<SEC-DOCUMENT>0001683168-24-002503.txt : 20240606
<SEC-HEADER>0001683168-24-002503.hdr.sgml : 20240606
<ACCEPTANCE-DATETIME>20240417194848
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001683168-24-002503
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INSEEGO CORP.
		CENTRAL INDEX KEY:			0001022652
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATIONS EQUIPMENT, NEC [3669]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				813377646
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9710 SCRANTON ROAD
		STREET 2:		SUITE 200
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		8588123400

	MAIL ADDRESS:	
		STREET 1:		9710 SCRANTON ROAD
		STREET 2:		SUITE 200
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVATEL WIRELESS INC
		DATE OF NAME CHANGE:	20000726
</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="margin: 0"></P>

<P STYLE="margin: 0"><IMG SRC="image_011.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Via EDGAR</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">April 17, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 255.1pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 255.1pt; margin-bottom: 0pt">Division of Corporate
Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 339.55pt; margin-bottom: 0pt">Office of Manufacturing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 339.55pt; margin-bottom: 0pt">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 339.55pt; margin-bottom: 0pt">Washington,
DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Attn: Jeffrey Gordon and Anne McConnell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 5%"><B>Re:</B></TD>
  <TD STYLE="text-align: left; width: 87%"><B>Re: Inseego Corp.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt"><B>&nbsp;</B></TD>
  <TD STYLE="text-align: left"><B>Form 10-K for the Fiscal Year Ended December 31, 2023</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt"><B>&nbsp;</B></TD>
  <TD STYLE="text-align: left"><B>Form 8-K filed February 21, 2024</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt"><B>&nbsp;</B></TD>
  <TD STYLE="text-align: left"><B>File No. 001-38358</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.8pt 0pt 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.8pt 0pt 42pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Dear Mr. Gordon and Ms. McConnell:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 9.2pt; margin-bottom: 0pt">On behalf of Inseego Corp. (the &ldquo;Company&rdquo;),
this letter responds to the comments issued by the staff of the Division of Corporate Finance, Office of Manufacturing (the &ldquo;Staff&rdquo;)
of the U.S. Securities and Exchange Commission (&ldquo;Commission&rdquo;) in a letter dated April 9, 2024 relating to the Company&rsquo;s
Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the &ldquo;Form 10-K&rdquo;) and Current Report on Form 8-K that
was furnished with the Commission on February 21, 2024 (the &ldquo;Form 8-K&rdquo;). For your convenience, the Staff&rsquo;s comments
are included in this letter, and each comment is followed by the response of the Company. Capitalized terms used in this letter and not
otherwise defined herein shall have the meanings ascribed to them in the Form 10-K and the Form 8-K, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.2pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 255.1pt; margin-bottom: 0pt"><B><I><U>Form 8-K filed on February 21, 2024</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 255.1pt; margin-bottom: 0pt"><B><I><U>Exhibit
