<SEC-DOCUMENT>0001062993-13-003465.txt : 20131231
<SEC-HEADER>0001062993-13-003465.hdr.sgml : 20131231
<ACCEPTANCE-DATETIME>20130716141802
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001062993-13-003465
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130716

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA BAK BATTERY INC
		CENTRAL INDEX KEY:			0001117171
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				880442833
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BAK INDUSTRIAL PARK, NO. 1 BAK STREET
		STREET 2:		KUICHONG TOWN, LONGGANG DISTRICT
		CITY:			SHENZHEN PEOPLE
		STATE:			F4
		ZIP:			518119
		BUSINESS PHONE:		86-755-8977-0093

	MAIL ADDRESS:	
		STREET 1:		BAK INDUSTRIAL PARK, NO. 1 BAK STREET
		STREET 2:		KUICHONG TOWN, LONGGANG DISTRICT
		CITY:			SHENZHEN PEOPLE
		STATE:			F4
		ZIP:			518119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDINA COFFEE INC
		DATE OF NAME CHANGE:	20000626
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE>China BAK Battery, Inc.: Correspondence - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG src="correspx1x1.jpg" border=0 width="451" height="81"> </P>
<P align=right>July 16, 2013 </P>
<P align=justify><B>Jeanne Bennett <BR></B><B>Division of Corporation Finance
<BR></B><B>U.S. Securities and Exchange Commission <BR>100 F Street, NE
<BR></B><B>Washington, DC 20549 </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left width="5%" ><B>Re:</B> </TD>
    <TD align=left width="90%"><B>China BAK Battery, Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="90%"><B>Form 10-K for the Fiscal Year Ended
      September 30, 2012</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="90%"><B>Filed December 31, 2012</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="90%"><B>Form 10-Q for the Quarterly Period Ended
      March 31, 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="90%"><B>Filed May 20, 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="90%"><B>File No. 001-32898</B> </TD></TR></TABLE>
<P align=justify>Dear Ms. Bennett: </P>
<P align=justify style="text-indent: 5%">On behalf of China BAK Battery, Inc. (the &#147;<I>Company</I>&#148;), we
hereby submit the Company&#146;s responses to the comments of the staff (the
&#147;<I>Staff&#148;</I>) of the Securities and Exchange Commission (the
&#147;<I>Commission</I>&#148;), dated July 1, 2013, with respect to the above-referenced
Form 10-K for the fiscal year ended September 30, 2012 (the &#147;<I>Form</I>
<I>10-K</I>&#148;) and the Form 10-Q for the quarterly period ended March 31, 2013
(the &#147;<I>Form</I> <I>10-Q</I>&#148;). </P>
<P align=justify style="text-indent: 5%">For the convenience of the Staff, a summary of the Staff&#146;s
comments is included and is followed by the corresponding response of the
Company. References in this letter to &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to the Company,
and &#147;you&#148; and &#147;your&#148; refer to the Staff, unless the context indicates otherwise.
</P>
<P align=justify><B><U>Form 10-K for the Fiscal Year Ended September 30,
2012</U></B><B> <BR></B><B><U>Item 1. Business</U></B><B>
<BR></B><B><U>Suppliers, page 7</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B>We note your response to comment 1. In future filings,
      update the disclosure on page 7 about your key raw material and equipment
      suppliers. In this regard, we note that not all of the ten &#147;major
      suppliers&#148; mentioned in your response appear in the list of your main
      suppliers mentioned on page 8 of your Form
10-K.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE</B>: In response to the Staff&#146;s comment,
please be advised that on page 8 of the Form 10-K, we disclosed the key raw
material suppliers who accounted for, in terms of aggregate dollar amounts, the
most significant purchase transactions of each major type of materials during
the fiscal year ended September 30, 2012, whereas in our response to comment 1
(submitted to the Commission on June 13, 2013), we disclosed the names of the
suppliers which represented the top 10 balances of our accounts payable as of
September 30, 2012. Some of the suppliers were identical in both lists,
including CITIC Guoan Information Industry Company Limited, Hunan Reshine New
Material Ltd, and Beijing Easpring Material Technology Co. Ltd. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=justify>Jeanne Bennett <BR>July 16, 2013 <BR>Page 2 of 6 </P>
<P align=justify><B><U>Item 8. Financial Statements</U></B><B>
<BR></B><B><U>Note 23. Commitments and Contingencies, page F-43</U></B><B>
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B>We note your responses to prior comments 10 and 11, as
      well as your disclosure in Note 16 of your March 31, 2013 Form 10-Q. In
      future filings please also disclose, for each guarantee or each group of
