<SEC-DOCUMENT>0001554795-20-000335.txt : 20210209
<SEC-HEADER>0001554795-20-000335.hdr.sgml : 20210209
<ACCEPTANCE-DATETIME>20201229141902
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001554795-20-000335
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Cat Holdings, Inc.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				860490034
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1607 PONCE DE LEON AVE
		STREET 2:		SUITE 407
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00909
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		1607 PONCE DE LEON AVE
		STREET 2:		SUITE 407
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TimefireVR Inc.
		DATE OF NAME CHANGE:	20161121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EnergyTEK Corp.
		DATE OF NAME CHANGE:	20140723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADLEAF CAPITAL PARTNERS INC
		DATE OF NAME CHANGE:	20040928
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; margin-top: 0; margin-bottom: 0">December 29, 2020</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549-5010</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Attn: Mitchell Austin, Examiner</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Red Cat Holdings, Inc. (the &ldquo;Company)</TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Amendment No. 2 to Registration on Form S-1</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Filed December 4, 2020</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>File No. 333-249776</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in"></P>

<P STYLE="font: 10.5pt Consolas; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Mr. Austin:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hereby submit our response
to comments by the staff of the Securities and Exchange Commission (the &ldquo;Staff&rdquo;) in its letter dated December 22, 2020
(the &ldquo;Comment Letter&rdquo;) relating to the Company&rsquo;s Amendment No. 1 to Form S-1 filed on December 4, 2020 (the &ldquo;Form
S-1/A&rdquo;). Set forth below are the Company&rsquo;s responses to the Staff&rsquo;s comments and are filed in conjunction with
Amendment No. 2 to the Form S-1/A (the &ldquo;Amended S-1&rdquo;). For convenience of the Staff, the numbered paragraphs below
correspond to the numbered paragraphs contained in the Comment Letter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/177% Times New Roman, Times, Serif; margin: 10.3pt 0 12pt 7pt"><U>Amendment No. 1 to Registration Statement on
Form S-1 General</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Times New Roman, Times, Serif; margin-top: 1.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 12pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">We note that your common stock is now quoted on the OTCQB. Please
update your <FONT STYLE="letter-spacing: -0.15pt">filing</FONT> to reflect this.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><U>Response:</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has included
disclosures related to the quotation of the Company&rsquo;s common stock on the OTCQB throughout the Amended S-1 and has
eliminated references to the OTCMarkets Pink and removed references to a fixed price offering until such time as the
common stock is quoted on the OTCQB.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has also added an
additional OTCQB risk factor entitled &ldquo;OTCQB, nominal float and supply and demand factors may affect the price of our stock&rdquo;.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Times New Roman, Times, Serif; margin-top: 1.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 12pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Please revise to describe the transactions in which the selling stockholders
received <FONT STYLE="letter-spacing: -0.2pt">their</FONT> shares of common stock and Series B preferred stock.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><U>Response:</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has included additional
disclosure under &ldquo;Summary of the Offering&rdquo; which describes the 2019 Share Exchange Agreement with Red Cat Propware,
