20050216Application.pdf

ECEIVED illiLED
BEFORE THE IDAHO PUBLIC UTILITIES COMMISS'~~EB 0 Ari ': S5
In the Matter of
Petition of UCN , Inc. for a
Certificate of Public Convenience and
Necessity to Offer Resold and Facilities-Based
Local Exchange Telecommunications Services
Within the State of Idaho
. .
,... iij ;;l) ;'1.101
UtiLITiES COr~H1(SSI0N
Docket No. 6Uy-c6-O
APPLICATION OF UCN. INC.
FOR A CERTIFICATE OF PUBLIC CONVENIENCE AND NECESSITY
Proposed Services
UCN is currently a provider of switched and dedicated resold
interexchange telecommunications services. UCN contracts with a number of
third party providers for the right to resell the various interexchange
telecommunication services and products they provide, and then offers all of
these various services to its customers. UCN also operates an advanced
customer contact handling/management software application that enables UCN
to offer enhanced call routing and management services to targeted small and
medium sized enterprise C'SME") customers. The variety of services and
products offered by UCN allow customers to buy only those telecommunications
services they need from one source, combine those services in a customized
package, receive one bill for those services, and make one call to UCN if a
service problem or billing issue arises.
By this Application UCN seeks additional authority to allow the company
to offer existing and prospective customers resold and/or facilities-based (leased)
competitive local exchange telecommunications services.Applicant seeks
----
authority to provide these services in Idaho exchanges currently served by Qwest
and Verizon. The local exchange services Applicant proposes to offer include
business class local loop connectivity and transmission, including 2-wire, 4-wire
DS-O, DS-l, DS-, and OCn local loops necessary to connect customers to UCN'
nearest point of presence (POP).
II.Form of Business
Name, Address and Form of Business
UCN , Inc.
14870 South Pony Express Road
Bluffdale, Utah 84065
Corporation
a. If the applicant is the sole proprietor
(1) the name and business address of the applicant, and
(2) the business name of the sole proprietorship.
b. If the applicant is a partnership,
(1) a list of the names and business addresses of all the
partners, and
----
(2) the business name of the partnership.
c. If the applicant is a corporation
(1) a short statement of the character of public service in
which it may engage
----
UCN is publicly-traded corporation organized
under the laws of the state of Delaware.UCN stock
trades on the OTC board under the ticker symbol -
UCNN.OB. Its principal place of business is 14870 South
Pony Express Road, Bluffdale, UT 84065. UCN's toll-free
----
phone number is 1-800-669-3319 and its local phone
number is 1-866-541-0000.
UCN is registered as a foreign corporation with the
Idaho Secretary of State and is in good standing. UCN
currently provides resold long distance to business and
residential consumers in Idaho. In June 2004, Applicant
changed its name from Buyers United, Inc.d/b/a
buyersonline , d/b/a United Carrier Networks to UCN , Inc.
(2) the name of the state in which it is incorporated,
UCN is publicly-traded corporation organized
under the laws of the state of Delaware.
----
(3) its principal business address and its principal business
address within Idaho,
UCN's principal place of business is 14870 South
Pony Express Road, Bluffdale , UT 84065. Its toll-free
phone number is 1-800-669-3319 and its local phone
----
number is 1-866-541-0000. UCN has no business office
in the state of Idaho.
(4) a certified copy of its articles of incorporation
----
A copy of Applicant's Certificate of Incorporation
from the Delaware Department of State is attached
Exhibit 1.
----
(5) if not incorporated in Idaho, a certificate of good standing
issued by the Idaho Secretary of State of Idaho, and
UCN'current Certificate of Authority from the
Idaho Secretary of State is attached as Exhibit 2.
(6) name and address of registered agent for service in
Idaho.
National Registered Agents , Inc.
1423 Tyrell Lane
Boise, ID 83706
If a corporation, the names and addresses of the ten common
stockholders of applicant owning the greatest number of shares of
common stock and the number of such shares owned by each, as
follows:
Name and Address Shares
Owned
Percentage of
All Shares
Issued and
Outstanding
Percentage
of Voting
Control
Link Incorporated
9775 Business Park Avenue
San Diego, CA 92131
808,546 20/0 20/0
Theodore Stern (2)
2970 One PPG Place
Pittsburgh PA 15222
694 435 18.1 %18.1 %
Gary Smith (2) (3)
14870 Pony Express Road
Bluffdale, UT 84065
520 084 00/0 4. 0 %
----
Edward Dallin Bagley (2)
2350 Oakhill Drive
Salt Lake City, UT 84121
371 954 9.90/0 9 . 9 %
" , "
W,,
" "
Steve Barnett (2)
666 Dundee Road , Suite 1704
Northbrook, IL 60062
394 949 3 . 0 %00/0
--------
G. Douglas Smith Executive Vice President, Sales 14870 S. Pony Express Rd.
Bluffdale, Utah 84065
Kimm Partridge Corporate Secreta ry 14870 S. Pony Express Rd.
Bluffdale, Utah 84065
Steven Barnett Director 14870 S. Pony Express Rd.
Bluffdale, Utah 84065
James Ozanne Director 14870 S. Pony Express Rd.
Bluffdale, Utah 84065
Paul Koeppe Director 14870 S. Pony Express Rd.
Bluffdale, Utah 84065
Blake O. Fisher, Jr.Director 14870 S. Pony Express Rd.
Bluffdale, Utah 84065
Name and address of any corporation , association , or similar
organization holding a 50/0 or greater ownership or a management
interest in the applicant. As to ownership, the amount and
character of the interest must be indicated. A copy of any
management agreement must be attached.
Name and Address Shares Percentage of Percentage
Owned All Shares of Voting
Issued and Control
Outstanding
Link Incorporated 808 546 6 . 2 %20/0
9775 Business Park Avenue
San Diego, CA 92131
----
Names and addresses of subsidiaries owned or controlled by
applicant.
UCN is the 1000/0 owner of UCN , Inc. - Virginia, a Virginia
corporation through which UCN provides resold long distance
----
services. UCN has no other affiliated interests.
----
III.Telecommunication Service
IV.
----
The date on which applicant proposes to begin construction or
anticipates it will begin to provide service.
UCN will not construct any facilities in Idaho. UCN
proposes to begin providing service in Idaho in the Third Quarter
of 2005.
A written description of customer classes and customer service(s)
that the applicant proposes to offer to the public.
UCN seeks authority to allow the company to offer existing and
----
prospective customers resold and leased competitive local exchange
telecommunications services. Applicant seeks authority to provide these
services in Idaho exchanges currently served by Qwest and Verizon. The
local exchange services Applicant proposes to offer include business class
local loop connectivity and transmission, including 2-wire, 4-wire, DS-O, DS-
----
, DS-, and OCn local loops necessary to connect customers to UCN'
nearest point of presence (POP).
At least initially, UCN will offer local exchange services to
business customers only.
Service Territory
A description sufficient for determining whether service is to be
offered in a particular location; and the names of all incumbent
local exchange corporations with whom the proposed utility is
likely to compete.
----
----
Applicant currently provides resold long distance services
to Idaho business and residential consumers pursuant to
Commission authority (Utility No. U-5979-C).
Applicant seeks authority to provide these services in Idaho
exchanges currently served by Qwest and Verizon.
Written description of the intended manner of service, for
example, resold services or facilities based. A general description
of the property owned or controlled by applicant.
Initially, Applicant seeks authority to provide resold local
exchange services.
Applicant does not anticipate installing physical plant at this
time or in the near future. As the market for its services and
business plans dictate, however UCN may eventually lease or
deploy its own switches within existing carrier hotels or other
leased premises. No physical construction of fiber optic or copper
cables is anticipated, now or in the future.
A statement describing with whom the applicant is likely to
co m pete.
Applicant'local exchange services will be sold
----
competition with Qwest, AT&T, MCI , Level 3 and other non-rural
incumbent LECs and CLECs currently providing services in Idaho.
A description of the property owned by the applicant clarifies the
applicant's proposed services and operation.
----
Applicant does not anticipate installing physical plant at this
time or in the near future. As the market for its services and
business plans dictate , however UCN may eventually lease or
deploy its own switches within existing carrier hotels or other
leased premises. No physical construction of fiber optic or copper
cables is anticipated, now or in the future.
Financial Information
Current detailed balance sheets, including a detailed income and
profit and loss statements of applicant reflecting current and prior
year balances for the twelve months ended as of the date of the
balance sheet, or if not readily available, for the period since the
close of the preceding calendar year.
UCN has substantial financial wherewithal and access to
ample capital.Since 2000, the company has delivered strong
revenue growth beginning with $7.36 million in 2000, $14.
million in 2001 , $30.16 million in 2002 and $63.31 million
2003. During that growth period , the company has also
experienced strong EBITDA and net income (before preferred
dividends) growth. For the year 2001 EBITDA was a negative
$4.32 million, net loss was $6.07 million; 2002 EBITDA was $3.
million , net income was $330,183. For the year 2003 EBITDA
was $6.9 million , net income was $1.17 million.
As set forth in the company s most recent quarterly filing
with the Securities and Exchange Commission, UCN garnered
nearly $16 million in revenues for the three month period ending
September 30, 2004, resulting in operating income of nearly
$400 000. See SEC Form 10-Q at Exhibit 3 (also provided at
Exhibit 4 is UCN's 2003 Annual Report to Shareholders - SEC
Form 10-K and Press Release announcing the exercise of $3.
million in warrants).These documents demonstrate that
Applicant has access to sufficient cash and more than adequate
financial resources to provide competitive local exchange
telecommunications services in the state of Idaho.
2. If a balance sheet and income statement are not available, the
applicant must submit financial data sufficient to establish that
possesses adequate financial resources to provide the proposed
services.
Not Applicable.
VI.Illustrative " Tariff Filings
Proposed initial tariff and price sheets setting forth rates, rules, terms
and regulations applicable to the contemplated service.
UCN's proposed Idaho Local Exchange Tariff No.is attached
hereto at Exhibit 4.
VII.Customer contacts
Contact information for the Applicant.
a) The name, address, and telephone number and electronic
mailing addresses (if available) of the person(s) responsible
for consumer inquiries and complaints from the public.
----
Kimm Partridge, Corporate Secretary
14870 South Pony Express Road
Bluffdale, Utah 84065
b) A toll-free number for customer inquiries and complaints.
----
Toll-Free Business Customers:
800-669-3319
Toll-Free Residential Customers:
800-363-6177
c) The name, number and electronic mailing addresses (if
available) of the person(s) designated as a contact for the
Commission Staff for resolving complaints, inquiries and
matters concerning rates and price lists or tariffs.
VIII. Interconnection Agreements
1. Statements of whether the applicant has initiated interconnection
negotiations and, if so, when and with whom.
Applicant is not presently engaged in interconnection
negotiations with any incumbent LECs, such as Qwest.
IX.Compliance with Commission Rules
A written statement that the applicant has reviewed all of the
Commission rules and agrees to comply with them, or a request for
waiver of those rules believed to be inapplicable.
Attached as Exhibit 5.
Escrow Account or Security Bond
If a company requires advance deposits by its customers, the
company must submit a signed copy of an escrow account with a
bonded escrow agent or a security bond. The escrow or bond shall
be sufficient to meet customer deposit refunds in case of
company default.
Applicant does not require advance deposits by its customers.
At the Commission s discretion, an additional deposit may be
required to keep customers whole in case of company default.
The Commission will review the individual requirement of
establishing an escrow or security account by the Company upon
good showing by the Company for a period of two years.
'---
----
INDEX OF EXHIBITS
Exhibit 1 Articles of Incorporation
Exhibit 2 Certificate of Authority
Exhibit 3 Financial Information
Exhibit 4 Tariff Filing
Exhibit 5 Affidavit of Compliance with
Commission Rules
VERIFICATION
----
EXHIBIT 1
----
Articles of Incorporation
------------
PAGE
The :First State
HARRIET SMITH WINDSOR, SECRETARY OF STATE OF THE STATE
DELAWARE DO HEREBY CERTIFY THE ATTACHED ARE TRUE AND CORRECT
COP IES OF ALL DOCUMENTS ON FILE OF UCN, INC." AS RECEIVED AND
FILED IN THIS OFFICE.
THE FOLLOWING DOCUMENTS HAVE BEEN CERTIFIED:
CERTIFICATE OF INCORPORATION, FILED THE FIFTEENTH DAY
MARCH, A.D. 1999, AT CLOCK A.
CERTIFICATE OF MERGER, FILED THE THIRTEENTH DAY OF APRIL,
D. 1999, AT O'CLOCK A.
CERTIFICATE OF DESIGNATION, FILED THE TWENTY-THIRD DAY
JUNE, A.D. 1999, AT 9 0 'CLOCK A.
CERTIFICATE OF AMENDMENT, CHANGING ITS NAME FROM "BUI, INC.
TO "BUYERSONLINE. COM, INC., FILED THE NINETEENTH DAY OF APRIL,
D. 2000 , AT O'CLOCK A.
CERTIFICATE OF DESIGNATION, FILED THE TWENTY-EIGHTH DAY
SEPTEMBER, A. D- 2000, AT 9 0 'CLOCK A_
CERTIFICATE OF AMENDMENT, FILED THE TWENTY -FOURTH DAY
OCTOBER, A.D. 2000, AT O'CLOCK A.
CERTIFICATE OF AMENDMENT, CHANGING ITS NAME FROM
BUYERSONLINE. COM, INC TO "BUYERS UNITED, INC., FILED THE
3016691
~~
~9f-
Harriet Smith Windsor, Secretary' of State
8100H AUTHENTICATION: 3467337
DATE: 11-09-040808801
PAGE
The :First State
FIRST DAY OF NOVEMBER, A.D. 2001, AT CLOCK A.
CERTIFICATE OF OWNERSHIP , FILED THE THIRTIETH DAY
DECEMBER, A.D. 2002, AT CLOCK P.
AND I DO HEREBY FURTHER CERTIFY THAT THE EFFECTIVE DATE
THE ,AFORESAID CERTIFICATE OF OWNERSHIP IS THE THIRTY-FIRST DAY
OF DECEMBER, A.D. 2002.
CERTIFICATE OF OWNERSHIP, FILED THE THIRTIETH DAY
DECEMBER, A.D- 2002, AT O'CLOCK P.
AND I DO HEREBY FURTHER CERTIFY THAT THE EFFECTIVE DATE
THE AFORESAID CERTIFICATE OF OWNERSHIP IS THE THIRTY-FIRST DAY
OF DECEMBER, A.D. 2002.
CERTIFICATE OF AMENDMENT, CHANGING ITS NAME FROM "BUYERS
UNITED, INC." TO "UCN, INC
- "
FILED THE THIRTIETH DAY OF JUNE,
D- 2004, AT 4:25 CLOCK P.
AND I DO HEREBY FURTHER CERTIFY THAT THE EFFECTIVE DATE
THE AFORESAID CERTIFICATE OF AMENDMENT IS THE FIFTEENTH DAY
JULY, A.D. 2004, AT 12:01 O'CLOCK A.
AND I DO HEREBY FURTHER CERTIFY THAT THE AFORESAID
CERTIFICATES ARE THE ONLY CERTIFICATES ON RECORD OF THE
AFORESAID CORPORATION-
3016691
~~
~9f-
Harriet Smith Windsor, Secretary of State
8100H AUTHENTICATION: 3467337
DATE: 11-09-040808801
- . - .-
STATE OF DELAWARE
SECRETARY OF STATE
DIVISION OF CORPORATIONS
FILED 09: 00 AM 03/15/1999 - n__n.
991099477 3016691
. ~
CBR1.1R CA'II 01' J.NCOBPOJtA n ON
...
DIe..
AB.11aB I
HAMB
The tIIIIfI'!of,the CoIpomtioD, it BtJL :Inc:.
AlmCLBB
RBOJS1'BRBrlOPFlCB AND AGBNT POR.SER.VICB
The "aC1draaof 1he CorporatiaD'&.
~ ,
OBb in the State of Dc1awaR:' is in the
of New Cat1e, at 1013 Ccwbo
....'
WilmiPp., 10805.. The w\A"~of its
ageat:at ,suc1uuldnJas isColpondion "8uviccCompany.
AB11aE m
COBPORA 1B PORPOSBS,
The pU1pOIC of the CoaporatioA Is, to eaaase in 8DJ lawi1I act cr activity for which
COIpOI.'ItionI maybe, ~umIer 1he Geoerat:CoJ:porati.ou Law of 1he 8tJItc, of~
AR:rICLBIV
CAPlTALSTOCIC
Sb8re&. aadSaies ADthodzcd..
The toW number of
.... ,
of aD of capital stock: that the CoJpoadiott sba11
aad1ority miisue :is 2S~OOO;OOO ,&bins.. 'Stoc1d1o14em &ball not have 8111 pmcmpti've' DOt
tihaI1 stockhoIaars' haw ,1B d&ht to votiJIg ill the eJection of direotcd or for any other
purpose. The
...
aod. 1hc aggtt;ptA I1tUD1x:r of shanss of stodc of each o1ass that 1M
CoIpandion shall have 8Idbodty io .issue arc as tbllows:
(a)OOO,OOO ,sbaes of OvatMOB Stock, $0.0001 J8w1ue ("Stoclc").
(b)000.000 shales ofPrcfemdStock, $0.0001 par wlue Stoek")..
Powersaa4 'Risbts of1hc P1d.va4 Stock.
The PreIJrJm S1Qck may be Jssuedtiom. time to 'lime' in OIlS or JDO18 series, with
...
distiactive saial cJesipadoua as may be 8bIIL.'Id or expascd ia die re&OlotioO or rcso1atioDa
fOr 1bc Usua ,of such stock adopt8d ftom.1imc 10 time by 1he Boadof ~DI;and in
such nsohdioa, or' ,reaoIudcmsprcrvidiDa bthe iGc!n~of sbaRs of each partim1ar aeries the
Bout of is a1so CApaes&1y 8Dfbodzcd. to fix: ,1I1e right to if any; 1M consideration
--------.. ..
for wbidldla"'of aach
...
-ate to -:Is&acd: '8teJlUlllher of sl1ares coastitutiDs auch series,
which ..., be (8XC9t ,88 oiJ:Ienri&a fixed by the Boetd of -"'d (Jmt,1IOt1Je1ew die DlllDberof""1I8of tbaJ. outstaadh1a), hmtimc to time by
lGIioB of 1I1s
...
OI''die J8te.ot cI9Wca.ds \1pOU which and the times at wbicb
C1iVi4a1dI
....
of each
...
aWI :be ...,able sad, tI1c~ if 811y, wbich such
ditidaIds ah8I )me 'lddveto cIfvidcada,GII '1b8rea of '81 othcrdas or c1I~or any ocbcr
8Cdesof,ltDGkofthe'
.... -
saah.iividc&Is sbaD- cuam1atiw 01'
8IJ.I.11IdIw.4- L.- &--, -JL:..1.h-t~~
-'--- --" . _
1.-1. 'I..-
--
' tII.V UM'J OI" ,-'-'.VIII 'wu.iallliv..... (8
.,.~
:IUWU
' '
1II8U, 'VEl
G1II1UlIative;dleJi&,1d8.jfaay, wbWltheho1dca of"', otlUCh sedee 8baII haVe in -1b8cvcatof
8IIJ whud8t:Y orilnWuDt8r:y IIquidadou. 'JDLWIIIj ~t dW.t0ud0a or a8le of
diasohdion Or windia8.up oflhe....Ot:the 'COIPOniOJt; tbedghts, if8D1. Which, tbeholdmof
sbara of 8Ddtscricl '1ba1I bam DOm~t sudJ.;B1IataIIato or exchrm&esuchsbarcs for 'Ihmes,
tmy o1het "', oroJ"""'Gr anyodJer .sede8of,stuckoftheCorpomtlon or for-any dabt secatilies
, of 1hc CoJpaikIn 1114 die ,IBt CIIId. COa4itlOaI,iDclucIiDs pice aDd rate of cxoha1ap,of sud1
coawaioaor
~~~
-w;Whether
~....
:of...'" sbaU'be subject 10 redempdoD.- aDd tbe
, "
rodcmpIioa pice 01' pricoI aadotl1cr
;-......
of:redaapdou, ,it -any. for sl1ares ofsu.cb.auiea
iuc1udiag. ~'~.a reIempdca pb flrpdeaJ peyabIoin shams of Cnmmon S1OCk;
1I1c '~I"aad8ll1O11uts of8lV' '1IiaIiua t\md mr'" puchase or redemption of ahafea of sudJ
saks;ad.my ad eliother' ,c1ss1padoas. pefaa1ces. aod telative- padic:ipatin& QIItiodaI or
otI1cr special.
~ '
qUa1.ifiCatiODS 1hDitBdoDaor xestrictions' thc:Rof pet'wU~to shares ofsucb
scda/permitted by law.
3..18upt\A of the eo,...\~81Dc:k8Ddthe P1d::m:d' Stock.
'1"hv Board ofDL.~of1hcCol.poratioD may from timo to time auIb.odzo by resolution
the i88v~of'8I1Jor.ns1aa of1hc Stuck. aad the Prdi:acd Stock authmized
in .accoaIango, with the lflflnA,end coadi1iaas 'set h1h in 1his Certificateot IDcoI:poratioi1 for such
1Jut~iIi such to suc:h CO1'pODItioDI 01' for sudI end
in the case of the P1efaredStock, in CB1O or 1DOte saia,all as tbe Board. of in its
discmion mar ~'lIiao aad Without any vote or othoI- adiot1 by 1hc stodd1olders, eBept as
othetwisc reqahedby Jaw. 'l1te capita1.aoct. eftar theamouot of ibe subscdptioJi pdCX\ or par
w1Dc, has been paid in abd DOt be subject to 811KggglCIDtto pay 1M debts of the Corporation.
A1l1tCLB V
BOARD OP DIRBCroRS
The govemiDg board of die' CoJ:poIatb1Iba1l be blown as add 1hB number of
direetom may from tim.o to timo be iDc:Raed or decreasediD such 1M"'.IS aba1l be provided by
die Bylaws of 1h8 ,COJParadOa. povided tI18t: 1bo ...... .bet of dircotors may not be less than one
nor mom tban fitam. 'Btfective \1POD. 6hs of tbia 1he IDCII1bed of thcboard of
directors. CODSistID&' of tine persomI.sbaJ1 be as 1b11owB:
Ro4 Smidt 66 E. Wada wuc Ih Pak Dr.. Suite lOt
Draper, U1Bh 84020
DaBid':R. AiDae
66 B. Watawodh P_Dr~ Suite 101
Dmpur. Utah 84020
66 E.. Wadawodh P8dt Dr., Suite 101
DrapcI'~ u-h'84G20
c. DoostasSmkh
AIl'DCLE VI
POWIRS 01' BOAtm OF DIRECI'ORS
The ~"basiDCIs of 1he Carpomtloa ibaI1 be CODJMI1ed 8Dd JIIIII8ICId by or
.... ..
direc1bt of ita BoaaIot In
~ ,
8IMI ~dOt io.~.m of 1he
COI1ferred by 1bc 'lawsof1b8:SUItc ofDe1nam, 1he 'BO8nI ofDlrec1Drs Is 'eXPIeSIIY authorized:1. To mab. :eIta'. aetMI :orrepeal ae Bylaws of the Corpomtioa;provided. thai
:adop4oD. or Jepe8I of the By1aws sb8II iI1vaIid&U' act of tho board of dirccton
'that would, have bBl, vaJidpb." to,such;~ ~,,\N)(J or ,repeat;
2. To
~\
1ba powcn.clades. roles and :pmccduia1hat IfIkt power of the
1Joard, of to 'JllllllDF 8Dd6'ect1ho propa,tz "'.mell.and af&ka of the Corporatiou,
dtc power ftt,desIpate,and CIIIpO\Wf comm~of tbeboerd' of diNctors.tu e1ectw
appoint ead fIDJ'O'W'Z the ,ofticed 8D4 od1er 8pIdS ,of 1118 Corpora1i.aa. aad 10 deIamine the time
8Dd, place aud ,dIe'nodoe fOr 'boaM DKdft.p.as well as the' manner of taking'
:boaId 8Ctiod;&ad
3. To ex.eaUc aU sudlpowersaad do all aud1 acts IS may be exetdsed bythoCotporation,
:subject to the
~:,
of1lJc ' hna of the8tatc of Ddaw&te.' tbis CeI'tit1.cB of
'aad the Bylaws ofthc 'COIPOaIbL
AR.11CLB VII
1NDBMNIPI CA 11
1Jg, Corpoadiott shall iDdemuIfy aad may acm.co CQqJenSOJ 10 its officen 8Dd 'direGtOU
to 1he flJlIest e&h4 pCmdtted, by Jaw in ~skIIce eitber aoW' or hcteaftao..
.AR.TIa.B
LIMlTA11ON ON PBRSONAL LIABILITY FOR DIRECTORS
direcIIor of die Corporatioo shall DOt be pctaAaaIIy liable to the Cmporadon or its
stocId1oJdera for 1IIO1I$I:y damages fUr breach of a fidaciary duty .. a dimc8Dr, except for
1fahI1i1y(i) 1br my br8c11 oflllo cIiJectotl duty of loyalty to 1bc Colpationor its
(i) for acts or omIIsiODSlIOt -aoocI iddt, or w1id1 invOlve Ia1adioDat 'mIscouduat or a)mowing
viOJ8tioJiof Jaw, Qii) 1D1der Soodou t 74 of die Do1awanJ' GeaCra1 Law Of: IV) for lIlY~h~fi.'om which fie dh8:tor dfJdved 1DJ iu:Q.~- pAdftd81 bQ1c1it If the Delaware
0eaer.J Corporation Law is JIII\aIdcd hcna8er to autItorizc 8dioJ1 tUdher e1imiD4Uiog
or '1iIriidaS the pearona1 liability of 1hen 1be 1iabi1tty of a diredor of 1be Corporation
Ih8Il 'bee1indo8ted or 1imitm to the 1UUest 'a1eBtpermitted by tbe De1aW8ftI ~41 CorpmatiOn
Law. 8880
Any ..,.... or modifie8tioa of the paaIIf8ph dae stockholdea of tbc
:QxpoatioD ,8l1l1I
..
edveIIeIy af&ct., da1it or plOt8cdon of dimCtor of the CoqKntion.
oxisdDg.at 'thedmeot.. mpeaI' ..
AIlucm DC
(EttmCATB' SUB.JBCT TO AMBNDMBNT
Tbe Ooq1omtion 1'C8CI'ft8 1he DPt 1\) aI1a'~ c.hauge or 8Dy provision
eoataiDecl iD '1Ida ,Cea1iticate, .of IacorpoJatioa. ;m tbs 'MAfDW"1IaW or 'heie8fter :pescn"bed by
or,by 1118 'Cart1ficate oflDm1poridoD.lDClexccp as1Jthenvisepmvided.by this Ccrtific8te
of 'lDcotporadoa.aIl Ji&lds COI6rad, upoa atvckholders haan .,'graDtcd subject to thisraervadoa.
ARTICLE X
INCORPORATOR. '
lhesole iocoq1ckator of Che Corpondiottis:
6GB. WadaworlhParkDr~,Suite 101
Draper; Utah' 84020
IN wmmss WBBRBOF. the 81 the sole of the
CcH.pomtioD.slpstbiaCedifIca of IDcoIporation as his ad and deed tis IJ!!!:-day of Maich.
1999.
Rod' Smith
. .. .. ,
STATE OF DELAWARE
SECRETARY OF STATE
DIVISION OF CORPORATIONS,
FILED 09: 00, '04/1:3/1?99
- 991145573 301fi691
, .. - -
. ~1UICATE~OF,MEa_"
- - ", ', , ,
OJ -
- .. , ' , . - .- -. '
BtJWRS~~A~~'~Corpontioa)- -
, '. ,-. -.' ,- '' .
B1.JI,INc.,(A~~).-,
" '
~~2Si'Of~C.~~~.
. -. - ,
- 0
. -
, The
~ --:
0ftiI:ec or SUI. INC~ a, DeIa\Wue QO.~8ud1he
. ,~~~:~~~, . -, -
Flue;
~- - -~-
Gf tbe'~(tJie. ~are But :mc.,;i,Delaware oolpt:atioii \B.1JI1,and BU)'ERS~ UNITED iN~A n()~~; )N~aUtah~("BuyeatJ~ -.
. '. '. -. ,
8ECO~:BUI aod~_United
~ ~
eud ~edpd
~ .
pIan :bf
(~
of M~, with feSpect ~ eM M..
. - .
in with 8edioii 252 Of 1he CoIpQiatfua Utw'
T!Je Sllr\'iviDg ~on of 1hc WilIbe 8UJ. it! IIaIDe
~ .
~ OOJ.
" :.
1Ne.
, -' '' - , -, ' ' .
nmm:
FOURnI: The '-"':4:.--4.~ 'i~ SUI . 4L 0: ' ....L...l1
, .: .' ~
--.iIr...Jft'A-aOD
. _
as' UK; S\1n'tVJDg 00ip0l'.
. .
on
~, .
~of.' -
. ,, '
as""'~inCff'ect. ,
, -. - ." -. .' ~"'!-'-~~"" "- ,. ,. .
. :FIETH:'
, ' , -
- The ~PlanofMerger:.i$~~at~'P~'Ofbus of,BuI.
. '
661~. Wads~ p~.DJ;~ SUite' 101, ~~ Ufab,840~9.
: .. ', .' '- '" '
srxiH:
, ,
Any .~1det of 8ither. BQI ~ ~rem. u~ ~iIl be. ~."ivitb. CoW, of~" ,Planof~:~~'~BUt- -
. ,. ". ', ., '. ,. '
. 'I1Ie capital slDck of Bu7m :UDiwcI is 100.000 000 shares of COmtn\)n
, ':- -~~:
par~Value..
- -" ,: -' '. '" .. .
IN WITNEss : WItF.RooF. the ~ bpe Ihis:
~ .
of Mttget as. of
. .
. the 9d1 day 'of April, 1m 1IIId 8ftinm1he cO. ~iCI ~-fxuCu8dei, 1he paJI!lties of
~. . . . ', ,- -. .. .
P$1I J
, -.. . , ., ,
STATE OF DELAWARE
SECRETARY OF STATE
DIVISION OF CORPORATIONS
FILEd 09:00 AM 06/23/1999
991254797 - 3016691
B1JI, me.
aanncA TE OJ' DESlGN~ 'BONOI' N1JMBER, POWERS, ~CES
ANDMLA TIw. P. ARTICIPA'IIMG, OPl'ltDfAL, AND O'I1I8RSRCIAL
RIGHTS, AND TBB QUALIJICA11ONS UMlTA110Ns, lWSl1tlcrIONSt
AND 0TIIEll DISTINGUISIIDfGCllARACTEltISTICS Oil
SEIUES ACONVERTlBLEPBEI'EItRD STOCK
Pursuant to Section lSI(g) of the General CoqJOration Law of dwState .of Delaware
DUI, INC., a corporation organized and existing under the Jaws of the state of Delaware
1the "Cotporation"),in accordance wi1h Section lS1(g) of the 0eneta1 'Cotpondion Law of
De1aware, DOES BEREBr CERTIFY:
1. The Certificate of Incotporatioo of the corporation (the "Certificate of
IDcoJ:potatioo"), fixes the total number of shares of all classes of capital stock which the
Corporation shall have tho authority to issue at Twenty-Five Million (25 000,000) shares, of
which FiV'e MiUion (5,000,000) shares .shall besbares of Preferred S~ par value $0..0001 per
share (herein referred to as
~,
Stoc1C'), and Twenty Million (20,000.000) sharesshaU be
shares of Common Stock. par value $0..0001 per share (herein referred to .as -COmmon Stock"
2. The Certificate of 1ncorporationexpressly grantS to the Board of Directors of the
Corpm:ation autbodty to provide for the issuanCe of said Preferred Stock in one or more series9
with such voting powers, if any, and with such' designations, pref~ and !dative,
participating. optional or other special rights, and qualifications. 1imit~tiODS or restrictions
thereot: as shaD be stated and expressed in the resolution or revolutions providing for the
issue
. ~ .
tbcreof adopted by the Board of DirectorS and as are not stated and expressed in the Certificate
Inc.otpotati on.
3.. Pursuant to authority conferred upon the Board of D~I'S by the Certificate of
IncOJPOI3fion, the Board of on May t 4 t 1999, by UD11nimous written consent, duly
authorized 8Dd adopted the following resolutions providing for a series to be designated "Series
A CoDverti.OIe Preferred StOck";
RBSOL VBD, that issue of a series of Preferred Stock, $0.0001 par value per sbare. of the
Corporation consisting of2 OOO 000 sbaresdesip,ted as "Series A Convertible Prefen-ed
Stock" 7 is hereby provided for, and the voting power, designation, preferences and
relative, participating, optional or other special rights, and the qua1ifkations, limitations
or restrictions tbcJ:eof, of such series shall be as set forth below, and upon the effective
date said series shall be deemed to be included in and be a part of the Certificate of
IncolpOraUon of the Corporation puxsuant to the provisions of Sections 104 and 151 of
General Corporation Law of the State of Delaware:
SERIES A PREIItRRED :STOCK
Desigution; Number of Sbares.. The designation of sud1 series of preferred Stock shall
be "Series Convertt"ble Preferred (hereinaBer .refened to as the "Series A Stodc") and
tben81Dber of authori- shares constituting theSeri.es A Stock is Two Million (~OOO.OOO).. The
Series A Stock sha11be deemed a separate class of Prefened S~ andsba11 be apart from any
other series of Preferred Stock.
Part 1. Liquidation.
U pon any liquidation, dissolutioD. ()r winding up of the .CorporatiOl1, the holders of Series
AStIKk win be entitled to be paid before any distribution or payment is made upon Junior
Securities (as definedbe1ow), an amount inc;ashequal to the aggregate Liquidation Value (as
, .
c1efiaed be1ow)of all shares of Series A Stoclcoutstanding, .aodthe holders of Series A St()(!k will
DOt 1Je entitled to -yfurther payment. If upon any sugb Uquiaatio~ dissolUtioo,OT
of the Corporation, the Corporation s assets to bedistrtDuted among the holders of Series A
Stock .ate insufficient to permit payment to such holders of the aggregate amount which they are
entitied to be pai~then the entire assets to be distributed win be distributed. ratably among such
holders based upon the aggaepto Liquidation Value of the Series A Stock held by each such
holder. The Corporation will mail written nouce of sud1 liquidation, dissolution, or winding up
~tless then 30 daysprlor to the payment date stated therein, to each record bolder of Series A
StorL Neither the COIlSOlidation or merger of the Corporation into or with any other COIpOT8tion
or corporations~ nor the sale or transfer by the Corporation of all or any part of its nor the
teduction of the capita1stock of theCOIpOTaDoo, will be deemed to be nquidatio~ dissolution, or
winding up of the Corpotation within the meaning of this Part
Part 2. Dividends.
2A. . Bntitlement. The holders of Series A Stock shall be entitled to receive cumu1a1ive
dividends when and as declared by the Corporation s Board of Dircctols out of -funds available
therefor under applicable law. - S1Kih dividends shalt be paid to the holders of at the clOse
of business on the date specified by the Board of
DiTecfots at the time such dividend is declared;
provided, however, that such date shall not be more tban sixty (60) days nor less than ten (1 0)
days prior to each respective Dividend Payment Date (as defined below under this Pad 2)..
28. Accruat Rate. Dividends on eac:;h share of Series A stock shall accrue
cumula1ively 00 a daily basis at the tate of 8.000A. per amwm of the Liquidation Value thereot:
but not includiug such portion of the Liquidation Value, if any t which coDStitutes accrued and
unpaid dividends, from and including the date of issuanc:e of $UCh &bate to and including the date
on Vlbich the Redemption Price (as defined below) ofsucltshare is paid ortb.e date on which
such shale is converted iDao Cnmmon Stock. Soob dividends shall accrue whether or not they
luwe been declared and whether or not there are profi~ smplus or oilier funds of the Corporation
legaUy available for the payment of dividends. The date on which the CotpOI3iion iuitially
BleS any share of 1he Series A Stock will be deemed to be its "date of issuance" regardless of
the number of times transfer of any such share is made on the stock. records maintained by or for
the ColpOration and regardless of tbenumber of certificates which may be issued to evidence any
ach Share.
2C. 'Dividend Payment Dates.Divideads 011 .the Series A Stook shall be payable semi..
aonuaIIy on SliDe 30 and December 31 of each year (the "Dividend Payment Dates"); provided,
that tile first Dividend Payment Dare shall be December 31 , 1999- AU dividends which have
accrued on each share of Series AStockoutstalldiDg during the period ending upon each such
Dividend. Payment Date will be added tothc Liquidation V81ue of such .share and will remain
'ftGf"t .10._-'
.....
':1 such ,.;I;"":den
-"
UDa-al UIlUI ',""YI ~
20.. Manner of Payment. Dividends on the Series A Stock shall be paid to the holders
in ,cash orilHdndthroughthe issuance of Common Stock, as determined at the election of the
:ColpOration within sixty (60) days following each Dividend Payment Date. If paid in~kind with
CAmunonStoclc, .the number of shares Usued toeacb holder sballbe equaJto the dollar amount of
thedivideud divided by the average Market Price (asdefiDed below) share of Common Stoclc
over 1he five(S) 1rading days immediately preceding ~tbe date on which the dividend is decl~
rounded up to the nearest whole share.
2& Ceriain Restrictions. the ColpOration shall no~. without the prior written consent
of thcholdelS of a majority of Series A S~ (i) declare, order or pay any dividend. (other than
dividends payable solely in simes of stock) on any J"ni~Securlties or (ii) redeem anY shares of
Junior Securiti~ uuless and until the Corporation shall have redeemed aU of the outStandi
Series A Stock or aU shares of Series A Stock are converted to Common Stock.
. 2F.. Distribution of Partial Dividend Payments; Fractional Shares. If at any time the
Corporation pays less than the total amount of dividends. then acaued with respect to the Series
StOck, such payment win be distributed ratably amongtbe holders of such Series A Stock
based upon the aggregate acaucd but unpaid dividends on such Serlcs A Stock held by each
holder. Bach fradional share of Series A Stock outstanding, if any, shal1 be entitled to a ratabty
proportionate amount of aU dividends to which each outstanding fo11 share of such Seriea A
Stock is entitled hereunder-
Part 3. Conversion Rights.
;,-
3A. Holder Conversion Procedure. Subject to the provisious. set fOrth below, each
share of Seri~ A Stock sbaU be convertible at the option of 1he holder thereof: in the lMIUI
hereinafter set f~ into that number of :tUlly paid and non-assessable shares of Common Stock
determined as set forth below.. Any bolder of Series. A Stock desirioi to co DV ed such shares into
shares of Common Stock sba11 smreodcr' the certificate or cc:rtificates for the shares beingco~ duly eadOISed or assigned to the Corporation or in blank, at the principal office of the
Corporation or at the bank or trust company appointed by the Cotporation for that purpose,
accompanied by a written notice of conversion spccifyiug 1he number ot shares of Series A Stock
to be converted and the name or names in which such holder wishes the eertifiQte or ecrtificates
for shares of Common Stock to be issued.. After the receipt of such notice of conversion and the
certificates for the Series A Stock converted,tbe Corporation sbaU promptly issue and deliver or
. 3
QIUSC to be issued aadde6vered to such holder a certificate or CCltificates for shares of Common
raultingftom snob Q)ftversion. In awe less 1han all of the shares of Series A Stock
by a .certificate are to be converted by holder~ upon such conversion the
-Corpomtionsbal1 also deliver or cause tobedc1ivcred to such holder a certificate orccrtiticatesfor the sIwes of Series A Sb;k not so aJnverted. The Corporation sbaU pay all transferageotfees and 'expeDses payable upon the conversion of Series A Stock.
3D. Company Conversion Procedure. Subject to the provisions set forth below, each
sIIate of Series A Stock shall be convertible at the option of the Company, in the manner
- '
JJereinafterset forth,intotbat number of funy paid and non-assessable sbaresof Common Stock
determined -as set forth 'below.. TheCo"'P"'Y must convert aU Series A Stock if it converts any
Series A Stock. -The Company may elect to con~ert the Series A Stock to Common Stock -
fl)$Olution of the Board of Directors ("Conversion Reaolution") duly adopted at a meeting of
Directors or 'by unanimous wriuen consent of the Directors. if as .oftbc close of business on the
. :Business Day immediately pIeceding adoption -of such resolution the Company Convcmion
Conditions (asdefiued below) bavebeen met. Written notice of conversion shall be sent not less
&an fivcBusiness Days fOllowiDg the day on whim the Conversion Resolution is adopted to all
holders of :record of Sedes A Stock at their addresses appearing on the boOks and records
the 'Corpomtionspecifyingtbe date of conversion, wbichshaU not be Iesstban 20 calendar days
following the date such notice is given. Promptly after the date of conversion set forth in the
notice, each holder of the Series A Stock shall surrender the ccrtifi.cate or certificates tot the
sbares to the CoIpO1'8.tion at the principal office of the Corporation or at the bank or trust
company appointed by the ColpOration for that purpose.. After the receipt of the certificates for
- -
the Series A Stock conv~ the Cmporation shall JXOI11Pf.Iy issue and deliver or cml~to be
issued and delivered to such holder a certificate or certificates for shares of Common Stock
resuldngfrom such conversion.. The C~otion shall pay all transfer agent fees and expenses
payable upon the conversion of Series A Stock.
3C.. Conversion Rate.. Each share of Series A Stock shall be convertible into the
uumber of tUlly paid and nonassessable shares of Commnn Stock which RSUlts ftom dividing the~nvemoo Price" in effect at the time of conversion into the "Conversion V aloe". The initial-
Conversion Price per share of Series A Stock shall be 12.00.. The ConvC2'Sion Value per share of
Series A Stock shall be $2.00" The initial Convcnion Price shall be subject to adjustment as set
fot1h in paragraph 3D.
3D. Conversion Price Adjustments of PIefened Stockr The Conversion Price of the
Series A Stock sbaI1 be subject to adjustmeot timn time to time as set forth below..
(1) "ustment Pmvisions. If the CotpotatiOn sha1l after the dam upon which any
shares of Series A Stock were first issued (the "PuIchase- Date")~ any Additional Stock (as defined
~ow) without coosider:ation or for a considendion per share less 1han the Conversion Price in
effect immediately prior to the issuance of such Additional Stock, 1he Conversion Price in effect
immediately prior to each such issuance shall forthwith ( except at otherwise provided in this clause
6)) be reduced to the price per share at which the Corporation issued or sold. or is deemed to have
issued or so~ such shares of Common S~ EXcept to the limited exteDt provided fur in
sabpamgrapbs 3D(1)(c)(m) and (IV). no adjustmmt of the Convemion Price pursuant to this
sabpangraph 3D(1) :shaII have 1he effect of incmIsing the Conversioa Prlce above the Conversion
Price inetlectinuuediate1y prior to such adjustuJllnt
(a) In the case of the issuaoce of Cmnmon Stock for cam. -the consideration
sbat1 bedoemed 'to be the amount of cash paid theId'or be1bre deductiagaay reasonable discounts,
c:omnrissioos orotherexpensesaDo~ paid or incuaedby the CotpoletUon for any underwriting
or otherwise in -connection with the issuance and sale thereof:
(b) Intbe case of the iSSI18J1Ce -of the Cnmmon Stock. for aconsidemion in
Whole or in -part other ,dum QSb,the consideration other than cash shall be deemed to be the &ir
- value tbeteof as dereru ,in~in good &ith by tbeBoard of Directors.
(c) IJI the case of issuanceaf options to purchase or ~gbts to -subscribe for
:Common Stock, -securities by -their tams conveni'blciuto Or exchangeable for Col1'mtaD Stock-
options to ~parChase or rights to subscnne t9r such c:onvertible or exdIaogeablesecurities, the
foUowiog proVisions -shal1 apply fora11 purposes of this subparagraph 3D( 1)( c) and subparagtaph3D(lX d):
(i) The aggregate maximum munbcr of simes - of Common Stock
de1ivaab1e upon exercise (~qr'1lli.the satis&ction of any conditions to ~ty ,including
without limitation, the passage of time, but without.taking into account potential antidiIution
adjustments) of suchoptioos topm:base or rights, to subscribe for Common Stock shall be deemed
to have been issued at the time sud1 options or rights were issued and for a considecWon equal to
the considaation (determmed in the manner provided in subparagraphs 3D(lXa) and (b)), if any"
received by the COtpOtation upon the iSSI1811Ce of such options or rights plus the ndnimum extKise
:price provided in such options or rights (without taking into account potential antidilution
adjustments) for tbeCommon Stock: covered tbaeby-
(0) The aggreptc' maximnm number of shares of Stoclc
deliverable upon conversion of or in excbauge (assuming the satisf4ction of any conditions to
converti'bili1y or
-,
including, without lituitatiOltp tho passage of bot without
taking _0 account potmtial autidilution adjustments)for any such convertible or exchangeable
accuritiea or 1IpOR' the exercise of options 10 purchase or righC3 to subscn"be for such convertible
exchangeable securities and subsequent conversion or exchange thereo( sba11 be deemed to have
been issued at the time such securities were issued or sud1 options or rights were issued and for a
cansideration equal to the consideratio~ if any, received by the CoIporation for any such securities
and re1attJd options or rights (excluding any cash received on. account of accmed iDta'est or accrued
dividends)~plus the tttinimum additiooal jfany~ to be received by the Corpomtion
(without taking into account potential aotidilutioD adjustments) upon the conversion or ~e
such securities or the exercise of any related options or rights (the coasidcraliop in each aISC to be
detennined in the mAnQel'provided in subpamgtapbs 3D(lXa) and (b)).
em) In the event of any cbaoge in the number of shares of Common
- .
Stock delivemble or in 1he coasidetation payable to the CoIpOration upon exercise of such options
or rights or upon conversion of or in exchange for such convertib1eor exd1angeablc securiti~
(cxcludiaga cIiaDge taUlting .solely 1iom the 8DtidiIution provisions then:of if auch chaDge remits
1iom an cveat which gives rise to an 8DtidiIution adjustment UDder this paragaph 3D~ theCoavcrsioo Price, to 1he exta1t in any way affected 'by or computed using suchop~ rights or
scaaitia, shall be recomputed to ret1ect such cbaoge.,but DO fiBtI1er a4ius1mcat sballbe .made for
'the actuaIiss"~of CommonStoc1c or any payment of such COQsiderationupon the exercise
anysueh optioosor righcsortbe conversion or exchange of such securities.
(iv) Upon the exphation of any such options or Jigbts, the fe8 JniMtion
8ftY:such riglUs to convertor exchange ord1e expiration of any options or rights Te1at.ed.to sud1
~nveri:ible orexcbaogeable securities, the .Conversion. Pri~ to the exlalt 'in ,any wayalfectedby or
eompured usingsuch.optious, rights or sceudties or options or tights related to such securities, shall
be recomputed to reflect the issuance ofouly the number of.Shares ofCommoo Stock (and
convem-We 'or exchangeable teemities Which remain in effect) actuaUyissued upon the exercise .
, :
suCh options or tights, upon. the conversion or exchange of such seeurities.O( upon the exercise
the options orrigbts related tosucb securities.
(v) The number of shares of CommC)tt Stock deemed issued and the
:cOnsideration deemed paid therefor pursuant to subpamgraphs 3D(lXc)(i) and (ii)sball be
:apptOpriateIy atljusted. to ret1ect any. chaugt; termirumon or expiration 'of the type described :
either sob paragraphs 3D( Xc Xiii) and (i v ).
(d) Additional Stock" shaD mean any shares of mmnn Stock: issued (or
to have been issued pursuant to subparagraphs 3D(lXc)) by the Corporation after the
Pmdtase. Date other than
(i) mmno Stock issued pursuant to a transaction desaibed
, snbparagraphs 3D( 1)( e) hereof;
(n) shares of Commnn Stock issuable or issued .pursuant to a stock
optio~ wammt, conversion right. or porchasc Iight outstanding as oftbe Pmd1ase Date; or
(ui)Common Stock issued or issuable upon amvemon of the Series A
Stock.
(e) In the event the CorpopIion should at any 1ime or from time to time after the
Purcbase Date fix a record date for the effectuation of a split or subdivision of the outstandingsharesof CommnD.Stock or the detmmiDation of holders of Common Stock ei1tided to receive a
dividend or other distribution payable in additioda1 shares of Common Stock or other ~ties
rights convertible into, or entitling the holder them)( to receive direcdy or iDdirectIy, additional
shares of Cnm'tlQU Stock. (hereinafter referred 10 as "Common Stock. Equi.~') without
payment of any. consideration by such holder for the additional sbares of Common Stock or the
. CoDllDOD Stock Equivaleo1s (mcluding the additional sIJares of Common Stock issuable upon
CODVeISion or exercise thereof). then. as of such record date (or the date of such dividend
distribution. split or ~on if no IeCOm date is fixedh 1be Conversion Price of the Sedes, A
Stock sbatl be appropriately decleased so that tbenumberof sharesofCOmJnQn Stock issuable on
convenion of eacbsbarc of the Saics A Stock abalt 'be increased inplXlpOdioa to &Ud1inercasc in
tile ttgI.ICpte of sbares of Con1mc)q Stock outstaDdiog aDd those issuable with respect to such
Cmn-on Stock Equivalents.
(f) If the number of shares of Common Stock oulstandinc at anytime 'aftectbe
Purchase Date is 'decreasedby a combination. of tbe ~shares of CommooStock, then,
fo1lowing the record, date of such combination, the ConveqionPrice tbr 1beSeriesAStodc shall
appropriatelyinaeased so tbat the number of &bares of Common Stock issuableoD conversion of
each share of the Series A Stock shall be decreased in .proportion to .such decrease in outsrandingshares.
(2) Other fl . ibutions.. In the event tbe Corporation sba1I declare adistributioD
piyabIe ,insecuritiesofotberpersons~ evidences .ofindebtedness issued by the COIpOmtion or other
- p;uo~ ~~ts (excluding cash dividends) oroptioo$ or rights not refened to in -subparagraph
31)(1)" th~ in each such case for the purpose of this subpamgraph 3D(2). the holdeIs of the Series
A Stock shall -be entitled 10 a proportionate share of any such distribution astbough they were the
. .
holders of the number, of shares of Common Stock of the Cotporation into which their abares of
Series A Stock are couvertible as of the record date fixed for the determination of the 'holders of
Common Stock of the Cmporation eimtled to receive.such distribution..
(3) ~ons.If at any time or n-om time to time there shall be .
recapitaliutioo of the Common Stock (other than.a subdivisio~ combination or merger or sale of
assets traDsaction provided fur indUs paragraph 3D) prOvision. shal1. be made &0 that the
holders of1be Series A Stodc shall thereafter be mtit1edto receive upon conversion of the Series A
Stock the number of shares of stock: or other securities or -property of the Corporation or otherwise,
to which a bolder of Common Stock deliverable upon conversion would have been entided on such
leC8pitali7AtiOD. In any such case. appropriate adjUStment sbalI be made in the application of the
provisions of dUsparagraph 3D withrespcct to the rights of the boldets of the Series A Stock after
the recapitali2ationto the end that the provisions of this paragraph 3D (1DC~ adjustment of the
ConVClSion Price then in effect and the number of sbaRs issdabIe uponCQitversion of the Seiies A
Stock) shan be applicable after that event as Dearly equivalent as may be practicable.
(4) . a In the event the Cotpondion fails to pay any
dividend witbin (60) days fDUowiDg the applicable Dividend. Payment Date. the ConvCtSion
Price then in effect sba11 be reduced by subDacting i'om it the "Default Amount. n The iDitial
De&uJ.t Amount be $O.2St and the Default Amount will be decreased or inaeascd in the saine
manner as adjustment of the Conversion Price described in subparagraphs 3D(IXe) and (t).
. (5) The CoIporation will not, by amendment of its Certificate of
IncotporatiOll or tbrough any reotV"i"J'Mion.recapita1izatio~ tr:mdft.of assets~ CODSOtidati~
merger;, dissolutio~ or sale of securities at any other voluntaty acUOIl:. avoid or seek to avoid
the observance or perfotmance of any of the tenns to be observed or perfonned hereunder by the
Corporati~ but will at all times in good faith. assist in the can:yiog out of all the provisions of dtis
p&rag18ph, 3D and in.(be taking of all sudlaction as maybe necessary or appropriate in order to
:protca .the Conversion Rights of the holders of die Series A Stock against Impairment.
(6) No p
. . .
Shates and
' ,
" cats as to.DSCments!' No fi3Ctionat shares shall
be u.pon the c:onversion of any share. or shares of the Series A Stock, and the Bomber of
shares-of Common Stock to be issued shall berouuded to the nearest whole share. Whether or not
ftadional shares &reissuable uponsuchconversioD shall'be determined on tbebasis of 1he total
- number of shares of Series A Stock -the holder. is at the time oonvtring.into C.onunOD Stock and the
number of shares of Common Stock issuable upon such aggregate conversion.
(7) oti.ce of.
. .
' USbnent.Upontbe 0CCU11'CDCC of each ac.ijustment :or readjustment
the Conversion Price pursuaatto tbisparagraph3D7 the Corporatioa, at .its shat1 promptly
compute sud1 8(ljustment or readjustment in accordance. with .the tams hereof and and
famish to each holder of Series A Stock a.certificate setting forth sud1, acljlMfmA1tt or readjustment
and showing in detail the facts upon Which such adjustment or Teadjuscmcntis ,based. The
Corporation sball. upon the written request at. any time of any holder of Serles A fUrniSh or
cause to be lumished to suehholder a like cmiticate setting forth (a) such adjustment and
readjustment, (b) the Conversion Price at the time in effect. and (c) .the mmber of shares of
Cnmmon Stock and the amount, if any. of other property which at the time would be received. upon
the OJDvtnionof a sbareof Series A Stnck..
(8) oti~ of . Date. In tbe event of any taking by 1he Cotporation ofa recoId of
the IMJIders of any class of securities for the purpose of determioing the .holders thereof who are
entit1ed to receive any dividend (other than a caSh dividend) or other distrlbuti~any right to
subsCribe fur, purchase or otherwise acquire any' shares of stock of any class or any other securities
or property:p OT to receive any other right, the CoIporation shall mail to each bolder of Series A
Stodc. at least twenty (20) days prior to the date specified therein. a notice specifying the date on
which any such record is to be taken for the purpose of&ud1 di~ distnOution or right, and the
8D1OUI1t and character of such dividend, distribution or right.(9) f S Con non. The Corporation sba11 at aU time;
te$etVe and keep available om of its autbnri~but upissued shares of ComllJ()D Stoc~ solely for
the puI11Ose of effecting tbc conversion of the shares of 1he Series A S~ such number of its
shares of COmft1On Stock as shall from time to time be sufficient to effect the conversi'?fl of all
outstanding shares of the Series A Stock; and if at any time the number of authorized but unissued
shares of Conunon Stock shall not be sufficient to effect the CX1nvetSion of all then outstaDding
shares of the Series A Stock, in addition to such other remedies as sha11 be available to the bolder
'the Series A Stock, ihe CoIpoJation will tab sud1 corpomte action as may, in the opiaion of its
counsel, be necessary to ioa:ease its audlorized but uni$-4JUed shares. of Common Stock to such
DlDDber of shares as sba11 be sufiicieot for such ~ses. iuc1~ wi1bout limitation, engaging
best efforts to obtain the requisite stockbolder approval of any necessay amatdment to these
. .
p!OVJS1ODS.
(1 0)
~.
Any notice required '" 1he provjsions of this Section 410 be given to the
ho1ders of sbares of Series A Stock shall be given if deposited in the United States
prepaid, $\B, addressea to eac1i bol- of tand at 1ris appearing on the books of the
COJ.-phation.
3E. Effect ofCon~on. of the date
- '
the Corporation receives DOUce of
conwaioa ftom tIJe'ho14a' of the Seties
~ .
uada-,pampaph 3~ ~,orthethird
~~
day .the day on wbich notice of~OD ,by the .Company'to the hol~ of
Series AStockundcrparagraph 3Bis .cIeposittdin 1he U.s.Mai1 with fi1St class postage plq)~d
(a "CQDV~ n.ej.aIl rigbD pertaiDmg. to the Selic;s A Stock wiJ1 Cea!e and SUCh S~ J).
" StoCk will not,be deemed .
~ ~
01Jt~AD certificates representiDg the" Series, A Stock
' subject~ to eonveisi.on will represent only 1bc right to,receive ~riStQclc' of the Cotporation,
U1ider this Part 3. an4.paymentof all accrued and unpaid ~dends as of the 'Convemon Date
~ '
3F., Converted Shares. Any shares of Series Stock which at any tUne have been
" couveded sba1l be cance1ed,may not Jei,sued as Series A Stock, and sbaU be Idumed to ,the
sta~ of and unisSued sbalesof Prefared 'Stock ~_d.esi u to series~
. ,
Part 4.. Voting Rights.
~ ~es A Stock shall.haVe no vo1iDg d~: except as teqUired in the specific iDstance
, .
the. Geacra1. ColpOration Lawqf~8Dd;except the .opt to by, majority vOte of
. -
1Jie '
~.
of' the Series A.stock: the 'and 'issu~of' apy claSs or, serIes of'
, ,
Prefened StOck senior to the Series A ,StoCk; any.am~. modifieation..orr8peaI,.of the
. '
Certificate ~f ~n of~' if the ,powers, ~,or TightS of the
A . Stock would be advcmely
~ ,
ao.d, die impositi,on of 'any. restriction on the Series
A Stock, other than I~ictiODs, arising the :Geoera1 Corporation taw of Delaware or the
xesolution oftbe ofDim:tors ~the ~esA S~
Part S. RedCmpti~ ,
SA. R~oa Price. For each shale of Setia A Stock,which is to be: the
CoxporatiO1\wi11 be ~bUgated on the Date Cas. defined below) to pay to the 'h91der
thereof (upon, .SU11'eDder by -.. ho~ at the Cotporation priDc.ipal of69C or to the'
. ColJ'O.ration' s tJaDsfer ageut of the certificateS repieseatiDg such shares of Series A Stock) aD.
amomit in immediately available tUnds' equal to the Liquidation Value plus all accrued dividends
. -
, as of the Redanption Date.. '
. '- , .
SB. ~otice ~f
~.
The CoIpoJation -
~.
mail wnttm not1~ of , ~QD of A Stock:to each reCord holder'of:Saics A Stock 'not 'more sixty (60)
nor leSs than thirty-(3Q) pdor to the cJat:e on which such redeqnioil is to be made. -The date
CJCdf1ed 111 such noti~ for redempCioG is haein refctted to as tho ~on Date. ,.
SC. T ennination of Rights. On the Redemption. Date aU rights pertaiDiDg to the Series
A Stock. indudin& but DOt limited to,. any light of CODVasion. will cease. aDd spch Serles A
Stock will not be deemed ~- 01~nQins..All ~4MI1ting the Series A Stock
stibj ect to' redemption :wm represent 0Dly the right to recei v~ ~n.tin accordance. with the
;ro~DS of1JUs Part S.
. ', '
SI;). Redeemed or Otherwise ~Shaies.. Any shares ofScdes A Stock which ate
. .
or ICq1Iired 'by1he .CoIporadon .shallbe may not be reissued Sed. AStQCk, and.sbaJlbe to dJestatUS of . autborlzed and uoissued shares of Pre~
Stock. "Iithout 4esip8don ;IS to series.
. -- . - .
SE. 0pti0Da1 Rec1enipticm...The Corporati.On may. at .any time on or after J8f'l'~
2005, ~.nor any of the Series A Stock..
Part 6.. Definitions..
.--~~,
Day" shiH Diean .a .day "other tban .aSaturday. .Sunday other day on which
:COID1I1erC~~ in Salt Lake City. Utah am.authorized by law to dose.
, '
Stock. $O.~l par Value per sham, of
and 'any capital StOCk :ofany.d8ss :of
~~
herea1Wr. aUthorlZed which'
notJimited to a fixed
~ -
or par or in respect. to the rights of the
:holdem, tbereor to- participate:in dividends or in the distribution or as~ upon any' liquidation"
. .
disso1utioa., or ~ of the CoIporauon.
"ConveJSion ConditioDs" consist of the fol1o'Wing conditions:
(i) . The shares of Co~n Stock e' on conversion of the ~~ A Stock
are registered: for reSale undez the Ad. of 1933~ or are- eligible -for sale under
Rule 144(k) promulgated undertbe Secmities Ad; of 1~33; and~
(u) The Market Price fot1he Comn\oo Stock ~ a period of thirty (30)
CQDSeCU1ive trading is _less than $4.00' per
~. . "
Junior Securities metJlq any of the Carpotatiou 11 S equity securities other tbanthc Series
, A StocL
. .
- "Liquidation Value" of any Sedes A Stock as of any particu1at date will be equal to $2.
pea:'sbare.
. .
-Matbt ,Price"- of t11c CoqalN1n Stock on any relevant date. sba1l be def.eay.in~Ltt_--- &U~
(i) . If 1be On. ... "t nil Stock. is DOt at the. time listed or admitted to uacIiq on any
IUid.cmaI.
~ .'*
is tn"-1.. oa ~ N~ ~ the. Marlcet-
Pric;e shall be the moanbetween the hjgbeat closiDa
,.,..
of a.share of Culf,mon
. Stock on datees reportaI.~ 1he Nasdaq N~on~lMabt ~ any ~r system
. .. .. '
10 '
- .
(ii)If.tfie Ovnmnn Stock is at time 1isted or admi1tPJt to tI:adiaa, on "any
. natiouaI- aecudties c:xcha\ge, then the Matbt Piice shall be thec1osiog seItiDg- prl~ per
shaJe on ,the -elate iJi quest1on on the secud1ies as such priee is ~fIidaIY quoted
in the composite tape of tr8n~0J)S on sud1 If theae is DO reportat sale of
Common ~Stock O11sud1e&dJaD&e on the date in question, then 1be MaJbt :Priee for that
date shall -
~ ,
-the -clo$iag selling pice. 'on the .exchange on die last date for
which suchquotaDon exists..
- -
(ili)lf tho Cotnmon moot 1isted on such dateoa any nation8l ~1dti.es
exdiangenor in4uded m -tho Nasdaq National Mmtd. but is traded in the over~
dJe higJat d.osiDg- quotation of a -$ban: of Commnn Stock on such -d:ateas .
,n:ported onthe~asCIaqSmallatp Market or the NASD OTCBulletin BoJIld~asappIicable.
-Person nteaQS, an
, ,
uwvidnaI; a paItDetShi~ atOlpOI8tiOD.anassociati~ a Joint stock:
~ a -tIust. -a joint an -organiza1ionand a govern~enti~.or
aay departmen~~ ~or political subdivisioo thereof. '
- '. .- . - .- -. - -. ,
IN WITNESS ~~" the
. .
CoIporation. has caused this
~~
to
~ '
by Rod -Smith. its and .to .by ~arman, Its Sectetaty,tbjs 23m day
. '
ofJuae.l999..
. .
. By
RodS
~TrBST
. ,
By,'
Paul J
" .
STATE OF DELAWARE
SECRETARY OF STATE
DIVISION OF CORPORATIONS
FILED 09:00 AM 04/19/2000
001201588 3016691
CERTIM CATE OF AMENDMENrOFCERTftrICA TE OF INCORPOIlA TION OF
Bm. :INC.
(CIaaagi.g -...... te ~, "file.")
BtJJ, 1Ne., a.COl)Jolation organized and e~ UDder the Genem Cotporaaon Law orthe State ofDc1awan: (the "Corporauon"). does hereby
c:enif;y that:
The ~t to the Corporation' s Certificate of 1IlCOIporati0il let forth below was du1 OOopledby resolutions .jIJ)provcd by the Corporalion' s Board of Din:c:tors and stockholders in
actordance with the provisions of Settion 242 of the 'GenemlCorpomion Law of the Slate
Delaware:
eadaa.t. The Certificate of mcclI)JOmtion of the corporation is amended by slrikiug
Article I in its cntiret;y and 1q)1aciagtherefor:
ARTICLE" I
NAME
The name of the Corporation is
BuyersOnline..com, Inc.
IN WITNEss WllEREo F. BUr. Inc. has caUSed this Cem1icate to be signed by its cluJ yauthorimd officer this 30th day of March, 2000.
, Inc..
STATE OF DELAWARE
SECRETARY OF STATE
DIVISION OF CORPORATIONS
FILED 09: 00 AM 09/28/2000
001493095 3016691
BUYERSONLINE.COM. INC.
CERTU1CA TE OF DESIGNATION OF NUMBER, POWERS~PREFERENCES
AND RELATIVE, PARTICIPATING) OPTIONAL. AND O~IIER SPECIAL
RIGHTs, AND TIlE Q1)"ALII1CA'IIONS LIMIT A TlO~ RESTRICTIONS,
AND OTIIER DISTINGUISHING CHARACTEIUSTICSOF
SERlESB CONVERTIBLE PREFERRED STOCK
Pursuant to Section 151 (g) of the General Corporation Law of the State of Delaware
BUYERSONLINE.COM, INC., a corporation organized and existing under the laws of the state
of Delaware (the "Corporation ), in accordance with Section 151(8) of the GeneraJCorporation Law of
Delawan:?DOES HEREBY CERTIFY:1. The Certificare of Incorporation of the Corporation (the "Certificate of Incorporation
'),
fixes .me total number of .shares of all classes of capita! stock which the Corpora1ion shall have the
authority to i5sue at -Cwenty-Five Million (25 000 000) sltares, of which Five Million (5 000 000) shares
shall be shares of Preferred Stoc~ par valueSO.Ooo I pe.-share (herein referred to as "Preferred Stock"),
and' Twenty MiUion (20.000~OOO) shares shalt be shares of Common Stock~ par value $0.0001 per share
(hereinrefen-ed to as "Common Stock ~'
1. , The Certificate of Incorporation expressly grantS to the Board of Directors of the'Corporation authority to provide for the issuance of said Preferred Stock in one or more series. with such
yoting powers, if any, and with such designations~ preferences and relativ~ participatingjl optional orother special rights, and qualifications~ limitations or restrictions thereof, as shall be stated and expressedin the resolution or revolutions providing for the issue thereof adopted by the Board of Directors and asare not stated and expressed in the Certi ficate of Incorporation.3. Pursuant to authority conCeITed upon the Board of Directors by the Certificate of
Incolporatio~ the Board of pirectors by resolUtion duly adopted ata meeting held on August 30, 2000.- duly authorized and adopted the following resolutions providing for a series to be. designated "Series BConvertible Preferred Stock"
RESOL VED, that issue of a series of Preferred Stoc:~ $0.000 1 par value per share, of theColJ'omion consisting of 1 234t500 shares designated as ~Series B Convemole Preferred Stock",is hereby provided foc and the voting power, designation, preferences andrelativc; participating,optional or other spocial rights. and the qualificati~ Jim iWioDS or restrictions thereof, of suchseries shall. be as set forth below) and upon the effective date said series shall be deemed to be
included in and be a part of the Certificate of InCOlporation of the Corporation pursuant to the
provisions of Sections 104 and 1 of the General CotpOratioD Law of the State of Delaware:
SERIEs B CONVERTIBLE PREFERRED STOCK
Designation; Number of Shares. The designation of such series of Preferred Stock shall beSeries B Convertible Preferred Stock"' (hereinafter referred to as the "Series 8 Stock") and the number ofauthorized shares constitUting the Series B Stock is One Million Two Hundred 1hirty..Four ThousaodFive Hundred (J ,734 500). The Series B Stock shall be deemed a separate series of Prefen'ed Stock, andshall be apart nom any other series of PreferTeCf Stock. ~
Part I. Liquidation.
Upon any liquidati~ dissolution, or winding up of the Corpolation~ the holders of Series B
Stock will be entitled to be paid before any distribution or payment is made upon Junior Securities (as
deemed below) and after any distribution or payment is made upon Senior Securities (as defined below)
an amrnmt in cash equal to dtc: asgregate Liquidation Value (asdefiuedbelow) of all shares of Series B
Stock outstandin& and the holders of Series B Slock will not be enritled to any further paym.ent. If upon
any .such liquidati~ dissolution, or winding up of the ColpOraUon, the COIpOration s assets to bedistributed among the holders of Series B Stock are insufficient to permit payment to such holders of the
aggregate amount which they are entitled to be paid. ~nthe entire assetS to be disuibuted win be
distributed ratably among such holders based upon the ag:regate Liquidation Value of the Series B Stock
held by each such holder-The COrporation will mail written notice of such liquidation:. dissolution, winding up not less then 30 days ,prior TO thepaymen1 date stated therein;, to each record holder of SeriesB Stock. Neither the consolidation or rnergor of .the Corporation into or with any other corporation or
corporations.. nor the sate or transfer by the CorpOration of all or any part of itS assets nor the reduction of
the capital stuck of the CotpOration will be deemed to be liquidation. dissolution, or winding up of theCorporation within the meanine of this Part I.
Pan 2- Dividends.
2A. Entitlement The ho'iders of Series B Stock shall be entitled to receive cumulativedividends when and as declared by the CoIpOration s Board of Directors out of funds available thereforunder applicable law. Such dividends shall be paid to the holders of record aI the close of business on thedate specified by the Board of Directors at the time such dividend is declared;provid~ however. thatsuch date shalt .not be more than sixty (60) days nOr less than ten 00) days prior to eacl1 respectiveDividend Payment Date (as defined below under this Part 2).
2B. Accrual Rate. Dividends on each share of Series B Stock shaUaccme cumulatively on adaily basis at the rate of 8.00% per annum of the Liquidation Valoe thereof: bUt not including such
portion of the Liquidalion V alue~ if any, which constitutes accrued and unpaid dividends, from and
including the date of issuance of such share to and including the date au which the Redemption Price (asdeemed below), of such share is paid or the date on which such sbare is converted into Common StOCk.Such dividends shall accrue whether or not they have been declared and whether or not there ale profits,surplus or other funds of the Corporation legally available for the payment of dividends. The date onwhich the Corporation initially issues any share of the Series -B Stock will .be deemed to be its "date ofissuance" regardless of the number of times transfer of any such share is made on the stock n:cordsmaintained by or for the COt'pOration and regardless of the number of certificates which may be issued toevidence any such share.
2C. Dividend Payma1t Dates. Dividends on the Series B Stock shall be payable semi-annually on June 30 and December 3) of e...ch year (the uDividend Payment Datesj; provided, that thefirst Dividend Payment Date shall be December 31, 2000. An dividends which have accrued on eachshare of Series 8 Stock outstanding during dIe period ending upon each such Dividend Payment Date will
be added to the Liquidation Value of such share and win remain a parttheceof until such dividends arepaid.
20. Manner of Payment. Dividends on the Series B Stock shall be paid to the holders in cashor in-kind through the issuance of Common Stoc~ as determined at the eJection of the Corporation withinsiXty (60) days following each Dividend Payment Date- If paid in-kind with Cornman Stock, the numberof shares issued to each holder shall be equal to the dollar amount of the dividend diyided by the average
Market Price (as defined below) per share of Common Stock over the five (5) trading days immediately
preceding the date on which the dividend is declared, rounded up to the nearest whole share.
2E- Certain ReStrictions. The Corporation shall n~ without the prior written consent of the
holders of 8 majority of Series B Stock, (i) declare, order Of" pay any dividend (other ~an divid~ds
:payable solely in shares of Slock) on any Junior- Securities or (ii) redeem any shcues of JunlOf SecUtttleS
unless and until the Corporation shall have redeemed aU of the outstanding Series B Stock or all shares of
Series B Stock are convened to Common .Stock.
2F - Distribution of P.artial Dividend PaymentS; Fractional Shares. If at any time the
Colporation .pays less than the total.amountof dividends then accrued with. respect to the Series B Stock..
such payment: win .be distributed t31ablyamongtbe holders of such Series B Stock based .upon the
aggregate accrued but unpaid dividends on such Series B Stock held by each holder. Each fractional
share of Series B StOCk outstanding, if any, shall be entided to a ratably proportionate amount of all
dividends to whic::h eac::h outstanding fun share of such Series B Stock is entitled hcrCW1der.
Part 1. Conversion Rights.
3A- Holder Conversion P.-ocedure. Subject to the provisions set forth below, each. share of
Series B Stock shall. be coRverobteat the option of the holder thereof, in the .manner hereinafter set forth.,
into that number offul1y paid and non-assessable shares of Common Stock determined as set forth below
Any holder of Series B Stock desiring to convert such shares into shares of Common St~k shall
sunender the certificate or certificates for the shares being convened, duly endorsed Or assigned to the
Corporation or in blank.. .arthe .principal ()ffice of the Corporation. or at the bank. or trust company
appointed by the Corporation for that purpose, accompanied by a written notice of convemon specifying
the number of shares of Series 8 Stock to be converted .and the name or names in which. such holder
wishes the certificate or certificateS for 5hares of Common Stock to be issued. After the receipt of such
notice of conversion and 'the certir~es for the Series B Stock converted;t the Corporation shall promptly
issue and deliver Or cause to be issued and delivetedtO such holder a certificat~ or certificates for shares
of Common Stock resulting from such conversion. In case less than all of the shares of Series B Stock
represented by a certificate are to be convertl:d by a holder, upon such conversion the Corporation shall
also deliver or cause to be delivered to such bolder a certificate or certificates for the shares of SeriesB
Stock not so converted. The Corporation shall pay aU transfef agent fees and expenses payable upon the
conversion of Series B Stock.
38. Company Conversion Procedure. Subject to the provisions set forth belowi each share of
Series B Stock shall be convertible. at the option of the Company. in the manner hereinafter set. forth, into
that Dunaber of fully paid and non-assessable shares of Common Stock determined as set forth below.
The Company must convert al1 Series B Stock if it converts any Series B Stock. The Company may elect
to convert the Series B Stock to Common Stock by resolution of the Board of Directo(S ("Conversion
Resolutionj duly adopted at.meeting of Directors or by unanimous written consent of tile DirectO~ if
. as of the close of business On the BusinteSS Day immediately preceding adOption of such resolution the
Company Conversion Conditions (as defined below) have been met. Written nonce of conversion shall
be sent nOt less than five Business Days following the day on which the Conversion Resolution is adopted
to all holders of record of me Series B Stock at their addresses appearing on the books and records of the
Corpotation specifYing the date of conversion, which shall not be less than 20 calendar days following the
date such notice is given- Promptly after the date of conversion set forth in the notice., each holder of theSeries B Stock shall SUlTet\der the certificate or certificates for the :ihares to the Corporation at the
principal office of the Corporation or at the bank or ftust company appointed by the Corpota1ion for that
PUrpOse. After the roceipt of the certificates for the Series B Stock converted, the Corporation shallprompdy issue and deliver. or cause to be issued ,and delivered to such holder a ~ttficate or certificates
for shares of Common Stock resulting from such conversion. The Corporation shall pay all transfer agentfees and expenses payable upon the conversion of Series B Stock.
JC. Conversion Rare- Each~ of Series B Stock shall be convertible into the number offuUypaid and nonassessable shares of Common Stock which results fium dividing the "Conversion Price" ineffect at thetirQe of conversion into die "'Conversion Value n- The initial Conversion Price per share of SeriesB Stock shall be $2.00. The ConvetSioti Value per share of SeriesB Stock shall be $10_00~ The initialConversiooPrice shall be subject to adjustment as set forth in paragraph 3D.
3D. Conversion Price A(ljusrments of Preferred Stoc;k. The Conversion Price of the Series BStock .shaltbe subject to adjustment fi-om time to time as Set forth below.
(J) Adjustment frovisions- If the Corporarion shall issue
..
after the date upon which any sharesof Series B Stock were fIrSt issued (the ~Purchase Dare").. any Additional Srock (as defined 'below) withoUtconsideration or for a .considenuion per share less than.the Conversion Price in effect immediately prior ro the
i~~uance of such Additional Srock, the Conversion :Price in effect -immediately priorro each such issuanceshall fonhwith (except as Otherwise provided ,in this clause (i)) be reduced to the :priceper share at which the
. .
CQrporation issued or sold" Or is deemMto have issued or soId~ S1:Ich shares of Common 'Stock. E..xcept to dielimited extent provided for in subparagIaphs 3D(1)(c)(iii) and (iv), no adjustment of the Conversion Pricepursuant to Ibis ~bparagraph 30(1) shall have the effect of increasing the Conversion Priee above theConversion 'Price in effect immediately prior to such adjustment
(a) In the case of the issuance of Common Stock for cas~ the consideration shall bedeemed to be the amount of cash paiddlerefor before deducting any reasonable discounts.. commissions other e~penses allow~ paid or intUITed by the Corporation for any underwriting or Otherwise in eonnectionwith the iS5Uance and .sale thereof.
(b) In the case of the issuance of the Common Stock for a consider3tion in whole
or- in.pm other than cash, the eoQSideration other than cash shall be deemed to be the fair value thereof asdetenninedingood faith by the Board of DID:ctors.
(c) In the case of the issuance of options to purchase or rights to subscribe for CommonStoc~ securities by their tenDS convertible into or exchangeable for Conunon Stock or options to purchase orrights to subscribe for such convertible or exchangeable securities
;- the following provisions shall apply for allPwposes of this subparagnaph 3 D( 1 Xc) and s~ 3 D( I X d);(i) Th~ aggregate maximum number of shares of Conunon Stock deliverableupon exQCise (assuming the $atisfaaion of any conditions to exercisability, including without.6mitatio~ thepassage of time, but wilhaut tlking iqto account potential antidilution adjustments) of such options topurchase or rights to subscribe for Common Stock shaD be deemed to have been issued at' the time suchoptions Or rights were issued and fOf" a ~onsidcration equal to the consideration (determined in the mannerprovided in subparagraphs 3D(lXa) and (b))~ ifany, received by the CoqJoration upon the issuance of suchoptions or rights plus the minimum exercise price provided in such Options or righb (without taking intoaccOUnt potential antidiJution adjustmentS) for the Common Stock covered thereby-
(ii) The aggregate maximum nmnber of shares of Common Stock deliverableupon conversion of or .in exchange (assuming the satisfaction of any conditions to converti'bility or~angeCi1ity, including, without limitation, the passage of time, bUt without taking into account potentialantidilutioQ adjusunents) for any such convertible or exchangeable securities or
"pon the exercise of optious .to purchase or rights to subscn"be for such convertible or exchangeable securities and subsequent conversionor exchange thereof: shall be deemed to have been i$sued at the time such securities wen, issued or such
options or rights were issued and for a consideration equal to the consideratio~ if any: received by the
Corporadon for any such securities and related options or rights (excluding any cash received on ~unt
accrued i~ or accrued divideads). plus the minimum additional consideration. if any. to be received by
the COIpOration (without: taking into account .potential antidilution adjustments) upon the conv~ionor
exchange of such securities Of tbecxercise of any related options OJ" rights (the coTlsideIation in each case to
be detennined in .the manner provjd~ in subparagraphs 3 D( t X a) and (b)).
(Iii) In the event of any change in the number of shares of Common StOCk
deliverable or in the consideration payable to the'Corporation upon e."(ercisc of such options or rights or upon
conversion of or in exchange for such convettJole or exchangeable securities (exc1uding a change ~~Iting
-solely from the antidilutionprovisions thereof if such change resUlts tiom an event which gives rise to an
antidilutionadjustment under 1hisparagmph 3D), the ConvcrsionPrice, to the extent in any way affected by
or compUted using such options, rights or seCurities. shall be ~puted to reflect suc:hchange.. but no
further adjustment shall be made for the actual issuance of Common Stock or any payment of such
considerarion upon the exercise of any such options or rights or the convenion or exchange of such securities.
(iv) Upon the expiration of any such options or rights, the termination of any
~uch rights to convert or exchange or the expiration of any options or rights related to such convertible or
exchangeable sec.."Urities, the Conversion Pri~ to the extent in any way .affected by or computed using such
options, rights or securities or options or rightS related to such securities, shall be recomputed to reflect the
issuance of only the nwnberof shares of Common Stock (and convertible or exchangeable securities which
rematnin effect) actually issued upon the exercise of such options Of" rights, upon the conversion or exchange
of such securities or upon the exercise of the optjons or rights related to such securities~
(v) The number of shate$ of Common StOCk deemed issued and the
consideration deemed pe.id therefor pursuant to subparagraphs 3D(lXcXi) and (ii) shall be appropriately
adju~dto ret1ect any change~ tenninarlon or expiration of the type descnOed in either subp~
3D(l)(cXiii) and (iv).
(d)
u; Additional Stock" shall mean any shares of Common Stock issued (or deemed to
have been issued pursuant to subpan!gIC1phs 3 DC 1 )( c)) by the Corpot2tion after the Purchase Date other than
(i)Common Stock iswed pu~ant to a. transaction described in subpatagrapbs
3D(IXe) hereof,
(ii) shares of Common Stock issuable or issued pursuant to a stock' option,
wanant, conversion right, or pW'chase right outstanding 8$ of die Purchase Date; or
(iii) Common Stock issued or issuable upon conversioq ()(" in payment of
dividends on the Corporation" s Series A Convertible Preferred Stock as constituted on August 30
..
1000, or on
the Series B Stock.
(e) In the event me Corporation should at any time or ttom time to time after the
Purchase Date fix a record date for the effectuation of a split or subdivision of the outstanding. slWes of
Common Stock or the determination of holders of Conunon Stock entitled to receive a dwidend or other
distribution payable in additional shares of.Common Stock or other securities or riglitS etODvertible into, or
entitling the holder thereof to receive directly or indirectly, additional sbues of Common Stock: (h~re~ to 8$ .'COIDlllQll SmckEquivalentsj without payment of any consideration by such holder for the
addiuonalshares of Common Stock or the Common Stock Equivalents (including the additional shan:s
Common Stock issuable upon convcmon or e~isc thereof)s 1h~ as of such IUOrd dare (or the date
such div idend distributio~ split or subdivision if no record date is fixed).the Conversion Price of the Series B
Stock shall be appropriately decressedso that the number of shares of Common Stock issuable on conversion
of each share of the Series 8 Stock shall be increased inproporrion to such increase in tbeaggregate of shares
of Common Stock outStanding and those issuable with respect to such Common Stock Equivalents-
( f) If the number of shares of Common Stock outstanding at any time after the
Pur~I18Se Date is decreased by a combinarioo of the outSt8l1diog shares of Common St~th~ :following the
record date of such combination, the Conversion Price for the Series B. Stock shall be appropriarelyinaeased
so that the number of shares of Common Stock issuable OQ conversion of each share of the Series B StQcl(
shall be decreased in proportion to such deerase in outstanding shares.
(2) Other "Distributions. In the event the COIpOrabon shall declare a distribution .payable in
securities of other .persons.evidences of indebtedness issued by the Corpocarion or otherpersOI1S. assets
(excluding cash dividatds) or options or rights not referredtOm subparagraph 30(1), tbe~ in each such case
for the purpose of this subparagraph 30(2), the holders of the Series B Stock shall be entitled to .
proportionate share of .any such distribubOl1 asthougb they. w~ the holders of the nwuber of shares of
Common StoCk of the Corporation into which their shares of Series B Stock are cC)oveItlole as of the record
date fixed for the determination of the holders of Common Stock of the Corporation eiltided to .receivesucb
-d isui but ion.
(3) Recapitalizations. if at anytime or from time to time there shall be a recapitalization of the
Common Stock (other ,than a subdivisioo
~.
CQmbination or merger or sale of assetS transaction provided for
elsewhere -in this paragraph 3D) provision shall be made so that the holdClS of the Series B ~tock shall
thereafter be entitled to receive upon conversion of the Series B Stock the number of shares of stoclc or Other
securities or property of the Corporation or otherwise, to which a bolder of Common Stock deliverable upon
conversion would have been entitled on such recapitalization. many such case, appropriate adjustment shall
be made in the application of the provisions of this paragraph 3D with respect to the rightS oCtile holders
tbe Series B Stock after the recapitalization tQ the end that the provisions of this paraaraph. 3D (including
adjustment of the ConversionPri~ then in effect and the number of shales issuable upon CQoversion of the
Series B Stock) .shall be applicable after that event as nearly equivalent as may be pIClCticable.
(4) Dividend Payment Adjustment.In the event the Corporation fails to pay any dividend
. within sixty (60) days following the applicable Dividend Payment Da~ the Conversion Price then in effect
shall be reduced by subtracUng from it the "Defdult Amount" The initial Default Amount shall be $0;25, and
the Default Amount will be decreased or increased in the same manner as adjustment of the Conversion Price
described in subparagraphs 3D(IXe) and (t).
(5) No Impainnent-The Corporation will Dot by amendment of its Certificate of Incorporation
or through auy ~on.. recapitalizatio~ aransfcr of assets, consolidation, merger, dissolution, issue Of
sale of securities or any other volun~ actio~ avoid or seek to avoid the observance or perfonnance of any
of the tenus to be observed ()f performed bereooder by the Corporation., but win at all times in good faith
assist in die canying out of all the provisions of this paragraph 3D and in the taking of all such action as may
. be necessmy or appropriate in order to protect the Conversion Rights of the holders of the Series B Stock
against impainncnt
(6) ~o Fractional Shares and Certifica1c as to Adiustments- No fiac1ional shan:s shan be issued
upon the conversion of any share or shares of the Series B Stoele, and the number of shares of Common Stock
to be issued shall be rounded to the nearest whole share. Whether or 00( fiactional sha(es' are issuable u~n
such conversion shall be detennined on the basis of the total number of shares of Series B Stock the holder is
at the time converting into Common Stock and the number of shares of Common Stock Bsuable upon suchaggregate conversion.
