SKL=DS=\`QUR!LC M<+HW9-K9ZB!XT[WW9$G:T[!H?5CDN3?/Q\";MWA9:X8%-+,K778$:1HNZ`0T M],`G>1.)IK0CF-ED@*;@^1D63V>X&-R2`Y^?0$:R^&0[E%$QS%/2,!/)FXK! MRT-CB5TS@$]F9ROA/E\2UMJU(K54R].K/)Z^RL/$"$4AN7"G5B>7DU2;7#1JTE6%QS->^)F)@3NT+9,R9R>D8WUK4M+UOWG7H"+9Q>TW*&GY"MD! M37-ZSDZ\.J`X^=!\V$["]LB>N&L3XIXG49[7U^`8LR(I7?N&`)?.7:KYCBC, M&12?H!D.&03NU$';+4JI2`OV2,\E:-1A$+A[V)MO?*2@2[_SCIG1$9W!)/BS M]1VESF0P.)/!X"P<&+!UT83!V?2YFR;R)@5`UWM$-'`6,7+Y=I[@'<\(Z0J)>0[@7<>'#P M@[9*E?[AHLS(=A_((%I5:2&^@&_TTSA$UBG4?7-+H9"'G6;$'>I6GJ(>R979'[MFUU^O:W>7S*$G`ZNRUILMKPB%*+7'K3XS,N86" M:[MF,P+\9!&<[5/,V`\N7T`6PQS<9C`&[<=6Z8\JZ%?E(<*\G$?02-FD:T5F8Y'["D9AZ@_-QL1A0(A)26-,,+C["+K(1,$^U>OL4\N'W.X M@E'V2F.55KO1G7"]0LV&NV*A4$!C9`0C$*G69+YSY,=X29>[JKQVZ#;*F"^J MBFAZRX0CFE!PI:*BV7C%9CS'XY@'S63?Y&=:?DMQ'!DE41J#:E8U`(\*:9NC M7D0:"I0T%#9"E)A_N`D%J08T@ALNF8P^-,LBG0^AH(.KC-GR1H>;>08^3Y8P MJ#*/40Y6Y.@<2/.Z^3+RD!91_>QU3W(;O9*?%B0?<'6YNPGWR"+J(,W0'2"K MTC#=4(M&<5%&R0/(ML.)GT,)NI`^M`1!]1VGS6/>20\M=KA)$YLD03)SG0W- M=17!*KS"[5)N*]O=P?S7*]PHS1,M=U'!'%X.45^WB\];7U`=^H"F-^^^\PII MGOG*=6=EZ7CYL@,Q=E(7\!FN0+IB]#G=8G7[J1<+I0<8&L((R.IUV;I3Z!D@ M_XD2;+$$%J^:D&075`#EL.`QP%)H#.O`'-;60/.@!R`.-L']Y0]'-<4=J6-K MDOO1ZN$LY^ZILWNEY)48]$)GU*,/!4:ZJEMT/;U*&L@%^%A6'8TV)\C(81>R M5GB.\M&)#Q72]A*GB#04>&DH;+9_).3?@"K4;:-%_%L)L<17,(4%N('/Y`FD M`L^(X&,"JN>[!FL5W!?3;;!JWX&9PBH4Y%HTF!&RI]7?(#_`M['H:SAD^R7% M%;R>1SM81`G\G2P,C!VJ&G%S>5I"'`HTM90V`I^LA@9>`6Z`8>7)B8/J&CE9 M*-H?01B=4%,@;3?F1:2A`$M#8<-M>A'_!E0'?=V*?>I^]>^RVOQ]0,W32>W; M7,T#2J_#$5:K4#.6*A8*!4%&1C`;'Q5K:E`5X!Z-8.A?Q'&Y+9.(C/Y;E!7P M=VJ]X;S6F$$ST35@$`I4)QO';"IL4&L#X5#?[!AU3[+LF.;@#*1@#8?YW!2I M!^_^<:E#@:.>VD;8DU;1G-\.<$>BVV/(ZZ_]KC4Z88PXA&"Q MR]]*'*\U._;U@]^+=$67],;I+F?@K&]A.6=GSF$*TM"Q*EZX M&8.:U>\'5*\6-G8!^:=L_/RK*OE@!X)/'BJZ-0UA!;+R.@._$_H)H=4WF"0# MT`U_;I+0MC^'"B*.8E;`LN<]SP.9#D(`BOH<5A;(B^6ZV>"XI,G;J"&P]O7G MH>N:R&4PM&MS"16C=LQF==:C9&SV5)P>FO!K6[F,0S MNRXCSKDML_@IJH\Z+A+*"__<)-!8%*TB\JA7GQ<_]M7A%0:";1C*`+J&U08^ MX6=TW#L0HTU*#@I=K[`-X1I&G>W-*LY?I*MF>YX\VD5.!.,?6=LT\U7`=^Z3 M*PBCH\QFTFF.?[(L!LLE/U5=*@4;LO-N.9#;IY'`P]9ZC87&E6`O\`^88P8P MCA(RRQW@7J_0**V'N)#?^#1270-SJOP=+CJH1A4JJR>W$5R=O?9>2K*SL"9@ M/&VMC+8KQCBT7(8Q[<[R__HR6P[S.O)&NZ^ M?7,0[R%Z`3G#/F1^6-D16_0;N="V>(Y@0HST@.[`JHR!Y(3;C#4,#EY:K2'8 M#CF_O>UTQEGD-%C'F'G2=9NA&"MVATV&V_X)^Y(+\`P2M".1?WWJ=?5UA]). MO#2:A$UATD[*S)@$VP^L6,T.U$U%F>-AFD,L)X^&S^H'-;3/78WV(K1N-<'V MF`-9WFXL9U_8"2^YHB)*O-@:ERT46)B%:BP)F-4V1\ID?X\HJ.Z?FUV'X#-O MQAA;V4Z\L/#HY2Z=QC!\PTNI"LO/4GAA[)]A\70&40&W`#M7VK,[SZ-SO8]" MP^FUA)H"X*4`Z6K_ND&O#7%$!C*(Y_U8 MXR>013N`-8GS[V.TK21I\X0#0!=444K.?%^``D^B\N]LQ83,2GA7CI2(F_A, M0NSNID.&=B`K7F^Q?`4&&CD20L/X+Z#@**Y3I+GQH%3$/R,P+WLH$Q72N(8:;+Y;9 MMFFH;+$-!MTS6=*L']@3QN'ZX?RCD\:HI#$:!01:#8TM.V1:P83E/!\6%A3# M-XF=E::UXJIDEAY-;L-]Y;7KSD;[:N-/[898]U,`@!'HH@N,/BMGYUK9SP#6 MH+T!40Z>4+*ZWNXR]$QGGGD7Q%]SL+I"V544L])[364S<.KZ;`)`E"4;F;HE M_6K]VNMY`"GVJQWAVTW8KRF6DZK7+IH,X&E4MK:W9MD`@#C%&KKHTZQKPD;' M;)!K);X#,8#/C'0K4KH>E)ATP;%.W? M[8/#V!