Inc. and TimeFireVR, Inc. (the previous name used by the Company) including the issuance of Series A convertible preferred stock
and Series B convertible preferred stock underlying the common stock to be sold by certain of the selling stockholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has also included
additional disclosure under &ldquo;Summary of the Offering&rdquo; concerning the transactions in which the other selling
stockholders acquired their shares of common stock to be sold.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Times New Roman, Times, Serif; margin-top: 1.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 12pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">On the cover page, you disclose that this registration statement
will cover up to 1,426,872 shares of common stock issuable upon the conversion of Series B convertible preferred stock. On page
5 of the summary, you disclose this amount as 1,512,206 shares. Please revise to ensure consistency throughout your filing.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response:</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has corrected the
registration statement to indicate that 1,426,872 shares underlying the Series B convertible stock are being registered and
that in total, 4,897,685 shares of common stock are being registered for resale.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9.4pt 0 0 7pt"><U>Forward-Looking Statements, page 2</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Times New Roman, Times, Serif; margin-top: 1.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 12pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">On page 8, you disclose that your common stock may be deemed a &quot;penny
stock.&quot; As such, please revise to remove references Section 27A of the Securities Act and <FONT STYLE="letter-spacing: -0.15pt">Section
</FONT>21E of the Exchange Act. The statutory safe harbors for forward-looking statements provided by these sections are not available
to issuers of penny stocks.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 0 0 0 40.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 5.45pt; text-indent: 0.5in; text-align: justify"><U>Response:</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has revised the
&ldquo;Cautionary Note Regarding Forward looking Statements&rdquo; and removed the disclosure with references to Section
27A of the Securities Act and Section 21E of the Exchange Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6.9pt 0 0 7pt"><U>Security Ownership of Certain Beneficial Owners and
Management, page 49</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Times New Roman, Times, Serif; margin-top: 1.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="font-size: 12pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Please revise to provide beneficial ownership disclosure as of the
most recent date practicable and ensure you disclose the beneficial ownership of each person who beneficially owns more than five
percent of your common stock. In this regard, we note your disclosure on page 6 and elsewhere that Greg French beneficially owns
approximately 20% of your common stock.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response:</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has updated
&ldquo;Security Ownership of Certain Beneficial Owners and Management&rdquo; as of December 23, 2020 and included therein the
ownership information of 5% stockholders, Gregory French and Brains Riding in Tanks, LLC (Chad Kapper).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.8pt 0 0.15in; text-align: justify">The Company hereby acknowledges
the following:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.8pt 0 12.6pt 0.5in; text-align: justify">&bull; should the Commission
or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking
any action with respect to the filing;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.8pt 0 12.6pt 0.5in; text-align: justify">&bull; the action of