      similar guarantees, consistent with FASB ASC 460-10-50-3 and 50-4, the
      nature of the guarantee, how the guarantee arose, the events or
      circumstances that would require the company to perform under the
      guarantee, and the current status as of the date of the statement of
      financial position of the payment/performance risk of the
      guarantee.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE:</B> In accordance with the Staff&#146;s
request, we will revise the disclosures in our future filings as follows: </P>
<P align=justify><U>Form 10-K for the year ended September 30, 2012</U>
<BR><U>Note 23 (iii)</U> </P>
<P align=justify>On April 1, 2012, the Company entered into a guarantee contract
to serve as the guarantor for the bank loan borrowed from Shenzhen Development
Bank (currently known as &#147;Pingan Bank&#148;) Longhua Branch in the amount of $2.4
million by Shenzhen Tongli Hi-Tech Co., Ltd. (&#147;Shenzhen Tongli&#148;), one of the
Company&#146;s cases and caps suppliers, for the period from April 1, 2012 to March
31, 2013. Under this guarantee contract, the Company shall perform all
obligations of Shenzhen Tongli under the loan contract if Shenzhen Tongli fails
to perform its obligations as set forth in the loan contract. </P>
<P align=justify>On April 25, 2012, the Company entered into a guarantee
contract to serve as the guarantor for the bank loan borrowed from China
Minsheng Banking Corp., Ltd, in the amount of $2.4 million by Tianjin
Huaxiahongyuan Ltd. (&#147;Tianjin Huaxiahongyuan&#148;), one of the Company&#146;s prospective
suppliers of chemical raw materials such as lithium cobalt oxides, for the
period from April 25, 2012 to April 25, 2015. Under this guarantee contract, the
Company shall perform all obligations of Tianjin Huaxiahongyuan under the loan
contract if Tianjin Huaxiahongyuan fails to perform its obligations as set forth
in the loan contract. </P>
<P align=justify>On May 2, 2012, the Company entered into a guarantee contract
to serve as the guarantor for the bank loan borrowed from Bank of China Shenzhen
Branch in the amount of $9.5 million by Shenzhen Yasu Technology Co. Ltd.
(&#147;Shenzhen Yasu&#148;), one of the Company&#146;s prospective suppliers of chemical raw materials such as lithium cobalt
oxides, for the period from May 24, 2012 to June 25, 2015. Under this guarantee
contract, the Company shall perform all obligations of Shenzhen Yasu under the
loan contract if Shenzhen Yasu fails to perform its obligations as set forth in
the loan contract. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify>Jeanne Bennett <BR>July 16, 2013 <BR>Page 3 of 6 </P>
<P align=justify>On August 25, 2011, the Company entered into a guarantee
contract to serve as the guarantor for the bank loan borrowed from Agricultural
Bank of China Shenzhen Branch in the amount of $9.5 million by Shenzhen Langjin
Technology Development Co. Ltd. (&#147;Shenzhen Langjin&#148;), one of the Company&#146;s
prospective suppliers of chemical raw materials such as battery separator paper,
for the period from August 15, 2011 to August 14, 2014. Under this guarantee
contract, the Company shall perform all obligations of Shenzhen Langjin under
the loan contract if Shenzhen Langjin fails to perform its obligations as set
forth in the loan contract. </P>
<P align=justify>In China, it is a common practice among companies in the region
where the Company is located to provide guarantees for bank debts of existing or
prospective business partners with no consideration given. It is considered a
&#147;favor for favor&#148; business practice and is commonly required by the lending
banks in these cases. </P>
<P align=justify>The Company has also guaranteed the loans of a related party
under the common control of Mr. Xiangqian Li in the amount of approximately $7.8
million and $11.2 million as of September 30, 2011 and 2012, respectively. </P>
<P align=justify>As of September 30, 2012 and as of the filing date of this form
10-K, the Company has assessed the performance risk of these guarantees and the
fair value of the obligation arising therefrom and has considered it is
immaterial to the consolidated financial statements. Therefore, no obligations
in respect of the above guarantees were recognized as of September 30, 2012.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B>In this regard, your response to prior comment 10
      shows that your relationship with two of the suppliers was terminated in
      the month after you provided the guarantee. Also, with another supplier,
      your relationship was terminated in 2010 and you provided a guarantee in
      2012 continuing through 2015. We further note that the largest guarantee
      was provided to this supplier. Your response states that you provided the
      guarantees to expand your supplier base and continue your supply of