99.1, page 1</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 255.1pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 11.15pt; margin-bottom: 0pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT>We note you present the non-GAAP measure, Adjusted EBITDA, but do not present the most directly comparable GAAP measure, Net loss,
with equal or greater prominence. For each non-GAAP financial measure you present, please present the most directly comparable GAAP measure
with equal or greater prominence as required by Item 10(e)(1)(i)(A) of Regulation S-K and Question 102.10 of the Division of Corporation
Finance&rsquo;s Compliance &amp; Disclosure Interpretations on Non-GAAP Financial Measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B>The Company acknowledges the Staff&rsquo;s comment
and will present the most directly comparable GAAP measure with equal or greater prominence to each non-GAAP financial measure it presents
in all future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt 0pt 5.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt 0pt 5.95pt"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 11.15pt; margin-bottom: 0pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT>We note you present several non-GAAP measures that include adjustments for &quot;inventory adjustment - E&amp;O and contract manufacturer
liability&quot; and &quot;write-off of capitalized inventory fees&quot;. It appears these non-GAAP adjustments related to inventory represent
normal operating expenses necessary to operate your business and are not consistent with the guidance in Question 100.01 of the Division
of Corporation Finance's Compliance &amp; Disclosure Interpretations on Non-GAAP Financial Measures. Please revise future filings to no
longer exclude these adjustments from any non-GAAP performance measure or explain why you believe the adjustments are appropriate.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 11.15pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges that under most circumstances,
inventory adjustments are normal and recurring. In fact, the Company respectfully advises the Staff that the Company has historically
not included adjustments for inventory related items in its non-GAAP measures.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_010.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 17, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt 0pt 5.95pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With regard to the adjustments that were made in 2023, the
Company considered the guidance in Question 100.01 and believes that the adjustments made were appropriate as the adjustments were
neither normal nor recurring. The Company also believes that, leaving the charge in Adjusted EBITDA would have been potentially
misleading to investors as to the underlying results for the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To provide background to the Company&rsquo;s individual facts and
circumstances (as required under Question 100.01) the Company notes that for the majority of its over 20 year existence as a public company
(including its predecessor company, Novatel Wireless), it has relied on producing mobile hotspots through contract manufacturers for
substantially all of its revenue. During recent years, demand for the Company&rsquo;s products was impacted by significant societal and