#F2_26UMZ:8U8X/KF/$G`/XC*KCCYRCC0K%VC6RQ0*N'NU)7X"JS(! MRS5?S`?&N*1=KGGQ1;W<1)OD(/Y^@YX_K`"LS('_&%H!__3+#=A$R24]I;]X M@+@R*\#H6$T.W;:<"#F*I?UO)6T`'- MH^]7DH?8%!K9#776K<>LC0'/J][0;V7FI0JW..4>"0O;%Y-`JL+K!.Z>86 M3RC0JM+["_A&/XVZH5:AIO\I%@H/GD;FF`A/U3K-=R)$JRN>M8U1VD$Q7L:P'P:_@&13Q,H]JP5'8*R]X6NCQ;:&'.:6@9\R9ZS6,+TT' MZ7[Q;GV&+[=X7:97+MRUAM-2C&((J.S[C-=B9#4&HQ.$?DC:M-6 M7&8W`O]RA5XAN2'\N&`A$)!UQ4*57*Z^ZVL6FLTI?CU/?M5"K3K)N/1'5!-GGFT`EWI2X_!WH00FT=K$-$:/(X%DK([$5;@-]N]""^`]C4' MZS*Y@>OA(H).$2GHND6.`GI<&]@'8+D_,&YR8=>W#',P^?OG#:?ZA:2$',Y`_'=]T^JHL MR"Y81]LZ&9G^$I`K+1C])!EY#R.DG^!:+A#8Y&C@O=0 MYNBC.U''F,3)F-E5V>=(Y91Y(F7YCGBE;VP#HO+#-S2I_PQX&/68EL<;ZR-L MV[GL%:U$@3\;9:`UKEY],4>)BWE?J+B\Q=[`L)_S_E#)Y.P:OZL><87*::'5 MD(EQ?ZB8O,'NP+">Z]Y0B>0LP8"SSH!IIW>&#A/SSD"9O,7.,+:>\\Y`17*V M].NB,RS66&@K/8+)R:A;##B]L;XALJ/+#C*0RV[*A^-LW0D[\U,;L+M?;[(P MZT,>0ZL+Y[KKKS,LH"N(4+?8GP.](:]UTE7:=Z:VS$WW^I]J56_MT+?!X>0I M)\'5J@OWGI_9E2PTX;I2OS6TZN]?_Y/7>\3W_\ZC)/[A8ROAW%+4=^7)E63< M4C]'619->O/!SM2!)+TL7CE[F^R/S;6MP4?+N2"(G`L'!"P==$$P=D`!%9/$QTRGI0Z9:3@W`:1(8\GM2&#UQL('%0'/\T@0L#6 M\KKA`1W3'8E"&0'$Z/?:9IW?W-:Q`=''#]@N&NZ\R M]H-(Y&881FD&XUZA-S`*\T80S5&WP\;RV^CV=P=N.(F8E.DENP0W'J1@ZLA6 MI;!=ED5>1.D*IAN^VES2L<8,4N_`/FXXI*6N6A^X862YYG`/=^2\S5`,P"J_ MP@8GJ9#)XT#+=4?;`:B4Z?>/&,KHPX"7KN(&&%.H(O`+/:X MO"VS^(ELWF$MGF"VNHVRXO4ZQ4(_1P6X3:*8]:C@)!ZU/0UYA($B&P8R`)QA MM0X?QV2G[JG>37R]`S1SQ@-J#GO=H22Y0AG9$1T>]-$HTIS_42KB>BNQ%FJ9 MW<'-4R&8L"B2][<9!>3NSD/H-"72UGQPY$&ALLYVA*`2\VG,KHH3"MP]7<>8 MHYE:%<_()L=]*MZ\N*$*!UE*>AH"BL<[\%F*9;S7_X M@=L!:U0]J6RC1K_\;T_.]F->?\T_JCAE51XB/RWGX>^!:8LXY/E^31-KGK.> MK@!W-)$+[E%TW#S&!.FK]:1G_5C_3?K4CYT^5?WZR_YY^T:QGKZ#SJ-(7;>A ME/JM=`@]LSF!OE3$<(]2.1LUU.+[T[@Q:=R03"2"&#G>S.3D\`&QZ<[&W$(& MGB/9HHU^!J0W@-7B&631!HQ,MIY[:J4I@/V9EK(`;IO[<:AL_;1[63RA#/X. M5E])OEW:N2H=R=VX?AA!#XUU-*]M(3+`&=C`-,6T9U%"SCT,1V8?1>M"Q!O1 MCB&*T.VJR+=&.$RDHFBF=K#SQCR.9]+,9.;>@T@V>E^34>\-,"/I.SWZGK MQ)G[U*KTFE8[J-7'ITW).HDT[S&K03&7F;M;8YJ4U3]S&RA)J MG6\S6[/'UUV842>W8^0A87UJPHC>)^?",U.5"1,'>I.HD_KN+FB(9,Q<%@J4 MW?N//$IG(R(_&:>Z9OWQ<)Q44\AICCQF#NPWS(BAD2"SRX+&ND>3V=*^BT=" M!\C+AS^Q]FZCA)XO\Y37^I37VGJC7&YW"7H%H+.NR!PLI71-$GL^G;^KWQ-S M7ZO:YC!YL`72A.O[[@">3,$8S[:H6E]36.1W]U_9B?-4:)M4>F+:HX6LCHT. M`UN)1.%F73NEM53OUN->MEIX@.\BO!`3+5<7ZOT,BR>ZI$@VZ)[@[@%=IECV5V:D:UB:9PM9:5L'PY;K-8SQY+\) M4G+L/RY@!F).YAHE:N642CCS,:8-ATQ,T?#K0&+G@:;V M-4D;-&.Q=B6G818(&^FPPRVG^G!SN]V=DJF?91@6 M]:I[5/(YNV!F.6\;.2_Z\!2E]46!?M_O)=!_0&>@2E)Y"S*R7[-<4Q9?=RB] M?-G!C-:Y7#<[.X2=K5YV(#$GYRV86\RW[AL.BP.OW,[LJINO7(Y@0F9E5RC[1&Z7\'-+3N+1["Z8\7#OV&NYV^BMPHLUARQF;RD!S)B] M,PX-=T:097/=& M19D-HO2?J@Z9@@VYONC-R@-'7_SO&L"B)$]BU*K/W3L%5<[51YE5GGJJ1I/X MVE^9DL]Q&?_-3"K969Y.T\I9II62A$G^32P-7JWS)F^1W555&\M=YC\^KD?`^#\*Z[S+[#Z MM9[J_P"HN[[J[P!H:[W5UBZ)'WWZX%-4ZXNTITFJW?8(I3_SIZFGE=X9T'+8 MI>"Y!#='2+!7\DZO!`;[2N#\RKII8S<-&Z)7M_?.SL%;U9L'=`ZA^=M8(.?> M?F>N,=KT._9KGIRVU:#FD_\Y<.L&X8-L:A]N.K_)9FH?