      products. Please explain how you are able to do that by providing the
      guarantees to terminated suppliers.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE:</B> </P>
<P align=justify>Tianjin Huaxia Hong Yuan Ltd. (&#147;Tianjin Huaxia Hong Yuan&#148;) used
to provide cathode (electrolyte) materials to us. These materials were used for
production of batteries to be used in electronic vehicles (EV). As these
materials are in high demand in China, we started to act as a guarantor of the bank loans of this supplier since 2012 in
exchange for Tianjin Huaxia Hong Yuan&#146;s commitment to provide stable supply of
these cathode materials. However, processing the materials provided by Tianjin
Huaxia Hong Yuan requires advanced production technologies that our Tianjin
production facilities do not have. Accordingly, we ceased to purchase from
Tianjin Huaxia Hong Yuan these materials and expect to resume the purchase when
our EV integration technology becomes more advanced. As a result, we continued
to provide the guarantee after the supply relationship with Tianjin Huaxia Hong
Yuan was terminated. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=justify>Jeanne Bennett <BR>July 16, 2013 <BR>Page 4 of 6 </P>
<P align=justify>Shenzhen Yasu Technology Co, Ltd. (&#147;Shenzhen Yasu&#148;) provides
protection boards for EV batteries. Our initial plan was to expand our EV
production line to the Shenzhen site as soon as our Tianjin production becomes
fully operational. As such, we started to act as a guarantor of the bank loans
of Shenzhen Yasu since 2010 with the intent to secure a stable supply of
protection boards from Shenzhen Yasu. However, due to the above mentioned lack
of required production technologies of the Tianjin production facilities, we
decided not to launch the EV production in Shenzhen in a short term. As a
result, we decided not to purchase materials from Shenzhen Yasu. </P>
<P align=justify>Shenzhen Langjin Technology Development Company Limited
(&#147;Shenzhen Langjin&#148;) is engaged in manufacturing separators. We agreed to act as
a guarantor of the bank loans of this supplier in order to secure a steady
supply of separators from Shenzhen Langjin. We ceased to purchase from Shenzhen
Langjin when its products failed to meet our stringent quality requirements. We
intend to terminate this guarantee upon expiration of the guarantee arrangement
in August 2014. </P>
<P align=justify><B><U>Form 10-Q for the Quarterly Period Ended March 31,
2013</U></B><B> <BR></B><B><U>Item 1. Financial Statements</U></B><B>
<BR></B><B><U>Note 4. Inventories, page F-12</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B>On page F-12, you disclose that you wrote down
      inventories of $5.8 million in the three months ended March 31, 2013 and
      $25.8 million in the six months ended March 31, 2013. Accordingly, we
      would expect to see that you wrote down inventories of $20 million in the
      three months ended December 31, 2012. However, in Note 4 on page F-13 of
      your December 31, 2012 Form 10-Q, we note in the table of your inventory
      provision that you recorded no provision in the three months ended
      December 31, 2012. In fact, the table shows that you reversed a provision
      of $710,827. Please explain why the disclosures are not
    consistent.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE</B>: In response to the Staff&#146;s comment,
please be advised that inventories with an original carrying value of
$34,212,661 and an impaired value of $14,226,689 were sold during the three
months ended December 31, 2012 and therefore the write down is already reflected
in the gross loss on the sale of this inventory of $19,985,972. The amount of
$710,827 was calculated based on $19,985,972 (no effect on profit and loss, but
being shown as a balance sheet movement in our inventory provision table) minus
$19,275,145 (inventories write-down charged to cost of revenue). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=justify>Jeanne Bennett <BR>July 16, 2013 <BR>Page 5 of 6 </P>
<P align=justify><B><U>Item 2. Management&#146;s Discussion and Analysis of Financial
Condition and Results of</U></B> <B><U>Operations</U></B><B>
<BR></B><B><U>Liquidity and Capital Resources, page 11</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>We note your response to prior comment 1. If the &#147;good
      relationship&#148; noted in your response and disclosure here is due in
      significant part to the government support and &#147;encouragement&#148; you
      mention, please ensure your disclosure in future filings explains the
      nature, extent and significance of the support provided. Please also tell
      us, and revise future filings to clarify, why you receive such support
      when it appears from your other responses and disclosures that not all