technological shifts. As an example, the COVID pandemic initially significantly increased demand for mobile hotspots, then demand for
certain of the Company&rsquo;s products declined from this peak as the economy and the markets the Company participates in went through
a period of shutdown, then work from home, then return to office, all while dealing with global supply chain issues. To illustrate the
impact of these changes to the Company, note that the Company&rsquo;s revenue increased from $219 million in 2019 to $314 million in
2020, a 43% increase. In 2023, the Company&rsquo;s revenue was $196 million, a 37% decrease from 2020. As is required under GAAP the
Company monitors its inventory for excess and obsolescence and during 2023, as a result of the factors described above and decreases
in the Company&rsquo;s sales forecasts that occurred during 2023, the Company concluded that it needed to take a significant charge to
its on-hand inventory and to record liabilities related to purchase orders placed with its contract manufacturers. The total expense
taken for these items during the third and fourth quarters of 2023 was approximately $17 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And so accordingly, in preparing the Company&rsquo;s 8-K filing filed
on February 21, 2024, the Company concluded that in order to make Adjusted EBITDA and other non-GAAP metrics meaningful to investors,
it should exclude the one-time charges related to the adjustments described above as the adjustments were not normal (as they resulted
from the significant changes noted above), and they were not recurring (as they relate to the Company&rsquo;s strategic changes as a
result of those changes and will not recur in the future). For future filings, the Company intends to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="padding-right: 31.35pt">not adjust Adjusted EBITDA for normal and recurring inventory related items in future filings (consistent
with its historical practice)</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 31.35pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="padding-right: 14.3pt">continue to show the adjustments described above related to 2023 in its comparative non-GAAP reconciliations,
and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 14.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="padding-right: 12.45pt">include enhanced disclosure around why the charges were adjusted for in the Company&rsquo;s future
8-Ks that include the 2023 information as the comparative period. The disclosure will be substantially similar to the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt">(*) The inventory-related expenses shown above are a reconciling
item when calculating Adjusted EBITDA as the Company believes these adjustments are neither normal nor recurring. Ongoing inventory-related
adjustments, including those in the current period, are included in Adjusted EBITDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions with regard to the Company&rsquo;s
responses or would like to discuss any of the matters covered in this letter, please contact the undersigned at (858) 812-3415.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 361.5pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 361.5pt; margin-bottom: 0pt">/s/ Steven Gatoff</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 361.5pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 361.5pt; margin-bottom: 0pt">Steven Gatoff</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_010.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_010.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !) ,X# 2(  A$! Q$!_\0