#W+A?XPJM^6"-"L_ M>:'#M_%1.")-`SB[)^J)0V(L.!_2)1E6;\LI:5=_A=I/OL-"J_GH.+0UJKW&GXYPH9!GJE;[19Z7V_:N MV6=0/*$52M!F](KT5">A7^-4QZ!3H]L6?)1K]ZBBW>7+#I"+@B3;XD=6P\U: M4;>]9JHH/)]M`'MTP,:RY+_5M6P=_$S:. M]N9TYZ+ZYG#F[/K>E(\X8-.Y5,I@<7KW#Y#7.,< M7H-7X\EOS-5\X7L.GIK'OJUK8J,+\K@72%>'\ARL^N;T&_WZ3EYCGJ8['I_1 M5W*.W=804&=W[=)X,8V0S$`J_P*HT@E&8$R?=VN"O1' MTF=T+3,'XA5DJ/'ZE_#6U)MG?.]!]@QCP+;8%Y0^XQDDJ!YYSQ]0$27=[^=^&?3EVX-4JUI7B% MLOHG0C?<:'%3^=R=G5/YR0-,;[.@W`)'H681]?38[L29S1B>L[_2:T-6R[D$ M#MC\%S"/$Y27&:#/@;7ZWX&$Y+0A?2`?[4;FS"42ZT!B-?TT>6E[VY/3\A/; MAUSZ;(V@Y"H7"94%5B_`]9TA-7FOX9KESCGK:)8XYZG#6;MS'LCI\6Z>H"/(,$ M[8AX9)4TS<%GP,BWI5&BUEVIA+.A1JT5D8GB_3%"6!$9`I0J"/PHS2>0@BQ* ML(J+U1:FD`R`!7P&(L1IE:E-KUC&?]29**^).\4J+-_<=V_LWJ"$]/RYDHE) M!<3`$L:6XS4GL[0Y8BE^DS#""=Y4S*)@@J:L!`HW\+9CI=$T66?Q39^[SNJ: M#G??3GYHG?G7.J[O_J1]W2Y@Q9:P'H(&JNL5JDV@6LBWQ5/&FH:1_DH+FIT% M"=5*S)V>*.GX`>T^EW?B+SBJG(*P+)5@27%XFN$4AXSCD'E'L`/%+M:5"'=& M,,?Z\GS+B?.M-5N5V1(<_O9AA`:,N5^K;\Q//:2`EP*DJ_TV?P\K45Y@L7&T M`E'QA">].U`6,,Z_QT%])0G6>PN+RF(IUBXM8+H!:0Q!?@&*"";Y=ZY")9%H M+20XP:)1V1I]FF4]V#RXS=`.9,7K;1*E!9;Y\K<2TK4T\7Z`6K'1$K^LF,OC M?6S!SEX?<-V,U7N-$OLC?O(2_EF`R,9S"^A]+2,M6,FIK!U/Q" MF.MYBLZ`C$Q&+T43[ZNK3YK+JSF&U03%B%!D>6[DQ)OTB^L4FK];5[A[$5SU M>-L+Z@5D(=NT30"F>R=9C9;IST\P?B)SZBA]O:07W5?7:8%N0#1:W%8O4&NC M4L`_!\9<+]767=%]]99!52KQ)@B\WT4Q=@IG);8LGG8/YZ[LK\T4=?@U$!2( MM3)I\A%';Z(_BC>2)6?0LJ/?:^T[OP?2FCQ-3-JQP\O9)7]F,Y(U,I#&]$P` M]2]KEFN74'76VYA4@32XFI8FS<_E;'Y_VWFP4R_/T[L;Z7#9EO.U"6.&7P,! MB%@K$V",.+IX19'I&`:2X7^N8)87'__X&:7%TRB25:-FM_^8.DP\2+2V@(]Q M#C5"00Z!CH;^1NE*H) M/'G(/8C+#!:O%V"'[%I(R0.!A*;>)AB15^$B*003-)6(,JQ(J&I3<:D"08:: MEB:`X'*V?>%_@O=`!7D&!&#YL012YZ%&W?@.&74@`-'3VLASR&IH`.-^(?0A M>@$YB;`O\'B8;GKSL[/7^_(QARL89:_UDOT`0(:E:]-JEPX$8-.L8@(X[1H; M`'JRCDOEOP'/$*R6Z>5+#/)\D>?XOV!%<@)26RBBT9Q+%Y4F7$)"YV0K&:/4 MI.8&K8=_EI&-5I!B-:^WNPP]TT5Q3; M8,!@G=KU1M.TK9*Z7@CUYXN$(RH:FIE1-KS;G!Q^-5J]JFZSAVXJY*\JTV' MRWJ?;WBB3HFX.4TG(0X$)EHZ&YVBDU30`,;]0O9@%+T#,8#/C(M@4KJ>#V'2 M!0(.54W-?0B3=P,)@V5J+W:\JH@\79%MO"AAIZ80TG3/\(UI`@&/BH;&9_O& M?)MS?@$>9+^HA24:G>-_8?$%I7&998PA2H&T&:"$I(&`2$-?H\%)R+Z!E-7' MY4*]GS)NGMFNIW2J"C=SA-E->F1\S[S?#EJU]U,]R&H-]\+0$NL5$4/0(22O MHM'/,(7;:D1#$NWF]2:I7VWTCES?#(KK&>C<^=CF"D4T$0#]?NX MIA35@0"]VH^^KU^G#]_0OT"4#1<6C'PW'CFV>J`R*\(T+@3]LJZWR%RFP2Q$<,=!'>87#4`.<9ZG#X M[D@PQSNL7L(;/D_SX",&VO#>,SAN>',,=4!X[R5P<2OQH,A^>`(9B-;%*(F1 M<7D]7'?+'S&LN68Z%*J[`IA?G0P$U&90-@/P4< MIRUM3EQYUJ[\&-('TP3*JZLHA@DLL&FPJ>K4RNU)3O,TPNP$0?(:10](Z)7L MOB:A6M+6,8ZO>;0!5P#LLU$/].$3U&*S"-R^]J!I?:2@)..9![5:2)]E<7?V MX)C@V#'[G!?S6^^8L?M37(;-+E)M4HL/&'N3%^N:IF3+BV7Z-=U%<+5\!MF* M3*>>$1R=,U&3. M',$^WT(]@ZEE'*[62NE&N2Y&=.[ZN:QUD+I^@Y[,X=S/9#'B:.E(@MO'8W`9 M&$?)`Z8B;JG*T[!W8'C>#+/MIRRJWVNW/!54J/[Z[O.^>MY;,1/9-)>RC-EX M\(+,'7@&:0GN49G%(/\'B)+BZ1QWIF6VB5+X.P6/^#$9;0ZC=V4T.#BS&,DW MOEPO,MR*FZI9QX_*"&F:Z1F;QMVSE'M)2"CR!:71_I<'_%<>T3MT.?