      companies in the &#147;new-energy industry&#148; receive it. We note specifically
      the reference to customer bankruptcies in your response to prior comment
      3.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE</B>: In response to the Staff&#146;s comment, we
would like to clarify that the previous reference to support referred to support
of the new-energy industry in China and not support of the Company.<B> </B>We
have been able to renew our loans upon maturity owing to our long history of
relationships with our banks. Also, our banks seem to be willing to maintain
this relationship as the government in China supports the new-energy industry in
China as a whole. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B>Please expand your response to prior comment 1 to
      clarify how you determined you can &#147;pay [your suppliers] within 90-360
      days&#148; from the invoice date, given your current sources of liquidity. It
      is unclear from your response how having &#147;established long-term
      relationships with [y]our suppliers&#148; relates to your ability to make
      required payments to your suppliers.</B></P></TD></TR></TABLE>
<P align=justify><B>COMPANY RESPONSE</B>: In response to the Staff&#146;s comment,
please be advised that our suppliers generally grant us a credit period of
60-120 days, but since we have established long-term relationships with our
suppliers and given our current sources of liquidity, we have been taking more
time to pay them. We have been paying our suppliers within 90-360 days while
they are still continuing to provide products to us. </P>
<P align=justify><U>Exhibit 31.1 and Exhibit 32.1</U> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.</B> </TD>
    <TD>
      <P align=justify><B>We note that your certifications are not dated. Please
      amend your entire Form 10-Q to include dated and signed certifications
      consistent with the requirements of Item 601(B)(31) and (32) of Regulation
      S-K and Rule 13a-14(a) and (b) or Rule 15d-14(a) and
  (b).</B></P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify>Jeanne Bennett <BR>July 16, 2013 <BR>Page 6 of 6 </P>
<P align=justify><B>COMPANY RESPONSE:</B> We have filed the Amendment No. 1 to
the Company&#146;s Form 10-Q for the six months ended March 31, 2013 on July 15,
2013, which includes dated and signed certifications consistent with the
requirements of Item 601(B)(31) and (32) of Regulation S-K and Rule 13a-14(a)
and (b) or Rule 15d-14(a) and (b). </P>
<P align=center>**** </P>
<P align=justify style="text-indent: 5%">In connection with the Company&#146;s response to the foregoing
comments, the Company hereby acknowledges that </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-left: 5%; margin-bottom: 12">the Company is responsible for the adequacy and accuracy of the disclosure
  in the filing;
  <LI>
  <p style="margin-left: 5%; margin-bottom: 12">Staff comments or changes to disclosure in response to Staff comments do
  not foreclose the Commission from taking any action with respect to the
  filing; and
  <LI>
  <p style="margin-left: 5%; margin-bottom: 12">the Company may not assert Staff comments as a defense in any proceeding
  initiated by the Commission or any person under the federal securities laws of
  the United States. </LI></UL>
<P align=justify style="text-indent: 5%">If you would like to discuss any of our responses to the
Staff&#146;s comments or if you would like to discuss any other matters, please
contact Thomas M. Shoesmith at (650)-233-4553, of Pillsbury Winthrop Shaw
Pittman LLP, our outside counsel. </P>
<P align=justify>Sincerely, </P>
<P align=justify>CHINA BAK BATTERY, INC. </P>
<P align=justify>By: <U>/s/ Xiangqian Li</U> <BR>Xiangqian Li <BR>Chief
Executive Officer </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>correspx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 correspx1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!1`<,#`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#T"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"DHI'8*A8]`,T`<GJ/BVYM-0GMXX
M(F6-RH+9R<56_P"$TO/^?:#]?\:YV>4SSR3-]Z1BQ_$U'7HJC"VQYKK3ON=B
M/%5U-:":VMHV="%DC.21GH1[?RJ'_A*]4_Z!R_\`?#5D:"SBYN%5S&&MY-S9
M(VX&0>/<"C?<_P#097_O[)_A6?LXIVL7[235[FO_`,)7JG_0/7_OAJZ#1KJ]
MO+43WD20[_N(`0<>IS6+X?TN\FF6ZNKZ26W'*A9'^8_CCBNK%857':*.BDI/
M63*>KWIT_39KI0&9`,`]"2<5RW_":WG_`#ZP?F?\:T/&]SY>G10`\ROD_0?_
M`%\5R^DZ1<:M)(ENT:^6`6+D@?H*TI0CR<TC.K.?/RQ-E?&MUN&ZUA*YYP2#
M75Z=>QZA9QW,60KCH>H/<5YMJ-C+IMVUM.5+J`<H<CFNQ\$AAI$A;.TS';^0
MHK4XJ/-$*-23ERR.@=@B%F.`HR37&OXUN-[;+6/;GY<DYQ6UXJO?LFC2!6`>
M;]V/H>OZ5YY10IJ2;85ZCB[(]4T^X-W8P7#`*9$#$#MD5E^)-;FT@P"&.-S+
MNSOSQC'I]:O:'_R!;/\`ZXK_`"KEO'$F[48(\_=BS^9/^%9TXIU+,TJ3:IW1
MO^'=5N-6MYIIXXT"-M79GGC)Z_450UOQ2]C>FVM(XY#'P[/GKZ#!JEI^J+I'
MA<%,&XGD?RQZ=L_I6-I.G3:M?+&N[9G,DG]T?XUK&G'F<GLC)U)<JBMSLO#V
MJ7VJJ\T\44<"\`J#EC^)Z5MU';PI;PI#$NU$4*H]JDKFDTWH=44TK,6DI:S?