(7) Notice of AdiustmenL Upon the OCCWTenCC of each adjustment or readjustment of the
, Conversion Price pUfSWUlt to this paragraph 3 D, the Corporation, at itS e.~ shall promptly compute suchadjustment or readjustment in accordance with the terms hereof and prepare and furnish tocach holder of
Series B Stoclc a certifu:aresetting forth such adjUStment or readjustment and showing in decail the fads upon
which such adjusanent otreadjustmentis based. The Corporation shall, upon the written .request at any timeof any holder of Series 8 Stock. furnish or cause to be furnished to such :holdcr a like certificate setting forth
(a) s~ch adjUStment and readjustment. (b) .theConversion Price at the time in effec~ and (c) the nuruber of
shares of Common Stock anddle amoun~ if any, of otherpropeny which at the time would be received upon
the conversion of a share ofSeriesB Stock.
(8) Notices of Record Date. lnthe event of any taking by the ColpOration of a f'OC()rd of thebolders of any class of securities for 'rhepurpose of detennining the holdersdtereof who -8M entitled to
teceiveany dividend (other than 8 ca$h dividend) or other di$tribution, any right to subscribe for
.. .
purchaseor'otherwise acquire any shares of stock of any class or any other securities or propettyJl or to-receive any Otherri~ the Corporalion shall mail to each holder of Series B Stock, at least twenty (20) days prior m the date
specified therein, a notice s~ifyingtbe date on which any such record is to be taken for- the .purpose of suchdividend. distribution or right, and the amount and character of such dividend. distribution or right.
(9) Reservation of Stock Issuable Upon Conversion The Corporation shan at -all times. reserveand keep available out of lis amhorized but tmissued shares of Common StOCk, solely for the purpose ofeffecting the conversion of the sharesoftbe Series B Stoc~ such Dumber of itS shares of Common Stock asshall from time to time be sufficient to effect the cou\lersion of all oursranding shares of the Series B Stock;and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient toeffect the conversion of all then ~ding shares of we Series B Stoclc, in addition to such other remediesas shall be available to the holder of the Series B Srock, the Corporation will take such COIpOrate action asmay, in the opinion of its counsel~ be necessary to increase its authori7ed. but unissuedshates of Common
Stock to such nwnber of shares as shall be sufficient for such purposes, -including, without limitatio~engaging in best efforts to obrain the requisite stockholder approval of any necessary amendment to these,provisions.
(10) Notices. Any notice required by the provisions orthis Section 4 to be given to theboldets ofshan:s of Series B Stock shall be deemed given if deposited in the United States mails postage prepaid, andaddressed to each holder of record at his address appearing on the books of the CorporatiolL
3E. Effect of Conversion. As of the date the Corporation RCeives notice of conversion fromthe holder of the Series B Stock under paragraph 3A, above, or the. third calendar day following the dayon which notice of conversion by the Company to the holders of Series B Stock tinder paragraph 3B is
deposited in the U.s. Mail with first class poStage prepaid (a uConversion Date;' all rights pertaining tothe Series B Stock will ceas~ and such Series 8 Stock will not be deemed to be outstanding. Allcertificates representing the Series B Stock subject to conversion will represent only the right to receiveCommon Stock of the Corporation Wlder this Part 3 and payment of aU accrued and unpaid dividends asof the Conversion Date.
. .
3F. Convened Shares. Any shares of Series B Stock which at any time have been convertedshall be canceled. may not be reissued as Series B Sfock
Jl and shall be returned to the status of authorizedand uuissued shares of Prefetred Stock without designation as
10 series.Palt 4- Voting Rights.
The Series B Stock shan have no \toting. rights, except as required in the specific inStance by theGeneral Corporation Law of Delaware and' except the right to approve by majority vote of the holders ofthe Series B Stock: the authorization and issuance of any class or series of Prefened Stock senior to the
Series B Stock; any amendment, modification, or repeal of the Certificare of Incorporation of the Corporation if the powers, preferences, or special rights of the Series B Stock would be adverselyaffected; and, the imposition of any restriction on me Series B Stock. other than restrictions arising under
the General Corporation Law of Delawan: or the resolution of the Board of Directors approving the SeriesB Stock.
Part 5. Redemption.
SA. Redemption Price. for each share of Series B Stock which is to be redeemed, theCorporation will be obligared on the Redemption Date (as defined below) to pay to the bolder thereof(upon surrender by such bolder at the Corporation s principal office or to the Corporation s transfer agent
of the certificates representing such shares of Series B Stock) mt amount in imltlediately available funds
equal to the Liquidation Value .plus all accrued dividends as of the Redemption Date. :
5B. Notice of Redemption. The Corporation will mail written notice of each redemption ofSeries B StoCk (0 each record holder of Series B Stock not more than sixty (60) nor less than thirty (30)days prior .to the date on which such redemption is to bemadc. The date specified in such notice forredemption. is herein referred to as the "'RedemptioIiDatc.
""
sc. Termination of Rights. On the Redemption Date all rights pertaining to Ihe Series BStock, including, but not limited to, any right of conversion., will cease, and such Series B Stock will notbe deemed to be outstanding- AU t;ertificates representing the Series B Stock subject to redemption .represent only the right to receive-payment in 'a~cordance with thep~ovisions of this Part 5.
SO. Redeemed or .Otherwise Acquire Shares. Any shares of Senes Stock which areredeemed Or otherwise acquired by the Corporation shall 'be canceled, may not be reissued as Series BStock, and shall be returned to the status of authorized and unissued shares of Preferred Stock withoutdesignation as to series.
SEe Optional Redemption. The Corporation may, at any time on or after January I 2005redeem aU or any portion of the Series B Stock.
Part 6. Definitions.
BusioesS Day't shall mean a day other than a SatuIday w Sunday or other day - on whichCommercial banks in Salt Lake City. Utah are authorized by law to close.
Common Stock" means the Common Stock, SO.Ooo 1 par value ~ share of the Corporation andany capital stock of any class of the Corporation hereafter authorized which is not limited to a fixed sumor peteentage of par or Stated value in respect to the rights of the holders theceof to particip81e individends or in the diStribution or assets upon any liquidation~ dissolutio~ or winding up of the. CorporatioD-
Conversion Conditions" consist of the following conditioD3:
(i) The shares of Common Stock issuable on conversion
of the Series B Stock areregistered for ~e under the Securities Act of 1933~ Ot are eligible for sale WIder Rule 144(k)promulgated under the Securities A(;t of 1933; and
(0) The Market Pria: for the Common Stock during a period of thirty (30)COns~utive trading days is not less than $4.00 per share.
Junior Sccuritiesu means any of the CotpOration s equity securities other than the Series B Stock
and the Corporation" s Series A Convcnibl~ Preferred Stock as coristitUted on August 30, 2000-
share.
Liquidation Value" of any SeriesB Stock as of any particular date will be equal to $10.00 per
Macket Price" of the Common Stock on 'any relevant date shall be determined as follows:
(i) If the Common Stock-is not at lhe time liSted or admitted to trading on any
national securities exchange bUt is traded on the Nasdaq St~ Mark~ the Market Price shall
the mean between the highest closing "bid" :quotation of a share of Common Stock on such date as
reported by the Nasdaq .National .Marketor aaysuccessorsystem.
(ii) If.the Common Stock is at the time listed. or admitted to trading on any national
securities exchange.. then the Market Price shall be the closing selling price per share on the date
in question .onthe .securitiescxchange, as such price is officially quoted in the composite tape of
transactions onsucb exchange. If there is no reported sale of Common StOck .on such exchange
on the date in queStion, then the Market ~Price for that date shall be the closing selling price on the
exchange on the last preceding date for which suchquotatiol1 exists.
(Hi) If the Common Stock is not listed on such date on any national securities exchange
nor included in the Nasdaq Stock Marke~ .but is traded in the over-the-counter market, the highest
dosing "'bid"quotation of a share of Common Stock on such date as repoItedon the NASD OTCBulletin Board.
Persoo" means an individual, a partnership, a co'PoratioD , an association;- a joint srock company..a trust, a joint venture, an unincorporated organizarion and a govemmen1a1 entity or any department,
agency or poiitica1subdivision thereof.
Senior Securities" means the Corporation. s Series A Convertible Prefetred Stock as constituted
on AuguSt 30, 2000.
IN WITNESS WHEREOF, the Corporation has caused this certificate to be executed byG. Douglas Smith, its Vice Presidenfy and atte$ted to byP8I11 Jannan~ its Secretary, this 21 st day ofSeptember, 2000.
BUYERSONLINE.COM, INC.
By
G. D
~ ~---
TrEST
STATE OF DELAWARE
SECRETARY OF STATE
DIVISION OF CORPORATIONSFILED 09: 00 AM 10/24/2000
001535267 3016691
CERTIFICATE OF AMENDMENT
CERTUICATE OF INCORPORATION OF
BUYERSONLINE.CO~ INC.
BuyersOnline.com, Inc., a corporation organized and existing under the General
Corporation Law of the State of Delaware (the uCorpqration ), does hereby certify that:
The amendment lathe Corporation s Certificate of Incorporation set forth below was duly
adopted by resolutions approved by the Corporation s Board of Directors and stoc~olders in
accordance with the provisions of Section 242 of the General ColpOration Law of the S~teof
~Dclaware:
AlDeDdaent. The Certificate of Incorporation of the corporation is amended by st.riking
Section .1 of Article IV in its entirety and replacing therefor;
Shares, Classes and Series Authorized..
The total number of shares of all classes of capital stock that the Corporation shall
have authority to issue is 10S,OOOtOOO shares. Stockholders shall not have any
preemptive rights, nor shall stockholders have the right to cumulative voting in the
election of directors or for any other pwpose. The classes and thcaggregate nwnber
shares of stock. of each class that the Corporation shaH have authority to issue are as
follows:
(a)
Stock"
100,000 000 shares of Common Stock, SO.ooOI par value ("Common
(b)
Stock"
) .
000 000 shares of Preferred Stock, $0.0001 par value ("Preferred
IN WITNESS WHEREOF, BuyersOnline.com,Inc., has camed this Certificate to be
signed by its duly authorized officer this day of October, 2000.
BUYERSONLINE.COM, INC.
STATE OF DELAWARE
SECRETARY OF STATE
DIVJ;SION OF CORPORATIONS
FILED 09:00 AM 11/01/2001
010549261 3016691
CERTIFICA TEOF AMENDMENT OF
CERTIFICA TE OF -INCORPORA nON OF
UYERSONLINE. COM. INC.
BuyersOnline.com, Inc., a corporation organized and existing under the -General
Corporation Law of the State of Delaware (the ~'Corporation )~ does hereby certify that:
The amendment to the Corporation; s Certificate of Incorporation set forth. below was
duly adopted by resolutions approved by the Corporation s Board of Directors and stockholders
in accordance with the provisions of Section 242 of the Genera1 Corporation Law of the State of
- Delaware, The amendments wilt be effective as of 12:01 am Ea..qem Time on November 20
200 t .
Amendment No.1. The Certificate of Incorporation of the colporation is amended by
striking Article I in its entirety and replacing there for:
ARTICLE I
NAME
The name of the Corporation is Buyers United. Inc.
Amendment No.2. The Certificate of Incorporation of the corporation is amended by
- striking Section 1 -of Article IV m its entirety and replacing there for:
Shares, Classes and Serit:s Authorized.
The total number of shares of all classes of capital stock that the Corporation shall
have authority to issue is 115 000,000 shares. Stockholders shall not have any
preemptive rights7 nor shall stockholders have the right to cumulativE: voting in the
election of directors or fot any other pwpose. The classes and the aggregate number of
shares of stock of each class that the Corporation shall have authority to issue are
follows:
(a)
Stockn
lOO~OOO OOO shares of Common StOCk7 $0.0001 par value ("Common
(b)
Stock"
15.000,000 shares of Prefened Stock; $0.0001 par value ("Preferred
IN WITNESS WHEREOF: BuyersQnline.coffi1 Inc., has caused this Certificate to be
signed by its duly authorized officer this 31st day of October 200.
BLTYERSQNLINE- COM" INC.
- - . - ./ -
STATE OF DELAWARE
SECRETARY OF STATE
DIVISION OF CORPORATIONS
FILED 05:00 PM 12/30/2002
020807980 3016691
CERTIFICATE" OF MERGER
UNiTED CAItKIEIt METWOBKS, me.
INTO '
BUYEBS~Dt INC..
(Under Section 253 of theOeneral CoIpO1"a~on Law of the State Of Delaware)
SoyCtS United, Inc.. a Delaware corpoxation, does hereby certify.
FIRST: The name .and state of incoiporation o~each:of th~ conStituent
corporations of the merger is as follows;
(a)
(b)
UnitedC3Jrler Netwotka, Inc., a UtJ1h' corporation ("UCN"); and
:Buyers United, Inc.., a De~aw~corporation ~13uyeI'S United"). '
- SECOND;Thc authorized capital8~ of tJCN is one million shares
Common'StoCk, $.0001 par value, ~f which 100 shares are outstanding; Buyets Uni~
-owns 100 peroent of suchoutstanding8h~8.. UCN isqmetgedwith .andinto Buyers
United, and BuyetS United 181hc survivinSpoxporation. The following resqlution was
duly adopted by the Board ofDixectors of Buyen United 01\ October 5, to wit
RESOL VnD. that the merg~ of United Canier Networ1cs, Inc.. a
UtahcOlporaoon and wbolly-owned subsidiary ("UCNJ, into BtlY~
Uni~ Inc.., a Delaware corpotationand 'parent of said subsidiary, in
acco~ce with the laws of the sta~ of Utah and Delaw~pertaining to
the merger of parent and subsidiuy' CO1'poradoos, is "eby approYed; that
. pursuant to the merger the 100 outstaJUiing shares of common stQck
. UCN shall be extinguished; that die separate existence.of UCN shall cease
and Buyers United of Delaware shan 8cqUireallof the assets, liabilities,
rights, and obligations of UCN; and that the executiVe officers are
authorized to prepate and file auch c~fi~~ and documents and to take
such ftu:ther action as they deem necessary to effectuate the merger
contemplated by this resolution-
THIRD: The name of the surviving COrPoratiOn is Buyers U~~ Inc.
FOURTH:- The Certificate of Incorpotatlon of Buyers United shall be the
CertifiCate of inCO1'pOrati~ of the 5\ltViving Cotporabon.
FIFlH: The.effective date of the merger shan be December 311 2002.
IN wrrNBSS WHERBOF, Boyers United,Inc: has caused this Certificate to be
signed. by its President as of the 26* day of Decem.ber~ 2002.
. .~ '
. BUYERS" UNITED, IN" c..
. By. :
" i
. - -'"
STATE OF DELAWARE
SECRETARY OF STATE
DIVISION OF CORPORATIONS
FILED 05:00 PH 12/30/2002
020808015 3016691
-_..--
r.r-
CERTIFICATE OF OWNERSHIP
OF
BunIItS tJNIIED. 1NC-(CIah)
. '
INTO
BUYBRS UNIdD, INC- (Delaware)
(Under Section 253' of tbeGeDeral corporation Law of tho St8k of Dela.ware)
BuYeTS United, 1nc"7 a De1aw~ eotpOtItio~ does hereby Ccdify
FIRST: The name and state of inoorporatiOD of each of tk Gonstituent
cotpOratiol15 of themetger is as follows:
(a)Buyers UnittxL Inc..~ ~JPoratioo.("B~1; and
Buyers Ullited~ Inc., a Delawarecorpol2tion ("Buyers United11(b)
SECOND: The authoriZed aad ou~ding capital stoCk of Bill is 100 shares of
-Common Stock, no par value. IDd -Buyr:.r5 Ul1ittd~oWns 100 p=rcent of such QutstmdiDg
shares. BUIisroerged with and into Buyers United. and BuJf:t8 uDitcci is the surviving
corporation. The foDowingreso1ution was duly adopted by the Board of Di1'CCtcm of
Buyen; United on February 20 2002, to wit:
RESOLVED, -that me merger of BJ1~United., lac.. a Utah
cotporaxioo and whoDy-owned SUbiima.,'C~tJl"). into Buyecs Unitcc1..
Inc.~ a Delaware COrpotatiOCl and,parent ofsaid&ubsidi3tJ7 lit aCeotdaac;~
with -the laws of the stale$ of UU\hllid Delaware peaa1n1ag to the merger
of parent and subsidiaryoorporation$, is berch, appJQved; that punuant to
the merger the 100 outstanding -shares of cornman srock of Bm shall
e~tinguished; that the separate existen~ ofBUl shaJicease and lJuyers
United of De1aware shall acquite an of the assets, liabilities, tights, and
obligations ofBUI; and that the executive officeI& ale autbori7.ed to
prepare and file such certificateS and documents. and to tab such further
action as they deem necessary to effectuate the merger conu.nplated by
this resolution.
TH1RD: The name of the suPliving cotpOration is B1i~ United. Inc.
FOURTII: The C:x-tifioate of IncolpOdtioo of 8uyas United !ball be the
Certificate of incorporation of the surviving corpormon.
.t~ : The effective dale of the m~rga" shall be Ikcember 31, 2002-
IN WII'NBSS W'BEREOPt Buyei$'United, Inc. has ~sed this Cettit1caro to he
signed by iu PresidcDt as afthc.day of December, 2002.. '
BUYERS UNITED. INC. (Delaware)
By:
Paul J
St4te or Del~
Secretazy or state
Division or Co.r;ponrtions
Delivered 04:35 PM 06/30/2004
FILED 04:25 PM 06/30/2004
SRV 0;'0484656 3016691 FILE
CERTIFICATE OF AMENDMENT OF THE
CERT,IFICATEOF INCOBPORA TlON OF
BUYERS UNITED, INC.
Buyers United, Inc., a corporation organized and existing under the General Corporation
Lawrif the State of Delaware (the 4O'Corporation ), does hereby certify that:
The amendment to the Corporation s Certificate of Incorporation set forth below was duly
adopte~ by resolutions approved by the .Corporation" s board of directors and stockholders in
;accordance with the provisions of Section 242 of the General Corporation Law of the State of
Delaware~ The amendment will be effective as of 12:01 am Eastern Time on July 15, 2004.
**************** *** ***
The Certificate of Incorporation of the corporation is amended by striking Article I in its
entirety and replacing there for:
ARTICLE I
NAME
The name of the CorporationisUCN, Inc.
********* ********** ***
IN WITNESS WHEREOF, Buyers,United, Inc., has caused this Certificate to be signed
by its duly authorized officer this 29th day of June 2004.
BUYERS UNITED, INC.
By: Is! Paul Jarman
Paul Jarman, President
---
EXHIBIT 2
Certificate of Authority
-----------
,........ .
;1~
, "
.. __-0-
-- -_._---_.,-~--- --------_.----------
te of Idaho
"_"""_.-"-""'-"-",--.._'"-,--",-"--,.-_---,,".._..,-,,,,""--""",,...=..-~-,=,-,.,,--',
-Co ,
At.t:~
~ '~ -" ,
i' -f4'
ii"
;' .
F\ (""\'\ T ""1 rt'~t'r'\V',-; ~-J!~!\""t: ",)1 10' 1~ y ev~Ch,ctl y ~Jr ~-a e
",_,""",-,,-'-""""---'"""""""-""-'-"""""~."-'-".-.,.-.., ,
AMENDED CERTIFICATE OF AUTHORITY
BUYERS UNITED, INC.
File Number C 145161
I, BEN YSURSA, Secretary of the State, hereby certify that an Application for
~mended Certificate of Authority, has been received in this office and is found to
conform to law.
ACCORDINGLY ,and by virtue of the authority vested in me by law, t issue this
Amended Certificate of Authority to reflect the name change from BUYERS UNITED.
INC. to UCN, INC. and attach hereto a duplicate of the application for such amended
certificate.
Dated: August 09, 2004
--- ---------------------
SECRETARY OF STATE
----
EXHIBIT 3
Financial Information
.---
DCN Generates $3.6 Million in Cash from Exercised Warrants and Options Page 1 of 2
~oo.t,FI NANCE Search - Finance Home. Yahoo! -
~ -..-.......
YNe
Welcome, marashlian 1998 (Sign Outl
Financial News
My Yahoo! View Customize
Enter symbol(s) I Basic Symbol lookup
Press Release Source: UCN, Inc.
UCN Generates $3.6 Million in Cash from Exercised Warrants and
Options
Wednesday January 5, 8:35 am ET
UCN Announces Pending Redemption of All Series A and B Preferred Stock
SALT LAKE CITY--(BUSINESS WIRE)--Jan. 5, 2005--UCN, Inc. (OTCBB:UCNN News), a provider of business
telecommunications services and contact handling application services delivered over the UCN VolP network, today
announced that 2.1 million warrants and employee options were exercised during the quarter ended December 31 ,
2004, generating $3.6 million in cash. In addition, investors holding $712 500 of UCN promissory notes payable
elected to exercise their option to convert their notes into 356,250 shares of common stock. All of the shares issued in
these transactions are registered under the Securities Act of 1933 for resale by the holders.
Warrant and Option Exercise Summary for Q4, 2004
----- --- - -- -- ------- --- - -- --- - ------ -- - - - --- - ---
911,500 warrants exercised: 163,128 options exercised:
Cash $3,205,960 Cash: $363,506Cashless (stock for warrants) $617,040
Current notes payable converted
to common stock: $712,500
Total cash received: $3,569,466
Preferred Stock Redemption
On December 29,2004, UCN gave notice to the holders of Series A Convertible Preferred Stock ("Series A Stock"
and Series B Convertible Preferred Stock ("Series B Stock") that it is redeeming all outstanding shares of both series
on January 29, 2005. There are 1.8 million shares of Series A Stock outstanding with a total redemption value of $3.
million and 398,000 shares of Series B Stock outstanding with a total redemption value of $4.0 million. Currently, an
eight percent cumulative dividend is paid semi-annually to holders of Series A Stock and Series B Stock. This dividend
will cease at the end of January.
Holders of the Series A Stock and Series B Stock are entitled to convert their preferred shares to common stock prior
to January 29, 2005. If all of the Series A Stock is converted to common, UCN will issue an additional 1.8 million
shares of common stock. If all of the Series B Stock is converted to common, UCN will issue an additional 1.99 million
shares of common stock.
Paul Jarman, CEO and President, stated
, "
This exercise of warrants and options enhances our balance sheet and
improves our working capital position. We are extremely pleased by the support from our investors. Additionally, the
elimination of the Series A and Series B Preferred Stock improves our results of operations and simplifies our capital
structure:'
About UCN,lnc.
UCN, Inc. is a full service provider of contact handling software services and data and voice, dedicated and switched
long distance services integrated and bundled with its national VolP network. The inContact(TM) application suite
includes, an integrated package of advanced contact handling, reporting and administration applications, and inControl
http://biz.yahoo.comlbw/O50105/55417 html?printe 1/14/2005
DCN Generates $3.6 Million in Cash from Exercised Warrants and Options Page 2 of 2
(TM), a unique, rapid application development tool. For more information on the company s products and services visit
www.ucn.net .
Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-
looking information made on the Company s behalf. All statements, other than statements of historical facts which
address the Company s expectations of sources of capital or which express the Company s expectation for the future
with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such
statements made by the company are based on knowledge of the environment in which it operates, but because of the
factors previously listed, as well as other factors beyond the control of the Company, actual results may differ
materially from the expectations expressed in the forward-looking statements.
Contact:
UCN, Inc.
Investor Contact:
Liolios Group Inc
Scott Liolios or Ron Both,
scott~liolios. com
949-574-3860
Source: UCN, Inc.
Copyright ~ 2005 Yahoo! Inc. All rights reserved. Privacy Policy Terms of Service CoDyriaht Policy Ad Feedback
Copyright ~ 2005 Business Wire. All rights reserved. All the news releases provided by Business Wire are copyrighted. Any forms of copying other
than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials by posting,
archiving in a public web site or database, or redistribution in a computer network is strictly forbidden.
http://biz.yahoo.comlbw/O50105/55417 1.html?printe 1/14/2005
BUYERS UNITED, INC. AND SUBSIDIARY
Consolidated Financial Statements
TABLE OF CONTENTS
RePort of Independent Auditors c.'-..........................c......................c ..c..
....................................... ...... .... .................. ........
F - 2
Consolidated. Balance Sheetc....c.. coo....c ......., ......c.....c..c ..c.c.. ..c'" ..... c................." ......c ......... .....c"" .......c.........c......." ....c'" F - 3
Consolidatoo Statements of Operations ............c............--..........."""""""""""""""'".............c...."""""""""""""""" F - 4
Consolidated Statements of Stockholders' Deficit .......................c.........................................""""""""""'"................ F - 5
Consolidatoo S,tatements of Cash Flows ..oo................oo.............................c.......................c............c..cc...c.............."""'" F - 7
Notes to Consolidated FinancialS(:aternents -.............c.................c....:.........c........ccc...................c.................c.........~""" F - 9
REPORT OF INDEPENDENT AUDITORS
Board of Directors and Shareholders
Buyers Unite~ Inc. and Subsidiary
Salt Lake City~ Utah
We have audited the accompanying consolidated balance sheet ofBuyersUnite~ Inc. and Subsidiary as of
December 31 2003 and the related consolidated statements of operations, stockholders' deficit, and cash flows
for eachofthe tWo years in the period ended December 31~ 2003. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on these financialstatements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States
America. Those standards require that we plan and perfonn the audit to obtain reasonable aSsurance about
whether the financial statements are free of material misstatement An audit includes examining, on a test
basis, eVidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting prin~iples used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable b3Sis for our
opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in aU material respects
the fmancial position of Buyers United, Inc. and Subsidiary as of December 31, 2003 and the results of their
operations and their cash flows for each of the two years in the penod ended December 31 , 2003 in confonnity
with accounting principles generally accepted in the United States of Amer:ica.
Crowe Chizek and Company LLC
Oak Brook; nlinois
March II, 2004, except for Note 14
as to which the date is March 15, 2004
.. ...
000_. .0' _h .--- "O__-
BUYERS UNITED, INC.
CONSOLIDATED BALANCE SHEET
December 31, 2003
ASSETS
" Current assets:
Cash and cash equivalents
Restricted cash
Accounts receivable~ net of allowance for uncollectible accounts of$2 931 OOO
" Other current assets
Total current assets
Propertyand equipment, net
Intangible assets, net
Other assets
Total assets
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Line of credit
, Current portion of long-term debt and capital lease obligations
Accounts payable
Accrued liabilities
Total current liabilities
Long-teml debt and capital leaSe obligations
Total liabilities
Stockholders' deficit:
Preferred stock, $0.0001 par value, 15~OOO OOOshares authorized;
Series A 8% cumulative convertible preferred stock; 1;865 000
" shares issued and outstanding (liquidation value of$3,730 OOO)
Serie~ B 8% cumulative convertible ,preferred stOck; 721 729
shares issued and outstanding (liquidation value of$7 217 290)
Common stock, $0.0001 par value; I()()OOO~OOO shares authoriZed;
604 584 shares issued and outstanding
Additional paid-in capital
Warrao,tS and options outstanding
AccumUlated deficit
Total stockholders' deficit
Total liabilities and stockholderS' deficit
See accompanying notes
055 384
569 336
162,483
243 844
13,031 047
424 642
018 682
496 787
$ 23 971 158
093 782
781 484
248,152
828 864
952 282
646,126
598 408
187
760
193 148
928, II 0
(25,749 5271
627 250l
, 23 971 158
BUYERS UNITED, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues
Operating expenses:
Costs of reven~es
General and administrative
Selling and promotion
Total operating expenses
Income trom operations
Od1er income (expense):
Interest income
Interest expense
Total other expense, net
Net income
8% Preferred dividends on Series A aild B preferred stock
Net income (loss) applicable to common stockholders
:Net income (loss) per conunon share:
Basic
Diluted
Weighted average common shares outstanding:Uasic
Diluted
See accompanying notes
Year Ended I)Kember 3 t,2003 2002
312 964 $30,163,450
597,486
830 565
839 529
267 580
295 201
365 569
646 029
306 799
045 384 856 651
513 17,980
(1,884 258)544,448)
870 745 526 468
174 639 330 183
873,495 749,725
301 144 (419 542)
05 $(0.07)
(0.07)
378 047
847 646
740 811
740 811
BUYERS UNITED, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
Conversion of preferred shares to common
.Issuance of common shares in connection with notes payable
Issuance of warrants for services and with consulting agreements
Amortization of deferred consulting fees
Issuance of warrants with notes payable
Issuance of common stock for debt guarantee
Imputed interest on notes payable
Cancellation of warrants issued for services
Preferred stock dividends
. Issuance of common shares as payment of preferred stock dividendsNet income
Coi1v~rsion of preferred shares to common
Issuance of preferred stock in connection with the I-Link acquisition
Exercise warrants to purchase Common Stock, net of issuance costs
Exercise employee options to purchase Common Stock
. Issuance of common shares in Connection with notes repayment
--Repurchase shares from stockholders
Amortization of deferred consulting fees
. Issuance of warrants for service$
Issuance of common stock for debt guarantee
Imputed interest on notes payable
Cancellation of warrantS issued for services
Preferred stock dividends
. ISsuance of cominon shares as payment of preferred stock dividends
Net income
Balance at December 31, 2001
Balance at December 31, 2002
Balance at December 31, 2003
-continued-
F..,
Preferred Stock
Additional
Paid-inCommon Stock
Shares CapitalAmountSharesAmount
433 800 $ 244 5 312 629 $ 531 $ 15 190 855
(15 000)(4)
796
(2)55 000
998
000 30,747
686
574 635 750 296
418 800 599 019 376242 5 985 262
(116;000)(11)580 000 (47)
283 929 613 855
522 500 395 020
500 997
000 (5)
774)851)
000 36;298
312
304 690
427,096 42 768 503
586 729 $ 259 7 604,584 $ 760 $ 20 193 148
- .. .-. ....
BUYERS UNITED, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
Balance at December 31, 2001
Conversion of preferred shares to common
Issuance of common shares in connection with notes payable
Issuance of warrants for services and with consulting agreements
Amortization of deferred co~ulting fees
Issuance of warrants with notes payable
Issuance of coinmon stock for debt guarantee
Imputed interest onnotes payable
Cancellation of warrants issued for services
Preferred stock dividends
. Issuance of common shares as payment of preferred stock
di'ridends .
Net income
BalanCe at December 31 , 2002
. - Conversion of preferred shares to common
Issuance of preferred stock in connection with the I-Link
acquisition
Exercise warrants to purchase Couunon Stock, net of issuancecosts.
Exercise empl9yee options. to purchase Common Stock
Issuance of common shares in connection with n9tes repayment
Repurchase shares from stockholders
. AmOrtization of deferred consulting fees
Issuance of warrants for services
Issuance of common stock for debt guarantee
lmputed interest on notes pa Jab
Cancellation of warrants issued. for services
Preferred stock dividends
IssUance of common shares as payment of preferred stock
. dividends
Net income
Balance at December 31, 2003
See accOmpanying notes
F-6
War-DOts!Deferred
Optioos Consulting Accumulated
Outstaodin Fees Deficit Total
$ 4 383 334 $ (98 406)$ (25 631 129) $(6 154 571)
102, lI8
232
232 259
(125 197)
(749 725)
330 183
(26 050;671) (5 463 114)592 514 (25 174)
(385 055)
174
341
(304 690)
(873 495)
174 639
$ 3 928 110 $
798
102,. 118
232
232 259
750
686
(125 197)
(749 725)
750 353
330 183
613 883
1010011
000
851)
174
341
299
312
(873 495)
768 545
174 639
$ (25 749 527) $(1 627 250)
BUYERS UNITED, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash used in
operating activities:
I;)epreciation and amortization
Amortization included in interest expense resulting from
issuing stock with notes
Amortization of discount on notes payable
Amortization of note fmanCing costs
Amortization of deferred consulting fees
. ~xpense related to the grant of options to purchase common shares
Changes in operating assets and liabilities:
AcCounts receivable
Other assets
' -
Checks in excess of available cash balances
Accounts payable
Accrued liabilities
Net cash provided by (used in) operating activities
Cash floWs from investing activities:
Increase in other assets
Purchases of property and equipment
Purchase of customer aCCounts
Net cash used in investing activities
Cash flows from fInancing activities:
Restricted cash
Net borrowings and payments under line of credit
~orrowings under notes payable, net of debt issuance costs
Principal payments on notes payable and other long-term obligations
Exercise of warrants and employee options, net of offering costs
RepurchaSe of shares from stockholders with less than 100 shares
Net cash provided by (used in) fmancing activities
Net increase in cash and cash equivalents
Cash at the :beginnin~of the period
- Cash at the end of the period
--..-- --- - --.
See acoompaiiyingn notes
Year Ended DeceinlJer 312003 2002
174 639
863 516
312
414 301
115 182
174
512 269)
(697 427)
711 897
278 315
330 183
191 196
686
237 444
174 977
73,232
(23 079)
378 341)
379 009)
(186 866)
821 236
432 183
378 640 678 158)
(167 360)
574 986)
742 346
(985;334)
817 530
299 955
767 587)
065 018
852)
575 270)
(194;915)
(317 399)
(3,000,000)
512,314l
106 310
702;080
818 850
499,508)
, 127 73Z
061 024 937,260
994 360 100
055 384 994 360
BUYERS UNITED, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended Detember 311003 2002
Supplemental cash flow information:
Cash paid for interest 208 543 890 490
Supplemental schedule of noncash investing and financing activities:
Issuance of common shares in payment of prefened stock dividend
Issuance of common shares in payment of deferred financing costs
Issuance of common shares for officer's personal guaranty
Issuance of warrants with promissory notes
A~rual of dividend payable on preferred stock
Retire and replace note payable
Acquire customers from Touch America
Acquire customers from Glyphics, Inc.
Issuance of preferred stock to acquire VolP Network assets
Convert accrued interest to note payable
Capital expenditures fmanced with capital lease obligation
768 574 750 353
793
300 750
232 259
873 495 749,725
800 000
3,411 421
543 558
705,236
435,388
100,691
See accompanying notes
F-8
NOTE I - DESCRIPTION OF THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Organitalion
Buyers United, Inc. ("the Company ) was incorporated on August 23, 1994 in the state of Utah and was
reincorporated in the state of Delaware on April 9, 1999. During 2003, the Company established a wholly-owned
subsidiary in Virginia for the purpose of conducting business in that state.
Buyers United is an aggregator and provider of teleconununicationsservices. The Company contracts with a
number of third party providers for the right to resell the various teleconununication services and products they
provide, and then offers aU of these various services to its customers. The Company also operates a dedicated
VolP Network, and advanced customer contact handling/management software applications that enable it to offer
enhanced services to customers. The variety of services and products the Company offers allows the customer to
buy only those telecommunications services it needs nom one source, combine those services in a customized
package, receive one bill for those services, and make one call to Buyers United if a service problem or billing
ISSue anses.
Summary of SignifICant Accounting Policies
Principles of Consolidation: The accompanying cons~lidatedfinancial statements include the accoWlts of Buyers
United, Inc. and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been
eliminated upon consolidation.
Use of Estimates in the Preparation of Financial Statements:The preparation of financial statements in conformity
with accounting principles generally accep~ in the United States of America requires management to make
~timates and assumptions affect the r~orted ~unts 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 these estimates. Significant estimates include the
allowance f,?r doubtful accounts and attrition rates used to detennine the estimated useful lives of customer lists
acquired.
Revenue Recognition:The Company's revenue recognition policy with r~pect to resdler agreements is to record
gross revenues and receivables from customers when the Company acts as principal in the transaction; takes title to
the products or services; and has risks and rewards of ownership, such as risk of loss for .collection, delivery, or
returns. Revenues from sales of services are recognized upon providing the services to the customers.
Cash and cash equivalents: AU higWy liquid assets with an original maturity of three months or less are considered
to be cash equivalents.
Restricted Cash: In accordance with the Company's agreements with RFC Capital Corp. (Note 5) and with certain
vendors, the Company maintains a restricted cash account Cor the collection of the COmpany's receivables. As of
December 31, 2003, the Company had $1.6 million of cash that was restricted.
Accounts Receivable and Allowance for Doubtful Accounts: Accounts r~ivable is comprised of amounts billed
and billable to customers, net of an allowance. for UIicollectt"ble amounts. The accounts receivable balance
outstanding as of December 31 2003 is comprised of the following:
Less: allowance for uncollectible accoWlts
$ 9,863 111
1.230.372
. 11,093 483-
Billed amounts
UnbiUed amounts
Financedmrges are assessed to accounts once the amount owed is past du~ based on their specific terms. The
allowance for doubtful accounts is estimated by management and is based on specific information about customer
accowits, past loss experience, and general economic conditions. . An "account is writtenotf by maDagement when
deemed uncollectible, although collections efforts may continue.
--.- - -.. .-- ..
rroperty and Equipment:Property and equipment are stated at cost. Major additions and improvements are
capital~ while minor repairs and maintenance costs are expensed when incurred. In accordance with Statement
of Position 98-, uAccounting for the Costs of Computer Software Developed or Obtained for Internal Use " the
Company capitalizes certain costs incurred for the development of internal use software. These costs include the
costs associated with coding, software configuration, upgrades, and enhancements. Of such costs the Company
capitalized approximately $118 000 and $121 000 during 2003 and 2002, respectively.
Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the
related assets as follows:
Computer and office equipment
Internal-use software
Furniture and fixtures
2 to 3 years
2 years
3t01y~rs
Advertising Costs:The Company advertises its services through traditional venues such as print media to the
general public. Costs associated with these advertising efforts are expensed as incurred, and were $21 438 and
$29,781 for the years ended December 31 2003 and 2002, respectively.
Fair Value of Financial Instruments:The carrying amo~ts reported in the accompanying consolidated ~alance
sheet for cash, receivables~ and .accounts payable approximat~ fair values because of the inunediate or short-term
maturities of these fmancial instniments. The fair value of ~e Cotq)aIiy's notes payable and preferred stock also
approximate fair value based on current rates for s~ debt fixed-rate instruments.
Debt Issuance Costs: As an inducement to various investot:S, shareholders, and board members to lend monies to
the Company, shares of COIlllOOn stock and \Y'lITants to purchase shares of conunon stock were issued to them.
The fair. mark:et value of th.ose shares at the date of issuance been capitalized as debt issuance costs and is
~ing amortized over the .life of the loans. Amortization of these costs for the years ended December 31, 2003 and
2002 was $414 298 and $237 446, respectively, and are included in interest expense.
Stock-Based Compensation: Employee compensation eXpense via stock option grants is reported using the
intrinsic method. No stock option-based compensation expense is included in net income (loss) as all options
granted had an exercise price equal to or greater than the market price of the underlying common stock at the date
of grant. The following table illustrates the effect on net incOme (loss) and earnings (loss) per share if expense
was measured using the fair value recognition provisi~nS of SF AS No. 123 Accounting for Stock-Based
Compensation
2003 2002
Net income (~cable to common stoctmolders:
As reported
Pro fonna stock option-b~ed compensation
$ 301 144
(NU41)
$ (419,542)
(74M51)
Pro fonna net loss applicable
to conimOn stockholders
Net income (loss) per common
. As reported:
Basic
Diluted
(0.07)
(0.07)
Pro fonna
. Basic
Diluted
(0.20)
(0.20)
The fair value of the options granted dUring 2003 and 2002 .Was estimated at the date of grant Using the following
weighted average assumptions:
.-. - ,.
Risk-free interest rate
Dividend yield
Expected volatility
Weighted average expected life
2003 2002
89%71%
75%104%
8 years 7 years
The weighted average fair values of options granted during the years ended December 31~ 2003 and 2002 was
$1.42 and $1.01, respectively. The pro fonna effects of applying SF AS No. 123 are not indicative of future
amounts. Additional awards in future years are anticipated.
Income Taxes: The Company recognizes a liability or asset for the deferred. income tax consequences of aU
tempOrary differences between the tax bases of assets and liabilities and their reported amounts in the fmancial
statements that will result in taxable or deductible amounts in future years when the reported amounts of the assets
and liabilities "are recovered or settled. These deferred income tax assets or liabiliti~s are measured using the
enacted tax rates that will be in effect when the differences are expected to reverse. Recognition of deferred tax
assets is limited to amounts considered by management to be more likely than not of realization in future periods.
~me (Loss) rer Common
: -
Basic net income (loss) per common share ("Basic EPS") excludes
dilution and is computed by dividing net income (loss) applicable to common shareholders by the weighted
average number of common shares outstanding during the year. Diluted net income (loss) per common share
Diluted BPS") reflects the potential dilution that could occur if stock options or other common stock equivalents
were exercised or convert~ in~o common stock. The computation of Diluted BPS does not assume exercise or
conversion of securities that would have an antidtlutive effect on net loss per common share.
As of December 31, 2003, outstanding options of employees and directors
, -
along with warrants held by investors
which together aggrega~ 469 599 in accordance with the Treasury Stock method were included in the
computation of EPS. 5 457 760 shares ~f common stock issuable upon the conversion of preferred stock were
excluded from the computation of diluted EPS as their effect was antidilutive.
As of December 31 2002, outstanding options of employees and directors to purchase 3,592 721 shares of
connnon stock; 4 634 000 shares of common stock issuable upon the conversion of preferred stock; and 5 529 282
. shares of common stock issuable upon exercise of warrants to purchase.common stock were nQt included in the
computation of Diluted EPSbecause they would be antidilutive.
Recent AccoUnting Pronouncements
: .
10. April 2002, the F ASB issue4 SF As No. 145
, "
Rescission of F ASB Statement 4, 44, and 64, Amendment of
FASB Statements 13, and Technical Corrections." SF AS No. 145 rescinds the provisions of SF AS No.4 that
requires wmpanies. to classify certa~ gains and losses from debt extinguishments as extraordinary items and
amends the provisions of SF AS. No. 13 to require that certain lease modifications be treated as salelleaseback
transactions. The provisions of SF AS No. .145 related to classification of debt extinguishments are effective for
fIScal years beginning after May 15 2002. .Conunencing January 1, 2003 the Company will classify debt
extinguishments costs within income from operations. The provisions of SF AS No. 145 related to lease
modifications are effective for transactions occurring after May 15,2002. The adoption of this statement on
January 2 2003 did not have a material impact on the Company s fmancial position or results of operations.
In December 2002 the F ASB issued SF AS No. 148 "Accounting for Stock Based Comp~nsation - Transition and
-Disclosure." This statement amends SF AS No. 123
, "
Accounting for StoCk-Based Compensation" to provide
alternative methods of transition fo~ a vol~tary.change to the f~ir value based method of accounting for stock-
bas~ employee compensation. This amendment atso changes the disclosure requirements of SF AS No. 123 to
require more prominent disclosures ~ both .annual and interim fmancial statements about the methods of
accounting for stock-based .employee cotiJpensation arid the effects of the method used on reported amounts.
. SF AS No. 148 is effective.for fiscal years ending after December 15,2002. The Company has opted to continue
accounting for stock options under the intrinSic. value method presCl:'ibed inAPB Opinion No. 25 for the years
ended December 31 2003 and 2002. In.a4dition, the Company has complied with the prominent disclosure
requirements of SF AS No. 148.
In May 2oo3 , the FASB issued SFAS No. ISO
, "
Accounting for Certain Financial Instruments with Cha~cteristics
of both Liabilities and Equity
" ("
SFAS No. 150"
).
SFAS No. 150 modifies the accounting for certain financial
instruments that, under previous guidance, issuers could account for as equity. SFAS No. 150 requires that those
instruments be classified as liabilities. SPAS No. 150 is effective for fmancial instruments entered into or modified
after May 31 2003, and otherwise is effective at the beginning of the first interjrnperiod that began after June 15
2003. It is to be implemented by reporting the cumulative effect of a change in an accounting principle for
financial instruments created before the issuance date of SF AS No. 150 and still existing at the beginning of the
interim period of adoption. Restatement is not pennitted. The Company s adoption of this Statement on July I
2003 did not have a material impacton its consolidated results of operations or financial position.
NOTE 2 - ACQUISITIONS
In October 2003, Buyers United acquired the eX,chisive right to selland manage the enhanced telecommunications
functions of MyACD, Inc. (~~MyACP"), with a one-year option to purchase it at a predetermined price. During the
term of the agreement, Buyers United has the sole right to manage sales, service and billing ofMyACD services.
Under the agreement MyA-CD will continue to provide enhanced service development and configuration and
Buyers United will reimburse MyACD for actual costs related to these activities.
puiing AuguSt 2003, Buyers United purchased approximately 12 000 long distance customers from Glyphics
. CommunicationS, Inc. for $543,558.
December 20, 2002, Buyers United entered into an agreement with Touch America, Inc., a subsidiary of Touch
America. Holdings, Inc~ to purchase a substantial number .of its switched voice telecommunication customers
including the carrier identification code used to service those customers. In June 2003, the Company amended the
purchas~ agreement to acquire .ad~tional switc~ed voice and d~cated telecommunications customers and correct
discrepancies in the .list of customers originally purchased in D~rriber 2002. Buyers United did not purchase any
accounts receivable
, .
equipment, or other assets of Touch America. The total purchase price was $6.5 million.
Buyers United made an initial payment of $3 million to Touch America in: December 2002 and bas made
additional cash payments totaling $3.4 million through March 4 2004. The balance of $93 988 is expected to be
paid in April 2004.
On.Decemher 6, 2002, Buyers United entered ~to the Asset Purchase Agreement and Software License
Agreement to purchase assets of I-Link, Inc., and its subsidiary, I-Link Communications~ Inc., and license in
perpetuity software developed by I-Link for the operation of a Voice over Internet Pro~ocol ("VolP") Network.
Customer billings and related expenses incurred pursuant to a related Management Agreement between the parties
were included in Buyers United's general and administrative expenses beginning December 6, 2002. The
transaction closed effective May 1, 2003, at which time the Company began to recognize revenue earned and
eXpensesincUlTed.
The assets acquired include dedica~ equipment required for operating.the VoIP Netwodc, customeJ"s of I-Link
serviced through the n~t\york, carrier identitlcaHons codes, and ~ertaintrademarks. In consideration for the assets
and software license Buyers Unit~d issued to I-Link 246 430 sb~es. ofSerie~.B Gonvertible Preferred Stock with
a fair nmket value of $1.4 tni~ion, assU1i1ed certain liabilities, and agr~ to is~ue an additional 53 570 shares of
Series ~ Convertible Preferred Stock in equal monthly installments over a term of 10 mOnths commencing June I
2003, subject to satisfaction of certain C9nditions pertaining to provisioning of one of the former I-Link customers
acquired in the trai1saction.
In connection with the closing, the parties together with Counsel Co~ration, an Ontario corporaHon, and Counsel
. Communications LLC, a Delaware limited liability company, bo~ affiliates of I-Link, entered into a
Reimbursement Agreement pursuant to Whi~h Counsel Corporation, Counsel Communications, and. I..Link agreed
:to reimbutse Buyers United for any loss sustained as a reSult of any claims asserted against the assets acquired
from I-"Link by certain creditors of I-Link. Out of the shar~ it received in the transaction I-Link deposited in
escrow 40 000 shares that may be applied t~ reimbutse any such loss. This is ~ addition to 25 ()()() shares I~Link
received ill the transa~tion that has been deposi~ed. in escrow under the Asset Purchase Agreement .to satisfy any .
claims fol: indemi1ifi~HQn under the Asset Purchase Agreement During 2004, these remaining 65 000 shares
were delivered to Co~el Corporation.
. F-
The following table presents a summary of the estimated fair values of the assets acquired and liabilities asswned
as of December 31, 2003:
Computer and teleconnnunications switching equipment
Customer list
License on technology and patents
Carrier identification code
Deposit with a vendor
$ 754,966
553 898
182 933
135,933
110.000
Total assets acquired 737.730
Accounts payable and accrued liabilities
Acquisition CQsts
Total liabilities asswned
737 829
294.665
1.032.494
Net assets acquired
The customer !istand licensed technology will be amortized over a period of four years.
The following unaudited pro forma financial information presents results as if the acquisition had occurred at the
beginning of the respective periods:
Year ended
December 31. .2003 2002
Net revenue
. -
Net income (loss) applicable to
common stockholders
$65,498 766 $37,965 060
175 .$(5 806 566)
Basic and diluted net income (loss) per share (1.01)
These pro forma results have been prepared for comparative purposes only and include certain adjuStments such
additional ~rtization expense as a result of identifiable tangible and intangible assets arising from the
acquisition. The pro forma results are not necessarily indicative either of the results of ope~tions that actually
would have resulted had the acquisition been in effect at the beginning of the respective periods, Qr of results to be
achieved in the future.
NOTE 3 - PROPERTY AND EQUIP~NT
At December 31 2003, property and equipment consisted of the following:
Accumulated depreciation and amortization
$ 3 724 164
- 268 723
- 302.027
294 914
(Y70.272l
Computer and office equipment
Internal-use software
Furniture and fIXtures
424.642
NotE 4 - INTANGIBLE ASSETS
At December 31, 2003, intangible assets consisted of the following:
Customer lists
. Technology and patents
Gross Accumulated Intangible
asset amo rtiza ti on assets net
$ 10 760 307 $ 3,840 679 $ 6 919 (J28
. 1.318.865 219.811 1.099.054
..--.--- ...-
$ JlJrl2Jll -
~ ---"-----.""'---"-'--.---""" -.-----
The Company participated in a direct response marketing campaign with LowerMyBills.co~ Inc. (LMB), a web-
based comparison shopping service. The fees associated with this advertising campaign were deferred and
aggregated $2.8 million until June 2003, when the Company ceased participating in the program. Amortization
expense for these customers in 2003 and 2002, was S1.2 million and S761,O9I, respectively.
The Company also acquired new customer lists related to I-Link, Touch America, and Glyphic$ in 2003, which are
predominantly corporate customers. In addition, the Company acquired technology and licenses related to I -Link
in 2003. Amortization expense during 2003 for the additional customers was $1.9 miUio~ and was $219 81 I for
the technology and licenses.
The Company estimates the useful lives of its. acquired customer lists based tIpOn attrition rates experienced by the
Company. Historically, management estimated the useful lives between 24 to 36 months based upon the type
customer and service provided. Based upon recent attrition information Which showed that customers were
averaging longer lives, the Company changed the estimated useful lives for its customer lists prospectively in the
fourth quarter of2oo3. LMB customer lives were increased trom 24 to 36 months. The impact of this change was
a $204 500 decrease in amortization expense in the fourth quarter of 2003. The customer lives of Touch America
Link and Glyphics were changed trom 30 or 3~ months to 48 .months. The impact of this change was a
$306 053 decrease in amortization expense in the fourth quarter of 2003.
Amortization expense for all intangible assets during the four-year period ending December 31 2007 is estimated
to be $2.7 million, $2.5 million, S2.2 million, and $600 000, respectively.
NOTE 5 - LINE OF CREDIT
Buyers United has a line of credit agreement with RFC Capital Corporation that expires in January 2006. The
available borrowing limit is $5 million. Interest accrues at prime plus three percent, which was 7.00% as of
December 31, 2003. During 2002, the interest rate on the line was prime plus six percent, which was 10.25% as of
December 31 2002. The facility allows the Company to obtain fma~ing on its.eligible accounts receivable
includiOg unbilled. receivables and regular monthly billings. The facility is .collateralized by the underlying
receivables. On December 31, 2003, Buyers United had fmanced the maximum amount available based on
eligible accounts receivably at that time. This amount, less draws by RFC applied against the outstanding amount,
aggregat~d $4.1 million. The facility requires Buyers United to maintain a restricted cash accoUnt for the
collection of the receivables. As of December 31, 2003, Buyers United had $1.2 million of restricted cash
associated with the RFC arrangement.
NOTE 6 - AccRUED LIABILITIES
At December 31, 2003, accrued liabilities consisted of the following:
Accrued commissions
Accrued dividends
Other
$ 669 523
478 599
680.742
NOTE 7 - LONG-TERM DEBT AND NOTES PAYABLE
Long-term debt consists of the following:
Unsecured notes payable to the Chairman of the ~oard, bearing
interest at 12 percent, payable monthly. Principal and unpaid interest
are due and payable in July 2004, except for $112,500 which matures
in December 2004, and $348 825 which matures in July 2005.726 325
Unsecured notes payable to two Directors bearing interest at
. -"
percent, payable monthly. Maturity dates vary, trom July' 2004
through January 2005.800 000
Unsecured note payable to a relative of a Director, bearing interest at
. 12 percent payable monthly. Principal and unpaid interest due in
. January 2005.
Promissory note payable to an individual bearing interest at 12
percent, payable monthly. Secured by equipment Principal and
unpaid interest due in July 2004.
Promissory notes payable to two individuals bearing interest at 12
percent, payable monthly. Secured by equipment .Principal and
unpaid interest due in the summer of 2006.
Unsecured promissory notes bearing interest at ten percent and 12
percent, payable monthly. Principal payments due monthly, based on
20 percent to 40 percent of billings cOllected from specifically-
. designated customers referred from LowerMyBills.com, Inc.
LMB"). The majority of these notes 'have no maturity date. The
Company believes that all of the principal will be repaid during 2004
based on expected cash collections from these ~tomers.
. Unsecured promissory notes bearinginterest at ten percent, payable
. monthly. Principal payments due monthly, based on ten percent
billings collected from customers acquired from Touch America, Inc.
These notes have no maturity date. The Company believes that all
principal will be repaid in 2005, based on expected cash collections
from these customers.
'Unsecured promissory. note bearing interest at 10 percent, payable
monthly. Principal payments due monthly, based on 30 percent
billings collected from customers recently acquired from Glyphics
Inc. The note has no maturity date. The Company believes that all
principal will be repaid by the end of 2004, based on expected cash
collections from these customers.
Note payable to Touch America, Inc., with interest imputed at four
percent, payable monthly. Principal payments due monthly, based on
percent of billings coUect~ from customers acquired from To~ch
America, Inc. The obligation has no maturity date. The Company
expects that aU principal will be repaid by April 2004, based on
expected cash collections from these customers.
. Other
Capital leases
Less current portion
Long-term debt maturities are as follows:
2004
2005
2006
Less current inaturities
$ 7 781 484
623 719
401
427 610
64~
100 000
293 333
191 954
475,223
358 412
631 211
473 437
295 238
82A77
427 610
On February 28, 2003 the Company retired its $1.1 million note payable by paying $250 000 in cash and issuing a
new promissory note for $800 000. In addition, the Company issued 50 000 shares of common stock in
connection with the original agreement At December 31, 2oo3, the amount remaining due, less issuance costs
was $631 211 (see above).
In connection with some of the LMB-related unsecured promissory notes, two-year warrants to purchase 562 950
shares of common stock at $2.50 per share were issued to the noteholders. Warrants for an additional 94 950
shares have also been issued to the sales agents. The estimated fair value of the warrants of $264 717, based on
using the Black-Scholes pricing model, was allocated to the warrants and recorded as a discount to the carrying
value of the notes. The Company paid approximately $232 000 in commissions to sales agents. The Company
paid approximately $152 000 in commissions to sales agents in connection with the Touch Ameri~-related
unsecured promissory notes. All these cOmmission costs are also included in the discounts to the carrying value of
the notes. The discount is being amortized to interest expense over the respective notes estimated payment terms.
NOTE 8 - LEASES
Buyers United leases executive office space in BlufIdale, Utl~ a suburb of Salt Lake City. The offices consist
approximately 30 000 square feet The current monthly lease rate is $32 307. The lease for office space expires in
January 2007, but the Company has an option to renew the leasefQr an additional three to five years. Through
November 2004, Buyers United is leasing 14 339 square feet of space at 13751 S. Wadsworth Park Drive, Draper
Utah, at a monthly Cost of $16 728.
The Company also has one capital lease for computer software. The following is a schedule of future minimwn
payments under the leases as of December 31, 2003:
Year ending December 31
Capital
leases
Operating
leases
2004 . . .
. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . ..
2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
2007 . . . . . . . . . . . . . . .
. . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .
Total future minimum lease payments. . . . . . . . . ..
..........
Less amount representing interest. .
. . . . . . . . . . . . . . . . . . . . . . . . .
. Total obligations under capital leases . . . . . . . . . . . . . . . . . . . .
I.ess current portion. . . . . . . . . .
~ . . . . . . . . . . . . . . . . . . . . . . ~ . . . .
Capital. lease obligations, net of CWTent portion
690
690
128
571 692
397 373
407 307
417.490
508
illml)
477
(28.152)
5~,125
Rent expense was approximately $519 500 and $348 300 for the years ended December 31, 2003 and 2002
respectively.
NOTE 9 - INCOME TAXES
The components of the Company's net deferred income tax assets and liabilities are as follows:
Deferred income tax assets:
Net operating loss carryforwards
Reserves and accrued liabilities
Total deferred mcometax assets
V aluation ~Uowance
. -
Net deferred income tax asset
Defmed income tax liabilities:
Tax deprecia~on in excess of book depreciation
001 000
L275.000
276 000
319.000
Net deferred incoine tax liability
Net deferred income taxes
(319.OQID
(379.000)
.'..- ...-. .
As of December 31~ 2()()3~ the Company had net operating loss canyforwards for federal income tax reporting
purposes of approximately $ 13 336 OOO. The tax. net operating loss carryforwards will expire beginning in 2012.
Inasmuch as the Company's history includes accumulated net operating losses, it is uncertain as to whether the
Company's deferred tax asset can be fully realized. Accordingly, a valuation allowance has been recorded to
reduce the deferred income tax assets. The net change in the valuation allowance for deferred tax assets during the
year ended December 31 2003 was a decrease of$416 OOO. During 2003 and 2002 no income tax. expense was
recorded due the reduction of the valuation allowance.
NOTE 10 - CAPITAL TRANSACTIONS
Preferred Stock:The Board of Directors is authorized to classify any shares of the Company's authorized but
unissued preferred stock in one or more series. With respect to each series, the Board of Directors is authorized to
detennine the number of shares that constitutes such series; the rate of dividend, if any~ payable on shares of such
series; whether the shares of such series shall be cumulative, non-cumulative~ or partially cumulative as to
- dividendS and the dates from which any cunmtative dividends are to accumulate; whether the shares of such series
may be redeemed, and, if so~ the price or prices atwhich and the terms and conditions on which shares of such
series may be redeemed; the amo~ payable upon shares of such series in the event of the volWltary or involuntary
. dissolutio~ liquidation, or winding up of the affairs of the Company; the sinking fund provisions, if any, for the
redemption of shares of sUch series; the voting rights~ if any, of the shares of such series; the terms and conditions
if any, on which shares of~uch series may be converted into shares ~f capitaf stock of the Company of any other
. class or series; whether the shares of such series" are to be preferred over shares of capital stock oCthe Company of
any other class or series as to dividends or upon the voluntary 'or involuntary dissolution, liquidation, or
termination of the affairs of the Company or otherwise; and any other characteristics, preferences, limitations
rights, privileges, immunities, or ~nns.
Series A 8 percent Cunmlative Convertible Preferred Stock: During 1999, the Board of Directors authorized the
issuance of 2 000 000 shares of Series A 8 percent Cumulative Convertible Preferred Stock C'Series A Preferred
Stock") at an offering price of$2.oo per share. Gross proceeds of$4 million were raised upon sale of the shares.
The Series A Preferred Stock is convertible to common stock at any time at the election of the holder and, under
limited circumstances, at the election of the Company. The conversion rate is one for one, subject to adjustment in
the event ora recapitalization, reorganization, or other corporate restructuring or in the event that the Company
shall sell or otherwise issue securities at a price below $2.00 per share or the then adjusted conversion price. The
Series A Preferred Stock can bert?deemed at the Company's election at any time commencing January l ~ 2005 at a
- redemption price of$2.oo per share plus all accrued -dividends as of the redemption date. During 2002 certain
sto~kholders converted 5 000 Series A preferred shares into common shares.
Series B 8 percent Cumulative Convertible Preferred Stock: In September 2090, the Board of Directors
authorized the issuance ofl 234 500 shares of Series B 8% Cumulative Convertible Preferred Stock ("Series B
P~eferred Stock") and related warrants to pUrchase common shares at an offering price of $ 10.00 per unit Each
. .
unit consists of one share of Series B Preferred Stock ~d five warrants to purchase one share of conunon stock at
. an exercise price of $2.50 per s~e. During 2000, varioUs investors made loans to the Company and subsequently
elected to exchange their promissory notes for units. In addition to the converted toans of$2.5 million, the
Company raised $2 million through the issuance of units through December 31, 2000 and $ L 1 million through the
issuance of units in 200 1.
In ~nnection with the unit offering, the Company agreed to pay the Placement Agent a sales commission and
expense allowance .aggregating 13 percent of the gross proceeds from the sale of the Series B Preferred Stock, in
addition to ten percent of the gross proceeds of certain related bridge financing. The Company also incurred
. approxima~ly $23 000 of direct expenses in connection with the offering. As additional consideration, the
Company agreed to issue to the Placement Agent warrants to purchase 319;300 shares of the Company's common
~tock at an exercise price of$2.50 per share.
.-... ....... ...
As part of the Series B Preferred Stock 0 tIering, the Company issued 2 269 000 warrants to purchase common
- stock at $2.50 per share. The Company allocated .the net proceeds from the offering of $4.2 million between the
- .'-
Series B"Preferred Stock and .the wariants based oil ~timated relative fair values. The Series B Preferred .Stock
was recorded at $2.4 millio~ and the waiTants were recorded at $ 1.8 million.. The estimated fair value of the
warrants was determined using the Black-Scholes pricing model. The Series B Preferred Stock is convertible to
common stock at any time at the election of the holder an~ under limited circwnstances7 at the election of the
Company. The conversion rate is five for one, subject to adjustment in the event of a recapitalizatio~
reorganizatio~ or other corporate resbucturing or in the event that the Company shall sell or otherwise issue
securities at a price below $2.00 per share or the then adjusted conversion price.
During the three months ended March 31 2001, the Company issued an additional 110 000 shares ofpref~rred
stock and 550 000 warrants to purchase common stoCk. The Company allocated the net proceeds from the
offering of $1.1 million between the Series B Preferred Stock and the warrants based on estimated relative fair
values. AccordinglY7 the stock was recorded at $794 8227 and the warrants were recorded at $302AOl.
connection with these additional Series B shares, the intrinsic value of tile beneficial conversion feature of$20 498
was re6.ected in the accompanying 200 I consolidated financial statements as a preferred stock dividend and as an
increase to additional paid in capital. The Series B Preferred Stock Offering closed on April 13, 2001.
In May 2002 the Board of Directors approved a plan to modify the exercise price on certain Preferred Stock and
promissory note-related warrants from $2.50 to $2.00 per share extend the expiration date of certain warrants
from December 31 2002 to December 31, 2004, and amend the redemption provisions of certain warrants so that
(he warrants could be called for redemption when the market price for the Company s common stock is $4.00 per
share7 rather than $6.QO per share.
On December 6; 2002 Buyers United entered into the Asse~ Purchase Agreement and Software.License
Agreement to purchase certain assets and asSunie certain liabilities of I-Link, Inc'7 and its subsidiary7 I-Link
- Communications, Inc. Inct:)Osideratio~ Buyers Uni~issued to I-Link24~,430 s~res of Series BConvertible
Preferred Stock with a fair ~ket value of $1.4 million, -and agreed to issue an additional 53 570 shares of Series
- B Conv~~ble Preferrec:l Stock in equal monthly instalhnents over a tenD of 10 months commencing June 1 2003.
The fmal installment was issued March 1, 2004.
During 2003., six. of the stockholders converted a total of 1 ~6 OOO Series B preferred shares into 580 000 common
shares. During 20027 one of the stockholders converted 10 000 Series B preferred shares into 50 000 couunon
shares.
Both Series A and B Preferred Stock still outstanding can be redeemed at the Company's election at any time
co~ncing January 1 , 2005, at the applicable redemption price plus all accrued dividends as of the redemption
date.
Cumulative dividends accrue on both Series A and B Preferred Stock at the rate of 8% per annum nom the date of
original issue and are payable semi-annually on June 30 and December 31 of each year out of funds legally
available for the payment of dividends. Dividends are payable in cash or common stock at the election of the
~ompany. If paid in common stock, the number of shares issued will be based on the average of the closing bid
prices for the common stock over the five trading days immediately prior to the dividend payment date. If the
Company fails to pay any dividend within 60 days of its due date, the ~nversion price (see below) is adjusted
downward by $0.25 per share for each occurrence. During the years ended December 31, 2003 and 2002, the
Company declared dividends aggregating $873 495 and $749,725, respectively, and to satisfy payment
ohligatioDS7 issued a total of 427 096 and 574 635 shares of cortnnon stock,-respectively. As of December 31
2003, the Company had accrued dividends payable in the amount of$478 599. In February 2004, the Company
settled the dividend payable by issuing 171 055 shares of common stock.
The Series A and B Preferred Stock has no voting rights, except as required by the General Corporation Laws of
- Delaware that require class votes on certain corporate matters ;md matters affecting the rights of the holders of the
Preferred Stock. The Preferred Stock is senior in right of payment in: the event of ~iquidation and with respect to
dividends. to the common stock and all other subsequent preferred stock iss~ces that may be authorized.. The
Series A Preferred Stock hCl$a liquidation preference of$2.oo per share and the Series B Preferred Stock has a
liqUidation preference of$10.oo per share.
Issuances of Common Stock:During January 2002 the Company issued 17 998 shares of colI1IIlOn stock in
connection with the issuance of$179 998 of promissory notes7 at an aggregated fair market value of$18 798.
...... . - - - :
D~ Fe~ruary 2002 the Company issued 25 000 sbar~s of st()c:~ to ()Jle of its dir~t9~ for provi4ing ~ (;redit
guaranty with respect tQ business expansion activities. The fair mar~et value of shares issuances was $30 750.
In March 200 I, the Company entered into three-year marketing contracts with one of its Series B Preferred
stockholders. Under the tenDS of tile contracts~ 100 000 shares of common stock were issued with a fair market
value of$125 000. This amount was recorded on the balance sheet as a deferred consulting fee and included in
operating expenses on a straight-line basis over the life of the contracts. During 2001, $39 931 was recorded in
promotion expenses as a result of this amortization. Consideration granted under the contracts' tenDS also included
options to purchase up to 150 000 additional shares of common stock at $2.50 per share. These options vest
gradually over the teRn of the contract These options are accounted for as variable plan options since the
issuance of these options was under the premise that the grantee will be providing current and future services for
the Company. Accordingly, using the Black-Scholes option pricing model, $29,581 in consulting expense was
recorded to reflect the vesting of these options through December 31 .200 I. During 2002 an additional $48 060 of
deferred consulting fees were amortized and included in promotion expenses, and another $95 615 in consulting
expense was recorded to reflect the vesting of additional options. However, at the end of 2002 the Company and
the stockholder agreed to cancel one of the marketing contracts and to rescind the as-yet unearned options.
Accordingly, the Company included in promotion expenses an additional $25 114 of remaining unamortized
, deferred consulting fees, and recorded income of$125, 191 to reflect the cancellation of the unearned options.
In January 2003 the Company issued 15 000 shares of stock to one of its directors for providing a credit guaranty
to one of its wholesale telecommunication service providers. The fair market value of the stock was $36 300.
During June 2003, the Company initiated a program to repurchase outstanding conunon stock from shareholders of
rt?COrd with total holdings of 1 ()() or fewer shares. The offering price per share was $1.15. The program ended in
September 2003 after the Company bad repurc~ed 2 174 shares.
Wamints to Purchase Common Shares:As mentioned above, the Company issued warrants in connection with its
Series B preferred stock offering and in connection with ce~in marketing contracts.
In connection with'some of the L~-related unsecured promissory notes, two-year warrants to purchase a total
562 950 shares of common stock at $2.50 per share were issued to the noteholdersduring the two years ended
"December Jl, 2002. Warrants for an additional 91 950 shares were also issued to the sales agents. The estimated
fair value of the warrants of $264 7 11, based on using the BLack-Scholes pricing model, was allocated to the
warrants and recorded as a discount to the carrying value of the notes. The discount is being amortized to interest
expense over the estimated term of the notes.
November 2003 the Company issued 25 000 warrants to a consulting company. The estimated fair value of the
Warrants of$25 341 based on using the Black-Scholes pricing model, will be amortized over the life of the
contract into general and administrative expense.
DUring 2003, investors exercised warrants to purchase 522 5oo shares of Common Stock, in exchange for
, proceeds which aggregatoo, $ 1 043,750.
All of the warrants were exercisable at December 31, 2003. The, following tables summariZe the warrant activity
for 2003 and 2002:
Balance at December 31, 200 I
Cancelled or expired
Issued
Balance at December 31 2002
Cancelled or expired
Exercised
Issued
Balance at December 31, 2003
Weighted
Average
Price Exercise
Warrants Price
345 732 $1.25 - $5.$2.44
(250 000)$2.50 - $2.$2.
433.550 $2.00 - $2.$2.
529,282 $1.25 - $2.$2.
(181 150)$2.00 - $2.$2.49
(522 500)$1.25 - $2.50 $2.
25.000 $2.$2.50
$1.25 -$2.$2.
.. - .. .. .....' ""'. ." ,
~k Options:
Long- Term Stock Incentive Plan: Effective March 11 , 1999, the Company established the Buyers United
InteniationaL Inc. Long-Term Stock Incentive Plan ("the Stock Plan ). The Stock PI~ provides for a maximum
of 1 200 000 shares of conunon stock of tile Company to be awarded to participants and their beneficiaries.
Committee, as detennined by the Board of Directo~, detennines and designates the eligible participants and
awards to be granted under the Stock Plan. The Committee may grant incentive stock options; non-qualified
options; stock appreciation rights ("SAR "); and on a limited basis, stock awards. The terms and exercise prices of
options and gARs will be established by the Committee; except that the exercise prices cannot be less than 100
percent of the fair market value of a share of common stock on the date of grant. As of December 31, 2003
incentive stock options to purchase a total of 893 653 shares were outstanding.
Other Options: The Company's Board of Directors has from time to time also authorized the grant of stock
options to directors, officers, key employees, and consultants as compensation and in connection with obtaining
finalic ing.
In virtually all cases, employee options vest over a period of from one to three years, and expire from four to five
:years after the date the options were granted. The following tables summarize the all stock option activity for
2003 and 2002:
. Balailce at December 31 2001
Granted
Cancelled. or expired
Balance at December 31, 2002
Granted
Exercised
Cancelled or expired
Balance at December 31, 2003
Weighted
Average
Price Exercise
tions Price
818 585 $2.00 - $9.$2.
902 913 $2.00 - $2.$2.31
028~777)$2_00 - $9.$3.
592 721 $2.00 - $5.39 $2.58
683 500 $2.00 - $2.$2.33
(27 500)$2.
$2.00 - $4.$2.
$2.00 - $5.39 $2.
A sununary of the options outstanding and optionS exercisable at December 31; 2003 is as follows:
Options
ExercisableOptions Weighted
Exercisable at Average
. December 31 Exercise2003 Price
Options Outstanding
Average
Remaining
Contractual
Life
. Weighted
Average
Exercise
Price
Range of
Exercise
Prices
Options
Outstanding
- $2.00 :. $3.207 926 6 years 2.45 512 261 2.49
$4.00 -$5.39 223 851 2.3 years 223 851.
5 years
RegistrationStatement on FormSB-: On September 10 2003, the Company filed a registration statement on
FormSB-2 with the Securities and Exchange Cormnission to register for resale up to 8,119,333 shares of Common
Stock that maybe sold from time to time by certain selling security holders listed in the registration statement
December 31, 2003 the selling security holders owned:
Warrants to purchase 99,375 shares at a price of$1.25 per share
Warrants to purchase 3,966 856 shares at a price of$2.oo per share
Warrants to purchase 528 450 shares at a price of$2.50 per share
Options to purchase 2 086 652 shares at prices ranging from $2.00 to $5.392 per share
Conyerti~le notes in the amount of ~ 1, !62 5()O ~.':lvertible at $2.00 per share
~nvertible notes in the amount of$I 775,000 con:vertlbteat $2.50pei sh3ie
- ---. ..... .--.-... .---.-- .. ,
f..;21
Buyers United will receive the proceeds from exercise of the warrants and options and will benefit from
extinguishment of the debt represented by the convertible notes, but will not receive any proceeds orbenefit from
the resale of the shares by the selling security holders.
In March 2904 the registration statement was temporarily suspended until the Company can file an amendment
updating the registration statement with its 2003 audited financial statements and other information.
NOTE II - RELATED PARTY TRANSACfIONS
During 2003 and 2002, certain board members and stockholders performed various services to the Company.
These services included, but were not limited to, consulting, marketing and capital and debt raising activities. The
Company incurred $74 750 and $109 259 in fees ~ociated with these services for the years ended December 31
2003 arid 2002, respectively. Amounts outstanding rdated to these services were $12 800 and $14 300 at
December 31, 2oo3~ and 2002 respectively. There are also several debt arrangements IIlOre fully described
Note 7. Interest expense on obligations owed to related parties during 2003 and 2002, respectively, was $414 523
and $453 361.
NOTE 12 - NUUOR SUPPLlliRS
Approximately 70% and 80% of the Company's cost of revenue for the years ended December 31, 2003 and 2002
fespectively~ was generated from two telecommunication providers. As ofI?ecember 31, 2003, the Company
owed approximately $3 million to these two providers. The Company has entered into contractual agreements
with these vendors. During 2002 one of these providers bad fued for bankruptcy protection under Chapter 11, and
the other provider is currently being scrutinized by the Securities and Exchange Commission over cenain
accounting matters. Although the Company has not exp~rienced a disruption of service and feels it could replace
either of these sources with other wholesale teleconnnunication service providers the effect .on the Company~ s
operations of potentially losing either or both of these service providers is unknown.
NOTE 13 - COMMITMENTS AND CONTINGENCIES
in June 200 1, Buyers United entered into a joint sales agreement with Infotopia, Inc., a direct response. marketer.
In connection with the agreement, Infotopia loaned $500 000 to Buyers United. Subsequent to entering into the
sales agreement, the two companies decided not to pursue further any joint activity. In December 2001, Buyers
United negotiated a settlement of the $500 000 loan in which Buyers United paid $120 000 and issued 35 000
shares of common stock in exchange for canceling the outstanding obligation plus $25 921 in accrued interest.
The stock had a fair market value of$22 401. Ac~ordingly, based on these amounts, the Company re~rded a gain
on the early extinguishments of the debt in the amount of$383 520.. However unbeknownst to the Company,
during 200 1 Infotopia alleged! y entered into a General SecUrity Agreement ~th Sea Spray Holdings, Ltd., which
purportedly included the loan obligation. Sea Spray asserted that it bad a pe.ifected security interest in the
obligation and demanded payment as successor-in-interest to Infotopia. The CoriJpany denied the claim and filed
an arbitration proceeding to resolve the issue. Sea Spray attemp~ to pursue its claim in New York state court,
which the Company removed to federal court in New York, and the federal court~missed the action pursuant to
an order to the effect Sea Spray must pursue its claims in the arbitration proceeding. . An arbitration hearing was
held in December 2003, at which Sea Spray failed to make any appearance or submission after r~iving all
required notice. The arbitrator entered a default in favor of Buyers United and its award further found in favor of
Buyers United as a matter of the evidence presented and as a matter of hiw~ The Company believes this matter has
been resolved fully in its favor and that is has no obligation or liability to Sea Spray.
nuyers United is the subject of certain other legal matters, which it considers incidental to its business activities.
is the opinion of management, after discussion with legal counsel, that the ultimate _disposition of these other
matters will.not have a material impact on the financial positio~ liquidity or results of operations of Buyers
U nired.
In connection with the MyACD agreements, MyACDwill continue to provide enhanced service development and
eonftgUtation, and BuyerS United Win reimburse MyACD for actualcostsrelated to these activities. .
NOTE 14 - SUBSEQUENT EVENTS
In January and February 2004, three Directors had exercised options to purchase a total of 255 000 shares of
Common Stock. Total proceeds received by the Company in connection with these exercises was $555 000.
During the flISt three months of2oo4; investors have exercised warrants to purchase a total of71 ooo shares of
ConunonStock. Total proceeds received in these transactions was $146 000.
In December 2003, a holder of 100 000 shares of Series B Convertible Preferred Stock converted all of those
shares to 500 000 shares of common stock. In January 2004, the holder sold thoseconunon shares plus 14 560
additional shares, or a total of 514 560 shares, to Buyers United for $500 000 in a privately negotiated transaction.
Buyers United entered into an agreement to purchase 37 dedicated long distance customers trom Source
Communications, LLC for $150 000 in February 2004. Clo~ing of the acquisition was subject to complyin.g with
applicable federal and state regulation pertaining to transfer of the. customers. All of the regulatory requirements
were satisfied and the acquisition of the customers is completed
On March 15, 2004 the Company closed a private placement to institutional and accredited investors. The
Company sold 3 782 000 shares of common stock at $2.30 per share, ora total of approximately $8.7 million. Net
proceeds of the offering after placement fees and expenses were appro~tely$8.1 million. The net proceeds of
the private placement are intended to be used for various corpOrate purposes, including s~es and marketing related
prograrm,to fund further development of our V oIP Networ~ ~eductioli of debt, and for working capital and other
general corporate purposes.
In connection with tb,e placement, Acceris Communications fuc., fonllerly I-link Incolporated and the holder of
300 000 shares of Series B Convertible Preferred Stoc~ converted ~ of its preferred stock to 1.5 million common
shares. Acceris subsequently sold 750 000 of those co~n shares to the investors in the private placement at
$2.30 per share. As a result of the -conversion and sale, Accerls ComlTlltnications now holds 808 546 shares of the
Company s cormnon stock, or approximately six percent of the 13 tnillion shares of conunon stock outstanding
following completion of the private placement.
The private placement was made orily to institutional and accredited investors in a transaction exempt trom the
registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The shares of common
stock sold have not been registered under the Securities Act, or any state securities la~s, and unless so registered,
may not be offered or sold in the United States absent registration or- an appliCable exemption trom the registration
requirements of the Securities Act and applicable state securiti~ laws. The Company has agr~ to file a
registration statement under the Securities Act for resale of the common sto~k purchased by the investors in the
private placement, the 808 546 shares of common stock held by Accerls, and 164 125 shares of conunon stock
issuable under a warrant granted to the placement agent.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
....
FORM lO-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 301 2004
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
Commission File No. 0-26917
UCNtt INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
87-0528557
(IRS Employer Identification No.
14870 Pony Express Road1 Bluffdale1 Utah 84065
(Address of Principal Executive Offices)
~ 320-3300
(Registrant's Telephone Number , Including Area Code)
(Former Name, Address and Fiscal Year, if Changed Since Last Report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes (X) No ( )
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the
Exchange Act). Yes ( ) No (X)
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: 14 226 818 shares of common stock as of November 1 2004.
PART I.
PART II.
FORM 10-Q
, UCN, INC.
INDEX
FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of September 30, 2004
and December 31 2003 (unaudited)
Condensed Consolidated Statements of Operations for the
Three Months Ended September 30 2004 and 2003 (unaudited)
Condensed Consolidated Statements of Operations for the
Nine Months Ended September 30, 2004 and 2003 (unaudited)
Condensed Consolidated Statements of Cash Flows for the
Nine Months Ended September 30 2004 and 2003 (unaudited)
Condensed Consolidated Statements of Stockholders' Equity
(Deficit) for the Nine Months Ended September 30 2004 (unaudited)
Notes to Condensed Consolidated Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Item 4. Controls and Procedures
OTHER INFORMATION
Item 2. Changes in Securities and Use of Proceeds
Item 6. Exhibits and Reports on Form 8-
Signatures
...
Page
UCN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS - (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
Restricted cash
Accounts and other receivables, net
Other current assets
Total current assets
Property and equipment, net
Intangible assets, net
Other assets
Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Line of credit
Current portion of long-tenn debt and capital lease obligations
Trade accounts payable
Accrued liabilities
Total current liabilities
Long-term debt and capital lease obligations
Total liabilities
Commitments and contingencies (note 10)
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value, 15 000 000 shares authorized;
Series A 8% cumulative convertible preferred stock; 1 827 500
and 1 865 000 shares issued and outstanding (liquidation values
of$3 655 000 and $3 730,000)
Series B 8% cumulative convertible preferred stock; 417 800 and
721 729 shares issued and outstanding (liquidation values
of $4, 178 000 and $7 217 290)
Common stock, $0.0001 par value; 100 000,000 shares authorized;
896 818 and 7 604 584 shares issued and outstanding
Additional paid-in capital
Warrants and options outstanding
Accumulated deficit
Total stockholders' equity (deficit)
Total liabilities and stockholders' equity (deficit)
See accompanying notes
September 30,
2004
December 31,
2003
007 296 055 384
627 636 569 336
922 964 162,483
442 411 243 844
000 307 031 047
181 210 2,424 642
617 414 018 682
479 913 496 787
278 844 971 158
920 328 093 782
985 462 781,484
055 113 248 152
921 255 828 864
882 158 952 282
489 646 126
912 647 598 408
183 187
390 760
564 071 193 148
352 172 928 110
(26 551 661)749 527)
366 197 627 250)
278 844 971 158
DCN, INC.
...
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - (Unaudited)
Three Months Ended September 30
2004 2003
Revenues from telecommunications services 711 720 16,439,065
Operating expenses:
Costs of revenues 711 136 849 635
General and administrative 610 703 839 901
Selling and promotion 937 226 097 090
Total operating expenses 259 065 786 626
Income (loss) from operations (547 345)652 439
Other income (expense):
Interest income 325 689
Interest expense (138 837)(468 890)
Total other expense, net (131 512)(465 201)
Net income (loss)(678 857)187 238
8% Preferred dividends on Series A and B preferred stock (157 948)(237 124)
Net loss applicable to common stockholders (836 805)(49 886
Net loss per common share:
Basic and diluted ($0.06)($0.01)
Weighted average common shares outstanding:
Basic
Diluted
805 806
466 112
414 135
372 521
See accompanying notes
UCN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - (Unaudited)
...
Revenues from teleconununications services
Operating expenses:
Costs of revenues
General and administrative
Selling and promotion
Total operating expenses
Income from operations
Other income (expense):
Interest income
Interest expense
Gain on early extinguishment of debt
Total other expense, net
Net income (loss)
8% Preferred dividends on Series A and B preferred stock
Net income (loss) applicable to conunon stockholders
Net income (loss) per conunon share:
Basic and diluted
Weighted average conunon shares outstanding:
Basic
Diluted
See accompanying notes
Nine Months Ended September 302004 2003
$ 49,183 336 $ 48 211 821
862 694
391 190
664 801
918 685
106 281
571 010
119,473
796 764
264 651 415 057
631 090
(687 954)460 985)
109 150
(550 173)(1,451 895)
(285 522)963 162
(516 612)(634 212)
(802 134)328 950
($0.07)$0.
048 689
175 148
285,038
330 183
UCN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Unaudited)
....
Cash flows from operating activities:
Net income (loss)
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
Depreciation and amortization
Amortization of discount on notes
Amortization of discount on long-term debt
Amortization of note financing costs
Amortization of deferred consulting fees
Changes in operating assets and liabilities:
Accounts and other receivables
Other assets
Trade accounts payable
Accrued liabilities
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Decrease in other assets
Acquisition of customer base
Purchases of property and equipment
Net cash used in investing activities
Cash flows from financing activities:
Increase in restricted cash
Net borrowings and payments under line of credit
Borrowings on long-term debt, net of debt issuance costs
Proceeds from exercise of options and warrants
Private placement of common stock, net of offering costs
Repurchase of common stock
Principal payments on long-term debt
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
See accompanying notes
Nine Months Ended September 302004 2003
$ (285,522)
056 694
122 562
000
239 519
(201 102)
198 105)
458 187
(732 767)
(22 207)
(757 856)
615 057)
395 120)
(58 300)
173 454)
944 500
101 274
(500 000)
234 221 )
079 799
048 088)
055 384
$ 1 007 296
963 162
034 514
312
340,480
598
15,626
333 853)
(692 807)
149 416
569,406
148 854
(52 125)
(694 314)
(746,439)
(579 584)
588 412
299 955
852)
667 047)
363 116)
299
994 360
033 659
DCN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Unaudit~)
Supplemental cash flow information:
Cash paid for interest
Supplemental schedule of noncash investing and financing activities:
Issuance of common shares in payment of preferred stockdividend
Accrual of dividend payable on preferred stock
Issuance of common shares for officer s personal guaranty
Issuance of warrants with private placement of common stock
Issuance of warrants with consulting contract
Retirement and replacement of note payable
Conversion of note payable into common stock
Conversion of accrued interest to note payable
Increase in Touch America obligation with amended agreement
Issuance of preferred stock to acquire VolP assets
Capital expenditures financed with capital lease obligation
See accompanying notes
Nine Months Ended September 30,2004 2003
645 819
785,994
516,612
189,336
465
300 000
348
860 827
768,544
634 212
300
800 000
435 388
264 576
1,400 738
100 691
UC
N
,

I
N
C
.