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MQ!XQTSPW<PV]ZL[/( W[M0<*21D\_P"R:Z!6#H&'0C(KR+XM?\AVT_Z]T_\
M0GKUJW_X]HO]P?RH YBV^(6@SF_WRR0)9_>>50/,YQ\HSDGVQ63+\6=-WG[/
MIE]-$/X\ ?IS7&>#/#UOXB\77,=X"UM;[I70'&\[L ?3G]*]QBAB@B$4,21Q
MJ,!$4 #\* .:T+Q_HFO72VL,DL%RP^6.=<;O8$'!KJ*\F^*>@V]A+:ZU9H(7
MED\N4)P-V,JPQT/!S^%>FZ5<->:/97+G+S6Z2$^Y4&@# USXA:'H=R]J[R7-
MPGWDMP"%/H23C-9%O\7-(DD"SV-Y"I_B 5OZBN=^',&EW'BB]&JHCWX;-NLO
M(+9.[V)Z5ZKJ.BZ=JMH]K>6D4D;#'W<%?<'J#]* ':7JUCK-DEW87"S1-Z'E
M3Z$=C4UW>6]A:R7-U,D,,8RSN< 5B^&O"%EX7ENWLYYY!<D?+(1A0,XZ=>O6
MN)^(U]+K?BBP\-6YPBNF\_\ 31^GX ']30!LW/Q8T=)=EI9WEU_M!0H_#)S^
ME3Z;\4=#O9EAN4N+)V.-TR@H/J0>/Q%=+HN@Z?H%DMM80!%'+.>7<^I-8GCS
MPO:ZUH5S<QP(+^W3S(Y0,$A>2I]>,_C0!UBLKJ&4AE(R"#D$5FZUX@TWP_:^
M?J%PL8/W4'+O]!7,?"S5KC4/#DMM<.7-G((XR>H0C('X<UR]G:R_$'X@7,E\
M=VGVA8; <?NP2%4?4\G\: .@D^+6G;V\G2[V2)?X_E'Z<UN:!X[T7Q!.+>"1
MX+DC(BG 4M[ YP:Z"VM+>SMDMK:%(H4&U41< "O,?B?H%MIHM==L(O(G,^V4
MH< MC(;'8\&@#U2J>I:K9:1:-=7UPL,0[GJ3Z =2:K:5JPN_#%MJT^ &MA-+
MM'HN6Q^1KQ36-6OO%FNK(5)>5A%!"O103P/UKMPF%]O)MNR6YY^.QOU:*25Y
M/9'I,OQ3T%'VI%>2#^\(U _5JN6WQ%\.W$$LAN)(C&N[9*F&;Z8X)_&L#3OA
M1";0-J5](+@]5@QM7\2.:Y'Q5X0N_#$R.[B>UE)$<H&.?1AV-=T,/@JLN2$G
M?\SSZF*S"C'VDXJWY?B>L>'_ !CIGB.XE@M/.CFC7=LE4 LOJ,$UO22)%&TD
MCJB*,LS'  ]S7CGPL_Y&N3T^S/\ S6K_ ,2_$LTE\=$M966", W  ^^_4#/<
M#C\?I6-7 IXGV-/:US>EF+6$]O5WO;U.HO\ XC^'[&9XA+-<LI()@0%<_4D9
M_"H[3XF^'[F14D:YMRQQNECX_,$UQOACX=7&M6D=[>S_ &:UD7,809=N?R J
MSK_PQGL+5[K3+@W*1J6>.0!7  SD=C]*U^KX%2]FY._?^M#'ZSF#C[507+VZ
M_G<]8AFBN(EEAE26-NCHP(/XBGUXW\.O$LVGZM'I<\O^A7+X (^Y(>A'UZ5[
M)7GXK#2P\^5[=#U,'BHXFGSK1]3R'XM?\AZS_P"O=/\ T)Z]:M_^/:+_ '!_
M*O)?BU_R';3_ *]T_P#0GKUJW_X]HO\ <'\JY3K/+/A9_P C+K/^Y_[/7J]>
M4?"S_D9=9_W/_9Z]7H X#XN?\BO:_P#7VO\ Z"U=;X=_Y%G2O^O.+_T 5R7Q
M<_Y%BU_Z^U_]!:N@LKN>Q\"6=U;6K74\5A$R0J>7.P<4 8WB?X<6FLW;W^GS
M_8KP\D!?D=O4XY!]Q^5<\L_COP3"9+E!?Z>G+%G,BJ/K]Y?Y5T?AWXDZ7JD#
M+J<D6GW2MC:['8P]03T^AK:N_%WAVVMVDEU:S=-IRL<@D)]L#- $'A/Q?9^*
M;9_*1H;J$ S0GD#/<'N*\Q\1V][=_%.YM["<07CS*(I"Y7:=@QR.E;7PR_TO
MQ?K.H6\!AM'1MJ <)N<%5_  TOQ+TN?2]>LO$MHK$;E\S X1TQM)^HX_"@"3
M_A$OB#_T,'_DY)_A2-X0^(#H5;7P588(-Y)R/RKK]$\<:)K%G%(U[#:W##YX
M)I I4^Q/6GZKXWT#2;=Y'U"&>11Q%;N'9CZ<<#\:8%/P%X5NO"]A=)>2Q/-<
M2!L1$D  <<D#GDUYCX3TKQ!J=W?KHFHBTDC(,W[YHRV2<?='/?\ .O8?#'B!
M?$ND?;TM9+<>84VN<YQCD'N.?YUYEYMS\/?B!)+,C&PN6;D='B8YR/=3_+WI
M :O_  B7Q!_Z&#_R<D_PJO>>!/&VHP>1>ZQ%<19W;);J1AGUP5KT2U\4:%>P
M^;!JUH5[[I0I'U!P16+KGQ'T7245;61=0G+8*0-PON6QC\J )=1TZ71_AI<6
M DWR0611F7@'^]CVZUYY\-Q&?&EMOQD1R%,^NT_TS7LK*FI::4=&6.YAPRL,
M$!AT(]>:\(U73-0\(Z^%RR/$XD@F48#KG@C^HKV<O:G2J4;ZO_(\'-$Z=:G7
MM=+?[SZ KD?B2$/@R?=C(ECVY]<_X9K%L_BS;FW_ -.TV03#_GBP*G\^GZUR
M7BSQE<^)FBC\H6]K$25B#9W'U/X?UJ,+@:\:R<E9)FF+S'#RH2C!W;5K&A\+
M?^1LD_Z]7_FM8GBXD^,-4W_\_+?EGC]*V_A;_P C9)_UZO\ S6KGQ+\-SPZD
M=9MH7>WF4>>0,B-Q@ GV/'XUZ/M(PQK3ZI'E>RE/+U*/23/3]-$(TNT^SX\G
MR4V8_NX&*LG&T[L8QSFO'_#7Q'FT>PBL+RT^T6\0VQNC8<#T/8_I5C7?B?-?
M6<MKIMGY"RJ4:61LL >#@#@'WYKRI9=7]IRVT[GLQS7#*DI-Z]CB)R%UB1K(
MD 3DPD>F[Y?Z5](5XQ\/O#,^I:S%J,\+"QMFWAR.'<= /Y_A7L]:YI4BYQ@N
MACDU*482J/12V,'7O"&E^([B&>^$OF1;1F-\;E!)VGV^8^];JJ%4*!@ 8%+1
M7D'N&%HGA/3= O[R\LO-WW1^97;(09S@<?SS6[110!D^(?#UGXETY;*]:546
M02*T9 ((R.X/J:T;6VCL[2&UA!$4,:QH">P&!4M% '*ZS\/= UEVE:W:UG8D
MF6W.W)/J.GZ5DP?"/18Y@TUY>2H#]S*KGZG&:] HH IZ9I5CH]F+73[9((0<
MX7J3ZD]2?K4]Q;0W=O);W$22PR#:Z.,@BI:* .%O_A5H5U,9;:2YM,_P(P9?