/)!L/2 MS4.5NJ7MYFQ9KO=]DOT@A82LEZ6%1>9LT#-M%Z2L='\HU*QOG[&%5<\&9E]%%3W4J.X14+_:$(J7EMWAT!Y0KI"A2[HG"/J'Z._HVR M\S(OT!9W/,:`R"=H7NEB$+B;#45;W#X]D9@OITGIFG&!3V:XVK*@H-S0]0*R0O`9K&`,4\`8&BJ,?H.@ELAS4R@ M6U'@XZ'`"2#USM0W\)@G#2GXO-[LZ"9UP5:&-E8MWNRPC"/-&\[[2@J4W)B_ M0VE+\#WS@9SC#[58W0_NW*V"%9%`B8$OY7,CR.MR\6L#]W*]!C'QY]4#'IWU M'TZB,O4"M:%4"OB.`FVEM="APMUC/\5-(,LCXGHGQ^EB%<&@I)P6`'@<`]_! MK0?G*VQPPTERXH+?2LS]\ID>X'5]%F$@#^\L M@H2LV7OCDKG;DNR+Q-QS%)"P%7.]:S@49_!`,D9L@-<4&T0"/+1U,V.P"7IN3=-RQ";G8EYJQ6>04 M,#P>0PZ#4S4/*;9A$WER>9TVXDX;<:>-N--&W&DC[K019S!&Z>ZT<88G7[;2 M+(7/6%VZRG">1'F^7-\7*/Z5-062T35A-)_.W8,/'5&8XQ2?H#U!/"9P^'[% M=HM2*M*"/5IQ"=I7*L8$#E?DN,9'"KH,E]*&S*JW)L9,`A\KY/T1*>!ZX/%X M/*D-&;R.=ZQ0=7>*,QH^-\LKZ>X67FXX1S9D9.SEEQO[AS7V3V$OUS2%1)[C M1ENFMQF*`5B19HG(.CJ]_S?4PJSPZ.%RM<*^](IQ6Z&)EA!VEYON!J!N-$9,U(",`V(&HZ$O>_QZZZ2\ MT=!HH?1FM#\_];JY>P..]T<9B\W2#78>4]9J\X%VR.LOY#^/40[P+_\?4$L# M!!0````(`!V(J$9'>*19/!```$^J```0`!P`87-T+3(P,34P,S,Q+GAS9%54 M"0`#"B1-50HD355U>`L``00E#@``!#D!``#M76UO(CD2_G[2_0=?/LU*2T@F M,[N;:+(K0L@,$@D(R,[=IY7I-N";QF;M;A+VUU_9W4V_TF^03&>OI9&&=%>5 MJ_R4[7*Y,)]^>UY9:$.$I)Q=GYR?GIT@P@QN4K:X/G%D"TN#TI/??OWG/S[] MJ]7Z3!@1V"8FFFU1[_9S9SRG%I!*-!H/X2-!%Z<7IV>G9ZC+UUM!%TL;G5]> M?D0M]/[L_".:.*L5M=$=99@9%%MH)"BS0<"/:##HGJ*.92'-)9$@DH@-,4]; M+=7XL[R2QI*L,+*Q6!#[`:^(7&.#7)\L;7M]U6YC:1-!L9Q1;B]!RS5Q;&K( M4X.OVJKQLXN+H8EV=F1H/=,`4PNV_KMCA0$T0S1E$D;,"-A>C.P M/$S\L>V^]$DIVQ`9(Y7$.%WP3=M]IRR]B%K*G%6Z-J8MVJI[VD`!G6WL&#@K MP,-9*\9G$IJN&KP((P!.B)!R0\P8M[$-XT4_\AZNUY3-N?<$GJF^O?+Q&),Y MTKU]I;2X/I%TM;945^IG2T'FUR?@.RW?1_Y8"W(*ZOD4@ELD`QOUNKU6`X:Y MB@V"=GT16!@)*0EG`"%\381-P?D"7VH?RRH#6V6M`A;#L>ILE$GF98T"%LIH MC6VR\*RL3(FMP,UC=?0O@C9B9RQ:&0O$_MN)"X?$<2<\A^ MU9_CX]KC]DBR.&-CISACU#_3^;RG/B9'@ZK+F4D8M'6#+;7>3):$V/*18<>D MMEJA%5IY1)F``5P:L`GT*?$0ZPX?;GL/D]XMNND,.@_='II\Z?6F$_1N)_2' M!K;JL(VP@,Y8$F#"5B$,HQQANR$,=5^B,;1\50@['4-FN<1Y&9=XZ#S>]J>] MVQ_0NXB:C8L4WR%73#$I[3#>G#7G)%!EP6PC>7-1/LBQ)@=X?WHW'O M"[SJ_]Y#_0?XN]=^-QA.)C\TZ!^$/I;+.XL_%<,[29R)\(@!BXP']TZ$`U-8%M0Q#)K`_^4$TE8;%I2,( M_!&6_B/2\A&?HW`+.L+>M=&`FP&N2KUAL1W.)W3!Z!SB%=CM&`9W=/YMQ"UJ MP/;+Q;4@;0ZD[Y.0>H(5C"'1*)"-?.$-EAE8=J0D-LRHMJ`S1X^TA2!Z0OQ* M[>4-L-$5@='WF0C.NERLN0CM=2MSY^!]D<1;-X7";:%=8^@)6D/0W!2:TP-9 M-XA"+39.D.$$X7V3"IPX4XNJ"_&>=SD`?D@"Z`E"6A(*1#7(9"#3UTEMY>-] M%@RGW>>),Y.P7F&QFV_+,.1@^#&)82`=4189<*$_PVTTX)8#]RL6`I8Q"9B- MB:6.QX8SBRZT85,.6+BS'XF1[\6^JKP!J@0`5D!J MO"?3>VS,%G1F$;TT[GP@]C0'R9_3D/1%(*QE-#!D;EU7*\XF-C>^P2"+#L@] M[W(@^24)B2L(:4EZ*#4CI``T/=C,J>,7`VRF&S*"^,/%)>U%#BB725!<*6@G M!BDY#2`Y8X7J-4(M2"J6AWT:8<%N,8L@&Z#SL_11XTG3@R8BKP$J:X>_Q(*8 M=]B@%E5'J0#&A(@--(*:8ZBBTY\P*^.]:9`9<$8&:XCR1(UUU&Q^JR6],X3%GZB MNRQ7#I`I616_":3;T,/,;2647-%39W]\CW1+2#?5H)V9'YU)\J<#%OFK>/%!,43U#DE!3\?EOY&[_Q/S9'5X>XR MQ;`O+N4L'L>KN,HOA[J*JVSC*"]Q9!)VG0-E9#G3@0!N0J2=TPO'O>90&;2.7F(EHD']Q`63TQ'`8TDR(+ MUKWIX%QXR^26&Y@K)IG#&.]_G05P:FHY%]RB.>H&V`.3U?%!G$V6-Y+WIJCS M`"^=\VZ`/W+MXBVQ,;5DZ1)&GR_+-4K7+.:XR^51"B/1.T_WQH<.3R9$W*<< MRZND$RX/32%[EE$+$K[))7B"I<%DNJ=#@ M?