CO
N
D
E
N
S
E
D

C
O
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T
S

O
F

S
T
O
C
K
H
O
L
D
E
R
S
'

E
Q
I
D
T
Y

(
D
E
F
I
C
I
T
)

-

(
U
n
a
u
d
i
t
e
d
)
Ba
l
a
n
c
e

a
t

J
a
n
u
a
r
y

1
,
2
0
0
4
Is
s
u
a
n
c
e

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

a
c
q
u
i
s
i
t
i
o
n
of

V
o
I
P

a
s
s
e
t
s
Co
n
v
e
r
s
i
o
n

o
f

p
r
e
f
e
r
r
e
d

s
h
a
r
e
s

t
o

c
o
m
m
o
n
Ex
e
r
c
i
s
e

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
t
o
c
k
Ex
e
r
c
i
s
e

e
m
p
l
o
y
e
e

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
t
o
c
k
Co
n
v
e
r
s
i
o
n

o
f

p
r
o
m
i
s
s
o
r
y

n
o
t
e

t
o

c
o
m
m
o
n

s
t
o
c
k
Ex
p
i
r
a
t
i
o
n

o
f

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
t
o
c
k
Pr
i
v
a
t
e

p
l
a
c
e
m
e
n
t

o
f

c
o
m
m
o
n

s
t
o
c
k
,
n
e
t

o
f

o
f
f
e
r
i
n
g

c
o
s
t
s
Is
s
u
a
n
c
e

o
f

w
a
r
r
a
n
t
s

f
o
r

s
e
r
v
i
c
e
s
Pr
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

a
s

p
a
y
m
e
n
t

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
Re
p
u
r
c
h
a
s
e

o
f

s
h
a
r
e
s

f
r
o
m

s
t
o
c
k
h
o
l
d
e
r
Ne
t

l
o
s
s
Ba
l
a
n
c
e

a
t

S
e
p
t
e
m
b
e
r

3
0
20
0
4
Pr
e
f
e
r
r
e
d

S
t
o
c
k
Sh
a
r
e
s

Am
o
u
n
t
58
6
72
9
$
2
5
9
Co
m
m
o
n

S
t
o
c
k
Sh
a
r
e
s

Am
o
u
n
t
Ad
d
i
t
i
o
n
a
l
Pa
i
d
-
Ca
p
i
t
a
l
$
2
0
19
3
14
8
07
1
34
6
(3
5
7
50
0
)
(3
6
)
63
7
50
0
16
4
(1
2
8
)
68
2
00
0
14
9
61
8
26
5
00
0
57
9
97
3
15
0
00
0
29
9
98
5
55
3
78
2
00
0
37
8
91
1
56
0
24
5
30
0
Se
e

a
c
c
o
m
p
a
n
y
i
n
g

n
o
t
e
s
22
5
60
4
58
4
76
0
29
0
29
4
.
(
5
1
4
56
0
)
(5
1
)
,
1
3
89
6
81
8
39
0
78
5
,
96
5
(4
9
9
94
9
)
$
3
1
56
4
07
1
DC
N
,

I
N
C
.
CO
N
D
E
N
S
E
D

C
O
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T
S

O
F

S
T
O
C
K
H
O
L
D
E
R
S
'

E
Q
U
I
T
Y

(
D
E
F
I
C
I
T
)

-

(
U
n
a
u
d
i
t
e
d
)
Ba
l
a
n
c
e

a
t

J
a
n
u
a
r
y

1
20
0
4
Is
s
u
a
n
c
e

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

a
c
q
u
i
s
i
t
i
o
n
of

V
o
I
P

a
s
s
e
t
s
Co
n
v
e
r
s
i
o
n

o
f

p
r
e
f
e
r
r
e
d

s
h
a
r
e
s

t
o

c
o
m
m
o
n
Ex
e
r
c
i
s
e

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
t
o
c
k
Ex
e
r
c
i
s
e

e
m
p
l
o
y
e
e

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
t
o
c
k
Co
n
v
e
r
s
i
o
n

o
f

p
r
o
m
i
s
s
o
r
y

n
o
t
e

t
o

c
o
m
m
o
n

s
t
o
c
k
Ex
p
i
r
a
t
i
o
n

o
f

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
t
o
c
k
Pr
i
v
a
t
e

p
l
a
c
e
m
e
n
t

o
f

c
o
m
m
o
n

s
t
o
c
k
,
n
e
t

o
f

o
f
f
e
r
i
n
g

c
o
s
t
s
Is
s
u
a
n
c
e

o
f

w
a
r
r
a
n
t
s

f
o
r

s
e
r
v
i
c
e
s
Pr
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

a
s

p
a
y
m
e
n
t

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
Re
p
u
r
c
h
a
s
e

o
f

s
h
a
r
e
s

f
r
o
m

s
t
o
c
k
h
o
l
d
e
r
Ne
t

l
o
s
s
Ba
l
a
n
c
e

a
t

S
e
p
t
e
m
b
e
r

3
0
,
2
0
0
4
Se
e

a
c
c
o
m
p
a
n
y
i
n
g

n
o
t
e
s
W
a
r
r
a
n
t
s
/
Op
t
i
o
n
s
Ac
c
u
m
u
l
a
t
e
d
Ou
t
s
t
a
n
d
i
n
De
f
i
c
i
t
To
t
a
l
$3
,
92
8
11
0
$(
2
5
74
9
,
52
7
)
$(
1
62
7
25
0
)
34
8
(7
8
5
18
6
)
36
4
50
0
58
0
00
0
30
0
00
0
(5
2
55
3
)
18
9
33
6
46
5
10
1
27
4
72
,
4
6
5
(5
1
6
61
2
)
78
5
99
4
(5
0
0
00
0
)
(2
8
5
,
52
2
)
(5
1
6
61
2
)
(2
8
5
52
2
)
$(
2
6
55
1
66
1
)
$
8
36
6
,
19
7
35
2
17
2
UCN, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited)
September 30, 2004
1. Basis of presentation
These unaudited interim fmancial statements ofUCN, Inc. and its subsidiary (collectively, "UeN" or "the
Company ) have been prepared in accordance with the rules and regulations of the United States Securities and
Exchange Commission (the "Commission
).
Such rules and regulations allow the omission of certain
information and footnote disclosures normally included in the fmancial statements prepared in accordance with
accounting principles generally accepted in the United States, so long as the statements are not misleading. In
the opinion of Company management, these financial statements and accompanying notes contain all
adjustments (consisting of only normal recurring adjustments) necessary to present fairly the fmancial position
and results of operations for the periods shown. These interim fmancial statements should be read in conjunction
with the audited fmancial statements and notes thereto contained in our Annual Report on Form 10-KSB for the
year ended December 31 2003, as filed with the Commission on March 30,2004.
The results of operations for the three and nine month periods ended September 30, 2004 are not necessarily
indicative of the results to be expected for the full year. Certain reclassifications have been made to the financial
statements for prior periods in order to conform to the 2004 presentation.
2, Summary of significant accounting policies
Net Income (Loss) Per Common Share: Basic net income (loss) per common share ("Basic EPS") excludes
dilution and is computed by dividing net income applicable to common shareholders by the weighted average
number of common shares outstanding during the quarterly and year-to-date periods. Diluted net income (loss)
per common share ("Diluted EPS") reflects the potential dilution that could occur if stock options or other
common stock equivalents were exercised or converted into common stock. The computation of Diluted EPS
does not assume exercise or conversion of securities that would have an antidilutive effect on net income (loss)
per common share, and is therefore not presented.
Following is the reconciliation of Basic and Diluted EPS:
Three months
ended September 30.2004 2003
Nine months
ended September 30.2004 2003
Net income (loss) applicable to common
stockholders, as reported L836 8lli ~886)328.95Q
Basic EPS:
Weighted average number of common shares
outstanding
Basic net (loss) income per share
.414.12.04R.6 285..038
$ (QJU1 (0.07)
Diluted EPS:
Common and common equivalent shares
outstanding:
Weighted average number of common
shares outstanding
Common stock equivalents from options and
warrants computed on the Treasury Stock
method, using the average fair market
value of common stock outstanding during
the period
Shares used in the computation
805 806 6,414 135 048 689 285 038
1.126.459
13.175..1
45.145
6330.18
660.306
14.466.
958.386
2372.5.21
Diluted net income per share
Stock-Based Compensation Employee compensation expense is measured using the intrinsic method. No stock-
based compensation cost is reflected in net income applicable to common stockholders, since all options had an
exercise price equal to or greater than the market price of the underlying common stock at the date of grant. The
following table illustrates the effects on net income (loss) applicable to common stockholders ai\d earillngs (loss)
per share if expense was measured using the fair value recognition provision of Statement of Financial
Accounting Standards ("SFAS") No. 123 Accountingfor Stock-Based Compensation:
Three months ended
September 30,2004 2003
Nine months ended
September 30,2004 2003
Net income (loss) applicaQJe to common stockholders
As reported
Pro forma stock-option based compensation
Pro forma net income (loss) applicable to
common stockholders
$ (836 805) $ (49 886) $ (802 134) $ 328 950
!..lQM1Q) (57,567 (380,310 215,376
~ $~ $~
113.574
J3asic and~ net income (loss) per common share
As reported
Pro forma basic and diluted net income (loss) per
common share
$ (0.06) . $ (0.01)
$ (0.07)$ (0.02)
$ (0.07) $ 0.
$ (0.10) $ 0.
We estimated the fair value of options granted under our employee stock-based compensation arrangements at the
date of grant using the Black-Scholes model with the following weighted-average assumptions:
Nine Months Ended
September 30,
Dividend yield
Expected volatility
Risk-free interest rate
Expected life (years)
Weighted average fair value of grants
2004
None
63%
3.45%
$1.55
2003
None
83%
12%
$1.
Other Comprehensive Income:There were no components of other comprehensive income other than net income.
Business Segments and Related Information: SF AS No. 131 Disclosures about Segments of an Enterprise and
Related Information establishes standards for the way public business enterprises are to report information about
operating segments in annual fmancial statements and requires enterprises to report selected information about
operating segments in interim financial reports issued to shareholders. It also establishes standards for related
disclosure about products and services, geographic areas and major customers. The Company currently operates
in only one business segment.
Long-Lived Assets:In accordance with SF AS No. 144 Accountingfor the Impairment or Disposal of Long-Lived
Assets we evaluate the carrying value oflong-lived assets, including intangibles, when events or circumstances
indicate the existence of a possible impainnent, based on projected undiscounted cash flows, and recognize
impainnent when such cash flows will be less than the carrying values. Measurement of the amounts of
impainnents, if any, is based upon the difference between carrying value and fair value. Events or circumstances
that could indicate the existence of a possible impainnent include obsolescence of the technology, an absence of
market demand for the product, and/or continuing technology rights protection. Management believes the net
carrying amount of long-lived assets will be recovered by future cash flows generated by commercialization of the
technology related to the long-lived asset and from cash flows generated from customer lists.
Capitalized Software Costs: In accordance with Statement of Position 98-Accounting for Costs of Computer
Software Developed or Obtained for Internal Use, the Company capitalizes certain costs incurred for the
development of internal use software. These costs include the costs associated with coding, software
configuration, upgrades, and enhancements. During the three and nine months ended September 30, 2004, the
Company capitalized $117 952 and $531 222, respectively.
Recent Accounting Pronouncements: In March 2004, the Financial Accounting Standards Board ("F ASB"
reached a consensus on Emerging Issues Task Force (EITF) Issue No.03-The Meaning of Other- Than-
Temporary Impairment and Its Application to Certain Investments. This pronouncement provides guidance to
determine the meaning of other-than-temporary impairment and its application to investments ct'assifiett as either
available-for-sale or held-to-maturity (including individual securities and investments in mutual funds), and
investments accounted for under the cost method or the equity method. The guidance for evaluating whether an
investment is other-than-temporarily impaired is to be applied in other-than-temporary impairment evaluations
made in reporting periods beginning after June 15 2004. The adoption of Issue No. 03-1 did not have a material
impact on the financial statements.
3. Customer acquisitions
DCN entered into an agreement to purchase 37 dedicated long distance customers from Source Communications
LLC for $757 856 in cash in February 2004. The transaction was closed in March 2004. The total purchase price
was entirely allocated to customer lists acquired, and is included in intangible assets in the accompanying
condensed consolidated balance sheets.
4. Gain on early extinguishment of debt
During 2003 the Company entered into a Purchase Agreement to acquire approximately 12 000 long distance
customers from Glyphics Communications, Inc. Subsequently, the two parties agreed that UCN would accelerate
payments under the agreement in exchange for a discount on the purchase price. The final payment under the
agreement was made in February 2004, and the Company recorded a $109,150 gain on the early extinguishment
of the debt.
5. Intangible assets
Intangible assets consisted of the following:
September 30. 2004
Gross Accumulated Intangible
asset amortization assets. net
December 31. 2003
Gross Accumulated Intangible
asset amortization assets. net
Customer lists acquired
Technology and patents
$ 11 518 164 $ 5 752 517 $ 5 675,647
1.318.865 467.098 851.767
2l9.617.414
$ 10 760 307 $ 3,840 679 $ 6 919 628
1.318.865 219.811 1.099.054
12.079.172 060.490 018.682
Total amortization expense of intangible assets was $728 672 for the three months ended September 30, 2004
and $2 159 125 for the nine months ended September 30,2004. Depending on the type of customers, the useful
lives of customer lists acquired range ftom 36 to 48 months, and are evaluated for recoverability on an annual
basis.
Amortization expense for all intangible assets during the three months ended December 31, 2004, and during the
four-year period ending December 31 2008 is expected to be $728 672, $2.7 million, $2.4 million, $791 585
and $31 577, respectively.
6. Accrued liabilities
Accrued liabilities consisted of the following:
Accrued commissions
Accrued dividends
Accrued payroll and related costs
Other
September 30 December 3 1
2004 2003
906 268 669 523
204 151 478 599
591 718 257 824
219 118 422 918
92l,255 $ 1 828.864
7. Capital Transactions
During the nine months ended September 30, 2004, investors exercised warrants to purchase a total of 682 000
shares of common stock. Total proceeds received in these transactions was $1.4 million. Included in these
amounts were warrants to purchase 297 500 shares exercised by one of the Company s directors, for which the
Company received $595 000.
On March 15 2004 the Company closed a private placement to institutional and accredited investors. The
Company sold 3 782 000 shares of common stock at $2.30 per share, or a total of approximately $8.7 million. Net
proceeds of the offering after placement fees and expenses were approximately $8.1 million. A portion of the
expenses associated with this transaction was the issuance to the investment banking fmn of 164 125 warrants to
purchase common shares at $2.76 per share that expire March 15 2007. The fair market value of the warrants
using the Black-Scholes pricing model, was $189 336.
In connection with the placement, Acceris Communications Inc., formerly I-link Incorporated and the holder of
300 000 shares of Series B Convertible Preferred Stock, converted all of its preferred stock to 1.5 million common
shares. Acceris subsequently sold 750 000 of those common shares to the investors in the private placement at
$2.30 per share.
In January and February 2004, three Directors exercised options to purchase a total of 255 000 shares of Common
Stock. Total proceeds received by the Company in connection with these exercises was $555 000.
In December 2003, a holder of 100 000 shares of Series B Convertible Preferred Stock converted all of those
shares to 500 000 shares of common stock. In January 2004, the holder sold those common shares plus 14 560
additional shares, or a total of 514 560 shares, to UCN for $500 000 in a privately negotiated transaction.
In May 2004, a holder of Preferred Stock converted a $300 000 promissory note into 150 000 shares of common
stock at a conversion price of $2.00 per share. In June 2004, the Company repaid two other promissory notes
totaling $200 000 under prepayment tenDS that allowed UCN to repay the notes two years earlier than the stated
. maturity dates. All three of these promissory notes had been secured by equipment.
8. Major suppliers
For the three-month periods ended September 30, 2004 and 2003, approximately 53 and 70 percent, respectively,
of the Company s cost of revenue was generated from two telecommunication providers. For the nine-month
periods ended September 30, 2004 and 2003 , approximately 55 and 71 percent of cost of revenue was generated
by the same two providers. As of September 30 2004 and December 31 2003, respectively, the Company owed
$3.1 million and $3.0 million to these providers.
9. Related party transactions
Related party transactions not previously disclosed include the following:
During the nine months ended September 30, 2004 the Company paid Theodore Stern, one of its directors who
also is Chief Executive Officer, $6 250 per month for consulting, marketing, and capital raising activities.
September 30, 2004, there was no amount owed to Mr. Stem.
During the nine months ended September 30, 2004, there were several debt arrangements with directors more
fully described in the Company s Form 10-KSB filed with the Securities and Exchange Commission on March
, 2004. Interest expense on obligations owed to related parties during the three and nine months ended
September 30, 2004 was $36 638 and $187 807, respectively.
On April 12, 2004, UCN repaid $2.3 million in promissory notes to one of its directors. The director used
$595 000 of the proceeds to exercise 297 500 warrants.
On April 26, 2004, the Company repaid a $50 000 note payable to another of its directors.
Three of the Company s current and prior directors participated in the 1999 Series A and 2000 Series B Preferred
Stock issuances under the same tenDS as all other outside investors. In February and August 2004 dividends of
Common Stock were paid to all holders of Preferred Stock. Of this amount, the participating directors received a
total of 33 054 shares of Common Stock.
10. Contingencies and Commitments
In May 2004, the Company entered into a one-year consulting agreement. As part of the consultant's
compensation, UCN agreed to issue up to 140 000 five-year warrants to purchase conunon stoct at anexercise
price of $4.00 per share. The fair market value of the warrants were and will be calculated using the Black-
Scholes method. Up to 90 000 warrants worth a total of $72,465 are to vest ratably over a period of one year, or
until the consulting agreement is tenninated, whichever comes sooner. 50 000 warrants will vest in January 2005
only upon the completion of certain performance measures.
11. MyACD acquisition
In October 2003, UCN acquired the exclusive right to sell and manage the enhanced teleconununications
functions ofMyACD, Inc., a Utah corporation ("MyACD"). MyACD develops and distributes telephony
software solutions for call center traffic management and related functions that UCN offers to customers over its
VoIP network acquired earlier in 2003. The agreement included a one-year option to purchase MyACD for
approximately $6.2 million, paid over a three-year period beginning in January 2005. During the term of the
agreement, UCN had the sole right to manage sales and marketing efforts, customer service, and billing of
MyACD customers. In addition, MyACD continued to provide enhanced service development and configuration
and UCN paid MyACD a fixed management fee for these services.
On September 30, 2004, UCN, Inc. entered into a Purchase Option Exercise and Agreement on Related Matters
with MyACD, and with Michael L. Shelton ("Shelton ) and David O. Peterson ("Peterson ), the holders of all the
common stock of MyACD. Under this Option Exercise Agreement:
UCN and MyACD extended the term of the October 2003 Cooperation and Management Agreement
through the end of 2004;
UCN exercised its option to purchase all of the capital stock of MyACD from Shelton and Peterson
under the October 2003 Purchase Option Agreement; and
UCN, Shelton, and Peterson amended the October 2003 Purchase Option Agreement to schedule the
acquisition closing on January 5 2005, and modified terms of payment and other provisions.
The total purchase price for MyACD is $6.2 million. The purchase price will be paid in January 2005 when UCN
issues to Shelton a promissory note in the principal amount of$5.6 million, and to Peterson a promissory note in
the principal amount of$581 538. Both notes are non-interest bearing.
Payments required under the Shelton note, which in no case will exceed the $5.6 million total, are:
(a) A payment of$1.4 million on January 5 2005 and a payment of$35 255 on January 15, 2005;
(b) 11 monthly payments on the 15th day of each month beginning February 15 2005 each in an
amount equal to 15.4 percent of MyACD product revenue in each calendar month, but in no event
will each such payment be less that $35 255 or greater than $135,956;
(c) 12 monthly payments on the 15th day of each month beginning January 15, 2006 each in an
amount equal to 15.4 percent of MyACD product revenue in each calendar month, but in no event
will each such payment be less that $90 640 or greater than $181 280;
(d) 12 monthly payments on the 15th day of each month beginning January 15 2007 each in an
amount equal to 15.4 percent of MyACD product revenue in each calendar month, but in no event
will each such payment be less that $135 956 or greater than $226 595; and
(e) Remaining unpaid principal, if any, on or before January 15, 2008.
The fust payment under the Shelton note of $1.4 million due ,on January 5, 2005 is payable $231 492 in cash and
by issuing to Shelton in lieu of money 562 985 shares of fully paid and non-assessable conunon stock ofUCN.
However, if the average fair market value of the common stock during the 60 trading-day period ending on and
including December 31 2004 is less than $2.00 per share or if the fair market value of the common stock on
January 4, 2005 is less than $2.00 per share, then in lieu of issuing to Shelton shares of common stock UCN must
make the balance of the payment of $1.1 million in cash. Fair market value of UCN common sWck wi.U. be
detennined on the basis of the average of the highest "bid" and lowest "asked" quotations for a share of common
stock in the over-the-counter market.
Payments required under the Peterson note, which in no case will exceed $581 538, are:
(a) A payment of$195 385 on January 5 2005 and a payment of$4 745 on January 15 2005;
(b) 11 montWy payments on the 15th day of each month beginning February 15, 2005 each in an
amount equal to 1.6 percent of of MyACD product revenue in each calendar month, but in no
event will each such payment be less that $4 745 or greater than $14 044;
(c) 12 montWy payments on the 15th day of each month beginning January 15, 2006 each in an
amount equal to 1.6 percent of MyACD product revenue in each calendar mont~ but in no event
will each such payment be less that $9 360 or greater than $18 720;
(d) 12 monthly payments on the 15th day of each month beginning January 15, 2007 each in an
amount equal to 1.6 percent of MyACD product revenue in each calendar month, but in no event
will each such payment be less that $14 044 or greater than $23,405; and
(e) Remaining unpaid principal, if any, on or before January 5, 2008.
Both notes will be secured by UCN pledging the common stock of MyACD acquired in the transaction as
collateral. UCN's payment obligations under the notes may be accelerated by the holders on the occurrence of
events of default, which include non-payment, insolvency or bankruptcy, breaches of certain representations and
warranties ofUCN in the Option Purchase Agreement, or UCN's termination without cause of employment
agreements with Shelton or Peterson. The stated term of both employment agreements is up to the date of
repayment in full of the two respective promissory notes.
MyACD is the obligor on two promissory notes issued in October 2003 to a former stockholder of MyACD.
Upon the acquisition of MyACD as a wholly owned subsidiary in January 2005 the remaining payment
obligations on these notes will appear on the balance sheet ofUCN as a result of its consolidation with MyACD
for financial reporting purposes. One note in the original principal amount of$575 000 is non-interest bearing,
and is payable in monthly installments of$II 275 beginning October 31 2003 and continuing through December
, 2008 when all remaining principal is due and payable in full. At October 1 , 2004 the remaining principal due
on the foregoing note was $439 700, and at January 5 2005 the remaining principal due should be $405 875. The
second note is in the principal amount of $85 710, is non-interest bearing, and is payable in equal montWy
installments of$2 381 commencing January 5 2005 and continuing through December 5,2007 when all
remaining principal is due and payable in full. The note in the original principal amount of$575 000 is secured
by a pledge of 2 790 000 shares of the common stock of MyACD. MyACD's payment obligations under both
notes may be accelerated by the holder in the event of a payment default, insolvency, or bankruptcy of MyACD.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Overview
DCN, Inc. (formerly Buyers United, Inc.) is a domestic telecommunications company that offers and sells
a wide range of long distance and related communication services to business and residential customers.
Historically we functioned as an aggregator and reseUer of telecommunications services provided by
others. We intend to continue to pursue and develop this type of business.
fu 2003 DCN purchased assets and licensed in perpetuity software that enabled DCN to establish and
operate a Voice over futernet Protocol communications network (VoIP Network). With the VoIP
Network DCN now offers, as a provider, enhanced services such as automated call distribution.
Furthermore, DCN transmits data and other communication services for a portion of the journey over the
VoIP Network rather than entirely through third party providers.
fu October 2003, DCN acquired the exclusive right to sell and manage the enhanced telecommunications
functions of MyACD, Inc., a Utah corporation ("MyACD"), with a one-year option to purchase it at a
price of approximately $6.2 million. On September 30, 2004 DCN exercised the option, and the
acquisition of MyACD will be effective January 5, 2005. With the MyACD technology we are now
offering a new product approach that combines our national VoIP Network with on-demand proprietary
telephony software for contact handling/management applications. We are changing the way mission
critical applications are delivered and priced for the contact center marketplace, or for any business or
department seeking to improve how it manages the productivity and quality of its customer contact
opportunitit(s.
DCN entered into an agreement to purchase 37 dedicated long distance customers from Source
Communications, LLC for $757 856 in February 2004. The transaction was completed in March 2004.
We generate internal growth by pursuing multiple marketing avenues, including using independent
agents, value-added resellers, and selling through our direct sales force.
Results of Operations
Revenues
Total revenues decreased 4.4 percent to $15.7 million for the three months ended September 30, 2004 as
compared to $16.4 million for the same period in 2003. For the nine months ended September 30 2004
revenues increased 2.0 percent to $49.2 million as compared to $48.2 million for the same period in 2003.
The increase in revenue for the nine months ended September 20 2004 compared to the same period in
2003 is due to new customers purchased throughout 2003 and the acquisition of customers from Source
Communication, LLC, which closed in March 2004. We also generated growth internally from ongoing
promotional efforts, primarily involving independent agents. These revenue increases from new and
existing customers during the first nine months of 2004 were offset by attrition of our residential
customer base.
Our plan since the beginning of 2004 is to focus our marketing effort on business users of
telecommunication services, not residential long distance users, because we believe there is a much
greater opportunity for a business of our size and resources to increase revenues through the sale of
enhanced telecommunications services to business customers rather than through the sale of traditional
long distance service to residential customers. With the technology we acquired in 2003 we have
developed a menu of enhanced communication services that we are now introducing to our existing
business customers and to new prospects through our established independent agent sales channel. As a
result of these dynamic changes in our business we are experiencing a transition in our sales mix, the
effect of which is reflected in the revenue decrease experienced during the three months ended September
, 2004. We expect this transition period will continue through the end of 2004 and into 2005. During
the transition we believe the downward trend in revenues will continue until the growing momentum in
sales of enhanced services overtakes diminished revenue caused by attrition in our reside.utiall1w.g
distance customer base.
Cost of revenues
Cost of revenues for the three month period ended September 30, 2004 was $8.7 million, a 1.6 percent
decrease, compared to $8.8 million for the comparable period in 2003. For the nine month period ended
September 30, 2004, cost of revenues increased to $26.9 million, a 2.9 percent increase as compared to
$26.1 million for the nine month period ended September 30, 2003. Cost of revenues as a percentage of
revenue for the three month period ended September 30, 2004 was 55.4 percent as compared to 53.
percent during 2003 , and was 54.6 percent for the nine months ended September 30, 2004 compared to
54.1 percent for the same period in 2003. The decrease in gross margin in the third quarter of 2004
compared to the third quarter of2003 is the result of the combination of lower, more competitive pricing
we adopted in some of the newer long-distance rate plans and the change in our sales mix from residential
customers to business customers.
We expect competitive pressures will continue to depress pricing for traditional long distance and have a
negative impact on gross margin for this service. However, enhanced telecommunication services are
priced on the basis of number of users and service features selected, so gross margin for that type of
revenue is not subject to the same downward pressure as long distance service.
General and administrative expenses
General and administrative expenses in the third quarter of 2004 decreased 6.0 percent to $3.6 million
compared to $3.8 million in the third quarter of 2003, and for the nine months ended September 30 2004
decreased 1.6 percent to $11.4 million as compared to $11.6 million for the nine months ended September
2003. A portion of the difference is attributable to the higher costs we incurred in 2003 to integrate
and improve the VoIP Network acquired at the beginning of 2003 compared to the costs of maintaining
and upgrading the Network during the first nine months of 2004. In addition, we have continued to
improve operating efficiencies in this area, resulting in decreased expenses during 2004.
Selling and promotion expenses
Selling and promotion expenses increased 27.1 percent to $3.9 million during the three month period
ended September 30, 2004 from $3.1 million for the same period in 2003. Such expenses increased 31.
percent to $10.7 million for the nine months ended September 30 2004 compared to $8.1 million during
the nine months ended September 30 2003. The increases are the result of the transition in our sales mix
over the first nine months of 2004 as higher commissioned business customers increased in the first nine
months of 2004, and lower commissioned residential customers decreased through attrition. In addition
during the second and third quarters of 2004 we increased expenses related to our various sales channels
including the addition of several sales-related personnel.
Other income ( expense)
Interest expense for the three month period ended September 30, 2004 was $138 837, compared to
$468 890 in 2003 , and for the nine months ended September 30 2004 interest expense was $687 954
compared to $1.5 million in 2003. The decreases were the result of a reduction in the outstanding debt
throughout 2004 compared to 2003.
During the third quarter of2003 , DCN entered into a Purchase Agreement to acquire approximately
000 long distance customers from Glyphics Communications, Inc. Subsequently, the two parties
agreed that DCN would accelerate payments under the agreement in exchange for a discount on the
purchase price. The final payment under the agreement was made in February 2004, and we recorded a
$109 150 gain during the first quarter of 2004 on the early extinguishment of the debt.
...
Liquidity and Capital Resources
DCN completed a private placement of common stock on March 15 2004. DCN sold 3 782 000 shares of
common stock at $2.30 per share, or a total of approximately $8.7 million. Net proceeds of the offering
after placement fees and expenses were approximately $8.1 million. The net proceeds of the private
placement have been used for various purposes, including sales and marketing related programs, funding
further development of our VoIP Network, reducing debt, and for working capital and other general
corporate purposes.
DCN's current ratio as of September 30, 2004 increased to 0.85:1 from 0.52:1 at December 31 , 2003.
The components of current assets and current liabilities that changed most significantly since the end of
2003 were the line of credit, the current portion of long-term debt and capital lease obligations, and
accounts payable.
During the nine months ended September 30, 2004 long-term debt and the related current portion of long-
term debt decreased by $6.2 million. Included therein was $2.3 million in note repayments to one of
DCN's directors. The director subsequently exercised warrants to purchase 297 500 shares of common
stock. The proceeds received by DCN totaled $595 000. DCN also repaid a $50 000 note payable to
another of its directors. Also included in the long-term debt decrease was the conversion of a $300 000
promissory note into 150 000 shares of common stock.
DCN has a line of credit agreement with RFC Capital Corporation that expires in January 2006. The
available borrowing limit is $5 million. Interest accrues at prime plus three percent. The facility allows
DCN to obtain financing on its eligible accounts receivable, including unbilled receivables and regular
monthly billings. The facility is collateralized by the underlying receivables. On September 30 2004, the
amount outstanding, less applied draws by RFC, aggregated $1.9 million which was the maximum
amount available based on eligible accounts receivable. The facility requires DCN to maintain a
restricted cash account for the collection of the receivables. As of September 30, 2004, DCN had $1.42
million of restricted cash specifically associated with the RFC arrangement.
DCN is potentially liable under standby letters of credit aggregating $120 000 in favor of two
municipalities with whom DCN has contracts to provide long distance services. The municipalities
routinely require all telecommunication service providers to maintain such letters of credit. One of the
letters of credit is secured by restricted cash of $20 000. Additional restricted cash of $160 000 provides
collateral under wholesale purchase agreements with two vendors, and $20 000 is on secured deposit with
a financial institution that provides credit card processing.
On September 10 2003, DCN filed a registration statement on Form SB-2 with the Securities and
Exchange Commission to register for resale up to approximately 8.8 million shares of common stock
underlying outstanding warrants, options and convertible debt. During 2003, investors exercised warrants
to purchase 522 500 shares of common stock providing cash to DCN of approximately $1.0 million. As
of September 30, 2004, investors had exercised warrants for an additional 682 000 shares of common
stock, providing cash of $1.4 million.
In October 2003 , DCN agreed with MyACD, Inc. to acquire the exclusive right to sell their enhanced
telecommunication services, and to manage certain product development activities. Included in the
agreement was a one-year option for DCN to purchase MyACD. MyACD develops and distributes
telephony software solutions for call center traffic management that DCN presently offers to business
customers over its VoIP network. On September 30, 2004, DCN exercised its option to purchase
MyACD, scheduled the closing for January 5 2005, and extended the selling and developmental
management rights until the end of 2004. The total purchase price is $6.2 million, to be paid in January
2005 when DCN will issue non-interest bearing promissory notes to My ACD stockholders. Monthly
payments on the notes will total 17 percent of the previous month's MyACD product and service revenue
with certain minimum and maximum limitations varying over the following three years, and a final
payment owing no later than January 2, 2008. The initial payment due in January 2005 i~ $1.6..nrillion, of
which $1.1 million is payable in shares ofDCN common stock at a guaranteed price of$2.00.
As of September 30, 2004, DCN had a working capital deficit of $1.9 million, and current portion of
long-term debt and capital lease obligations of $2.0 million. During November 2004, $250 000 of this
debt was converted into common stock at $2.00 per share. The remaining long-term debt is unsecured
$461 325 is payable to the Company s Chairman and CEO of which $112 500 is convertible into common
stock at $2.00 per share, and $500 000 is payable to a former director and current shareholder and
convertible into common stock at $2.00 per share. The remaining debt is non-recourse, has no stated
maturity date, and principal payments are variable dependent upon receivables collected from designated
customers. Accordingly, management believes that because of the relationships with the debt holders the
Company will be able to either extend the notes or renegotiate the terms in order to minimize any
negative impact on cash flow associated with payment obligations on the debt.
If the convertible debt holders described in the preceding paragraph do not convert the outstanding debt to
common stock, or if management is unsuccessful in extending the maturity date on the debt, it may be
necessary for the Company to seek additional cash to fund the continuing operations of the Company
through new debt instruments or the issuance of additional equity securities.
Capital Commitments The following table discloses aggregate information about our contractual
obligations including notes payable and lease obligations, and the periods in which payments are due as
of September 30, 2004:
Less Than
Contractual Obli ations Total 1 Year 3 Years
Notes payable $ 1,962,793 $ 1 962,793
MyACD notes payable 211,384 912,8464 298,538
Capital lease obligations 66,489 690 799
Operating lease obligations 720,986 521,406 199,580
Total contractual obligations $ 9 961 652 $4,431 735 $ 5,529 917
5 Years
After
5 Years
I - Before discount of $7 993.
2 - Assumes January 2005 closing as planned, and represents the minimum monthly amount owed over the maximum time-frame.
3 - Not including interest of $5,338.
4 - Of this amount, $1 125,970 is payable with shares ofUCN common stock at $2.00 per share.
Critical accounting policies and estimates
Revenue Recognition Revenue is derived primarily from business telephony services, including
dedicated transport, switched, long distance, and data services. DCN's customers are principally small
and medium-sized businesses and residential customers located nationwide. Revenue for the majority of
switched access, dedicated, and long distance service is generally billed on a transactional basis
determined by customer usage with some fixed rate elements billed in advance. The transactional
elements of switched services are billed in arrears and estimates are used to recognize revenue in the
period earned. The fixed rate elements billed in advance are recognized over the period the services are
provided.
Accounts Receivable and Allowance for Doubtful Accounts - Accounts receivable is comprised of
amounts billed and billable to customers, net of an allowance for uncollectible amounts. The allowance
for doubtful accounts is estimated by management and is based on specific information about customer
accounts, past loss experience, and general economic conditions. An account is written off by
management when deemed uncollectible, although collections efforts may continue.
Property and Equipment - Property and equipment are stated at cost. Major additions and improvements
are capitalized, while minor repairs and maintenance costs are expensed when incurred. In accordance
with Statement of Position 98-
, "
Accounting for the Costs of Computer Software Devel.Qped Qt.Obtained
for Internal Dse " DCN capitalizes certain costs incurred for the development of internal use software.
These costs include the costs associated with coding, software configuration, upgrades, and
enhancements.
Long-Lived Assets - Our long-lived assets consist of acquired customer lists, patents, and acquired
technology. As September 30 2004, the carrying value of these assets was $6 617,414, or 31% of total
assets. We evaluate the carrying value of long-lived assets, including intangibles, when events or
circumstances indicate the existence of a possible impairment. In our evaluation, we estimate the net
undiscounted cash flows expected to be generated by the assets, and recognize impairment when such
cash flows will be less than carrying values. Events or circumstances that could indicate the existence of
a possible impairment include obsolescence of the technology, an absence of market demand for the
product, and/or the partial or complete lapse of continuing technology rights protection.
Stock-Based Compensation - We have a stock option plan that provides for the issuance of common stock
options to employees and service providers. Although SF AS No. 123 Accountingfor Stock Based
Compensation encourages entities to adopt a fair-value-based method of accounting for stock options and
similar equity instruments, it also allows an entity to continue measuring compensation cost for stock-
based compensation for employees and directors using the intrinsic-value method of accounting
prescribed by Accounting Principles Board ("APB") Opinion No 25 Accountingfor Stock Issued to
Employees. We have elected to follow the accounting provisions of APB 25 and to furnish the pro forma
disclosures required under SFAS No. 123 for employees and directors, but we also issue warrants to non-
employees that are recognized as expense when issued in accordance with the provisions of SF AS No.
123. We calculate compensation expense under SFAS No. 123 using the Black-Scholes option pricing
model. In so doing, we estimate certain key variables used in the model. We believe the estimates we
use are appropriate and reasonable
Debt Issuance Costs - As an inducement to various investors, shareholders, and board members to lend
monies to DCN, shares of common stock and warrants to purchase shares of common stock were issued
to them. The fair market value of those shares at the date of issuance has been capitalized as debt issuance
costs and is being amortized over the life of the loans.
Income Taxes - DCN recognizes a liability or asset for the deferred income tax consequences of all
temporary differences between the tax bases of assets and liabilities and their reported amounts in the
financial statements that will result in taxable or deductible amounts in future years when the reported
amounts of the assets and liabilities are recovered or settled. These deferred income tax assets or
liabilities are measured using the enacted tax rates that will be in effect when the differences are expected
to reverse. Recognition of deferred tax assets is limited to amounts considered by management to be more
likely than not of realization in future periods.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1985 provides a safe harbor for forward-looking
statements made by DCN, except where such statements are made in connection with an initial public
offering. All statements, other than statements of historical fact, which address activities, actions, goals
prospects, or new developments that we expect or anticipate will or may occur in the future, including
such things as expansion and growth of our operations and other such matters are forward-looking
statements. Anyone or a combination of factors could materially affect our operations and financial
condition. These factors include competitive pressures, success or failure of marketing programs
changes in pricing and availability of services and products offered to customers, legal and regulatory
initiatives affecting customer marketing and rebate programs or long distance service, and conditions in
the capital markets. Forward-looking statements made by us are based on lmowledge of our business and
the environment in which we operate as of the date of this report. Because of the factors listed above, as
well as other factors beyond its control, actual results may differ from those in the forward-looking
statements.
...
Item 4. CONTROLS AND PROCEDURES
With the participation of management, DCN's chief executive officer and chief financial officer evaluated
its disclosure controls and procedures on November 4, 2004. Based on this evaluation, the chief
executive officer and the chief financial officer concluded that the disclosure controls and procedures are
effective in connection with DCN's filing of its interim report on Form 10-Q for the quarterly period
ended September 30, 2004.
Subsequent to November 4 2004, through the date of this filing of Form 10..,Q for the quarterly period
ended September 30, 2004, there have been no significant changes in DCN's internal controls or in other
factors that could significantly affect these controls, including any significant deficiencies or material
weaknesses of internal controls that would require corrective action.
PART II. OTHER INFORMATION
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During the first half of 2004, preferred stock dividends amounted to $358 664, consisting of $146 375 on
outstanding shares of Series A 8% cumulative convertible preferred stock, and $212 289 on outstanding
shares of Series B 8% cumulative convertible preferred stock. Virtually all of these dividends were paid
through the issuance of 119 239 shares of common stock to holders of the preferred stock in August 2004.
Item 6. EXHIBITS AND REPORTS ON FORM
Exhibits:Copies of the following documents are included or furnished as exhibits to this report pursuant to
Item 601 of Regulation S-
Exhibit
No.Title of Document
10.1 Purchase Option Exercise and Agreement on Related Matters between DCN, Inc.
MyACD, Inc., Michael L. Shelton, and David O. Peterson dated
September 30, 2004*
Excluding:
Exhibit A - Form of Shelton Term Note;
Exhibit B - Form of Peterson Term Note; and
Exhibit C - Schedule - Monthly Budget Payments
31.1 Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
31.2 Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
32.Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
This agreement was filed as an exhibit to DCN's.report on Form 8-K filed with the Securities and
Exchange Commission on October 4, 2004, and is incorporated herein by this reference.
UN
I
T
E
D

S
T
A
T
E
S
SE
C
U
R
I
T
I
E
S

A
N
D

E
X
C
H
A
N
G
E

C
O
M
M
I
S
S
I
O
N
Wa
s
h
i
n
g
t
o
n
,
D
C

2
0
5
4
9
FO
R
M

l
O
-
KS
B
.
(X
J

A
n
n
u
a
l

r
e
p
o
r
t

p
u
r
s
u
a
n
t

t
o

s
e
c
t
i
o
n

13

o
r

1
5
(
d
)

o
f

t
h
e

S
e
c
u
r
i
t
i
e
s

E
x
c
h
a
n
g
e

A
c
t
of

1
9
3
4

f
o
r

t
h
e

f
i
s
c
a
l

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
,
o
r
(
J

T
r
a
n
s
i
t
i
o
n

r
e
p
o
r
t

p
u
r
s
u
a
n
t

t
o

s
e
c
t
i
o
n

13

o
r

1
5
(
d
)

o
f

t
h
e

S
e
c
u
r
i
t
i
e
s

E
x
c
h
a
n
g
e
ac
t

o
f

1
9
3
4

f
o
r

t
h
e

t
r
a
n
s
i
t
i
o
n

p
e
r
i
o
d

f
r
o
m

t
o
Co
m
m
i
s
s
i
o
n

F
i
l
e

N
o
.

0
-
26
9
1
7
BU
Y
E
R
S

U
N
I
T
E
D
,

I
N
C
.
(N
a
m
e

o
f

S
m
a
l
l

B
u
s
i
n
e
s
s

I
s
s
u
e
r

a
s

s
p
e
c
i
f
i
e
d

i
n

i
t
s

ch
~
e
r
)
De
l
a
w
a
r
e

87
-
0
5
2
8
5
5
7
--
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
(S
t
a
t
e

o
r

O
t
h
e
r

J
u
r
i
s
d
i
c
t
i
o
n

o
f
In
c
o
r
p
o
r
a
t
i
o
n

o
r

O
r
g
a
n
i
z
a
t
i
o
n
)
(I
R
S

E
m
p
l
o
y
e
r
Id
e
n
t
i
f
i
c
a
t
i
o
n

N
o
.
14
8
7
0

P
o
n
y

E
x
p
r
e
s
s

R
o
a
d
,

B
l
u
f
f
d
a
l
e
,

U
t
a
h

8
4
0
6
5
(A
d
d
r
e
s
s

o
f

P
r
i
n
c
i
p
a
l

E
x
e
c
u
t
i
v
e

O
f
f
i
c
e
s

a
n
d

Z
i
p

C
o
d
e
)
Is
s
u
e
r
s
T
e
l
e
p
h
o
n
e

N
u
m
b
e
r
:

(
8
0
1
)

3
2
0
-
33
0
0
Se
c
u
r
i
t
i
e
s

r
e
g
i
s
t
e
r
e
d

u
n
d
e
r

S
e
c
t
i
o
n

1
2
(
b
)

o
f

t
h
e

A
c
t
:

N
o
n
e
Se
c
u
r
i
t
i
e
s

r
e
g
i
s
t
e
r
e
d

u
n
d
e
r

S
e
c
t
i
o
n

1
2
(
g
)

o
f

t
h
e

A
c
t
:

C
o
m
m
o
n

S
t
o
c
k
,

P
a
r

V
a
l
u
e
$0
.
00
0
1
Ch
e
c
k

w
h
e
t
h
e
r

t
h
e

i
s
s
u
e
r

(
1
)

f
i
l
e
d

a
l
l

r
e
p
o
r
t
s

r
e
q
u
i
r
e
d

t
o

b
e

f
i
l
e
d

b
y

s
e
c
t
i
o
n
s

13

o
r

1
5
(
d
)

o
f

t
h
e

E
x
c
h
a
n
g
e

A
c
t

d
u
r
i
n
g

t
h
e

p
a
s
t

1
2

mo
n
t
h
s

(
o
r

s
u
c
h

s
h
o
r
t
e
r

p
e
r
i
o
d

t
h
a
t

t
h
e

i
s
s
u
e
r

w
a
s

r
e
q
u
i
r
e
d

t
o

f
i
l
e

s
u
c
h

r
e
p
o
r
t
s
)
,

a
n
d

(
2
)

h
a
s

b
e
e
n

s
u
b
j
e
c
t

t
o

s
u
c
h

f
i
l
i
n
g

r
e
q
u
i
r
e
m
e
n
t
s
fo
r

t
h
e

p
a
s
t

9
0

d
a
y
s
.

Y
e
s

(
X
J

N
o

(

)
Ch
e
c
k

i
f

t
h
e
r
e

i
s

n
o

d
i
s
c
l
o
s
u
r
e

of

d
e
l
i
n
q
u
e
n
t

f
i
l
e
r
s

i
n

r
e
s
p
o
n
s
e

t
o

I
t
e
m

4
0
5

o
f

R
e
g
u
l
a
t
i
o
n

S
-
B
i
n

t
h
i
s

f
o
n
n
,

a
n
d

n
o

d
i
s
c
l
o
s
u
r
e

w
i
l
l

b
e
co
n
t
a
i
n
e
d
,

t
o

t
h
e

b
e
s
t

o
f

r
e
g
i
s
t
r
a
n
t
'
s
k
n
o
w
l
e
d
g
e
,
i
n

d
e
f
i
n
i
t
i
v
e

p
r
o
x
y

o
r

i
n
f
o
n
n
a
t
i
o
n

s
t
a
t
e
m
e
n
t
s

i
n
c
o
r
p
o
r
a
t
e
d

b
y

r
e
f
e
r
e
n
c
e

i
n

P
a
r
t

I
I
I

o
f
th
i
s

F
e
n
n

1
0
-
KS
B

o
r

a
n
y

a
m
e
n
d
m
e
n
t

t
o

t
h
i
s

F
o
n
n

1
0
-
KS
B
.

(

Th
e

i
s
s
u
e
r
s
r
e
v
e
n
u
e
s

f
o
r

i
t
s

m
o
s
t

r
e
c
e
n
t

f
i
s
c
a
l

y
e
a
r
:

$
6
3
31
2
96
4
.
Th
e

a
g
g
r
e
g
a
t
e

m
a
r
k
e
t

v
a
l
u
e

o
f

v
o
t
i
n
g

s
t
o
c
k

h
e
l
d

b
y

n
o
n
-
a
f
f
i
l
i
a
t
e
s

c
o
m
p
u
t
e
d

o
n

t
h
e

b
a
s
i
s

o
f

t
h
e

l
a
s
t

s
a
l
e

p
r
i
c
e

o
n

M
a
r
c
h

1
5
,
2
0
0
4
,

w
a
s
$2
8
~

7
3
9
,
28
4
.
As

o
f

M
a
r
c
h

1
5
,
20
0
4
,
t
h
e

R
e
g
i
s
t
r
a
n
t

h
a
d

o
u
t
s
t
a
n
d
i
n
g

1
2
99
4
07
9

s
h
a
r
e
s

o
r
-
C
o
m
m
o
n

S
t
o
c
k
,

p
a
r

v
a
l
u
e

$
0
.
00
0
1
.

.
'
"
...
.
.
.
,"
"
"
.
.
.
,
..
.

'
"
II
"
,
"
,.
.
.

,

0'
.
.

,

"
'

""
.
.
,
""
"
'
_
_
0
,
.
.'
,
"
,
,
_
4
1
'

"
""
"

",
.
.
.
.
"
,
.
.
.
.
.
.
TA
B
L
E

O
F

C
O
N
T
E
N
T
S
Pa
r
t

I
IT
E
M

N
U
M
B
E
R

A
N
D

C
A
P
T
I
O
N
Pa
g
e
2
.
De
s
c
r
i
p
t
i
o
n

o
f

B
u
s
i
n
e
s
s
De
s
c
r
i
p
t
i
o
n

o
f

P
r
o
p
e
r
t
y
3
.
Le
g
a
l

P
r
o
c
e
e
d
i
n
g
s
4
.
Su
b
m
i
s
s
i
o
n

o
f

M
a
t
t
e
r
s

t
o

a

V
o
t
e

o
f

S
e
c
u
r
i
t
y

H
o
l
d
e
r
s
Pa
r
t

I

I
5
.
Ma
r
k
e
t

f
o
r

C
o
m
m
o
n

E
q
u
i
t
y

a
n
d

R
e
l
a
t
e
d

S
t
o
c
k
h
o
l
d
e
r

M
a
t
t
e
r
s
Ma
n
a
g
e
m
e
n
t
'
s
D
i
s
c
u
s
s
i
o
n

a
n
d

A
n
a
l
y
s
i
s

o
f

F
i
n
a
n
c
i
a
l

C
o
n
d
i
t
i
o
n
an
d

R
e
s
u
l
t
s

o
f

O
p
e
r
a
t
i
o
n
s
7
~
Fi
n
a
n
c
i
a
l

S
t
a
t
e
m
e
n
t
s
Ch
a
n
g
e
s

i
n

a
n
d

D
i
s
a
g
r
e
e
m
e
n
t
s

w
i
t
h

A
c
c
o
u
n
t
a
n
t
s

o
n

A
c
c
o
u
n
t
i
n
g

a
n
d
Fi
n
a
n
c
i
a
l

D
i
s
c
l
o
s
u
r
e
8A
.
Co
n
t
r
o
l
s

a
n
d

P
r
o
c
e
d
u
r
e
s
Pa
r
t

I
I
I
Di
r
e
c
t
o
r
s
,

E
x
e
c
u
t
i
v
e

Of
f
i
c
e
r
s
,

P
r
o
m
o
t
e
r
s

a
n
d

C
o
n
t
r
o
l

Pe
r
s
o
n
s
;
Co
m
p
l
i
a
n
c
e

w
i
t
h

S
e
c
t
i
o
n

1
6

(a
)

o
f

t
h
e

E
x
c
h
a
n
g
e

A
c
t
10
.
Ex
e
c
u
t
i

v
e
Co
m
p
e
n
s
a

t
i
o
n
11
.
Se
c
u
r
i

t
y

Ow
n
e
r
s
h
i
p

o
f

C
e
r
t
a
i
n

B
e
n
e
f
i
c
i
a
l
'
O
w
n
e
r
s

an
d

M
a
n
a
g
e
m
e
n
t
an
d

R
e
l
a
t
e
d

S
t
o
c
k
h
o
l
d
e
r

M
a
t
t
e
r
s
12
.
Ce
r
t
a
i
n

R
e
l
a
t
i
o
n
s
h
i
p
s

a
n
d

R
e
l
a
t
e
d

T
r
a
n
s
a
c
t
i
o
n
s
13
.
Ex
h
i
b
i
t
s

a
n
d

R
e
p
o
r
t
s

o
n

F
o
r
m

8
-
K
14
.
Pr
i
n
c
i
p
a
l
'
A
c
c
o
u
n
t
a
n
t

Fe
e
s

a
n
d

S
e
r
v
i
c
e
s
r 1
1
I
.
U"
I
O
"
"
"
"
"
PA
R
T

I
IT
E
M

1
.

D
E
S
C
R
I
P
T
I
O
N

O
F

BU
S
I
N
E
S
S
Ge
n
e
r
a
l
Bu
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.

i
s

a

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

c
o
m
p
a
n
y

t
h
a
t

o
f
f
e
r
s

a

w
i
d
e

r
a
n
g
e

o
f

l
o
n
g

d
i
s
t
a
n
c
e
,

t
o
l
l

f
r
e
e
,

d
a
t
a

t
r
a
n
s
m
i
s
s
i
o
n
,

a
n
d
re
l
a
t
e
d

c
o
m
m
u
n
i
c
a
t
i
o
n

s
e
r
v
i
c
e

o
p
t
i
o
n
s

a
t

c
o
m
p
e
t
i
t
i
v
e

p
r
i
c
e
s
,
a
n
d

p
r
o
v
i
d
e
s

t
o

i
t
s

c
u
s
t
o
m
e
r
s

a

s
t
a
n
d
a
r
d

o
f

s
e
r
v
i
c
e

i
t

b
e
l
i
e
v
e
s

i
s
co
m
p
a
r
a
b
l
e

t
o

o
t
h
e
r

i
n
d
u
s
t
r
y

p
a
r
t
i
c
i
p
a
n
t
s
.

T
h
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

w
e

o
f
f
e
r

i
n
c
l
u
d
e

t
h
e

f
o
l
l
o
w
i
n
g
:
0
S
w
i
t
c
h
e
d

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
s

t
o

b
u
s
i
n
e
s
s

a
n
d

r
e
s
i
d
e
n
t
i
a
l

c
u
s
t
o
m
e
r
s
0
D
e
d
i
c
a
t
e
d

a
c
c
e
s
s

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
0
T
o
l
l
-
ft
e
e
8
0
0
/
8
8
8
/
8
7
7

/
8
6
6

s
e
r
v
i
c
e
s
.
0

D
e
d
i
c
a
t
e
d

d
a
t
a

t
r
a
n
s
m
i
s
s
i
o
n
0
P
r
i
v
a
t
e

l
i
n
e

d
a
t
a

s
e
r
v
i
c
e
s
0
C
a
l
l
i
n
g

c
a
r
d

s
e
r
v
i
c
e
s
0
C
o
n
f
e
r
e
n
c
e

c
a
l
l
i
n
g
:0

A
u
t
o
m
a
t
i
c

c
a
l
l

d
i
s
t
r
i
b
u
t
i
o
n
0
I
n
t
e
r
a
c
t
i
v
e

v
o
i
c
e

r
e
s
p
o
n
s
e
0
O
u
t
b
o
u
n
d

d
i
a
l
i
n
g

a
n
d

v
o
i
c
e

m
e
s
s
a
g
e

b
r
o
a
d
c
a
s
t
i
n
g
0
F
a
x

t
o
e
m
a
i
l
0
V
o
i
c
e

m
a
i
l
:
0

Re
a
l

t
i
m
e

a
c
c
o
u
n
t

m
a
n
a
g
e
m
e
n
t
th
e
s
e

se
r
v
i
c
e
s

c
a
r
t

b
e

o
f
f
e
r
e
d

i
n
d
i
v
i
d
u
a
l
l
y
;

or

i
n

a

s
u
i
t
e

o
f

s
e
r
v
i
c
e
s

t
a
i
l
o
r
e
d

t
o

a

c
u
s
t
o
m
e
r
s
n
e
e
d
s
.

D
u
r
i
n
g

2
0
0
3

w
e

a
c
q
u
i
r
e
d

a
n
d
in
t
e
g
r
a
t
e
d

i
n
t
o

o
u
r

o
p
e
r
a
t
i
o
n
s

a

v
o
i
c
e

o
v
e
r

I
n
t
e
r
n
e
t

p
r
o
t
o
c
o
l

n
e
t
w
o
r
k
(
V
o
I
P

N
e
t
w
o
r
k
)

th
a
t

e
n
a
b
l
e
s

u
s

t
o

o
f
f
e
r

a

n
u
m
b
e
r

o
f

s
e
r
v
i
c
e
s

i
n
th
e

f
o
r
m

o
f

s
o
f
t
w
a
r
e

s
o
l
u
t
i
o
n
s

t
h
a
t

a
r
e

d
e
l
i
v
e
r
e
d

t
h
r
o
u
g
h

o
u
r

V
o
I
P

N
e
t
w
o
r
k
.
Fo
r

t
h
e

p
a
s
t

e
i
g
h
t

y
e
a
r
s

B
u
y
e
r
s

U
n
i
t
e
d

h
a
s
'
b
e
e
n

e
n
g
a
g
e
d

in

t
h
e

b
u
s
i
n
e
s
s

o
f

r
e
s
e
l
l
i
n
g

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

s
e
r
v
i
c
e
s

p
r
o
v
i
d
e
d

b
y

o
t
h
e
r
s

t
o
Bu
y
e
r
s

U
n
i
t
e
d

a
t

w
h
o
l
e
s
a
l
e

r
a
t
e
s
.

D
o
m
e
s
t
i
c

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
s

m
a
k
e

u
p

a

m
a
j
o
r

p
o
r
t
i
o
n

o
f

o
u
r

s
a
l
e
s

w
i
t
h

t
h
e

o
t
h
e
r

s
e
r
v
i
c
e
s

l
i
s
t
e
d
ab
o
v
e

m
a
k
i
n
g

s
m
a
l
l
e
r

c
o
n
t
r
i
b
u
t
i
o
n
s

t
o

o
u
r

s
a
l
e
s

m
i
x
.
Bu
y
e
r
s

U
n
i
t
e
d

n
o
w

s
e
r
v
i
c
e
s

a
p
p
r
o
x
i
m
a
t
e
l
y

1
5
0
,
00
0

b
u
s
i
n
e
s
s

a
n
d

r
e
s
i
d
e
n
t
i
a
l

c
o
n
s
u
m
e
r
s

a
c
r
o
s
s

A
m
e
r
i
c
a
.

W
e

h
a
v
e

r
e
f
i
n
e
d

o
u
r

b
u
s
i
n
e
s
s
mo
d
e
l
o
ve
r

t
h
e

p
a
s
t

s
e
v
e
r
a
l

y
e
a
r
s

t
o

a
d
d
r
e
s
s

sp
e
c
i
f
i
c

n
i
c
h
e

o
p
p
o
r
t
u
n
i
t
i
e
s

i
n

t
h
e

v
a
s
t

c
o
m
m
u
n
i
c
a
t
i
o
n
s

i
n
d
u
s
t
r
y
.

O
u
r

b
r
a
n
d
,

U
n
i
t
e
d
Ca
r
n
e
r

N
e
t
w
o
r
k
s

(
U
C
N
)
,

w
a
s

a
d
o
p
t
e
d

i
n

t
h
e

l
a
s
t

q
u
a
r
t
e
r

of
2
0
0
!

f
o
r

pr
o
v
i
d
i
n
g

o
u
r

s
e
r
v
i
c
e
s

t
o

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s
.

W
e

p
r
e
v
i
o
u
s
l
y
us
e
d

t
h
e

b
r
a
n
d

n
a
m
e

B
u
y
e
r
s
O
n
l
i
n
e

to

se
r
v
i
c
e

r
e
s
i
d
e
n
t
i
a
l

c
u
s
t
o
m
e
r
s
.
Bu
y
e
r
s

U
n
i
t
e
d

i
s

n
o
w

m
a
r
k
e
t
i
n
g

i
t
s

s
e
r
v
i
c
e
s

p
r
i
m
a
r
i
l
y

t
h
r
o
u
g
h

i
n
d
e
p
e
n
d
e
n
t

a
g
e
n
t
s

t
o

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s
.

O
u
r

U
C
N

w
e
b

s
i
t
e

s
u
p
p
o
r
t
s
th
e

m
a
r
k
e
t
i
n
g

e
f
f
o
r
t

o
f

o
u
r

a
g
e
n
t
s

b
y

p
r
o
v
i
d
i
n
g

a

r
e
s
o
u
r
c
e

f
o
r

e
x
p
l
o
r
i
n
g

a
n
d

s
e
l
e
c
t
i
n
g

t
h
e

s
p
e
c
i
a
l
i
z
e
d

s
e
r
v
i
c
e
s

a
n
d

o
p
t
i
o
n
s

w
e

o
f
f
e
r
bu
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s
.

D
u
r
i
n
g

t
h
e

p
a
s
t

y
e
a
r

w
e

a
c
q
u
i
r
e
d

b
o
t
h

b
u
s
i
n
e
s
s

a
n
d

r
e
s
i
d
e
n
t
i
a
l

c
u
s
t
o
m
e
r
s

b
y

p
u
r
c
h
a
s
e

f
r
o
m

o
t
h
e
r

p
r
o
v
i
d
e
r
s

a
n
d
ma
y

c
o
n
s
i
d
e
r

o
p
p
o
r
t
u
n
i
t
i
e
s

f
o
r

a
d
d
i
t
i
o
n
a
l

p
u
r
c
h
a
s
e
s

i
n

t
h
e

f
u
t
u
r
e
,
a
l
t
h
o
u
g
h

a
t

t
h
e

p
r
e
s
e
n
t

t
i
m
e

w
e

a
r
e

n
o
t

c
o
n
s
i
d
e
r
i
n
g

a
n
y

p
u
r
c
h
a
s
e
op
p
o
r
t
u
n
i
t
i
e
s
.
Bu
y
e
r
s

U
n
i
t
e
d

w
a
s

o
r
i
g
i
n
a
l
l
y

f
o
r
m
e
d

a
s

a

U
t
a
h

c
o
r
p
o
r
a
t
i
o
n

i
n

19
9
4
.

I
n

M
a
r
c
h

1
9
9
9
,

B
u
y
e
r
s

U
n
i
t
e
d

c
h
a
n
g
e
d

i
t
s

c
o
r
p
o
r
a
t
e

d
o
m
i
c
i
l
e
fr
o
m

U
t
a
h

t
o

D
e
l
a
w
a
r
e

t
h
r
o
u
g
h

a

m
e
r
g
e
r

w
i
t
h

a

D
e
l
a
w
a
r
e

c
o
r
p
o
r
a
t
i
o
n

f
o
r
m
e
d

f
o
r

t
h
a
t

p
u
r
p
o
s
e
.

W
h
e
n

w
e

c
h
a
n
g
e
d

t
h
e

c
o
r
p
o
r
a
t
e
.
d
o
m
i
c
i
l
e

o
u
r

n
a
m
e

b
e
c
a
m
e

B
U
I
,

I
n
c
.
,

a
n
d

w
e

e
f
f
e
c
t
e
d

a

1
-
fo
r
-
4
r
e
v
e
r
s
e

s
p
l
i
t

i
n

t
h
e

i
s
s
u
e
d

a
n
d

o
u
t
s
t
a
n
d
i
n
g

c
o
m
m
o
n

s
t
o
c
k
.

O
n

A
p
r
i
l
.
2
0
,

2
0
0
0
,

w
e

c
h
a
n
g
e
d

o
u
r

n
a
m
e

t
o

B
u
y
e
r
s
O
n
l
i
n
e
.
co
m
,

I
n
c
.
,

a
n
d

o
n

N
o
v
e
m
b
e
r

2
0
,

2
0
0
1
,

o
u
r

n
a
m
e

w
a
s

c
h
a
n
g
e
d

a
g
a
i
n

t
o

B
u
y
e
r
s
tJ
n
i
t
e
d
,
I
n
c
.
Re
c
e
n
t

d
e
v
e
l
o
p
m
e
n
t
s
In

M
a
r
c
h

2
0
0
4

B
u
y
e
r
s

U
n
i
t
e
d

s
o
l
d

3
,
78
2
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

$
2
.
30

p
e
r

s
h
a
r
e
,

o
r

a
t
o
t
a
l

of

a
p
p
r
o
x
i
m
a
t
e
l
y

$
8
.
7
m
i
l
l
i
o
n
,

i
n

a
pr
i
v
a
t
e

p
l
a
c
e
m
e
n
t

t
o

i
n
s
t
i
t
u
t
i
o
n
a
l

a
n
d

a
c
c
r
e
d
i
t
e
d

i
n
v
e
s
t
o
r
s
.

N
e
t

p
r
o
c
e
e
d
s

o
f

t
h
e

o
f
f
e
r
i
n
g

a
f
t
e
r

p
l
a
c
e
m
e
n
t

f
e
e
s

a
n
d

e
x
p
e
n
s
e
s

w
e
r
e
ap
p
r
o
x
i
m
a
t
e
l
y

$
8
.
1
m
i
l
l
i
o
n
.

T
h
e

n
e
t

p
r
o
c
e
e
d
s

o
f

t
h
e

p
r
i
v
a
t
e
p
l
a
c
e
m
e
n
t
ar
e

i
n
t
e
n
d
e
d

t
o

b
e

u
s
e
d

f
o
r

v
a
r
i
o
u
s

c
o
r
p
o
r
a
t
e

p
u
r
p
o
s
e
s
,
in
c
l
u
d
i
n
g

s
a
l
e
s

a
n
d

m
a
r
k
e
t
i
n
g

r
e
l
a
t
e
d

p
r
o
g
r
a
m
s
,
f
u
n
d
i
n
g

f
u
r
t
h
e
r

d
e
v
e
l
o
p
m
e
n
t

o
f
'"

"
,
.
..

I
.

"
.,

'
I
"'"
""
"
,
""
"
"
"
"
"
"
"
"
"

'o
m

-,

"
m
.
.

I
I
.
'"

"

II

,
.

'
"

"
'
!
ou
r

V

o
I
P

N
e
t
w
o
r
k
,

re
d
u
c
i
n
g

d
e
b
t
,

a
n
d

f
o
r

w
o
r
k
i
n
g

c
a
p
i
t
a
l

a
n
d

o
t
h
e
r

g
e
n
e
r
a
l

c
o
r
p
o
r
a
t
e

pu
r
p
o
s
e
s
.

B
u
y
e
r
s

U
n
i
t
e
d

i
n
t
e
n
d
s

t
o

f
i
l
e

a
re
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

u
n
d
e
r

t
h
e

S
e
c
u
r
i
t
i
e
s

A
c
t

o
f

19
3
3

t
o

p
e
r
m
i
t

r
e
s
a
l
e

o
f

t
h
e

s
h
a
r
e
s

s
o
l
d

i
n

t
h
e

o
f
f
e
r
i
n
g
.
Bu
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

a
n

a
g
r
e
e
m
e
n
t

t
o

p
u
r
c
h
a
s
e

3
7

d
e
d
i
c
a
t
e
d

l
o
n
g

d
i
s
t
a
n
c
e

c
u
s
t
o
m
e
r
s

f
r
o
m

S
o
u
r
c
e

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
L
L
C

f
o
r
$7
5
0
,
00
0

i
n

F
e
b
r
u
a
r
y

2
0
0
4
.

C
l
o
s
i
n
g

o
f

t
h
e

a
c
q
u
i
s
i
t
i
o
n

w
a
s

s
u
b
j
e
c
t

t
o

co
p
1
p
l
y
i
n
g

w
i
t
h

a
p
p
l
i
c
a
b
l
e

f
e
d
e
r
a
l

a
n
d

st
a
t
e

r
e
g
u
l
a
t
i
o
n

p
e
r
t
a
i
n
i
n
g
to

t
r
a
n
s
f
e
r

o
f

t
h
e

c
u
s
t
o
m
e
r
s
.

A
l
l

o
f

t
h
e

r
e
g
u
l
a
t
o
r
y

r
e
q
u
i
r
e
m
e
n
t
s

w
e
r
e

s
a
t
i
s
f
i
e
d

a
n
d

t
h
e

a
c
q
u
i
s
i
t
i
o
n

of

t
h
e

c
u
s
t
o
m
e
r
s

i
s

c
o
m
p
l
e
t
e
d
.
In

O
c
t
o
b
e
r

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

a
c
q
u
i
r
e
d

t
h
e

e
x
c
l
u
s
i
v
e

r
i
g
h
t

t
o

s
e
l
l

a
n
d

m
a
n
a
g
e

t
h
e

e
n
h
a
n
c
e
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

f
u
n
c
t
i
o
n
s

o
f
My
A
C
D
,

I
n
c
.
,

w
i
t
h

a

o
n
e
-
ye
a
r

o
p
t
i
o
n

t
o

p
u
r
c
h
a
s
e

M
y
A
C
D
.

M
y
A
C
D

d
e
v
e
l
o
p
s

a
n
d

d
i
s
t
r
i
b
u
t
e
s

t
e
l
e
p
h
o
n
y

s
o
f
t
w
a
r
e

s
o
l
u
t
i
o
n
s

f
o
r

c
a
l
l
ce
n
t
e
r

t
r
a
f
f
i
c

m
a
n
a
g
e
m
e
n
t

a
n
d

r
e
l
a
t
e
d

f
u
n
c
t
i
o
n
s

t
h
a
t

B
u
y
e
r
s

U
n
i
t
e
d

c
a
n

n
o
w

o
f
f
e
r

t
o

i
t
s

c
u
s
t
o
m
e
r
s

o
v
e
r

i
t
s

V
o
I
P

N
e
t
w
o
r
k
.

D
u
r
i
n
g

t
h
e
te
r
m

o
f

t
h
e

a
g
r
e
e
m
e
n
t
,
B
u
y
e
r
s

U
n
i
t
e
d

h
a
s

t
h
e

s
o
l
e

r
i
g
h
t

t
o

m
a
n
a
g
e

s
a
l
e
s
,
s
e
r
v
i
c
e

a
n
d

b
i
l
l
i
n
g

of
M
y
A
C
D

se
r
v
i
c
e
s
.

U
n
d
e
r

t
h
e

a
g
r
e
e
m
e
n
t
My

A
C
D

wi
l
l

c
o
n
t
i
n
u
e

t
o

p
r
o
v
i
d
e

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e

d
e
v
e
l
o
p
m
e
n
t

a
n
d

c
o
n
f
i
g
u
r
a
t
i
o
n

a
n
d

B
u
y
e
r
s

U
n
i
t
e
d

w
i
l
l

r
e
i
m
b
u
r
s
e

M
y

AC
D

f
o
r
ac
t
U
a
l

c
o
s
t
s

r
e
l
a
t
e
d

t
o

t
h
e
s
e

ac
t
i
v
i
t
i
e
s
.
bu
r
i
n
g

A
u
g
u
s
t

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

p
u
r
c
h
a
s
e
d

a
p
p
r
o
x
i
m
a
t
e
l
y

1
2
,
00
0

l
o
n
g

d
i
s
t
a
n
c
e

c
u
s
t
o
m
e
r
s

f
r
o
m

G
l
y
p
h
i
c
s

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
I
n
c
.
fo
r

$
5
4
3
,
55
8
.
In

D
e
c
e
m
b
e
r

2
0
0
2
,

B
u
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

a
n

a
g
r
e
e
m
e
n
t

t
o

p
u
r
c
h
a
s
e

a
s
s
e
t
s

o
f

A
c
c
e
r
i
s

C
o
m
m
u
n
i
c
a
t
i
o
n
s

I
n
c
.

(
f
o
r
m
e
r
l
y

I
-
Li
n
k
,
In
c
.
)
a
n
d

i
t
s

s
u
b
s
i
d
i
a
r
y
,

I
-
Li
n
k

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,

I
n
c
.
,
a
n
d

l
i
c
e
n
s
e

i
n

p
e
r
p
e
t
u
i
t
y

s
o
f
t
w
a
r
e
.

d
e
v
e
l
o
p
e
d

b
y

A
c
c
e
r
i
s
,
a
l
l

o
f

w
h
i
c
h

c
o
m
p
r
i
s
e
th
e
V
o
I
P

N
e
t
w
o
r
k

w
e

n
o
w

o
w
n

a
n
d

op
e
r
a
t
e
.

C
o
n
c
u
r
r
e
n
t
l
y

w
i
t
h

t
h
e

a
g
r
e
e
m
e
n
t

f
o
r

t
h
e

p
u
r
c
h
a
s
e

o
f

t
h
e

a
s
s
e
t
s
,
B
u
y
e
r
s

U
n
i
t
e
d

a
s
s
u
m
e
d
ma
n
a
g
e
m
e
n
t

o
f

t
h
e

a
s
s
e
t
s

t
o

b
e

a
c
q
u
i
r
e
d

p
e
n
d
i
n
g

t
h
e

c
l
o
s
i
n
g

o
f

t
h
e

p
u
r
c
h
a
s
e
.

T
h
e

t
r
a
n
s
a
c
t
i
o
n

w
a
s

c
l
o
s
e
d

i
n

M
a
y

2
0
0
3
,

w
i
t
h

s
e
v
e
r
a
l
ou
t
s
t
a
n
d
i
n
g

a
c
c
o
u
n
t
s

t
o

r
e
c
o
n
c
i
l
e
.

T
h
e

a
s
s
e
t
s

a
c
q
u
i
r
e
d

i
n
c
l
u
d
e

d
e
d
i
c
a
t
e
d

e
q
u
i
p
m
e
n
t

r
e
q
u
i
r
e
d

f
o
r

o
p
e
r
a
t
i
n
g

t
h
e

V
o
I
P

N
e
t
w
o
r
k
,
cu
s
t
o
m
e
r
s

o
f
l
.
.
Li
n
k

C
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
d

t
h
r
o
u
g
h

t
h
e

n
e
t
w
o
r
k
,

a
n
d

c
e
r
t
a
i
n

t
r
a
d
e
m
a
r
k
s
.

I
n

c
o
n
s
i
d
e
r
a
t
i
o
n

f
o
r

t
h
e

a
s
s
e
t
s

a
n
d
so
f
t
w
a
r
e

l
i
c
e
n
s
e
,

B
u
y
e
r
s

U
n
i
t
e
d

i
s
s
u
e
d

t
o

A
c
c
e
r
i
s

3
0
0
00
0

s
h
a
r
e
s

o
f

S
e
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k
.

T
h
i
s

p
r
e
f
e
r
r
e
d

s
t
o
c
k

w
a
s
co
n
v
e
r
t
e
d

t
o

1
,
50
0
,
00
0

c
o
m
m
o
n

s
h
a
r
e
s

i
n

M
a
r
c
h

2
0
0
4

p
u
r
s
u
a
n
t

t
o

a
n

a
g
r
e
e
m
e
n
t

w
i
t
h

A
c
c
e
r
i
s

t
h
a
t

r
e
s
o
l
v
e
d

t
h
e

o
p
e
n

a
c
c
o
u
n
t

i
s
s
u
e
s
,
al
l
o
w
e
d

A
c
c
e
r
i
s

t
o

s
e
l
l

7
5
0
,
00
0

o
f

t
h
e

c
o
n
v
e
r
t
e
d

c
o
m
m
o
n

s
h
a
r
e
s

t
o

t
h
e

s
a
m
e

i
n
v
e
s
t
o
r
s

t
h
a
t

p
u
r
c
h
a
s
e
d

B
u
y
e
r
s

U
n
i
t
e
d

c
o
m
m
o
n

s
t
o
c
k

i
n
Ma
r
c
h

2
0
0
4
,

a
n
d

g
r
a
n
t
e
d

t
o

A
c
c
e
r
i
s

t
h
e

r
i
g
h
t

t
o

i
n
c
l
u
d
e

i
t
s

c
o
m
m
o
n

s
t
o
c
k

i
n

a
n
y

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

w
e

f
i
l
e

f
o
r

t
h
e

M
a
r
c
h

i
n
v
e
s
t
o
r
s
.
On

D
e
c
e
m
b
e
r

2
0
,
2
0
0
2
,

B
u
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

a
n

a
g
r
e
e
m
e
n
t

w
i
t
h

T
o
u
c
h

A
m
e
r
i
c
a
,

I
n
c
.
,
a

s
u
b
s
i
d
i
a
r
y

o
f

T
o
u
c
h

A
m
e
r
i
c
a

H
o
l
d
i
n
g
s
In
c
.
,
t
o

p
u
r
c
h
a
s
e

a

s
u
b
s
t
a
n
t
i
a
l

n
u
m
b
e
r

o
f

i
t
s

s
w
i
t
c
h
e
d

v
o
i
c
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

c
u
s
t
o
m
e
r
s
,

i
n
c
l
u
d
i
n
g

t
h
e

c
a
r
n
e
r

i
d
e
n
t
i
f
i
c
a
t
i
o
n

c
o
d
e
us
e
d

t
o

s
e
r
v
i
c
e

t
h
o
s
e

c
u
s
t
o
m
e
r
s
.

I
n

J
u
n
e

2
0
0
3
;

w
e

a
m
e
n
d
e
d

t
h
e

p
u
r
c
h
a
s
e

a
g
r
e
e
m
e
n
t

t
o

a
c
q
u
i
r
e

a
d
d
i
t
i
o
n
a
l

s
w
i
t
c
h
e
d

v
o
i
c
e

a
n
d

d
e
d
i
c
a
t
e
d
te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

c
u
s
t
o
m
e
r
s

a
n
d

c
o
r
r
e
c
t

d
i
s
c
r
e
p
a
n
c
i
e
s

i
n

t
h
e

l
i
s
t

o
f

c
u
s
t
o
m
e
r
s

o
r
i
g
i
n
a
l
l
y

p
u
r
c
h
a
s
e
d

i
n

D
e
c
e
m
b
e
r

2
0
0
2
.

B
u
y
e
r
s
Un
i
t
e
d

d
i
d

n
o
t

p
u
r
c
h
a
s
e

a
n
y

a
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e
,

e
q
u
i
p
m
e
n
t
,
o
r

o
t
h
e
r

a
s
s
e
t
s

o
f

T
o
u
c
h

A
m
e
r
i
c
a
.

T
h
e

t
o
t
a
l

p
u
r
c
h
a
s
e

p
r
i
c
e

w
a
s

$
6
.
mi
l
l
i
o
n
.

B
u
y
e
r
s

U
n
i
t
e
d

m
a
d
e

a
n

i
n
i
t
i
a
l

p
a
y
m
e
n
t

o
f

$
3

m
i
l
l
i
o
n

t
o

T
o
u
c
h

A
m
e
r
i
c
a

i
n

D
e
c
e
m
b
e
r

2
0
0
2

a
n
d

h
a
s

m
a
d
e

a
d
d
i
t
i
o
n
a
l

c
a
s
h
pa
y
m
e
n
t
s

t
o
t
a
l
i
n
g

$
3
.
4
m
i
l
l
i
o
n

t
h
r
o
u
g
h

M
a
r
c
h

4
20
0
4
.

T
h
e

b
a
l
a
n
c
e

o
f
$
9
3
,
98
8

i
s

e
x
p
e
c
t
e
d

t
o

b
e

p
a
i
d

i
n

A
p
r
i
l

2
0
0
4
.
Se
r
v
i
c
e
s

a
n
d

p
r
o
d
u
c
t
s
Bu
y
e
r
s

U
n
i
t
e
d

i
s

a
n

a
g
g
r
e
g
a
t
o
r

a
n
d

p
r
o
v
i
d
e
r

o
f

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s
.

A
s

a
n

a
g
g
r
e
g
a
t
o
r

w
e

m
e
a
n
.

th
a
t

w
e

c
o
n
t
r
a
c
t

w
i
t
h

a
nu
m
b
e
r

o
f

t
h
i
r
d

p
a
r
t
y

p
r
o
v
i
d
e
r
s

f
o
r

t
h
e

r
i
g
h
t

t
o

r
e
s
e
l
l

t
h
e

v
a
r
i
o
u
s

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

s
e
r
v
i
c
e
s

a
n
d

p
r
o
d
u
c
t
s

t
h
e
y

p
r
o
v
i
d
e
,

a
n
d

t
h
e
n

o
f
f
e
r
al
l

o
f

t
h
e
s
e

v
a
r
i
o
u
s

s
e
r
v
i
c
e
s

t
o

o
u
r

c
u
s
t
o
m
e
r
s
.

W
e

a
r
e

a
l
s
o

a

p
r
o
v
i
d
e
r
,
i
n

t
h
a
t

w
e

o
p
e
r
a
t
e

a

d
e
d
i
c
a
t
e
d

V
o
I
P

N
e
t
w
o
r
k

a
n
d

a
d
v
a
n
c
e
d
cu
s
t
o
m
e
r

c
o
n
t
a
c
t

h
a
n
d
l
i
n
g
/
m
a
n
a
g
e
m
e
n
t

s
o
f
t
w
a
r
e

a
p
p
l
i
c
a
t
i
o
n
s

t
h
a
t

e
n
a
b
l
e

u
s

t
o

o
f
f
e
r

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s

t
o

o
u
r

c
u
s
t
o
m
e
r
s
.

T
h
e

v
a
r
i
e
t
y
of

s
e
r
v
i
c
e
s

a
n
d

p
r
o
d
u
c
t
s

w
e

o
f
f
e
r

e
n
a
b
l
e
s

t
h
e

c
u
s
t
o
m
e
r

t
o

b
u
y

o
n
l
y

t
h
d
s
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

i
t

n
e
e
d
s

f
r
o
m

o
n
e

s
o
u
r
c
e
co
m
b
i
n
e

t
h
o
s
e

s
e
r
v
i
c
e
s

i
n

a

c
u
s
t
o
m
i
z
e
d

p
a
c
k
a
g
e
,

r
e
c
e
i
v
e

o
n
e

b
i
l
l

f
o
r

t
h
o
s
e

s
e
r
v
i
c
e
s
,

a
n
d

m
a
k
e

o
n
e

c
a
l
l

t
o

B
u
y
e
r
s

U
n
i
t
e
d

i
f

a

s
e
r
v
i
c
e
pr
o
b
l
e
m

o
r

b
i
l
l
i
n
g

i
s
s
u
e

a
r
i
s
e
s
.

T
h
e

s
e
p
a
r
a
t
e

s
e
r
v
i
c
e
s

B
u
y
e
r
s

U
n
i
t
e
d

c
a
n

s
e
l
l

s
i
n
g
l
y

o
r

b
u
n
d
l
e
d

t
o

m
e
e
t

c
u
s
t
o
m
e
r

n
e
e
d
s

i
n
c
l
u
d
e
:
0
S
w
i
t
c
h
e
d

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e

t
o

b
u
s
i
n
e
s
s

a
n
d

r
e
s
i
d
e
n
t
i
a
l

c
u
s
t
o
m
e
r
s
.

T
h
i
s

i
s

t
r
a
d
i
t
i
o
n
a
l

1
+

lo
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
.

T
h
e

c
u
s
t
o
m
e
r

d
i
a
l
s
th
e

l
o
n
g
-
di
s
t
a
n
c
e

n
u
m
b
e
r

a
n
d

t
h
e

l
o
c
a
l

e
x
c
h
a
n
g
e

c
a
r
r
i
e
r

s
w
i
t
c
h
e
s

t
h
e

c
a
l
l

t
o

t
h
e

l
o
n
g

d
i
s
t
a
n
c
e

p
r
o
v
i
d
e
r

w
e

h
a
v
e

d
e
s
i
g
n
a
t
e
d

f
o
r

t
h
e
cu
s
t
o
m
e
r
"'.
.
.
..
.
.
,
.
,
.
.
"
"
II

,
..

."
"
.
.
.
.
.

,

I"
,
IR
.

,
ba
s
e
d

o
n

t
h
e

c
u
s
t
o
m
e
r
s
a
c
c
o
u
n
t

s
e
l
e
c
t
i
o
n
s
.