MUY_6G:?\+-!LYA+<-<7A'197POY#!_6NXHH C@@AM8$@@C6.*,;41!@**IZM
MHFFZY;B#4;2.=1G:3PRY]".16A10!Y]-\(]'>5FAO;R)"<[,J<?CBM71_AWX
M?TAUE\A[J=2")+@[L'V P*ZRB@ K*\06>CW6F,=;6+[,G/F2'!0GC@CD&M6L
M+Q;H4OB+0GL8)EBEWK(I?.TD9X./K6M*WM%=V7<RKW]G*RN[;=SB(O!GA"]R
M]IXD 0'[K2("!^.*Y[Q);>'=+MULM(F:^N7.Z6Y9LB,#^%<#'/KS27'@'Q+;
MRE!IS2#/#1NI!_6MG1?A?J-S,LFJR):P#ED5@TC?EP/\\5]"JE.G[\JUUVT_
M0^6=*K5]R%!1??7]=%^)=^%&EL9;W5'4A0HAC..#GEORP/SKTR:"*Y@>&>-9
M(G!5T<9##T(IEE96^GV<=I:1+%!&,*B]JGKP<37=:JZA])A,.J%%4]^YQ>I?
M#+1+V<S0//:$]5C(*_@#T_.H[+X6Z+;3B2XFN+E1_P LV(4'ZXYKN**KZY7Y
M>7G=B?J.&<N;D5R&UM8+*W2WMH4BA085$& *FHHKEW.M*VB"BBB@84444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_011.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_011.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !) ,X# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BO/_'L7
MBI]5M3H?VK[+L0-]GD9?GW-G.".,8S7=VXE%K$)\>=L&_'3=CG]: ):*** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH Y[
MQ!XQTSPW<PV]ZL[/( W[M0<*21D\_P"R:Z!6#H&'0C(KR+XM?\AVT_Z]T_\
M0GKUJW_X]HO]P?RH YBV^(6@SF_WRR0)9_>>50/,YQ\HSDGVQ63+\6=-WG[/
MIE]-$/X\ ?IS7&>#/#UOXB\77,=X"UM;[I70'&\[L ?3G]*]QBAB@B$4,21Q
MJ,!$4 #\* .:T+Q_HFO72VL,DL%RP^6.=<;O8$'!KJ*\F^*>@V]A+:ZU9H(7
MED\N4)P-V,JPQT/!S^%>FZ5<->:/97+G+S6Z2$^Y4&@# USXA:'H=R]J[R7-
MPGWDMP"%/H23C-9%O\7-(DD"SV-Y"I_B 5OZBN=^',&EW'BB]&JHCWX;-NLO
M(+9.[V)Z5ZKJ.BZ=JMH]K>6D4D;#'W<%?<'J#]* ':7JUCK-DEW87"S1-Z'E
M3Z$=C4UW>6]A:R7-U,D,,8RSN< 5B^&O"%EX7ENWLYYY!<D?+(1A0,XZ=>O6
MN)^(U]+K?BBP\-6YPBNF\_\ 31^GX ']30!LW/Q8T=)=EI9WEU_M!0H_#)S^
ME3Z;\4=#O9EAN4N+)V.-TR@H/J0>/Q%=+HN@Z?H%DMM80!%'+.>7<^I-8GCS