M$%W-8Z1-<6[!9%*X)&>K`4DKNPY.RN6;Z\AL+=I[ABL:D`D#/6IU.X`CH1FN
M5UN'4SH,D]S?QRPD(Q00@'DC'/XU:U(ZSI]A+='48W$8'RB`#.2!_6M/9JRU
M,O:.[NCH:AN;NWM`K7,Z1!C@%VQFI8R2BYZX&:Q?$&?[0TC!P?M'7\JB*N[&
MDI65T7?[:TS_`)_H/^^Q2IJ^G2.J)>P,S'``<<FL6\OKNVD@1==MI?,E"-B)
M/W8]3S3[]I&M+<R:A%>_Z9%AHT"A>O'!-:>S7]?\,9>T?]?\.=)4;SQ)*D3R
MHLC_`'5+`%OH*DK`UNX2U\0:7-(KLJ+)D(NX]/2LXQYG8UE+E5S7GO8+>YAM
MY7(DGSY8VDYQUZ58KFK_`%*";5-)NFWPQ1O*&,R[?X5_QK6T[4'OY962WD2V
M&/+E<8W^O%-P:29,9IMHOT45S>H106=V(6O-8>24%PD$F0!GTI1CS:%2ERJY
MMVE]#=RSQQ;MT#E'!&.:LUQ-HGDRW3S?VW&C/N5HP06'JWO71Z+!%Y`NX;J[
MF29>!<2;L#-7."CJ1"HY:&G22.L<;.YPJ@DGT%*:Y1=0N;JQN'EUJVA/SKY#
M1IN(&1CJ#S4QCS%2GRG4031W$*31-NC<94^HI]<A#>W%KHD<D.M6VZ.(%;?R
MT+#_`&>N<_A73Z=*\^G6LTAR\D2,Q`QR0":)0Y10GS:$TCK%&SNP55&22>`*
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MI$7^[N[U7_M[2_\`G^B_.J^LO?1W"-$^GI#C`:Z.#N[X_2J'VS4N@N]$)/``
M?K5Q@FKF<JC3L;MKJ5G>R&.VN$E<#<0I[5;KF]*65?%5R)P@E^RKO$?W<_+T
MKI*F<5%Z%PDY+46BBBH+"BBB@`HHHH`0UF:WJ,-I8SHS_O7C8*HZ]*75[R2'
MR[:V_P"/B;A?8>M8OB2U33M$"@^9//(%>0\D]_Z"E&\IJ**DE&GSR./HJQ;Q
MH5+.CN>P4&IXE+,=]NB1@<DCFNZ>(46]-CBIX1S2;=KCH/\`0K(RN2&N@4"#
MJ8^Y]N1^E:>A:79ZG+S!^[098^802?3%58;BXNK/9%?-!Y#A5+RE0RG.!]00
M?PK?\+2;VD$]PLEPJA0-V6*Y/)[]Q6-233NGJS:E%2BXR6BZ^9T2(J*%484#
M``[4M%%8&IQ7CF7=?V\6?N1[OS/_`-:L_0]<_L=)@+<2F4@Y+XQC\/>D\43&
M;7KGG(0A!^`_QS5FS\*75W91W"S1*)%W!3G\*[ERJFE(\]\SJ-Q*#F\U[4RX
M0--)CA1@*.GY5Z#I=FNGZ?#;*<[%Y/J>_P"M>9*TEM<;D8I)&W!!Z$5Z6+]4
MT9;^4<>2)"!],XJ*Z=DEL:8=J[;W.1\97JW.II!&<K;K@_[QZ_TK+U2S:PGC
M@?[XB5F]B>:;:S1OJ<<]X3L,F^3`SGG-6/$%]#J&J/<0;O+*@#(P>!6T4XVB
M8R:E>3.ZT(_\22S_`.N2UP_B>?S]=N3G(0A!^`_QS7;Z%_R!+/\`ZY"O.KV3
MS;VXD_OR,?S-8T%[[9M7?N)$3.S!03PHP!Z#_)KO_"4$,>B121#YI22Y/<@X
M_I7"2VTL4,,LB[5F!*>X!Q79>")2^ERQ$_ZN7CZ$#_Z]77UAH1A])ZG24M%%
M<)WA6=KUG+?Z3+;0;?,<KC<<#@@UHTE-.SNA-75F<MK>FSVWA^1Y+^XDV*@,