W
e

b
i
l
l

t
h
e

c
u
s
t
o
m
e
r

f
o
r

t
h
e

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e

a
t

t
h
e

a
p
p
l
i
c
a
b
l
e

r
e
t
a
i
l

r
a
t
e
,
a
s

w
e
l
l

a
s
lo
c
a
l

a
c
c
e
s
s

f
e
e
s

f
o
r

t
h
e

l
o
c
a
l

e
x
c
h
a
n
g
e

c
a
r
r
i
e
r
;

t
a
x
e
s
,

a
n
d

u
n
i
v
e
r
s
a
l

s
e
r
v
i
c
e

f
u
n
d

c
h
a
r
g
e
s
.
0
D
e
d
i
c
a
t
e
d

a
c
c
e
s
s

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
.

S
o
m
e

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s

r
e
q
u
i
r
e

m
u
l
t
i
p
l
e

l
i
n
e

c
o
n
c
u
r
r
e
n
t

l
o
n
g

d
i
s
t
a
n
c
e

a
c
c
e
s
s

f
o
r

h
i
g
h
vo
l
u
m
e

t
e
l
e
m
a
r
k
e
t
i
n
g

o
r

c
a
l
l
-
c
e
n
t
e
r

o
p
e
r
a
t
i
o
n
s
.

D
e
d
i
c
a
t
e
d

a
c
c
e
s
s

c
o
n
n
e
c
t
s

t
h
e

c
u
s
t
o
m
e
r

d
i
r
e
c
t
l
y

t
o

t
h
e

l
o
n
g

d
i
s
t
a
n
c
e

c
a
r
r
i
e
r
,
b
y
-
pa
s
s
i
n
g

t
h
e

l
o
c
a
l

e
x
c
h
a
n
g
e

c
a
r
r
i
e
r
,

t
h
r
o
u
g
h

a

T

-
1
o
r

h
i
g
h
e
r

c
a
p
a
c
i
t
y

l
o
c
a
l

l
o
o
p

c
o
n
n
e
c
t
i
o
n
.

W
e

b
i
l
l

t
h
e

c
u
s
t
o
m
e
r

f
o
r

t
h
e

l
o
c
a
l

l
o
o
p
co
n
n
e
c
t
i
o
n

a
n
d

f
o
r

t
h
e

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
.

.
0
T
o
l
l
-
fr
e
e

8
0
0
/
8
8
8
/
8
7
7
/
8
6
6

s
e
r
v
i
c
e
s
.

T
o
l
l

f
r
e
e

c
a
l
l
i
n
g

s
e
r
v
i
c
e

a
l
l
o
w
s

c
l
i
e
n
t
s

o
f

o
u
r

c
u
s
t
o
m
e
r

t
o

c
a
l
l

i
n
t
o

t
h
e

c
u
s
t
o
m
e
r

a
t

t
h
e
cu
s
t
o
m
e
r
s
e
x
p
e
n
s
e
,

r
a
t
h
e
r

t
h
a
n

t
h
e

c
l
i
e
n
t
'
s
e
x
p
e
n
s
e
.

T
h
i
s

i
s

a

s
e
r
v
i
c
e

t
r
a
d
i
t
i
o
n
a
l
l
y

u
s
e
d

b
y

o
u
r

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s
.

W
e

o
w
n

a
n
d

a
s
s
i
g
n
th
e

t
o
l
l

f
r
e
e

n
u
m
b
e
r
s

t
o

o
u
r

c
u
s
t
o
m
e
r
s

a
n
d

b
i
l
l

o
u
r

c
u
s
t
o
m
e
r
s

f
o
r

t
h
e

t
o
l
l

f
r
e
e

n
u
m
b
e
r

a
n
d

t
h
e

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
.
0
D
e
d
i
c
a
t
e
d

d
a
t
a

t
r
a
n
s
m
i
s
s
i
o
n
.

T
h
i
s

i
s

s
i
m
i
l
a
r

t
o

d
e
d
i
c
a
t
e
d

a
c
c
e
s
s

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
,

e
x
c
e
p
t

t
h
e

p
r
i
m
a
r
y

u
s
e

i
s

f
o
r

d
a
t
a
tr
a
n
s
m
i
s
s
i
o
n
,
s
u
c
h

a
s

I
r
t
t
e
r
n
e
t
a
c
c
e
s
s
,

a
n
d

t
h
e

l
o
c
a
l

l
o
o
p

i
s

c
o
n
n
e
c
t
e
d

t
o

t
h
e

I
n
t
e
r
n
e
t

t
h
r
o
u
g
h

o
n
e

o
f

o
u
r

p
r
o
v
i
d
e
r
s
.

W
e

b
i
l
l

t
h
e

c
u
s
t
o
m
e
r
fo
r

t
h
e

l
o
c
a
l

l
o
o
p

c
o
n
n
e
c
t
i
o
n

a
n
d

f
o
r

I
n
t
e
r
n
e
t

a
c
c
e
s
s

f
e
e
s
.
0
P
r
i
v
a
t
e

l
i
n
e

d
a
t
a

s
e
r
v
i
c
e
s
.

T
h
i
s

t
y
p
e

o
f

s
e
r
v
i
c
e
s

i
s

p
r
o
v
i
d
e
d

t
h
r
o
u
g
h

a

T

-
lo
r

h
i
g
h
e
r

c
a
p
a
c
i
t
y

c
i
r
c
u
i
t
,
a
n
d

e
n
c
o
m
p
a
s
s
e
s

a

v
a
r
i
e
t
y

o
f
da
t
a

t
r
a
n
s
m
i
s
s
i
o
n

m
e
d
i
a
,

i
n
c
l
u
d
i
n
g

F
r
a
m
e

R
e
l
a
y
,

d
e
d
i
c
a
t
e
d

I
n
t
e
r
n
e
t

a
c
c
e
s
s

o
r

A
s
y
n
c
h
r
o
n
o
u
s

T
r
a
n
s
f
e
r

M
o
d
e

(
A

TM
)

d
a
t
a

n
e
t
w
o
r
k
s
.
Ea
c
h

o
f

t
h
e
s
e

d
a
t
a
p
r
o
d
u
c
t
s

r
e
l
y

o
n

a

s
h
a
r
e
d

n
e
t
w
o
r
k

a
r
c
h
i
t
e
c
t
u
r
e

w
h
e
r
e

t
h
e

ba
n
d
w
i
d
t
h

o
n

t
h
e

n
e
t
w
o
r
k

b
a
c
k
b
o
n
e

i
s

s
h
a
r
e
d

b
y

t
h
e

u
s
e
r
s
co
n
n
e
c
t
e
d

i
n
t
o

t
h
e
s
e

n
e
t
w
o
r
k
s
.

C
u
s
t
o
m
e
r
s

f
r
e
q
u
e
n
t
l
y

s
e
l
e
c
t

t
h
e
s
e

t
y
p
e
s

o
f

n
e
t
w
o
r
k
s

b
e
c
a
u
s
e

i
t

i
s

m
u
c
h

m
o
r
e

c
o
s
t
-
e
f
f
e
c
t
i
v
e

t
h
a
n
in
s
t
a
l
l
i
n
g

a

p
r
i
v
a
t
e

l
i
n
e

n
e
t
w
o
r
k
,

o
r

b
e
c
a
u
s
e

o
f

t
h
e

n
e
e
d

t
o

a
c
c
e
s
s

t
h
e

p
u
b
l
i
c

I
n
t
e
r
n
e
t
.
0
C
a
l
l
i
n
g

c
a
r
d

s
e
r
v
i
c
e
s
.

T
h
e

c
a
l
l
i
n
g

c
a
r
d

f
e
a
t
u
r
e

i
s

o
f
t
e
n

p
r
o
v
i
d
e
d

w
i
t
h

o
u
r

s
w
i
t
c
h
e
d

a
n
d

d
e
d
i
c
a
t
e
d

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
s
.

T
h
e

c
a
l
l
i
n
g
ca
r
d

a
l
l
o
w
s

t
h
e

c
u
s
t
o
m
e
r

t
o

u
s
e

a

t
o
l
l

f
r
e
e

n
u
m
b
e
r

a
n
d

P
I
N

t
o

m
a
k
e

l
o
n
g

d
i
s
t
a
n
c
e

c
a
l
l
s

f
r
o
m

a
n
y

l
o
c
a
t
i
o
n

o
n

i
t
s

a
c
c
o
u
n
t
.

W
e

b
i
l
l

t
h
e
cu
s
t
o
m
e
r

f
o
r

t
h
e

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
.
0
C
o
n
f
e
r
e
n
c
e

c
a
l
l
i
n
g
.

T
h
i
s

s
e
r
v
i
c
e

a
l
l
o
w
s

a

c
u
s
t
o
m
e
r

t
o

i
n
t
e
r
c
o
n
n
e
c
t

s
i
m
u
l
t
a
n
e
o
u
s
l
y

a

n
u
m
b
e
r

o
f

c
a
l
l
e
r
s

f
o
r

c
o
n
f
e
r
e
n
c
e

p
u
r
p
o
s
e
s
.

T
h
i
s
fe
a
t
u
r
e

i
s

o
f

p
a
r
t
i
c
u
l
a
r

v
a
l
u
e

t
o

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s

t
h
a
t

h
a
v
e

a

n
e
e
d

f
o
r

m
u
l
t
i
p
l
e

m
e
m
b
e
r
s

o
f

t
h
e

o
r
g
a
n
i
z
a
t
i
o
n

t
o

s
p
e
a
k

t
o
g
e
t
h
e
r

f
r
o
m
re
m
o
t
e

l
o
c
a
t
i
o
n
s

o
n

a

p
e
r
i
o
d
i
c

b
a
s
i
s
.

T
h
e

c
u
s
t
o
m
e
r

i
s

a
s
s
i
g
n
e
d

a

t
o
l
l

f
r
e
e

n
u
m
b
e
r

a
n
d

P
I
N

t
h
a
t

a
l
l
o
w
s

e
a
c
h

p
a
r
t
i
c
i
p
a
n
t

i
n

t
h
e
co
n
f
e
r
e
n
c
e

c
al
l

t
o

a
c
c
e
s
s
t
h
e

c
a
l
l

s
i
m
p
l
y

b
y

d
i
a
l
i
n
g

t
h
e

t
o
l
l

fr
e
e

n
u
m
b
e
r

a
n
d

e
n
t
e
r
i
n
g

t
h
e

P
I
N

w
h
e
n

p
r
o
m
p
t
e
d
.

W
e

b
i
l
l

t
h
e

c
u
s
t
o
m
e
r

f
o
r
th
e

c
o
n
f
e
r
e
n
c
e

c
a
l
l

f
e
a
t
u
r
e

a
n
d

t
h
e

l
o
n
g

d
i
s
t
a
n
c
e

m
i
n
u
t
e
s

o
f

e
a
c
h

p
a
r
t
i
c
i
p
a
n
t

i
n

t
h
e

c
o
n
f
e
r
e
n
c
e

c
a
l
l
.
0
O
u
t
b
o
u
n
d

d
i
a
l
i
n
g

a
n
d

v
o
i
c
e

m
e
s
s
a
g
e

b
r
o
a
d
c
a
s
t
i
n
g
.

T
h
i
s

i
s

t
h
e

a
b
i
l
i
t
y

t
o

a
l
l
o
w

a

c
u
s
t
o
m
e
r

t
o

a
u
t
o
m
a
t
i
c
a
l
l
y

d
i
a
l

o
u
t
b
o
u
n
d

a
n
d

t
o
br
o
a
d
c
a
s
t

v
o
i
c
e

m
e
s
s
a
g
es

t
o

p
r
e
d
e
f
i
n
e
d

l
i
s
t
s
.

C
u
s
t
o
m
e
r
s

c
a
n

p
a
y

b
y

t
h
e

c
a
l
l
,

b
y

t
h
e

m
i
n
u
t
e

o
r

b
y

t
h
e

p
o
r
t
.

T
h
e
y

c
a
n

a
l
s
o

l
i
n
k

d
i
r
e
c
t
l
y
to

t
h
e
i
r

o
w
n

d
a
t
a
b
a
s
e

t
o

a
u
t
o
m
a
t
i
c
a
l
l
y

g
e
n
e
r
a
t
e

c
a
l
l

l
i
s
t
s

w
i
t
h

s
o
p
h
i
s
t
i
c
a
t
e
d

c
a
l
l

s
c
h
e
d
u
l
i
n
g

c
a
p
a
b
i
l
i
t
i
e
s
.

T
h
e
y

c
a
n

a
l
s
o

c
h
o
o
s
e

b
e
t
w
e
e
n
au
t
o
d
i
8
J

(
o
n
e

a
t

a

t
i
m
e
)
,

p
o
w
e
r
d
i
a
l

(
d
i
a
l

se
q
u
e
n
t
i
a
l
l
y

t
h
r
o
u
g
h

a

l
i
s
t
)
,

o
r

p
r
e
d
i
c
t
i
v
e

d
i
a
l
e
r
s

(
c
o
m
p
u
t
e
r

a
l
g
o
r
i
t
h
m
s

w
i
t
h

d
i
a
l

a
h
e
a
d

t
o
sc
r
e
e
n

o
u
t

b
u
s
i
e
s
,

n
o

a
n
s
w
e
r
s
,

e
t
c
.
0
F
a
x

t
o

E
m
a
i
l
.

T
h
i
s

s
e
r
v
i
c
e

a
l
l
o
w
s

a

c
u
s
t
o
m
e
r

t
o

s
e
n
d

o
r

r
e
c
e
i
v
e

f
a
x
e
s

t
h
r
o
u
g
h

a
n

E
m
a
i
l

a
d
d
r
e
s
s

w
i
t
h

t
h
e

c
u
s
t
o
m
e
r
s
p
e
r
s
o
n
a
l
co
m
p
u
t
e
r
~

.
0

V
o
i
c
e

m
a
i
l
.

T
h
i
s

f
e
a
t
u
r
e

a
l
l
o
w
s

c
u
s
t
o
m
e
r
s

t
o

r
e
c
e
i
v
e
,
s
t
o
r
e
,

f
o
r
w
a
r
d
,

a
n
d

a
c
c
e
s
s

v
o
i
c
e

m
a
i
l

m
e
s
s
a
g
e
s
.
0
R
e
a
l

t
i
m
e

s
e
r
v
i
c
e

a
c
c
o
u
n
t

m
a
n
a
g
e
m
e
n
t

o
n

t
h
e

In
t
e
r
n
e
t

,
Re
a
l

t
i
m
e

m
a
n
a
g
e
m
e
n
t

a
l
l
o
w
s

t
h
e

c
u
s
t
o
m
e
r

t
o

r
e
d
i
r
e
c
t

p
h
o
n
e

c
a
l
l
s

r
e
c
e
i
v
e
d
du
r
i
n
g

t
h
e

d
a
y

t
o

t
h
e

c
u
s
t
o
m
e
r
s
l
o
c
a
t
i
o
n
.

F
o
r

e
x
a
m
p
l
e
,
t
h
e

c
u
s
t
o
m
e
r

c
a
n

a
c
c
e
s
s

i
t
s

a
c
c
o
u
n
t

t
h
r
p
u
g
h

t
h
e

I
n
t
e
r
n
e
t

a
n
d

d
i
r
e
c
t

t
h
a
t

p
h
o
n
e
,
c
a
l
l
s

b
e

f
o
r
w
a
r
d
e
d

t
o

w
h
e
r
e
v
e
r

t
h
e

c
u
s
t
o
m
e
r

h
a
p
p
e
n
s

t
o

b
e

d
u
r
i
n
g

t
h
e

d
a
y
.
.

o
f
f
i
c
e
,

h
o
m
e
,
c
e
l
l
u
l
a
r

p
h
o
n
e
,
o
r

o
t
h
e
r

l
o
c
a
t
i
o
n
.

W
i
t
h

i
t
s
pe
r
s
o
n
a
l
,
.
.
.
.
.
.
.
.
""

.
co
m
p
u
t
e
r
,

t
h
e

c
u
s
t
o
m
e
r

c
a
n

r
e
v
i
e
w

b
i
l
l
i
n
g

o
n

i
t
s

a
c
c
o
u
n
t
,
m
a
k
e

s
e
r
v
i
c
e

i
n
q
u
i
r
i
e
s
,
o
r

a
d
d

o
r

r
e
m
o
v
e

s
e
r
v
i
c
e
s
,

a
l
l

o
v
e
r

t
h
e

In
t
e
r
n
e
t
In

a
d
d
i
t
i
o
n
,

B
u
y
e
r
s

U
n
i
t
e
d

o
f
f
e
r
s

a

f
l
e
x
i
b
l
e

s
e
t

o
f

a
d
v
a
n
c
e
d

c
a
l
l

c
e
n
t
e
r

t
r
a
f
f
i
c

h
a
n
d
l
i
n
g
/
m
a
n
a
g
e
m
e
n
t

a
p
p
l
i
c
a
t
i
o
n
s
,

s
u
c
h

a
s

s
k
i
l
l
s
.
.
ba
s
e
d
ro
u
t
i
n
g
,

a
u
t
o
m
a
t
e
d

c
a
l
l

d
i
s
t
r
i
b
u
t
i
o
n
,

a
u
t
o
m
a
t
e
d

i
n
t
e
r
a
c
t
i
v
e

v
o
i
c
e

r
e
s
p
o
n
s
e
,
d
a
t
a
b
a
s
e

i
n
t
e
g
r
a
t
i
o
n

w
i
t
h

t
h
e

c
a
l
l

h
a
n
d
l
i
n
g

t
e
c
h
n
o
l
o
g
y
,
mu
l
t
i
m
e
d
i
a

c
o
n
t
a
c
t

h
a
n
d
l
i
n
g

(
v
o
i
c
e
,
f
a
x
,

e
m
a
i
l
,
c
h
a
t
)
,

a
n
d

m
a
n
a
g
e
m
e
n
t

r
e
p
o
r
t
i
n
g

f
e
a
t
u
r
e
s
.

T
h
e
s
e

c
a
p
a
b
i
l
i
t
i
e
s

h
a
v
e

p
r
e
v
i
o
u
s
l
y

b
e
e
n
av
a
i
l
a
b
l
e

o
n
l
y

b
y

p
u
r
c
h
a
s
i
n
g

a
n
d

i
n
t
e
g
r
a
t
i
n
g

e
x
p
e
n
s
i
v
e

e
q
u
i
p
m
e
n
t

a
t

s
u
b
s
t
a
n
t
i
a
l

i
n
s
t
a
l
l
a
t
i
o
n

e
x
p
e
n
s
e
,
s
o

o
n
l
y

t
h
e

l
a
r
g
e

c
a
l
l

c
e
n
t
e
r
op
e
r
a
t
i
o
n
s

w
i
t
h

2
0
0

o
r

m
o
r
e

a
g
e
n
t
s

o
n

c
a
l
l

a
t

an
y
o
n
e

t
i
m
e

c
o
u
l
d

a
f
f
o
r
d

t
o

es
t
a
b
l
i
s
h

t
h
e
s
e

c
a
p
a
b
i
l
i
t
i
e
s
.

B
u
y
e
r
s

U
n
i
t
e
d

c
a
n

d
e
l
i
v
e
r

t
h
e
sa
m
e

c
a
p
a
b
i
l
i
t
i
e
s

t
h
r
o
u
g
h

a

s
o
f
t
w
a
r
e

s
o
l
u
t
i
o
n

h
o
s
t
e
d

o
n

o
u
r

V
o
l
P

N
e
t
w
o
r
k

a
t

a

m
u
c
h

l
o
w
e
r

c
o
s
t

t
h
a
t

m
a
k
e
s

i
t

p
o
s
s
i
b
l
e

f
o
r

t
h
e

s
m
a
l
l
e
r
tr
a
d
i
t
i
o
n
a
l

c
a
l
l

c
e
n
t
e
r

t
o

m
a
k
e

t
h
e

t
r
a
n
s
i
t
i
o
n

t
o

a

f
u
l
l
-
fe
a
t
u
r
e
d

c
o
n
t
a
c
t

c
e
n
t
e
r

w
i
t
h

i
m
p
r
o
v
e
d

a
g
e
n
t

p
r
o
d
u
c
t
i
v
i
t
y

a
n
d

t
h
e

a
b
i
l
i
t
y

t
o
re
s
p
o
n
d

q
u
i
c
k
l
y

t
o

c
u
s
t
o
m
e
r

r
e
q
u
i
r
e
m
e
n
t
s

f
o
r

v
o
i
c
e
,
e
m
a
i
l
,
f
a
x

a
n
d
/
o
r

c
h
a
t

c
o
n
t
a
c
t

m
e
t
h
o
d
s
.
Th
e

B
u
y
e
r
s

U
n
i
t
e
d

i
n
N
e
t
w
o
r
k
(
T
M
)

f
a
m
i
l
y

o
f

p
r
o
d
u
c
t
s

i
s

a

s
e
t

o
f
p
r
e
.
.
in
t
e
g
r
a
t
e
d

a
p
p
l
i
c
a
t
i
o
n

s
e
r
v
i
c
e
s

h
o
s
t
e
d

w
i
t
h
i
n

o
u
r

V
o
I
P

N
e
t
w
o
r
k
de
s
i
g
n
e
d

t
o

m
e
e
t

t
h
e

n
e
e
d
s

o
f

c
a
l
l

c
e
n
t
e
r
s

a
n
d

o
t
h
e
r

b
u
s
i
n
e
s
s
e
s

t
h
a
t

d
e
m
a
n
d

g
r
e
a
t
e
r

c
o
n
t
a
c
t

f
l
e
x
i
b
i
l
i
t
y
.

C
u
r
r
e
n
t

p
r
o
d
u
c
t
s

i
n
c
l
u
d
e

in
C
o
n
t
a
c
t
(
T
M
)
,

a

c
o
m
p
l
e
t
e

s
e
t

o
f

a
d
v
a
n
c
e
d

c
o
n
t
a
c
t

h
a
n
d
l
i
n
g
/
c
o
n
t
a
c
t

m
a
n
a
g
e
m
e
n
t

s
o
f
t
w
a
r
e

a
p
p
l
i
c
a
t
i
o
n
s

(
a
s

r
e
f
e
r
e
n
c
e
d

i
n

t
h
e

a
b
o
v
e
pa
r
a
g
r
a
p
h
)
,

p
l
u
s

a
d
d
i
t
i
o
n
a
l

f
e
a
t
u
r
e
s

f
o
r

h
a
n
d
l
i
n
g

m
u
l
t
i
.
.
m
e
d
i
a

c
o
n
t
a
c
t

m
e
t
h
o
d
s

-

v
o
i
c
e

p
l
u
s

e
m
a
i
l
,
f
a
x

o
r

w
e
b

c
h
a
t

I
n
C
o
n
t
r
o
l
(
T
M
)

i
s

a
ra
p
i
d

a
p
p
l
i
c
a
t
i
o
n

d
e
v
e
l
o
p
m
e
n
t

t
o
o
l

w
i
t
h

a

v
i
s
u
a
l

d
r
a
g

a
n
d

d
r
o
p

p
r
o
g
r
a
m
m
i
n
g

i
n
t
e
r
f
a
c
e

f
o
r

c
r
e
a
t
i
n
g

o
r

m
o
d
i
f
y
i
n
g

c
o
n
t
a
c
t

r
o
u
t
i
n
g
pr
o
c
e
s
s
e
s
.
Ma
r
k
e
t
i
n
g

s
t
r
a
t
e
g
y
By

t
h
e

e
n
d

o
f

2
0
0
1
,

B
u
y
e
r
s

U
n
i
t
e
d

e
m
p
l
o
y
e
d

t
w
o

d
i
s
t
i
n
c
t

b
r
a
n
d
s

f
o
r

o
u
r

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s
,

"
UC
N
"

o
r

"
Un
i
t
e
d

C
a
r
n
e
r
Ne
t
w
o
r
k
s
"
f
o
r

c
o
m
m
e
r
c
i
a
l

a
n
d

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s
,

a
n
d

"
BO
L
"

o
r

"
Bu
y
e
r
s

O
n
l
i
n
e

"

f
o
r

re
s
i
d
e
n
t
i
a
l

c
u
s
t
o
m
e
r
s
.

W
e
a
r
e

n
o
w

f
o
c
u
s
i
n
g

o
n
pr
o
m
o
t
i
n
g

"
DC
N
"

o
r

"
Un
i
t
e
d

C
a
r
r
i
e
r

N
e
t
w
o
r
k
s
"
f
o
r

a
l
l

o
f

o
u
r

s
e
r
v
i
c
e

o
f
f
e
r
i
n
g
s
,

s
o

t
o
w
a
r
d

t
h
e

e
n
d

of
2
0
0
3

w
e

di
s
c
o
n
t
i
n
u
e
d

m
a
r
k
e
t
i
n
g
to

r
e
s
i
d
e
n
t
i
a
l

c
u
s
t
o
m
e
r
s
,
a
n
d

d
i
s
c
o
n
t
i
n
u
e
d

t
h
e

B
u
y
e
r
s
O
n
l
i
n
e

b
r
a
n
d

n
a
m
~
.
Ou
r

p
l
a
n

i
s

t
o

c
h
a
n
g
e

o
u
r

n
a
m
e

t
o

"
UC
N
"

o
r

a

s
i
m
i
l
a
r
va
r
i
a
t
i
o
n

i
n

2
0
0
4
.
We

m
a
r
k
e
t

o
u
r

s
e
r
v
i
c
e
s

p
r
i
m
a
r
i
l
y

t
h
r
o
u
g
h

i
n
d
e
p
e
n
d
e
n
t

s
a
l
e
s

a
g
e
n
t
s
.

W
e

e
n
g
a
g
e

i
n
d
e
p
e
n
d
e
n
t

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

a
g
e
n
t
s

a
r
o
u
n
d

t
h
e
co
u
n
t
r
y

w
h
o

s
e
l
l

p
r
i
m
a
r
i
l
y

t
o

c
o
m
m
e
r
c
i
a
l

a
n
d

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s
.

I
n
d
e
p
e
n
d
e
n
t

a
g
e
n
t
s

a
r
e

r
e
s
p
o
n
s
i
b
l
e

f
o
r

a

s
u
b
s
t
a
n
t
i
a
l

a
m
o
u
n
t

o
f
an
n
u
a
l

U
.
S.

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

s
a
l
e
s

t
o

c
o
m
m
e
r
c
i
a
l

a
n
d

b
u
s
i
n
e
s
s

u
s
e
r
s
.

T
h
e

s
e
r
v
i
c
e

p
r
e
s
e
n
t
a
t
i
o
n

w
e

d
e
v
e
l
o
p
e
d

f
o
r

U
C
N

i
s

t
a
r
g
e
t
e
d

t
o
th
e

i
n
d
e
p
e
n
d
e
n
t

a
g
e
n
t
,
a
n
d

i
s

i
n
t
e
n
d
e
d

t
o

m
a
k
e

a
v
a
i
l
a
b
l
e

t
o

t
h
e

a
g
e
n
t

a

c
o
o
r
d
i
n
a
t
e
d

p
a
c
k
a
g
e

o
f

s
e
r
v
i
c
e
s

d
e
s
i
g
n
e
d

t
o

b
e

a
t
t
r
a
c
t
i
v
e

t
o
co
m
m
e
r
c
i
a
l

a
n
d

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s
.

W
i
t
h

U
C
N

o
u
r

m
a
r
k
e
t
i
n
g

e
f
f
o
r
t

f
o
c
u
s
e
s

o
n

p
r
o
v
i
d
i
n
g

b
u
s
i
n
e
s
s
e
s

w
i
t
h

t
h
e

a
b
i
l
i
t
y

t
o

a
c
c
e
s
s
mu
l
t
i
p
l
e

l
o
n
g

d
i
s
t
a
n
c
e

c
a
r
r
i
e
r
s

w
i
t
h

w
h
i
c
h

w
e

h
a
v
e

a
g
r
e
e
m
e
n
t
s

t
o

r
e
s
e
l
l

s
e
r
v
i
c
e
s
,

a
l
l
o
w
i
n
g

t
h
e

b
u
s
i
n
e
s
s

o
w
n
e
r
s

t
o

c
h
o
o
s
e

s
e
r
v
i
c
e
s
pr
o
v
i
d
e
d

t
h
r
o
u
g
h

v
a
r
i
o
u
s

l
o
n
g

d
i
s
t
a
n
c
e

p
r
o
v
i
d
e
r
s
.

A

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r

c
a
n

c
h
o
o
s
e

v
a
r
i
o
u
s

s
e
r
v
i
c
e
s

f
r
o
m

a
n
y

o
r

a
l
l

of

t
h
e

d
i
f
f
e
r
e
n
t
te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

p
r
o
v
i
d
e
r
s

w
e

u
s
e
,

y
e
t

o
n
l
y

h
a
v
e

t
o

c
o
n
t
r
a
c
t

t
h
r
o
u
g
h

U
C
N

f
o
r

t
h
e

s
e
l
e
c
t
e
d

s
e
r
v
i
c
e
s
.

T
h
e

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r

i
s

n
o
t
re
q
u
i
r
e
d

t
o

d
e
a
l

w
i
t
h

t
h
e
s
e

c
a
r
r
i
e
r
s
.

se
p
a
r
a
t
e
l
y
.

U
C
N

p
r
o
v
i
d
e
s

a

s
i
n
g
l
e

s
o
u
r
c
e

f
o
r

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e
,
r
e
g
a
r
d
l
e
s
s

o
f

h
o
w

m
a
n
y

n
e
t
w
o
r
k
s
th
e

b
u
s
i
n
e
s
s

u
s
e
s
,
a
n
d

s
e
n
d
s

a

s
i
n
g
l
e

b
i
l
l
i
n
g

s
t
a
t
e
m
e
n
t

t
h
a
t

c
o
m
b
i
n
e
s

a
l
l

o
f

t
h
e

s
e
r
v
i
c
e
s

u
s
e
d

f
r
o
m

a
n
y

c
o
m
b
i
n
a
t
i
o
n

o
f

w
h
o
l
e
s
a
l
e
se
r
v
i
c
e

p
r
o
v
i
d
e
r
s
.
We

h
a
v
e

b
e
e
n
,

a
n
d

s
h
o
u
l
d

c
o
n
t
i
n
u
e

t
o

b
e
,
s
u
c
c
e
s
s
f
u
l

i
n

e
n
g
a
g
i
n
g

i
n
d
e
p
e
n
d
e
n
t

a
g
e
n
t
s

b
e
c
a
u
s
e

o
u
r

p
a
c
k
a
g
e

o
f

s
e
r
v
i
c
e
s

a
p
p
e
a
l
s

t
o
co
m
m
e
r
c
i
a
l

a
n
d

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s
,
a
n
d

b
e
c
a
u
s
e

o
f

o
u
r

b
a
c
k

o
f
f
i
c
e

s
u
p
p
o
r
t

i
n
f
r
a
s
t
r
u
c
t
u
r
e
,

i
n
c
e
n
t
i
v
e

p
r
o
g
r
a
m
s
,
c
u
s
t
o
m
e
r

r
e
t
e
n
t
i
o
n
ef
f
o
r
t
s
,
a
n
d

a
d
d
i
t
i
o
n
a
l

p
r
o
d
u
c
t
/
s
e
r
v
i
c
e

r
e
v
e
n
u
e

o
p
p
o
r
t
u
n
i
t
i
e
s
.

B
u
y
e
r
s

U
n
i
t
e
d

e
a
r
n
e
d

t
h
e

"
20
0
2

A
g
e
n
t
'
s
C
h
o
i
c
e

A
w
a
r
d
"

i
n

M
a
r
c
h

2
0
0
3
fr
o
m

t
h
e

A
g
e
n
t

A
l
l
i
a
n
c
e
,

a

n
a
t
i
o
n
a
l

t
r
a
d
e

a
s
s
o
c
i
a
t
i
o
n

o
f

i
n
d
e
p
e
n
d
e
n
t

t
e
l
e
c
o
m

ag
e
n
t
s
.
.

T
h
e

aw
a
r
d

w
a
s

g
i
v
e
n

i
n

r
e
c
o
g
n
i
t
i
o
n

o
f

t
h
e
ef
f
e
c
t
i
v
e
n
e
s
s

o
f

o
u
r

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e

a
n
d

s
u
p
p
o
r
t

p
r
o
g
r
a
m
s
.
Bu
y
e
r
s

U
n
i
t
e
d
'
s
e
a
r
l
y

g
r
o
w
t
h

c
a
m
e

f
r
o
m

t
h
e

r
e
s
i
d
e
n
t
i
a
l

c
o
n
s
u
m
e
r

l
o
n
g
-
di
s
t
a
n
c
e

m
a
r
k
e
t
.

W
e

p
l
a
n

t
o

c
o
n
t
i
n
u
e

p
r
o
v
i
d
i
n
g

o
u
r

s
e
r
v
i
c
e
s

t
o
re
s
i
d
e
n
t
i
a
l

c
u
s
t
o
m
e
r
s

u
s
i
n
g

t
h
e

U
C
N

b
r
a
n
d
.

W
e

d
o

n
o
t

i
n
t
e
n
d
,
h
o
w
e
v
e
r
,

t
o

p
u
r
s
u
e

a
n

a
c
t
i
v
e

m
a
r
k
e
t
i
n
g

e
f
f
o
r
t

i
n

t
h
e

r
e
s
i
d
e
n
t
i
a
l

m
a
r
k
e
t
be
c
a
u
s
e

w
e

b
e
l
i
e
v
e

o
u
r

r
e
s
o
u
r
c
e
s

a
r
e

b
e
t
t
e
r

u
s
e
d

i
n

p
u
r
s
u
i
n
g

b
u
s
i
n
e
s
s

c
u
s
t
o
m
e
r
s
.

W
e

h
a
d

a

s
u
b
s
t
a
n
t
i
a
l

i
n
c
r
e
a
s
e

i
n

r
e
s
i
d
e
n
t
i
a
l
cu
s
t
o
m
e
r
s

o
v
e
r

t
h
e

p
a
s
t

y
e
a
r

a
s

a

r
e
s
u
l
t

of

t
h
e

T
o
u
c
h

A
m
e
r
i
c
a

t
r
a
n
s
a
c
t
i
o
n
.
Pr
o
v
i
s
i
o
n
i
n
g
Bu
y
e
r
s

U
n
i
t
e
d

i
s

a

r
e
s
e
l
l
e
r

o
f

d
o
m
e
s
t
i
c

a
n
d

in
t
e
m
a
t
i
o
n
a
l
l
o
n
g

d
i
s
t
a
n
c
e

a
n
d

ot
h
e
r

s
e
r
v
i
c
e
s

p
r
o
v
i
d
e
d

b
y

n
a
t
i
o
n
a
l

a
n
d

r
e
g
i
o
n
a
l

p
r
o
v
i
d
e
r
s
.

Ou
r

p
r
i
m
a
r
y

p
r
o
v
i
d
e
r
s

a
r
e

M
C
I
,
Q
w
e
s
t
,
G
l
o
b
a
l

C
r
o
s
s
i
n
g
,

A
T
&
T
,
D
a
n
c
r
i
s
,
W
i
l
T
e
l
,
a
n
d

C
N
M
.
""
"
-.
.
.
.
.
.
.
.
.
.
.
,

-"
'
,
"
I
A
.
""
'
"
, .
..
,
o
O
t
"
"

.
.
.
,
'
"
A.
'

"
.
"
'
.
,
III

.
,.
.
.
.
.

,

,
.
.
.
.
.

I
,
"
-
,
,
,
""

"

.
,

,
.

"
"
"
-
"
"
"
-
"
"
"
"
"
"
"
"
"
,
,
,
,
-
,
,
,
,
"

IU
'
"
'
"
"
.
Bu
y
e
r
s

U
n
i
t
e
d

r
e
s
e
l
l
s

s
w
i
t
c
h
e
d

l
o
n
g

d
i
s
t
a
n
c
e

m
i
n
u
t
e
s

t
h
a
t

i
t

h
a
s

c
o
n
t
r
a
c
t
e
d

t
o

o
b
t
a
i
n

f
r
o
m

o
u
r

p
r
o
v
i
d
e
r
s

a
t

w
h
o
l
e
s
a
l
e

r
a
t
e
s

t
h
a
t
av
e
r
a
g
e
d

5
4
.
0
p
e
r
c
e
n
t

o
f

t
h
e

r
e
t
a
i
l

r
a
t
e
s

c
h
a
r
g
e
d

t
o

c
u
s
t
o
m
e
r
s

i
n

2
0
0
2

a
n
d

5
3
.
3
p
e
~
c
e
n
t

i
n

2
0
0
3
.

I
n

2
0
0
2

an
d

2
0
0
3
,

r
e
t
a
i
l

r
a
t
e
s

w
e
r
e
be
t
w
e
e
n

$
0
.
02

a
n
d

$
0
.
08

p
e
r

m
i
n
u
t
e

f
o
r

s
w
i
t
c
h
e
d

d
o
m
e
s
t
i
c

l
o
n
g

d
i
s
t
a
n
c
e
.

I
n
t
e
r
n
a
t
i
o
n
a
l

r
a
t
e
s

v
a
r
y

s
u
b
s
t
a
n
t
i
a
l
l
y

o
n

t
h
e

b
a
s
i
s

o
f

t
h
e
co
u
n
t
r
y

a
n
d

n
u
m
b
e
r

c
a
l
l
e
d
,

b
u
t

w
e

b
e
l
i
e
v
e

o
u
r
'
r
a
t
e
s

ar
e

c
o
m
p
a
r
a
b
l
e

t
o

r
a
t
e
s

a
v
a
i
l
a
b
l
e

f
r
o
m

o
u
r

c
o
m
p
e
t
i
t
o
r
s
.
Th
e

c
o
n
t
r
a
c
t
s

w
i
t
h

o
u
r

p
r
o
v
i
d
e
r
s

a
r
e

s
t
a
n
d
a
r
d

a
n
d

c
u
s
t
o
m
a
r
y

i
n

t
h
e

i
n
d
u
s
t
r
y
,

r
e
q
u
i
r
i
n
g

p
a
y
m
e
n
t

n
e
t

3
0

d
a
y
s

f
o
r

m
i
n
u
t
e
s

u
s
e
d

i
n

a
mo
n
t
h

a
n
d

d
e
s
i
g
n
a
t
e

B
u
y
e
r
s

U
n
i
t
e
d

a
s

t
h
e

p
o
i
n
t

of

c
o
n
t
a
c
t

f
o
r

a
l
l

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e

c
a
l
l
s
.

T
h
e
s
e

a
g
r
e
e
m
e
n
t
s

a
r
e

f
o
r

o
n
e

t
o

t
h
r
e
e

y
e
a
r
s
an
d

a
r
e

g
e
n
e
r
a
l
l
y

r
e
n
e
w
a
b
l
e

a
t

t
h
e

e
n
d

o
f

e
a
c
h

c
o
n
t
r
a
c
t

t
e
n
n
,

w
h
e
n

r
a
t
e
s

a
r
e

o
f
t
e
n

r
e
n
e
g
o
t
i
a
t
e
d

o
n

t
h
e

b
a
s
i
s

o
f

p
r
e
v
a
i
l
i
n
g

r
a
t
e
s

i
n

t
h
e
in
d
u
s
t
r
y
.

W
e

a
r
e

r
e
s
p
o
n
s
i
b
l
e

f
o
r

a
l
l

c
u
s
t
o
m
e
r

b
i
l
l
i
n
g

a
n
d

c
o
l
l
e
c
t
i
o
n
s
,

s
o

t
h
a
t

a
s

f
a
r
.
as

t
h
e

c
u
s
t
o
m
e
r

i
s

c
o
n
c
e
r
n
e
d

w
e

a
r
e

t
h
e

l
o
n
g
di
s
t
a
n
c
e

s
e
r
v
i
c
e

p
r
o
v
i
d
e
r
.

Q
w
e
s
t

a
n
d

G
l
o
b
a
l

C
r
o
s
s
i
n
g

a
c
c
o
u
n
t
e
d

f
o
r

a
p
p
r
o
x
i
m
a
t
e
l
y

8
0

p
e
r
c
e
n
t

o
f

o
u
r

c
o
s
t

o
f

r
e
v
e
n
u
e
s

i
n

2
0
0
2

a
n
d

7
0
pe
r
c
e
n
t

i
n

2
0
0
3
.
Bu
y
e
r
s

U
n
i
t
e
d

a
l
s
o

a
c
q
u
i
r
e
s

i
t
s

o
t
h
e
r

s
e
r
v
i
c
e
s

f
r
o
m

i
t
s

p
r
o
v
i
d
e
r
s

a
t

r
a
t
e
s

o
r

f
e
e
s

f
i
x
e
d

i
n

o
u
r

c
o
n
t
r
a
c
t
s
,

w
h
i
c
h

i
n
c
l
u
d
e

d
e
d
i
c
a
t
e
d

l
o
n
g
di
s
t
a
n
c
e

s
e
r
v
i
c
e
,
t
o
l
l
-
fr
e
e

8
0
0
/
8
8
8
/
8
7
7
/
8
6
6

s
e
r
v
i
c
e
s
,
d
e
d
i
c
a
t
e
d

d
a
t
a

t
r
a
n
s
m
i
s
s
i
o
n

s
e
r
v
i
c
e
,
a
n
d

c
a
l
l
i
n
g

c
a
r
d
s
.

T
h
e
s
e

s
e
r
v
i
c
e
s

a
r
e

b
i
l
l
e
d

t
o
us

a
t

r
a
t
e
s

o
r

f
e
e
s

s
t
a
t
e
d

i
n

o
u
r

c
o
n
t
r
a
c
t
s

w
i
t
h

t
h
e

p
r
o
v
i
d
e
r
s

a
n
d

a
r
e

p
a
y
a
b
l
e

o
n

t
h
e

s
a
m
e

t
e
n
n
s

a
s

s
w
i
t
c
h
e
d

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
.
'W
e

m
a
i
n
t
a
i
n

a

c
a
l
l

c
e
n
t
e
r

i
n

B
l
u
f
f
d
a
l
e
,
U
t
a
h

f
o
r

r
e
c
e
i
v
i
n
g

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e

a
n
d

b
i
l
l
i
n
g

i
n
q
u
i
r
i
e
s
.

P
r
e
s
e
n
t
l
y

w
e

e
m
p
l
o
y

a
p
p
r
o
x
i
m
a
t
e
l
y
62

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e

p
e
r
s
o
n
n
e
l

t
o

r
e
s
p
o
n
d

t
o

c
u
s
t
o
m
e
r

c
a
l
l
s
,
a
n
d

o
u
r

c
a
l
l

c
e
n
t
e
r

s
p
e
c
i
a
l
i
s
t
s

a
r
e

a
v
a
i
l
a
b
l
e

f
r
o
m

7
:
0
0

a
.
m.

t
o

1
0
:
0
0

p
.
Mo
n
d
a
y

t
h
r
o
u
g
h

F
r
i
d
a
y

a
n
d

8
:
0
0

a
.
m.

t
o

5
:
0
0

p
.
m.

o
n

S
a
t
u
r
d
a
y
.

W
e

a
l
s
o

p
r
o
v
i
d
e

e
m
e
r
g
e
n
c
y

s
e
r
v
i
c
e

2
4
-
ho
u
r
s

a

d
a
y
,

s
e
v
e
n

d
a
y
s

a
we
e
k
.

W
e

p
l
a
c
e

a

h
i
g
h

p
r
i
o
r
i
t
y

o
n

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e
,
s
i
n
c
e

w
e

b
e
l
i
e
v
e

t
h
a
t

w
h
e
n

o
u
r

r
a
t
e
s

a
r
e

s
i
m
i
l
a
r

t
o

r
a
t
e
s

o
f
f
e
r
e
d

b
y

o
u
r
co
m
p
e
t
i
t
o
r
s
,
s
e
r
v
i
c
e

i
s

a

p
r
i
m
a
r
y

f
a
c
t
o
r

i
n

a
c
q
u
i
r
i
n
g

a
n
d

r
e
t
a
i
n
i
n
g

c
u
s
t
o
m
e
r
s
.
Th
e

V
o
I
P

N
e
t
w
o
r
k

e
n
a
b
l
e
s

o
u
r

c
u
s
t
o
m
e
r
s

t
o

u
s
e

e
x
i
s
t
i
n
g

t
e
l
e
p
h
o
n
e
,
f
a
x

m
a
c
h
i
n
e
,

p
a
g
e
r
,

o
r

m
o
d
e
m

e
q
u
i
p
m
e
n
t

t
o

a
c
h
i
e
v
e

h
i
g
h
-
qu
a
l
i
t
y
co
m
m
u
n
i
c
a
t
i
o
n
s

t
h
r
o
u
g
h

I
n
t
e
r
n
e
t

P
r
o
t
o
c
o
l

t
e
c
h
n
o
l
o
g
y
.

T
h
e

V
o
I
P

N
e
t
w
o
r
k

c
o
n
s
i
s
t
s

o
f

a

f
u
l
l
y

i
n
t
e
g
r
a
t
e
d

d
e
d
i
c
a
t
e
d

n
e
t
w
o
r
k

o
f
eq
u
i
p
m
e
n
t

a
n
d

l
e
a
s
e
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

li
n
e
s

a
u
g
m
e
n
t
e
d

b
y

t
h
e

l
i
c
e
n
s
e
d

I
-
Li
n
k

"
so
f
t
s
w
i
t
c
h
"

s
o
f
t
w
a
r
e
.

I
t

p
r
o
v
i
d
e
s

t
h
e

n
e
c
e
s
s
a
r
y
op
e
r
a
t
i
o
n
a
l

p
l
a
t
f
o
n
n

f
o
r

t
h
e

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s

w
e

b
e
g
a
n

o
f
f
e
r
i
n
g

i
n

t
h
e

t
h
i
r
d

q
u
a
r
t
e
r

o
f

2
0
0
3

a
n
d

i
s

a
d
a
p
t
a
b
l
e

f
o
r

u
s
e

w
i
t
h

n
e
w

o
r
sp
e
c
i
a
l
i
z
e
d

s
e
r
v
i
c
e

a
p
p
l
i
c
a
t
i
o
n
s

d
e
v
e
l
o
p
e
d

b
y

o
t
h
e
r
s
.

T
h
e

V
o
I
P

N
e
t
w
o
r
k

i
s

a

d
a
t
a

p
a
c
k
e
t
-
ba
s
e
d

n
e
t
w
o
r
k

t
h
a
t

t
i
e
s

t
o
g
e
t
h
e
r

l
o
c
a
l

l
o
o
p
di
a
l
-
u
p

a
n
d

b
r
o
a
d
b
a
n
d

c
o
n
n
e
c
t
i
o
n
s

v
i
a

g
a
t
e
w
a
y
s

l
o
c
a
t
e
d

i
n

N
e
w

Y
o
r
k
,

S
a
l
t

L
a
k
e

C
i
t
y
,

D
a
l
l
a
s
,
a
n
d

L
o
s

A
n
g
e
l
e
s
.

E
a
c
h

o
f

t
h
e
s
e
ga
t
e
w
a
y
s

c
o
n
s
i
s
t
s

o
f

o
f
f
-
th
e
-
s
h
e
l
f

h
a
r
d
w
a
r
e

e
l
e
m
e
n
t
s

a
n
d

t
h
e

s
o
f
t
s
w
i
t
c
h

s
o
f
t
w
a
r
e
.

T
h
e

s
o
f
t
s
w
i
t
c
h

s
o
f
t
w
a
r
e

c
a
n

d
i
s
t
i
n
g
u
i
s
h

a
m
o
n
g

a
n
d
ha
n
d
l
e
"
v
o
i
c
e
,
f
a
x
,

a
n
d

m
o
d
e
m

c
o
m
m
u
n
i
c
a
t
i
o
n
s

a
s

p
r
o
g
r
a
m
m
e
d

f
o
r

t
h
e

c
u
s
t
o
m
e
r
s
s
u
i
t
e

o
f

s
e
r
v
i
c
e

s
e
l
e
c
t
i
o
n
s
.

H
a
n
d
l
e

m
e
a
n
s

t
h
e
vo
i
c
e

o
r

d
a
t
a

t
r
a
n
s
m
i
s
s
i
o
n

c
a
n

b
e

d
e
l
i
v
e
r
e
d

d
i
r
e
c
t
l
y
,

r
e
d
i
r
e
c
t
e
d

(
t
o

a

d
i
f
f
e
r
e
n
t

l
o
c
a
t
i
o
n
)
,

r
e
d
i
s
t
r
i
b
u
t
e
d

(
t
o

a

d
i
f
f
e
r
e
n
t

o
r

m
u
l
t
i
p
l
e
re
c
i
p
i
e
n
t
s
)
,

s
t
o
r
e
d

f
o
r

l
a
t
e
r

d
e
l
i
v
e
r
y
,

o
r

a
l
t
e
r
e
d

(
s
u
c
h

a
s

c
o
n
v
e
r
t
i
n
g

a

f
a
x

t
o

e
m
a
i
l
)
.
Th
e

V
o
I
P

N
e
t
w
o
r
k

a
l
l
o
w
s

u
s

t
o

p
r
o
v
i
d
e

c
o
s
t

a
d
v
a
n
t
a
g
e
s

o
v
e
r

t
r
a
d
i
t
i
o
n
a
l

t
r
a
n
s
m
i
s
s
i
o
n

n
e
t
w
o
r
k
s

w
i
t
h

r
e
s
p
e
c
t

t
o

b
o
t
h

l
o
w
e
r

tr
a
n
s
m
i
s
s
i
o
n

c
o
s
t

a
n
d

l
o
w
e
r

c
a
p
i
t
a
l

i
n
f
r
a
s
t
r
u
c
t
u
r
e

c
o
s
t
.

L
o
w
e
r

t
r
a
n
s
m
i
s
s
i
o
n

c
o
s
t

r
e
s
u
l
t
s

f
r
o
m

t
r
a
n
s
m
i
t
t
i
n
g

l
o
n
g

d
i
s
t
a
n
c
e

t
r
a
f
f
i
c

o
v
e
r

t
h
e
ne
t
w
o
r
k

b
e
t
w
e
e
n

o
ur

g
a
t
e
w
a
y
s

f
o
r

r
e
t
r
a
n
s
m
i
s
s
i
o
n
,

w
h
i
c
h

h
a
s

g
r
e
a
t
e
r

c
a
p
a
c
i
t
y

b
e
c
a
u
s
e

t
r
a
n
s
m
i
s
s
i
o
n
s

a
r
e

c
o
n
v
e
r
t
e
d

t
o

d
a
t
a

p
a
c
k
e
t
s

a
n
d
tr
a
n
s
m
i
t
t
e
d

c
o
n
c
u
n
e
n
t
l
y

o
v
e
r

t
h
e

ne
t
w
o
r
k
:

b
a
n
d
w
i
d
t
h

c
a
p
a
c
i
t
y
.

A
c
c
e
s
s

an
d
.

tr
a
n
s
m
i
s
s
i
o
n

c
o
s
t
s

f
o
r

o
u
r

V
o
I
P

n
e
t
w
o
r
k

a
r
e

l
e
s
s

t
h
a
n
tr
a
d
i
t
i
o
n
a
l

t
r
a
n
s
m
i
s
s
i
o
n

n
e
t
w
o
r
k
s
.

T
h
e

s
e
c
o
n
d

c
o
m
p
o
n
e
n
t

o
f

c
o
s
t

a
d
v
a
n
t
a
g
e
s

i
s

l
o
w
e
r

c
a
p
i
t
a
l

i
n
f
r
a
s
t
r
u
c
t
u
r
e

c
o
s
t
s
.

I
n

a

t
r
a
d
i
t
i
o
n
a
l
te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

n
e
t
w
o
r
k
,
e
a
c
h

s
e
r
v
i
c
e

-
-

v
o
i
c
e
m
a
i
l
,

f
a
x

m
a
i
l
,

c
o
n
f
e
r
e
n
c
e

c
a
l
l
i
n
g
,

a
n
d

s
i
n
g
l
e

n
u
m
b
e
r

f
o
r
w
a
r
d
i
n
g

-
-

m
u
s
t

b
e
pr
o
c
e
s
s
e
d

t
h
r
o
u
g
h

o
n
e

o
r

m
o
r
e

s
e
p
a
r
a
t
e

h
a
r
d
w
a
r
e

s
w
i
t
c
h
e
s
.

W
e

o
f
f
e
r

a
l
l

o
f

t
h
e
s
e

s
e
r
v
i
c
e
s

t
h
r
o
u
g
h

t
h
e

V
o
I
P

N
e
t
w
o
r
k

a
s

m
o
d
i
f
i
e
d

o
r

a
s
ne
w

s
o
f
t
w
a
r
e

a
p
p
l
i
c
a
t
i
o
n
s

a
r
e

a
d
d
e
d

t
o

t
h
e

n
e
t
w
o
r
k

s
o
f
t
w
a
r
e

p
l
a
t
f
o
r
m
,

w
h
i
c
h

i
s

l
e
s
s

e
x
p
e
n
s
i
v
e

t
h
a
n

p
u
r
c
h
a
s
i
n
g

a
n
d

m
a
i
n
t
a
i
n
i
n
g
ha
r
d
w
a
r
e

s
w
i
t
c
h
e
s
.

I
t

i
s

t
h
i
s

a
b
i
l
i
t
y

t
o

h
o
s
t

d
i
f
f
e
r
e
n
t

s
o
f
t
w
a
r
e

a
p
p
l
i
c
a
t
i
o
n
s

o
n

t
h
e

V
o
I
P

N
e
t
w
o
r
k

t
o

c
o
n
f
i
g
u
r
e

t
h
e

s
o
f
t
w
a
r
e

t
o

d
e
l
i
v
e
r
di
f
f
e
r
e
n
t

c
o
n
n
e
c
t
i
v
i
t
y

s
o
l
u
t
i
o
n
s

t
h
a
t

e
n
a
b
l
e
s

u
s

t
o

o
f
f
e
r

t
h
e

i
n
N
e
t
w
o
r
k
(
T
M
)

f
a
m
i
l
y

o
f

p
r
o
d
u
c
t
s

t
o

c
a
l
l

c
e
n
t
e
r
s

a
n
d

o
t
h
e
r

b
u
s
i
n
e
s
s
e
s

t
h
a
t
de
m
a
n
d

g
r
e
a
t
e
r

c
o
n
t
a
c
t

f
l
e
x
i
b
i
l
i
t
y
.
We

b
e
g
a
n

i
n
t
e
g
r
a
t
i
n
g

t
h
i
s

n
e
t
w
o
r
k

w
i
t
h

o
u
r

t
r
a
d
i
t
i
o
n
a
l

p
r
o
v
i
d
e
r

n
e
t
w
o
r
k

s
y
s
t
e
m
s

a
n
d

s
e
r
v
i
c
e

o
f
f
e
r
i
n
g
s

i
n

t
h
e

f
i
r
s
t

q
u
a
r
t
e
r

o
f

2
0
0
3

a
n
d
co
m
p
l
e
t
e
d

t
h
e

p
r
o
c
e
s
s

i
n

t
h
e

t
h
i
r
d

q
u
a
r
t
e
r

of
2
0
0
3
.

W
h
i
l
e

w
e

be
l
i
e
v
e

t
h
e

Y
o
I
P

N
e
t
w
o
r
k

w
i
l
l

l
o
w
e
r

o
u
r

c
o
s
t
s

o
f

o
p
e
r
a
t
i
o
n

i
n

2
0
0
4

a
n
d
ge
n
e
r
a
t
e

i
n
t
e
r
n
a
l

g
r
o
w
t
h

f
r
o
m

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e

p
r
o
d
u
c
t
s
,
w
e

c
a
n
n
o
t

p
r
e
d
i
c
t

w
h
e
t
h
e
r

t
h
e
s
e

l
o
w
e
r

c
o
s
t
s

o
r

g
r
o
w
t
h

w
i
l
l

b
e

s
i
g
n
i
f
i
c
a
n
t
.
,;
.
.

,
"~

,
.
.
.
"
,..
.
.
.
.
.
.-
_
.,.
,
~
.
"
""
,
,
"
.
"
.,
.
.
,

,

."
.
,
,
-
.
Te
c
h
n
o
l
o
g
y

a
n
d

o
u
r

b
u
s
i
n
e
s
s
Bu
y
e
r
s

U
n
i
t
e
d

h
a
s

a
l
w
a
y
s

l
e
v
e
r
a
g
e
d

i
n
f
o
r
m
a
t
i
o
n

t
e
c
h
n
o
l
o
g
y

t
o

c
r
e
a
t
e

c
o
n
s
i
s
t
e
n
t

s
t
r
e
a
m
l
i
n
e
d

b
u
s
i
n
e
s
s

p
r
o
c
e
s
s
e
s
.

B
u
y
e
r
s

U
n
i
t
e
d

r
e
l
i
e
s
on

t
h
e

f
o
l
l
o
w
i
n
g

s
y
s
t
e
m
s
,

w
h
i
c
h

r
e
p
r
e
s
e
n
t

i
t
s

c
u
r
r
e
n
t

t
e
c
h
n
o
l
o
g
y

i
n
i
t
i
a
t
i
v
e
s
:
0
A
u
t
o
m
a
t
i
c

c
u
s
t
o
m
e
r

c
a
l
l

d
i
s
t
r
i
b
u
t
i
o
n
.

T
h
i
s

s
y
s
t
e
m

i
s

a

u
n
i
f
i
e
d

s
o
l
u
t
i
o
n

f
o
r

m
a
n
a
g
i
n
g

'
cu
s
t
o
m
e
r

c
o
m
m
u
n
i
c
a
t
i
o
n
s

t
h
a
t

i
n
t
e
g
r
a
t
e
s
te
l
e
p
h
o
n
e
,

e
m
a
i
l
,
f
a
x
,

w
e
b

t
e
x
t

c
h
a
t
,
a
n
d

c
o
-
br
o
w
s
i
n
g

i
n
t
o

a

u
n
i
f
i
e
d

i
n
t
e
r
f
a
c
e
.

T
h
e

d
i
s
t
r
i
b
u
t
i
o
n

s
y
s
t
e
m

e
n
a
b
l
e
s

B
u
y
e
r
s

U
n
i
t
e
d

t
o
en
h
a
n
c
e

c
u
s
t
o
m
e
r

r
e
l
a
t
i
o
n
s
h
i
p
s
,
r
e
d
u
c
e

c
o
s
t
s
,
a
n
d

i
m
p
r
o
v
e

t
h
e

m
a
n
a
g
e
m
e
n
t

o
f

a
U

ty
p
e
s

o
f

b
u
s
i
n
e
s
s

c
o
m
m
u
n
i
c
a
t
i
o
n
s
.
0
B
u
y
e
r
s

Un
i
t
e
d
D
a
s
h
b
o
a
r
d

(
B
U
D
)

i
s

a

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e

s
o
f
t
w
a
r
e

a
p
p
l
i
c
a
t
i
o
n

t
h
a
t

p
r
o
v
i
d
e
s

a

s
i
n
g
l
e

i
n
t
e
r
f
a
c
e

f
o
r

c
a
l
l

c
e
n
t
e
r
re
p
r
e
s
e
n
t
a
t
i
v
e
s

t
o

p
e
r
f
o
r
m

t
h
e
i
r

s
e
r
v
i
c
e

t
a
s
k
s
.

B
U
D

u
t
i
l
i
z
e
s

a

"
wi
z
a
r
d
"

i
n
t
e
r
f
a
c
e

m
e
t
h
o
d
o
l
o
g
y

t
h
a
t

s
i
m
p
l
i
f
i
e
s

t
h
e

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e
re
p
r
e
s
e
n
t
a
t
i
v
e
s
'
d
a
i
l
y

t
a
s
k
s

b
y

b
r
e
a
k
i
n
g

t
h
e
m

i
n
t
o

s
m
a
l
l
e
r

s
t
e
p
s
.

T
h
e

"
wi
z
a
r
d
"

f
r
a
m
e
w
o
r
k

p
r
o
v
i
d
e
s

i
n
c
r
e
a
s
e
d

q
u
a
l
i
t
y

a
n
d

c
o
n
s
i
s
t
e
n
c
y
in
t
o

o
u
r

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e

m
o
d
e
l
.
0
C
o
s
t
G
u
a
r
d
(
R
)
,

i
s

a

f
u
l
l
y

c
o
n
v
e
r
g
e
n
t
,
o
p
e
n

a
n
d

fl
e
x
i
b
l
e

b
i
l
l
i
n
g

s
y
s
t
e
m

d
e
s
i
g
n
e
d

t
o

f
a
c
i
l
i
t
a
t
e

c
o
l
l
a
b
o
r
a
t
i
o
n

a
m
o
n
g

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e
re
p
r
e
s
e
n
t
a
t
i
v
e
s
,

b
u
s
i
n
e
s
s

a
f
f
i
l
i
a
t
e
s
,
a
n
d

c
u
s
t
o
m
e
r
s
.

C
u
s
t
o
m
e
r
s

c
a
n

a
c
c
e
s
s

t
h
e

s
y
s
t
e
m

t
h
r
o
u
g
h

a

s
t
a
n
d
a
r
d

w
e
b
-
br
o
w
s
e
r

t
o

i
n
i
t
i
a
t
e

a
n
d
fu
l
f
i
l
l

b
i
l
l
i
n
g

a
n
d

s
e
r
v
i
c
e

t
a
s
k
s
.

B
u
y
e
r
s

U
n
i
t
e
d

b
e
l
i
e
v
e
s

t
h
e

C
o
s
t
G
u
a
r
d

s
y
s
t
e
m

p
r
o
v
i
d
e
s

a

c
o
n
s
i
s
t
e
n
t

a
n
d

f
l
e
x
i
b
l
e

b
i
l
l
i
n
g

s
o
l
u
t
i
o
n

t
h
a
t
su
p
p
o
r
t
s

o
u
r

c
u
r
r
e
n
t

n
e
e
d
s

a
n
d

i
s

e
x
p
a
n
d
a
b
l
e

f
o
r

f
u
t
u
r
e

g
r
o
w
t
h
.
0
T
h
e

V
o
I
P

N
e
t
w
o
r
k

e
m
p
l
o
y
s

a
n

a
r
c
h
i
t
e
c
t
u
r
e

e
m
p
h
a
s
i
z
i
n
g

s
e
c
u
r
i
t
y
,

r
e
l
i
a
b
i
l
i
t
y
,

a
n
d

c
a
r
r
i
e
r

d
i
v
e
r
s
i
t
y
.

A

"
Se
c
u
r
i
t
y

i
n

L
a
y
e
r
s
"
a
p
p
r
o
a
c
h
t
ha
s

b
e
e
n

a
d
o
p
t
e
d

u
t
i
l
i
z
i
n
g

s
e
c
u
r
i
t
y

e
n
f
o
r
c
e
m
e
n
t

p
o
i
n
t
s

c
o
m
p
r
i
s
e
d

o
f

i
n
s
p
e
c
t
i
o
n

f
i
r
e
w
a
l
l
s
,

p
a
c
k
e
t

f
i
l
t
e
r
s
,
a
n
d

i
n
t
r
u
s
i
o
n

d
e
t
e
c
t
i
o
n

a
n
d
pr
e
v
e
n
t
i
o
n

s
y
s
t
e
m
s
.

M
e
a
s
u
r
e
s

h
a
v
e

b
e
e
n

i
m
p
l
e
m
e
n
t
e
d

t
o

a
u
d
i
t

d
a
t
a

i
n
t
e
g
r
i
t
y

a
n
d

a
c
c
e
s
s
.

S
i
g
n
i
f
i
c
a
n
t

s
u
b
s
y
s
t
e
m
s

a
r
e

g
e
o
g
r
a
p
h
i
c
a
l
l
y

di
s
p
e
r
s
e
d

a
n
d

d
a
t
a

r
e
p
l
i
c
a
t
e
d

b
e
t
w
e
e
n

s
i
t
e
s

t
o

p
r
o
t
e
c
t

a
g
a
i
n
s
t

f
i
b
e
r

o
p
t
i
c

d
i
s
r
u
p
t
i
o
n

o
r

o
t
h
e
r

e
n
v
i
r
o
n
m
e
n
t
a
l

e
v
e
n
t
.
Fu
l
l

b
a
c
k
u
p
s

o
f

a
l
l

o
u
r

c
o
r
e

d
a
t
a

a
r
e

p
e
r
f
o
r
m
e
d

w
e
e
k
l
y
.

D
i
f
f
e
r
e
n
t
i
a
l

ba
c
k
U
p
s

a
r
e

p
e
r
f
o
r
m
e
d

n
i
g
h
t
l
y
.

Tr
a
n
s
a
c
t
i
o
n

l
o
g

b
a
c
k
u
p
s

t
a
k
e
pl
a
c
e

e
v
e
r
y

3
0

m
i
n
u
t
e
s
.

B
a
c
k
u
p
s

a
r
e

c
o
p
i
e
d

t
o

t
w
o

f
i
l
e

s
e
r
v
e
r
s

i
n

d
i
f
f
e
r
e
n
t

l
o
c
a
t
i
o
n
s
.

W
e

u
s
e

S
S
L

e
n
c
r
y
p
t
i
o
n

t
o

p
r
o
t
e
c
t

a
l
l

s
e
n
s
i
t
i
v
e
ar
e
a
s

o
f

o
u
r

c
u
s
t
o
m
e
r

i
n
f
o
r
m
a
t
i
o
n

a
n
d

s
e
r
v
i
c
e
-
o
r
i
e
n
t
e
d
w
e
b
s
i
t
e
s
.

R
e
m
o
t
e

a
c
c
e
s
s

t
o

o
u
r

s
y
s
t
e
m
s

i
s

m
a
d
e

p
o
s
s
i
b
l
e

t
h
r
o
u
g
h

a

16
8

b
i
t
en
c
r
y
p
t
e
d

V
i
r
t
u
a
l

P
r
i
v
a
t
e

N
e
t
w
o
r
k
.

S
y
s
t
e
m

p
a
s
s
w
o
r
d
s

a
r
e

c
h
a
n
g
e
d

o
n

a

p
e
r
i
o
d
i
c

b
a
s
i
s

a
n
d

s
t
o
r
e
d

i
n

a

s
e
c
u
r
e

f
o
l
d
e
r

w
i
t
h

r
e
s
t
r
i
c
t
e
d
ac
c
e
s
s
.

A
l
l

l
o
c
a
l

d
e
s
k
t
o
p
s

a
r
e

s
c
a
n
n
e
d

f
o
r

v
i
r
u
s
e
s

o
n

a

r
e
a
l
-
t
i
m
e

b
a
s
i
s

a
n
d

r
e
p
o
r
t

t
o

a

c
e
n
t
r
a
l

s
e
r
v
e
r
.

W
e

b
e
l
i
e
v
e

o
u
r

b
a
c
k
u
p
,
ma
i
n
t
e
n
a
n
c
e
,

a
n
d

s
e
c
u
r
i
t
y

s
y
s
t
e
m
s

a
r
e

a
d
e
q
u
a
t
e

f
o
r

p
r
e
s
e
r
v
i
n
g

t
h
e

d
e
l
i
v
e
r
y

o
f

s
e
r
v
i
c
e

t
o

o
u
r

c
u
s
t
o
m
e
r
s

a
n
d

o
p
e
r
a
t
i
o
n

o
f

o
u
r

b
u
s
i
n
e
s
s
wi
t
h
o
u
t

s
i
g
n
i
f
i
c
a
n
t

o
u
t
a
g
e
s

o
r

i
n
t
e
r
r
u
p
t
i
o
n
s
.

H
o
w
e
v
e
r
,
a
n

e
x
t
r
a
o
r
d
i
n
a
r
y

u
n
f
o
r
e
s
e
e
n

a
n
d

c
a
t
a
s
t
r
o
p
h
i
c

e
v
e
n
t

i
s

a
l
w
a
y
s

p
o
s
s
i
b
l
e

t
h
a
t
co
u
l
d

h
a
v
e

a

s
i
g
n
i
f
i
c
a
n
t

i
m
p
a
c
t

o
n

o
u
r

b
u
s
i
n
e
s
s
,
a
n
d

w
e

d
o

n
o
t

h
a
v
e

b
u
s
i
n
e
s
s

i
n
t
e
r
r
u
p
t
i
o
n

i
n
s
u
r
a
n
c
e

o
n

w
h
i
c
h

w
e

c
o
u
l
d

r
e
c
o
u
p

l
o
s
s
e
s
re
s
u
l
t
i
n
g

f
r
o
m

s
u
c
h

a
n

e
v
e
n
t
.
Go
v
e
r
n
m
e
n
t
a
l

R
e
g
u
l
a
t
i
o
n
Fe
d
e
r
a
l

R
e
g
u
l
a
t
i
o
n

o
f

T
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

S
e
r
v
i
c
e
s

O
u
r

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

a
r
e

s
u
b
j
e
c
t

t
o

f
e
d
e
r
a
l

r
e
g
u
l
a
t
i
o
n

u
n
d
e
r

t
h
e
Te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

A
c
t

o
f

1
9
9
6

(
T
e
l
e
c
o
m

A
c
t
)
.

T
h
e

T
e
l
e
c
o
m

A
c
t

w
a
s

d
e
s
i
g
n
e
d

t
o

f
o
s
t
e
r

l
o
c
a
l

e
x
c
h
a
n
g
e

c
o
m
p
e
t
i
t
i
o
n

b
y

e
s
t
a
b
l
i
s
h
i
n
g
a
f
r
a
m
e
w
o
r
k

t
o

g
o
v
e
r
n

n
e
w

c
o
m
p
e
t
i
t
i
v
e

e
n
t
r
y

i
n

l
o
c
a
l

a
n
d

l
o
n
g

d
i
s
t
a
n
c
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

a
n
d

a
l
l
o
w

a
n
y

e
n
t
i
t
y
,

i
n
c
l
u
d
i
n
g
ca
b
l
e

t
e
l
e
v
i
s
i
o
n

c
o
m
p
a
n
i
e
s

a
n
d

e
l
e
c
t
r
i
c

a
n
d

g
a
s

u
t
i
l
i
t
i
e
s
,
t
o

c
o
m
p
e
t
e

i
n

t
h
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

m
a
r
k
e
t
.

T
h
e

o
n
g
o
i
n
g

i
m
p
l
e
m
e
n
t
a
t
i
o
n
an
d

i
n
t
e
r
p
r
e
t
a
t
i
o
n

o
f

t
h
e

T
e
l
e
c
o
m

A
c
t

r
e
m
a
i
n
s

s
u
b
j
e
c
t

t
o

n
u
m
e
r
o
u
s

f
e
d
e
r
a
l

a
n
d

s
t
a
t
e

p
o
l
i
c
y

r
u
l
e
m
a
k
i
n
g

p
r
o
c
e
e
d
i
n
g
s

a
n
d

j
u
d
i
c
i
a
l
re
v
i
e
w

a
n
d

w
e

c
a
n
n
o
t

p
r
e
d
i
c
t

a
n
y
.

fu
t
u
r
e

i
m
p
a
c
t

o
n

o
u
r

b
u
s
i
n
e
s
s
.
Pu
r
s
u
a
n
t

t
o

t
h
e

T
e
l
e
c
o
m

A
c
t
,

t
h
e

F
e
d
e
r
a
l

C
o
m
m
u
n
i
c
a
t
i
o
n
s

C
o
m
m
i
s
s
i
o
n

(
F
C
C
)

r
e
g
u
l
a
t
e
s

o
u
r

i
n
t
e
r
s
t
a
t
e

a
n
d

i
n
t
e
r
n
a
t
i
o
n
a
l
te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s
.

T
h
e

F
C
C

i
m
p
o
s
e
s

m
o
r
e

e
x
t
e
n
s
i
v
e

r
e
q
u
i
r
e
m
e
n
t
s

o
n

i
n
c
u
m
b
e
n
t

c
o
m
m
o
n

c
a
r
r
i
e
r
s

t
h
a
t

h
a
v
e

s
o
m
e

d
e
g
r
e
e
of

m
a
r
k
e
t

p
o
w
e
r
,

s
u
c
h

a
s

t
h
e

R
e
g
i
o
n
a
l

B
e
l
l

O
p
e
r
a
t
i
n
g

C
o
m
p
a
n
i
e
s

(
R
B
O
C
s
)
.
an
d

o
t
h
e
r

i
n
d
e
p
e
n
d
e
n
t

l
o
c
a
l

e
x
c
h
a
n
g
e

c
a
r
r
i
e
r
s

(
I
L
E
C
s
)
,
th
a
n

i
t

i
m
p
o
s
e
s

o
n

c
o
m
p
a
n
i
e
s

l
i
k
e

o
u
r
s
,

w
h
i
c
h

a
r
e

n
o
n
-
do
m
i
n
a
n
t

i
n
t
e
r
e
x
c
h
a
n
g
e

c
a
r
r
i
e
r
s

t
h
a
t

l
a
c
k

m
a
r
k
e
t

p
o
w
e
r
.

F
o
r

e
x
a
m
p
l
e
,
t
h
e

F
C
C
pe
r
m
i
t
s

n
o
n
-
do
m
i
n
a
n
t

i
n
t
e
r
e
x
c
h
a
n
g
e

c
a
r
r
i
e
r
s

t
o

p
r
o
v
i
d
e

d
o
m
e
s
t
i
c

i
n
t
e
r
s
t
a
t
e

s
e
r
v
i
c
e
s

w
i
t
h
o
u
t

p
r
i
o
r

a
u
t
h
o
r
i
z
a
t
i
o
n
.
."

-

ft
"

,
.
.
.
.
.
.
.
.

'
..
.
'
~
'
"
..

r
..
.
.

r

..
"
_
.
.
"
.
.
,
,

.
.
.
.
As
a

n
o
n
-
do
m
i
n
a
n
t

i
n
t
e
r
e
x
c
h
a
n
g
e

c
a
r
r
i
e
r
,

o
u
r

c
o
s
t
s

o
f

p
r
o
v
i
d
i
n
g

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
s

c
o
u
l
d

b
e

a
f
f
e
c
t
e
d

b
y

c
h
a
n
g
e
s

i
n

F
C
C

r
u
l
e
s
co
n
t
r
o
l
l
i
n
g

t
h
e

f
o
r
m

a
n
d

a
m
o
u
n
t

o
f

"
ac
c
e
s
s

c
h
a
r
g
e
s
"
l
o
c
a
l

e
x
c
h
a
n
g
e

c
a
r
r
i
e
r
s

(
w
h
i
c
h

g
e
n
e
r
a
l
l
y

i
n
c
l
u
d
e
th
e

R
B
O
C
s

a
n
d

I
L
E
C
s
)

a
r
e
pe
r
m
i
t
t
e
d

t
o

i
m
p
o
s
e

o
n

c
o
n
n
e
c
t
i
n
g

c
o
m
p
a
n
i
e
s

t
o

o
r
i
g
i
n
a
t
e

a
n
d

t
e
r
m
i
n
a
t
e

l
o
n
g

d
i
s
t
a
n
c
e

t
r
a
f
f
i
c

o
v
e
r

t
h
e
i
r

l
o
c
a
l

n
e
t
w
o
r
k
s
.

T
h
e

F
C
C
cu
r
r
e
n
t
l
y

h
a
s

s
e
v
e
r
a
l

r
u
l
e
m
a
k
i
n
g

p
r
o
c
e
e
d
i
n
g
s

i
n

w
h
i
c
h

i
t

i
s

c
o
n
s
i
d
e
r
i
n
g

c
h
a
n
g
e
s

t
o

t
h
e

e
x
i
s
t
i
n
g

i
n
t
e
r
s
t
a
t
e

a
c
c
e
s
s

c
h
a
r
g
e

s
y
s
t
e
m
.

I
t

h
a
s
al
s
o

r
e
c
e
n
t
l
y

b
e
e
n

r
e
p
o
r
t
e
d

t
h
a
t

t
h
e

n
a
t
i
o
n
s
l
a
r
g
e
s
t

l
o
c
a
l

e
x
c
h
a
n
g
e

a
n
d

l
o
n
g

d
i
s
t
a
n
c
e

p
r
o
v
i
d
e
r
s
,

w
h
o

h
a
v
e

b
e
e
n

e
n
g
a
g
e
d

i
n

p
r
i
v
a
t
e
ne
g
o
t
i
a
t
i
o
n
s

f
o
r

s
e
v
e
r
a
l

m
o
n
t
h
s
,
h
a
v
e

t
e
n
t
a
t
i
v
e
l
y

r
e
a
c
h
e
d

a
n

a
g
r
e
e
m
e
n
t

o
n

a

p
r
o
p
o
s
a
l

t
h
a
t

w
o
u
l
d

e
l
i
m
i
n
a
t
e

o
r

s
u
b
s
t
a
n
t
i
a
l
l
y

r
e
d
u
c
e
in
t
e
r
s
t
a
t
e

l
o
c
a
l

a
c
c
e
s
s

c
h
a
r
g
e
s
.

I
f

s
u
c
h

a
n

a
g
r
e
e
m
e
n
t

i
s

r
e
a
c
h
e
d
,

i
t

w
o
u
l
d

h
a
v
e

t
o

.
be

p
r
e
s
e
n
t
e
d

t
o

a
n
d

a
p
p
r
o
v
e
d

b
y

t
h
e

F
C
C
.
We

c
a
n
n
o
t

p
r
e
d
i
c
t

t
h
e

o
u
t
c
o
m
e

o
f

t
h
e
s
e

o
r

o
t
h
e
r

f
e
d
e
r
a
l

o
r

s
t
a
t
e

a
c
c
e
s
s

c
h
a
r
g
e

p
r
o
c
e
e
d
i
n
g
s

o
r

w
h
e
t
h
e
r

t
h
e
y

w
i
l
l

h
a
v
e

a

m
a
t
e
r
i
a
l

i
m
p
a
c
t
on

u
s
.

I
t

i
s

e
v
e
n

m
o
r
e

d
i
f
f
i
c
u
l
t

t
o

p
r
e
d
i
c
t

t
h
e

o
u
t
c
o
m
e

a
n
d

i
m
p
a
c
t

o
f

p
r
i
v
a
t
e

n
e
g
o
t
i
a
t
i
o
n
s

i
n

w
h
i
c
h

w
e

a
r
e

n
o
t

d
i
r
e
c
t
l
y

i
n
v
o
l
v
e
d
.

I
t

i
s

re
c
o
g
n
i
z
e
d
,

h
o
w
e
v
e
r
,

t
h
a
t

t
h
e

a
c
c
e
s
s

c
h
a
r
g
e

p
a
y
m
e
n
t
s

B
u
y
e
r
s

U
n
i
t
e
d

m
u
s
t

p
a
y

t
o

t
h
e

R
B
O
C
s

a
n
d

I
L
E
C
s

a
r
e

a

m
a
t
e
r
i
a
l

p
a
r
t

o
f

i
t
s

c
o
s
t
to

p
r
o
v
i
d
e

s
e
r
v
i
c
e
s

o
v
e
r

i
t
s

n
e
t
w
o
r
k
.

Th
e

T
e
l
e
c
o
m

A
c
t

r
e
q
u
i
r
e
s

t
h
a
t

e
v
e
r
y

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

c
a
r
r
i
e
r

c
o
n
t
r
i
b
u
t
e
,
on

a
n

e
q
u
i
t
a
b
l
e

a
n
d

n
o
n
-
di
s
c
r
i
m
i
n
a
t
o
r
y

b
a
s
i
s
,
t
o

f
e
d
e
r
a
l
un
i
v
e
r
s
a
l

s
e
r
v
i
c
e

m
e
c
h
a
n
i
s
m
s

e
s
t
a
b
l
i
s
h
e
d

b
y

t
h
e

F
C
C
.