MPO:ZUH5S<QP(+^W3S(Y0,$A>2I]>,_C0!UBLKJ&4AE(R"#D$5FZUX@TWP_:^
M?J%PL8/W4'+O]!7,?"S5KC4/#DMM<.7-G((XR>H0C('X<UR]G:R_$'X@7,E\
M=VGVA8; <?NP2%4?4\G\: .@D^+6G;V\G2[V2)?X_E'Z<UN:!X[T7Q!.+>"1
MX+DC(BG 4M[ YP:Z"VM+>SMDMK:%(H4&U41< "O,?B?H%MIHM==L(O(G,^V4
MH< MC(;'8\&@#U2J>I:K9:1:-=7UPL,0[GJ3Z =2:K:5JPN_#%MJT^ &MA-+
MM'HN6Q^1KQ36-6OO%FNK(5)>5A%!"O103P/UKMPF%]O)MNR6YY^.QOU:*25Y
M/9'I,OQ3T%'VI%>2#^\(U _5JN6WQ%\.W$$LAN)(C&N[9*F&;Z8X)_&L#3OA
M1";0-J5](+@]5@QM7\2.:Y'Q5X0N_#$R.[B>UE)$<H&.?1AV-=T,/@JLN2$G
M?\SSZF*S"C'VDXJWY?B>L>'_ !CIGB.XE@M/.CFC7=LE4 LOJ,$UO22)%&TD
MCJB*,LS'  ]S7CGPL_Y&N3T^S/\ S6K_ ,2_$LTE\=$M966", W  ^^_4#/<
M#C\?I6-7 IXGV-/:US>EF+6$]O5WO;U.HO\ XC^'[&9XA+-<LI()@0%<_4D9
M_"H[3XF^'[F14D:YMRQQNECX_,$UQOACX=7&M6D=[>S_ &:UD7,809=N?R J
MSK_PQGL+5[K3+@W*1J6>.0!7  SD=C]*U^KX%2]FY._?^M#'ZSF#C[507+VZ
M_G<]8AFBN(EEAE26-NCHP(/XBGUXW\.O$LVGZM'I<\O^A7+X (^Y(>A'UZ5[
M)7GXK#2P\^5[=#U,'BHXFGSK1]3R'XM?\AZS_P"O=/\ T)Z]:M_^/:+_ '!_
M*O)?BU_R';3_ *]T_P#0GKUJW_X]HO\ <'\JY3K/+/A9_P C+K/^Y_[/7J]>
M4?"S_D9=9_W/_9Z]7H X#XN?\BO:_P#7VO\ Z"U=;X=_Y%G2O^O.+_T 5R7Q
M<_Y%BU_Z^U_]!:N@LKN>Q\"6=U;6K74\5A$R0J>7.P<4 8WB?X<6FLW;W^GS
M_8KP\D!?D=O4XY!]Q^5<\L_COP3"9+E!?Z>G+%G,BJ/K]Y?Y5T?AWXDZ7JD#
M+J<D6GW2MC:['8P]03T^AK:N_%WAVVMVDEU:S=-IRL<@D)]L#- $'A/Q?9^*
M;9_*1H;J$ S0GD#/<'N*\Q\1V][=_%.YM["<07CS*(I"Y7:=@QR.E;7PR_TO
MQ?K.H6\!AM'1MJ <)N<%5_  TOQ+TN?2]>LO$MHK$;E\S X1TQM)^HX_"@"3
M_A$OB#_T,'_DY)_A2-X0^(#H5;7P588(-Y)R/RKK]$\<:)K%G%(U[#:W##YX
M)I I4^Q/6GZKXWT#2;=Y'U"&>11Q%;N'9CZ<<#\:8%/P%X5NO"]A=)>2Q/-<
M2!L1$D  <<D#GDUYCX3TKQ!J=W?KHFHBTDC(,W[YHRV2<?='/?\ .O8?#'B!