-PJT@CX%?BRLQ$EJT=S7>48):J-#U7*3,4<)?WE,7-3EP5S4PV:U='L@BUG MYYF8>B2ED`U`*8#Q^Q(8HVYGT$5GYPW6I1.1D?&;3?(2J:1B9;BY M7E&]PK?QCXJUOE%WV/LZ$_UDC6\NTL5*A1M47Z1H.+H,5&3.7!NL:L7"N6YS MQ,+DQKE?I9BI3M;= MIYGJQ'G4AX,52+D7MH@.(3;O3:6I779,>E/!^O`,$R22MYY&24"+O=C*Q!030U)C=)*^#SJ0Q4% MXG>Q7KKK!",+K"_>VJ-#A,T2(L+54G):Y^];YS\=KH==6@>[2OO13K77HCP2 M/I/^=`PLPE=F%^D#S:+^:OE\JB^/* M^@R2MV)EGQF"8$ENB?M_G^FMZ)@8A&Z4#H&U!4AK8S5H:)8S^Y;,"02"IK;) MO6XUR_14\MJ8GP/Z'2%R!*XZ9!-LD>'W>*:EBB5S2\,,E_4VZ9DJ>[1N+&]\.[YN0*+=SW%]A MN;+]YZ\S5,KWT#0ZS^<25H#>M*^6\%X8SHSTOX,3#"C3[A\WP6_G.WFC^UW&+W*;<7TO=972*GP<4S]2I6FA)*DK_ M9I8H@$;5$.`%K*^[8KZM+AS9.24)05N4WIMZ8-Y9NQPO:;V[.\\*HMWO>8)3 M2A>S/4M1.DG-1M^-(V%FD+)C0#PD=::\RZ4]G.L'H'E/_[R--@4;_FL=2=UL MW;,&%61@%O+K8\I\;=_?H5\N^DPQ>>0(8PEQ]4BH$W[+\K:\N[L_[3M,Q>_8 M.Y MZ]\6>83=;&AN#"^7`MOI(O#WZKIS-6OWF*; MP/+ZA4J;"U7THH*4L,<5HW\CYD\)4T5'@/*3HD_+E6:0O"DC^ZNUX!NWX,HW MYI&91`Q4&C1VE6I@>&&VNG1&[F[-_4W.K=9_R2TS9*$J3E494CU[/L*PON/" M*PL-!?K5)=2ECW(<)B4C[N_+*9%=7641QJ?VR./ZY10?)5Z0.Q**OP+E MT]Z]:JJL2%QO$P%QTI`],G60/-P083H$@B=.C.7M*4.H:M?C-9?<=_@ZEN#31WJ]#2;*[(7K-. M.-2W.XZ]Y(+^14QW1CW>J$E*?MW)-_?X^6`#XWX"_\\)V*`,8_'JB]=IK6[K MV]&M]DT%`\*EQB_=SM^F7]4^_0C=YHJIWRZ_NA^H+Y).EYAY#A&-+X?S4(`] MY3>D+Z4#`HAX9%358R@1ZL"F][RFPBOY]I<5)>X8GOK2&M9L>A[.YQ!C"=E; MK2V^)3H=>$L%,6PN$@4$A8CK=ES=Q1:=<\$H[C.W;:(P61!&%.N&W!.3&K"# M2YS+EV6LF^7QGP+3=2NA9[4IU,LYU@C7W>F;8*14`\L]0RD7X:I:UNU/9>,[L;B?NF`Q29L/L(KZO65/\['[SY-91VZX[*J1] M_O$>O&TI8='V;G=%QG!^YZC]C%8S<<*41_=6#H,?N*UR1\0M^YGRWK--F*EMB0;G MN83U"[_O";/X"(MOR94AY57=E@;W##-6G1,_XDR\KA\*>KX;D`U5M[/TGE4U MGRHM@W^FJF_6W/D39A4!-9LX4P95K8=/HCY*JALD6?B;'ADD;V4"G*COO0_G M-PZU5$H]M#6.OZA=".(M-A+B)14HJ4JL<#`1BAOS"&NSP\E#2VU/5-VW>J2# MBWDLXMA+4*\PP\V:9"RW>PGJ-T\\D*?_<%A)J;V-+[,IK^JVS/J)*R^/E14! MY5*^R&G,X14)>ML>SBFK[?R$&+#_L"E)GMOGTMQ%: MVXN.5(6&7O@F-9B8DH"D;3:3[VNX^"4T3:R!>RF^YU*HK[UT;VV"O_X'4$L! M`AX#%`````@`'8BH1JND8_;@SP``0>,'`!``&````````0```*2!`````&%S M="TR,#$U,#,S,2YX;6Q55`4``PHD355U>`L``00E#@``!#D!``!02P$"'@,4 M````"``=B*A&'P2HD#P0``!7W0``%``8```````!````I($JT```87-T+3(P M,34P,S,Q7V-A;"YX;6Q55`4``PHD355U>`L``00E#@``!#D!``!02P$"'@,4 M````"``=B*A&],8UV\@M``!;VP(`%``8```````!````I(&TX```87-T+3(P M,34P,S,Q7V1E9BYX;6Q55`4``PHD355U>`L``00E#@``!#D!``!02P$"'@,4 M````"``=B*A&N^^PNV69``#LW@@`%``8```````!````I('*#@$`87-T+3(P M,34P,S,Q7VQA8BYX;6Q55`4``PHD355U>`L``00E#@``!#D!``!02P$"'@,4 M````"``=B*A&FA>%X?]+``!\"`4`%``8```````!````I(%]J`$`87-T+3(P M,34P,S,Q7W!R92YX;6Q55`4``PHD355U>`L``00E#@``!#D!``!02P$"'@,4 M````"``=B*A&1WBD63P0``!/J@``$``8```````!````I('*]`$`87-T+3(P M,34P,S,Q+GAS9%54!0`#"B1-575X"P`!!"4.```$.0$``%!+!08`````!@`& +`!0"``!0!0(````` ` end XML 53 R27.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity Incentive Plan (Tables)
3 Months Ended
Mar. 31, 2015
Equity Incentive Plan [Abstract]  
Summary of Stock Option Activity and Related Information
A summary of Asterias' stock option activity and related information follows:

  
Options and
Restricted
Stock and Units Available
for Grant
  
Number of
Options and
Restricted Stock
and Units Outstanding
  
Weighted
Average
Exercise
Price
 
January 1, 2015
  
1,150,001
   
3,346,666
  
$
2.42
 
Increase to pool(1)
  
3,500,000
   
-
   
-
 
Options granted
  
(1,080,000
)
  
1,080,000
   
3.90
 
Restricted stock units issued
  
(193,733
)
  
193,733
   
3.90
 
Options forfeited
  
1,666
   
(1,666
)
  
2.34
 
March 31, 2015
  
3,377,934
   
4,618,733
  
$
2.68
 

(1)The 3,500,000 share increase to the Equity Incentive Plan is subject to subsequent approval by the Asterias shareholders.
Schedule of Assumptions Used to Estimate Fair Value of Stock Option
The weighted-average estimated fair value of stock options granted during the three months ended March 31, 2015 and 2014 were $2.57 and $1.26 per share respectively, using the Black-Scholes Merton model with the following weighted-average assumptions:

  
March 31,
(Unaudited)
 
  
2015
  
2014
 
Expected life (in years)
  
5.85
   
4.18
 
Risk-free interest rates
  
1.64
%
  
1.06
%
Volatility
  
78.55
%
  
70.03
%
Dividend yield
  
0
%
  
0
%
Operating Expenses - Stock-Based Compensation Expense
Operating expenses include stock-based compensation expense as follows:

 
Three Months Ended March 31,
(Unaudited)
 
 
2015
 
2014
 
Research and development
 
$
288,546
  
$
115,140
 
General and administrative
  
404,405
   
143,534
 
Total stock-based compensation expense
 
$
692,951
  
$
258,674
 

XML 54 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.1.9 Html 72 261 1 true 25 0 false 6 false false R1.htm 000100 - Document - Document and Entity Information Sheet http://asteriasbiotherapeutics.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 010000 - Statement - CONDENSED BALANCE SHEETS (Unaudited) Sheet http://asteriasbiotherapeutics.com/role/CondensedBalanceSheetsUnaudited CONDENSED BALANCE SHEETS (Unaudited) false false R3.htm 010100 - Statement - CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) Sheet http://asteriasbiotherapeutics.com/role/CondensedBalanceSheetsUnauditedParenthetical CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) false false R4.htm 020000 - Statement - CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Sheet http://asteriasbiotherapeutics.com/role/CondensedStatementsOfOperationsUnaudited CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) false false R5.htm 030000 - Statement - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) Sheet http://asteriasbiotherapeutics.com/role/CondensedStatementsOfComprehensiveIncomeLossUnaudited CONDENSED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) false false R6.htm 040000 - Statement - CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) Sheet http://asteriasbiotherapeutics.com/role/CondensedStatementsOfCashFlowsUnaudited CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) false false R7.htm 060100 - Disclosure - Organization, Basis of Presentation and Liquidity Sheet http://asteriasbiotherapeutics.com/role/OrganizationBasisOfPresentationAndLiquidity Organization, Basis of Presentation and Liquidity false false R8.htm 060200 - Disclosure - Summary of Significant Accounting Policies Sheet http://asteriasbiotherapeutics.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies false false R9.htm 060300 - Disclosure - Asset Contribution Agreement with BioTime and Geron Corporation Sheet http://asteriasbiotherapeutics.com/role/AssetContributionAgreementWithBiotimeAndGeronCorporation Asset Contribution Agreement with BioTime and Geron Corporation false false R10.htm 060400 - Disclosure - Balance Sheet Components Sheet http://asteriasbiotherapeutics.com/role/BalanceSheetComponents Balance Sheet Components false false R11.htm 060500 - Disclosure - Investment in BioTime and in BioTime Subsidiaries Sheet http://asteriasbiotherapeutics.com/role/InvestmentInBiotimeAndInBiotimeSubsidiaries Investment in BioTime and in BioTime Subsidiaries false false R12.htm 060600 - Disclosure - Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants Sheet http://asteriasbiotherapeutics.com/role/InvestmentInBiotimeWarrantsAndRelatedObligationToDistributeBiotimeWarrants Investment in BioTime Warrants and Related Obligation to Distribute BioTime Warrants false false R13.htm 060700 - Disclosure - Intangible assets Sheet http://asteriasbiotherapeutics.com/role/IntangibleAssets Intangible assets false false R14.htm 060800 - Disclosure - Common Stock and Warrants Sheet http://asteriasbiotherapeutics.com/role/CommonStockAndWarrants Common Stock and Warrants false false R15.htm 060900 - Disclosure - Equity Incentive Plan Sheet http://asteriasbiotherapeutics.com/role/EquityIncentivePlan Equity Incentive Plan false false R16.htm 061000 - Disclosure - Commitments and Contingencies Sheet http://asteriasbiotherapeutics.com/role/CommitmentsAndContingencies Commitments and Contingencies false false R17.htm 061100 - Disclosure - Shared Facilities and Service Agreement Sheet http://asteriasbiotherapeutics.com/role/SharedFacilitiesAndServiceAgreement Shared Facilities and Service Agreement false false R18.htm 061200 - Disclosure - Segment Information Sheet http://asteriasbiotherapeutics.com/role/SegmentInformation Segment Information false false R19.htm 061300 - Disclosure - Clinical Trial and Option Agreement and CIRM Grant Award Sheet http://asteriasbiotherapeutics.com/role/ClinicalTrialAndOptionAgreementAndCirmGrantAward Clinical Trial and Option Agreement and CIRM Grant Award false false R20.htm 061400 - Disclosure - Subsequent Events Sheet http://asteriasbiotherapeutics.com/role/SubsequentEvents Subsequent Events false false R21.htm 070200 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://asteriasbiotherapeutics.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) false false R22.htm 080200 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://asteriasbiotherapeutics.