T
h
e

f
e
d
e
r
a
l

U
n
i
v
e
r
s
a
l

S
e
r
v
i
c
e

F
u
n
d

(
U
S

F)

p
r
o
v
i
d
e
s

s
u
b
s
i
d
i
e
s

t
o

d
e
f
r
a
y

t
h
e
co
s
t
s

o
f

t
e
l
e
p
h
o
n
y

s
e
r
v
i
c
e
s

i
n

h
i
g
h
-
c
o
s
t

a
r
e
a
s

f
o
r

l
o
w
-
in
c
o
m
e

c
o
n
s
u
m
e
r
s

a
n
d

h
e
l
p
s

s
u
b
s
i
d
i
z
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

a
n
d

I
n
t
e
r
n
e
t

s
e
r
v
i
c
e
s
fo
r

q
u
a
l
i
f
i
e
d

s
c
h
o
o
l
s
,

l
i
b
r
a
r
i
e
s

a
n
d

r
u
r
a
l

h
e
a
l
t
h

c
a
r
e

p
r
o
v
i
d
e
r
s
.

O
u
r

p
a
y
m
e
n
t
s

t
o

t
h
e

f
e
d
e
r
a
l

U
S
F

a
r
e

b
a
s
e
d

o
n

a

p
e
r
c
e
n
t
a
g
e

o
f

o
u
r
in
t
e
r
s
t
a
t
e

a
n
d

i
n
t
e
r
n
a
t
i
o
n
a
l

r
e
t
a
i
l

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

r
e
v
e
n
u
e
s

a
n
d

t
h
e

c
o
n
t
r
i
b
u
t
i
o
n

f
a
c
t
o
r

i
s
s
u
e
d

b
y

t
h
e

F
C
C
,

w
h
i
c
h

v
a
r
i
e
s

q
u
a
r
t
e
r
l
y
.
In

20
0
3
,

th
e

q
u
a
r
t
e
r
l
y

U
S
F

c
o
n
t
r
i
b
u
t
i
o
n

f
a
c
t
o
r

a
v
e
r
a
g
e
d

a
r
o
u
n
d

n
i
n
e

p
e
r
c
e
n
t

o
f

b
i
l
l
e
d

r
e
t
a
i
l

r
e
v
e
n
u
e
.

T
h
e

a
m
o
u
n
t
s

c
o
n
t
r
i
b
u
t
e
d

m
a
y

b
e
pa
s
s
e
d

t
h
r
o
u
g
h

t
o

c
u
s
t
o
m
e
r
s
.
Th
e

F
C
C

c
u
t
T
e
n
t
l
y

h
a
s

a
n

o
p
e
n

ru
l
e
m
a
k
i
n
g

p
r
o
c
e
e
d
i
n
g

i
n

w
h
i
c
h

i
t

i
s

c
o
n
s
i
d
e
r
i
n
g

c
o
n
v
e
r
t
i
n
g

t
h
e

c
u
r
r
e
n
t

r
e
v
e
n
u
e
-
ba
s
e
d

U
S
F
co
n
t
r
i
b
u
t
i
o
n

s
y
s
t
e
m

t
o

a

"
co
n
n
e
c
t
i
o
n
-
ba
s
e
d
"

s
y
s
t
e
m

w
i
t
h

a

f
i
x
e
d
,

m
o
n
t
h
l
y

f
e
e
.

I
t

i
s

t
o
o

s
o
o
n
to

p
r
e
d
i
c
t

w
h
e
t
h
e
r

t
h
e

t
r
a
n
s
i
t
i
o
n

t
o

a
co
n
n
e
c
t
i
o
n
-
ba
s
e
d

U
S
F

c
o
n
t
r
i
b
u
t
i
o
n

s
y
s
t
e
m

w
o
u
l
d

h
a
v
e

a

f
i
n
a
n
c
i
a
l

i
m
p
a
c
t

o
n

u
s
.
St
a
t
e

R
e
g
u
l
a
t
i
o
n
.

o
f

Te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

S
e
r
v
i
c
e
s

S
t
a
t
e

r
e
g
u
l
a
t
o
r
y

a
g
e
n
c
i
e
s

h
a
v
e

j
u
r
i
s
d
i
c
t
i
o
n

w
h
e
n

o
u
r

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s
ar
e

p
r
o
v
i
d
e
d

o
n

a
n

i
n
t
r
a
s
t
a
t
e

b
a
s
i
s
.

T
h
e

s
t
a
t
e

r
e
g
u
l
a
t
o
r
y

e
n
v
i
r
o
n
m
e
n
t

v
a
r
i
e
s

s
u
b
s
t
a
n
t
i
a
l
l
y

f
r
o
m

s
t
a
t
e
-
t
o
-
s
t
a
t
e

a
n
d

i
n

s
o
m
e

c
a
s
e
s

c
a
n

b
e
mo
r
e

e
x
t
e
n
s
i
v
e

t
h
a
n

F
C
C

r
e
g
u
l
a
t
i
o
n
s
.

I
n

m
o
s
t

i
n
s
t
a
n
c
e
s
,

w
e

a
r
e

r
e
q
u
i
r
e
d

t
o

o
b
t
a
i
n

a
n
d

m
a
i
n
t
a
i
n

c
e
r
t
i
f
i
c
a
t
i
o
n

f
r
o
m

a

s
t
a
t
e

p
u
b
l
i
c

u
t
i
l
i
t
y
co
m
m
i
s
s
i
o
n

(
P
U
C
)

b
e
f
o
r
e

p
r
o
v
i
d
i
n
g

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

i
n

t
h
a
t

s
t
a
t
e
.

C
o
n
s
e
q
u
e
n
t
l
y
,

w
e

a
r
e

s
u
b
j
e
c
t

t
o

t
h
e

o
b
l
i
g
a
t
i
o
n
s

t
h
a
t

t
h
e
ap
p
l
i
c
a
b
l
e

s
t
a
t
e

l
a
w
s

p
l
a
c
e

o
n

a
l
l

s
i
m
i
l
a
r
l
y

c
e
r
t
i
f
i
e
d

c
a
r
n
e
r
s
,
i
n
c
l
u
d
i
n
g

t
h
e

r
e
g
u
l
a
t
i
o
n

o
f

s
e
r
v
i
c
e
s
,
p
a
y
m
e
n
t

o
f

r
e
g
u
l
a
t
o
r
y

f
e
e
s
,

a
n
d
pr
e
p
a
r
a
t
i
o
n

a
n
d

s
u
b
m
i
s
s
i
o
n

o
f

r
e
p
o
r
t
s
.

I
f

s
t
a
t
e

r
e
g
u
l
a
t
o
r
s

o
r

l
e
g
i
s
l
a
t
o
r
s

c
h
a
n
g
e

c
u
r
r
e
n
t

r
e
g
u
l
a
t
i
o
n
s

o
r

l
a
w
s

i
t

m
a
y

n
e
g
a
t
i
v
e
l
y

i
m
p
a
c
t

ou
r
ab
i
l
i
t
y

t
o

p
r
o
v
i
d
e

s
e
r
v
i
c
e
s
.

Re
g
u
l
a
t
i
o
n

o
f

I
n
t
e
r
n
e
t

T
e
l
e
p
h
o
n
y

a
n
d

t
h
e

I
n
t
e
r
n
e
t

T
h
e

u
s
e

o
f

t
h
e

I
n
t
e
r
n
e
t

a
n
d

p
r
i
v
a
t
e

I
n
t
e
r
n
e
t

P
r
o
t
o
c
o
l

(
I
P
)

n
e
t
w
o
r
k
s

t
o

p
r
o
v
i
d
e

v
o
i
c
e
co
m
m
u
n
i
c
a
t
i
o
n
s
.
se
r
v
i
c
e
s

i
s

a

r
e
l
a
t
i
v
e
l
y

r
e
c
e
n
t

m
a
r
k
e
t

d
e
v
e
l
o
p
m
e
n
t
.

A
l
t
h
o
u
g
h

t
h
e

p
r
o
v
i
s
i
o
n

o
f

s
u
c
h

s
e
r
v
i
c
e
s

i
s

c
u
r
r
e
n
t
l
y

p
e
n
n
i
t
t
e
d

b
y
Un
i
t
e
d

S
t
a
t
e
s

l
a
w

a
n
d

r
e
m
a
i
n
s

l
a
r
g
e
l
y

u
n
r
e
g
u
l
a
t
e
d

w
i
t
h
i
n

t
h
e

U
n
i
t
e
d

S
t
a
t
e
s
,
s
e
v
e
r
a
l

F
C
C

a
n
d

s
t
a
t
e

r
e
g
u
l
a
t
o
r
y

p
r
o
c
e
e
d
i
n
g
s

a
i
m
e
d

a
t
~v
a
l
u
a
t
i
n
g

t
h
e

f
u
t
u
r
e

r
e
g
u
l
a
t
o
r
y

t
r
e
a
t
m
e
n
t

of

s
u
c
h

s
e
r
v
i
c
e
s

h
a
v
e

r
e
c
e
n
t
l
y

b
e
e
n

i
n
i
t
i
a
t
e
d
.

M
o
r
e

a
g
g
r
e
s
s
i
v
e

r
e
g
u
l
a
t
i
o
n

o
f

t
h
e

I
n
t
e
r
n
e
t

i
n
ge
n
e
r
a
l
~

a
n
d

I
n
t
e
r
n
e
t

t
e
l
e
p
h
o
n
y
p
r
o
v
id
e
r
s

a
n
d

s
e
r
v
i
c
e
s

s
p
e
c
i
f
i
c
a
l
l
y
,

m
a
y

m
a
t
e
r
i
a
l
l
y

a
f
f
e
c
t

o
u
r

b
u
s
i
n
e
s
s
,

f
i
n
a
n
c
i
a
l

c
o
n
d
i
t
i
o
n
,

o
p
e
r
a
t
i
n
g
re
s
u
l
t
s

a
n
d

f
u
t
u
r
e

p
r
o
s
p
e
c
t
s
,

p
a
r
t
i
c
u
l
a
r
l
y

i
f

i
n
c
r
e
a
s
e
d

n
u
m
b
e
r
s

o
f

g
o
v
e
r
n
m
e
n
t
s

i
m
p
o
s
e

r
e
g
u
l
a
t
i
o
n
s

r
e
s
t
r
i
c
t
i
n
g

t
h
e

u
s
e

a
n
d

s
a
l
e

o
f

I
P
te
l
e
p
h
o
n
y

s
e
r
v
i
c
e
s
.
Fe
d
e
r
a
l
To

d
a
t
e

t
h
e

F
C
C

h
a
s

r
e
a
c
h
e
d

n
o

c
o
n
c
l
u
s
i
o
n

o
n

w
h
e
t
h
e
r

I
P

t
e
l
e
p
h
o
n
y

s
e
r
v
i
c
e
s

c
o
n
s
t
i
t
u
t
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

s
u
b
j
e
c
t

t
o
re
g
u
l
a
t
i
o
n

u
n
d
e
r

t
h
e

T
e
l
e
c
o
m

A
c
t
.

T
h
e

F
C
C
'

is

n
o
w

e
x
a
m
i
n
i
n
g

t
h
e

q
u
e
s
t
i
o
n

w
h
e
t
h
e
r

c
e
r
t
a
i
n

f
o
n
n
s

of

p
h
o
n
e
-
to
-
ph
o
n
e

I
n
t
e
r
n
e
t
te
l
e
p
h
o
n
y

a
r
e

i
n
f
o
n
n
a
t
i
o
n

s
e
r
v
i
c
e
s

o
r

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s
.

R
e
c
e
n
t

a
c
t
i
o
n
s

t
a
k
e
n

b
y

t
h
e

F
C
C

a
n
d

p
r
o
c
e
e
d
i
n
g
s

n
o
w

p
e
n
d
i
n
g
be
f
o
r
e

t
h
e

F
C
C

m
a
y

a
f
f
e
c
t

t
h
e

r
e
g
u
l
a
t
o
r
y

s
t
a
t
u
s

o
f

I
n
t
e
r
n
e
t

t
e
l
e
p
h
o
n
y
.

0
I
n

F
e
b
r
u
a
r
y

2
0
0
4

t
h
e

F
C
C

r
u
l
e
d

t
h
a
t

c
o
m
p
u
t
e
r
-
to
-
c
o
m
p
u
t
e
r

I
P

t
e
l
e
p
h
o
n
y

t
h
a
t

t
r
a
n
s
m
i
t
s

d
a
t
a

p
a
c
k
e
t
s

c
a
r
r
y
i
n
g

v
o
i
c
e

c
o
m
m
u
n
i
c
a
t
i
o
n
s
vi
a

t
h
e

s
a
m
e

l
i
n
e
s

t
h
a
t

c
a
r
r
y

e
-
m
a
i
l

a
n
d

i
n
s
t
a
n
t

m
e
s
s
a
g
e
s

i
s

a
n

u
n
r
e
g
u
l
a
t
e
d

"
in
f
o
n
n
a
t
i
o
n

s
e
r
v
i
c
e
"
t
h
a
t

i
s

s
u
b
j
e
c
t

t
o

e
x
c
l
u
s
i
v
e

f
e
d
e
r
a
l

ju
r
i
s
d
i
c
t
i
o
n
.

A
c
c
o
r
d
i
n
g
l
y
,

t
h
i
s

t
y
p
e

o
f

c
o
m
p
u
t
e
r
-
t
o
-
c
o
m
p
u
t
e
r

I
P

t
e
l
e
p
h
o
n
y

s
e
r
v
i
c
e

i
s

l
i
k
e
l
y

t
o

r
e
m
a
i
n

f
r
e
e

o
f

t
r
a
d
i
t
i
o
n
a
l

t
e
l
e
p
h
o
n
y
re
g
u
l
a
t
i
o
n
.
...
.
,
-
~,
.
.

'
0
A
l
s
o

i
n

F
e
b
r
u
a
r
y

2
0
0
4

t
h
e

F
C
C

a
d
o
p
t
e
d

a

b
r
o
a
d

N
o
t
i
c
e

o
f

P
r
o
p
o
s
e
d

R
u
l
e
m
a
k
i
n
g

s
e
e
k
i
n
g

c
o
m
m
e
n
t

o
n

t
h
e

a
p
p
r
o
p
r
i
a
t
e

r
e
g
u
l
a
t
o
r
y
cl
a
s
s
i
f
i
c
a
t
i
o
n

a
n
d

t
r
e
a
t
m
e
n
t

o
f

I
n
t
e
r
n
e
t
.
ba
s
e
d

c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s
,
m
o
s
t

n
o
t
a
b
l
y

V
o
i
c
e

o
v
e
r

I
P

(
V
o
I
P
)
.
0
I
n

O
c
t
o
b
e
r

2
0
0
2

A
T
&
T

f
i
l
e
d

a

p
e
t
i
t
i
o
n

w
i
t
h

t
h
e

F
C
C

s
e
e
k
i
n
g

a

d
e
c
l
a
r
a
t
o
r
y

r
u
l
i
n
g

t
h
a
t

w
o
u
l
d

p
r
e
v
e
n
t

R
B
O
C
s

a
n
d

o
t
h
e
r

I
L
E
C
s

f
r
o
m
im
p
o
s
i
n
g

t
r
a
d
i
t
i
o
n
a
l

c
i
r
c
u
i
t
-
s
w
i
t
c
h
e
d

a
c
c
e
s
s

c
h
a
r
g
e
s

o
n

p
h
o
n
e
-
t
o
-
ph
o
n
e

I
P

s
e
r
v
i
c
e
s
.
0
I
n

S
e
p
t
e
m
b
e
r

2
0
0
3

V
o
n
a
g
e

H
o
l
d
i
n
g
s

C
o
r
p
o
r
a
t
i
o
n

f
i
l
e
d

a

p
e
t
i
t
i
o
n

f
o
r

d
e
c
l
a
r
a
t
o
r
y

r
u
l
i
n
g

r
e
q
u
e
s
t
i
n
g

t
h
a
t

t
h
e

F
C
C

f
i
n
d

a
n

o
r
d
e
r

o
f

t
h
e
Mi
n
n
e
s
o
t
a

P
u
b
l
i
c

U
t
i
l
i
t
i
e
s

C
o
m
m
i
s
s
i
o
n

r
e
q
u
i
r
i
n
g
Vo
n
a
g
e

H
o
l
d
i
n
g
s

t
o

c
o
m
p
l
y

w
i
t
h

s
t
a
t
e

l
a
w
s

g
o
v
e
r
n
i
n
g

p
r
o
v
i
d
e
r
s

o
f

t
r
a
d
i
t
i
o
n
a
l
te
l
e
p
h
o
n
e

s
e
r
v
i
c
e

t
o

b
e

p
r
e
e
m
p
t
e
d

b
e
c
a
u
s
e

i
t
s

b
r
o
a
d
b
a
n
d

I
n
t
e
r
n
e
t

t
e
l
e
p
h
o
n
y

s
e
r
v
i
c
e

i
s

a
n

i
n
f
o
r
m
a
t
i
o
n

s
e
r
v
i
c
e
.
~
I
n

J
a
n
u
a
r
y

2
0
0
4
,

L
e
v
e
l

3

Co
m
m
u
n
i
c
a
t
i
o
n
s
,

L
L
C

f
i
l
e
d

a

"
fo
r
b
e
a
r
a
n
c
e

p
e
t
i
t
i
o
n
"
w
i
t
h

t
h
e

F
C
C

a
s
k
i
n
g

t
h
e

a
g
e
n
c
y

t
o

r
e
a
f
f
i
r
m

t
h
a
t
le
g
a
c
y

s
w
i
t
c
h
e
d

a
c
c
e
s
s

c
h
a
r
g
e
s

d
o

n
o
t

a
p
p
l
y

t
o

V
o
I
P
.
We

c
a
n
n
o
t

p
r
e
d
i
c
t

e
i
t
h
e
r

t
h
e

t
i
m
e
f
r
a
m
e

o
r

o
u
t
c
o
m
e

o
f

t
h
e

f
o
r
e
g
o
i
n
g

o
p
e
n

p
r
o
c
e
e
d
i
n
g
s

b
e
f
o
r
e
"
th
e

F
C
C

o
r

w
h
a
t

r
e
g
u
l
a
t
i
o
n
s
,

i
f

a
n
y
,

t
h
e
FC
C

w
i
l
l

i
m
p
o
s
e

o
n

p
r
o
v
i
d
e
r
s

of
I
P
.
e
n
a
b
l
e
d

v
o
i
c
e

co
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

a
s

a

r
e
s
u
l
t

o
f

t
h
e
s
e

p
r
o
c
e
e
d
i
n
g
s
.
St
a
t
e
St
a
t
e

g
o
v
e
r
n
m
e
n
t
s

a
n
d

t
h
e
i
r

r
e
g
u
l
a
t
o
r
y

a
u
t
h
o
r
i
t
i
e
s

m
a
y

a
s
s
e
r
t

j
u
r
i
s
d
i
c
t
i
o
n

o
v
e
r

t
h
e

p
r
o
v
i
s
i
o
n

of

i
n
t
r
a
-
s
t
a
t
e

I
P
-
e
n
a
b
l
e
d

c
o
m
m
u
n
i
c
a
t
i
o
n
s
se
r
v
i
c
e
s

w
h
e
r
e

t
h
e
y

b
e
l
i
e
v
e

t
h
a
t

t
h
e
i
r

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

r
e
g
u
l
a
t
i
o
n
s

a
r
e

b
r
o
a
d

e
n
o
u
g
h

t
o

c
o
v
e
r

r
e
g
u
l
a
t
i
o
n

of

s
u
c
h

s
e
r
v
i
c
e
s
.

O
f
pr
i
m
a
r
y

c
o
n
c
e
r
n

t
o

t
h
e

I
P
.
e
n
a
b
l
e
d

c
o
m
m
u
n
i
c
a
t
i
o
n
s

p
r
o
v
i
d
e
r
s

i
s

t
h
a
t

t
h
e

i
m
p
o
s
i
t
i
o
n

of

s
t
a
t
e

r
e
g
u
l
a
t
i
o
n

w
o
u
l
d

r
e
s
u
l
t

in
t
h
e

p
r
o
v
i
d
e
r
be
i
n
g

s
u
b
j
e
c
t

t
o

l
o
c
a
l

a
c
c
e
s
s

c
h
a
r
g
e
s

f
o
r

in
t
r
a
.
;
s
t
a
t
e

s
e
r
v
i
c
e
,
w
h
i
c
h

w
o
u
l
d

s
i
g
n
i
f
i
c
a
n
t
l
y

i
n
c
r
e
a
s
e

t
h
e

c
o
s
t

o
f

s
e
r
v
i
c
e
.

W
h
i
l
e

a

m
a
j
o
r
i
t
y

o
f
st
a
t
e

c
o
m
m
i
s
s
i
o
n
s

h
a
v
e

n
o
t

i
m
p
o
s
e
d

t
r
a
d
i
t
i
o
n
a
l

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

r
e
g
u
l
a
t
o
r
y

r
e
q
u
i
r
e
m
e
n
t
s

o
n

I
P

t
e
l
e
p
h
o
n
y

a
t

t
h
i
s

t
i
m
e
,

a

n
u
m
b
e
r

o
f
st
a
t
e

r
e
g
u
l
a
t
o
r
y

a
u
t
h
o
r
i
t
i
e
s

h
~
v
e

i
n
i
t
i
a
t
e
d

p
r
o
c
e
e
d
i
n
g
s

t
o

e
x
a
m
i
n
e

t
h
e

r
e
g
u
l
a
t
o
r
y

s
t
a
t
u
s
.

o
f

In
t
e
r
n
e
t

t
e
l
e
p
h
o
n
y

s
e
r
v
i
c
e
s
.
In

O
c
t
o
b
e
r
2
0
0
3

a

F
e
d
e
r
a
l

c
o
u
r
t

i
n

M
i
n
n
e
s
o
t
a

i
s
s
u
e
d

a

pe
r
m
a
n
e
n
t

i
n
j
u
n
c
t
i
o
n

a
g
a
i
n
s
t

t
h
e

M
i
n
n
e
s
o
t
a

p
u
b
l
i
c

u
t
i
l
i
t
i
e
s

c
o
m
m
i
s
s
i
o
n

t
o
pr
e
v
e
n
t

i
t

f
r
o
m

i
m
p
o
s
i
n
g

s
t
a
t
e

r
e
g
u
l
a
t
i
o
n
s

o
n

a

p
r
o
v
i
d
e
r
s
V
o
I
P

s
e
r
v
i
c
e
s

o
f
f
e
r
e
d

o
v
e
r

b
r
o
a
d
b
a
n
d

c
o
n
n
e
c
t
i
o
n
s
.

T
h
i
s

p
e
r
m
a
n
e
n
t
in
j
u
n
c
t
i
o
n

w
a
s

r
e
c
e
n
t
l
y

u
p
h
e
l
d

i
n

t
h
e

f
a
c
e

o
f

m
u
l
t
i
p
l
e

c
h
a
l
l
e
n
g
e
s
.

P
r
i
o
r

t
o

t
h
e

M
i
n
n
e
s
o
t
a

F
e
d
e
r
a
l

c
o
u
r
t

r
u
l
i
n
g
,

s
e
v
e
r
a
l

s
t
a
t
e
s
,
i
n
c
l
u
d
i
n
g
Ca
l
i
f
o
r
n
i
a
,

W
a
s
h
i
n
g
t
o
n
,

W
i
s
c
o
n
s
i
n

a
n
d

F
l
o
r
i
d
a

i
s
s
u
e
d

d
i
r
e
c
t
i
v
e
s

t
o

v
a
r
i
o
u
s

V
o
I
P

p
r
o
v
i
d
e
r
s

d
i
r
e
c
t
i
n
g

t
h
e
m

t
o

r
e
g
i
s
t
e
r

a
s
te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

p
r
o
v
i
d
e
r
s
.

T
h
e
r
e

c
a
n

b
e

n
o

a
s
s
u
r
a
n
c
e

t
h
a
t

t
h
e
s
e

s
t
a
t
e
s

w
i
l
l

r
e
s
p
e
c
t

t
h
e

M
i
n
n
e
s
o
t
a

F
e
d
e
r
a
l

c
o
u
r
t

r
u
l
i
n
g

o
r

a
c
c
e
p
t
th
e

p
o
s
i
t
i
o
n

a
s
s
e
r
t
e
d

b
y

V
o
I
P

p
r
o
v
i
d
e
r
s

t
h
a
t

t
h
e
y

a
r
e

i
n
f
o
r
m
a
t
i
o
n
,
a
s

o
p
p
o
s
e
d

t
o

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s
,
s
e
r
v
i
c
e

p
r
o
v
i
d
e
r
s
.
In
t
e
r
n
e
t

T
a
x
a
t
i
o
n
.
In

a
d
d
i
t
i
o
n

t
o

r
e
g
u
l
a
t
i
o
n
s

a
d
d
r
e
s
s
i
n
g

I
n
t
e
r
n
e
t

t
e
l
e
p
h
o
n
y

a
n
d

b
r
o
a
d
b
a
n
d

s
e
r
v
i
c
e
s
,

o
t
h
e
r

i
s
s
u
e
s

r
e
l
a
t
i
n
g

t
o

t
h
e

I
n
t
e
r
n
e
t

i
n

g
e
n
e
r
a
l

c
o
u
l
d
af
f
e
c
t

o
u
r

a
b
i
l
i
t
y

t
o

p
r
o
v
i
d
e

o
u
r

s
e
r
v
i
c
e
s
.

F
e
d
e
r
a
l
,

s
t
a
t
e

a
n
d

l
o
c
a
l

g
o
v
e
r
n
m
e
n
t
a
l

o
r
g
a
n
i
z
a
t
i
o
n
s

a
r
e

c
o
n
s
i
d
e
r
i
n
g

v
a
r
i
o
u
s

l
e
g
i
s
l
a
t
i
v
e

pr
o
p
o
s
a
l
s

t
h
a
t

m
i
g
h
t

i
m
p
o
s
e

a
d
d
i
t
i
o
n
a
l

t
a
x
e
s

o
n

I
n
t
e
r
n
e
t

s
e
r
v
i
c
e
s

a
n
d

p
r
o
d
u
c
t
s
.

W
e

c
a
n
n
o
t

p
r
e
d
i
c
t

w
h
e
t
h
e
r

n
e
w

t
a
x
e
s

w
i
l
l

b
e

i
m
p
o
s
e
d
on

o
u
r

I
P
-
e
n
a
b
l
e
d

c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

o
r

t
h
e

I
n
t
e
r
n
e
t

i
n

g
e
n
e
r
a
l

a
n
d
,
d
e
p
e
n
d
i
n
g

o
n

t
h
e

t
y
p
e

o
f

t
a
x
e
s

i
m
p
o
s
e
d
,

w
h
e
t
h
e
r

a
n
d

h
o
w
ou
r

s
e
r
v
i
c
e
s

w
o
u
l
d

b
e

a
f
f
e
c
t
e
d

t
h
e
r
e
a
f
t
e
r
.

I
n
c
r
e
a
s
e
d

t
a
x
a
t
i
o
n

o
f

t
h
e

I
n
t
e
r
n
e
t

m
a
y

d
e
c
r
e
a
s
e

i
t
s

g
r
o
w
t
h

a
n
d

h
i
n
d
e
r

t
e
c
h
n
o
l
o
g
i
c
a
l
c;
l
e
v
e
l
o
p
m
e
n
t
,
w
h
i
c
h

m
a
y

n
e
g
a
t
i
v
e
l
y

i
m
p
a
c
t

t
h
e

c
o
s
t

o
f

d
o
i
n
g

b
u
s
i
n
e
s
s

v
i
a

t
h
e

I
n
t
e
r
n
e
t

o
r

o
t
h
e
r
w
i
s
e

m
a
t
e
r
i
a
l
l
y

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r
bu
s
i
n
e
s
s
,

f
i
n
a
n
c
i
a
l

c
o
n
d
i
t
i
o
n

a
n
d

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s
.

Co
m
p
e
t
i
t
i
o
n
Pr
e
s
e
n
t
l
y

w
e

a
r
e

a
n

a
g
g
r
e
g
a
t
o
r

a
n
d

r
e
s
e
l
l
e
r

o
f

l
o
n
g

d
i
s
t
a
n
c
e

a
n
d

r
e
l
a
t
e
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s
.

M
a
n
y

o
f

o
u
r

c
o
m
p
e
t
i
t
o
r
s

a
r
e
su
b
s
t
a
n
t
i
a
l
l
y

l
a
r
g
e
r

w
i
t
h

g
r
e
a
t
e
r

f
i
n
a
n
c
i
a
l

a
r
i
d

o
t
h
e
r

r
e
s
o
u
r
c
e
s
.
Th
e

U
.
S.

l
o
n
g

d
i
s
t
a
n
c
e

te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

i
n
d
u
s
t
r
y

i
s

h
i
g
h
l
y

c
o
m
p
e
t
i
t
i
v
e

an
d

s
i
g
n
i
f
i
c
a
n
t
l
y

i
n
f
l
u
e
n
c
e
d

b
y

t
h
e

m
a
r
k
e
t
i
n
g

a
n
d

p
r
i
c
i
n
g
pr
a
c
t
i
c
e
s

o
f

t
h
e

m
a
j
o
r

i
n
d
u
s
t
r
y

p
a
r
t
i
c
i
p
a
n
t
s

s
u
c
h

a
s

A
T
&
T
,

S
p
r
i
n
t

a
n
d

M
C
!
.

B
u
y
e
r
s

U
n
i
t
e
d

a
l
s
o

c
o
m
p
e
t
e
s

w
i
t
h

o
t
h
e
r

n
a
t
i
o
n
a
l

a
n
d
re
g
i
o
n
a
l

l
o
n
g

d
i
s
t
a
n
c
e

c
a
m
e
r
s

t
h
a
t

e
m
p
l
o
y

v
a
r
i
o
u
s

m
e
a
n
s

t
o

a
t
t
r
a
c
t

n
e
w

s
u
b
s
c
r
i
b
e
r
s
,

i
n
c
l
u
d
i
n
g

t
e
l
e
v
i
s
i
o
n

a
n
d

o
t
h
e
r

a
d
v
e
r
t
i
s
i
n
g
ca
m
p
a
i
g
n
s
,

t
e
l
e
m
a
r
k
e
t
i
n
g

p
r
o
g
r
a
m
s
,

n
e
t
w
o
r
k

m
a
r
k
e
t
i
n
g
,

c
a
s
h

p
a
y
m
e
n
t
s
,
a
n
d

o
t
h
e
r

i
n
c
e
n
t
i
v
e
s
.

T
h
e

a
b
i
l
i
t
y

o
f

B
u
y
e
r
s

U
n
i
t
e
d

t
o

c
o
m
p
e
t
e
ef
f
e
c
t
i
v
e
l
y

w
i
l
l

d
e
p
e
n
d

o
n

i
t
s

a
b
i
l
i
t
y

t
o

p
r
o
v
i
d
e

q
u
a
l
i
t
y

s
e
r
v
i
c
e
s

a
t

c
o
m
p
e
t
i
t
i
v
e

p
r
i
c
e
s
.
""

'
,"

Al
l

'
"

'"

I
I
"'

",.
.
Bu
y
e
r
s
'

Un
i
t
e
d

c
o
m
p
e
t
e
s

o
n

t
h
e

b
a
s
i
s

o
f

v
a
r
i
e
t
y

o
f

s
e
r
v
i
c
e
s

o
f
f
e
r
e
d
,

c
u
s
t
o
m
e
r

b
i
l
l
i
n
g

a
n
d

s
e
r
v
i
c
e
,

a
n
d

p
r
i
c
e
.
.
S
i
n
c
e

w
e

c
a
n

a
c
c
e
s
s

a
n
d
of
f
e
r

s
w
i
t
c
h
e
d

l
o
n
g

d
i
s
t
a
n
c
e

r
a
t
e
s

f
r
o
m

a

n
u
m
b
e
r

o
f

p
r
o
v
i
d
e
r
s
,

c
u
s
t
o
m
e
r
s

c
a
n

s
e
l
e
c
t

t
h
e

r
a
t
e

p
l
a
n

b
e
s
t

s
u
i
t
e
d

t
o

t
h
e
i
r

n
e
e
d
s

w
i
t
h
o
u
t
ha
v
i
n
g

t
o

s
h
o
p

e
a
c
h

l
o
n
g

d
i
s
t
a
n
c
e

c
a
r
r
i
e
r

s
e
p
a
r
a
t
e
l
y
.

W
e

o
f
f
e
r

t
o

o
u
r

c
u
s
t
o
m
e
r
s
,
d
i
r
e
c
t
l
y

a
n
d

t
h
r
o
u
g
h

a
g
e
n
t
s
,

a

w
i
d
e

s
e
l
e
c
t
i
o
n

o
f
te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

p
r
o
d
u
c
t
s
.

T
h
i
s

p
r
o
v
i
d
e
s

t
h
e

c
u
s
t
o
m
e
r

a

o
n
e
-
s
t
o
p

s
h
o
p
p
i
n
g

o
p
p
o
r
t
u
n
i
t
y

t
o
ob
t
a
i
n

m
a
n
y

o
f

i
t
s

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
se
r
v
i
c
e
s
.

f
r
o
m

o
n
e

s
o
u
r
c
e
,

Bu
y
e
r
s

U
n
i
t
e
d
.

W
e

b
e
l
i
e
v
e

c
u
s
t
o
m
e
r
s

a
r
e

a
t
t
r
a
c
t
e
d

b
y

t
h
e

f
a
c
t

t
h
a
t

B
u
y
e
r
s

U
n
i
t
e
d

p
r
o
v
i
d
e
s

ma
n
y
'

o
f

th
e
i
r
se
r
v
i
c
e
s

b
e
c
a
u
s
e

t
h
e
y

r
e
c
e
i
v
e

o
n
e

b
i
l
l

a
n
d

h
a
v
e

o
n
l
y

o
n
e

p
r
o
v
i
d
e
r

t
o

c
a
l
l

w
i
t
h

a
n
y

b
i
l
l
i
n
g

o
r

s
e
r
v
i
c
e

q
u
e
s
t
i
o
n
s
.

W
e

f
u
r
t
h
e
r

b
e
l
i
e
v
e

t
h
i
s
ag
g
r
e
g
a
t
e
d

s
e
r
v
i
c
e

a
p
p
r
o
a
c
h

e
n
a
b
l
e
s

u
s

t
o

a
t
t
r
a
c
t

a
g
e
n
t
s

t
o

s
e
l
l

o
u
r

s
e
r
v
i
c
e
s
.

B
y

s
e
l
l
i
n
g
-
B
u
y
e
r
s

U
n
i
t
e
d

s
e
r
v
i
c
e
s
,

a
g
e
n
t
s

n
o

l
o
n
g
e
r

h
a
v
e
th
e

b
u
r
d
e
n

o
f

m
a
n
a
g
i
n
g

m
u
l
t
i
p
l
e

c
o
n
t
r
a
c
t
s

w
i
t
h

m
a
n
y

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

c
o
m
p
a
n
i
e
s
.

O
u
r

a
g
e
n
t
s

c
a
n

c
o
m
p
l
e
t
e

a

s
a
l
e

a
t

t
h
e

c
u
s
t
o
m
e
r
si
t
e

a
n
d

c
o
u
n
t

o
n

a
c
c
u
r
a
t
e

c
o
m
m
i
s
s
i
o
n
s

f
o
r

e
v
e
n

c
o
m
p
l
i
c
a
t
e
d

p
r
o
d
u
c
t

s
u
i
t
e
s
.

A
d
d
i
t
i
o
'
na
l
l
y
,

a
g
e
n
t
s

e
n
j
o
y

d
e
d
i
c
a
t
e
d

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e
.
We

b
e
l
i
e
v
e

c
u
s
t
o
m
e
r
s

s
e
e

p
o
s
i
t
i
v
e

d
i
f
f
e
r
e
n
c
e
s

i
n

t
h
e

w
a
y

o
u
r

s
e
r
v
i
c
e
s

a
r
e

s
o
l
d

a
n
d

s
e
r
v
e
d

c
o
m
p
a
r
e
d

t
o

o
t
h
e
r

p
r
o
v
i
d
e
r
s
.

W
i
t
h

B
u
y
e
r
s
Un
i
t
e
d
,
c
u
s
t
o
m
e
r
s

a
r
e

n
o
t

f
o
r
c
e
d

t
o

t
a
k
e

b
u
n
d
l
e
d

s
e
r
v
i
c
e
s

o
r

e
n
t
e
r

i
n
t
o

l
o
n
g
-
te
n
n

c
o
n
t
r
a
c
t
s

f
r
o
m

o
n
e

p
r
o
v
i
d
e
r
,

w
h
i
c
h

w
e

b
e
l
i
e
v
e

a
r
e
ty
p
i
c
a
l

s
a
l
e
s

p
r
a
c
t
i
c
e
s

of

c
o
m
p
e
t
i
t
o
r
s
.

B
e
c
a
u
s
e

o
u
r

c
u
s
t
o
m
e
r

c
o
n
t
r
a
c
t
s

a
r
e

b
a
s
e
d

o
n

u
s
e
r

r
e
q
u
i
r
e
m
e
n
t
s

r
a
t
h
e
r

t
h
a
n

b
u
n
d
l
e
d

s
e
r
v
i
c
e
s
,
Bu
y
e
r
s

U
n
i
t
e
d

d
e
l
i
v
e
r
s

o
n
l
y

t
h
e

r
e
q
u
e
s
t
e
d

s
e
r
v
i
c
e
s

a
t

a
n

a
p
p
r
o
p
r
i
a
t
e

c
a
p
a
c
i
t
y

a
n
d

c
o
m
p
e
t
i
t
i
v
e

p
r
i
c
e
.
Bu
i
l
d
i
n
g

r
e
c
o
g
n
i
t
i
o
n

o
f

o
u
r

b
r
a
n
d
s

i
s

b
e
n
e
f
i
c
i
a
l

t
o

a
t
t
r
a
c
t
i
n
g

a
d
d
i
t
i
o
n
a
l

c
u
s
t
o
m
e
r
s

a
n
d

n
e
w

s
t
r
a
t
e
g
i
c

a
l
l
i
a
n
c
e
s
.

O
u
r

f
a
i
l
u
r
e

t
o

p
r
o
m
o
t
e
an
d

m
a
i
n
t
a
i
n

o
u
r

b
r
a
n
d
s

s
u
c
c
e
s
s
f
u
l
l
y

m
a
y

r
e
s
u
l
t

i
n

s
l
o
w
e
r

g
r
o
w
t
h
,

l
o
s
s

o
f

c
u
s
t
o
m
e
r
s
,

a
n
d

l
o
s
s

o
f

m
a
r
k
e
t

s
h
a
r
e

a
n
d

s
t
r
a
t
e
g
i
c

a
l
l
i
a
n
c
e
s
.
Ac
c
o
r
d
i
n
g
l
y
,

w
e

i
n
t
e
n
d

t
o

c
o
n
t
i
n
u
e

p
u
r
s
u
i
n
g

a
n

a
g
g
r
e
s
s
i
v
e

b
r
a
n
d
-
e
n
h
a
n
c
e
m
e
n
t

s
t
r
a
t
e
g
y
,

w
h
i
c
h

i
n
c
l
u
d
e
s

p
r
o
m
o
t
i
o
n
a
l

p
r
o
g
r
a
m
s

a
n
d
pu
b
l
i
c

r
e
l
a
t
i
o
n
s

a
c
t
i
v
i
t
i
e
s
.
Em
p
l
o
y
e
e
s
As

o
f

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

e
m
p
l
o
y
e
d

a

t
o
t
a
l

o
f

1
6
7

f
u
l
l

t
i
m
e

a
n
d

2
8

p
a
r
t

t
i
m
e

pe
r
s
o
n
s
.

N
o
n
e

o
f

o
u
r

e
m
p
l
o
y
e
e
s

i
s
re
p
r
e
s
e
n
t
e
d

b
y

a

l
a
b
o
r

u
n
i
o
n
.

W
e

h
a
v
e

n
o
t

e
x
p
e
r
i
e
n
c
e
d

a
n
y

w
o
r
k

s
t
o
p
p
a
g
e
s

a
n
d

b
e
l
i
e
v
e

r
e
l
a
t
i
o
n
s

w
i
t
h

o
u
r

e
m
p
l
o
y
e
e
s

a
r
e

g
o
o
d
.
Ri
s
k

a
s
s
o
c
i
a
t
e
d

w
i
t
h

o
u
r

b
u
s
i
n
e
s
s
Ou
r

r
e
v
e
n
u
e
s

a
n
d

o
p
e
r
a
t
i
n
g

r
e
s
u
l
t
s

m
a
y

b
e

n
e
g
a
t
i
v
e
l
y

i
m
p
a
c
t
e
d

b
y

t
h
e

p
r
i
c
i
n
g

d
e
c
i
s
i
o
n
s

o
f

o
u
r

c
o
m
p
e
t
i
t
o
r
s

a
n
d

o
u
r

p
r
o
v
i
d
e
r
s
.
Ou
r

r
e
v
e
n
u
e
s

f
r
o
m

p
e
r
i
o
d

t
o

p
e
r
i
o
d

d
e
p
e
n
d

o
n

t
h
e

p
r
i
c
i
n
g

f
o
r

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e

w
e

c
a
n

o
b
t
a
i
n

f
r
o
m

t
h
e

w
h
o
l
e
s
a
l
e

p
r
o
v
i
d
e
r
s

o
f
th
e
s
e

s
e
r
v
i
c
e
s
.

W
e
.

a
l
s
o

m
u
s
t

p
r
i
c
e

.
ou
r

s
e
r
v
i
c
e
s

a
t

l
e
v
e
l
s

t
h
a
t

a
r
e

c
o
m
p
e
t
i
t
i
v
e

i
n

t
h
e
ma
r
k
e
t
p
l
a
c
e
.

T
h
i
s

i
n
d
u
s
t
r
y

h
a
s

a

h
i
s
t
o
r
y

o
f
do
w
n
w
a
r
d

p
r
e
s
s
u
r
e

o
n

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e

r
a
t
e
s

a
s

a

r
e
s
u
l
t

o
f

c
o
m
p
e
t
i
t
i
o
n

a
m
o
n
g

p
r
o
v
i
d
e
r
s
.

T
o

a
c
q
u
i
r
e

a
n
d

r
e
t
a
i
n

c
u
s
t
o
m
e
r
s

w
e
of
f
e
r

t
h
e
s
e

s
e
r
v
i
c
e
s

a
t

p
r
i
c
e
s

t
h
a
t

a
r
e

p
e
r
c
e
i
v
e
d

a
s

c
o
m
p
e
t
i
t
i
v
e

i
n

c
o
n
j
u
n
c
t
i
o
n

w
i
t
h

t
h
e

o
t
h
e
r

b
e
n
e
f
i
t
s

w
e

p
r
o
v
i
d
e
.

C
o
n
s
e
q
u
e
n
t
l
y
,

f
a
l
l
i
n
g
pr
i
c
e
s

w
i
l
l
1
i
k
e
l
y

r
e
s
u
l
t

i
n

l
o
w
e
r
i
n
g

o
u
r

r
a
t
e
s

t
o

c
u
s
t
o
m
e
r
s
,

w
h
i
c
h

w
i
l
l

r
e
d
u
c
e

r
e
v
e
n
u
e
s
.

O
n

t
h
e

o
t
h
e
r

h
a
n
d
,

h
i
g
h
e
r

p
r
i
c
e
s

c
h
a
r
g
e
d

b
y
ou
r

p
r
o
v
i
d
e
r
s

w
i
l
l

c
u
t

in
t
o
.

g
r
o
s
s

pr
o
f
i
t

m
a
r
g
i
n
s

u
n
l
e
s
s

w
e

r
a
i
s
e

p
r
i
c
e
s

t
o

o
u
r

c
u
s
t
o
m
e
r
s
,

,
wh
i
c
h

m
a
y

b
e

d
i
f
f
i
c
u
l
t

f
o
r

u
s

t
o

d
o

i
f

o
u
r
~o
m
p
e
t
i
t
o
r
s

a
r
e

n
o
t

s
u
b
j
e
c
t

t
o

t
h
e

s
a
m
e

u
p
w
a
r
d

p
r
i
c
i
n
g

p
r
e
s
s
u
r
e
s

o
r

c
h
o
s
e

n
o
t

t
o

i
n
c
r
e
a
s
e

p
r
i
c
e
s

n
o
t
w
i
t
h
s
t
a
n
d
i
n
g

su
c
h

p
r
e
s
s
u
r
e
.

T
o
ma
k
e

u
p

f
o
r

p
o
t
e
n
t
i
a
l

r
e
d
u
c
t
i
o
n
s

i
n

e
i
t
h
e
r

r
e
v
e
n
u
e
s

o
r

p
r
o
f
i
t
s
,

i
t

w
o
u
l
d

b
e

n
e
c
e
s
s
a
r
y

f
o
r

u
s

t
o

c
o
n
t
i
n
u
e

t
o

m
a
k
e

s
i
g
n
i
f
i
c
a
n
t

i
n
c
r
e
a
s
e
s

i
n
ou
r

c
u
s
t
o
m
e
r

b
a
s
e

f
r
o
m

p
e
r
i
o
d

t
o

p
e
r
i
o
d
,
a
n
d

t
h
e
r
e

i
s

n
o

a
s
s
u
r
a
n
c
e

t
h
a
t

t
h
a
t

w
e

w
i
l
l

b
e

s
u
c
c
e
s
s
f
u
l

i
n

d
o
i
n
g

s
o
.
Ou
r

s
u
b
s
t
a
n
t
i
a
l

d
e
b
t

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t
s

o
u
r

o
p
e
r
a
t
i
o
n
s

a
n
d

f
i
n
a
n
c
i
a
l

c
o
n
d
i
t
i
o
n
.
At

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

b
o
t
T
o
w
i
n
g
s

a
n
d

c
a
p
i
t
a
l

l
e
a
s
e

o
b
l
i
g
a
t
i
o
n
s

t
o
t
a
l
e
d

a
p
p
r
o
x
i
m
a
t
e
l
y

$
1
1
.
9
m
i
l
l
i
o
n
,

w
h
i
c
h

i
n
c
l
u
d
e
s

$
3
.
5
m
i
l
l
i
o
n

o
f

no
t
e
s

p
a
y
a
b
l
e

t
o

c
e
r
t
a
i
n

o
f

o
u
r

d
i
r
e
c
t
o
r
s

t
h
a
t

p
a
y

i
n
t
e
r
e
s
t

a
t

1
2

p
e
r
c
e
n
t

p
e
r

a
n
n
u
m
,

$
4
.
2
m
i
l
l
i
o
n

o
f

o
b
l
i
g
a
t
i
o
n
s

r
e
l
a
t
e
d

t
o

t
h
e

p
u
r
c
h
a
s
e

o
r
ac
q
u
i
s
i
t
i
o
n

o
f

c
u
s
t
o
m
e
r

a
c
c
o
u
n
t
s
,
a
n
d

$
4
.
1
m
i
l
l
i
o
n

o
f
b
o
t
T
o
w
i
n
g
s

u
n
d
e
r

o
u
r

l
i
n
e

o
f

c
r
e
d
i
t
.

A

s
u
b
s
t
a
n
t
i
a
l

a
m
o
u
n
t

o
f

o
u
r

c
a
s
h

f
l
o
w

f
r
o
m
op
e
r
a
t
i
o
n
s

i
s

u
s
e
d

t
o

s
e
r
v
i
c
e

o
u
r

d
e
b
t

r
a
t
h
e
r

t
h
a
n

t
o

p
r
o
m
o
t
e

a
n
d

e
x
p
a
n
d

o
u
r

b
u
s
i
n
e
s
s
,

w
h
i
c
h

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t
s

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s
.

I
n
Ma
r
c
h

2
0
0
4
,
w
e

c
o
m
p
l
e
t
e
d

a

$
8
.
7
m
i
l
l
i
o
n

p
r
i
v
a
t
e

e
q
u
i
t
y

i
n
v
e
s
t
m
e
n
t

i
n

B
u
y
e
r
s

U
n
i
t
e
d

a
n
d

w
i
l
l

u
s
e

a
p
p
r
o
x
i
m
a
t
e
l
y

$
3

m
i
l
l
i
o
n

f
o
r
re
d
u
c
t
i
o
n

o
f

d
e
b
t
.

N
e
v
e
r
t
h
e
l
e
s
s
,

w
e

e
x
p
e
c
t

t
h
a
t

s
e
r
v
i
c
i
n
g

t
h
e

r
e
m
a
i
n
i
n
g

d
e
b
t

t
h
r
o
u
g
h

t
h
e

e
n
d

of
2
0
0
4

w
i
l
l

co
n
t
i
n
u
e

t
o

b
e

a

u
s
e

of

f
r
e
e
ca
s
h

f
l
o
w

t
h
a
t

c
o
u
l
d

b
e

u
s
e
d

t
o

d
e
v
e
l
o
p

o
u
r

b
u
s
i
n
e
s
s
.
Di
s
r
u
p
t
i
o
n
s

i
n

t
h
e

o
p
e
r
a
t
i
o
n

o
f

o
u
r

t
e
c
h
n
o
l
o
g
y

c
o
u
l
d

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r

o
p
e
r
a
t
i
o
n
s
.
We

a
r
e

d
e
p
e
n
d
e
n
t

o
n

o
u
r

c
o
m
p
u
t
e
r

d
a
t
a
b
a
s
e
s
,

b
i
l
l
i
n
g

a
n
d

a
c
c
o
u
n
t

c
o
m
p
u
t
e
r

p
r
o
g
r
a
m
s
,

I
n
t
e
r
n
e
t

p
r
o
t
o
c
o
l

n
e
t
w
o
r
k
,

a
n
d

c
o
m
p
u
t
e
r
ha
r
d
w
a
r
e

t
h
a
t

h
o
u
s
e
s

t
h
e
s
e

s
y
s
t
e
m
s

t
o

e
f
f
e
c
t
i
v
e
l
y

o
p
e
r
a
t
e

o
u
r

b
u
s
i
n
e
s
s

a
n
d

m
a
r
k
e
t

o
u
r

s
e
r
v
i
c
e
s
.

O
u
r

c
u
s
t
o
m
e
r
s

a
n
d

p
r
o
v
i
d
e
r
s

m
a
y
be
c
o
m
e

d
i
s
s
a
t
i
s
f
i
e
d

b
y

a
n
y

s
y
s
t
e
m

f
a
i
l
u
r
e
s

t
h
a
t

i
n
t
e
n
-
u
p
t

o
u
r

ab
i
l
i
t
y

t
o

p
r
o
v
i
d
e

o
u
r

s
e
r
v
i
c
e

t
o

t
h
e
m
.

S
u
b
s
t
a
n
t
i
a
l

o
r

r
e
p
e
a
t
e
d

s
y
s
t
e
m
fa
i
l
u
r
e
s

w
o
u
l
d

s
i
g
n
i
f
i
c
a
n
t
l
y

r
e
d
u
c
e

t
h
e

a
t
t
r
a
c
t
i
v
e
n
e
s
s

o
f

o
u
r

s
e
r
v
i
c
e
s
.

S
i
g
n
i
f
i
c
a
n
t

d
i
s
r
u
p
t
i
o
n

i
n

t
h
e

o
p
e
r
a
t
i
o
n

o
f

t
h
e
s
e

s
y
s
t
e
m
s

w
o
u
l
d
ad
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r

b
u
s
i
n
e
s
s

a
n
d

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s
.

,
,
,..
.
t
o
,

.
.
.
,
T

,
-

-.

"

..
.
.
.
.

-
-
-
-
..
.
-.
.
Ou
r

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s

a
r
e

d
e
p
e
n
d
e
n
t

o
n

l
e
a
s
e
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

l
i
n
e
s
,

a
n
d

a

s
i
g
n
i
f
i
c
a
n
t

d
i
s
r
u
p
t
i
o
n

o
r

c
h
a
n
g
e

i
n

t
h
e
s
e

s
e
r
v
i
c
e
s
co
u
l
d

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r

b
u
s
i
n
e
s
s
.

Th
e

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s

w
e

o
f
f
e
r
,

s
u
c
h

a
s

a
u
t
o
m
a
t
i
c

c
a
l
l

d
i
s
t
r
i
b
u
t
i
o
n
,
f
a
x

t
o

e
m
a
i
l
,

r
e
a
l

t
i
m
e

a
c
c
o
u
n
t

m
a
n
a
g
e
m
e
n
t
,

a
n
d

t
h
e
in
N
e
t
w
o
r
k
(
T
M
)

f
a
m
i
l
y

o
f

p
r
o
d
u
c
t
s
,

a
r
e

p
r
o
v
i
d
e
d

t
o

c
u
s
t
o
m
e
r
s

t
h
r
o
u
g
h

a

d
e
d
i
c
a
t
e
d

n
e
t
w
o
r
k

o
f

e
q
u
i
p
m
e
n
t

w
e

o
w
n

c
o
n
n
e
c
t
e
d

t
h
r
o
u
g
h
le
a
s
e
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

l
i
n
e
s

w
i
t
h

c
a
p
a
c
i
t
y

d
e
d
i
c
a
t
e
d

t
o

u
s

t
h
a
t

i
s

b
a
s
e
d

o
n

I
n
t
e
r
n
e
t

p
r
o
t
o
c
o
l
,

w
h
i
c
h

m
e
a
n
s

t
h
e

c
o
m
m
u
n
i
c
a
t
i
o
n
in
i
t
i
a
t
e
d

b
y

t
h
e

c
u
s
t
o
m
e
r

i
s

c
o
n
v
e
r
t
e
d

t
o

d
a
t
a

p
a
c
k
s

t
h
a
t

a
r
e

t
r
a
n
s
m
i
t
t
e
d

t
h
r
o
u
g
h

t
h
e

d
e
d
i
c
a
t
e
d

n
e
t
w
o
r
k

a
n
d

m
a
n
a
g
e
d

b
y

o
u
r

s
o
f
t
w
a
r
e
th
a
t

r
e
s
i
d
e
s

o
n

o
u
r

e
q
u
i
p
m
e
n
t

a
t
t
a
c
h
e
d

t
o

t
h
e

n
e
t
w
o
r
k
.

We

a
l
s
o

m
o
v
e

a

p
o
r
t
i
o
n

o
f

o
u
r

v
o
i
c
e

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e

o
v
e
r

t
h
i
s

d
e
d
i
c
a
t
e
d
ne
t
w
o
r
k
,

b
e
c
a
u
s
e

i
t

l
o
w
e
r
s

o
u
r

c
o
s
t

o
f

p
r
o
v
i
d
i
n
g

t
h
e

s
e
r
v
i
c
e

f
r
o
m

t
h
e

c
o
s
t

o
f

u
s
i
n
g

t
r
a
d
i
t
i
o
n
a
l

t
r
a
n
s
m
i
s
s
i
o
n

m
e
t
h
o
d
s
.
We

l
e
a
s
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

l
i
n
e
s

a
n
d

s
p
a
c
e

a
t

c
o
-
lo
c
a
t
i
o
n

f
a
c
i
l
i
t
i
e
s

f
o
r

o
u
r

e
q
u
i
p
m
e
n
t
,

w
h
i
c
h

r
e
p
r
e
s
e
n
t
s

t
h
e

b
a
c
k
b
o
n
e

o
f

o
u
r
de
d
i
c
a
t
e
d

n
e
t
w
o
r
k
,

f
r
o
m

t
h
i
r
d

p
a
r
t
y

s
u
p
p
l
i
e
r
s
.

I
f

a
n
y

o
f

t
h
e
s
e

s
u
p
p
l
i
e
r
s

i
s

u
n
a
b
l
e

o
r

u
n
w
i
l
l
i
n
g

t
o

p
r
o
v
i
d
e

o
r

e
x
p
a
n
d

t
h
e
i
r

c
u
r
r
e
n
t

l
e
v
e
l
s
of

s
e
r
v
i
c
e

t
o

u
s

t
h
a
t

e
n
a
b
l
e

u
s

t
o

s
e
r
v
e

o
u
r

c
u
s
t
o
m
e
r
s
,
t
h
e

s
e
r
v
i
c
e
s

w
e

o
f
f
e
r

w
o
u
l
d

b
e

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t
e
d
.

A
l
t
h
o
u
g
h

w
e

b
e
l
i
e
v
e

l
e
a
s
e
d
te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

l
i
n
e
s

a
n
d

c
o
-
lo
c
a
t
i
o
n

f
a
c
i
l
i
t
i
e
s

a
r
e

a
v
a
i
l
a
b
l
e

f
r
o
m

a
l
t
e
r
n
a
t
i
v
e

s
u
p
p
l
i
e
r
s
,

w
e

m
i
g
h
t

n
o
t

b
e

a
b
l
e

t
o

o
b
t
a
i
n

s
u
b
s
t
i
t
u
t
e
se
r
v
i
c
e
s

f
r
o
m

o
t
h
e
r

p
r
o
v
i
d
e
r
s

a
t

r
e
a
s
o
n
a
b
l
e

o
r

c
o
m
p
a
r
a
b
l
e

p
r
i
c
e
s

o
r

i
n

a

t
i
m
e
l
y

f
a
s
h
i
o
n
.

AI
1
y

r
e
s
u
l
t
i
n
g

d
i
s
r
u
p
t
i
o
n
s

i
n

t
h
e

s
e
r
v
i
c
e
s

w
e
of
f
e
r

t
h
a
t

a
r
e

p
r
o
v
i
d
e
d

o
v
e
r

o
u
r

d
e
d
i
c
a
t
e
d

n
e
t
w
o
r
k

w
o
u
l
d

l
i
k
e
l
y

r
e
s
u
l
t

i
n

c
u
s
t
o
m
e
r

d
i
s
s
a
t
i
s
f
a
c
t
i
o
n

a
n
d

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r

o
p
e
r
a
t
i
o
n
s
.
Fu
r
t
h
e
r
m
o
r
e
,

p
r
i
c
i
n
g

i
n
c
r
e
a
s
e
s

b
y

a
n
y

o
f

t
h
e

s
u
p
p
l
i
e
r
s

w
e

r
e
l
y

o
n

f
o
r

t
h
e

d
e
d
i
c
a
t
e
d

n
e
t
w
o
r
k

c
o
u
l
d

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r

r
e
s
u
l
t
s

o
f
op
e
r
a
t
i
o
n
s

i
f

w
e

a
r
e

un
a
b
l
e
t
o

p
a
s
s

p
r
i
c
i
n
g

in
c
r
e
a
s
e
s

t
h
r
o
u
g
h

t
o

o
u
r

c
u
s
t
o
m
e
r
s
.
Ou
r

b
u
s
i
n
e
s
s

c
o
u
l
d

b
e

m
a
t
e
r
i
a
l
l
y

h
a
r
m
e
d

i
f

o
u
r

c
o
m
p
u
t
e
r

s
y
s
t
e
m
s

w
e
r
e

d
a
m
a
g
e
d
.
Su
b
s
t
a
n
t
i
a
l
l
y

a
l
l

o
f

o
u
r

d
e
d
i
c
a
t
e
d

n
e
t
w
o
r
k

s
y
s
t
e
m
s

a
r
e

l
o
c
a
t
e
d

a
t

f
o
u
r

l
o
c
a
t
i
o
n
s

i
n

L
o
s

A
n
g
e
l
e
s
,

S
a
l
t

L
a
k
e

C
i
t
y
,

D
a
l
l
a
s
,

a
n
d

N
e
w

Y
o
r
k
.
Ou
r

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e
,
b
i
l
l
i
n
g
,

a
n
d

s
e
r
v
i
c
e

m
a
n
a
g
e
m
e
n
t

s
y
s
t
e
m
s

a
r
e

l
o
c
a
t
e
d

a
t

o
u
t

o
f
f
i
c
e
s

i
n

B
l
u
f
f
d
a
l
e

a
n
d

D
r
a
p
e
r
,

U
t
a
h
.

F
i
r
e
s
,

f
l
o
o
d
s
ea
r
t
h
q
u
a
k
e
s
,

p
o
w
e
r

l
o
s
s
e
s
,

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

f
a
i
l
u
r
e
s
,
b
r
e
a
k
-
in
s

"
an
d

s
i
m
i
l
a
r

e
v
e
n
t
s

c
o
u
l
d

d
a
m
a
g
e

t
h
e
s
e

s
y
s
t
e
m
s
.

C
o
m
p
u
t
e
r

v
i
r
u
s
e
s
,
el
e
c
t
r
o
n
i
c

b
r
e
a
k
-
in
s
,

h
u
m
a
n

eI
T
o
r
,

o
r

o
t
h
e
r

si
m
i
l
a
r

d
i
s
r
u
p
t
i
v
e

p
r
o
b
l
e
m
s

c
o
u
l
d

a
l
s
o

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r

s
y
s
t
e
m
s
.

W
e

d
o

n
o
t

c
a
r
r
y
bu
s
i
n
e
s
s

i
n
t
e
I
T
U
p
t
i
o
n

i
n
s
u
r
a
n
c
e
.

Ac
c
o
r
d
i
n
g
l
y
,

a
n
y

s
i
g
n
i
f
i
c
a
n
t

s
y
s
t
e
m
s

d
i
s
r
u
p
t
i
o
n

c
o
u
l
d

h
a
v
e

a

m
a
t
e
r
i
a
l

a
d
v
e
r
s
e

e
f
f
e
c
t

o
n

o
u
r

b
u
s
i
n
e
s
s
fi
n
a
n
c
i
a
l

c
o
n
d
i
t
i
o
n
,

a
n
d

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s
.
We

u
s
e

t
h
e

I
n
t
e
r
n
e
t

i
n

v
a
r
i
o
u
s

a
s
p
e
c
t
s

o
f

o
u
r

b
u
s
i
n
e
s
s
.

T
h
e

v
i
a
b
i
l
i
t
y

o
f

t
h
e

I
n
t
e
r
n
e
t

a
s

a
n

i
n
f
o
r
m
a
t
i
o
n

m
e
d
i
u
m

a
n
d

c
o
m
m
e
r
c
i
a
l
ma
r
k
e
t
p
l
a
c
e

w
i
l
l

d
e
p
e
n
d

i
n

l
a
r
g
e

p
a
r
t

u
p
o
n

t
h
e

s
t
a
b
i
l
i
t
y

a
n
d

m
a
i
n
t
e
n
a
n
c
e

o
f

t
h
e

i
n
f
r
a
s
t
r
u
c
t
u
r
e

f
o
r

p
r
o
v
i
d
i
n
g

I
n
t
e
r
n
e
t

a
c
c
e
s
s

a
n
d
ca
r
r
y
i
n
g

I
n
t
e
r
n
e
t

t
r
a
f
f
i
c
.
Hi
s
t
o
r
i
c
a
l
l
y

w
e

h
a
v
e

r
e
l
i
e
d

o
n

t
h
e

I
n
t
e
r
n
e
t

f
o
r

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e

a
n
d

b
i
l
l
i
n
g
.

F
a
i
l
u
r
e

t
o

d
e
v
e
l
o
p

a

r
e
l
i
a
b
l
e

n
e
t
w
o
r
k

s
y
s
t
e
m

o
r

t
i
m
e
l
y
de
v
e
l
o
p
m
e
n
t

a
n
d

a
c
c
e
p
t
a
n
c
e

o
f

c
o
m
p
l
e
m
e
n
t
a
r
y

p
r
o
d
u
c
t
s
,

s
u
c
h

a
s

h
i
g
h
-
s
p
e
e
d

a
c
c
e
s
s

s
y
s
t
e
m
s
,

c
o
u
l
d

m
a
t
e
r
i
a
l
l
y

h
a
n
n

o
u
r

b
u
s
i
n
e
s
s
.

I
n
ad
d
i
t
i
o
n
,

t
h
e

I
n
t
e
r
n
e
t

c
o
u
l
d

l
o
s
e

i
t
s

v
i
a
b
i
l
i
t
y

d
u
e

t
o

d
e
l
a
y
s

i
n

t
h
e

d
e
v
e
l
o
p
m
e
n
t

o
r

a
d
o
p
t
i
o
n

o
f

n
e
w

s
t
a
n
d
a
r
d
s

a
n
d

p
r
o
t
o
c
o
l
s

r
e
q
u
i
r
e
d

t
o
ha
n
d
l
e

i
n
c
r
e
a
s
e
d

l
e
v
e
l
s

o
f

I
n
t
e
r
n
e
t

a
c
t
i
v
i
t
y

o
r

d
u
e

t
o

i
n
c
r
e
a
s
e
d

g
o
v
e
r
n
m
e
n
t

r
e
g
u
l
a
t
i
o
n
.

I
f

t
h
e

I
n
t
e
r
n
e
t

d
o
e
s

n
o
t

r
e
m
a
i
n

a

v
i
a
b
l
e

c
o
n
d
u
i
t
fo
r

d
a
t
a

a
n
d

t
r
a
n
s
a
c
t
i
o
n
a
l

t
r
a
f
f
i
c

o
r

t
h
e

m
a
n
n
e
r

i
n

w
h
i
c
h

i
t

n
o
w

o
p
e
r
a
t
e
s

c
h
a
n
g
e
s

s
i
g
n
i
f
i
c
a
n
t
l
y
,

t
h
e
n

o
u
r

b
u
s
i
n
e
s
s

a
n
d

r
e
s
u
l
t
s

o
f
op
e
r
a
t
i
o
n
s

c
o
u
l
d

b
e

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t
e
d
.
A
f
u
n
d
a
m
e
n
t
a
l

r
e
q
u
i
r
e
m
e
n
t

f
o
r

o
n
l
i
n
e

c
o
m
m
u
n
i
c
a
t
i
o
n
s

i
s

t
h
e

s
e
c
u
r
e

t
r
a
n
s
m
i
s
s
i
o
n

o
f

c
o
n
f
i
d
e
n
t
i
a
l

i
n
f
o
r
m
a
t
i
o
n

o
v
e
r

p
u
b
l
i
c

n
e
t
w
o
r
k
s
.
Ou
r

f
a
i
l
u
r
e

t
o

p
r
o
t
e
c
t

t
h
i
s

c
o
n
f
i
d
e
n
t
i
a
l

i
n
f
o
r
m
a
t
i
o
n

c
o
u
l
d

r
e
s
u
l
t

i
n

l
i
a
b
i
l
i
t
y
.
If

t
h
i
r
d

p
a
r
t
i
e
s

s
u
c
c
e
e
d

i
n

p
e
n
e
t
r
a
t
i
n
g

o
u
r

ne
w
o
r
k

se
c
u
r
i
t
y

o
r

o
t
h
e
r
w
i
s
e

m
i
s
a
p
p
r
o
p
r
i
a
t
e

o
u
r

c
u
s
t
o
m
e
r

i
n
f
o
r
m
a
t
i
o
n
,

w
e

c
o
u
l
d

b
e

s
u
b
j
e
c
t
to

l
i
a
b
i
l
i
t
y
.

O
u
r

i
i
a
b
i
l
i
t
y

c
o
u
l
d

i
n
c
l
u
d
e

c
l
a
i
m
s

f
o
r

u
n
a
u
t
h
o
r
i
z
e
d

p
u
r
c
h
a
s
e
s

w
i
t
h

c
r
e
d
i
t

c
a
r
d

o
r

b
a
n
k
i
n
g

i
n
f
o
r
m
a
t
i
o
n
,
i
m
p
e
r
s
o
n
a
t
i
o
n

o
r
ot
h
e
r

s
i
m
i
l
a
r

f
r
a
u
d

c
l
a
i
m
s
,
a
s

w
e
l
l

a
s

f
o
r

.
1
.
ot
h
e
r

m
i
s
u
s
e
s

o
f

p
e
r
s
o
n
a
l

i
n
f
o
n
n
a
t
i
o
n
,

i
n
c
l
u
d
i
n
g

f
o
r

u
n
a
u
t
h
o
r
i
z
e
d

m
a
r
k
e
t
i
n
g

p
u
r
p
o
s
e
s
.

T
h
e
s
e

c
l
a
i
m
s

c
o
u
l
d

r
e
s
u
l
t

i
n

l
i
t
i
g
a
t
i
o
n

a
n
d
ad
v
e
r
s
e

p
u
b
l
i
c
i
t
y
,

w
h
i
c
h

c
o
u
l
d

h
a
v
e

.
a
m
a
t
e
r
i
a
l

a
d
v
e
r
s
e

e
f
f
e
c
t

o
n

o
u
r

r
e
p
u
t
a
t
i
o
n
,

b
u
s
i
n
e
s
s
,

a
n
d

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s
.
Ou
r

g
r
o
w
t
h

a
n
d

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s

a
r
e

n
o
t

p
r
e
d
i
c
t
a
b
l
e
,
w
h
i
c
h

m
e
a
n
s

a
n

i
n
v
e
s
t
m
e
n
t

i
n

u
s

h
a
s

g
r
e
a
t
e
r

r
i
s
k
.
Bu
y
e
r
s

U
n
i
t
e
d

e
x
p
e
r
i
e
n
c
e
d

s
i
g
n
i
f
i
c
a
n
t

g
r
o
w
t
h

i
n

2
0
0
3
,

p
r
i
m
a
r
i
l
y

t
h
r
o
u
g
h

i
n
t
e
r
n
a
l

g
r
o
w
t
h

a
n
d

t
h
e

p
u
r
c
h
a
s
e

o
f

c
u
s
t
o
m
e
r

a
c
c
o
u
n
t
s
.
Re
c
e
n
t

a
c
q
u
i
s
i
t
i
o
n
s

o
f

a
s
s
e
t
s

a
n
d

c
u
s
t
o
m
e
r
s

h
a
v
e

s
u
b
s
t
a
n
t
i
a
l
l
y

i
n
c
r
e
a
s
e
d

o
u
r

o
p
e
r
a
t
i
o
n
s
.

We

ha
v
e

n
o

o
t
h
e
r

c
u
s
t
o
m
e
r

b
a
s
e

a
c
q
u
i
s
i
t
i
o
n
s
un
d
e
r

c
o
n
s
i
d
e
r
a
t
i
o
n

a
n
d

c
a
n
n
o
t

p
r
e
d
i
c
t

i
f

o
r

w
h
e
n

an
o
t
h
e
r
.

s
u
c
h

a
c
q
u
i
s
i
t
i
o
n

op
p
o
r
t
u
n
i
t
y

m
a
y

p
r
e
s
e
n
t

i
t
s
e
l
f
.

C
o
n
s
e
q
u
e
n
t
l
y
,

i
t

i
s

n
o
t
po
s
s
i
b
l
e

t
o

p
r
e
d
i
c
t

w
i
t
h

a
n
y

c
e
r
t
a
i
n
t
y

t
h
e

g
r
o
w
t
h

o
f

o
u
r

b
u
s
i
n
e
s
s

o
v
e
r

t
h
e

n
e
x
t

y
e
a
r
,

w
h
e
t
h
e
r

i
n
t
e
r
n
a
l
l
y

o
r

t
h
r
o
u
g
h

a
c
q
u
i
s
i
t
i
o
n
s
.

O
u
r
ab
i
l
i
t
y

t
o

c
o
n
t
i
n
u
e

o
u
r

g
r
o
w
t
h

a
n
d

p
r
o
f
i
t
a
b
i
l
i
t
y

w
i
l
l

d
e
p
e
n
d

o
n

a

n
u
m
b
e
r

o
f

f
a
c
t
o
r
s
,

i
n
c
l
u
d
i
n
g

o
u
r

a
b
i
l
i
t
y

t
o

m
a
i
n
t
a
i
n

a
n
d

e
x
p
a
n
d

o
u
r
in
d
e
p
e
n
d
e
n
t

a
g
e
n
t

n
e
t
w
o
r
k
,

t
h
e

a
v
a
i
l
a
b
i
l
i
t
y

o
f

c
a
p
i
t
a
l

t
o

f
u
n
d

p
u
r
c
h
a
s
e
s

o
f

c
u
s
t
o
m
e
r
s

o
r

a
c
q
u
i
s
i
t
i
o
n
s
,

e
x
i
s
t
i
n
g

a
n
d

e
m
e
r
g
i
n
g
co
m
p
e
t
i
t
i
o
n
,
a
n
d

o
u
r

a
b
i
l
i
t
y

t
o

m
a
i
n
t
a
i
n

s
u
f
f
i
c
i
e
n
t

p
r
o
f
i
t

m
a
r
g
i
n
s

d
e
s
p
i
t
e

p
r
i
c
i
n
g

p
r
e
s
s
u
r
e
s
.

F
u
r
t
h
e
n
n
o
r
e
,

t
h
e

g
r
o
w
t
h

a
n
d

d
e
v
e
l
o
p
m
e
n
t
of

o
u
r

b
u
s
i
n
e
s
s

m
a
y

b
e

h
a
r
m
e
d

i
f

w
e

a
r
e

u
n
a
b
l
e

t
o

a
d
a
p
t

a
n
d

e
x
p
a
n
d

o
u
r

s
y
s
t
e
m
s
,

p
r
o
c
e
d
u
r
e
s
,

a
n
d

c
o
n
t
r
o
l
s

t
o

s
u
p
p
o
r
t

a
n
d

m
a
n
a
g
e

o
u
r
gr
o
w
t
h
.

A
l
l

of

t
h
e
s
e

fa
c
t
o
r
s

i
n
d
i
c
a
t
e

th
e
r
e

c
o
u
l
d

be

f
l
u
c
t
u
a
t
i
o
n
s

i
n

o
u
r

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s

a
n
d

v
o
l
a
t
i
l
i
t
y

i
n

o
u
r

s
t
o
c
k

p
r
i
c
e

t
h
a
t

c
o
u
l
d
dx
p
o
s
e

a
n

i
n
v
e
s
t
o
r

t
o

g
r
e
a
t
e
r

r
i
s
k
.
Ou
r

i
n
a
b
i
l
i
t
y

to

p
r
o
m
o
t
e

ou
r

n
a
m
e

a
n
d

s
e
r
v
i
c
e

c
o
u
l
d

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

t
h
e

d
e
v
e
l
o
p
m
e
n
t

o
f

o
u
r

b
u
s
i
n
e
s
s
.
Bu
i
l
d
i
n
g

r
e
c
o
g
n
i
t
i
o
n

o
f

o
u
r

b
r
a
n
d

n
a
m
e
,
"
UC
N
"
,
i
s

b
e
n
e
f
i
c
i
a
l

t
o

a
t
t
r
a
c
t
i
n
g

a
d
d
i
t
i
o
n
a
l

c
u
s
t
o
m
e
r
s
,

o
b
t
a
i
n
i
n
g

f
a
v
o
r
a
b
l
e

r
e
s
e
l
l
e
r
ag
r
e
e
m
e
n
t
s

w
i
t
h

p
r
o
v
i
d
e
r
s

o
f

l
o
n
g

d
i
s
t
a
n
c
e
,
a
n
d

es
t
a
b
l
i
s
h
i
n
g

s
t
r
a
t
e
g
i
c

re
l
a
t
i
o
n
s
h
i
p
s

w
i
t
h

i
n
d
e
p
e
n
d
e
n
t

a
g
e
n
t
s

a
n
d

b
u
s
i
n
e
s
s
e
s

t
h
a
t

c
a
n
fa
c
i
l
i
t
a
t
e

o
r

e
n
h
a
n
c
e

o
u
r

s
e
r
v
i
c
e

o
f
f
e
r
i
n
g
s

an
d

m
a
r
k
e
t
i
n
g

ef
f
o
r
t
s
.

I
n

J
a
n
u
a
r
y

2
0
0
4

w
e

f
i
l
e
d

a
n

a
p
p
l
i
c
a
t
i
o
n

w
i
t
h

t
h
e

U
.
S.

P
a
t
e
n
t

a
n
d
Tr
a
d
e
m
a
r
k

O
f
f
i
c
e

t
o

r
e
g
i
s
t
e
r

t
h
e

m
a
r
k
,

b
u
t

h
a
v
e

y
e
t

t
o

r
e
c
e
i
v
e

a
n
y

r
e
s
p
o
n
s
e

o
n

t
h
e

a
p
p
l
i
c
a
t
i
o
n
.

If
w
e

f
a
i
l

to

o
b
t
a
i
n

r
e
g
i
s
t
r
a
t
i
o
n

o
f
U
C
N
.

w
e

m
a
y

c
o
n
s
i
d
e
r

a
d
o
p
t
i
n
g

ne
w

m
a
r
k
s

f
o
r

p
r
o
m
o
t
i
o
n
,

s
o

w
e

w
o
u
l
d

g
a
i
n

l
i
t
t
l
e

f
r
o
m

p
r
o
m
o
t
i
n
g

U

CN
.

E
v
e
n

i
f

w
e

a
r
e

s
u
c
c
e
s
s
f
u
l

i
n
re
g
i
s
t
e
r
i
n
g

t
h
e

m
a
r
k
,

o
u
r

f
a
i
l
u
r
e

t
o

p
r
o
m
o
t
e

a
n
d

m
a
i
n
t
a
i
n

o
u
r

b
r
a
n
d

n
a
m
e

s
u
c
c
e
s
s
f
u
l
l
y

m
a
y

r
e
s
u
l
t

i
n

s
l
o
w
e
d

g
r
o
w
t
h
,

l
o
s
s

o
f

c
u
s
t
o
m
e
r
s
,
lo
s
s

o
f

m
a
r
k
e
t

sh
a
r
e
,
.

an
d

l
o
s
s

o
f

s
t
r
a
t
e
g
i
c

r
e
l
a
t
i
o
n
s
h
i
p
s
.

We

ca
n
n
o
t

a
s
s
u
r
e

y
o
u

t
h
a
t

w
e

w
i
l
l

b
e

a
b
l
e

to

p
r
o
m
o
t
e

ou
r

b
r
a
n
d

n
a
m
e
s

a
s

f
u
l
l
y
as

w
e

w
o
u
l
d

l
i
k
e
,

o
r

t
h
a
t

p
r
o
m
o
t
i
n
g

o
u
r

b
r
a
n
d

n
a
m
e

w
i
l
l

e
n
a
b
l
e

u
s

t
o

b
e

c
o
m
p
e
t
i
t
i
v
e

o
r

i
m
p
r
o
v
e

o
u
r

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s
.
Ou
r

d
e
v
e
l
o
p
m
e
n
t

o
f

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s

c
o
u
l
d

s
u
b
j

ec
t

u
s

t
o

c
l
a
i
m
s

o
f

p
a
t
e
n
t

i
n
f
r
i
n
g
e
m
e
n
t

t
h
a
t

w
o
u
l
d

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r

r
e
s
u
l
t
s

o
f
op
e
r
a
t
i
o
n
s
.
We

of
f
e
r

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s

t
h
r
o
u
g
h

ou
r

d
e
d
i
c
a
t
e
d

ne
t
w
o
r
k
,
s
u
c
h

a
s

f
a
x

t
o

e
m
a
i
l
.