M?$ND?;TM9+<>84VN<YQCD'N.?YUYEYMS\/?B!)+,C&PN6;D='B8YR/=3_+WI
M :O_  B7Q!_Z&#_R<D_PJO>>!/&VHP>1>ZQ%<19W;);J1AGUP5KT2U\4:%>P
M^;!JUH5[[I0I'U!P16+KGQ'T7245;61=0G+8*0-PON6QC\J )=1TZ71_AI<6
M DWR0611F7@'^]CVZUYY\-Q&?&EMOQD1R%,^NT_TS7LK*FI::4=&6.YAPRL,
M$!AT(]>:\(U73-0\(Z^%RR/$XD@F48#KG@C^HKV<O:G2J4;ZO_(\'-$Z=:G7
MM=+?[SZ KD?B2$/@R?=C(ECVY]<_X9K%L_BS;FW_ -.TV03#_GBP*G\^GZUR
M7BSQE<^)FBC\H6]K$25B#9W'U/X?UJ,+@:\:R<E9)FF+S'#RH2C!W;5K&A\+
M?^1LD_Z]7_FM8GBXD^,-4W_\_+?EGC]*V_A;_P C9)_UZO\ S6KGQ+\-SPZD
M=9MH7>WF4>>0,B-Q@ GV/'XUZ/M(PQK3ZI'E>RE/+U*/23/3]-$(TNT^SX\G
MR4V8_NX&*LG&T[L8QSFO'_#7Q'FT>PBL+RT^T6\0VQNC8<#T/8_I5C7?B?-?
M6<MKIMGY"RJ4:61LL >#@#@'WYKRI9=7]IRVT[GLQS7#*DI-Z]CB)R%UB1K(
MD 3DPD>F[Y?Z5](5XQ\/O#,^I:S%J,\+"QMFWAR.'<= /Y_A7L]:YI4BYQ@N
MACDU*482J/12V,'7O"&E^([B&>^$OF1;1F-\;E!)VGV^8^];JJ%4*!@ 8%+1
M7D'N&%HGA/3= O[R\LO-WW1^97;(09S@<?SS6[110!D^(?#UGXETY;*]:546
M02*T9 ((R.X/J:T;6VCL[2&UA!$4,:QH">P&!4M% '*ZS\/= UEVE:W:UG8D
MF6W.W)/J.GZ5DP?"/18Y@TUY>2H#]S*KGZG&:] HH IZ9I5CH]F+73[9((0<
MX7J3ZD]2?K4]Q;0W=O);W$22PR#:Z.,@BI:* .%O_A5H5U,9;:2YM,_P(P9?
MUY_6G:?\+-!LYA+<-<7A'197POY#!_6NXHH C@@AM8$@@C6.*,;41!@**IZM
MHFFZY;B#4;2.=1G:3PRY]".16A10!Y]-\(]'>5FAO;R)"<[,J<?CBM71_AWX
M?TAUE\A[J=2")+@[L'V P*ZRB@ K*\06>CW6F,=;6+[,G/F2'!0GC@CD&M6L
M+Q;H4OB+0GL8)EBEWK(I?.TD9X./K6M*WM%=V7<RKW]G*RN[;=SB(O!GA"]R
M]IXD 0'[K2("!^.*Y[Q);>'=+MULM(F:^N7.Z6Y9LB,#^%<#'/KS27'@'Q+;
MRE!IS2#/#1NI!_6MG1?A?J-S,LFJR):P#ED5@TC?EP/\\5]"JE.G[\JUUVT_
M0^6=*K5]R%!1??7]=%^)=^%&EL9;W5'4A0HAC..#GEORP/SKTR:"*Y@>&>-9
M(G!5T<9##T(IEE96^GV<=I:1+%!&,*B]JGKP<37=:JZA])A,.J%%4]^YQ>I?
M#+1+V<S0//:$]5C(*_@#T_.H[+X6Z+;3B2XFN+E1_P LV(4'ZXYKN**KZY7Y
M>7G=B?J.&<N;D5R&UM8+*W2WMH4BA085$& *FHHKEW.M*VB"BBB@84444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!__9

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