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) false false R23.htm 080300 - Disclosure - Asset Contribution Agreement with BioTime and Geron Corporation (Tables) Sheet http://asteriasbiotherapeutics.com/role/AssetContributionAgreementWithBiotimeAndGeronCorporationTables Asset Contribution Agreement with BioTime and Geron Corporation (Tables) false false R24.htm 080400 - Disclosure - Balance Sheet Components (Tables) Sheet http://asteriasbiotherapeutics.com/role/BalanceSheetComponentsTables Balance Sheet Components (Tables) false false R25.htm 080700 - Disclosure - Intangible assets (Tables) Sheet http://asteriasbiotherapeutics.com/role/IntangibleAssetsTables Intangible assets (Tables) false false R26.htm 080800 - Disclosure - Common Stock and Warrants (Tables) Sheet http://asteriasbiotherapeutics.com/role/CommonStockAndWarrantsTables Common Stock and Warrants (Tables) false false R27.htm 080900 - Disclosure - Equity Incentive Plan (Tables) Sheet http://asteriasbiotherapeutics.com/role/EquityIncentivePlanTables Equity Incentive Plan (Tables) false false R28.htm 081000 - Disclosure - Commitments and Contingencies (Tables) Sheet http://asteriasbiotherapeutics.com/role/CommitmentsAndContingenciesTables Commitments and Contingencies (Tables) false false R29.htm 090100 - Disclosure - Organization, Basis of Presentation and Liquidity (Details) Sheet http://asteriasbiotherapeutics.com/role/OrganizationBasisOfPresentationAndLiquidityDetails Organization, Basis of Presentation and Liquidity (Details) false false R30.htm 090200 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://asteriasbiotherapeutics.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) false false R31.htm 090300 - Disclosure - Asset Contribution Agreement with BioTime and Geron Corporation (Details) Sheet http://asteriasbiotherapeutics.com/role/AssetContributionAgreementWithBiotimeAndGeronCorporationDetails Asset Contribution Agreement with BioTime and Geron Corporation (Details) false false R32.htm 090400 - Disclosure - Balance Sheet Components (Details) Sheet http://asteriasbiotherapeutics.com/role/BalanceSheetComponentsDetails Balance Sheet Components (Details) false false R33.htm 090500 - Disclosure - Investment in BioTime and in BioTime Subsidiaries (Details) Sheet http://asteriasbiotherapeutics.com/role/InvestmentInBiotimeAndInBiotimeSubsidiariesDetails Investment in BioTime and in BioTime Subsidiaries (Details) false false R34.htm 090700 - Disclosure - Intangible assets (Details) Sheet http://asteriasbiotherapeutics.com/role/IntangibleAssetsDetails Intangible assets (Details) false false R35.htm 090800 - Disclosure - Common Stock and Warrants (Details) Sheet http://asteriasbiotherapeutics.com/role/CommonStockAndWarrantsDetails Common Stock and Warrants (Details) false false R36.htm 090900 - Disclosure - Equity Incentive Plan (Details) Sheet http://asteriasbiotherapeutics.com/role/EquityIncentivePlanDetails Equity Incentive Plan (Details) false false R37.htm 091000 - Disclosure - Commitments and Contingencies (Details) Sheet http://asteriasbiotherapeutics.com/role/CommitmentsAndContingenciesDetails Commitments and Contingencies (Details) false false R38.htm 091100 - Disclosure - Shared Facilities and Service Agreement (Details) Sheet http://asteriasbiotherapeutics.com/role/SharedFacilitiesAndServiceAgreementDetails Shared Facilities and Service Agreement (Details) false false R39.htm 091200 - Disclosure - Segment Information (Details) Sheet http://asteriasbiotherapeutics.com/role/SegmentInformationDetails Segment Information (Details) false false R40.htm 091300 - Disclosure - Clinical Trial and Option Agreement and CIRM Grant Award (Details) Sheet http://asteriasbiotherapeutics.com/role/ClinicalTrialAndOptionAgreementAndCirmGrantAwardDetails Clinical Trial and Option Agreement and CIRM Grant Award (Details) false false R41.htm 091400 - Disclosure - Subsequent Events (Details) Sheet http://asteriasbiotherapeutics.com/role/SubsequentEventsDetails Subsequent Events (Details) false false All Reports Book All Reports Element ast_TenantImprovementAllowanceUnderLeaseAgreement had a mix of decimals attribute values: -5 0. 'Monetary' elements on report '090800 - Disclosure - Common Stock and Warrants (Details)' had a mix of different decimal attribute values. Process Flow-Through: 010000 - Statement - CONDENSED BALANCE SHEETS (Unaudited) Process Flow-Through: Removing column 'Mar. 31, 2014' Process Flow-Through: Removing column 'Dec. 31, 2013' Process Flow-Through: 010100 - Statement - CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) Process Flow-Through: 020000 - Statement - CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Process Flow-Through: 030000 - Statement - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) Process Flow-Through: 040000 - Statement - CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) Process Flow-Through: Removing column '12 Months Ended Dec. 31, 2014' ast-20150331.xml ast-20150331.xsd ast-20150331_cal.xml ast-20150331_def.xml ast-20150331_lab.xml ast-20150331_pre.xml true true XML 55 R38.htm IDEA: XBRL DOCUMENT v2.4.1.9
Shared Facilities and Service Agreement (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Shared Facilities and Service Agreement [Abstract]    
Usage fee allocation (in hundredths) 105.00%ast_UsageFeeAllocation  
Term of payment 30 days  
Interest on unpaid overdue invoice (in hundredths) 15.00%ast_InterestOnUnpaidOverdueInvoice  
Allocated general overhead expenses $ 50,251us-gaap_OtherGeneralAndAdministrativeExpense $ 39,720us-gaap_OtherGeneralAndAdministrativeExpense
XML 56 R20.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subsequent Events
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events
14. Subsequent Events