T
h
i
s
,
a
n
d

o
t
h
e
r

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s
,

h
a
s

b
e
e
n

t
h
e
su
b
j

e
c
t

of

c
l
a
i
m
s

b
y

c
e
r
t
a
i
n

p
a
t
e
n
t

h
o
l
d
e
r
s

t
h
a
t

p
r
o

vi

d
i
n
g

t
h
e

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s

v
i
o
l
a
t
e
s

ex
i
g
t
i
n
g

p
a
t
e
n
t

r
i
g
h
t
s

c
o
v
e
r
i
n
g

t
h
e

m
a
n
n
e
r

a
n
d
!
me
t
h
o
d

b
y

w
h
i
c
h

t
h
e

s
e
r
v
i
c
e
s

a
r
e

p
e
r
f
o
n
n
e
d
.

W
e

h
a
v
e

n
o
t

r
e
c
e
i
v
e
d

a
n
y

n
o
t
i
c
e

o
r

c
l
a
i
m

f
r
o
m

a
n
y

p
a
r
t
y

t
h
a
t

a
n
y

s
e
r
v
i
c
e

w
e

o
f
f
e
r
vi
o
l
a
t
e
s

a
n
y

s
u
c
h

r
i
g
h
t
s
.

S
h
o
u
l
d

w
e

r
e
c
e
i
v
e

s
u
c
h

a

n
o
t
i
c
e
,
w
e

e
x
p
e
c
t

t
h
a
t

t
h
e

p
a
t
e
n
t

h
o
l
d
e
r

w
o
u
l
d

s
e
e
k

a

l
i
c
e
n
s
i
n
g

a
r
r
a
n
g
e
m
e
n
t

i
n
wh
i
c
h

w
e

w
o
u
l
d

b
e

r
e
q
u
i
r
e
d

t
o

p
a
y

a

l
i
c
e
n
s
e

f
e
e

t
o

c
o
n
t
i
n
u
e

t
o

o
f
f
e
r

t
h
e

s
e
r
v
i
c
e
,

a
n
d

m
a
y

s
e
e
k

l
i
c
e
n
s
e

p
a
y
m
e
n
t

f
o
r

p
a
s
t

s
a
l
e
s

o
f

t
h
e
se
r
v
i
c
e

u
s
i
n
g

t
h
e

a
l
l
e
g
e
d

p
a
t
e
n
t
e
d

t
e
c
h
n
o
l
o
g
y
.

P
a
y
m
e
n
t

o
f

a
n
y

s
u
c
h

l
i
c
e
n
s
e

f
e
e
s

w
o
u
l
d

h
a
v
e

a
n

a
d
v
e
r
s
e

i
m
p
a
c
t

o
n

t
h
e

n
e
t

r
e
v
e
n
u
e
ge
n
e
r
a
t
e
d

f
r
o
m

s
a
l
e
s

o
f

t
h
e

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s
.
Re
g
u
l
a
t
i
o
n

o
f
I
P

t
e
l
e
p
h
o
n
y

s
e
r
v
i
c
e
s

i
s

u
n
c
l
e
a
r
,
s
o

t
h
e

i
m
p
o
s
i
t
i
o
n

o
f

s
i
g
n
i
f
i
c
a
n
t

r
e
g
u
l
a
t
i
o
n

i
n

t
h
e

f
u
t
u
r
e

c
o
u
l
d

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r
op
e
r
a
t
i
o
n
s
.
We

d
e
l
i
v
e
r

o
u
r

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s

a
n
d

m
o
v
e

o
t
h
e
r

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e

t
h
r
o
u
g
h

o
u
r

V
o
I
P

N
e
t
w
o
r
k
.

A
t

b
o
t
h

t
h
e

F
e
d
e
r
a
l

a
n
d

s
t
a
t
e
le
v
e
l
,

p
r
o
c
e
e
d
i
n
g
s

a
n
d

i
n
v
e
s
t
i
g
a
t
i
o
n
s

a
r
e

p
e
n
d
i
n
g

w
i
t
h

r
e
s
p
e
c
t

t
o

w
h
e
t
h
e
r

I
P
-
e
n
a
b
l
e
d

v
o
i
c
e

c
o
m
m
u
n
i
c
a
t
i
o
n
s

a
r
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s
se
r
v
i
c
e
s

s
u
b
j
e
c
t

t
o

F
e
d
e
r
a
l

a
n
d

s
t
a
t
e

r
e
g
u
l
a
t
i
o
n
.

A

d
e
t
e
r
m
i
n
a
t
i
o
n

t
h
a
t

s
u
c
h

s
e
r
v
i
c
e
s

a
r
e

s
u
b
j
e
c
t

t
o

r
e
g
u
l
a
t
i
o
n

w
o
u
l
d

l
i
k
e
l
y

i
n
c
r
e
a
s
e

t
h
e
co
s
t

o
f

s
e
r
v
i
c
e
s

w
e

p
r
o
v
i
d
e
,

w
h
i
c
h

w
o
u
l
d

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

o
u
r

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s
.

E
v
e
n

i
f

a

d
e
t
e
r
m
i
n
a
t
i
o
n

i
s

m
a
d
e

t
h
a
t

o
u
r

I
P
de
l
i
v
e
r
e
d

s
e
r
v
i
c
e
s

a
r
e

n
o
t

s
u
b
j
e
c
t

t
o

c
u
r
r
e
n
t

r
e
g
u
l
a
t
i
o
n
,

t
h
e
r
e

i
s

n
o

a
s
s
u
r
a
n
c
e

t
h
a
t

F
e
d
e
r
a
l

o
r

s
t
a
t
e

g
o
v
e
r
n
m
e
n
t
s

w
i
l
l

n
o
t

i
m
p
o
s
e
re
g
u
l
a
t
i
o
n

o
n

I
F
-
e
n
a
b
l
e
d

c
o
m
m
u
n
i
c
a
t
i
o
n
s

i
n

t
h
e

f
u
t
u
r
e

t
h
a
t

w
o
u
l
d

a
d
d

s
u
b
s
t
a
n
t
i
a
l
l
y

t
o

o
u
r

c
o
s
t
s

o
f

d
o
i
n
g

b
u
s
i
n
e
s
s
.
Fu
t
u
r
e

s
a
l
e
s

o
r

t
h
e

p
o
t
e
n
t
i
a
l

f
o
r

s
a
l
e

o
f

a

s
u
b
s
t
a
n
t
i
a
l

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

o
u
r

co
m
n
1
o
n

s
t
o
c
k

c
o
u
l
d

c
a
u
s
e

t
h
e

t
r
a
d
i
n
g

pr
i
c
e

o
f

o
u
r
co
m
m
o
n

s
t
o
c
k

t
o

d
e
c
l
i
n
e

a
n
d

c
o
u
l
d

i
m
p
a
i
r

o
u
r

a
b
i
l
i
t
y

t
o

r
a
i
s
e

c
a
p
i
t
a
l

t
h
r
o
u
g
h

s
u
b
s
e
q
u
e
n
t

e
q
u
i
t
y

o
f
f
e
r
i
n
g
s
.
As

o
f

M
a
r
c
h

1
5
,
20
0
4
,
w
e

h
a
v
e

1
2
99
4
07
9

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

o
u
t
s
t
a
n
d
i
n
g
,

o
f

w
h
i
c
h

4
60
8
,
73
9

s
h
a
r
e
s

a
r
e

f
r
e
e
l
y

t
r
a
d
a
b
l
e
,
04
4
79
4

s
h
a
r
e
s

m
a
y

b
e

s
o
l
d

s
u
b
j
e
c
t

t
o

t
h
e

v
o
l
u
m
e
,

t
i
m
i
n
g
,

a
n
d

o
t
h
e
r

c
o
n
d
i
t
i
o
n
s

o
f

R
u
l
e

1
4
4

a
d
o
p
t
e
d

u
n
d
e
r

t
h
e

S
e
c
u
r
i
t
i
e
s

A
c
t

o
f
19
3
3
,

8
0
8
,
54
6

s
h
a
r
e
s

m
a
y

b
e

s
o
l
d

s
u
b
j
e
c
t

t
o

t
h
e

v
o
l
u
m
e
,
t
i
m
i
n
g
,

a
n
d

o
t
h
e
r
co
n
d
i
t
i
o
n
s

o
f

R
u
l
e

i4
4

b
e
g
i
n
n
i
n
g

M
a
y

1
,
20
0
4

a
n
d

t
h
e
re
m
a
i
n
i
n
g

4
53
2
,
00
0

s
h
a
r
e
s

m
a
y

b
e

s
o
l
d

s
u
b
j
e
c
t

t
o

t
h
e

v
o
l
u
m
e
,

t
i
m
i
n
g
,

a
n
d

o
t
h
e
r

c
o
n
d
i
t
i
o
n
s

o
f

R
u
l
e

1
4
4

b
e
g
i
n
n
i
n
g

M
a
r
c
h

1
5
,

20
0
5
.
We

a
g
r
e
e
d

w
i
t
h

t
h
e

h
o
l
d
e
r
s

o
f

5
,
34
0
54
6

r
e
s
t
r
i
c
t
e
d

s
h
a
r
e
s

t
o

f
i
l
e

a

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

w
i
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e
Co
m
m
i
s
s
i
o
n

i
n

A
p
r
i
l

2
0
0
4

f
o
r

t
h
e

p
u
r
p
o
s
e

o
f

r
e
g
i
s
t
e
r
i
n
g

r
e
s
a
l
e

o
f

t
h
e
i
r

s
h
a
r
e
s
.
In
.

a
d
d
i
t
i
o
n
,

w
e

h
a
v
e

o
u
t
s
t
a
n
d
i
n
g
w
a
I
T
a
n
t
s
,

'
op
t
i
o
n
s

a
n
d

c
o
n
v
e
r
t
i
b
l
e

n
o
t
e
s

t
o

.
ac
q
u
i
r
e

7
,
64
6
,
58
3

a
d
d
i
t
i
o
n
a
l

s
h
a
r
e
s

t
h
a
t

a
r
e

r
e
g
i
s
t
e
r
e
d

f
o
r
sa
l
e

b
y

t
h
e

h
o
l
d
e
r
s

i
n

t
h
e

p
u
b
l
i
c

m
a
r
k
e
t

u
n
d
e
r

a

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

f
i
l
e
d

w
i
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

i
n
Se
p
t
e
m
b
e
r

2
0
0
3
,
w
h
i
c
h

h
a
s

b
e
e
n

t
e
m
p
o
r
a
r
i
l
y

s
u
s
p
e
n
d
e
d

u
n
t
i
l

w
e

f
i
l
e

a
n

a
m
e
n
d
m
e
n
t

u
p
d
a
t
i
n
g

t
h
e

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

w
i
t
h

o
u
r
fi
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

f
o
r

2
0
0
3

a
n
d

o
t
h
e
r

i
n
f
o
r
m
a
t
i
o
n
.

A
s
s
u
m
i
n
g

a
l
l

t
h
e
s
e

Wa
I
T
a
n
t
s

a
n
d

o
p
t
i
o
n
s

a
r
e

ex
e
r
c
i
s
e
d
,

t
h
e
r
e

w
o
u
l
d

b
e

2
0
,
64
0
,
66
2
sh
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

i
s
s
u
e
d

a
n
d

o
u
t
s
t
a
n
d
i
n
g
.

W
e

h
a
v
e

a
l
s
o

r
e
s
e
r
v
e
d

f
o
r

f
u
t
u
r
e
-
i
s
s
u
a
n
c
e

6
,
25
8
,
92
2

a
d
d
i
t
i
o
n
a
l

s
h
a
r
e
s

o
f

c
o
m
m
o
n
st
o
c
k

a
s

f
o
l
l
o
w
s
:

a
3
,
92
9
,
00
0

s
h
a
r
e
s

i
s
s
u
a
b
l
e

o
n

c
o
n
v
e
r
s
i
o
n

o
f

o
u
t
s
t
a
n
d
i
n
g

pr
e
f
e
l
T
e
d

s
t
o
c
k
;
0
U
p

t
o

2
,
00
6
,
35
1

s
h
a
r
e
s

u
n
d
e
r
l
y
i
n
g

o
t
h
e
r

W
a
I
T
a
n
t
s

an
d

o
p
t
i
o
n
s

t
h
a
t

w
e
r
e

g
r
a
n
t
e
d

a
n
d

r
e
m
a
i
n
e
d

o
u
t
s
t
a
n
d
i
n
g

a
s

o
f

t
h
e

d
a
t
e

o
f

t
h
i
s
fi
l
i
n
g
;
0
U
p

t
o

1
7
3
,
57
1

s
h
a
r
e
s

r
e
s
e
r
v
e
d

f
o
r

i
s
s
u
a
n
c
e

u
n
d
e
r

o
u
r

s
t
o
c
k

p
l
a
n
s
;

a
n
d
0
U
p

t
o

1
5
0
,
00
0

s
h
a
r
e
s

r
e
s
e
r
v
e
d

f
o
r

i
s
s
u
a
n
c
e

o
n

c
o
n
v
e
r
s
i
o
n

o
f

o
u
t
s
t
a
n
d
i
n
g

n
o
t
e
s
.
Of

t
h
e

3
,
92
9
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

i
s
s
u
a
b
l
e

o
n

c
o
n
v
e
r
s
i
o
n

o
f

o
u
t
s
t
a
n
d
i
n
g

p
r
e
f
e
r
r
e
d

s
t
o
c
k
,
3
,
37
4
00
0

m
a
y

b
e

s
o
l
d

w
i
t
h
o
u
t
li
m
i
t
a
t
i
o
n

u
n
d
e
r

R
u
l
e

1
4
4
(
k
)
.
Sa
l
e
s

o
f

a

s
u
b
s
t
a
n
t
i
a
l

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

o
u
r

c
o
m
m
o
n

s
t
o
c
k

i
n

t
h
e

p
u
b
l
i
c

m
a
r
k
e
t
s
,

o
r

t
h
e

p
e
r
c
e
p
t
i
o
n

t
h
a
t

t
h
e
s
e

s
a
l
e
s

m
a
y

o
c
c
u
r
,

c
o
u
l
d
ca
u
s
e

t
h
e

m
a
r
k
e
t

p
r
i
c
e

oi
o
u
r

s
t
o
c
k

to

d
e
c
l
i
n
e
,
w
h
i
c
h

c
o
u
l
d

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

a
n

i
n
v
e
s
t
m
e
n
t

i
n

o
u
r

s
t
o
c
k

a
n
d

c
o
u
l
d

m
a
t
e
r
i
a
l
l
y

i
m
p
a
i
r

o
u
r
ab
i
l
i
t
y

t
o

r
a
i
s
e

c
a
p
i
t
a
l

t
h
r
o
u
g
h

t
h
e

s
a
l
e

o
f

a
d
d
i
t
i
o
n
a
l

e
q
u
i
t
y

s
e
c
u
r
i
t
i
e
s
.

T
h
e

h
o
l
d
e
r
s

o
f

t
h
e
s
e

o
u
t
s
t
a
n
d
i
n
g

w
a
r
r
a
n
t
s
,

o
p
t
i
o
n
s
,
a
n
d
co
n
v
e
r
t
i
b
l
e

s
e
c
u
r
i
t
i
e
s

h
a
v
e

t
h
e

o
p
p
o
r
t
u
n
i
t
y

t
o

p
r
o
f
i
t

f
r
o
m

a

r
i
s
e

i
n

t
h
e

v
a
l
u
e

o
r

m
a
r
k
e
t

p
r
i
c
e

o
f

o
u
r

c
o
m
m
o
n

s
t
o
c
k

a
n
d

t
o

e
x
e
r
c
i
s
e
pu
r
c
h
a
s
e

o
r

c
o
n
v
e
r
s
i
o
n

r
i
g
h
t
s

w
h
e
n

w
e

c
o
u
l
d

o
b
t
a
i
n

e
q
u
i
t
y

c
a
p
i
t
a
l

o
n

m
o
r
e

f
a
v
o
r
a
b
l
e

t
e
n
n
s

t
h
a
n

t
h
o
s
e

c
o
n
t
a
i
n
e
d

i
n

t
h
e
s
e

s
e
c
u
r
i
t
i
e
s
.
IT
E
M

2
.

D
E
S
C
R
I
P
T
I
O
N

O
F

P
R
O
P
E
R
T
I
E
S
Bu
y
e
r
s

U
n
i
t
e
d

l
e
a
s
e
s

e
x
e
c
u
t
i
v
e

o
f
f
i
c
e

s
p
a
c
e

i
n

B
l
u
f
f
d
a
l
e
,

U
t
a
h
,

a

s
u
b
u
r
b

o
f

S
a
l
t

L
a
k
e

C
i
t
y
.

T
h
e

o
f
f
i
c
e
s

c
o
n
s
i
s
t

o
f

a
p
p
r
o
x
i
m
a
t
e
l
y
30
,
00
0

s
q
u
a
r
e

f
e
e
t
.

T
h
e

c
u
t
T
e
n
t

m
o
n
t
h
l
y

l
e
a
s
e

r
a
t
e

i
s

$
3
2
30
7
.

T
h
e

l
e
a
s
e

f
o
r

o
f
f
i
c
e

s
p
a
c
e

e
x
p
i
r
e
s

i
n

J
a
n
u
a
r
y

2
0
0
7
,
b
u
t

w
e

h
a
v
e

a
n
op
t
i
o
n

t
o

r
e
n
e
w

t
h
e

l
e
a
s
e

f
o
r

a
n

a
d
d
i
t
i
o
n
a
l

t
h
r
e
e

t
o

f
i
v
e

y
e
a
r
s
.
Th
r
o
u
g
h

N
o
v
e
m
b
e
r

2
0
0
4
,
B
u
y
e
r
s

U
n
i
t
e
d

i
s

-l
e
a
s
i
n
g

1
4
33
9

s
q
u
a
r
e

f
e
e
t

o
f

s
p
a
c
e

a
t

13
7
5
1
"
S
.

W
a
d
s
w
o
r
t
h

Pa
r
k

D
r
i
v
e
,

D
r
a
p
e
r
,

U
t
a
h
,

a
t

a
mo
n
t
h
l
y

c
o
s
t

o
f
$
1
6
,
72
8
.

Bu
y
e
r
s

U
n
i
t
e
d

b
e
l
i
e
v
e
s

t
h
a
t

t
h
e

o
f
f
i
c
e

s
p
a
c
e

i
n
c
l
u
d
e
d

i
n

b
o
t
h

f
a
c
i
l
i
t
i
e
s

i
s

a
d
e
q
u
a
t
e

f
o
r

i
t
s

a
n
t
i
c
i
p
a
t
e
d

n
e
e
d
s

f
o
r

a
t

l
e
a
s
t

t
h
e

n
e
x
t

mo
n
t
h
s
.
IT
E
M

3
.

L
E
G
A
L

P
R
O
C
E
E
D
I
N
G
S
In

J
u
n
e

2
0
0
1
,

B
u
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

aj
o
i
n
t

s
a
l
e
s

ag
r
e
e
m
e
n
t

w
i
t
h

I
n
f
o
t
o
p
i
a
,

I
n
c
.
,
a

d
i
r
e
c
t

r
e
s
p
o
n
s
e
-
ma
r
k
e
t
e
r
.

I
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h
th
e

a
g
r
e
e
m
e
n
t
,

I
n
f
o
t
o
p
i
a

1
0
a
n
e
d
-
$5
0
0
,
00
0

t
o

B
u
y
e
r
s

U
n
i
t
e
d
.

S
u
b
s
e
q
u
e
n
t

t
o

e
n
t
e
r
i
n
g

i
n
t
o

t
h
e

s
a
l
e
s

a
g
r
e
e
m
e
n
t
,
t
h
e

t
w
o

c
o
m
p
a
n
i
e
s
de
c
i
d
e
d

n
o
t

t
o

p
u
r
s
u
e

f
u
r
t
h
e
r

a
n
y

j
o
i
n
t

a
c
t
i
v
i
t
y
.

I
n

D
e
c
e
m
b
e
r

2
0
0
1
,
B
u
y
e
r
s

U
n
i
t
e
d

n
e
g
o
t
i
a
t
e
d

a

s
e
t
t
l
e
m
e
n
t

o
f

t
h
e

$
5
0
0
,
00
0

l
o
a
n

i
n
wh
i
c
h

B
u
y
e
r
s

U
n
i
t
e
d

p
a
i
d

$
1
2
0
,
00
0

a
n
d

i
s
s
u
e
d

3
5
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

i
n

e
x
c
h
a
n
g
e

f
o
r

c
a
n
c
e
l
i
n
g

t
h
e

o
u
t
s
t
a
n
d
i
n
g

o
b
l
i
g
a
t
i
o
n
pl
u
s

$
2
5
,
92
1

i
n

a
c
c
r
u
e
d

i
n
t
e
r
e
s
t
.

T
h
e

s
t
o
c
k

h
a
d

a

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f

$
2
2
,
40
1
.

A
c
c
o
r
d
i
n
g
l
y
,

b
a
s
e
d

o
n

t
h
e
s
e

a
m
o
u
n
t
s
,
w
e

r
e
c
o
r
d
e
d

a
ga
i
n

o
n

t
h
e

e
a
r
l
y

e
x
t
i
n
g
u
i
s
h
m
e
n
t
s

o
f

t
h
e

d
e
b
t

i
n

t
h
e

a
m
o
u
n
t

o
f
$
3
8
3
,
52
0
.

H
o
w
e
v
e
r
,
u
n
b
e
k
n
o
w
n
s
t

t
o

u
s
,
d
u
r
i
n
g

2
0
0
1

I
n
f
o
t
o
p
i
a
al
l
e
g
e
d
l
y

e
n
t
e
r
e
d

i
n
t
o

a

G
e
n
e
r
a
l

S
e
c
u
r
i
t
y

A
g
r
e
e
m
e
n
t

w
i
t
h

S
e
a

S
p
r
a
y
-
,

'"

-

,
.

"
"
.
,
.
.
.
"
~
-
.
.
.
.
.
,
.
.
-
" ,
""
"
"
"
'
"

t
;I
'

"
""
"
"
"
,
'
"
--
,

,
"
,
"
.

"
,
,
"

,
-
-
,
.
.

,
-
..
.

,
.

"m
"

"
"
"
"
"
"
"
.
.
.
"
"
"
,
-
,
.
.
.
.
.
.
.
.
.
.
.
,

,
,

.
.
"
"
.
"
"
"
"
,

,
'"

Ho
l
d
i
n
g
s
,
L
t
d
.
,
w
h
i
c
h

p
u
r
p
o
r
t
e
d
l
y

i
n
c
l
u
d
e
d

t
h
e

l
o
a
n

o
b
l
i
g
a
t
i
o
n
.

S
e
a

S
p
r
a
y

a
s
s
e
r
t
e
d

t
h
a
t

i
t

h
a
d

a

p
e
r
f
e
c
t
e
d

s
e
c
u
r
i
t
y

i
n
t
e
r
e
s
t

i
n

t
h
e
ob
l
i
g
a
t
i
o
n

a
n
d

d
e
m
a
n
d
e
d

p
a
y
m
e
n
t

a
s

s
u
c
c
e
s
s
o
r
-
in
-
in
t
e
r
e
s
t

t
o

I
n
f
o
t
o
p
i
a
.

W
e

d
e
n
i
e
d

t
h
e

c
l
a
i
m

a
n
d

f
i
l
e
d

a
n

a
r
b
i
t
r
a
t
i
o
n

p
r
o
c
e
e
d
i
n
g

t
o
re
s
o
l
v
e

t
h
e

i
s
s
u
e
.

S
e
a

S
p
r
a
y

a
t
t
e
m
p
t
e
d

t
o

p
u
r
s
u
e

i
t
s

c
l
a
i
m

i
n

N
e
w

Y
o
r
k

s
t
a
t
e

c
o
u
r
t
,

w
h
i
c
h

w
e

r
e
m
o
v
e
d

t
o

f
e
d
e
r
a
l

c
o
u
r
t

i
n

N
e
w

Y
o
r
k
,
an
d

t
h
e

f
e
d
e
r
a
l

c
o
u
r
t

d
i
s
m
i
s
s
e
d

t
h
e

a
c
t
i
o
n

p
u
r
s
u
a
n
t

t
o

a
n

o
r
d
e
r

t
o

t
h
e

e
f
f
e
c
t

S
e
a

S
p
r
a
y

m
u
s
t

p
u
r
s
u
e

i
t
s

c
l
a
i
m
s

i
n

t
h
e

a
r
b
i
t
r
a
t
i
o
n
pr
o
c
e
e
d
i
n
g
.

A
n

a
r
b
i
t
r
a
t
i
o
n

h
e
a
r
i
n
g

w
a
s

h
e
l
d

i
n

D
e
c
e
m
b
e
r

2
0
0
3
,

a
t

w
h
i
c
h

S
e
a

S
p
r
a
y

f
a
i
l
e
d

t
o

m
a
k
e

a
n
y

a
p
p
e
a
r
a
n
c
e

o
r

s
u
b
m
i
s
s
i
o
n

a
f
t
e
r
re
c
e
i
v
i
n
g

a
l
l

r
e
q
u
i
r
e
d

n
o
t
i
c
e
.

T
h
e

a
r
b
i
t
r
a
t
o
r

e
n
t
e
r
e
d

a

d
e
f
a
u
l
t

i
n

f
a
v
o
r

o
f

B
u
y
e
r
s

U
n
i
t
e
d

a
n
d

i
t
s

a
w
a
r
d

f
u
r
t
h
e
r

f
o
u
n
d

i
n

f
a
v
o
r

o
f

B
u
y
e
r
s
Un
i
t
e
d

a
s

a

m
a
t
t
e
r

o
f

t
h
e

e
v
i
d
e
n
c
e

p
r
e
s
e
n
t
e
d

a
n
d

a
s

a

m
a
t
t
e
r

o
f

l
a
w
.

I
n

o
u
r

v
i
e
w

t
h
i
s

m
a
t
t
e
r

h
a
s

b
e
e
n

r
e
s
o
l
v
e
d

f
u
l
l
y

i
n

o
u
r

f
a
v
o
r

a
n
d

w
e
ha
v
e

n
o

o
b
l
i
g
a
t
i
o
n

o
r

l
i
a
b
i
l
i
t
y

t
o

S
e
a

S
p
r
a
y
.

Bu
y
e
r
s

U
n
i
t
e
d

i
s

t
h
e

su
b
j
e
c
t
o
f

c
e
r
t
a
i
n

o
t
h
e
r

le
g
a
l

m
a
t
t
e
r
s
,

w
h
i
c
h

i
t

c
o
n
s
i
d
e
r
s

i
n
c
i
d
e
n
t
a
l

t
o

i
t
s

b
u
s
i
n
e
s
s

a
c
t
i
v
i
t
i
e
s
.

I
t

i
s

t
h
e

o
p
i
n
i
o
n

o
f
ma
n
a
g
e
m
e
n
t
,
a
f
t
e
r

d
i
s
c
u
s
s
i
o
n

w
i
t
h

l
e
g
a
l

c
o
u
n
s
e
l
,

t
h
a
t

t
h
e

u
l
t
i
m
a
t
e

d
i
s
p
o
s
i
t
i
o
n

o
f

t
h
e
s
e

o
t
h
e
r

m
a
t
t
e
r
s

w
i
l
l

n
o
t

h
a
v
e

a

m
a
t
e
r
i
a
l

i
m
p
a
c
t

o
n
th
e

f
i
n
a
n
c
i
a
l

p
o
s
i
t
i
o
n
,

l
i
q
u
i
d
i
t
y

o
r

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s

o
f

B
u
y
e
r
s

U
n
i
t
e
d
.
IT
E
M

4
.

S
U
B
M
I
S
S
I
O
N

O
F

M
A
T
T
E
R
S

T
O

A

V
O
T
E

O
F

S
E
C
U
R
I
T
Y

H
O
L
D
E
R
S
No

m
a
t
t
e
r

w
a
s

s
u
b
m
i
t
t
e
d

t
o

a

v
o
t
e

o
f

s
e
c
u
r
i
t
y

h
o
l
d
e
r
s

d
u
r
i
n
g

t
h
e

q
u
a
r
t
e
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
.
PA
R
T

I
I
IT
E
M

5
.

M
A
R
K
E
T

F
O
R

C
O
M
M
O
N

E
Q
U
I
T
Y

A
N
D

R
E
L
A
T
E
D

S
T
O
C
K
H
O
L
D
E
R

M
A
T
T
E
R
S
;

R
E
C
E
N
T

S
A
L
E
S

O
F
UN
R
E
G
I
S
T
E
R
E
D

S
E
C
U
R
I
T
I
E
S
Ma
r
k
e
t

p
r
i
c
e

a
n
d

s
t
o
c
k
h
o
l
d
e
r

m
a
t
t
e
r
s
Th
e
.
co
m
m
o
n

s
t
o
c
k

of

B
u
y
e
r
s

U
n
i
t
e
d

t
r
a
d
~
s
i
n

t
h
e

o
v
e
r
-
th
e
-
c
o
u
n
t
e
r

m
a
r
k
e
t
.

T
h
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e

s
e
t
s

f
o
r
t
h

f
o
r

t
h
e

r
e
s
p
e
c
t
i
v
e

p
e
r
i
o
d
s
in
d
i
c
a
t
e
d

t
h
e

p
r
i
c
e
s

o
f

t
h
e

c
o
m
m
o
n

s
t
o
c
k

'
in

t
h
e

o
v
e
r
-
th
e
-
c
o
u
n
t
e
r

m
a
r
k
e
t
;

a
s

r
e
p
o
r
t
e
d

a
n
d

s
u
m
m
a
r
i
z
e
d

o
n

t
h
e

O
T
C

B
u
l
l
e
t
i
n

B
o
a
r
d
.
Su
c
h

p
r
i
c
e
s

a
r
e

b
a
s
e
d

o
n

i
n
t
e
r
-
de
a
l
e
r

b
i
d

a
n
d

a
s
k

p
r
i
c
e
s
,
w
i
t
h
o
u
t

m
a
r
k
u
p
,

m
a
r
k
d
o
w
n
,

c
o
m
m
i
s
s
i
o
n
s
,
o
r

a
d
j
u
s
t
m
e
n
t
s

a
n
d

m
a
y

n
o
t
re
p
r
e
s
e
n
t

a
c
t
u
a
l

t
r
a
n
s
a
c
t
i
o
n
s
.
Ca
l
e
n
d
a
r

Q
u
a
r
t
e
r

En
d
e
d
:
Hi
g
h

B
i
d

($
)
Lo
w

B
i
d

($
)
-
-
-

--
-

-

-

-
-

--
-

-
-

-

-
-

-
-

-

-
-
--
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Ma
r
c
h

3
1
,

2
0
0
2
Ju
n
e

30
,

2
0
0
2
Se
p
t
e
m
b
e
r

3
0
,

2
0
0
2
De
c
e
m
b
e
r

3
1
,

2
0
0
2
30
'
Ca
l
e
n
d
a
r

Q
u
a
r
t
e
r

En
d
e
d
:
Hi
q
h

B
i
d

(
$

)
Lo
w

B
i
d

(
$

)
--
-
-

-
-
-
-

--
-
-
-
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Ma
r
c
h

3
1
,

2
0
0
3
Ju
n
e

.
30
,

2
0
0
3
Se
p
t
e
m
b
e
r

3
0
,

2
0
0
3
De
c
e
m
b
e
r

3
1
,

2
0
0
3
95
.
Si
n
c
e

i
n
c
e
p
t
i
o
n
,

n
o

d
i
v
i
d
e
n
d
s

h
a
v
e

b
e
e
n

p
a
i
d

o
n

t
h
e

c
o
m
m
o
n

s
t
o
c
k
.

B
u
y
e
r
s

U
n
i
t
e
d

i
n
t
e
n
d
s

t
o

r
e
t
a
i
n

a
n
y

e
a
r
n
i
n
g
s

f
o
r

u
s
e

i
n

i
t
s
bu
s
i
n
e
s
s

a
c
t
i
v
i
t
i
e
s
~

s
o

i
t

i
s

n
o
t

e
x
p
e
c
t
e
d

th
a
t

a
n
y

d
i
v
i
d
e
n
d
s

o
n

t
h
e

c
o
m
m
o
n

s
t
o
c
k

w
i
l
l

b
e

d
e
c
l
a
r
e
d

a
n
d

p
a
i
d

i
n

t
h
e

f
o
r
e
s
e
e
a
b
l
e

f
u
t
u
r
e
.

A
s
of

M
a
r
c
h

1
5
,
2
0
0
4
,
t
h
e
r
e

w
e
r
e

o
u
t
s
t
a
n
d
i
n
g

1
~
82
7
50
0

s
h
a
r
e
s

o
f

S
e
r
i
e
s

A

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

a
n
d

4
2
0
,
30
0

s
h
a
r
e
s

of
S
e
r
i
e
s
B
Co
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k
.

U
n
d
e
r

t
h
e

t
e
n
n
s

of

t
h
i
s

p
r
e
f
e
r
r
e
d

s
t
o
c
k
,
B
u
y
e
r
s

U
n
i
t
e
d

c
a
n
n
o
t

m
a
k
e

a
n
y

d
i
s
t
r
i
b
u
t
i
o
n
s

o
n

i
t
s

c
o
m
m
o
n
st
o
c
k

w
i
t
h
o
u
t

t
h
e

a
p
p
r
o
v
a
l

or
a

m
a
j
o
r
i
t
y

o
f

t
h
e

pr
e
f
e
r
r
e
d

s
t
o
c
k
h
o
l
d
e
r
s
.

A
t

M
a
r
c
h

15
~

2
0
0
4
,
t
h
e
r
e

w
e
r
e

a
p
p
r
o
x
i
m
a
t
e
l
y

4
25
0

h
o
l
d
e
r
s

o
f
re
c
o
r
d

o
f

t
h
e

c
o
m
m
o
n

s
t
o
c
k
.
Re
p
u
r
c
h
a
s
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k
In

D
e
c
e
m
b
e
r

2
0
0
3
,

a

h
o
l
d
e
r

o
f

1
0
0
,
00
0

s
h
a
r
e
s

o
f

S
e
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

c
o
n
v
e
r
t
e
d

a
l
l

o
f

t
h
o
s
e

s
h
a
r
e
s

t
o

5
0
0
00
0

s
h
a
r
e
s
of

c
o
m
m
o
n

s
t
o
c
k
.

I
n

J
a
n
u
a
r
y

2
0
0
4
,
t
h
e

h
o
l
d
e
r

s
o
l
d

t
h
o
s
e

c
o
m
m
o
n

s
h
a
r
e
s

p
l
u
s

1
4
56
0

a
d
d
i
t
i
o
n
a
l

s
h
a
r
e
s
,
o
r

a

t
o
t
a
l

o
f
5
1
4
56
0

s
h
a
r
e
s
,
t
o
Bu
y
e
r
s

U
n
i
t
e
d

f
o
r

$
5
0
0
00
0

i
n

a

p
r
i
v
a
t
e
l
y

n
e
g
o
t
i
a
t
e
d

t
r
a
n
s
a
c
t
i
o
n
.
".

,
"
"
R I
""
"
.

"
""
"
"
11
'

"
".
"

I
t
""

"
.
"
.
"
"
"
,
.
"

,
.
.
"
.
.
"
"
"
"
"
"
"
.
.
.
.
"
.
'"

"
"
'
"
"
"
..
.
.
.
.
.

-
"
'
.
.
.
,

.
.
".
.
.
.
.
.
.
.
.
.
.
"
.
,
,
"
,
,
'

"
'
.
"..
.
.
.
.
..
.
.
.
.
.

,

,.
.
.
.
.
.
.
.
.
.
IT
E
M

6
.

M
A
N
A
G
E
M
E
N
T
'
S
D
I
S
C
U
S
S
I
O
N

A
N
D

A
N
A
L
Y
S
I
S

O
F

F
I
N
A
N
C
I
A
L

CO
N
D
I
T
I
O
N

A
N
D

R
E
S
U
L
T
S

O
F
.
O
P
E
R
A
T
I
O
N
S
Ov
e
r
v
i
e
w
Bu
y
e
r
s

U
n
i
t
e
d

i
s

a

d
o
m
e
s
t
i
c

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

c
o
m
p
a
n
y

t
h
a
t

o
f
f
e
r
s

a
n
d

s
e
l
l
s

a

w
i
d
e

r
a
n
g
e

o
f

l
o
n
g

d
i
s
t
a
n
c
e

a
n
d

r
e
l
a
t
e
d
co
m
m
u
n
i
c
a
t
i
o
n

s
e
r
v
i
c
e
s

t
o

b
u
s
i
n
e
s
s

a
n
d

r
e
s
i
d
e
n
t
i
a
l

c
u
s
t
o
m
e
r
s
.

I
n

t
h
e

p
a
s
t

w
e

f
u
n
c
t
i
o
n
e
d

a
s

a
n

a
g
g
r
e
g
a
t
o
r

a
n
d

r
e
s
e
l
l
e
r

o
f
te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

p
r
o
v
i
d
e
d

b
y

o
t
h
e
r
s
.

W
e

i
n
t
e
n
d

t
o

c
o
n
t
i
n
u
e

t
o

p
u
r
s
u
e

a
n
d

d
e
v
e
l
o
p

t
h
i
s

t
y
p
e

o
f

b
u
s
i
n
e
s
s
.

H
o
w
e
v
e
r
,
i
n
De
c
e
m
b
e
r

2
0
0
2

B
u
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

a
g
r
e
e
m
e
n
t
s

t
o

p
u
r
c
h
a
s
e

a
n
d

m
a
n
a
g
e

a
s
s
e
t
s

o
f

A
c
c
e
r
i
s

C
o
m
m
u
n
i
c
a
t
i
o
n
s

I
n
c
.

(
f
o
r
m
e
r
l
y

Li
n
k
,

I
n
c
.
)
a
n
d

i
t
s

s
u
b
s
i
d
i
a
r
y
,

I
-
Li
n
k

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,

I
n
c
.
,
a
n
d

l
i
c
e
n
s
e

i
n

p
e
r
p
e
t
u
i
t
y

s
o
f
t
w
a
r
e

d
e
v
e
l
o
p
e
d

b
y

I
-
Li
n
k

f
o
r

t
h
e

o
p
e
r
a
t
i
o
n
of

a

V
o
i
c
e

o
v
e
r

I
n
t
e
r
n
e
t

P
r
o
t
o
c
o
l

c
o
m
m
u
n
i
c
a
t
i
o
n
s

n
e
t
w
o
r
k

(
V
o
I
P

N
e
t
w
o
r
k
)
.

W
e

c
l
o
s
e
d

t
h
e

t
r
a
n
s
a
c
t
i
o
n
s

i
n

M
a
y

2
0
0
3
.

W
i
t
h

t
h
e
s
e

ne
w
l
y

a
c
q
u
i
r
e
d

a
s
s
e
t
s

w
e

c
a
n

n
o
w

d
e
v
e
l
o
p

a
n
d

o
f
f
e
r

a
s

a

p
r
o
v
i
d
e
r

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s
,

s
u
c
h

a
s

f
a
x

t
o

e
m
a
i
l
,

a
n
d

t
r
a
n
s
m
i
t

d
a
t
a

a
n
d

o
t
h
e
r
co
m
m
u
n
i
c
a
t
i
o
n

s
e
r
v
i
c
e
s

f
o
r

a

p
o
r
t
i
o
n

o
f

t
h
e

j
o
u
r
n
e
y

o
v
e
r

o
u
r

V
o
I
P

N
e
t
w
o
r
k

r
a
t
h
e
r

t
h
a
n

e
n
t
i
r
e
l
y

t
h
r
o
u
g
h

t
h
i
r
d

p
a
r
t
y

p
r
o
v
i
d
e
r
s
.

I
n
Oc
t
o
b
e
r

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

a
c
q
u
i
r
e
d

t
h
e

e
x
c
l
u
s
i
v
e

r
i
g
h
t

t
o

s
e
l
l

a
n
d

m
a
n
a
g
e

t
h
e

e
n
h
a
n
c
e
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

f
u
n
c
t
i
o
n
s

o
f
M
y
A
C
D
In
c
.

w
i
t
h

a

o
n
e
-
ye
a
r

o
p
t
i
o
n

t
o

p
u
r
c
h
a
s
e

i
t

a
t

a

p
r
i
c
e

o
f

a
p
p
r
o
x
i
m
a
t
e
l
y

$
6
.
8
m
i
l
l
i
o
n
.

W
i
t
h

t
h
e

M
y
A
C
D

t
e
c
h
n
o
l
o
g
y

w
e

c
a
n

o
f
f
e
r

a

n
e
w
pr
o
d
u
c
t

~
p
p
r
o
a
c
h

t
h
a
t

c
o
m
b
i
n
e
s

o
u
r

n
a
t
i
o
n
a
l

V
o
I
P

N
e
t
w
o
r
k

w
i
t
h

o
n
-
de
m
a
n
d

p
r
o
p
r
i
e
t
a
r
y

t
e
l
e
p
h
o
n
y

s
o
f
t
w
a
r
e

f
o
r

c
o
n
t
a
c
t
ha
n
d
l
i
n
g
/
m
a
n
a
g
e
m
e
n
t

a
p
p
l
i
c
a
t
i
o
n
s
.

We
a
r
e

c
h
a
n
g
i
n
g

th
e

w
a
y

m
i
s
s
i
o
n

c
r
i
t
i
c
a
l

a
p
p
l
i
c
a
t
i
o
n
s

a
r
e

d
e
l
i
v
e
r
e
d

a
n
d

p
r
i
c
e
d

f
o
r

t
h
e

c
o
n
t
a
c
t
ce
n
t
e
r

m
a
r
k
e
t
p
l
a
c
e
,
o
r

f
o
r

a
n
y

b
u
s
i
n
e
s
s

o
r

d
e
p
a
r
t
m
e
n
t

s
e
e
k
i
n
g

t
o

i
m
p
r
o
v
e

h
o
w

i
t

m
a
n
a
g
e
s

t
h
e

p
r
o
d
u
c
t
i
v
i
t
y

a
n
d

q
u
a
l
i
t
y

o
f

i
t
s

c
u
s
t
o
m
e
r
co
n
t
a
c
t

o
p
p
o
r
t
u
n
i
t
i
e
s
.
In

D
e
c
e
m
b
e
r

2
0
0
2
,

B
u
y
e
r
s

U
n
i
t
e
d

a
l
s
o

e
n
t
e
r
e
d

i
n
t
o

a
n

a
g
r
e
e
m
e
n
t

w
i
t
h

T
o
u
c
h

A
m
e
r
i
c
a
,

I
n
c
.
,

a

s
u
b
s
i
d
i
a
r
y

o
f

T
o
u
c
h

A
m
e
r
i
c
a

H
o
l
d
i
n
g
s
In
c
.
,

t
o

p
u
r
c
h
a
s
e

a

s
u
b
s
t
a
n
t
i
a
l

n
u
m
b
e
r

o
f

i
t
s

s
w
i
t
c
h
e
d

v
o
i
c
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

c
u
s
t
o
m
e
r
s
,
i
n
c
l
u
d
i
n
g

t
h
e

c
a
r
r
i
e
r

i
d
e
n
t
i
f
i
c
a
t
i
o
n

c
o
d
e
us
e
d

t
o

s
e
r
v
i
c
e

t
h
o
s
e

c
u
s
t
o
m
e
r
s
.

I
n

J
u
n
e

2
0
0
3
,

w
e

a
m
e
n
d
e
d

t
h
e

p
u
r
c
h
a
s
e

a
g
r
e
e
m
e
n
t

t
o

a
c
q
u
i
r
e

a
d
d
i
t
i
o
n
a
l

s
w
i
t
c
h
e
d

v
o
i
c
e

a
n
d

d
e
d
i
c
a
t
e
d
te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

c
u
s
t
o
m
e
r
s

a
n
d

c
o
r
r
e
c
t

d
i
s
c
r
e
p
a
n
c
i
e
s

i
n

t
h
e

l
i
s
t

o
f

c
u
s
t
o
m
e
r
s

o
r
i
g
i
n
a
l
l
y

p
u
r
c
h
a
s
e
d

i
n

D
e
c
e
m
b
e
r

2
0
0
2
.

T
h
e

t
o
t
a
l
pu
r
c
h
a
s
e

p
r
i
c
e

w
a
s

$
6
.
5
m
i
l
l
i
o
n
.

B
u
y
e
r
s

U
n
i
t
e
d

m
a
d
e

a
n

i
n
i
t
i
a
l

p
a
y
m
e
n
t

o
f

$
3
.
0
m
i
l
l
i
o
n

t
o

T
o
u
c
h

A
m
e
r
i
c
a

i
n

D
e
c
e
m
b
e
r

2
0
0
2

a
n
d

h
a
s
ma
d
e

a
d
d
i
t
i
o
n
a
l

c
a
s
h

p
a
y
m
e
n
t
s

t
o
t
a
l
i
n
g

$
3
.
4

m
i
l
l
i
o
n

t
h
r
o
u
g
h

M
a
r
c
h

4
20
0
4
.

T
h
e

b
a
l
a
n
c
e

o
f
$
9
3
,
98
8

i
s

e
x
p
e
c
t
e
d

t
o

b
e

p
a
i
d

i
n

A
p
r
i
l
20
0
4
.
Du
r
i
n
g

A
u
g
u
s
t

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

p
u
r
c
h
a
s
e
d

a
p
p
r
o
x
i
m
a
t
e
l
y

1
2
00
0

l
o
n
g

d
i
s
t
a
n
c
e

c
u
s
t
o
m
e
r
s

f
r
o
m

G
l
y
p
h
i
c
s

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
I
n
c
.
fo
r

$
5
4
3
,
55
8
.
Bu
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

a
n

a
g
r
e
e
m
e
n
t

t
o

p
u
r
c
h
a
s
e

3
7

d
e
d
i
c
a
t
e
d

l
o
n
g

d
i
s
t
a
n
c
e

c
u
s
t
o
m
e
r
s

f
r
o
m

S
o
u
r
c
e

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,

L
L
C

f
o
r
$7
5
0
,
00
0

i
n

F
e
b
r
u
a
r
y

2
0
0
4
.

C
l
o
s
i
n
g

o
f

t
h
e

a
c
q
u
i
s
i
t
i
o
n

w
a
s

s
u
b
j
e
c
t

t
o

c
o
m
p
l
y
i
n
g

w
i
t
h

a
p
p
l
i
c
a
b
l
e

f
e
d
e
r
a
l

a
n
d

s
t
a
t
e

r
e
g
u
l
a
t
i
o
n

p
e
r
t
a
i
n
i
n
g
to

t
r
a
n
s
f
e
r

o
f

t
h
e

c
u
s
t
o
m
e
r
s
.

A
l
l

o
f

t
h
e

r
e
g
u
l
a
t
o
r
y

r
e
q
u
i
r
e
m
e
n
t
s

w
e
r
e

s
a
t
i
s
f
i
e
d

a
n
d

t
h
e

a
c
q
u
i
s
i
t
i
o
n

o
f

t
h
e

c
u
s
t
o
m
e
r
s

i
s

c
o
m
p
l
e
t
e
d
We

g
e
n
e
r
a
t
e

i
n
t
e
r
n
a
l

g
r
o
w
t
h

b
y

p
u
r
s
u
i
n
g

m
u
l
t
i
p
l
e

m
a
r
k
e
t
i
n
g

a
v
e
n
u
e
s
,
i
n
c
l
u
d
i
n
g

u
s
i
n
g

i
n
d
e
p
e
n
d
e
n
t

a
g
e
n
t
s
,
m
a
r
k
e
t
i
n
g

t
h
r
o
u
g
h

t
h
e
In
t
e
r
n
e
t
,
a
n
d

s
e
l
l
i
n
g

t
h
r
o
u
g
h

o
u
r

d
i
r
e
c
t

s
a
l
e
s

f
o
r
c
e
.

W
e

i
n
t
e
n
d

t
o

e
x
p
a
n
d

a
n
d

d
e
v
e
l
o
p

o
u
r

d
i
r
e
c
t

s
a
l
e
s

f
o
r
c
e

a
n
d

v
a
l
u
e
-
a
d
d
e
d

r
e
s
e
l
l
e
r
pr
o
g
r
a
m
s

d
u
r
i
n
g

2
0
0
4
.

O
u
r

p
u
r
c
h
a
s
e

o
f

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

c
u
s
t
o
m
e
r
s

o
f

T
o
u
c
h

A
m
e
r
i
c
a

r
e
s
u
l
t
e
d

i
n

a

s
i
g
n
i
f
i
c
a
n
t

i
n
c
r
e
a
s
e

i
n

o
u
r
cu
s
t
o
m
e
r

b
a
s
e

d
u
r
i
n
g

2
0
0
3
.

W
e

b
e
l
i
e
v
e

c
o
n
t
i
n
u
i
n
g

f
i
n
a
n
c
i
a
l

d
i
f
f
i
c
u
l
t
i
e
s

a
n
d

u
n
c
e
r
t
a
i
n
t
y

i
n

t
h
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

i
n
d
u
s
t
r
y

m
a
y

r
e
s
u
l
t
in

o
p
p
o
r
t
u
n
i
t
i
e
s

t
o

a
c
q
u
i
r
e

cu
s
t
o
m
e
r
s

f
r
o
m

u
n
r
e
l
a
t
e
d

c
o
m
p
a
n
i
e
s
,
s
u
c
h

a
s

o
u
r

r
e
c
e
n
t

F
e
b
r
u
a
r
y

2
0
0
4

p
u
r
c
h
a
s
e

o
f

d
e
d
i
c
a
t
e
d

l
o
n
g
-
di
s
t
a
n
c
e
cu
s
t
o
m
e
r
s

f
r
o
m

S
o
u
r
c
e

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
a
n
d

w
e

i
n
t
e
n
d

t
o

r
e
m
a
i
n

o
p
e
n

t
o

t
h
e
s
e

o
p
p
o
r
t
u
n
i
t
i
e
s
.

H
o
w
e
v
e
r
,

a
t

t
h
e

p
r
e
s
e
n
t

w
e

a
r
e

n
o
t
ev
a
l
u
a
t
i
n
g

a
n
y

n
e
w

a
c
q
u
i
s
i
t
i
o
n
s
.

Re
s
u
l
t
s

o
f
o
p
e
r
a
t
i
o
n
s
Re
v
e
n
u
e
s
Fo
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
2
0
0
3

r
e
v
e
n
u
e
s

i
n
c
r
e
a
s
e
d

t
o

$
6
3
.
3
m
i
l
l
i
o
n
,

a

1
1
0

p
e
r
c
e
n
t

i
n
c
r
e
a
s
e

c
o
m
p
a
r
e
d

t
o

r
e
v
e
n
u
e
s

f
o
r

t
h
e

y
e
a
r
en
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
2

o
f
$
3
0
.
2
m
i
l
l
i
o
n
.

W
h
i
l
e

a

s
i
g
n
i
f
i
c
a
n
t

p
o
r
t
i
o
n

o
f

t
h
e

i
n
c
r
e
a
s
e

i
n

r
e
v
e
n
u
e

i
s

d
u
e

t
o

t
h
e

a
c
q
u
i
s
i
t
i
o
n

o
f

c
u
s
t
o
m
e
r

ac
c
o
u
n
t
s
,
w
e

a
l
s
o

g
e
n
e
r
a
t
e
d

g
r
o
w
t
h

i
n
t
e
r
n
a
l
l
y

f
r
o
m

o
n
g
o
i
n
g

p
r
o
m
o
t
i
o
n
a
l

e
f
f
o
r
t
s
,
p
r
i
m
a
r
i
l
y

i
n
v
o
l
v
i
n
g

i
n
d
e
p
e
n
d
e
n
t

a
g
e
n
t
s
.
,..

"
"
.
.
.
.
.
,
.
.
"
.
",
,
Fo
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
2
,

r
e
v
e
n
u
e
s

i
n
c
r
e
a
s
e
d

1
1
0

p
e
r
c
e
n
t

t
o

$
3
0
.
2
m
i
l
l
i
o
n

a
s

c
o
m
p
a
r
e
d

t
o

$
1
4
.
3

m
i
l
l
i
o
n

f
o
r

t
h
e

y
e
a
r
en
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
1
.

T
h
e

c
h
a
n
g
e

w
a
s

d
u
e

t
o

a

s
u
b
s
t
a
n
t
i
a
l

i
n
c
r
e
a
s
e

i
n

o
u
r

c
u
s
t
o
m
e
r

b
a
s
e
.

T
h
e
s
e

n
e
w

c
u
s
t
o
m
e
r
s

w
e
r
e

g
e
n
e
r
a
t
e
d
th
r
o
u
g
h

i
n
d
e
p
e
n
d
e
n
t

s
a
l
e
s

a
g
e
n
t
s

a
n
d

r
e
f
e
r
r
a
l
s

f
r
o
m

u
n
r
e
l
a
t
e
d

I
n
t
e
r
n
e
t

m
a
r
k
e
t
i
n
g

c
o
m
p
a
n
i
e
s
.
Co
s
t
s

o
f

R
e
v
e
n
u
e
s
Co
s
t
s

o
f

r
e
v
e
n
u
e
s

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
20
0
3

i
r
i
c
r
e
a
s
e
d

t
o

$
3
4
.
6
m
i
l
l
i
o
n
,

a

1
1
2

p
e
r
c
e
n
t

i
n
c
r
e
a
s
e

a
s

c
o
m
p
a
r
e
d

t
o

$
1
6
.
mi
l
l
i
o
n

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
2
.

A
s

a

p
e
r
c
e
n
t
a
g
e

of

r
e
v
e
n
u
e
,

c
o
s
t
s

i
n
c
r
e
a
s
e
d

t
o

5
4
.
6
p
e
r
c
e
n
t

i
n

2
0
0
3

c
o
m
p
a
r
e
d

t
o

5
4
.
pe
r
c
e
n
t

f
o
r

s
a
m
e

p
e
r
i
o
d

i
n

2
0
0
2
.

T
h
e

d
e
c
r
e
a
s
e

i
n

g
r
o
s
s

m
a
r
g
i
n

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3

a
s

c
o
m
p
a
r
e
d

t
o

t
h
e

p
r
e
v
i
o
u
s
ye
a
r

i
s

t
h
e

r
e
s
u
l
t

o
f

c
o
s
t
s

r
e
l
a
t
e
d

t
o

a
n

i
n
c
r
e
a
s
e

i
n

c
u
s
t
o
m
e
r
s

u
s
i
n
g

d
e
d
i
c
a
t
e
d

c
i
r
c
u
i
t

s
e
r
v
i
c
e
s
.

T
h
i
s

t
y
p
e

o
f

s
e
r
v
i
c
e

t
y
p
i
c
a
l
l
y

h
a
s

l
o
w
e
r
pr
o
f
i
t

m
a
r
g
i
n
s
,

b
u
t

h
i
g
h
e
r

v
o
l
u
m
e
s
,
t
h
a
n

o
t
h
e
r

t
y
p
e
s

o
f

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
s
.

A
l
s
o

c
o
n
t
r
i
b
u
t
i
n
g

t
o

a

l
o
w
e
r

g
r
o
s
s

m
a
r
g
i
n

w
a
s

t
h
e
co
m
b
i
n
a
t
i
o
n

o
f

c
o
s
t
s

r
e
l
a
t
e
d

t
o

i
n
t
e
g
r
a
t
i
o
n

e
f
f
o
r
t
s

i
n
v
o
l
v
e
d

i
n

t
h
e

I
-
Li
n
k

a
c
q
u
i
s
i
t
i
o
n

a
n
d

h
i
g
h
e
r

c
o
s
t
s

o
f

T
o
u
c
h

A
m
e
r
i
c
a

c
u
s
t
o
m
e
r
s
.
Bu
y
e
r
s

U
n
i
t
e
d

a
g
r
e
e
d

w
i
t
h

T
o
u
c
h

A
m
e
r
i
c
a

o
n

c
e
r
t
a
i
n

w
h
o
l
e
s
a
l
e

p
r
i
c
e
s

d
u
r
i
n
g

a

p
h
a
s
e
-
in

p
e
r
i
o
d

a
f
t
e
r

a
c
q
u
i
r
i
n
g

t
h
e

c
u
s
t
o
m
e
r
s
.
Ho
w
e
v
e
r
,
B
u
y
e
r
s

U
n
i
t
e
d

i
m
m
e
d
i
a
t
e
l
y

b
e
g
a
n

s
w
i
t
c
h
i
n
g

n
e
w

c
u
s
t
o
m
e
r
s

o
v
e
r

t
o

o
t
h
e
r

l
o
w
e
r
-
c
o
s
t

w
h
o
l
e
s
a
l
e

p
r
o
v
i
d
e
r
s
.

T
h
e

h
i
g
h
e
r

T
o
u
c
h
Am
e
r
i
c
a

c
o
s
t
s

w
e
r
e

o
f
f
s
e
t

s
l
i
g
h
t
l
y

b
y

a

d
e
c
r
e
a
s
e

i
n

o
t
h
e
r

c
o
s
t
s

f
o
r

l
o
n
g
-
di
s
t
a
n
c
e

m
i
n
u
t
e
s
.
Co
s
t
s

o
f

r
e
v
e
n
u
e
s

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
20
0
2

w
e
r
e

$
1
6
.
3
m
i
l
l
i
o
n
,

o
r

5
4

p
e
r
c
e
n
t

o
f

r
e
v
e
n
u
e
,
a
s

c
o
m
p
a
r
e
d

t
o

c
o
s
t
s

o
f
$
9
.
mi
l
l
i
o
n
,

o
r

6
5

p
e
r
c
e
n
t

o
f

r
e
v
e
n
u
e
,
f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
20
0
1
.

D
u
r
i
n
g

2
0
0
2
,
B
u
y
e
r
s

U
n
i
t
e
d

i
n
c
r
e
a
s
e
d

v
o
l
u
m
e

a
n
d

n
e
w
cu
s
t
o
m
e
r

s
i
g
n
-
u
p
s

w
i
t
h

t
w
o

o
f

o
u
r

l
a
r
g
e
s
t

l
o
n
g
-
di
s
t
a
n
c
e

w
h
o
l
e
s
a
l
e

c
a
r
r
i
e
r
s

r
e
s
u
l
t
i
n
g

i
n

d
e
c
r
e
a
s
e
d

r
a
t
e
s

f
o
r

l
o
n
g
-
di
s
t
a
n
c
e

m
i
n
u
t
e
s

a
n
d
an

i
n
c
r
e
a
s
e

i
n

g
r
o
s
s

m
a
r
g
i
n

f
o
r

t
h
e

y
e
a
r
.
Ge
n
e
r
a
l

a
n
d

a
d
m
i
n
i
s
t
r
a
t
i
v
e
Ge
n
e
r
a
l

a
n
d

a
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t
s

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

i
n
c
r
e
a
s
e
d

10
1

p
e
r
c
e
n
t

t
o

$
1
4
.
8
m
i
l
l
i
o
n

c
o
m
p
a
r
e
d

t
o

$
7
.
mi
l
l
i
o
n

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
2
.

T
h
e

i
n
c
r
e
a
s
e

i
n

c
o
s
t
s

i
s

d
u
e

t
o

e
x
p
e
n
s
e
s

r
e
q
u
i
r
e
d

t
o

s
u
p
p
o
r
t

B
u
y
e
r
s

U
n
i
t
e
d
'
s
s
i
g
n
i
f
i
c
a
n
t
re
v
e
n
u
e

g
r
o
w
t
h
,

a
n
d

c
o
s
t
s

a
s
s
o
c
i
a
t
e
d

w
i
t
h

t
h
e

I
-
Li
n
k
,

T
o
u
c
h

A
m
e
r
i
c
a

a
n
d

t
h
e

M
y
A
C
D

t
r
a
n
s
a
c
t
i
o
n
s
.

T
o

m
e
e
t

t
h
e

n
e
e
d
s

o
f

i
n
c
r
e
a
s
e
d
re
v
e
n
u
e

l
e
v
e
l
s

w
e

h
i
r
e
d

a
d
d
i
t
i
o
n
a
l

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e

a
n
d

c
o
l
l
e
c
t
i
o
n

p
e
r
s
o
n
n
e
l
.

I
n

a
d
d
i
t
i
o
n
,
s
e
v
e
r
a
l

e
m
p
l
o
y
e
e
s

o
f

I
-
Li
n
k

w
e
r
e

r
e
t
a
i
n
e
d
by

B
u
y
e
r
s

U
n
i
t
e
d

i
n

o
r
d
e
r

t
o

ef
f
e
c
t
i
v
e
l
y

m
a
i
n
t
a
i
n

t
h
e

V
o
I
P

N
e
t
w
o
r
k
,
a
s

w
e
l
l

a
s

p
r
o
v
i
d
e

c
u
s
t
o
m
e
r

s
u
p
p
o
r
t

a
n
d

b
i
l
l
i
n
g

s
e
r
v
i
c
e
s
.

B
u
y
e
r
s
Un
i
t
e
d

a
l
s
o

a
s
s
u
m
e
d

c
e
r
t
a
i
n

o
f
f
i
c
e

l
e
a
s
e

o
b
l
i
g
a
t
i
o
n
s

o
f

I
-
Li
n
k
,

w
h
i
c
h

r
e
s
u
l
t
e
d

i
n

a
d
d
i
t
i
o
n
a
l

o
c
c
u
p
a
n
c
y

e
x
p
e
n
s
e
s
.
Ge
n
e
r
a
l

a
n
d

a
d
m
i
n
i
s
t
r
a
t
i
v
e

e
x
p
e
n
s
e
s

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
2
0
0
2

i
n
c
r
e
a
s
e
d

2
0

p
e
r
c
e
n
t

t
o

$
7
.
4

m
i
l
l
i
o
n

o
r

2
4

p
e
r
c
e
n
t

o
f
,
r
e
v
e
n
u
e

a
s

c
o
m
p
a
r
e
d

t
o

$
6
.
1
m
i
l
l
i
o
n

o
r

4
3

p
e
r
c
e
n
t

o
f

r
e
v
e
n
u
e

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
1
.

T
h
e

i
n
c
r
e
a
s
e

r
e
s
u
l
t
e
d

f
r
o
m
in
c
r
e
a
s
e
s

i
n

b
a
d

d
e
b
t

e
x
p
e
n
s
e
,

c
u
s
t
o
m
e
r

s
e
r
v
i
c
e

a
n
d

s
u
p
p
o
r
t

e
x
p
e
n
s
e
s

a
n
d

b
i
l
l
i
n
g

c
o
s
t
s
,

a
l
l

i
n
c
i
d
e
n
t
a
l

t
o

t
h
e

i
n
c
r
e
a
s
e

i
n

r
e
v
e
n
u
e
.

T
h
e
s
e
in
c
r
e
a
s
e
s

w
e
r
e

o
f
f
s
e
t

b
y

d
e
c
r
e
a
s
e
d

c
o
s
t
s

o
f

m
a
i
n
t
e
n
a
n
c
e

a
n
d

d
e
p
r
e
c
i
a
t
i
o
n

e
x
p
e
n
s
e

f
r
o
m

t
h
e

t
e
n
n
i
n
a
t
i
o
n

of

h
i
g
h
-
c
o
s
t

e
q
u
i
p
m
e
n
t

l
e
a
s
e
s
an
d

t
h
e

w
r
i
t
e
-
o
f
f

o
f

o
b
s
o
l
e
t
e

w
e
b
-
s
i
t
e

d
e
v
e
l
o
p
m
e
n
t

c
o
s
t
s

d
u
r
i
n
g

2
0
0
1
.
Se
l
l
i
n
g

a
n
d

p
r
o
m
o
t
i
o
n
Se
l
l
i
n
g

a
n
d

p
r
o
m
o
t
i
o
n

e
x
p
e
n
s
e
s

i
n
c
r
e
a
s
e
d

13
3

p
e
r
c
e
n
t

t
o

$
1
0
.
8
m
i
l
l
i
o
n

o
r

1
7

p
e
r
c
e
n
t

o
f

r
e
v
e
n
u
e

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3

c
o
m
p
a
r
e
d

t
o

$
4
.
6
m
i
l
l
i
o
n

o
r

1
5

p
e
r
c
e
n
t

o
f

r
e
v
e
n
u
e

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
2
.

T
h
e

i
n
c
r
e
a
s
e

r
e
s
u
l
t
e
d

f
r
o
m

h
i
g
h
e
r
co
m
m
i
s
s
i
o
n
s

p
a
i
d

o
n
in
c
r
e
a
s
e
d

r
e
v
e
n
u
e
.

S
e
l
l
i
n
g

a
n
d

p
r
o
m
o
t
i
o
n

c
o
s
t
s

fo
r

20
0
3

i
n
c
l
u
d
e

h
i
g
h
e
r

a
m
o
r
t
i
z
a
t
i
o
n

e
x
p
e
n
s
e
s

a
s
s
o
c
i
a
t
e
d

w
i
t
h
th
e

c
u
s
t
o
m
e
r

l
i
s
t
s

a
c
q
u
i
r
e
d

d
u
r
i
n
g

2
0
0
3
.
Se
l
l
i
n
g

a
n
d

p
r
o
m
o
t
i
o
n

e
x
p
e
n
s
e
s

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
2

w
e
r
e

$
4
.
6
m
i
l
l
i
o
n

o
r

1
5

p
e
r
c
e
n
t

o
f

r
e
v
e
n
u
e
,
a
n

i
n
c
r
e
a
s
e

o
f

4
0
pe
r
c
e
n
t

o
v
e
r

t
h
e

p
r
i
o
r

y
e
a
r
s
e
x
p
e
n
s
e
s

o
f

$
3
.
3
m
i
l
l
i
o
n

o
r

2
3

p
e
r
c
e
n
t

o
f

r
e
v
e
n
u
e
.

T
h
e

i
n
c
r
e
a
s
e

w
a
s

t
h
e

r
e
s
u
l
t

o
f

h
i
g
h
e
r

e
x
p
e
n
s
e
s

f
o
r

s
a
l
e
s
co
m
m
i
s
s
i
o
n
s
,

s
a
l
e
s

s
u
p
p
o
r
t

s
t
a
f
f
,

a
n
d

t
h
e

a
m
o
r
t
i
z
a
t
i
o
n

o
f

d
e
f
e
r
r
e
d

c
u
s
t
o
m
e
r

r
e
f
e
r
r
a
l

f
e
e
s
.

T
h
e
s
e

i
n
c
r
e
a
s
e
s

w
e
r
e

d
i
r
e
c
t
l
y

r
e
l
a
t
e
d

t
o

t
h
e
in
c
r
e
a
s
e

i
n

r
e
v
e
n
u
e

d
u
r
i
n
g

t
h
e

2
0
0
2

y
e
a
r
.
Ot
h
e
r

i
n
c
o
m
e

(
e
x
p
e
n
s
e
)
In
t
e
r
e
s
t

e
x
p
e
n
s
e

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
2
0
0
3

w
a
s

$
1
.
9
m
i
l
l
i
o
n

c
o
m
p
a
r
e
d

t
o

$
1
.
5
m
i
l
l
i
o
n

f
o
r

t
h
e

c
o
m
p
a
r
a
t
i
v
e

p
e
r
i
o
d

i
n

2
0
0
2
.
Th
e

i
n
c
r
e
a
s
e

i
n

i
n
t
e
r
e
s
t

e
x
p
e
n
s
e

w
a
s

t
h
e

r
e
s
u
l
t

o
f

h
i
g
h
e
r

d
e
b
t

b
a
l
a
n
c
e
s

o
u
t
s
t
a
n
d
i
n
g

t
h
r
o
u
g
h
o
u
t

2
0
0
3

c
o
m
p
a
r
e
d

t
o

2
0
0
2
.
,
.
,
""
"
.
,.
.
,
.
""
,
"
'
.
.
.
.
"

,
,
"
'
"
'
0
.
"'
"

,.
.
.
.
.
,
".
.
.
"
,
.
.
.
.
"

"
"
"
"
"
,,
,
.
,

,
,
-
,
'
I
'

.
"
.
,
.m
"
.
.
'
.
"
"
"
"

I
"n
o
'

,
.
.

.
.
1"
"
"
,-
.
.
.
.
-
.
.
.
.
.
"
"
.
.
.
.
.
.
-
-
.
.
.
.
"
"
'
.
.

..
.
.
.
.
.
"

"
"

,I
t
,

"
"
"
"
,
u
""
"
"
"
In
t
e
r
e
s
t

e
x
p
e
n
s
e

f
o
r

2
0
0
2

w
a
s

$
1
.
5

m
i
l
l
i
o
n

a
s

c
o
m
p
a
r
e
d

t
o

$
9
9
7
,
88
2

f
o
r

2
0
0
1
,

a
n

i
n
c
r
e
a
s
e

o
f

5
5

p
e
r
c
e
n
t
.

T
h
e

i
n
c
r
e
a
s
e

i
s

a
t
t
r
i
b
u
t
a
b
l
e

t
o
th
e

s
i
g
n
i
f
i
c
a
n
t

a
m
o
u
n
t

o
f

a
d
d
i
t
i
o
n
a
l

d
e
b
t

f
i
n
a
n
c
i
n
g

B
u
y
e
r
s

U
n
i
t
e
d

h
a
d

o
u
t
s
t
a
n
d
i
n
g

t
h
r
o
u
g
h
o
u
t

2
0
0
2
,
w
h
i
c
h

w
e

r
a
i
s
e
d

t
o

f
u
n
d
op
e
r
a
t
i
o
n
s

a
n
d

a
n

o
n
l
i
n
e

m
a
r
k
e
t
i
n
g

o
p
p
o
r
t
u
n
i
t
y

w
i
t
h

a
n

u
n
r
e
l
a
t
e
d

I
n
t
e
r
n
e
t

m
a
r
k
e
t
i
n
g

c
o
m
p
a
n
y
.
Li
q
u
i
d
i
t
y

a
n
d

c
a
p
i
t
a
l

r
e
s
o
u
r
c
e
s
Bu
y
e
r
s

U
n
i
t
e
d
'
s
c
u
r
r
e
n
t

r
a
t
i
o

a
s

o
f

D
e
c
e
m
b
e
r

3
1
,
2
0
0
3

i
n
c
r
e
a
s
e
d

s
l
i
g
h
t
l
y

t
o
52
:

1

f
r
o
m

0
.
51
:

1

a
t

De
c
e
m
b
e
r

3
1
,

2
0
0
2
.

T
h
e

c
o
m
p
o
n
e
n
t
s

o
f

c
u
r
r
e
n
t

a
s
s
e
t
s

a
n
d

c
u
r
r
e
n
t

l
i
a
b
i
l
i
t
i
e
s

t
h
a
t

c
h
a
n
g
e
d

s
i
g
n
i
f
i
c
a
n
t
l
y

s
i
n
c
e

t
h
e
en
d

o
f

2
0
0
2

w
e
r
e

c
a
s
h
,
a
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e
,
l
i
n
e

o
f

c
r
e
d
i
t
,
t
h
e

c
u
r
r
e
n
t

p
o
r
t
i
o
n

o
f

l
o
n
g
-
te
n
n

d
e
b
t
,
a
n
d

a
c
c
r
u
e
d

l
i
a
b
i
l
i
t
i
e
s
.
Th
e

i
n
c
r
e
a
s
e

i
n

c
a
s
h

a
n
d

t
h
e

l
i
n
e

o
f

c
r
e
d
i
t

w
a
s

t
h
e

r
e
s
u
l
t

o
f

a

s
i
g
n
i
f
i
c
a
n
t

d
r
a
w

a
g
a
i
n
s
t

t
h
e

l
i
n
e

o
f

c
r
e
d
i
t

t
h
a
t

t
o
o
k

p
l
a
c
e

d
u
r
i
n
g

t
h
e

l
a
s
t
we
e
k

o
f

D
e
c
'
em
b
e
r
.

2
0
0
3
.

Ac
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e
,

a
c
c
r
u
e
d

c
o
m
m
i
s
s
i
o
n

a
n
d

r
e
b
a
t
e
s
,
a
c
c
r
u
e
d

l
i
a
b
i
l
i
t
i
e
s
,

a
n
d

a
c
c
o
u
n
t
s

p
a
y
a
b
l
e

a
l
l

i
n
c
r
e
a
s
e
d
as

a

r
e
s
u
l
t

o
f

h
i
g
h
e
r

r
e
v
e
n
u
e
s

r
e
p
o
r
t
e
d

d
u
r
i
n
g

2
0
0
3

a
s

c
o
m
p
a
r
e
d

t
o

t
h
e

s
a
m
e

p
e
r
i
o
d

i
n

2
0
0
2
.

A
c
c
r
u
e
d

d
i
v
i
d
e
n
d
s

i
n
c
r
e
a
s
e
d

a
s

a

r
e
s
u
l
t

o
f
th
e

a
d
d
i
t
i
o
n
a
l

s
h
a
r
e
s

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

i
s
s
u
e
d

t
o

I
-
Li
n
k
,

I
n
c
.

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

c
o
m
p
l
e
t
i
n
g

t
h
e

a
c
q
u
i
s
i
t
i
o
n

o
f

t
h
e

V
o
l
P

N
e
t
w
o
r
k
.
Th
e

c
u
r
r
e
n
t

p
o
r
t
i
o
n

o
f

l
o
n
g
-
t
e
n
n

d
e
b
t

i
n
c
r
e
a
s
e
d

$
1
.
7

m
i
l
l
i
o
n

o
r

2
8

p
e
r
c
e
n
t
,

d
u
e

t
o

se
v
e
r
a
l
l
o
n
g
-
t
e
n
n

n
o
t
e
s

m
a
t
u
r
i
n
g

an
d

b
e
c
o
m
i
n
g

d
u
e
an
d

p
a
y
a
b
l
e

i
n

2
0
0
4
.

T
h
e

l
o
n
g
-
te
r
m

p
o
r
t
i
o
n

o
f

n
o
t
e
s

p
a
y
a
b
l
e

d
e
c
r
e
a
s
e
d

b
y

$
3
.
2
m
i
l
l
i
o
n

d
u
e

t
o

t
h
e

n
e
t

e
f
f
e
c
t

o
f

t
h
e

f
o
l
l
o
w
i
n
g

i
t
e
m
s
:
6
O
n
g
o
i
n
g

p
a
y
m
e
n
t
s

o
n

a
c
q
u
i
s
i
t
i
o
n

n
o
t
e
s
.
0
T
h
e

p
a
r
t
i
a
l

p
a
y
o
f
f

a
n
d

r
e
p
l
a
c
e
m
e
n
t

o
f

a

$
1
.
1
m
i
l
l
i
o
n

p
r
o
m
i
s
s
o
r
y

n
o
t
e
,

p
r
e
v
i
o
u
s
l
y

d
u
e

F
e
b
r
u
a
r
y

2
8
,

2
0
0
3
.

B
u
y
e
r
s

U
n
i
t
e
d

r
e
t
i
r
e
d

t
h
e
no
t
e

p
a
y
a
b
l
e

b
y

p
a
y
i
n
g

$
2
5
0
,
00
0

i
n

c
a
s
h

a
n
d

i
s
s
u
i
n
g

a

n
e
w

p
r
o
m
i
s
s
o
r
y

n
o
t
e

f
o
r

$
8
0
0
,
00
0
.

I
n

a
d
d
i
t
i
o
n
,
B
u
y
e
r
s

U
n
i
t
e
d

i
s
s
u
e
d

5
0
,
00
0
sh
a
r
e
s

o
f
-
c
o
m
m
o
n

s
t
o
c
k

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

o
r
i
g
i
n
a
l

a
g
r
e
e
m
e
n
t
.

T
h
e

n
e
w

n
o
t
e

i
s

u
n
s
e
c
u
r
e
d

a
n
d

b
e
a
r
s

i
n
t
e
r
e
s
t

a
t

t
e
n

p
e
r
c
e
n
t
pa
y
a
b
l
e

m
o
n
t
h
l
y
.

P
r
i
n
c
i
p
a
l

i
s

a
l
s
o

p
a
y
a
b
l
e

m
o
n
t
h
l
y

b
a
s
e
d

o
n

2
0

p
e
r
c
e
n
t

o
f

b
i
l
l
i
n
g
s

d
u
r
i
n
g

e
a
c
h

m
o
n
t
h
l
y

b
i
l
l
i
n
g

p
e
r
i
o
d

f
r
o
m

d
e
s
i
g
n
a
t
e
d
cu
s
t
o
m
e
r
s
.
0
I
n

J
a
n
u
a
r
y

a
n
d

F
e
b
r
u
a
r
y

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

r
e
c
e
i
v
e
d

$
5
0
0
,
00
0

f
r
o
m

t
h
e

i
s
s
u
a
n
c
e

o
f

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s

p
a
y
a
b
l
e
,
$
4
0
0
,
00
0

o
f

w
h
i
c
h
ca
m
e

f
r
o
m

t
h
r
e
e

D
i
r
e
c
t
o
r
s

o
f

B
u
y
e
r
s

U
n
i
t
e
d
.

T
h
e

u
n
s
e
c
u
r
e
d

n
o
t
e
s

b
e
a
r

i
n
t
e
r
e
s
t

a
t

1
2

p
e
r
c
e
n
t

a
n
d

a
r
e

d
u
e

i
n

2
0
0
4

t
h
r
o
u
g
h

e
a
r
l
y

2
0
0
5
.
0
I
n

M
a
y

a
n
d

J
u
n
e

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

r
e
c
e
i
v
e
d

$
5
0
0
,
00
0

f
r
o
m

t
h
e

i
s
s
u
a
n
c
e

o
f

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s

p
a
y
a
b
l
e
.

T
h
e

n
o
t
e
s

a
r
e

s
e
c
u
r
e
d

b
y
co
m
p
u
t
e
r

a
n
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

e
q
u
i
~
m
e
n
t
,
b
e
a
r

i
n
t
e
r
e
s
t

a
t

1
2

p
e
r
c
e
n
t
,
a
n
d

a
r
e

d
u
e

i
n

M
a
y

a
n
d

J
u
n
e

2
0
0
6
.
0
D
u
r
i
n
g

J
u
n
e

2
0
0
3
,

t
h
e

C
o
m
p
a
n
y

i
n
i
t
i
a
t
e
d

a

p
r
o
g
r
a
m

t
o

r
e
p
u
r
c
h
a
s
e

o
u
t
s
t
a
n
d
i
n
g

c
o
m
m
o
n

s
t
o
c
k

f
r
o
m

s
h
a
r
e
h
o
l
d
e
r
s

o
f

r
e
c
o
r
d

w
i
t
h

t
o
t
a
l
ho
l
d
i
n
g
s

o
f

1
0
0

o
r

f
e
w
e
r

s
h
a
r
e
s
.

T
h
e

o
f
f
e
r
i
n
g

p
r
i
c
e

p
e
r

s
h
a
r
e

w
a
s

$
1
.
7
5
.

T
h
e

p
r
o
g
r
a
m

e
n
d
e
d

i
n

S
e
p
t
e
m
b
e
r

2
0
0
3

a
f
t
e
r

t
h
e

C
o
m
p
a
n
y
ha
d

r
e
p
u
r
c
h
a
s
e
d

2
77
4

s
h
a
r
e
s
.

0
I
n

J
u
n
e

2
0
0
3

B
u
y
e
r
s

U
n
i
t
e
d

i
s
s
u
e
d

$
1
.