M;$;?O`>E6]2T.[N+&2*/4;B5FQA)6&T\CK@5IZG8IJ5F]M([(K$$E>O!S5I1
MM`&2<#O6GM'9=S/V:N^P1@A%!Z@<UB>(6VWVDM@G$^<`<GI6Y5+4=,@U(PF=
MI%\EBR[&QS40:3NRIIN-D8NHB.XEM&@TBX41S!Y/]&`RO]:AE>86L44UNT8%
M]&48P"+</?'&:V?[!M/^>EU_W_;_`!II\/VA>-_,N<QN'&92PR/8UJJD3)TY
M&M6'JTJ0^(]+DE<(B),68G@#;6Y6=?:-:7][%<W`9C&,;,_*?J*S@TGJ:S3:
MT,NYO;?5-6TB2)6:+S)5_>)@-@+R/:MXW<(O?L9?$Y3S`I[C)']*KZAI,%^8
M"[RQ-!G886VD9Q_A3;'1X+*Z:Y$MQ-*4V;IGW$#.>*;<6B4I)FC6)KUN\+'5
M8[O[.UO"5`\L-N)[<_E6W66=$@EN6FNII[D;MRQ2OE%_"E!I.[*FFU9&9;2:
MK=W:64NH;/-LQ.W[E>,G&/UK;TJ&.TLDM$F64P#:Q'!SUY':HKW1X;NZ6Y\Z
MX@E5-FZ"3;QG.*DT[2X-/:5XFDDDE(+R2MN9OQJI231,8M,NUR,-GJT.G3@6
MED(LR$F93YF.?\BNNILJ++$\;?=<%3]#4QGRE3AS'(QVFK7&@HD5K8M$\0VD
M`B0CZ],UTNE?)IMO$2-\4:QN`<[6``(JI'H:11"./4+]$48"K-@`>W%7K*SA
ML8/*AW$$EF9CEF)[D]S53FI(BG!Q8Z\G6ULYIV(`C0M^0KGP)?LF@M<.SR/.
M&);KR"1^E;U]9PW]LUO."8V()`..E1WVG6]_'&DV\")MR%&VD&E&214XMG/7
M.EW]PM]&2L-K)=/*Y<<E1@@C]:Z>SN(KJUCG@),;C*DC%4'\/VLBE7FNW4]5
M:=B#6E#$D,*11J%1`%4#L!1.2DA0BXLKW5M9^<E]<(H>W!(D)QM%9^GJ;NZN
M-8('S+Y=KO.!L'<^F36I>VL5];/;S@F-\9`..^:HQ^'-)3'^B!L?WG8_S-$9
M*VHY1=]!FF2Q:W9I)>Q1FXMYCD#^%@>,?ABMBJ%GI%K8W<D]L&C,@"E`?E_*
MK]3)IO38<$TM=S$\3,JG3B\1E7[4N4`!+<'C!JCJ\D!AM]FE2VI^T)^\:)%'
M7ID'-=0R(Y!958J<C(S@T.H92#T-5&=K$RIWOJ85I_R.E[_U[K_[+6]6;IVC
MQ6-R]SY\\\SKM+S/N./\@5I4IM-Z%032U%HHHJ"PHHHH`****`,+4KB.U\06
M\TV=@AQD#..35#Q7=VTYLT$BNOS/P<CL!_6NAU"PAOXMDH((^ZPZBN9O-#OH
MKADMX&FCP,.&4?H367OINW4Z4Z4DN9V:^XP)70ODS.5]$&`*EF198P%E58QR
M?>K4^@:S*W_'JVT=`9%_QIUCX6OY+D"[A,<(!+$,I)]ASWKI5)64N:S1S2Q#
M4I1Y;I^J*@\JRMHY.9$F8D`-@_+QGH?4_K265_;65XEU%!<>8ASS.,'Z_+6K
M<VGB*64F&V,$0`"1)(N%'IUJ+^S_`!-_<D_[^)_C6\(Q2U>K\SDJ3G*R2LEY
M';6\R7$"31G*.H8'V-2$X&:Q?#BZK%'+%J<;8R"CLP/U'!K4O-_V2;RE+2;&
MV@=SCBN9JSL=*E>-SS"^G^TWUQ..DDC,/H371CQ>D-DD%O:-O1`@9FX&!C-9