On April 10, 2015, Asterias entered into an at-the-market issuance sales agreement (the “Sales Agreement”), with MLV & Co. LLC (“MLV”) pursuant to which Asterias may issue and sell shares of its Series A Common Stock (the "Series A Shares") from time to time through MLV as its sales agent, subject to certain limitations, including the number of shares registered and available under the Company’s previously filed and currently effective shelf registration statement on Form S-3 (File No. 333-200745) (the “Registration Statement”).

Any sales of shares of the Company’s Series A Shares pursuant to the Sales Agreement will be made under Asterias’ S-3 Registration Statement filed on December 4, 2014 and the related prospectus supplement filed on April 10, 2015. MLV may sell the Series A Shares by any method that is deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by MLV and the Company. MLV may also sell the Series A Shares in negotiated transactions, subject to Asterias' prior approval. Subject to the terms and conditions of the Sales Agreement, MLV will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable laws, rules and regulations to sell the shares of the Series A Shares from time to time, based upon Asterias’ instructions (including any price, time or size limits or other parameters or conditions Asterias may impose). Asterias will pay MLV a commission of up to 3.0% of the gross proceeds of the sale of any Series A Shares sold through MLV as agent under the Sales Agreement. Asterias has also provided MLV with customary indemnification rights.

In April 2015, Asterias received $1,062,023 from the California Institute for Regenerative Medicine as quarterly installment payments of a $14.3 million research grant awarded during 2014.