4

m
i
l
l
i
o
n

i
n

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s

f
o
r

c
a
s
h

u
s
e
d

p
r
i
m
a
r
i
l
y

f
o
r

p
u
r
c
h
a
s
i
n
g

c
u
s
t
o
m
e
r
s

f
r
o
m

T
o
u
c
h
Am
e
r
i
c
a
.

T
h
e

n
o
t
e
s

a
r
e

u
n
s
e
c
u
r
e
d

a
n
d

b
e
a
r

i
n
t
e
r
e
s
t

a
t

t
e
n

p
e
r
c
e
n
t
,

w
i
t
h

p
r
i
n
c
i
p
a
l

a
n
d

i
n
t
e
r
e
s
t

p
a
y
a
b
l
e

m
o
n
t
h
l
y
.

T
h
e

p
r
i
n
c
i
p
a
l

p
a
i
d

e
a
c
h
.
m
o
n
t
h

e
q
u
a
l
s

a
p
p
r
o
x
i
m
a
t
e
l
y

2
0

p
e
r
c
e
n
t

o
f

b
i
l
l
i
n
g
s

c
o
l
l
e
c
t
e
d

d
u
r
i
n
g

e
a
c
h

m
o
n
t
h
l
y

b
i
l
l
i
n
g

p
e
r
i
o
d

f
r
o
m

t
h
e

a
c
q
u
i
r
e
d

T
o
u
c
h

A
m
e
r
i
c
a
cu
s
t
o
m
e
r
s
.

A
f
t
e
r

a
l
l

p
r
i
n
c
i
p
a
l

i
s

r
e
p
a
i
d
,
n
o
t
e

h
o
l
d
e
r
s

w
i
l
l

c
o
n
t
i
n
u
e

t
o

r
e
c
e
i
v
e

a
p
p
r
o
x
i
m
a
t
e
l
y

t
e
n

p
e
r
c
e
n
t

o
f

s
u
c
h

c
o
l
l
e
c
t
e
d

bi
l
l
i
n
g
s
~
Th
e
r
e

w
a
s

a

f
i
v
e

p
e
r
c
e
n
t

c
o
m
m
i
s
s
i
o
n

p
a
i
d

t
o

t
h
e

s
a
l
e
s

a
g
e
n
t

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

i
s
s
u
a
n
c
e

o
f

t
h
e

n
o
t
e
s
.
Bu
y
e
r
s

U
n
i
t
e
d

h
a
s

a

l
i
n
e

o
f

c
r
e
d
i
t

a
g
r
e
e
m
e
n
t

w
i
t
h

R
F
C

C
a
p
i
t
a
l

C
o
r
p
o
r
a
t
i
o
n

t
h
a
t

e
x
p
i
r
e
s

i
n

J
a
n
u
a
r
y

2
0
0
6
.

T
h
e

a
v
a
i
l
a
b
l
e

b
o
l
l
o
w
i
n
g
li
m
i
t

i
s

$
5
.
0
m
i
l
l
i
o
n
.

I
n
t
e
r
e
s
t

a
c
c
r
u
e
s

a
t

p
r
i
m
e

p
l
u
s

t
h
r
e
e

p
e
r
c
e
n
t
,
w
h
i
c
h

w
a
s

7
.
00

p
e
r
c
e
n
t

a
s

o
f

D
e
c
e
m
b
e
r

3
1
,
20
0
3
.

D
u
r
i
n
g

2
0
0
2
,
t
h
e
in
t
e
r
e
s
t

r
a
t
e

o
n

t
h
e

l
i
n
e

w
a
s

p
r
i
m
e

p
l
u
s

s
i
x

p
e
r
c
e
n
t
,
w
h
i
c
h

w
a
s

1
0
.
25

p
e
r
c
e
n
t

a
s

o
f

D
e
c
e
m
b
e
r

3
1
20
0
2
.

T
h
e

f
a
c
i
l
i
t
y

a
l
l
o
w
s

t
h
e
Co
m
p
a
n
y

t
o

o
b
t
a
i
n

f
i
n
a
n
c
i
n
g

o
n

i
t
s

e
l
i
g
i
b
l
e

a
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e
,

i
n
c
l
u
d
i
n
g

u
n
b
i
l
l
e
d

r
e
c
e
i
v
a
b
l
e
s

a
n
d

r
e
g
u
l
a
r

m
o
n
t
h
l
y

b
i
l
l
i
n
g
s
.

T
h
e
fa
c
i
l
i
t
y

i
s

c
o
l
l
a
t
e
r
a
l
i
z
e
d

b
y

t
h
e

u
n
d
e
r
l
y
i
n
g

r
e
c
e
i
v
a
b
l
e
s
.

O
n

D
e
c
e
m
b
e
r

3
1
20
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

h
a
d

f
i
n
a
n
c
e
d

t
h
e

m
a
x
i
m
u
m

a
m
o
u
n
t
av
a
i
l
a
b
l
e

b
a
s
e
d

o
n

e
l
i
g
i
b
l
e

a
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e

a
t

t
h
a
t

t
i
m
e
.

T
h
i
s

a
m
o
u
n
t
,
l
e
s
s

d
r
a
w
s

b
y

R
F
C

a
p
p
l
i
e
d

a
g
a
i
n
s
t

t
h
e
, .
"
.
"
""
'
"

11
1
1
ou
t
s
t
a
n
d
i
n
g

a
m
o
u
n
t
,

a
g
g
r
e
g
a
t
e
d

$
4
.
1
m
i
l
l
i
o
n
.

T
h
e

f
a
c
i
l
i
t
y

r
e
q
u
i
r
e
s

B
u
y
e
r
s

U
n
i
t
e
d

t
o

m
a
i
n
t
a
i
n

a

r
e
s
t
r
i
c
t
e
d

c
a
s
h

a
c
c
o
u
n
t

f
o
r

t
h
e
co
l
l
e
c
t
i
o
n

o
f

t
h
e

r
e
c
e
i
v
a
b
l
e
s
.

A
s

o
f

D
e
c
e
m
b
e
r

3
1
,
20
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

h
a
d

$
1
.
2

m
i
l
l
i
o
n

o
f

r
e
s
t
r
i
c
t
e
d

c
a
s
h

a
s
s
o
c
i
a
t
e
d

w
i
t
h

t
h
e

R
F
C
ar
r
a
n
g
e
m
e
n
t
.

On

S
e
p
t
e
m
b
e
r

1
0
,

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

f
i
l
e
d

a

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

o
n

F
o
n
n

S
B
-
2
w
i
t
h

t
h
e
.

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

Co
m
m
i
s
s
i
o
n

t
o
re
g
i
s
t
e
r

f
o
r

r
e
s
a
l
e

u
p

t
o

a
p
p
r
o
x
i
m
a
t
e
l
y

8
.
8
m
i
l
l
i
o
n

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

u
n
d
e
r
l
y
i
n
g

o
u
t
s
t
a
n
d
i
n
g

wa
l
1
'
a
n
t
s
,

o
p
t
i
o
n
s

a
n
d

co
n
v
e
r
t
i
b
l
e
de
b
t
.

D
u
r
i
n
g

2
0
0
3
,
i
n
v
e
s
t
o
r
s

e
x
e
r
c
i
s
e
d

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

5
2
2
,
50
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

p
r
o
v
i
d
i
n
g

c
a
s
h

t
o

t
h
e

C
o
m
p
a
n
y

o
f
ap
p
r
o
x
i
m
a
t
e
l
y

$
1
.
0
m
i
l
l
i
o
n
.

I
n

M
a
r
c
h

2
0
0
4

t
h
e

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

w
a
s

t
e
m
p
o
r
a
r
i
l
y

s
u
s
p
e
n
d
e
d

u
n
t
i
l

t
h
e

C
o
m
p
a
n
y

c
a
n

f
i
l
e

a
n
am
e
n
d
m
e
n
t

u
p
d
a
t
i
n
g

t
h
e

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

w
i
t
h

i
t
s

2
0
0
3

a
u
d
i
t
e
d

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

a
n
d

o
t
h
e
r

i
n
f
o
n
n
a
t
i
o
n
.
On

M
a
r
c
h

1
5
,
20
0
4
,
B
u
y
e
r
s

U
n
i
t
e
d

s
o
l
d

3
,
78
2
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

$
2
.
30

p
e
r

s
h
a
r
e
,
o
r

a

t
o
t
a
l

o
f

a
p
p
r
o
x
i
m
a
t
e
l
y

$
8
.
mi
l
l
i
o
n
.

N
e
t

p
r
o
c
e
e
d
s

o
f

t
h
e

o
f
f
e
r
i
n
g

a
f
t
e
r

p
l
a
c
e
m
e
n
t

f
e
e
s

a
n
d

e
x
p
e
n
s
e
s

a
r
e

a
p
p
r
o
x
i
m
a
t
e
l
y

$
8
.
1
m
i
l
l
i
o
n
.

T
h
e

n
e
t

p
r
o
c
e
e
d
s

o
f

t
h
e
pr
i
v
a
t
e

p
l
a
c
e
m
e
n
t

a
r
e

i
n
t
e
n
d
e
d

t
o

b
e

u
s
e
d

f
o
r

v
a
r
i
o
u
s

c
o
r
p
o
r
a
t
e

p
u
r
p
o
s
e
s
,
i
n
c
l
u
d
i
n
g

s
a
l
e
s

a
n
d

m
a
r
k
e
t
i
n
g

r
e
l
a
t
e
d

p
r
o
g
r
a
m
s
,
f
u
n
d
i
n
g
fu
r
t
h
e
r
.
de
v
e
l
o
p
m
e
n
t

o
f

o
u
r

V
o
I
P

N
e
t
w
o
r
k
,

r
e
d
u
c
i
n
g

d
e
b
t
,
a
n
d

f
o
r

w
o
r
k
i
n
g

c
a
p
i
t
a
l

a
n
d

o
t
h
e
r

g
e
n
e
r
a
l

c
o
r
p
o
r
a
t
e

p
u
r
p
o
s
e
s
.
Th
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e

s
e
t
s

f
o
r
t
h

o
u
r

c
a
p
i
t
a
l
i
z
a
t
i
o
n

a
s

o
f

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
,
a
n
d

a
s

a
d
j
u
s
t
e
d

t
o

g
i
v
e

e
f
f
e
c
t

t
o
:
0
R
e
c
e
i
p
t

o
f

t
h
e

e
s
t
i
m
a
t
e
d

n
e
t

p
r
o
c
e
e
d
s

f
r
o
m

o
u
r

p
r
i
v
a
t
e

p
l
a
c
e
m
e
n
t

o
f
3
78
2
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

$
2
.
30

p
e
r

s
h
a
r
e
;

a
n
d
0
C
o
n
v
e
r
s
i
o
n

o
f

3
0
0
,
00
0

s
h
a
r
e
s

o
f

S
e
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

b
y

A
c
c
e
r
i
s

C
o
m
m
U
n
i
c
a
t
i
o
n
s
,
I
n
c
.
De
c
e
m
b
e
r

3
1
,
20
0
3
As

A
d
j

u
s
t
e
d
(1

)
--
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
St
o
c
k
h
o
l
d
e
r
s
'
e
q
u
i
t
y

(
d
e
f
i
c
i
t
)
:
Pr
e
f
e
r
r
e
d

s
t
o
c
k
,

$
0
.
00
0
1

p
a
r

v
a
l
u
e
;

1
5
,
00
0
,

0
0
0

s
h
a
r
e
s

au
t
h
o
r
i
z
e
d
Se
r
i
e
s

A

8
%

c
u
m
u
l
a
t
i
v
e

p
r
e
f
e
r
r
e
d

st
o
c
k
.
86
5
,

0
0
0

s
h
a
r
e
s

is
s
u
e
d

a
n
d

o
u
t
s
t
a
n
d
i
n
g

(
l
i
q
u
i
d
a
t
i
o
n

va
l
u
e
of

$
3
,
73
0
;
0
0
0
)

Se
r
i
e
s

B

8
%

cu
m
u
l
a
t
i
v
e

p
r
e
f
e
r
r
e
d

s
t
o
c
k

72
1
,
72
9

s
h
a
r
e
s

i
s
s
u
e
d

an
d

o
u
t
s
t
a
n
d
i
n
g

(
l
i
q
u
i
d
a
t
i
o
n

va
l
u
e
of

$7
,
21
7
,
29
0
)
j

as

a
d
j
u
s
t
e
d
,

4
2
1
,
72
9

s
h
a
r
e
s

i
s
s
u
e
d

a
n
d
ou
t
'
st
a
n
d
i
n
g
,

(
l
i
q
u
i
d
a
t
i
o
n

va
l
u
e

o
f

$
4
,
21
7
,
29
0
)

Co
m
m
o
n

st
o
c
k
,

$
0
.
00
0
1

p
a
r

v
a
l
u
e
,

1
0
0
,
00
0
,
00
0

s
h
a
r
e
s

a
u
t
h
o
r
i
z
e
d
;
60
4
,
58
4

s
h
a
r
e
s

i
s
s
u
e
d

a
n
d

o
u
t
s
t
a
n
d
i
n
g
;

a
s

ad
j

u
s
t
e
d
,
12
,
88
6
,
58
4

s
h
a
r
e
s

i
s
s
u
e
d

a
n
d

o
u
t
s
t
a
n
d
i
n
g
Ad
d
i
t
i
o
n
a
l

p
a
i
d

i
n

c
a
p
i
t
a
l
Wa
r
r
a
n
t
s

a
n
d

o
p
t
i
o
n
s

o
u
t
s
t
a
n
d
i
n
g
Ac
c
U
m
u
l
a
t
e
d

d
e
f
i
c
i
t
18
7
18
7
76
0

1
,
28
8
20
,
19
3
,
14
8

2
8
,
29
5
,
02
3
92
8
,
11
0

.
3
,
92
8
,
11
0
(2
5
,

7
4
9
,

5
2
7

(
2
5
,

74
9
,

5
2
7

--
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
To
t
a
l

s
t
o
c
k
h
o
l
d
e
r
s
'
e
q
u
i
t
y

(d
e
f
i
c
i
t
)
$
(
1
,
62
7
,
25
0
)
$
6
,
47
5
,
12
3
==
=
=
=
=
=
=
=
=
=
=
==
=
=
=
=
=
=
=
=
T"

r
T
TT

"
(1
)

T
h
e

a
d
j
u
s
t
e
d

f
i
g
u
r
e
s

d
o

n
o
t

g
i
v
e

e
f
f
e
c
t

t
o

t
h
e

i
s
s
u
a
n
c
e

o
f

u
p

t
o

7
97
2
58
3

a
d
d
i
t
i
o
n
a
l

c
o
m
m
o
n

s
h
a
r
e
s

o
n

e
x
e
r
c
i
s
e

o
r

c
o
n
v
e
r
s
i
o
n

o
f
ou
t
s
t
a
n
d
i
n
g

w
a
r
r
a
n
t
s
,
o
p
t
i
o
n
s
,
a
n
d

c
o
n
v
e
r
t
i
b
l
e

n
o
t
e
s

t
h
a
t

a
r
e

r
e
g
i
s
t
e
r
e
d

f
o
r

s
a
l
e

b
y

t
h
e

h
o
l
d
e
r
s

u
n
d
e
r

a

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

f
i
l
e
d

w
i
t
h
th
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n
,

u
p

t
o

1
60
0
,
47
6

s
h
a
r
e
s

u
n
d
e
r
l
y
i
n
g

o
t
h
e
r

w
a
r
r
a
n
t
s

a
n
d

o
p
t
i
o
n
s
,

u
p

t
o

1
5
0
00
0

s
h
a
r
e
s
re
s
e
r
v
e
d

f
o
r

i
s
s
u
a
n
c
e

o
n

c
o
n
v
e
r
s
i
o
n

o
f

o
t
h
e
r

o
u
t
s
t
a
n
d
i
n
g

n
o
t
e
s
,
o
r

u
p

t
o

3
,
97
3
,
64
5

s
h
a
r
e
s

i
s
s
u
a
b
l
e

o
n

c
o
n
v
e
r
s
i
o
n

ot
o
u
t
s
t
a
n
d
i
n
g
pr
e
f
e
r
r
e
d

s
t
o
c
k
.
, I
Cr
i
t
i
c
a
l

a
c
c
o
u
n
t
i
n
g

p
o
l
i
c
i
e
s

a
n
d

e
s
t
i
m
a
t
e
s
Re
v
e
n
u
e

R
e
c
o
g
n
i
t
i
o
n
:

B
u
y
e
r
s

U
n
i
t
e
d
'
s
r
e
v
e
n
u
e

r
e
c
o
g
n
i
t
i
o
n

p
o
l
i
c
y

w
i
t
h

r
e
s
p
e
c
t

t
o

r
e
s
e
l
l
e
r

a
g
r
e
e
m
e
n
t
s

i
s

t
o

r
e
c
o
r
d

g
r
o

s

r
e
v
e
n
u
e
s

a
n
d
re
c
e
i
v
a
b
l
e
s

f
r
o
m

c
u
s
t
o
m
e
r
s

w
h
e
n

B
u
y
e
r
s

U
n
i
t
e
d

a
c
t
s

a
s

p
r
i
n
c
i
p
a
l

i
n

t
h
e

t
r
a
n
s
a
c
t
i
o
n
;

t
a
k
e
s

t
i
t
l
e

t
o

t
h
e

p
r
o
d
u
c
t
s

o
r

s
e
r
v

c
e
s
;

a
n
d

h
a
s
ri
s
k
s

a
n
d

r
e
w
a
r
d
s

o
f

o
w
n
e
r
s
h
i
p
,

s
u
c
h

a
s

r
i
s
k

o
f

l
o
s
s

f
o
r

c
o
l
l
e
c
t
i
o
n
,

d
e
l
i
v
e
r
y
,

o
r

r
e
t
u
r
n
s
.

R
e
v
e
n
u
e
s

f
r
o
m

s
a
l
e
s

o
f

s
e
r
v
i
c

s

a
r
e

r
e
c
o
g
n
i
z
e
d
up
o
n

p
r
o
v
i
d
i
n
g

t
h
e

s
e
r
v
i
c
e
s

t
o

t
h
e

c
u
s
t
o
m
e
r
s
.

Ac
c
o
u
n
t
s

R
e
c
e
i
v
a
b
l
e

a
n
d

A
l
l
o
w
a
n
c
e

f
o
r

D
o
u
b
t
f
u
l

A
c
c
o
u
n
t
s
:

A
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e

i
s

c
o
m
p
r
i
s
e
d

o
f

a
m
o
u
n
t
s

b
i
l
l
e
d

a
n

bi
l
l
a
b
l
e

t
o
cu
s
t
o
m
e
r
s
,
n
e
t

o
f

a
n

a
l
l
o
w
a
n
c
e

f
o
r

u
n
c
o
l
l
e
c
t
i
b
l
e

a
m
o
u
n
t
s
.

T
h
e

a
l
l
o
w
a
n
c
e

f
o
r

d
o
u
b
t
f
u
l

a
c
c
o
u
n
t
s

i
s

e
s
t
i
m
a
t
e
d

b
y

m
a
n
a

em
e
n
t

a
n
d

i
s
ba
s
e
d

o
n

'
sp
e
c
i
f
i
c

i
n
f
o
n
n
a
t
i
o
n

a
b
o
u
t

c
u
s
t
o
m
e
r

a
c
c
o
u
n
t
s
,
p
a
s
t

l
o
s
s

e
x
p
e
r
i
e
n
c
e
,
a
n
d

g
e
n
e
r
a
l

e
c
o
n
o
m
i
c

c
o
n
d
i
t
i
o
n
s
.

A
n

a

c
o
u
n
t

i
s

w
r
i
t
t
e
n
of
f
b
y

ma
n
a
g
e
m
e
n
t

w
h
e
n

d
e
e
m
e
d

u
n
c
o
l
l
e
c
t
i
b
l
e
,
a
l
t
h
o
u
g
h

c
o
l
l
e
c
t
i
o
n
s

e
f
f
o
r
t
s

m
a
y

c
o
n
t
i
n
u
e
.
Pr
o
p
e
r
t
y

a
n
d

E
q
u
i
p
m
e
n
t
:

P
r
o
p
e
r
t
y

a
n
d

e
q
u
i
p
m
e
n
t

a
r
e

s
t
a
t
e
d

a
t

c
o
s
t
.

M
a
j
o
r

a
d
d
i
t
i
o
n
s

a
n
d

i
m
p
r
o
v
e
m
e
n
t
s

a
r
e

c
a
p
i
t
a
l
i
z
e
,
w
h
i
l
e

m
i
n
o
r
re
p
a
i
r
s

a
n
d

m
a
i
r
t
t
e
n
a
n
c
e

c
o
s
t
s

a
r
e

e
x
p
e
n
s
e
d

w
h
e
n

i
n
c
u
r
r
e
d
.

I
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

S
t
a
t
e
m
e
n
t

o
f

P
o
s
i
t
i
o
n

9
8
-
,
"
Ac
c
o
u
n
t
"

g

f
o
r

t
h
e

C
o
s
t
s
cs
f
C
o
m
p
u
t
e
r

S
o
f
t
w
a
r
e

D
e
v
e
l
o
p
e
d

o
r

O
b
t
a
i
n
e
d

f
o
r

I
n
t
e
r
n
a
l

U
s
e
,
"
B
u
y
e
r
s

U
n
i
t
e
d

c
a
p
i
t
a
l
i
z
e
s

c
e
r
t
a
i
n

c
o
s
t
s

i
n
c
u
r
r
e
d

f
o
r

he

d
e
v
e
l
o
p
m
e
n
t
of

i
n
t
e
r
n
a
l

u
s
e

s
o
f
t
w
a
r
e
.

T
h
e
s
e

c
o
s
t
s

i
n
c
l
u
d
e

t
h
e

c
o
s
t
s

a
s
s
o
c
i
a
t
e
d

w
i
t
h

c
o
d
i
n
g
,

s
o
f
t
w
a
r
e

c
o
n
f
i
g
u
r
a
t
i
o
n
,

u
p
g
r
a
d
e
s
,

a
n
d

nh
a
n
c
e
m
e
n
t
s
.
Ad
v
e
r
t
i
s
i
n
g

C
o
s
t
s
:

B
u
y
e
r
s

U
n
i
t
e
d

a
d
v
e
r
t
i
s
e
s

i
t
s

s
e
r
v
i
c
e
s

t
h
r
o
u
g
h

t
r
a
d
i
t
i
o
n
a
l

v
e
n
u
e
s

s
u
c
h

a
s

p
r
i
n
t

m
e
d
i
a

t
o

t
h
e

g
e
n
e
r
a
l

p
u
b
l
i
c
.

C
o
s
t
s
as
s
o
c
i
a
t
e
d

w
i
t
h

t
h
e
s
e

a
d
v
e
r
t
i
s
i
n
g

e
f
f
o
r
t
s

a
r
e

e
x
p
e
n
s
e
d

a
s

i
n
c
u
r
r
e
d
.
Fo
r
w
a
r
d
-
lo
o
k
i
n
g

s
t
a
t
e
m
e
n
t
s
Th
e

P
r
i
v
a
t
e

S
e
c
u
r
i
t
i
e
s

L
i
t
i
g
a
t
i
o
n

R
e
f
o
n
n

A
c
t

of

1
9
8
5

p
r
o
v
i
d
e
s

a

s
a
f
e

h
a
r
b
o
r

f
o
r

f
o
r
w
a
r
d
-
lo
o
k
i
n
g

s
t
a
t
e
m
e
n
t
s

m
a
d
e

b
y

B
u
y
e
r
s

U
n
i
t
e
d
.
Al
l

s
t
a
t
e
m
e
n
t
s
,
o
t
h
e
r

t
h
a
n

s
t
a
t
e
m
e
n
t
s

o
f

h
i
s
t
o
r
i
c
a
l

f
a
c
t
,

w
h
i
c
h

a
d
d
r
e
s
s

a
c
t
i
v
i
t
i
e
s
,

a
c
t
i
o
n
s
,

g
o
a
l
s
,
p
r
o
s
p
e
c
t
s
,
o
r

n
e
w

d
e
v

l
o
p
m
e
n
t
s

t
h
a
t
Bu
y
e
r
s

U
n
i
t
e
d

e
x
p
e
c
t
s

o
r

a
n
t
i
c
i
p
a
t
e
s

w
i
l
l

o
r

m
a
y

o
c
c
u
r

i
n

t
h
e

f
u
t
u
r
e
,
i
n
c
l
u
d
i
n
g

s
u
c
h

t
h
i
n
g
s

a
s

e
x
p
a
n
s
i
o
n

a
n
d

g
r
o
w
t
h

f
i
t
s

o
p
e
r
a
t
i
o
n
s
an
d

o
t
h
e
r

s
u
c
h

m
a
t
t
e
r
s

a
r
e

f
o
r
w
a
r
d
-
lo
o
k
i
n
g

s
t
a
t
e
m
e
n
t
s
.

An
y
o
n
e

o
r

a

co
m
b
i
n
a
t
i
o
n

o
f

f
a
c
t
o
r
s

c
o
u
l
d

m
a
t
e
r
i
a
l
l
y

a
f
f
e
c
t

uy
e
r
s

U
n
i
t
e
d
'
op
e
r
a
t
i
o
n
s

a
n
d

f
i
n
a
n
c
i
a
l

c
o
n
d
i
t
i
o
n
.

T
h
e
s
e

f
a
c
t
o
r
s

i
n
c
l
u
d
e

t
h
e

a
v
a
i
l
a
b
i
l
i
t
y

o
f

c
a
p
i
t
a
l
,

c
o
m
p
e
t
i
t
i
v
e

p
r
e
s
s
u
r
e
s
,

s
u
c
c
e
s
s

o
r

f
a
i
l
u
r
e

o
f
ma
r
k
e
t
i
n
g

p
r
o
g
r
a
m
s
,
c
h
a
n
g
e
s

i
n

p
r
i
c
i
n
g

a
n
d

a
v
a
i
l
a
b
i
l
i
t
y

o
f

s
e
r
v
i
c
e
s

a
n
d

p
r
o
d
u
c
t
s

o
f
f
e
r
e
d

t
o

m
e
m
b
e
r
s
,

l
e
g
a
l

a
n
d

r
e
g
u
l

to
r
y

i
n
i
t
i
a
t
i
v
e
s
af
f
e
c
t
i
n
g

l
o
n
g

d
i
s
t
a
n
c
e

s
e
r
v
i
c
e
,
a
n
d

c
o
n
d
i
t
i
o
n
s

i
n

t
h
e

c
a
p
i
t
a
l

m
a
r
k
e
t
s
.

F
o
r
w
a
r
d
~
l
o
o
k
i
n
g

s
t
a
t
e
m
e
n
t
s

m
a
d
e

b
y

B
u
y
e
r
s

.
te
d

a
r
e

b
a
s
e
d
on

k
n
o
w
l
e
d
g
e

o
f

i
t
s

b
u
s
i
n
e
s
s

a
n
d

t
h
e

e
n
v
i
r
o
r
i
m
e
n
t

i
n

w
h
i
c
h

i
t

o
p
e
r
a
t
e
s

a
s

o
f

t
h
e

d
a
t
e

o
f

t
h
i
s

r
e
p
o
r
t
.

B
e
c
a
u
s
e

o
f

t
h
e

f
a

to
r
s

l
i
s
t
e
d

a
b
o
v
e
as

w
e
l
l

a
s

o
t
h
e
r

f
a
c
t
o
r
s

b
e
y
o
n
d

i
t
s

c
o
n
t
r
o
l
,

a
c
t
u
a
l

r
e
s
u
l
t
s

m
a
y

d
i
f
f
e
r

f
r
o
m

t
h
o
s
e

i
n

t
h
e

f
o
r
w
a
r
d
-
lo
o
k
i
n
g

s
t
a
t
e
m
e
n
t
s
.
IT
E
M

7
.

F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S
Th
e

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

o
f

B
u
y
e
r
s

U
n
i
t
e
d

a
p
p
e
a
r

a
t

t
h
e

e
n
d

o
f

t
h
i
s

r
e
p
o
r
t

b
e
g
i
n
n
i
n
g

w
i
t
h

t
h
e

I
n
d
e
x

t
o

F
i
n
a
n
c
i
a
l

S
t
a
t

m
e
n
t
s

on

p
a
g
e

F
-

IT
E
M

8
.

CH
A
N
G
E
S

I
N

A
N
D

D
I
S
A
G
R
E
E
M
E
N
T
S

WI
T
H

A
C
C
O
U
N
T
A
N
T
S

O
N

A
C
C
O
U
N
T
I
N
G

A
N
D

F
I
N
DI
S
C
L
O
S
U
R
E
CI
A
L
Ef
f
e
c
t
i
v
e

F
e
b
r
u
a
r
y

20
0
2
~

B
u
y
e
r
s

U
n
i
t
e
d

ch
a
n
g
e
d

i
t
s

a
c
c
o
u
n
t
a
n
t
s

f
r
o
m

A
r
t
h
u
r

A
n
d
e
r
s
e
n

L
L
P

t
o

C
r
o
w
e

C
h
i
z
e
k

L
L
C
.
IT
E
M

SA
.

C
O
N
T
R
O
L
S

A
N
D

P
R
O
C
E
D
U
R
E
S

Wi
t
h

t
h
e

p
a
r
t
i
c
i
p
a
t
i
o
n

o
f

ma
n
a
g
e
m
e
n
t
~

B
u
y
e
r
s

U
n
i
t
e
d
'
s
c
h
i
e
f

e
x
e
c
u
t
i
v
e

o
f
f
i
c
e
r

a
n
d

ch
i
e
f
f
i
n
a
n
c
i
a
l

o
f
f
i
~
e
r

ev
a
l
u
a
t
e
d

i
t
s

d
i
s
c
l
o
s
u
r
e
co
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s

o
n

M
a
r
c
h

1
7

20
0
4
.

B
a
s
e
d

o
n

t
h
i
s

ev
a
l
u
a
t
i
o
n
~

t
h
e

c
h
i
e
f

ex
e
c
u
t
i
v
e

o
f
f
i
c
e
r

a
n
d

t
h
e

c
h
i
e
f

f
i
n
a
n
c
i
a
l

o
f
f
i
c
e
r
co
n
c
l
u
d
e
d

t
h
a
t

t
h
e

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s

a
r
e

e
f
f
e
c
t
i
v
e

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

B
u
y
e
r
s

U
n
i
t
e
d
'
s
f
i
l
i
n
g

o
f

i
t
s

a
n
n
u
a
l

r
e
p
o
r
t

o
n
on
n

1
0
-

KS
B

'
fo
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
.
Su
b
s
e
q
u
e
n
t

t
o

M
a
r
c
h

17
~

2
0
0
4
~

th
r
o
u
g
h

t
h
e

d
a
t
e

o
f

t
h
i
s

f
i
l
i
n
g

of
F
o
n
n

1
0
-
KS
B

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3
,

t
h
e
r
e

h
a
v
e

b
e
e
n
no

s
i
g
n
i
f
i
c
a
n
t

c
h
a
n
g
e
s

i
n

B
u
y
e
r
s

U
n
i
t
e
d
'
s
i
n
t
e
r
n
a
l

c
o
n
t
r
o
l
s

o
r

i
n

o
t
h
e
r

fa
c
t
o
r
s
.

t
h
a
t

co
u
l
d

s
i
g
n
i
f
i
c
a
n
t
l
y

a
f
f
e
c
t

t
h
e
s
e

co
n
t
r
o
l
s
~

i
n
c
l
u
d
i
n
g
an
y

s
i
g
n
i
f
i
c
a
n
t

d
e
f
i
c
i
e
n
c
i
e
s

o
r

m
a
t
e
r
i
a
l

w
e
a
k
n
e
s
s
e
s

o
f

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l
s

t
h
a
t

w
o
u
l
d

r
e
q
u
i
r
e

co
l
T
e
c
t
i
v
e

a
c
t
i
o
n
.
PA
R
T

I
I
I
IT
E
M

9
.
DI
R
E
C
T
O
R
S
,

E
X
E
C
U
T
I
V
E

O
F
F
I
C
E
R
S
,

P
R
O
M
O
T
E
R
S

AN
D

C
O
N
T
R
O
L

P
E
R
S
O
N
S
;
CO
M
P
L
I
A
N
C
E

W
I
T
H

S
E
C
T
I
O
N

16
(
A
)

O
F

T
H
E

E
X
C
H
A
N
G
E

A
C
T
Di
r
e
c
t
o
r
s

a
n
d

O
f
f
i
c
e
r
s
Th
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e

s
e
t
s

f
o
r
t
h

t
h
e

n
a
m
e
s
,

a
g
e
s
,
a
n
d

p
o
s
i
t
i
o
n
s

w
i
t
h

B
u
y
e
r
s

U
n
i
t
e
d

f
o
r

e
a
c
h

o
f

t
h
e

d
i
r
e
c
t
o
r
s

a
n
d

o
f
f
i
c
e
r
s
.
Na
m
e
Ag
e
Po
s
i
t
i
o
n
s
Si
n
c
e
Ch
a
i
r
m
a
n

o
f

t
h
e

Bo
a
r
d
,
Ch
i

e

f
19
9
9
Ex
e
c
u
t
i

v
e

Of
f
i
c
e
r

a
n
d

D
i
r
e
c
t
o
r
Di
r
e
c
t
o
r
19
9
9
Di
r
e
c
t
o
r
19
9
9
Di
r
e
c
t
o
r
20
0
0
Pr
e
s
i
d
e
n
t
an
d

D
i
r
e
c
t
o
r
19
9
7
Th
e
o
d
o
r
e

S
t
e
r
n
Ga
r
y

S
m
i
t
h
Ed
w
a
r
d

D
a
l
l
i
n

B
a
g
l
e
y
St
e
v
e

B
a
r
n
e
t
t
Pa
u
l

J
a
r
m
a
n
Da
v
i
d

R.

G
r
o
w
Ch
i
e
f
Fi
n
a
n
c
i
a
l

O
f
f
i
c
e
r
Ex
~
c
u
t
i

v
e

V
i
c
e
Pr
e
s
i
d
e
n
t
Ex
e
c
u
t
i
v
e

V
i
c
e
Pr
e
s
i
d
e
n
t
20
0
3
G.

D
o
u
g
l
a
s

S
m
i
t
h
19
9
7
Ke
n
n
e
t
h

D.

K
r
o
g
u
e
19
9
7
Al
l
d
i
r
e
c
t
b
r
s

h
o
l
d

o
f
f
i
c
e

u
n
t
i
l

t
h
e

n
e
x
t
an
n
u
a
l

m
e
e
t
i
n
g

o
f

s
t
o
c
k
h
o
l
d
e
r
s

a
n
d

u
n
t
i
l

t
h
e
i
r

s
u
c
c
e
s
s
o
r
s

a
r
e

e
l
e
c
t
e
d

a
n
d

q
u
a
l
i
f
y
.

O
f
f
i
c
e
r
s

s
e
r
v
e
at

t
h
e

d
i
s
c
r
e
t
i
o
n

o
f

o
u
r

B
o
a
r
d
.

T
h
e

f
o
l
l
o
w
i
n
g

i
s

in
f
o
n
n
a
t
i
o
n

o
n

t
h
e

b
u
s
i
n
e
s
s

e
x
p
e
r
i
e
n
c
e

o
f

e
a
c
h

d
i
r
e
c
t
o
r

a
n
d

o
f
f
i
c
e
r
.
Th
e
o
d
o
r
e

S
t
e
m

b
e
c
a
m
e

a

d
i
r
e
c
t
o
r

o
f

B
u
y
e
r
s

U
n
i
t
e
d

i
n

J
u
n
e

1
9
9
9

a
n
d

s
u
b
s
e
q
u
e
n
t
l
y

th
e

C
h
i
e
f

E
x
e
c
u
t
i
v
e

O
f
f
i
c
e
r

i
n

S
e
p
t
e
m
b
e
r

2
0
0
0
.
Mr
.

S
t
e
m

h
a
s

s
e
r
v
e
d

a
s

a

d
i
r
e
c
t
o
r

o
f

N
o
r
t
h
e
r
n

P
o
w
e
r

S
y
s
t
e
m
s

o
f

W
a
i
t
s

f
i
e
l
d
,
V
e
r
m
o
n
t
,
a

m
a
n
u
f
a
c
t
u
r
e
r

o
f

r
e
n
e
w
a
b
l
e

g
e
n
e
r
a
t
i
o
n
sy
s
t
e
m
s
,

s
i
n
c
e

S
e
p
t
e
m
b
e
r

1
9
9
8
.

D
u
r
i
n
g

t
h
e

l
a
s
t

f
i
v
e

y
e
a
r
s

M
r
.

S
t
e
m

h
a
s

b
e
e
n

s
e
l
f
-
e
m
p
l
o
y
e
d

a
s

a

c
o
n
s
u
l
t
a
n
t

t
o

m
a
n
u
f
a
c
t
u
r
i
n
g
co
m
p
a
n
I
e
s
.
Ga
r
y

S
m
i
t
h

b
e
c
a
m
e

a

d
i
r
e
c
t
o
r

o
f

B
u
y
e
r
s

U
n
i
t
e
d

i
n

J
u
n
e

19
9
9
.

D
u
r
i
n
g

t
h
e

p
a
s
t

f
i
v
e

y
e
a
r
s

h
e

h
a
s

b
e
e
n

s
e
l
f
-
e
m
p
l
o
y
e
d

a
s

a

b
u
s
i
n
e
s
s
co
n
s
u
l
t
a
n
t
.
Ed
w
a
r
d

D
a
l
l
i
n

B
a
g
l
e
y

b
e
c
a
m
e

a

d
i
r
e
c
t
o
r

o
f

B
u
y
e
r
s

U
n
i
t
e
d

i
n

J
u
n
e

19
9
9
.

H
e

h
a
s

b
e
e
n

s
e
l
f
-
e
m
p
l
o
y
e
d

a
s

a
n

a
t
t
o
r
n
e
y

a
n
d

i
n
v
e
s
t
o
r

f
o
r
th
e

p
a
s
t

f
i
v
e

y
e
a
r
s
.

D
u
r
i
n
g

t
h
a
t

t
i
m
e

h
e

h
a
s

a
l
s
o

s
e
r
v
e
d

a
s

a

d
i
r
e
c
t
o
r

o
f

T
u
n
e
x

In
t
e
m
a
t
i
o
n
a
l
~

I
n
c
.
,
a
n

a
u
t
o
m
o
t
i
v
e

t
u
n
e
-
u
p

f
r
a
n
c
h
i
s
e
co
m
p
a
n
y

b
a
s
e
d

i
n

S
a
l
t

L
a
k
e

C
i
t
y
~

U
t
a
h
,
a
n
d

C
l
e
a
r

O
n
e

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
I
n
c
.
~

a

ma
n
u
f
a
c
t
u
r
e
r

o
f

e
l
e
c
t
r
o
n
i
c

p
r
o
d
u
c
t
s

b
a
s
e
d

i
n

S
a
l
t
La
k
e

C
i
t
y
~

U
t
a
h
.

St
e
v
e

B
a
r
n
e
t
t

h
a
s

b
e
e
n

s
e
l
f
-
e
m
p
l
o
y
e
d

f
o
r

t
h
e

p
a
s
t

f
i
v
e

y
e
a
r
s

a
s

a

c
o
n
s
u
l
t
a
n
t

t
o

m
a
n
u
f
a
c
t
u
r
i
n
g

a
n
d

d
i
s
t
r
i
b
u
t
i
o
n

c
o
m
p
a
n
i
e
s

o
n
,
i
m
p
r
o
v
i
n
g

o
p
e
r
a
t
i
o
n
s

a
n
d

b
u
s
i
n
e
s
s

r
e
s
t
r
u
c
t
u
r
i
n
g
.

H
e

h
a
s

c
o
n
t
i
n
u
e
d

t
o

p
u
r
c
h
a
s
e

a
n
d

m
a
n
a
g
e

p
r
i
v
a
t
e
l
y
-
he
l
d

m
a
n
u
f
a
c
t
u
r
i
n
g

c
o
m
p
a
n
i
e
s
as

w
e
l
l

a
s

s
e
r
v
i
n
g

o
n

t
h
e

b
o
a
r
d
s

o
f

n
o
n
-
o
w
n
e
d

p
r
i
v
a
t
e

c
o
m
p
a
n
i
e
s

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

h
i
s

c
o
n
s
u
l
t
i
n
g

s
e
r
v
i
c
e
s
.

F
o
r

o
v
e
r

f
i
v
e

ye
a
r
s
~

M
r
.
Ba
r
n
e
t
t

h
a
s

b
e
e
n

a

d
i
r
e
c
t
o
r

o
f

C
h
i
c
a
g
o
s
J
e
w
i
s
h

F
e
d
e
r
a
t
i
o
n

a
n
d

J
e
w
i
s
h

U
n
i
t
e
d

Fu
n
d
~

a
n
d

a

V
i
c
e

Ch
a
i
r
m
a
n

o
f

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s
si
n
c
e

1
9
9
7
.

H
e

i
s

a
l
s
o

a

D
i
r
e
c
t
o
r

o
f

B
a
n
k

L
e
u
m
i

U
S
A
.
Pa
u
l

J
a
r
m
a
n

h
a
s

s
e
r
v
e
d

a
s

a
n

o
f
f
i
c
e
r

of

B
u
y
e
r
s

U
n
i
t
e
d

d
u
r
i
n
g

t
h
e

p
a
s
t

J
i
v
e

y
e
a
r
s
,
f
i
r
s
t

a
s

a
n

E
x
e
c
u
t
i
v
e

V
i
c
e

P
r
e
s
i
d
e
n
t

a
n
d

a
s

P
r
e
s
i
d
e
n
t
si
n
c
e

D
e
c
e
m
b
e
r

2
0
0
2
.
"
.
.
.
...
.
.

n
o
'

.,
"
.
"

"
..

I
""
'

,..

,
..
,

.

,.
.
.

I

r
""
"
_
"
"
"
'
-
..

"
"
.
Da
v
i
d
R
.

G
r
o
w
,

a

Ce
r
t
i
f
i
e
d

P
u
b
l
i
c

A
c
c
o
u
n
t
a
n
t
,
j
o
i
n
e
d

B
u
y
e
r
s

U
n
i
t
e
d

i
n

J
u
n
e

2
0
0
3

a
n
d

cu
l
T
e
n
t
l
y

s
e
r
v
e
s

a
s

i
t
s

Ch
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
.
Fr
o
m

J
a
n
u
a
r
y

2
0
0
2

t
o

J
u
n
e

2
0
0
3
,

M
r
.

G
r
o
w

s
e
r
v
e
d

a
s

t
h
e

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

a
n
d

m
e
m
b
e
r

o
f

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

o
f

S
p
e
c
t
r
u
m
En
g
i
n
e
e
r
s
,

I
n
c
.
,

a

m
e
c
h
a
n
i
c
a
l

a
n
d

e
l
e
c
t
r
i
c
a
l

e
n
g
i
n
e
e
r
i
n
g

f
i
r
m

i
n

S
a
l
t

L
a
k
e

C
i
t
y
,

U
t
a
h
.

F
r
o
m

F
e
b
r
u
a
r
y

2
0
0
0

t
o

J
a
n
u
a
r
y

2
0
0
2
,
h
e

s
e
r
v
e
d
as

t
h
e

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

a
n
d

m
e
m
b
e
r

o
f

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

o
f

w
e
b
B

AS

I
S
,

I
n
c
.
,

a

w
e
b
-
ba
s
e
d

so
~
a
r
e

de
v
e
l
o
p
m
e
n
t

c
o
m
p
a
n
y
in

B
a
k
e
r
s
f
i
e
l
d
~

C
a
l
i
f
o
r
n
i
a
.

Du
r
i
n
g

t
h
e

t
w
o
-
ye
a
r

p
e
r
i
o
d

p
r
i
o
r

t
o

F
e
b
r
u
a
r
y

20
0
0
~

h
e

s
'
er
v
e
d

a
s

t
h
e

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

of
D
a
w
Te
c
h
n
o
l
o
g
i
e
s
~

I
n
c
.
,
a

m
a
n
u
f
a
c
t
u
r
e
r

a
n
d

i
n
s
t
a
l
l
e
r

o
f

c
l
e
a
n
r
o
o
m
s

f
o
r

t
h
e

s
e
m
i
c
o
n
d
u
c
t
o
r

i
n
d
u
s
t
r
y
,

b
a
s
e
d

i
n

S
a
l
t

L
a
k
e

C
i
t
y
,

U
t
a
h
.
G.

D
o
u
g
l
a
s

S
m
i
t
h

h
a
s

s
e
r
v
e
d

a
s

a
n

E
x
e
c
u
t
i
v
e

V
i
c
e

P
r
e
s
i
d
e
n
t

o
f

B
u
y
e
r
s

U
n
i
t
e
d

d
u
r
i
n
g

t
h
e

p
a
s
t

f
i
v
e

y
e
a
r
s
.
Ke
n
n
e
t
h
.
D.

K
r
o
g
u
e

h
a
s

s
e
r
v
e
d

a
s

a
n

E
x
e
c
u
t
i
v
e

V
i
c
e

P
r
e
s
i
d
e
n
t

o
f

B
u
y
e
r
s

U
n
i
t
e
d

d
u
r
i
n
g

t
h
e

p
a
s
t

f
i
v
e

y
e
a
r
s
.
Bo
a
r
d

M
e
e
t
i
n
g
s

a
n
d

C
o
m
m
i
t
t
e
e
s
Th
e

B
o
a
r
d

m
e
t

1
3

t
i
m
e
s

d
u
r
i
n
g

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3
.

A
l
l

d
i
r
e
c
t
o
r
s

a
t
t
e
n
d
e
d

a
t

l
e
a
s
t

7
S

p
e
r
c
e
n
t

o
f

t
h
e

m
e
e
t
i
n
g
s

o
f

t
h
e
Bo
a
r
d
~

D
u
r
i
n
g

2
0
0
0
~

t
h
e

Bo
a
r
d

f
o
n
n
e
d

t
h
e

C
o
m
p
e
n
s
a
t
i
o
n

Co
m
m
i
t
t
e
e
~

t
h
e

m
e
m
b
e
r
s

of

w
h
i
c
h

a
r
e

E
d
w
a
r
d

D
a
l
l
i
n

B
a
g
l
e
y

(C
h
a
i
r
m
a
n
)
~
St
e
v
e

B
a
r
n
e
t
t
~

a
n
d

G
a
r
y

S
m
i
t
h
.

Th
e

C
o
m
p
e
n
s
a
t
i
o
n

C
o
m
m
i
t
t
e
e

c
o
n
s
i
d
e
r
s

s
a
l
a
r
y

a
n
d

b
e
n
e
f
i
t

m
a
t
t
e
r
s

f
o
r

t
h
e

e
x
e
c
u
t
i
v
e

o
f
f
i
c
e
r
s

a
n
d

k
e
y
pe
r
s
o
n
n
e
l

o
f

t
h
e

C
o
m
p
a
n
y
.

T
h
e

C
o
m
p
e
n
s
a
t
i
o
n

C
o
m
m
i
t
t
e
e

m
e
t

f
i
v
e

t
i
m
e
s
.
i
n

20
0
3
~

a
n
d

a
l
l

di
r
e
c
t
o
r

m
e
m
b
e
r
s

o
f

t
h
e

c
o
m
m
i
t
t
e
e

a
t
t
e
n
d
e
d
at

l
e
a
s
t

7
5

p
e
r
c
e
n
t

o
f

t
h
e

m
e
e
t
i
n
g
s
.

I
n

2
0
0
0
th
e

B
o
a
r
d

a
l
s
o

f
o
n
n
e
d

t
h
e

A
u
d
i
t

Co
m
m
i
t
t
e
e
~

t
h
e

m
e
m
b
e
r
s

of

w
h
i
c
h

a
r
e

S
t
e
v
e

B
a
r
n
e
t
t
(C
h
a
i
r
m
a
n
)

a
n
d

E
d
w
a
r
d

D
a
l
l
i
n

B
a
g
l
e
y
.

T
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e

i
s

r
e
s
p
o
n
s
i
b
l
e

f
o
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

ma
t
t
e
r
s
~

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l
s
,

an
d
co
m
p
l
i
a
n
c
e

w
i
t
h

t
h
e

C
o
m
p
a
n
y
s
f
i
n
a
n
c
i
a
l

p
o
l
i
c
e
s
an
d

m
e
e
t
s

w
i
t
h

i
t
s

a
u
d
i
t
o
r
s

w
h
e
n

a
p
p
r
o
p
r
i
a
t
e
.

T
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e

m
e
t

t
w
i
c
e

i
n
00
3
~

a
n
d

a
l
l

di
r
e
c
t
o
r

m
e
m
b
e
r
s

o
f

t
h
e

c
o
m
m
i
t
t
e
e
.

a
t
t
e
n
d
e
d

t
h
e

m
e
e
t
i
n
g
s
.

T
h
e

B
o
a
r
d

h
a
s

d
e
t
e
n
n
i
n
e
d

th
a
t

S
t
e
v
e

B
a
m
e
t
t

i
s

s
e
r
v
i
n
g

a
s

t
h
e
au
d
i
t

c
o
m
m
i
t
t
e
e

f
i
n
a
n
c
i
a
l

e
x
p
e
r
t

w
i
t
h
i
n

t
h
e

m
e
a
n
i
n
g

o
f

I
t
e
m

4
0
1
(
e
)

o
f

R
e
g
u
l
a
t
i
o
n

S
-
Bo
a
r
d

C
o
m
p
e
n
s
a
t
i
o
n
Ea
c
h

D
i
r
e
c
t
o
r

r
e
c
e
i
v
e
d

a

m
o
n
t
h
l
y

d
i
r
e
c
t
o
r

f
e
e

o
f
$
1
00
0

d
u
r
i
n
g

2
0
0
3
.

T
h
e

p
a
s
t

p
r
a
c
t
i
c
e

o
f

t
h
e

B
o
a
r
d

i
s

t
o

c
o
m
p
e
n
s
a
t
e

d
i
r
e
c
t
o
r
s

f
o
r
th
e
i
r

a
n
n
u
a
l

s
e
r
v
i
c
e

b
y

i
s
s
u
i
n
g

t
o

e
a
c
h

of

t
h
e
m

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

2
5
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

e
x
e
r
c
i
s
a
b
l
e

o
v
e
r

a

t
e
n
n

of

f
i
v
e
ye
a
r
s

f
r
o
m

t
h
e

d
a
t
e

o
f

i
s
s
u
e
.

P
u
r
s
u
a
n
t

t
o

t
h
i
s

p
r
a
c
t
i
c
e
,

e
a
c
h

d
i
r
e
c
t
o
r

r
e
c
e
i
v
e
d

2
5
,
00
0

o
p
t
i
o
n
s

i
n

M
a
r
c
h

2
0
0
2

w
i
t
h

a
n

e
x
e
r
c
i
s
e

p
r
i
c
e

o
f
$2
.
50

p
e
r

s
h
a
r
e
~

a
n
d

i
n

No
v
e
m
b
e
r

2
0
0
2

(
f
o
r

y
e
a
r

2
0
0
3
)

w
i
t
h

a
n

e
x
e
r
c
i
s
e

p
r
i
c
e

o
f
$
2
.
00

p
e
r

s
h
a
r
e
.

I
t

h
a
s

a
l
s
o

b
e
e
n

t
h
e

p
a
s
t

p
r
a
c
t
i
c
e

o
f
th
e

B
o
a
r
d

t
o

c
o
m
p
e
n
s
a
t
e

t
h
e
.
Ch
a
i
n
n
a
n

o
f

t
h
e

Bo
a
r
d
~

a
r
i
d

be
g
i
n
n
i
n
g

w
i
t
h

t
h
o
s
e

i
s
s
u
e
d

f
o
r

20
0
3
~

t
h
e
C
h
a
i
nn
a
n

o
f

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
fo
r

t
h
e
i
r

a
n
n
u
a
l

s
e
r
v
i
c
e

b
y

i
s
s
u
i
n
g

t
o

e
a
c
h

o
f

t
h
e
m

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

1
5
~
OO
O

s
h
a
r
e
s

of
c
o
m
m
o
n

s
t
o
c
k

ex
e
r
c
i
s
a
b
l
e

o
v
e
r

a

t
e
r
m

o
f

f
i
v
e
ye
a
r
s

f
r
o
m

t
h
e

d
a
t
e

o
f

i
s
s
u
e
.

P
u
r
s
u
an
t

t
o

t
h
i
s

p
r
a
c
t
i
c
e
~

T
h
e
o
d
o
r
e

S
t
e
m

r
e
c
e
i
v
e
d

as

C
h
a
i
n
n
a
n

o
f

t
h
e
J
3

0
a
r
d

1
5
~
OO
O

o
p
t
i
o
n
s

in

M
a
r
c
h
20
0
2

a
n
d

N
o
v
e
m
b
e
r

20
0
2
~

w
i
t
h

e
x
e
r
c
i
s
e

pr
i
c
e
s

o
f

$
2
.
50

a
n
d

$
2
.
00

p
e
r

s
h
a
r
e
~

r
e
s
p
e
c
t
i
v
e
l
y
.

St
e
v
e

B
a
r
n
e
t
t

r
e
c
e
i
v
e
d

a
s

C
h
a
i
n
n
a
n

o
f

t
h
e
Au
d
i
t

C
o
m
m
i
t
t
e
e

1
5
~
00
0

o
p
t
i
o
n
s

i
n

N
o
v
e
m
b
e
r

2
0
0
2

(
f
o
r

y
e
a
r

2
0
0
3
)

w
i
t
h

a
n

e
x
e
r
c
i
s
e

p
r
i
c
e

o
f
$
2
.
00

p
e
r

s
h
a
r
e
.
Th
e

D
i
r
e
c
t
o
r

S
t
o
c
k

O
p
t
i
o
n

P
l
a
n

w
a
s

a
d
o
p
t
e
d

b
y

t
h
e

B
o
a
r
d

i
n

M
a
y

2
0
0
3

a
n
d

a
p
p
r
o
v
e
d

b
y

t
h
e

s
t
o
c
k
h
o
l
d
e
r
s

i
n

J
u
n
e

2
0
0
3
.

T
h
e

p
u
r
p
o
s
e
s
,
of

t
h
e

p
l
a
n

a
r
e

t
o

a
t
t
r
a
c
t
,
m
o
t
i
v
a
t
e

a
n
d

r
e
t
a
i
n

e
x
p
e
r
i
e
n
c
e
d

a
n
d

k
n
o
w
l
e
d
g
e
a
b
l
e

d
i
r
e
c
t
o
r
s

b
y

o
f
f
e
r
i
n
g

t
h
e
m

o
p
p
o
r
t
u
n
i
t
i
e
s

t
o

i
n
c
r
e
a
s
e

t
h
e
i
r
st
o
c
k

o
w
n
e
r
s
h
i
p

i
n
t
e
r
e
s
t

i
n

B
u
y
e
r
s

U
n
i
t
e
d
.

E
a
c
h

p
e
r
s
o
n

s
e
r
v
i
n
g

a
s

a

d
i
r
e
c
t
o
r

o
n
th
e

d
a
t
e

o
p
t
i
o
n
s

a
r
e

i
s
s
u
e
d

u
n
d
e
r

t
h
e

p
l
a
n

i
s

e
l
i
g
i
b
l
e

to
~
pa
r
t
i
c
i
p
a
t
e
.

T
h
e

p
e
r
s
o
n
s

s
e
r
v
i
n
g

a
s

C
h
a
i
r
m
a
n

o
f

t
h
e

B
o
a
r
d

a
n
d

C
h
a
i
r
m
a
n

o
f

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e

o
n

t
h
e

d
a
t
e

o
p
t
i
o
n
s

a
r
e

i
s
s
u
e
d

f
o
r
th
o
s
e

p
o
s
i
t
i
o
n
s

u
n
d
e
r

t
h
e

p
l
a
n

a
r
e

e
l
i
g
i
b
l
e

t
o

p
a
r
t
i
c
i
p
a
t
e
.
th
e

B
o
a
r
d

h
a
s

au
t
h
o
r
i
z
e
d

t
h
e

i
s
s
u
a
n
c
e

o
r

d
e
l
i
v
e
r
y

o
f

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

a
n

a
g
g
r
e
g
a
t
e

o
f

l
OO
O
~
OO
O

s
h
a
r
e
s

o
f

co
m
m
o
n

s
t
o
c
k

u
n
d
e
r

t
h
e
pl
a
n
,

s
u
b
j
e
c
t

t
o

c
u
s
t
o
m
a
r
y

a
n
t
i
d
i
l
u
t
i
o
n

a
n
d

o
t
h
e
r

a
d
j
u
s
t
m
e
n
t
s

p
r
o
v
i
d
e
d

f
o
r

i
n

t
h
e

p
l
a
n
.

E
a
c
h

p
e
r
s
o
n

s
e
r
v
i
n
g

a
s

a

d
i
r
e
c
t
o
r

o
n

M
a
r
c
h

1
o
f
ea
c
h

y
e
a
r

i
s

e
n
t
i
t
l
e
d

t
o

r
e
c
e
i
v
e

a
n

o
p
t
i
o
n

t
o

p
u
r
c
h
a
s
e

2
5
,
00
0

c
o
m
m
o
n

s
h
a
r
e
s

a
t

a
n

e
x
e
r
c
i
s
e

p
r
i
c
e

p
e
r

s
h
a
r
e

e
q
u
a
l

t
o

t
h
e

a
v
e
r
a
g
e

f
a
i
r
ma
r
k
e
t

v
a
l
u
e

o
n

t
h
a
t

d
a
t
e
,
b
u
t

i
n

n
o

e
v
e
n
t

l
e
s
s

t
h
a
n

t
h
e

c
o
n
v
e
r
s
i
o
n

p
r
i
c
e

f
o
r

t
h
e

S
e
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

o
f

B
u
y
e
r
s
Un
i
t
e
d
,
w
h
i
c
h

i
s

n
o
w

$
2
.
00

p
e
r

s
h
a
r
e
.

O
n

t
h
e

d
a
t
e
s

t
h
e

B
o
a
r
d

a
p
p
o
i
n
t
s

t
h
e

C
h
a
i
n
n
a
n

o
f

t
h
e

B
o
a
r
d
.
a
n
d

Ch
a
i
n
n
a
n

o
f

t
h
e

A
u
d
i
t
Co
m
m
i
t
t
e
e

t
o

s
e
r
v
e

f
o
r

t
h
e

n
e
x
t

y
e
a
r
,

e
a
c
h

p
e
r
s
o
n

s
o

a
p
p
o
i
n
t
e
d

i
s

e
n
t
i
t
l
e
d

t
o

r
e
c
e
i
v
e

a
n

o
p
t
i
o
n

t
o

p
u
r
c
h
a
s
e

1
5
00
0

c
o
m
m
o
n

s
h
a
r
e
s

a
t
an

e
x
e
r
c
i
s
e

p
r
i
c
e

p
e
r

s
h
a
r
e

e
q
u
a
l

t
o

t
h
e

a
v
e
r
a
g
e

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
n

t
h
a
t

d
a
t
e
,
b
u
t

i
n

n
o

e
v
e
n
t

l
e
s
s

t
h
a
n

t
h
e

c
o
n
v
e
r
s
i
o
n

p
r
i
c
e

f
o
r

t
h
e
Se
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

o
f

B
u
y
e
r
s

U
n
i
t
e
d
.

E
a
c
h

o
p
t
i
o
n

i
s
s
u
e
d

u
n
d
e
r

t
h
e

p
l
a
n

i
s

e
x
e
r
c
i
s
a
b
l
e

o
v
e
r

a

t
e
n
n

of

f
i
v
e

y
e
a
r
s
.

T
h
e
nu
m
b
e
r

o
f

o
p
t
i
o
n
s

i
s
s
u
a
b
l
e

e
a
c
h

y
e
a
r

u
n
d
e
r

t
h
e

p
l
a
n
,

a
s

w
e
l
l

a
s

o
p
t
i
o
n
s

o
u
t
s
t
a
n
d
i
n
g

u
n
d
e
r

t
h
e

p
l
a
n
,

i
s

s
u
b
j
e
c
t

t
o

c
u
s
t
o
m
a
r
y

a
n
t
i

di
l
u
t
i
o
n
an
d

o
t
h
e
r

a
d
j
u
s
t
m
e
n
t
s

p
r
o
v
i
d
e
d

f
o
r

i
n

t
h
e

p
l
a
n
.
Op
t
i
o
n
s

i
s
s
u
e
d

u
n
d
e
r

t
h
e

p
l
a
n

a
r
e

n
o
t

e
x
c
l
u
s
i
v
e

a
n
d

t
h
e

p
l
a
n

d
o
e
s

n
o
t

l
i
m
i
t

t
h
e

a
u
t
h
o
r
i
t
y

of

t
h
e

B
o
a
r
d

o
r

i
t
s

c
o
m
m
i
t
t
e
e
s

t
o

g
r
a
n
t

a
w
a
r
d
s
or

a
u
t
h
o
r
i
z
e

a
n
y

o
t
h
e
r

c
o
m
p
e
n
s
a
t
i
o
n
,
w
i
t
h

o
r

w
i
t
h
o
u
t

r
e
f
e
r
e
n
c
e

t
o

s
h
a
r
e
s
,
u
n
d
e
r

a
n
y

o
t
h
e
r

p
l
a
n

o
r

a
u
t
h
o
r
i
t
y
.
Th
e

p
l
a
n

i
s

a
d
m
i
n
i
s
t
e
r
e
d

b
y

a

c
o
m
m
i
t
t
e
e
,
w
h
i
c
h

i
s

e
i
t
h
e
r

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

o
r

a

c
o
m
m
i
t
t
e
e

a
p
p
o
i
n
t
e
d

b
y

t
h
e

B
o
a
r
d

f
o
r

s
u
c
h
pu
r
p
o
s
e
.

T
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

h
a
s

n
o
t

a
p
p
o
i
n
t
e
d

a

c
o
m
m
i
t
t
e
e

t
o

a
d
m
i
n
i
s
t
e
r

t
h
e

p
l
a
n
,

s
o

t
h
e

e
n
t
i
r
e

B
o
a
r
d

i
s

n
o
w

t
h
e

c
o
m
m
i
t
t
e
e
ad
m
i
n
i
s
t
e
r
i
n
g

t
h
e

p
l
a
n
.
Su
b
j
e
c
t

t
o

t
h
e

l
i
m
i
t
a
t
i
o
n
s

o
f

t
h
e

p
l
a
n
,

th
e
.
c
o
r
n
r
i
1
i
t
t
e
e

h
a
s

b
r
o
a
d

au
t
h
o
r
i
t
y

u
n
d
e
r

t
h
e

p
l
a
n
,

i
n
c
l
u
d
i
n
g
,

f
o
r

e
x
a
m
p
l
e
th
e

a
u
t
h
o
r
i
t
y
:
0
T
o

c
o
n
s
t
r
u
e

a
n
d

i
n
t
e
r
p
r
e
t

t
h
i
s

p
l
a
n
;
0
T
o

m
a
k
e

a
l
l

o
t
h
e
r

d
e
t
e
n
n
i
n
a
t
i
o
n
s

r
e
q
u
i
r
e
d

b
y

t
h
i
s

p
l
a
n
;
0
T
o

m
a
i
n
t
a
i
n

a
l
l

t
h
e

n
e
c
e
s
s
a
r
y

r
e
c
o
r
d
s

f
o
r

t
h
e

a
d
m
i
n
i
s
t
r
a
t
i
o
n

o
f

t
h
i
s

p
l
a
n
;

.
an
d
0
T
o

m
a
k
e

a
n
d

p
u
b
l
i
s
h

f
o
n
n
s
,

r
u
l
e
s

a
n
d

p
r
o
c
e
d
u
r
e
s

f
o
r

a
d
m
i
n
i
s
t
r
a
t
i
o
n

o
f

t
h
e

p
l
a
n
.
In

2
0
0
4

t
h
e

B
o
a
r
d
,

a
n
d

e
a
c
h

o
f

o
u
r

d
i
r
e
c
t
o
r
s

i
n
d
i
v
i
d
u
a
l
l
y
,

a
g
r
e
e
d

t
o

r
e
n
o
u
n
c
e

t
h
e
i
r

r
i
g
h
t

t
o

r
e
c
e
i
v
e

o
p
t
i
o
n
s

u
n
d
e
r

t
h

p
l
a
n

f
o
r

2
0
0
4
,
a
n
d
in
s
t
e
a
d

r
e
c
e
i
v
e

o
p
t
i
o
n
s

o
u
t
s
i
d
e

t
h
e

p
l
a
n

f
o
r

a

l
o
w
e
r

n
u
m
b
e
r

o
f

s
h
a
r
e
s
.

A
c
c
o
r
d
i
n
g
l
y
,

t
h
e

B
o
a
r
d

a
p
p
r
o
v
e
d

i
n

J
a
n
u
a
r
y

2
0
0
4

t
h
e

i
s
s
u
a
n
c
e
to

e
a
c
h

d
i
r
e
c
t
o
r

o
f

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

1
0
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
n
d

t
o

S
t
e
v
e

B
a
r
n
e
t
t

a
s

c
h
a
i
r
m
a
n

o
f

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
op
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

5
,
00
0

a
d
d
i
t
i
o
n
a
l

s
h
a
r
e
s
.

A
l
l

o
f

t
h
e

o
p
t
i
o
n
s

a
r
e

e
x
e
r
c
i
s
a
b
l
e

o
v
e
r

a

t
e
n
n

of

f
i
v
e

y
e
a
r
s

a
t

$
3
.
05

p
e
r

s
h
a
r
e
,

w
h
i
c
h

w
a
s
th
e

m
a
r
k
e
t

p
r
i
c
e

f
o
r

o
u
r

c
o
m
m
o
n

s
t
o
c
k

i
n

t
h
e

p
u
b
l
i
c

m
a
r
k
e
t

o
n

t
h
e

d
a
t
e

o
f

g
r
a
n
t
.
Co
d
e

o
f

E
t
h
i
c
s
Bu
y
e
r
s

U
n
i
t
e
d

h
a
s

a
d
o
p
t
e
d

a

C
o
d
e

o
f

E
t
h
i
c
s

a
p
p
l
i
c
a
b
l
e

t
o

i
t
s

c
h
i
e
f

e
x
e
c
u
t
i
v
e

o
f
f
i
c
e
r

a
n
d

c
h
i
e
f

f
i
n
a
n
c
i
a
l

o
f
f
i
c
e
r
,
a

c
o
p
y

o
f

w
h
i
c
h

i
s
in
c
l
u
d
e
d

a
s

a
n

e
x
h
i
b
i
t

t
o

t
h
i
s

r
e
p
o
r
t
.
Se
c
t
i
o
n

1
6
(
a
)

F
i
l
i
n
g

C
o
m
p
l
i
a
n
c
e
Se
c
t
i
o
n

1
6
(
a
)

o
f

t
h
e

S
e
c
u
r
i
t
i
e
s

E
x
c
h
a
n
g
e

A
c
t

o
f

1
9
3
4

r
e
q
u
i
r
e
s

of
f
i
c
e
r
s

a
n
d

d
i
r
e
c
t
o
r
s

o
f

B
u
y
e
r
s

U
n
i
t
e
d

a
n
d

p
e
r
s
o
n
s

w
h
o

o
w
n

m
o
r
e

t
h
a
n
te
n

p
e
r
c
e
n
t

(
1
0
%
)

o
f

a

r
e
g
i
s
t
e
r
e
d

c
l
a
s
s

o
f

i
t
s

e
q
u
i
t
y

s
e
c
u
r
i
t
i
e
s

t
o

f
i
l
e

r
e
p
o
r
t
s

o
f

o
w
n
e
r
s
h
i
p

a
n
d

c
h
a
n
g
e
s

i
n

t
h
e
i
r

o
w
n
e
r
s
h
i
p

o
n

F
o
n
n
s

3
,
,
a
n
d

5

w
i
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n
,

a
n
d

f
o
r
w
a
r
d

c
o
p
i
e
s

o
f

s
u
c
h

f
i
l
i
n
g
s

t
o

B
u
y
e
r
s

U
n
i
t
e
d
.

B
a
s
e
d

o
n

t
h
e

c
o
p
i
e
s

o
f
fi
l
i
n
g
s

r
e
c
e
i
v
e
d

b
y

B
u
y
e
r
s

U
n
i
t
e
d
,

d
u
r
i
n
g

t
h
e

m
o
s
t

r
e
c
e
n
t

f
i
s
c
a
l

y
e
a
r

t
h
e

d
i
r
e
c
t
o
r
s
,

o
f
f
i
c
e
r
s
,

a
n
d

b
e
n
e
f
i
c
i
a
l

o
w
n
e
r
s

o
f

m
o
r
e

t
h
a
n

t
e
n
pe
r
c
e
n
t

(
1
0
%
)

o
f

t
h
e

e
q
u
i
t
y

s
e
c
u
r
i
t
i
e
s

o
f

B
u
y
e
r
s

U
n
i
t
e
d

r
e
g
i
s
t
e
r
e
d

p
u
r
s
u
a
n
t

t
o

S
e
c
t
i
o
n

1
2

of

t
h
e

E
x
c
h
a
n
g
e

A
c
t

h
a
v
e

f
i
l
e
d

o
n

a

t
i
m
e
l
y
ba
s
i
s

a
l
l

r
e
q
u
i
r
e
d

P
o
n
n
s

3
,
4
,
a
n
d

5

a
n
d

a
n
y

a
m
e
n
d
m
e
n
t
s

t
h
e
r
e
t
o

e
x
c
e
p
t

f
o
r

D
a
l
l
i
n

B
a
g
l
e
y
,

w
h
o

f
i
l
e
d

o
n
e

F
o
n
n

4

l
a
t
e
.
IT
E
M

10
.

E
X
E
C
U
T
I
V
E

C
O
M
P
E
N
S
A
T
I
O
N
An
n
u
a
l

C
o
m
p
e
n
s
a
t
i
o
n
Th
e

t
a
b
l
e

o
n

t
h
e

f
o
l
l
o
w
i
n
g

p
a
g
e

s
e
t
s

f
o
r
t
h

c
e
r
t
a
i
n

i
n
f
o
n
n
a
t
i
o
n

r
e
g
a
r
d
i
n
g

t
h
e

a
n
n
u
a
l

a
n
d

l
o
n
g
-
t
e
n
n

c
o
m
p
e
n
s
a
t
i
o
n

f
o
r

s
e
r
v
i
c
e
s

i
n

a
l
l
ca
p
a
c
i
t
i
e
s

t
o

B
u
y
e
r
s

U
n
i
t
e
d

f
o
r

t
h
e

p
r
i
o
r

f
i
s
c
a
l

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
,

2
0
0
2
,
a
n
d

2
0
0
1
,
o
f
-
t
h
o
s
e

p
e
r
s
o
n
s

w
h
o

w
e
r
e

e
i
t
h
e
r

(
i
)
th
e

c
h
i
e
f

e
x
e
c
u
t
i
v
e

o
f
f
i
c
e
r

d
u
r
i
n
g

t
h
e

l
a
s
t

c
o
m
p
l
e
t
e
d
.
.
fi
s
c
a
l

y
e
a
r

o
r

(
i
i
)

o
n
e

o
f

t
h
e

o
t
h
e
r

f
o
u
r

m
o
s
t

h
i
g
h
l
y

c
o
m
p
e
n
s
a
t
e
d

e
x
e
c
u
t
i
v
e
of
f
i
c
e
r
s

a
s

o
f

t
h
e

e
n
d

o
f

t
h
e

l
a
s
t

c
o
m
p
l
e
t
e
d

f
i
s
c
a
l

y
e
a
r

w
h
o
s
e

a
n
n
u
a
l

s
a
l
a
r
y

a
n
d

b
o
n
u
s
e
s

e
x
c
e
e
d
e
d

$
1
0
0
00
0

(
c
o
l
l
e
c
t
i
v
e
l
y
,

t
h
e

"
Na
m
e
d
Ex
e
c
u
t
i
v
e

O
f
f
i
c
e
r
s
).

1 m
"
"
'
.II
r
"
'"
"
.
.
"

"
"
'
_
'
I
L

An
n
u
a
l
Co
m
p
e
n
s
a
t
i
o
n
""

,."

,
"
'
.

,
.A

"'
.
.
"
.

'4

I

'
"

"'"
.
.
.
.
.
.
'
"
'
-
10
1
'
Lo
n
g

T
e
r
m
Co
m
p
e
n
s
a
t
i
o
n
--
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
--
-

-
-
-
-

-
-

-

--
-

-

-

--
-
-

-

-
-

--
-
Na
m
e

a
n
d

P
r
i
n
c
i
p
a
l

P
o
s
i
t
i
o
n

Ye
a
r

Sa
l
a
r
y

($
)
--
-
-
-
-
-
-
-
-
Th
e
o
d
o
r
e

S
t
e
r
n
Ch
a
i
r
m
a
n

a
n
d

C
h
i
e
f
Ex
e
c
u
t
i

v
e

Of
f
i
c
e
r
20
0
3
20
0
2
20
0
1
Pa
u
l

J
a
r
m
a
n
Pr
e
s
i
d
e
n
t

a
n
d

D
i
r
e
c
t
o
r
20
0
3
20
0
2
20
0
1
G.

D
o
u
g
l
a
s

S
m
i
t
h
Ex
e
c
u
t
i
v
e

V
i
c
e

P
r
e
s
i
d
e
n
t
20
0
3
20
0
2
20
0
1
Ke
n
n
e
t
h

D.

K
r
o
g
u
e
20
0
3
-0
-
-0
-
-0
-
13
2
,
80
8
12
5
,

0
0
0
12
2
,
71
0
13
2
,
80
8
12
5
,
00
0
12
4
,
40
5
13
7
,

6
9
8
Se
c
u
r
i

t
i
e
s
Un
d
e
r
l
y
i
n
g

Al
l

O
t
h
e
r
Op
t
i
o
n
s
/
g
A
R
s

(#
)

C
o
m
p
e
n
s
a
t
i
o
n

($
)
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
36
,
30
0
74
,
75
0
80
,
00
0
70
,
00
0
40
,
00
0
70
,
00
0
-0
-
18
,
46
3
11
,
66
8
21
,
48
1
-0
-
57
,
06
7
-0
-
18
,
46
3
66
8
21
,
25
2
17
8
,
33
4
-0
-
-0
-
18
,
46
3
Ex
e
c
u
t
i
v
e

V
i
c
e

P
r
e
s
i
d
e
n
t

2
0
0
2
0
12
3
53
8

1
0
6
,
73
9
2
2
28
2
2
0
0
1

1
0
9
,
85
1

4
0
00
0

1
3
;
8
6
6
St
o
c
k

O
p
t
i
o
n
s
Th
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e

s
e
t
s

f
o
r
t
h

c
e
r
t
a
i
n

i
n
f
o
n
n
a
t
i
o
n

w
i
t
h

r
e
s
p
e
c
t

t
o

g
r
a
n
t
s

o
f

s
t
o
c
k

o
p
t
i
o
n
s

d
u
r
i
n
g

2
0
0
3

t
o

t
h
e

N
a
m
e
d

E
x
e
c
u
t
i
v
e
Of
f
i
~
~
.

Na
m
e

a
n
d

P
r
i
n
c
i
p
a
l

P
o
s
i
t
i
o
n
--
-
-
-
-
-
-
-
-
-
-

-
-

-
-

--

-
-

-

--
-
-
-
-
Th
e
o
d
o
r
e

S
t
e
r
n
Ch
a
i
r
m
a
n
,

C
h
i
e
f
Ex
e
c
u
t
i

v
e

Of
f
i
c
e
r
Pa
u
l

J
a
r
m
a
n
Pr
e
s
i
d
e
n
t

a
n
d

D
i
r
e
c
t
o
r
G.

D
o
u
g
l
a
s

S
m
i
t
h
Ex
e
c
u
t
i

v
e

V
i
c
e

Pr
e
s
i
d
e
n
t
Ke
n
n
e
t
h

D.

K
r
o
g
u
e
Ex
e
c
u
t
i

v
e

V
i
c
e

Pr
e
s
i
d
e
n
t
Nu
m
b
e
r

o
f
Se
c
u
r
i

t
i
e
s
Un
d
e
r
l
y
i
n
g
Op
t
i
o
n
s

G
r
a
n
t
e
d
%
o
f

t
o
t
a
l
Op
t
i
o
n
s

/

SA
R
s
Gr
a
n
t
e
d

t
o

Em
p
l
o
y
e
e
s

i
n
Fi
s
c
a
l

Y
e
a
r
Ex
e
r
c
i
s
e

o
r
Ba
s
e

P
r
i
c
e

($
/
S
h
)
Ex
p
i
r
at
i
o
n
Da
t
e
--
-
-
-
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-0
-
12
,
00
0
12
,
50
0
15
0
,
00
0
21
.
$2
.
$2
.
$2
.
01
/
1
5
/
0
8
09
/
2
4
/
0
8
11
/
1
1
/
0
8
-0
-
-0
-
_.
.
.
.
.
.
.
-
,.
.

.
.

I

...
I
,
a

.

,a

.
.
.
.
a
'
M
"
'
-
"

-.
.

'
.
,
..
.
.
.
,

.

.
.
.
.
.
.
.

.
.
"
'
.
.
.
.
..
.
.
.
.
.
.
.
.
.
.
.
.
.
-
-
.
.
.
.
.
.
.
.
.
.
.
.
-
...
.
.
.
.
.
.
.
.
.
.
.
.
.
,
.
.
.
.
.
,
.
.
..
.
.
.
.
..
.
.
.
.
.
.
.
.
.
,
.
.
.
.
.
.
.
-
..
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
-
-
.
.
..
.
.
.

.

,

-
..
.
"
.
.
.
.
.
_
-
,
.
.
.

..
.
.
,
.
.
.
.
.
"
'
.
.
.
.
.
..
-
.
.

"

.."
"
'
,
.
.
.
.
.
.
.
.
~
Th
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e

s
e
t
s

f
o
r
t
h

ce
r
t
a
i
n

i
n
f
o
n
n
a
t
i
o
n

w
i
t
h

r
e
s
p
e
c
t

t
o

u
n
e
x
e
r
c
i
s
e
d

o
p
t
i
o
n
s

h
e
l
d

b
y

t
h
e

N
a
m
e
d

E
x
e
c
u
t
i
v
e

O
f
f
i
c
e
r
s
.

N
o
ou
t
s
t
a
n
d
i
n
g

o
p
t
i
o
n
s

h
e
l
d

b
y

t
h
e

N
a
m
e
d

E
x
e
c
u
t
i
v
e

O
f
f
i
c
e
r
s

w
e
r
e

e
x
e
r
c
i
s
e
d

i
n

2
0
0
3
.