M'_"/:M_SY2?F/\:4>'=6)Q]B?\2/\:[G[.25WL<$?:1;LMRA!"]Q<1Q(,O(P
M4?4UUGBV[^QZ=;Z;$?O*-Q_V5Z?K_*K?AWP\--8W%P0\[#`&.$_^O6/KVFZK
MJ&K33):.T8.V/D8P/Q_'\:S<XSFNR+4)0@^[,"*UN)E+0P22*#@E4)%-DC>)
MRDB,C#J&&#7IFD60L-,@@`P57+?[QY-<MXBT?4+O69IK>U=XV"X8$>@JH5U*
M5GL*=!QC<W]-F^S^%XI_^>=ON_(5PVDVPO=5MX'Y5W&[Z=37:?9;I?"/V41,
M;CR=FSOUK&\-Z-?6NLQ37-LT<:!OF..N,?UK.$DE)W-*D6W%6+/CB`+:6;JH
M548H`!TR!_A47@6<":Z@/5E5Q^'!_F*V?%%C+?Z48X$+RHX95'?M_6L+PWI>
MI6.L1RS6KI$05=B1P,?XXI1DG2:8Y1:JII';44E+7,=0E9^N:G_95@;@)O<L
M$52<#)__`%&M"LW7M-.JZ<8$<*ZL'4GID9_QJH6YE?8F=^5\NXZ.&_-KYOVS
M=.R9"&-=@..@[_K575+RXMM8L8%N2D-P3OR%XQZ$BK5K<W?V>..2R=)@`K%F
M78/?(.3^55-4M;B?6]/F2W9X8"V]LC'/MFKCOJ1+X=/(1;V>3Q&+*.[W6YA\
MSY0I(/IG%+HEY=7ESJ,<\Y802&-,*HQR>>G7B@6MP/$_VM;5A;B'R]PV\GZ9
MI-!M;FTNM2DN+=D6>4R)R#D9/O[TWR\OR1*YN;YLAL=5O(;U;74S^[N?^/>=
M5`Y]#6M!,8=/\^XE:3C))`S[``56ETU=1T9;:YC,,@'RDX)1O7BDAM[G[-8V
MDBR*(T#22J0<,.@Y_$YQV%*7*QQYD2:%J+:C:.TJA9HY&1U';GC]*=KMQ-::
M5/<6\A22,`C@'/('>J-G976GZ_-)%#++:W"CS)"R@AO7''\N]7=>@FN=(G@@
MC,DD@``!`[CUH:7.K;#3ER.^Y2M]1NCJ%E##,MVLT>Z<8'[KCKD=/H:FUW5V
MTQK8H`RF0>;QT4Y_G@_E5.73KR\N=-:.!K06RCS)2RY8\<#!YZ?K5N?3Y-1M
M+HW`GB:4D"(%2,#[O]#U]:?NW39/O6:1=U29X=+GG@DVND9=2`#G\ZH:??S7
MUC%%'=`WKH)';"XC&?3'/T_44RWAOF\,RV4]JXN%C,:#<IW#MWJF=*O8;"QN
M;.!H]0MQL9?EPX]^:%&-K/N$I2O=+H=/&CK$%>1G;'+D`$_EQ7,?VQ>+-J:O
M>`-:OMA0HN9#DC&,9/3M726LLDMLKS0M#)CYD)!P?PKFET^]$FL9L&?[83Y1
M+)@<GD\\=0:5.VMQU+Z6-VVO)?[*CNKR(QRE1NC`YW$X`P>YX_.F:'J#:C8>
M9(H69'*2*.Q%5;&QNX;6SLIC)B-2[S(P.UL\+SVP3V["HK&PN]/\0RO%'+)9
MSCYW9E^]USCZ^W>BT;,$Y70Z_GU"SET^-KPEKF4))A%PO3IQ[UH"VOO,VF]/
MEY)W!%W8P,#ICKN_2JNMVUQ<7FG/!`TBP3!W((&!QZFM?<=F[:<XSCO2;T0T
MM7<PM'GU#4;224WA#1W!3&Q<%1C/;K@FH;'4;F?4+ZVFOVC$,PBBPB98DD<\
M<]*N>'+:XL[2>.Y@:-FF:09(.0<>AJE86=S;ZCJ%Q/I\KK-*)(MI0GAB>YXZ
MU?NWD1[UHDVOWE]I>E03)<#SO,$;G8,-P3G&..@J5;^YA\11Z:9!/$T>]F*@