the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the company
from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.8pt 0 0.15in 0.5in; text-align: justify">&bull; the company
may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or
any person under the federal securities laws of the United States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.05pt">Should
you have any questions regarding the foregoing, please do not hesitate to contact the undersigned at (401) 648-1839.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.05pt">&#9;Very
Truly Yours,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.05pt">&#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.05pt">&#9;&#9;<I><U>/s/
Joseph Hernon</U></I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.05pt">&#9;Joseph
Hernon</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.05pt">&#9;Chief
Financial Officer</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !J 6$# 2(  A$! Q$!_\0
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MX6ZCXZ^*>KW&B:/)?+9:<\,_EF0J/G(4(Q?)..!QL:NT_P"%<_LE?]#UJ?\
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M=YM[R>_+?N^KZ+S:.1\4>)M8^(7BJ]UG59Y-1UC4I]\CXR78\!5 Z < *.@
M K3^)7PSUKX4Z[;:/KT2P:C-90WK0KDF,2#(1O\ :&"#CN#7U+^PG^S;_:MU
M#\2/$EH?L=N^=%MI5XED!YN"#V4C"^IR?X1G*_X*2:$;7XD>%=8VL$O-*:UW
M8X+12LQ_'$R_I7@O"R6'>(GNS]KI<14)9Y#),*ER1BT[?S)745Z)._GIT.G_
M .":6O?+XZT5V_Y];R)>?^FB.?\ T77N'Q2_9!\'?&#Q=/XB\1:IX@EO9$6)
M(X;N-8H8U'"(IC.!DD]>I)[U\D?\$]->&E_':XL78XU/2)X%7G!=6CE!_P"^
M8W_.OT@U+4;?1]-NK^\E$%I:Q//-*W1$4%F)^@!KV<#&%;"J,U=(_)>+ZV*R
MKB*I7P<W"52,7=;[)?BXGY7?M8?"_P '?!WX@6OAGPI-J%Q+#:+/?O?SI)MD
M<Y1%VHN,( QZ_?%9?[,?P;B^-WQ4M-"O3.FCPP27=_+;MM=8U&  2" 2[(.1
MT)KCOB;XWN?B1\0->\37>1+J5V\X4_P)G")_P% J_A7W3_P3M^'0T/X<ZMXN
MN(L76N7/D0.1S]GA)&1]9"^?]P5X]"G'$XJT5[N_R/U7.,=B,AX=YZM1NORJ
M-WOSRW?RU:]#:_X=Y_"W_GX\0?\ @;'_ /&J]K^%OPF\-_!SPR-#\,V1MK8N
M999I&WS3N?XG;N<<#L .!78T5]1##TJ;YH129_.6,SK,L?3]CBJ\IQWLWH%%
M%%=!XH4444 %%%% !7YW_P#!1+XBG7/B-I/A&WES:Z';>?.@/'VB8 X/TC"8
M_P!\U^B%8&H?#_PMJUY+=WWAK2+R[E.9)[BPBD=STR6*Y-<F*HRQ%/V<78^G
MX=S6ADN/6-K4W/E3LD[:O2_W7/S/_8M^'(^(7QVTB2=-]AH8.K3Y&03&0(E_
M[^,A^BFOLO\ :P_9>M_CAH@U?1EBM?&=A%M@D8A4O8QD^3(>QZ[6/0G!X.1[
M=HOA/0_#<DKZ3HVGZ6\H D:RM4A+@= 2H&:UJPHX*%.BZ4];GL9MQ=BL;FM/
M,L+>GR*R5[^M^]^OE8_$BXM]2\+ZV\,R7&EZMI\^&5@8YH)4;\U8$?@17Z:_
MLE_M,6_QM\,KI.KS1P^,]-B N8^GVR,8 N$'KD@,!T)SP& KV34O 7AG6KV2
M\U#P[I-]=R8WW%S8Q22-@8&6923P /PHTWP%X9T6]CO-/\.Z38W<>=EQ;6,4
M<BY&#AE4$<$C\:RPV"J8:=XSNNQZ/$'%F"X@PBI5L,XU([236CZK;5/_ "9\
M!_\ !0KXD?\ "2?%&P\*VTN^S\/VV90IR/M,P#-^2",>Q+5\MZ?J%UI-_;7U
ME<2VEY;2+-#<0N4>-U.592.000"#7[/7WP]\*ZI>2W5YX9T>[NI6W23SV$3N
MY]2Q7)-0?\*N\&?]"CH7_@MA_P#B:QK9=.M4=1SW/6RGCO!Y7@*6!CA6U%6?
MO+5]7MU=S\H/^&@OB=_T4'Q+_P"#6?\ ^*JUI?QN^+.M:C;6&G^-_%5[>W,@
MBAMX-2G=Y')P%4!LDFOU5_X5=X,_Z%'0O_!;#_\ $U:TOP)X:T2\2[T[P]I5
MA=H"%GM;**-QG@X95!J5EU6^M7\S6?'F6<KY,O5^E^7_ .1/G6]F\6_LZ?LL
M^(]9\9>)]0UOQIJ<0AC%[?/<+:2RC9''$6)&4#,[$=2IZA17YP5^W&L:#IOB
M&U6VU73K74[97$@AO(%E0, 0&PP(S@GGW-8W_"KO!G_0HZ%_X+8?_B:VQ& E
M6<5&5DD>5D7&E'*HUIUJ'-4JRYFTU%6M9)*VRU^\_(+2_B+XJT/0WT73?$FK
M:=I#NTCV-I>R10LS  DHK '.!U]*7P=\//$_Q$U!;/PYH=]K-P[!3]FA+*I/
M=G^ZH]V(%?K_  _#7PC;N'B\*Z+$P.0R:="#_P"@UT$-O%;1B.&-(HQT5%
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MFU23)]3N!KS9Y6N;FI3L?>X7Q&FZ"HYCAE4[M.U_6+35_N7D?DE_PT1\4/\
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MPF&PDE&/]Y7;ZMZ;L_*?3?V@_B5I-A:V%CXVUJVM+:-88((;I@L:* %51V
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MA"%W9N]V_P#)?F%%%%>F?GP4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110!Y?\;/V=?"'QTTLIK5I]EU>-"MKK%J MQ#
MZ G^-,_PMQR<;2<U^8'Q@^$6O?!;QE<^']<A.5)>UO$4B*[AS\LB'^8Z@Y!K
M]CZP_%7@;P[XZM8[;Q%H6G:Y!'N,:ZA:I-Y9/!*[@=I.!R,'BO,Q6!CB/>CI
M(_0>&N+\3D<O8UKU*/\ +?5><;_BMOF?BK3X89+F:.&&-I99&")&@)9F)P
M.I)K]1]:_8<^$6L:E'>+H%QIX#;I+>RO94BD]BI)VC_<*]*[SP7\ ?AW\/98
M9M!\(:79W4)#1W<D/G7"$=Q+)N8'Z&O*CE56_O25C]+K>).6QIWHT9REV=DO
MON_R/G[]F7]B'3/#^GV/B;X@V:ZCK<JB6'19U!@M,\CS5_CDQ_"?E7I@D9'U
M^BK&JJJA548"J, #TIU%?0T:,*$>6"/PS-<VQ><8AXC%SN^BZ)=DNGZ]0HHH
MK<\8**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
K "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