M,AY]..P[=ZKZ_;7^IZ1!&MHPG\WS&0,N$'S`#.>3R*<EA=:=K0NK&W+VER/W
MT0('EGUQG_/-"Y>77?4&Y<VFVA+/>7ECKL,5S-OLKDE8R%`*MZ'C_.:TK4R2
M2RRF4M"3B->,8'4YQZUG>*+.XOM/2&U@,L@D#<$#`P>Y-:UL"+>,%"F%`VG'
M'Y5#MRIFD;\S1D7=[=)XHM;!)RL$T>]AM7((#=#C_9J*34[S3-17[>XDL)G*
M))@`H0>^!3[RTNF\5VEZEN[6\46QF!'4ANV?]H5>>V74+&:VNH'C5F;&[&>I
M((ZU5XJQ%I._J5+[5'TVPN+EG-P?.\N('`'3/8?6K4<-^;;S3>$SLF1&8U\L
M''3IG]:S3X?EET%]/:7YXYB\;MT8=L^G%:5K<WGV:*.2Q=9P`K$LNSCOG/3\
M*3M;0:O?WC0%+5.WFO'O[B.:W5+=`/+D#<M^%6ZS:L:IW%HHHI#"BBB@`HHH
MH`J75I-/(&CU"YM@!C9$L9!]_F0G]:A_LZZ_Z#-]_P!\0?\`QNM&B@#._LZZ
M_P"@S??]\0?_`!NC^SKK_H,WW_?$'_QNM&B@#._LZZ_Z#-]_WQ!_\;H_LZZ_
MZ#-]_P!\0?\`QNM&B@#._LZZ_P"@S??]\0?_`!NC^SKK_H,WW_?$'_QNM&B@
M#._LZZ_Z#-]_WQ!_\;H_LZZ_Z#-]_P!\0?\`QNM&B@#._LZY_P"@S??]\0?_
M`!NC^SKK_H,WW_?$'_QNM&B@#._LZZ_Z#-]_WQ!_\;H_LZZ_Z#-]_P!\0?\`
MQNM&B@#._LZZ_P"@S??]\0?_`!NC^SKK_H,WW_?$'_QNM&B@#._LZZ_Z#-]_
MWQ!_\;H_LZZ_Z#-]_P!\0?\`QNM&B@#/_LZZ_P"@S??]\0?_`!NC^SKK_H,W
MW_?$'_QNM"B@#/\`[.NO^@S??]\0?_&Z3^SKK_H,WW_?$'_QNM&B@#._LZZ_
MZ#-]_P!\0?\`QNC^SKK_`*#-]_WQ!_\`&ZT:*`,[^SKK_H,WW_?$'_QNC^SK
MK_H,WW_?$'_QNM&B@#._LZZ_Z#-]_P!\0?\`QNC^SKK_`*#-]_WQ!_\`&ZT:
M*`,[^SKK_H,WW_?$'_QNC^SKK_H,WW_?$'_QNM&B@#._LZZ_Z#-]_P!\0?\`
MQNC^SKK_`*#-]_WQ!_\`&ZT:*`,[^SKK_H,WW_?$'_QNC^SKK_H,WW_?$'_Q
MNM&B@#._LZZ_Z#-]_P!\0?\`QNC^SKK_`*#-]_WQ!_\`&ZT:*`,[^SKK_H,W
MW_?$'_QNC^SKK_H,WW_?$'_QNM&B@#._LZZ_Z#-]_P!\0?\`QNC^SKK_`*#-
M]_WQ!_\`&ZT:*`,[^SKK_H,WW_?$'_QNC^SKK_H,WW_?$'_QNM&B@#._LZZ_
MZ#-]_P!\0?\`QNC^SKK_`*#-]_WQ!_\`&ZT:*`,[^SKK_H,WW_?$'_QNC^SK
MK_H,WW_?$'_QNM&B@#._LZZ_Z#-]_P!\0?\`QNC^SKK_`*#-]_WQ!_\`&ZT:
M*`,[^SKK_H,WW_?$'_QNC^SKK_H,WW_?$'_QNM&B@#._LZZ_Z#-]_P!\0?\`
MQNI8+*>*97?4[N=1UCD6(*?KM0']:N44`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
0%`!1110`4444`%%%%`'_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