Nu
m
b
e
r

o
f

S
e
c
u
r
i
t
i
e
s
Un
d
e
r
l
y
i
n
g

U
n
e
x
e
r
c
i
s
e
d
Op
t
i
o
n
s

a
t

Fi
s
c
a
l

Y
e
a
r

E
n
d

(#
)
Ex
e
r
c
i
s
a
b
l
e

/
Un
e
x
e
r
c
i
s
a
b
l
e
Na
m
e

a
n
d

P
r
i
n
c
i
p
a
l

P
o
s
i
t
i
o
n
--
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
--
-

-

--
-
-

-

--
-
-
-
-
-
-

-
-
-
-
-

-
-
-
-
-
Va
l
u
e

o
f

U
n
e
x
e
r
c
i
s
e
d
In
-
t
h
e
-
M
o
n
e
y

O
p
t
i
o
n
s
At

F
i
s
c
a
l

Y
e
a
r

E
n
d

($
)
(
1

)
Ex
e
r
c
i
s
a
b
l
e

/
Un
e
x
e
r
c
i
s
a
b
l
e
--
-
-
-
-

--
-
-
-
-
-
-
-
-

-
-
-

--
-
Th
e
o
d
o
r
e

S
t
e
r
n
Ch
a
i
r
m
a
n
,

C
h
i
e
f
Ex
e
c
u
t
i
v
e

O
f
f
i
c
e
r
17
2
,
50
0
-0
-
$8
8
,
20
0

/

-
0
-
Pa
u
l

J
a
r
m
a
n
Pr
e
s
i
d
e
n
t

a
n
d

D
i
r
e
c
t
o
r
45
2
,
96
6
15
0
,
00
0
$1
5
2
,
84
8

/

$
8
2
,
50
0
G.

'
Do
u
g
l
a
s

S
m
i
t
h
Ex
e
c
u
t
i

v
e

V
i
c
e

Pr
e
s
i
d
e
n
t
62
4
,
91
6
-0
-
$2
6
2
,
21
8

/

-
0
-
Ke
n
n
e
t
h

D.

K
r
o
g
u
e
Ex
e
c
u
t
i

v
e

V
i
c
e

Pr
e
s
i
d
e
n
t
33
3
,
77
0

/

-
0
-
$1
9
9
,
66
4

/

-
0
-
--

-

-

--
-

-
-

-
-

-

-
-

--
-

-

-

--
-

--
-
-
-
(1
)

T
h
i
s

v
a
l
u
e

i
s

d
e
t
e
r
m
i
n
e
d

o
n

t
h
e

b
a
s
i
s

o
f

t
h
e

d
i
f
f
e
r
e
n
c
e

b
e
t
w
e
e
n

t
h
e

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f

t
h
e

s
e
c
u
r
i
t
i
e
s

u
n
d
e
r
l
y
i
n
g

t
h
e

o
p
t
i
o
n
s

a
n
d
th
e

e
x
e
r
c
i
s
e

p
r
i
c
e

a
t

D
e
c
e
m
b
e
r

3
1
20
0
3
.

T
h
e

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f

B
u
y
e
r
s

U
n
i
t
e
d
'
s
c
o
m
m
o
n

s
t
o
c
k

a
t

D
e
c
e
m
b
e
r

3
1
,
2
0
0
3

i
s

d
e
t
e
r
m
i
n
e
d
by

t
h
e

l
a
s
t

s
a
l
e

p
r
i
c
e

o
n

t
h
a
t

d
a
t
e
,

w
h
i
c
h

w
a
s

$
3
.
05

p
e
r

s
h
a
r
e
.
De
s
c
r
i
p
t
i
o
n

o
f

L
o
n
g

T
e
r
m

S
t
o
c
k

I
n
c
e
n
t
i
v
e

P
l
a
n
Th
e

p
u
r
p
o
s
e

o
f

t
h
e

L
o
n
g

T
e
r
m

S
t
o
c
k

I
n
c
e
n
t
i
v
e

P
l
a
n

(
t
h
e

"
Pl
a
n
)
i
s

t
o

p
r
o
v
i
d
e

d
i
r
e
c
t
o
r
s
,
o
f
f
i
c
e
r
s
,
e
m
p
l
o
y
e
e
s
,

a
n
d

c
o
n
s
u
l
t
a
n
t
s

w
i
t
h
ad
d
i
t
i
o
n
a
l

i
n
c
e
n
t
i
v
e
s

b
y

i
n
c
r
e
a
s
i
n
g

t
h
e
i
r

o
w
n
e
r
s
h
i
p

i
n
t
e
r
e
s
t
s

i
n

B
u
y
e
r
s

U
n
i
t
e
d
.

D
i
r
e
c
t
o
r
s
,
o
f
f
i
c
e
r
s
,
a
n
d

o
t
h
e
r

e
m
p
l
o
y
e
e
s

o
f

B
u
y
e
r
s
Un
i
t
e
d

a
n
d

i
t
s

s
u
b
s
i
d
i
a
r
i
e
s

a
r
e

e
l
i
g
i
b
l
e

t
o

p
a
r
t
i
c
i
p
a
t
e

i
n

t
h
e

P
l
a
n
.

I
n

a
d
d
i
t
i
o
n
,

a
w
a
r
d
s

m
a
y

b
e

g
r
a
n
t
e
d

t
o

c
o
n
s
u
l
t
a
n
t
s

p
r
o
v
i
d
i
n
g

v
a
l
u
a
b
l
e
se
r
v
i
c
e
s

t
o

B
u
y
e
r
s

U
n
i
t
e
d
.

A
s

o
f

D
e
c
e
m
b
e
r

3
1
,
2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

a
n
d

i
t
s

a
f
f
i
l
i
a
t
e
s

e
m
p
l
o
y
e
d

a
p
p
r
o
x
i
m
a
t
e
l
y

1
9
0

i
n
d
i
v
i
d
u
a
l
s

w
h
o
ar
e

e
l
i
g
i
b
l
e

t
o

p
a
r
t
i
c
i
p
a
t
e

i
n

t
h
e

P
l
a
n
.

T
h
e

B
o
a
r
d

g
r
a
n
t
s

a
w
a
r
d
s

u
n
d
e
r

t
h
e

P
l
a
n
.

A
w
a
r
d
s

m
a
y

i
n
c
l
u
d
e

i
n
c
e
n
t
i
v
e

s
t
o
c
k

o
p
t
i
o
n
s
,
n
o
n
-
qu
a
l
i
f
i
e
d

s
t
o
c
k

o
p
t
i
o
n
s
,
s
t
o
c
k

a
p
p
r
e
c
i
a
t
i
o
n

r
i
g
h
t
s
,

s
t
o
c
k

u
n
i
t
s
,
r
e
s
t
r
i
c
t
e
d

s
t
o
c
k
,

r
e
s
t
r
i
c
t
e
d

s
t
o
c
k

u
n
i
t
s
,
p
e
r
f
o
r
m
a
n
c
e

s
h
a
r
e
s
,

p
e
r
f
o
r
m
a
n
c
e
un
i
t
s
,

o
r

c
a
s
h

a
w
a
r
d
s
.
Th
e

B
o
a
r
d

h
a
s

d
i
s
c
r
e
t
i
o
n

t
o

d
e
t
e
r
m
i
n
e

t
h
e

t
e
r
m
s

o
f

a
n

a
w
a
r
d

u
n
d
e
r

t
h
e

P
l
a
n
,

i
n
c
l
u
d
i
n
g

t
h
e

t
y
p
e

o
f

a
w
a
r
d
,

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
r

u
n
i
t
s
co
v
e
r
e
d

b
y

t
h
e

a
w
a
r
d
,

o
p
t
i
o
n

p
r
i
c
e
,
t
e
r
m
,

v
e
s
t
i
n
g

s
c
h
e
d
u
l
e
,
a
n
d

p
o
s
t
-
t
e
r
m
i
n
a
t
i
o
n

e
x
e
r
c
i
s
e

p
e
r
i
o
d

o
r

p
a
y
m
e
n
t
.

N
o
t
w
i
t
h
s
t
a
n
d
i
n
g

t
h
i
s
di
s
c
r
e
t
i
o
n
:

(
i
)

t
h
e

n
u
m
b
e
r

o
f

s
h
a
r
e
s

s
u
b
j
e
c
t

t
o

a
n

a
w
a
r
d

g
r
a
n
t
e
d

t
o

a
n
y

i
n
d
i
v
i
d
u
a
l

i
n

a
n
y

c
a
l
e
n
d
a
r

y
e
a
r

m
a
y

n
o
t

e
x
c
e
e
d

1
0
0
00
0

s
h
a
r
e
s
;
(i
i
)

t
h
e

o
p
t
i
o
n

p
r
i
c
e

p
e
r

s
h
a
r
e

o
f

c
o
m
m
o
n

s
t
o
c
k

m
a
y

n
o
t

b
e

l
e
s
s

t
h
a
n

1
0
0

p
e
r
c
e
n
t

o
f

t
h
e

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f

s
u
c
h

s
h
a
r
e

a
t

t
h
e

t
i
m
e

o
f

gr
a
n
t

o
r

l
e
s
s

t
h
a
n

1
1
0
%

o
f

t
h
e

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f

s
u
c
h

s
h
a
r
e
s

i
f

t
h
e

o
p
t
i
o
n

i
s

a
n

i
n
c
e
n
t
i
v
e

s
t
o
c
k

o
p
t
i
o
n

g
r
a
n
t
e
d

t
o

a

s
t
o
c
k
h
o
l
d
e
r
ow
n
i
n
g

m
o
r
e

t
h
a
n

t
e
n

p
e
r
c
e
n
t

o
f

t
h
e

c
o
m
b
i
n
e
d

v
o
t
i
n
g

p
o
w
e
r

o
f

a
l
l

c
l
a
s
s
e
s

o
f

t
h
e

s
t
o
c
k

o
f

B
u
y
e
r
s

U
n
i
t
e
d

(
a

"
10
%

s
t
o
c
k
h
o
l
d
e
r
);

a
n
d

(H
i
)

t
h
e

t
e
n
n

of

a
n
y

in
c

e
n
t
i
v
e

s
t
o
c
k

o
p
t
i
o
n

m
a
y

n
o
t

e
x
c
e
e
d

1
0

ye
a
r
s
~

o
r

f
i
v
e

ye
a
r
s

i
f

t
h
e

o
p
t
i
o
n

i
s

g
r
a
n
t
e
d

t
o

a

1
0
%

s
t
o
c
k
h
o
l
d
e
r
.

A
s

o
f
De
c
e
m
b
e
r

3
1
20
0
3
,

a
w
a
r
d
s

i
n

t
h
e

f
o
r
m

of

q
u
a
l
i
f
i
e
d

i
n
c
e
n
t
i
v
e

s
t
o
c
k

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

a

t
o
t
a
l

o
f
8
6
3
63
9

s
h
a
r
e
s

w
e
r
e

o
u
t
s
t
a
n
d
i
n
g
un
d
e
r

t
h
e

P
l
a
n
.
A
m
a
x
i
m
u
m

o
f
l
20
0
,
00
O

s
h
a
r
e
s

o
f

co
m
m
o
n

s
t
o
c
k

m
a
y

b
e

s
u
b
j
e
c
t

t
o

o
u
t
s
t
a
n
d
i
n
g

a
w
a
r
d
s
,

d
e
t
e
r
m
i
n
e
d

i
m
m
e
d
i
a
t
e
l
y

a
f
t
e
r

t
h
e

g
r
a
n
t

o
f
an
y

a
w
a
r
d

u
n
d
e
r

t
h
e

P
l
a
n
.

S
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k
,
w
h
i
c
h

a
r
e

a
t
t
r
i
b
u
t
a
b
l
e

t
o

a
w
a
r
d
s

t
h
a
t

h
a
v
e

e
x
p
i
r
e
d
,
t
e
n
n
i
n
a
t
e
d
,
o
r

b
e
e
n

c
a
n
c
e
l
e
d
or

f
o
r
f
e
i
t
e
d

d
u
r
i
n
g

a
n
y

c
a
l
e
n
d
a
r

y
e
a
r
,
a
r
e

a
v
a
i
l
a
b
l
e

f
o
r

i
s
s
u
a
n
c
e

o
r

u
s
e

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

f
u
t
u
r
e

a
w
a
r
d
s
.
Th
e

P
l
a
n

w
a
s

e
f
f
e
c
t
i
v
e

M
a
r
c
h

1
1
,
1
9
9
9
,

a
n
d

i
s

n
o
t

l
i
m
i
t
e
d

i
n

d
u
r
a
t
i
o
n
.

N
o

i
n
c
e
n
t
i
v
e

s
t
o
c
k

o
p
t
i
o
n

m
a
y

b
e

g
r
a
n
t
e
d

m
~r
e

t
h
a
n

1
0

y
e
a
r
s
af
t
e
r

t
h
e

e
f
f
e
c
t
i
v
e

d
a
t
e
.

T
h
e

P
l
a
n

m
a
y

b
e

a
m
e
n
d
e
d

b
y

t
h
e

B
o
a
r
d

w
i
t
h
o
u
t

t
h
e

c
o
n
s
e
n
t

o
f

t
h
e

s
t
o
c
k
h
o
l
d
e
r
s
,
e
x
c
e
p
t

t
h
a
t

s
t
o
c
k
h
o
l
d
e
r
ap
p
r
o
v
a
l

i
s

r
e
q
u
i
r
e
d

f
o
r

a
n
y

a
m
e
n
d
m
e
n
t

t
h
a
t

m
a
t
e
r
i
a
l
l
y

i
n
c
r
e
a
s
e
s

t
h
e

a
g
g
r
e
g
a
t
e

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

s
t
o
c
k

t
h
a
t

m
a
y

b
e
""
"
R

""
"
"
"
"

'
"
,
"
."

.
,
,.
.
"
,
.
.
,"

"
W
M
""
"
"
"
"
"
'
.
"
'"

"
""
.
.
,

,
.
".
.
,

...
"
.
,
.
.
,
"
.
.
"
"

,

""
.
.
.
.
.
u
.
.
.
.

"
.
.
.
.
.
.
,
'
"

,

,..
.
.
.

,
.
.
,
"'.

..
,
.
.
.
,
_
.
,

AI"
'

".
t
I
.
is
s
u
e
d

u
n
d
e
r

t
h
e

p
l
a
n

o
r

m
a
t
e
r
i
a
l
l
y

m
o
d
i
f
i
e
s

t
h
e

r
e
q
u
i
r
e
m
e
n
t
s

a
s

t
o

e
l
i
g
i
b
i
l
i
t
y

f
o
r

p
a
r
t
i
c
i
p
a
t
i
o
n

i
n

t
h
e

P
l
a
n
.

IT
E
M

1
1
.

S
E
C
U
R
I
T
Y

O
W
N
E
R
S
H
I
P

O
F

B
E
N
E
F
I
C
I
A
L

O
W
N
E
R
S

AN
D

M
A
N
A
G
E
M
E
N
T
Th
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e

s
e
t
s

f
o
r
t
h
,
a
s

o
f

M
a
r
c
h

1
5
,
2
0
0
4
,
t
h
e

n
u
m
b
e
r

a
n
d

p
e
r
c
e
n
t
a
g
e

o
f

t
h
e

o
u
t
s
t
a
n
d
i
n
g

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
n
d
wa
r
r
a
n
t
s

a
n
d

o
p
t
i
o
n
s

t
h
a
t
,

a
c
c
o
r
d
i
n
g

t
o

t
h
e

i
n
f
o
n
n
a
t
i
o
n

s
u
p
p
l
i
e
d

t
o

B
u
y
e
r
s

U
n
i
t
e
d
,

w
e
r
e

b
e
n
e
f
i
c
i
a
l
l
y

o
w
n
e
d

b
y

(
i
)

e
a
c
h

p
e
r
s
o
n

w
h
o

i
s
cu
t
T
e
n
t
l
y

a

d
i
r
e
c
t
o
r
,
(
i
i
)

e
a
c
h

e
x
e
c
u
t
i
v
e

o
f
f
i
c
e
r
,
(
i
i
i
)

a
l
l

c
u
t
T
e
n
t

d
i
r
e
c
t
o
r
s

a
n
d

e
x
e
c
u
t
i
v
e

o
f
f
i
c
e
r
s

a
s

a

g
r
o
u
p

a
n
d

(
i
v
)

e
a
c
h

pe
r
s
o
n

w
h
o
,

t
o
th
e

k
n
o
w
l
e
d
g
e

o
f

B
u
y
e
r
s

U
n
i
t
e
d
,
i
s

t
h
e

b
e
n
e
f
i
c
i
a
l

o
w
n
e
r

o
f

m
o
r
e

t
h
a
n

f
i
v
e

p
e
r
c
e
n
t

o
f

t
h
e

o
u
t
s
t
a
n
d
i
n
g

c
o
m
m
o
n

s
t
o
c
k
.

E
x
c
e
p
t

a
s
ot
h
e
r
w
i
s
e

i
n
d
i
c
a
t
e
d
,

t
h
e

p
e
r
s
o
n
s

n
a
m
e
d

i
n

t
h
e

t
a
b
l
e

h
a
v
e

s
o
l
e

v
o
t
i
n
g

a
n
d

d
i
s
p
o
s
i
t
i
v
e

p
o
w
e
r

w
i
t
h

r
e
s
p
e
c
t

t
o

a
l
l

s
h
a
r
e
s

b
e
n
e
f
i
c
i
a
l
l
y
ow
n
e
d
,

s
u
b
j
e
c
t

t
o

c
o
m
m
u
n
i
t
y

p
r
o
p
e
r
t
y

l
a
w
s

w
h
e
r
e

a
p
p
l
i
c
a
b
l
e
.

Na
m
e

a
n
d

A
d
d
r
e
s
s
Co
m
m
o
n
Sh
a
r
e
s
Pe
r
c
e
n
t
of

C
l
a
s
s

(1
)
--
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pr
i
n
c
i
p
a
l

s
t
o
c
k
h
o
l
d
e
r
s
:
-
-

-

-

-

--
-
-
-
-

-
-

-
-
-
-

-
-

--
-
I-
L
i
n
k

I
n
c
o
r
p
o
r
a
t
e
d
97
7
5

B
u
s
i
n
e
s
s

P
a
r
k

A
v
e
n
u
e
Sa
n

D
i
e
g
o
,

C
A

9
2
1
3
1
80
8
,
54
6
Of
f
i
c
e
r
s

a
n
d

Di
r
e
c
t
o
r
s
:
--

-
-
-

--
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
Th
e
o
d
o
r
e

S
t
e
r
n

(2
)
29
7
0

O
n
e

P
P
G

P
l
a
c
e
Pi

tt
s
b
u
r
g
h
,

P
A

1
5
2
2
2
69
4
,
43
5
18
.
Ga
r
y

S
m
i
t
h

(2
)

(
3
)
14
8
7
0

P
o
n
y

E
x
p
r
e
s

s
R
o
a
d
Bl
u
f
f
d
a
l
e
,

U
T

8
4
0
6
5
52
0
,
08
4
Ed
w
a
r
d

D
a
l
l
i
n

B
a
g
l
e
y

(2
)
23
5
0

O
a
k
h
i
l
l

D
r
i
v
e
Sa
l
t

L
a
k
e

Ci
t
y
,

U
T

8
4
1
2
1
37
1
,
95
4
St
e
v
e

B
a
r
n
e
t
t

(2
)
66
6

D
u
n
d
e
e

Ro
a
d
,

S
u
i
t
e

17
0
4
No
r
t
h
b
r
o
o
k
,

1
1

6
0
0
6
2
39
4
,
94
9
Pa
u
l

J
a
r
m
a
n

(2
)
14
8
7
0

P
o
n
y

E
x
p
r
e
s

s
R
o
a
d
Bl

uf
f
d
a
l
e
,

U
T

8
4
0
6
5
74
2
,
05
2
Da
v
i
d

R.

G
r
o
w

(2
)
14
8
7
0

P
o
n
y

E
x
p
r
e
s
s

R
o
a
d
Bl
u
f
f
d
a
l
e
,

U
T

8
4
0
6
5
15
0
,
00
0
G.

D
o
u
g
l
a
s

S
m
i
t
h

(2
)

(
3
)
14
8
7
0

P
o
n
y

E
x
p
r
e
s
s

R
o
a
d
Bl
u
f
f
d
a
l
e
,

U
T

8
4
0
6
5
68
8
,
76
8
Ke
n
n
e
t
h

D.

K
r
o
g
u
e

(
2

)
14
8
7
0

P
o
n
y

E
x
p
r
e
s
s

R
o
a
d
Bl
u
f
f
d
a
l
e
,

U
T

8
4
0
6
5
35
2
,
22
6
Al
l

E
x
e
c
u
t
i
v
e

o
f
f
i
c
e
r
s

a
n
d
Di
r
e
c
t
o
r
s

a
s

a

G
r
o
u
p

(8

p
e
r
s
o
n
s
)
61
4
,
46
8
37
.
TO
"
"

r
W"

.

r
,.
.
or
.
,.
.

"'.
..
.
.

.
"

..

.
.
.
-
-
.

...
.

"
t
o
,

"
"
"
"
'
1
'

'0
1

.

rr

I
I
I
"
"

n
.

""
.
.
.
.
,
'
"
(1
)

T
h
e
s
e

f
i
g
U
r
e
s

r
e
p
r
e
s
e
n
t

t
h
e

p
e
r
c
e
n
t
a
g
e

of

o
w
n
e
r
s
h
i
p

o
f

t
h
e

n
a
m
e
d

i
n
d
i
v
i
d
u
a
l
s

a
s
s
u
m
i
n
g

e
a
c
h

of

t
h
e
m

a
l
o
n
e

h
a
s

e
x
e
r
c
i
s
e
d

h
i
s

o
r

h
e
r
op
t
i
o
n
s

o
r

c
o
n
v
e
r
s
i
o
n

r
i
g
h
t
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
h
a
r
e
s
,

a
n
d

p
e
r
c
e
n
t
a
g
e

o
w
n
e
r
s
h
i
p

o
f

a
l
l

o
f
f
i
c
e
r
s

a
n
d

d
i
r
e
c
t
o
r
s

a
s

a

g
r
o
u
p
,

a
s
s
u
m
i
n
g
al
l

p
u
r
c
h
a
s
e

a
n
d

c
o
n
v
e
r
s
i
o
n

r
i
g
h
t
s

h
e
l
d

b
y

s
u
c
h

i
n
d
i
v
i
d
u
a
l
s

a
t
e

e
x
e
r
c
i
s
e
d
.

(2
)

T
h
e
s
e

f
i
g
u
r
e
s

i
n
c
l
u
d
e
:

f
o
r

M
r
.

S
t
e
m

S
e
r
i
e
s

A

a
n
d

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

c
o
n
v
e
r
t
i
b
l
e

t
o

3
7
7
,
50
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k
,

w
a
r
r
a
n
t
s

t
o
pu
r
c
h
a
s
e

6
8
0
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

e
x
e
r
c
i
s
e

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

$
2
.
00

t
o

$
2
.
50

p
e
r

s
h
a
r
e
,

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

1
0
2
,
50
0

sh
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

e
x
e
r
c
i
s
e

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

$
2
.
50

t
o

$
5
.
06

p
e
r

s
h
a
r
e
,

a
n
d

7
6
6
,
25
0

c
o
m
m
o
n

s
h
a
r
e
s

f
o
r

w
h
i
c
h

o
u
t
s
t
a
n
d
i
n
g
pr
o
m
i
s
s
o
r
y

n
o
t
e
s

a
r
e

c
o
n
v
e
r
t
i
b
l
e

a
t

r
a
t
e
s

o
f

b
e
t
w
e
e
n

$
2
.
50

a
n
d

$
2
.
00
;

f
o
r

M
r
.

G
a
r
y

S
m
i
t
h

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

1
2
2
,
50
0

s
h
a
r
e
s

a
t

p
r
i
c
e
s
ra
n
g
i
n
g

f
r
o
m

$
2
.
00

t
o

$
5
.
06

p
e
r

s
h
a
r
e
;

f
o
r

M
r
.

B
a
g
l
e
y

S
e
r
i
e
s

A

a
n
d

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

c
o
n
v
e
r
t
i
b
l
e

t
o

1
5
7
,
50
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k
,
wa
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

2
7
5
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

e
x
e
r
c
i
s
e

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

$
2
.
00

t
o

$
2
.
50

p
e
r

s
h
a
r
e
,

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e
47
,
50
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

e
x
e
r
c
i
s
e

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

$
3
.
05

t
o

$
5
~
0
6
,

a
n
d

3
7
5
00
0

c
o
m
m
o
n

s
h
a
r
e
s

f
o
r

w
h
i
c
h

o
u
t
s
t
a
n
d
i
n
g
pr
o
m
i
s
s
o
r
y

n
o
t
e
s

a
r
e

c
o
n
v
e
r
t
i
b
l
e

a
t

t
h
e

r
a
t
e

o
f

$
2
.
00

p
e
r

s
h
a
r
e
;

f
o
r

M
r
.

B
a
r
n
e
t
t

S
e
r
i
e
s

A

P
r
e
f
e
r
r
e
d

S
t
o
c
k

c
o
n
v
e
r
t
i
b
l
e

t
o

2
0
,
00
0

s
h
a
r
e
s
of

c
o
m
m
o
n

s
t
o
c
k

a
n
d

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

1
3
0
00
0

s
h
a
r
e
s

a
t

e
x
e
r
c
i
s
e

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

$
2
.
00

t
o

$
5
.
06

p
e
r

s
h
a
r
e
;

f
o
r

M
r
.

J
a
r
m
a
n
op
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

4
5
2
96
6

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

e
x
e
r
c
i
s
e

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

$
2
.
00

t
o

$
5
.
39

p
e
r

s
h
a
r
e
;

f
o
r

M
r
.

G
.

D
o
u
g
l
a
s
Sm
i
t
h

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

6
2
4
,
91
6

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

e
x
e
r
c
i
s
e

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

$
2
.
00

t
o

$
5
.
39

p
e
r

s
h
a
r
e
;

f
o
r

M
r
.

G
r
o
w
op
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

1
5
0
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

e
x
e
r
c
i
s
e

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

o
f

$
2
.
00

t
o

$
3
.
05
;

a
n
d

f
o
r

M
r
.

K
r
o
g
u
e

o
p
t
i
o
n
s

t
o
.
p
u
r
c
h
a
s
e

3
3
3
,
77
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

e
x
e
r
c
i
s
e

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

$
2
.
00

t
o

$
2
.
70

p
e
r

s
h
a
r
e
.
(3
)

G
a
r
y

S
m
i
t
h

i
s

G
.

D
o
u
g
l
a
s

S
m
i
t
h
'
s
f
a
t
h
e
r
.
IT
E
M

12
.

C
E
R
T
A
I
N

R
E
L
A
T
I
O
N
S
H
I
P
S

A
N
D

R
E
L
A
T
E
D

T
R
A
N
S
A
C
T
I
O
N
S
Th
e

f
o
l
l
o
w
i
n
g

d
i
s
c
u
s
s
i
o
n

i
n
c
l
u
d
e
s

c
e
r
t
a
i
n

r
e
l
a
t
i
o
n
s
h
i
p
s

a
n
d

r
e
l
a
t
e
d

t
r
a
n
s
a
c
t
i
o
n
s

t
h
a
t

o
c
c
u
r
r
e
d

d
u
r
i
n
g

B
u
y
e
r
s

U
n
i
t
e
d
'
s
f
i
s
c
a
l

y
e
a
r
s
en
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3

a
n
d

2
0
0
2
.
Tr
a
n
s
a
c
t
i
o
n
s

w
i
t
h

T
h
e
o
d
o
r
e

S
t
e
r
n
Be
g
i
n
n
i
n
g

i
n

D
e
c
e
m
b
e
r

2
0
0
0

a
n
d

c
o
n
t
i
n
u
i
n
g

i
n
t
o

2
0
0
3
,
T
h
e
o
d
o
r
e

S
t
e
m
,

t
h
e

C
h
a
i
r
m
a
n

o
f

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

a
n
d

C
h
i
e
f

E
x
e
c
u
t
i
v
e
Of
f
i
c
e
r
,
m
a
d
e

l
o
a
n
s

t
o

B
u
y
e
r
s

U
n
i
t
e
d

f
o
r

w
o
r
k
i
n
g

c
a
p
i
t
a
l

p
u
r
p
o
s
e
s
.

A
l
l

o
f

t
h
e

l
o
a
n
s

b
e
a
r

i
n
t
e
r
e
s
t

a
t

t
h
e

r
a
t
e

o
f

1
2

p
e
r
c
e
n
t

p
e
r

a
n
n
u
m
pa
y
a
b
l
e

m
o
n
t
h
l
y

a
n
d

a
r
e

u
n
s
e
c
u
r
e
d
.

I
n

c
o
n
s
i
d
e
r
a
t
i
o
n

f
o
r

m
a
n
y

o
f

t
h
e

l
o
a
n
s
,
w
e

i
s
s
u
e
d

c
o
m
m
o
n

s
t
o
c
k

t
o

M
r
.

S
t
e
m

a
n
d

r
e
c
o
r
d
e
d

t
h
e
,
v
a
l
u
e

o
f

t
h
e

s
t
o
c
k

a
t

t
h
e

m
a
r
k
e
t

p
r
i
c
e

o
n

t
h
e

d
a
t
e

o
f

i
s
s
u
a
n
c
e
.

T
h
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e

s
h
o
w
s

t
h
e

d
a
t
e

a
n
d

p
r
i
n
c
i
p
a
l

a
m
o
u
n
t

o
f

t
h
e

l
o
a
n
s
,
t
h
e

ma
t
u
r
i
t
y

d
a
t
e
s
,
t
h
e

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

i
s
s
u
e
d

i
n

c
o
n
s
i
d
e
r
a
t
i
o
n

f
o
r

t
h
e

l
o
a
n
s
,

a
n
d

t
h
e

v
a
l
u
e

o
f

t
h
e

c
o
m
m
o
n

s
t
o
c
k
:
Da
t
e

o
f

L
o
a
n
Ma
t
u
r
i
t
y

D
a
t
e
Pr
i
n
c
i
p
a
l

A
m
o
u
n
t
($
)
Nu
m
b
e
r

o
f

S
h
a
r
e
s
Va
l
u
e

o
f

S
h
a
r
e
s
($
)
--
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
De
c
e
m
b
e
r

7
,
20
0
0
Ju
l
y

20
0
4
10
0
,
00
0
10
,
00
0
16
,
56
2
Ja
n
u
a
r
y

4
,
20
0
1
Ju
l
y

20
0
4
18
0
,
00
0
20
,
00
0
22
,
50
0
Ja
n
u
a
r
y

19
,
20
0
1
Ju
l
y

20
0
4
10
0
,
00
0
10
,
00
0
15
,

6
2
5
Fe
b
r
u
a
r
y

15
,
20
0
1
Ju
l
y

20
0
4
10
,
.

0
0
0
1,

0
0

0
50
0
Ma
r
c
h

2
6
,
20
0
1
Ju
l
y

20
0
4
10
0
,
00
0
10
,
10
,
31
2
Ju
n
e

5
,
20
0
1
Ju
l
y

20
0
4
50
0
,
00
0
*
50
,
00
0
60
,
00
0
Ju
n
e

15
,
20
0
1
Ju
l
y

20
0
4
15
0
,
00
0
*
15
,
00
0
18
,
75
0
Ju
n
e

2
1
,
20
0
1
Ju
l
y

20
0
4
10
0
,
00
0
*
10
,

0
0
0
12
,
50
0
Ju
n
e

2
6
,
20
0
1
Ju
l
y

20
0
4
50
,
00
0
*
00
0
25
0
Ju
l

Y

6
,

20
0
1
Ju
l
y

20
0
4
10
0
,
00
0
*
10
,
00
0
11
,
00
0
Ju
l
y

18
,
20
0
1
Ju
l
y

20
0
4
15
0
,
00
0
*
15
,

0
0
0
12
,
75
0
Au
g
u
s

t

3
0
,
20
0
1
Ju
l
y

20
0
4
27
5
,
00
0
*
27
,

5
0
0
22

00
0
Se
p
t
e
m
b
e
r

5
,
20
0
1
Ju
l
y

20
0
4
10
0
,
00
0
*
10
,
00
0
50
0
Se
p
t
e
m
b
e
r

1
9
,

2
0
0
1

J
u
l
y

5,

2
0
0
4
Oc
t
o
b
e
r

15
,

2
0
0
1

Ju
l
y

5,

2
0
0
4
De
c
e
m
b
e
r

1
2
,

2
0
0
1

Ju
l
y

5,

2
0
0
4
10
0
,
00
0
*
50
,
00
0
*
10
0
,
00
0
*
10
,
00
0
10
,

0
0
0
10
,
00
0
80
0
6,

1
0
0
40
0
."
.

'"

,
,

,.
,
"
,
"

,
..
.
.

I

I

".
.
"
,

,
"'
"

"
.
"

"
.
.

'"

""

'.
,
m
,

I

"
"
0

R
I
"

I

""
.
"
,
.
.

,
-
"
"
.
"
,

,,
"
"
'
A
'
..
.
"
.
Ja
n
u
a
r
y

18
,

2
0
0
2

Ju
l
y

5,

2
0
0
4
De
c
e
m
b
e
r

2
0
,

2
0
0
2

De
c
e
m
b
e
r

2
0
,

2
0
0
4
Fe
b
r
u
a
r
y

28
"

2
0
0
3

J
u
l
y

1,

2
0
0
4
Ju
l
y

5,

2
0
0
3

Ju
l
y

5,

2
0
0
5
Ju
l
y

5,

2
0
0
3

Ju
l
y

5,

2
0
0
5
10
0
,
00
0
*
11
2
,
50
0
*
*
10
0
,
00
0
*
*
*
86
,
56
3
*
*
*
34
8
,
82
5
10
,
00
0
-0
-
-0
-
-0
-
-0
-
10
,
00
0
-0
-
-0
-
-0
-
-0
-
--
-
-
-
-
-
-
-
-
-

-

--
-

--
-
-
-
-

-
-
-
-
-
-
*
I
n
d
i
c
a
t
e
s

th
e
,

n
o
t
e

is

c
o
n
v
e
r
t
i
b
l
e

i
n
t
o

c
o
m
m
o
n

s
t
o
c
k

a
t

a

r
a
t
e

o
f

$
2
.
50

*
*

I
n
d
i
c
a
t
e
s

t
h
e

n
o
t
e

i
s

c
o
n
v
e
r
t
i
b
l
e

i
n
t
o

c
o
m
m
o
n

s
t
o
c
k

a
t

a

r
a
t
e
of

$
2
.
00

*
*
*

T
h
i
s

n
o
t
e

w
a
s

r
e
p
a
i
d

i
n

2
0
0
3
In

O
c
t
o
b
e
r

2
0
0
0
,
t
h
e

B
o
a
r
d

a
p
p
r
o
v
e
d

a

c
o
n
s
u
l
t
i
n
g

a
g
r
e
e
m
e
n
t

w
i
t
h

M
r
.

S
t
e
m
.

P
u
r
s
u
a
n
t

t
o

t
h
i
s

c
o
n
t
r
a
c
t
u
a
l

a
r
r
a
n
g
e
m
e
n
t

M
r
.

S
t
e
m
re
c
e
i
v
e
s

a

m
o
n
.
t
h
l
y

f
e
e

o
f

$
6
25
0

a
n
d

e
x
p
e
n
s
e

a
l
l
o
w
a
n
c
e

o
f

$
5
0
0

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

d
u
t
i
e
s

p
e
r
f
o
n
n
e
d

a
s

o
u
r

Ch
i
e
f

E
x
e
c
u
t
i
v
e

O
f
f
i
c
e
r
.
He

e
a
r
n
e
d
,

r
e
s
p
e
c
t
i
v
e
l
y
;

$

7
4
75
0

a
n
d

$
7
0
00
0

i
n

2
0
0
3

a
n
d

2
0
0
2

u
n
d
e
r

t
h
i
s

a
r
r
a
n
g
e
m
e
n
t
,

a
n
d

$
6
25
0

r
e
m
a
i
n
e
d

u
n
p
a
i
d

a
s

o
f

D
e
c
e
m
b
e
r
31
,
20
0
3
.
In

N
o
v
e
m
b
e
r

2
0
0
1
,
w
e

a
g
r
e
e
d

t
o

i
s
s
u
e

5
0
,
00
0

s
h
a
r
e
s

t
o

M
r
.

S
t
e
m

i
n

c
o
n
s
i
d
e
r
a
t
i
o
n

o
f

e
x
t
e
n
d
i
n
g

t
h
e

m
a
t
u
r
i
t
y

d
a
t
e

o
f

t
h
e

J
u
n
e

5
,

20
0
1
$5
0
0
,
00
0

p
r
o
m
i
s
s
o
r
y

n
o
t
e

t
o

J
u
l
y

5
,

2
0
0
3
.

T
h
e

v
a
l
u
e

o
f

t
h
e

s
h
a
r
e
s

w
a
s

r
e
c
o
r
d
e
d

a
t

$
3
1
,
50
0
.

O
n

D
e
c
e
m
b
e
r

4
20
0
1
,

w
e

a
g
r
e
e
d

t
o

i
s
s
u
e
15
6
,
50
0

s
h
a
r
e
s

t
o

M
r
.

S
t
e
m

i
n

c
o
n
s
i
d
e
r
a
t
i
o
n

o
f

e
x
t
e
n
d
i
n
g

t
h
e

m
a
t
u
r
i
t
y

d
a
t
e

o
f

t
h
e

r
e
m
a
i
n
i
n
g

$
1
,
56
5
,
00
0

t
h
e
n

o
w
i
n
g

i
n

n
o
t
e
s

p
a
y
a
b
l
e
li
s
t
e
d

a
b
o
v
e

t
o

J
u
l
y

5
,
20
0
3
.

T
h
e

v
a
l
u
e

o
f

t
h
e

s
h
a
r
e
s

w
a
s

r
e
c
o
r
d
e
d

a
t

$
9
3
,
90
0
.

A
l
l

t
h
e
s
e

n
o
t
e
s

w
e
r
e

l
a
t
e
r

e
x
t
e
n
d
e
d

f
u
r
t
h
e
r

t
o

J
u
l
y

5
,
20
0
4
,
b
u
t

n
o

a
d
d
i
t
i
o
n
a
l

c
o
m
p
e
n
s
a
t
i
o
n

w
a
s

'
pa
i
d

t
o

M
r
.

S
t
e
m
.
In

S
e
p
t
e
m
b
e
r

2
0
0
1
,

B
u
y
e
r
s

U
n
i
t
e
d

i
s
s
u
e
d

2
5
,
00
0

s
h
a
r
e
s

t
o

M
r
.

S
t
e
m

i
n

c
o
n
s
i
d
e
r
a
t
i
o
n

f
o
r

M
r
.

S
t
e
m
s
p
e
r
s
o
n
a
l

g
u
a
r
a
n
t
y

o
f

B
u
y
e
r
s
Un
i
t
e
d
'
s
p
a
y
m
e
n
t

o
b
l
i
g
a
t
i
o
n
s

u
n
d
e
r

a

n
e
w

c
o
n
t
r
a
c
t

w
i
t
h

G
l
o
b
a
l

C
r
o
s
s
i
n
g

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,

I
n
c
.
,

t
h
a
t

p
r
o
v
i
d
e
s

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
se
r
v
i
c
e
s

t
o

u
s

f
o
r

r
e
s
a
l
e
.

T
h
e

s
h
a
r
e
s

w
e
r
e

v
a
l
u
e
d

a
t

$
1
7
,
50
0

b
a
s
e
d

o
n

t
h
e

t
h
e
n

c
u
r
r
e
n
t

m
a
r
k
e
t

p
r
i
c
e
.
In

F
e
b
r
u
a
r
y

2
0
0
2
,

M
r
.

S
t
e
m

g
a
v
e

h
i
s

p
e
r
s
o
n
a
l

g
u
a
r
a
n
t
y

o
f

u
p

t
o

$
2
5
0
,
00
0

o
f

o
b
l
i
g
a
t
i
o
n
s

a
r
i
s
i
n
g

u
n
d
e
r

o
u
r

r
e
s
a
l
e

c
o
n
t
r
a
c
t

w
i
t
h

Mc
r

Wo
r
l
d
C
o
m
,

I
n
c
.

I
n

c
o
n
s
i
d
e
r
a
t
i
o
n

f
o
r

p
r
o
v
i
d
i
n
g

t
h
e

g
u
a
r
a
n
t
y
,

w
e

i
s
s
u
e
d

2
5
00
0

s
h
a
r
e
s

t
o

M
r
.

S
t
e
m

v
a
l
u
e
d

a
t

$
3
0
75
0

b
a
s
e
d

o
n

t
h
e

t
h
e
n
cu
r
r
e
n
t

m
a
r
k
e
t

p
r
i
c
e
.

In

D
e
c
e
m
b
e
r

2
0
0
2
,

M
r
.

S
t
e
m

p
a
r
t
i
c
i
p
a
t
e
d

i
n

p
r
o
v
i
d
i
n
g

f
u
n
d
i
n
g

f
o
r

a

d
e
p
o
s
i
t

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

a
c
q
u
i
r
i
n
g

c
u
s
t
o
m
e
r
s

f
r
o
m

T
o
u
c
h
Ai
n
e
r
i
c
a
,

I
n
c
.

T
h
e

t
o
t
a
l

a
m
o
u
n
t

r
a
i
s
e
d

w
a
s

$
3
,
18
7
50
0
,
o
f

w
h
i
c
h

t
o
t
a
l

M
r
.

S
t
e
m

c
o
n
t
r
i
b
u
t
e
d

$
1
3
7
,
50
0

u
n
d
e
r

t
e
n
n
s

i
d
e
n
t
i
c
a
l

t
o

t
h
e
ot
h
e
r

u
n
a
f
f
i
l
i
a
t
e
d

i
n
v
e
s
t
o
r
s
.

A
l
l

t
h
e

u
n
s
e
c
u
r
e
d

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s

b
e
a
r

i
n
t
e
r
e
s
t

a
t

1
0

p
e
r
c
e
n
t
,
p
a
y
a
b
l
e

m
o
n
t
h
l
y
.

P
r
i
n
c
i
p
a
l

p
a
y
m
e
n
t
s

a
r
e
al
s
o

d
u
e

m
o
n
t
h
l
y
,

b
a
s
e
d

o
n

1
0

p
e
r
c
e
n
t

o
f

t
h
e

n
e
t

b
i
l
l
i
n
g
s

c
o
l
l
e
c
t
e
d

f
r
o
m

t
h
e

T
o
u
c
h

A
m
e
r
i
c
a

c
u
s
t
o
m
e
r
s

d
u
r
i
n
g

t
h
e

p
r
i
o
r

c
a
l
e
n
d
a
r
mo
n
t
h
,

a
n
d

t
h
e

n
o
t
e
s

h
a
v
e

n
o

m
a
t
u
r
i
t
y

d
a
t
e
.

A
s

o
f

D
e
c
e
m
b
e
r

3
1
20
0
3
,

w
e

h
a
d

r
e
p
a
i
d

$
8
4
85
4

o
f

t
h
e

p
r
i
n
c
i
p
a
l

o
n

t
h
i
s

n
o
t
e
.
On

J
a
n
u
a
r
y

1
5
,
2
0
0
3
,

M
r
.

S
t
e
m

g
a
v
e

h
i
s

p
e
r
s
o
n
a
l

g
u
a
r
a
n
t
y

o
f

u
p

t
o

$
2
5
0
,
00
0

o
f

o
b
l
i
g
a
t
i
o
n
s

a
r
i
s
i
n
g

u
n
d
e
r

a

r
e
s
a
l
e

c
o
n
t
r
a
c
t

w
i
t
h
Wi
l
l
i
a
m
s

C
o
m
m
u
n
i
c
a
t
i
o
n
s
.

I
n

c
o
n
s
i
d
e
r
a
t
i
o
n

f
o
r

p
r
o
v
i
d
i
n
g

t
h
e

g
u
a
r
a
n
t
y
,

w
e

i
s
s
u
e
d

1
5
00
0

s
h
a
r
e
s

t
o

M
r
.

S
t
e
m

v
a
l
u
e
d

a
t

$
3
6
30
0

b
a
s
e
d
on

t
h
e

t
h
e
n

c
u
r
r
e
n
t

m
a
r
k
e
t

p
r
i
c
e
.
Tr
a
n
s
a
c
t
i
o
n
s

w
i
t
h

o
t
h
e
r

r
e
l
a
t
e
d

p
a
r
t
i
e
s
Oc
t
o
b
e
r

2
0
0
0
,
t
h
e

B
o
a
r
d

a
p
p
r
o
v
e
d

a

t
w
o
-
ye
a
r

c
o
n
s
u
l
t
i
n
g

a
r
r
a
n
g
e
m
e
n
t

w
i
t
h

G
a
r
y

S
m
i
t
h
,
am
e
m
b
e
r

o
f

t
h
e

B
o
a
r
d
.

N
o

fe
e
s

w
e
r
e
ac
t
u
a
l
l
y

p
a
i
d

t
o

M
r
.

S
m
i
t
h

d
u
r
i
n
g

2
0
0
0
,

a
n
d

u
p
.

th
r
o
u
g
h

O
c
t
o
b
e
r

2
0
0
2
,
M
r
.

S
m
i
t
h

w
a
s

p
a
i
d

$
1
1
0
,
00
0

i
n

f
e
e
s

u
n
d
e
r

h
i
s

c
o
n
s
u
l
t
i
n
g
~a
n
g
e
m
e
n
t
.
On

J
a
n
u
a
r
y

1
5
,

2
0
0
2
,

P
a
u
l

J
a
n
n
a
n
,

G
.

D
o
u
g
l
a
s

S
m
i
t
h
,
a
n
d

K
e
n
n
e
t
h

D
.

K
r
o
g
u
e

m
a
d
e

u
n
s
e
c
u
r
e
d

l
o
a
n
s

t
o

B
u
y
e
r
s

U
n
i
t
e
d

i
n

t
h
e

t
o
t
a
l
pr
i
n
c
i
p
a
l

a
m
o
u
n
t
o
f
$
7
9
,
99
8
,

d
u
e

J
u
l
y

1
5
,

2
0
0
3

a
n
d

b
e
a
r
i
n
g

i
n
t
e
r
e
s
t

a
t

t
h
e

r
a
t
e

o
f

1
2

p
e
r
c
e
n
t

p
e
r

a
n
n
u
m
.

I
n

c
o
n
s
i
d
e
r
a
t
i
o
n

f
o
r

m
a
k
i
n
g
th
e

l
o
a
n
s
,

B
u
y
e
r
s

U
n
i
t
e
d

a
g
r
e
e
d

t
o

i
s
s
u
e

a

t
o
t
a
l

o
f

7
,
99
8

s
h
a
r
e
s

t
o

t
h
e
s
e

i
n
d
i
v
i
d
u
a
l
s

v
a
l
u
e
d

a
t

$
8
79
8

b
a
s
e
d

o
n

t
h
e

m
a
r
k
e
t

p
r
i
c
e

o
n

t
h
e
da
t
e

o
f

i
s
s
u
a
n
c
e
.

T
h
e
s
e

l
o
a
n
s

w
e
r
e

r
e
p
a
i
d

i
n

J
u
l
y

2
0
0
3
.

At

t
h
e

e
n
d

o
f
2
0
0
2

a
n
d

d
u
r
i
n
g

t
h
e

f
i
r
s
t

pa
r
t
o
f
2
0
0
3
,

Ed
w
a
r
d

D
a
H
i
n

B
a
g
l
e
y

m
a
d
e

t
w
o
-
ye
a
r

u
n
s
e
c
u
r
e
d

l
o
a
n
s

t
o

B
u
y
e
r
s

U
n
i
t
e
d
ag
g
r
e
g
a
t
i
n
g

$
7
5
0
,
00
0
.

T
h
e

n
o
t
e
s

b
e
a
r

i
n
t
e
r
e
s
t

a
t

1
2

p
e
r
c
e
n
t

p
a
y
a
b
l
e

m
o
n
t
h
l
y
,

a
n
d

a
r
e

c
o
n
v
e
r
t
i
b
l
e

i
n
t
o

3
7
5
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n
st
o
c
k

(
c
o
n
v
e
r
s
i
o
n

r
a
t
e

o
f
$
2
.
00

p
e
r

s
h
a
r
e
)
.
,
:

I
n

""
.
1J

"
"

"
"
",
,
'
"

I
O
n
.
"
In

F
e
b
r
u
a
r
y

2
0
0
3
,
B
u
y
e
r
s

U
n
i
t
e
d

i
s
s
u
e
d

a

1
2

p
e
r
c
e
n
t

u
n
s
e
c
u
r
e
d

p
r
o
m
i
s
s
o
r
y

n
o
t
e

t
o

S
t
e
v
e

B
a
r
n
e
t
t

i
n

e
x
c
h
a
n
g
e

f
o
r

a

l
o
a
n

o
f

$
5
0
,
00
0
.
In
t
e
r
e
s
t

i
s

p
a
y
a
b
l
e

m
o
n
t
h
l
y

a
n
d

t
h
e

l
o
a
n

m
a
t
u
r
e
s

o
n

J
u
l
y

1
,
2
0
0
4
.
IT
E
M

1
3
.

E
X
H
I
B
I
T
S

A
N
D

R
E
P
O
R
T
S

O
N

FO
R
M

8
-
~x
h
i
b
i
t
s
Co
p
i
e
s

o
f

t
h
e

f
o
l
l
o
w
i
n
g

d
o
c
u
m
e
n
t
s

a
r
e

i
n
c
l
u
d
e
d

a
s

e
x
h
i
b
i
t
s

t
o

t
h
i
s

F
o
n
n

1
0
-
KS
B

p
u
r
s
u
a
n
t

t
o

I
t
e
m

6
0
1

o
f

R
e
g
u
l
a
t
i
o
n

S
-
Ex
h
i
b
i

t
No
.
--
-
-
-
-
-
10
.
10
.
10
.
10
.
10
.
10
.
10
.
10
.
10
.
10
.
10
.
10
.
Ti

tl
e

o
f

D
o
c
u
m
e
n
t
--

-
-

-

-

-

-

-

-

-

-

-

-

-

Ce
r
t
i
~
i
c
a
t
e

o
f

In
c
o
r
p
o
r
a
t
i
o
n
,

a
s

a
m
e
n
d
e
d
Ce
r
t
i
f
i
c
a
t
e

o
f

D
e
s
i
g
n
a
t
i
o
n

o
f

P
r
e
f
e
r
r
e
d

S
t
o
c
k

(1
)
By
-
L
a
w
s

(1
)
Se
r
i
e
s

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

D
e
s
i
g
n
a
t
i
o
n

(2
)
Fo
r
m

o
f

W
a
r
r
a
n
t

i
s
s
u
e
d

t
o

l
e
n
d
e
r
s

(2
)
Fo
r
m

o
f

W
a
r
r
a
n
t

i
s
s
u
e
d

a
s

p
a
r
t

o
f

u
n
i
t
s

w
i
t
h

S
e
r
i
e
s

B
Pr
e
f
e
r
r
e
d

S
t
o
c
k

(2
)
Fo
r
m

o
f

o
p
t
i
o
n

f
o
r

e
m
p
l
o
y
e
e
s

a
n
d

d
i
r
e
c
t
o
r
s

(3
)
Lo
n
g
-
T
e
r
m

S
t
o
c
k

I
n
c
e
n
t
i
v
e

P
l
a
n

(1
)
As
s
e
t

P
u
r
c
h
a
s
e

A
g
r
e
e
m
e
n
t

d
a
t
e
d

D
e
c
e
m
b
e
r

6,

2
0
0
2
,

w
i
t
h

I
-
L
i
n
k
Co
m
m
u
n
i
c
a
t
i
o
n
s
,

I
n
c
.

a
n
d

I
-
L
i
n
k

In
c
o
r
p
o
r
a
t
e
d
,

w
i
t
h
o
u
t
ex
h
i
b
i
t
s

(4
)
Re
c
o
n
c
i
l
i
a
t
i
o
n

A
g
r
e
e
m
e
n
t

d
a
t
e
d

M
a
r
c
h

9,

2
0
0
4

w
i
t
h

A
c
c
e
r
i
s
Co
m
m
u
n
i
c
a
t
i
o
n
s

a
n
d

I
-
L
i
n
k

C
o
m
m
u
n
i
c
a
t
i
o
n
s

(7
)
As
s
e
t

P
u
r
c
h
a
s
e

A
g
r
e
e
m
e
n
t

d
a
t
e
d

D
e
c
e
m
b
e
r

20
,

2
0
0
2

w
i
t
h

T
o
u
c
h
Am
e
r
i
c
a
,

I
n
c
.
,

w
i
t
h
o
u
t

e
x
h
i
b
i
t
s

(4
)
Am
e
n
d
m
e
n
t

N
o
.
1
t
o

t
h
e

A
s
s
e
t

P
u
r
c
h
a
s
e

A
g
r
e
e
m
e
n
t

d
a
t
e
d

D
e
c
e
m
b
e
r
20
,

2
0
0
2

t
h
a
t

w
a
s

m
a
d
e

J
u
n
e

6,

2
0
0
3

b
y

B
u
y
e
r
s

U
n
i
t
e
d

a
n
d

T
o
u
c
h
Am
e
r
i
c
a

(5
)
Fo
r
m

o
f

n
o
t
e

a
g
r
e
e
m
e
n
t

i
s
s
u
e
d

A
p
r
i
l

t
o

A
u
g
u
s
t

2
0
0
2

t
o
No
t
e
h
o
l
d
e
r
s

(4
)
Fo
r
m

o
f

w
a
r
r
a
n
t

a
g
r
e
e
m
e
n
t

i
s
s
u
e
d

t
o

c
e
r
t
a
i
n

n
o
t
e
h
o
l
d
e
r
s

(4
)
Fo
r
m

o
f

n
o
t
e

a
g
r
e
e
m
e
n
t

i
s
s
u
e
d

o
n

D
e
c
e
m
b
e
r

20
,

2
0
0
2
to

t
h
e
no
t
e
h
o
l
d
e
r
s

w
h
o

p
r
o
v
i
d
e
d

f
i
n
a
n
c
i
n
g

f
o
r

t
h
e

T
o
u
c
h

A
m
e
r
i
c
a
de
p
o
s
i
t
,

i
n
c
l
u
d
i
n
g

a
s

e
x
h
i
b
i
t
s

t
h
e

f
o
r
m

o
f

n
o
t
e

a
n
d

w
a
r
r
a
n
t
is
s
u
e
d

(4
)
Co
o
p
e
r
a
t
i
o
n

a
n
d

M
a
n
a
g
e
m
e
n
t

A
g
r
e
e
m
e
n
t

b
e
t
w
e
e
n

B
u
y
e
r
s

U
n
i
t
e
d

a
n
d
My
A
C
D
,

In
c
.
,

d
a
t
e
d

O
c
t
o
b
e
r

1,

2
0
0
3
,

e
x
c
l
u
d
i
d
n
g
:
Sc
h
e
d
u
l
e

I
-
B
u
y
e
r
s

U
n
i
t
e
d

E
x
i
s
t
i
n
g

C
u
s
t
o
m
e
r
s
;
Sc
h
e
d
u
l
e
.

I
I

-

My
A
C
D

C
u
s
t
o
m
e
r
s
;
Sc
h
e
d
u
l
e

II
I
.

-

En
h
a
n
c
e
d

S
e
r
v
i
c
e
s

M
a
r
k
e
t
i
n
g

B
u
d
g
e
t
;
Sc
h
e
d
u
l
e

I
V

-

M
o
n
t
h
l
y

B
u
d
g
e
t

Pa
y
m
e
n
t
s
;

a
n
d
Sc
h
e
d
u
l
e

.v

-

Re
v
i
s
e
d

W
h
o
l
e
s
a
l
e

S
e
r
v
i
c
~
s

A
g
r
e
e
m
e
n
t
Pr
i
c
i
n
g

(6
)
10
.
Pu
r
c
h
a
s
e

O
p
t
i
o
n

A
g
r
e
e
m
e
n
t

b
e
t
w
e
e
n

B
u
y
e
r
s

O
n
i

te
d
,

M
i
c
h
a
e
l

Sh
e
l
t
o
n

a
n
d

D
a
v
i
d

O.

P
e
t
e
r
s
o
n

d
a
t
e
d

O
c
t
o
b
e
r

1,

2
0
0
3
,

e
x
c
l
u
d
i
n
g
:
Ex
h
i
b
i

t

A

-

Fo
r
m

o
f

T
e
r
m

N
o
t
e
;
Ex
h
i
b
i

t

B

-

Fo
r
m

o
f

S
e
c
u
r
i
t
y

a
n
d

P
l
e
d
g
e

A
g
r
e
e
m
e
n
t
;
Ex
h
i
b
i
t

C

-

F
o
r
m

o
f

T
e
r
m

No
t
e
;
Ex
h
i
b
i

t

D

-

Fo
r
m

o
f

S
e
c
u
r
i
t
y

a
n
d

P
l
e
d
g
e

A
g
r
e
e
m
e
n
t
;
Ex
h
i
b
i
t

E

-

F
o
r
m

o
f

E
m
p
l
o
y
m
e
n
t

A
g
r
e
e
m
e
n
t
;
Ex
h
i
b
i

t

F

Fo
r
m

o
f

S
t
o
c
k

O
p
t
i
o
n

Gr
a
n
t
;

a
n
d
Ex
h
i
b
i
t

G

-

F
o
r
m

o
f

E
m
p
l
o
y
m
e
n
t

A
g
r
e
e
m
e
n
t

(6
)
10
.

1
4
Fo
r
m

o
f

S
e
c
u
r
i
t
i
e
s

P
u
r
c
h
a
s
e

A
g
r
e
e
m
e
n
t

d
a
t
e
d

M
a
r
c
h

10
,

2
0
0
4

(7
)
10
.
Fo
r
m

o
f

r
e
g
i
s
t
r
a
t
i
o
n

R
i
g
h
t
s

A
g
r
e
e
m
e
n
t

d
a
t
e
d

M
a
r
c
h

10
,

2
0
0
4

(7
)
14
.
Co
d
e

o
f

E
t
h
i
c
s
21
.
Li
s
t

o
f

S
u
b
s
i
d
i
a
r
i
e
s
31
.
Ce
r
t
i
f
i
c
a
t
i
o
n
th
e
Ch
i
e
f
Ex
e
c
u
t
i
v
e
Of
f
i
c
e
r
pu
r
s
u
a
n
t
Se
c
t
i
o
n

3
0
2
of

t
h
e
Sa
r
b
a
n
e
s
-
O
x
l
e
y

A
c
t

o
f
20
0
2
Ce
r
t
i
f
i
c
a
t
i
o
n
th
e
Ch
i
e
f
Fi
n
a
n
c
i
a
l
Of
f
i
c
e
r
pu
r
s
u
a
n
t
Se
c
t
i
o
n

3
0
2
of

t
h
e
Sa
r
b
a
n
e
s
-
O
x
l
e
y

A
c
t

o
f
20
0
2
31
.
32
.
Ce
r
t
i
f
i
c
a
t
i
o
n
s

of

th
e

Ch
i
e
f

Ex
e
c
u
t
i
v
e

Of
f
i
c
e
r

an
d

Ch
i
e
f
Fi
n
a
n
c
i
a
l

O
f
f
i
c
e
r

p
u
r
s
u
a
n
t

t
o

S
e
c
t
i
o
n

9
0
6

o
f

t
h
e

Sa
r
b
a
n
e
s
-
O
x
l
e
y
Ac
t

o
f

2
0
0
2
(1
)

T
h
e
s
e

d
o
c
u
m
e
n
t
s

w
e
r
e

f
i
l
e
d

a
s

e
x
h
i
b
i
t
s

t
o

t
h
e

R
e
g
i
s
t
r
a
t
i
o
n

S
t
a
t
e
m
e
n
t

o
n

F
o
r
m

1
0
-
SB

f
i
l
e
d

b
y

B
u
y
e
r
s

U
n
i
t
e
d

w
i
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s
an
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

o
n

A
u
g
u
s
t

3
,

1
9
9
9
,

a
n
d

a
r
e

i
n
c
o
r
p
o
r
a
t
e
d

h
e
r
e
i
n

b
y

t
h
i
s

r
e
f
e
r
e
n
c
e
.
(2
)

T
h
e
s
e

d
o
c
u
m
e
n
t
s

w
e
r
e

f
i
l
e
d

a
s

e
x
h
i
b
i
t
s

t
o

t
h
e

a
n
n
u
a
l

r
e
p
o
r
t

o
n

F
o
r
m

1
0
-
KS
B

f
o
r

2
0
0
0

f
i
l
e
d

b
y

B
u
y
e
r
s

U
n
i
t
e
d

w
i
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s
an
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

o
n

A
p
r
i
l

1
0
,
2
0
0
1
,

a
n
d

a
r
e

i
n
c
o
r
p
o
r
a
t
e
d

h
e
r
e
i
n

b
y

t
h
i
s

r
e
f
e
r
e
n
c
e
.
(3
)

T
h
i
s

d
o
c
u
m
e
n
t

w
a
s

f
i
l
e
d

a
s

a
n

e
x
h
i
b
i
t

t
o

t
h
e

a
n
n
u
a
l

r
e
p
o
r
t

o
n

F
o
r
m

1
0
-
KS
B

f
o
r

2
0
0
1

f
i
l
e
d

b
y

B
u
y
e
r
s

U
n
i
t
e
d

w
i
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s
an
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

o
n

A
p
r
i
l

1
6
,

2
0
0
2
,
a
n
d

i
s

i
n
c
o
r
p
o
r
a
t
e
d

h
e
r
e
i
n

b
y

t
h
i
s

r
e
f
e
r
e
n
c
e
.

(4
)

T
h
e
s
e

d
o
c
u
m
e
n
t
s

w
e
r
e

f
i
l
e
d

a
s

e
x
h
i
b
i
t
s

t
o

t
h
e

a
n
n
u
a
l

r
e
p
o
r
t

o
n

F
o
r
m

1
0
.
.
KS
B

f
o
r

2
0
0
2

f
i
l
e
d

b
y

B
u
y
e
r
s

U
n
i
t
e
d

w
i
t
h

t
h
e

S
e
c
u
n
t
i
e
s
at
l
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

o
n

A
p
r
i
l

1
4
,
2
0
0
3
,

a
n
d

a
r
e

i
n
c
o
r
p
o
r
a
t
e
d

h
e
r
e
i
n

b
y

t
h
i
s

r
e
f
e
r
e
n
c
e
.

(5
)

T
h
i
s

d
o
c
u
m
e
n
t

w
a
s

f
i
l
e
d

a
s

a
n

e
x
h
i
b
i
t

t
o

t
h
e

q
u
a
r
t
e
r
l
y

r
e
p
o
r
t

o
n

F
o
r
m

10
.
.
Q
S
B

f
o
r

J
u
n
e

3
0
,

2
0
0
3

fi
l
e
d

b
y

B
u
y
e
r
s

U
n
i
t
e
d

w
i
t
h

t
h
e
Se
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

o
n

A
u
g
u
s
t

1
4
20
0
3
,
a
n
d

i
s

i
n
c
o
r
p
o
r
a
t
e
d

h
e
r
e
i
n

b
y

t
h
i
s

r
e
f
e
r
e
n
c
e
.
(6
)

T
h
e
s
e

d
o
c
u
m
e
n
t
s

w
e
r
e

f
i
l
e
d

a
s

e
x
h
i
b
i
t
s

t
o

t
h
e

q
u
a
r
t
e
r
l
y

r
e
p
o
r
t

o
n

F
o
r
m

10
o
o
Q
S
B

f
o
r

Se
p
t
e
m
b
e
r

3
0
20
0
3

f
i
l
e
d

b
y

B
u
y
e
r
s

U
n
i
t
e
d
wi
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

o
n

N
o
v
e
m
b
e
r

1
4
,
2
0
0
3
,

a
n
d

a
r
e

i
n
c
o
r
p
o
r
a
t
e
d

h
e
r
e
i
n

b
y

t
h
i
s

r
e
f
e
r
e
n
c
e
.
(7
)

T
h
e
s
e

d
o
c
u
m
e
n
t
s

w
e
r
e

f
i
l
e
d

a
s

e
x
h
i
b
i
t
s

t
o

t
h
e

c
u
r
r
e
n
t

r
e
p
o
r
t

o
n

F
o
n
n

8
o
o
K
f
i
l
e
d

b
y

B
u
y
e
r
s

U
n
i
t
e
d

w
i
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e
Co
m
m
i
s
s
i
o
n

o
n

M
a
r
c
h

1
7
,

2
0
0
4
,
a
n
d

a
r
e

i
n
c
o
r
p
o
r
a
t
e
d

h
e
r
e
i
n

b
y

t
h
i
s

r
e
f
e
r
e
n
c
e
.
Fo
r
m

8
.
.
K
F
i
l
i
n
g
s
Th
e
r
e

w
e
r
e

n
o

f
i
l
i
n
g
s

o
n

F
o
r
m

8
o
o
K
d
u
r
i
n
g

t
h
e

t
h
r
e
e

m
o
n
t
h
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3
.
""
'
"
"
"
"

,"
"
""
'
"
"
0

"
'"
'

.
'
-
.,

IIR
I
I

I
I
"
'
"

""

'
"

I

I

I
"
.
~
I
"
"
"
""
"
'

I
'
"

,.
.
.
.
IT
E
M

1
4
.

P
R
I
N
C
I
P
A
L

A
C
C
O
U
N
T
A
N
T

F
E
E
S

A
N
D

S
E
R
V
I
C
E
S
Th
e

a
g
g
r
e
g
a
t
e

f
e
e
s

a
n
d

e
x
p
e
n
s
e
s

b
i
l
l
e
d

b
y

o
u
r

p
r
i
n
c
i
p
a
l

a
c
c
o
u
n
t
i
n
g

f
i
n
n
,

C
r
o
w
e

C
h
i
z
e
k

a
n
d

C
o
m
p
a
n
y

L
L
C

f
o
r

f
e
e
s

a
n
d

e
x
p
e
n
s
e
s
hi
l
l
e
d

f
o
r

f
i
s
c
a
l

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
2
0
0
3

a
n
d

2
0
0
2

a
r
e

a
s

f
o
l
l
o
w
s
:
20
0
3
20
0
2
--
-
-
-
-
-
-
--
-
-
-
-
-
-
Au
d
i
t

f
e
e
s
Au
d
i

t

re
l
a
t
e
d

f
e
e
s
$
7
7
,
89
0
69
,
58
5
$
9
9
,
36
1
22
,
76
5
--
-
-
-
-
-
-
--
-
-
-
-
-
-
To
t
a
l

a
u
d
i
t

a
n
d

r
e
l
a
t
e
d

fe
e
s
14
7
,
47
5
12
2
,
12
6
Ta
x

f
e
e
s
53
,
70
0
24
,
80
0
--
-
-
-
-
-
-
--
-
-
-
-
-
-
To
t
a
l

f
e
e
s
$2
0
1
,
17
5
$1
4
6
,
92
6
==
=
=
=
=
=
=
==
=
=
=
=
=
=
Au
d
i
t

r
e
l
a
t
e
d

f
e
e
s

w
e
r
e

f
o
r

r
e
v
i
e
w
s

o
f

o
u
r

f
i
l
i
n
g
s

o
n

F
o
n
n

1
0
-
Q
S
B

f
o
r

20
0
3

a
n
d

2
0
0
2
,
m
e
e
t
i
n
g
s

w
i
t
h

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
,
a
n
d

w
o
r
k
re
q
u
i
r
e
d

b
y

o
u
r

f
i
l
i
n
g

o
f

a

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

o
n

F
o
r
m

S
B
-
2
f
o
r

s
e
l
l
i
n
g

s
e
c
u
r
i
t
y

h
o
l
d
e
r
s

i
n

S
e
p
t
e
m
b
e
r

2
0
0
3
.
Ea
c
h

o
f

t
h
e

p
e
n
n
i
t
t
e
d

n
o
n
-
a
u
d
i
t

s
e
r
v
i
c
e
s

h
a
s

b
e
e
n

p
r
e
-
a
p
p
r
o
v
e
d

b
y

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e

o
r

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
s
C
h
a
i
r
m
a
n

p
u
r
s
u
a
n
t
to

d
e
l
e
g
a
t
e
d

a
u
t
h
o
r
i
t
y

b
y

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
,
o
t
h
e
r

t
h
a
n

d
e

m
i
n
i
m
u
s

n
o
n
-
a
u
d
i
t

s
e
r
v
i
c
e
s

f
o
r

w
h
i
c
h

t
h
e

p
r
e
-
a
p
p
r
o
v
a
l

r
e
q
u
i
r
e
m
e
n
t
s

a
r
e
wa
i
v
e
d

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

t
h
e

r
u
l
e
s

a
n
d

r
e
g
u
l
a
t
i
o
n
s

o
f

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n
.
Th
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e

c
h
a
r
t
e
r

p
r
o
v
i
d
e
s

t
h
a
t

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e

w
i
n
-

pr
e
-
a
p
p
r
o
v
e

a
u
d
i
t

s
e
r
v
i
c
e
s

a
n
d

n
o
n
-
a
u
d
i
t

s
e
r
v
i
c
e
s

t
o

b
e

p
r
o
v
i
d
e
d
by

o
u
r

i
n
d
e
p
e
n
d
e
n
t

a
u
d
i
t
o
r
s

b
e
f
o
r
e

t
h
e

a
c
c
o
u
n
t
a
n
t

i
s

e
n
g
a
g
e
d

t
o

r
e
n
d
e
r

t
h
e
s
e

s
e
r
v
i
c
e
s
.

T
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e

m
a
y

c
o
n
s
u
l
t

w
i
t
h
ma
n
a
g
e
m
e
n
t

i
n

t
h
e

d
e
c
i
s
i
o
n
-
m
a
k
i
n
g

p
r
o
c
e
s
s
,

b
u
t

m
a
y

n
o
t

d
e
l
e
g
a
t
e

t
h
i
s

a
u
t
h
o
r
i
t
y

t
o

m
a
n
a
g
e
m
e
n
t
.

T
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e

m
a
y

d
e
l
e
g
a
t
e
it
s

a
u
t
h
o
r
i
t
y

t
o

p
r
e
-
a
p
p
r
o
v
e

s
e
r
v
i
c
e
s

t
o

o
n
e

o
r

m
o
r
e

c
o
m
m
i
t
t
e
e

m
e
m
b
e
r
s
,

p
r
o
v
i
d
e
d

t
h
a
t

t
h
e

d
e
s
i
g
n
e
e
s

p
r
e
s
e
n
t

t
h
e

p
r
e
-
a
p
p
r
o
v
a
l
s

t
o

t
h
e
fu
l
l

c
o
m
m
i
t
t
e
e

a
t

t
h
e

n
e
x
t

c
o
m
m
i
t
t
e
e

m
e
e
t
i
n
g
.
II
I
II

"

I
I
I
Il
l
'
"

I
I
I

""
"
"
"
-
SI
G
N
A
T
U
R
E
S
In

a
c
c
o
r
d
a
n
c
e

w
i
t
h

S
e
c
t
i
o
n

1
3

o
r

1
5
(
d
)

o
f

t
h
e

E
x
c
h
a
n
g
e

A
c
t
,
t
h
e

r
e
g
i
s
t
r
a
n
t

c
a
u
s
e
d

t
h
i
s

r
e
p
o
r
t

t
o

b
e

s
i
g
n
e
d

o
n

i
t
s

b
e
h
a
l
f

b
y

t
h
e
un
d
e
r
s
i
g
n
e
d

t
h
e
r
e
u
n
t
o

d
u
l
y

a
u
t
h
o
r
i
z
e
d
.

BU
Y
E
R
S

U
N
I
T
E
D
,

I
N
C
.
Da

t
e
:
Ma
r
c
h

29
,

20
0
4
By
:

/
s
/

T
h
e
o
d
o
r
e

St
e
r
n
,

C
h
i
e
f

E
x
e
c
u
t
i
v
e

O
f
f
i
c
e
r
--

-

--
-
-
-
-
-
-
-
-

--
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
Da

t
e
:
Ma
r
c
h

29
,

20
0
4
By
:

I
s
l

D
a
v
i
d

R.

G
r
o
w
,

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
-
-

-

--
-
-
-
-
-
-
-
-

-

--
-
-
-

--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-

--

-

-
-
In

a
c
c
o
r
d
a
n
c
e

w
i
t
h

t
h
e

E
x
c
h
a
n
g
e

A
c
t
,
t
h
i
s

r
e
p
o
r
t

h
a
s

b
e
e
n

s
i
g
n
e
d

b
y

t
h
e

f
o
l
l
o
w
i
n
g

p
e
r
s
o
n
s

o
n

b
e
h
a
l
f

o
f

t
h
e

r
e
g
i
s
t
r
a
n
t

a
n
d

i
n

t
h
e
ca
p
a
c
i
t
i
e
s

a
n
d

o
n

t
h
e

d
a
t
e
s

i
n
d
i
c
a
t
e
d
.
Da

t
e
:
Ma
r
c
h

29
,

20
0
4
sl
Th
e
o
d
o
r
e

St
e
r
n
,

D
i
r
e
c
t
o
r
-
-
-

-

-

--

-

-

--
-
-
-
-
-

-

--
-
-
-
-

-

-
-
-
Da
t
e
:
Ma
r
c
h

29
,

20
0
4
/s
/

S
t
e
v
e

B
a
r
n
e
t
t
,

D
i
r
e
c
t
o
r
--

-

-
-

--
-

-
-

-

-
-

--
-

-

-
-

-

-
-

-
-

-

Da
t
e
:
Ma
r
c
h

29
,

20
0
4
/s
/

G
a
r
y

S
m
i

th
,

D
i
r
e
c
t
o
r
--

-

-

--
-
-

-

--
-
-
-
-
-
-

-
-
-
-
-
-
-
Da

t
e
:
Ma
r
c
h

29
,

20
0
4
Is
/
Ed
w
a
r
d

D
a
l
l
i
n

B
a
g
l
e
y
,

Di
r
e
c
t
o
r
-
-

-

-

-

-

-

-

-

-

--

-
-

-

-
-

-

-

-
-

-

-

-

-

-

-

-

-

--

-

-
-
Da

te

:
Ma
r
c
h

29
,

20
0
4
Is
/

P
a
u
l

J
a
r
m
a
n
,

D
i
r
e
c
t
o
r
--
-

--
-
-
-
-
-
-
-
-
-

-
-
-
-

-
-
-
-
-
-
-
BU
Y
E
R
S

U
N
I
T
E
D
,

I
N
C
.

A
N
D

S
U
B
S
I
D
I
A
R
Y
Co
n
s
o
l
i
d
a
t
e
d

F
i
n
a
n
c
i
a
l

S
t
a
t
e
m
e
n
t
s
TA
B
L
E

O
F

C
O
N
T
E
N
T
S
Re
p
o
r
t

o
f

I
n
d
e
p
e
n
d
e
n
t

A
u
d
i
t
o
r
s

..
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

F

-

Co
n
s
o
l
i
d
a
t
e
d

B
a
l
a
n
c
e

S
h
e
e
t
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

F

-

Co
n
s
o
l
i
d
a
t
e
d

S
t
a
t
e
m
e
n
t
s

o
f

O
p
e
r
a
t
i
o
n
s
.
.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.
.

F
-

Co
n
s
o
l
i
d
a
t
e
d

S
t
a
t
e
m
e
n
t
s

o
f

S
t
o
c
k
h
o
l
d
e
r
s
'
D
e
f
i
c
i
t

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

F

-

5
Co
n
s
o
l
i
d
a
t
e
d

S
t
a
t
e
m
e
n
t
s

o
f

C
a
s
h

F
l
o
w
s
..
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

F

-

No
t
e
s

t
o

C
o
n
s
o
l
i
d
a
t
e
d

F
i
n
a
n
c
i
a
l

S
t
a
t
e
m
e
n
t
s
..
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

F

-

",

.,
.

,
"
,
I
u
_
-
-
.
.
.
,
"

,
"
"
"
"
"
"
"
"
"
"
"
,

.
""
"
'
RE
P
O
R
T

O
F

I
N
D
E
P
E
N
D
E
N
T

A
U
D
I
T
O
R
S
Bo
a
r
d

o
f

D
i
r
e
c
t
o
r
s

a
n
d

S
h
a
r
e
h
o
l
d
e
r
s
Bu
y
e
r
s

U
n
i
t
e
d
,
I
n
c
.

a
n
d

S
u
b
s
i
d
i
a
r
y
Sa
l
t

L
a
k
e

C
i
t
y
,

U
t
a
h
We

h
a
v
e

a
u
d
i
t
e
d

t
h
e

a
c
c
o
m
p
a
n
y
i
n
g

c
o
n
s
o
l
i
d
a
t
e
d

b
a
l
a
n
c
e

s
h
e
e
t

o
f

B
u
y
e
r
s
Un
i
t
e
d
,

I
n
c
.

a
n
d

S
u
b
s
i
d
i
a
r
y

a
s

o
f

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

a
n
d
.
t
h
e

re
l
a
t
e
d

c
o
n
s
o
l
i
d
a
t
e
d

s
t
a
t
e
m
e
n
t
s

o
f

o
p
e
r
a
t
i
o
n
s
,
s
t
o
c
k
h
o
l
d
e
r
s
'
d
e
f
i
c
i
t
,
a
n
d

c
a
s
h

f
l
o
w
s

f
o
r

e
a
c
h

o
f

t
h
e

t
w
o

y
e
a
r
s

i
n

t
h
e

p
e
r
i
o
d

e
n
d
e
d
De
c
e
m
b
e
r

3
1
,
20
0
3
.

T
h
e
s
e

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

a
r
e

t
h
e

r
e
s
p
o
n
s
i
b
i
l
i
t
y

o
f

t
h
e

C
o
m
p
a
n
y
s
m
a
n
a
g
e
m
e
n
t
.

O
u
r

r
e
s
p
o
n
s
i
b
i
l
i
t
y

i
s

t
o

e
x
p
r
e
s
s
an

o
p
i
n
i
o
n

o
n

t
h
e
s
e

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

b
a
s
e
d

o
n

o
u
r

a
u
d
i
t
s
.
We

c
o
n
d
u
c
t
e
d

o
u
r

a
u
d
i
t
s

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

a
u
d
i
t
i
n
g

s
t
a
n
d
a
r
d
s

g
e
n
e
r
a
l
l
y

a
c
c
e
p
t
e
d

i
n

t
h
e

U
n
i
t
e
d

S
t
a
t
e
s

of

A
m
e
r
i
c
a
.

T
h
o
s
e

s
t
a
n
d
a
r
d
s
re
q
u
i
r
e

t
h
a
t

w
e

p
l
a
n
,

a
n
d

pe
r
f
o
n
n

t
h
e

a
u
d
i
t

t
o

o
b
t
a
i
n

r
e
a
s
o
n
a
b
l
e

as
s
u
r
a
n
c
e

a
b
o
u
t

w
h
e
t
h
e
r

t
h
e

f
I
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

a
r
e

f
r
e
e

o
f

m
a
t
e
r
i
a
l
mi
s
s
t
a
t
e
m
e
n
t
.

A
n

a
u
d
i
t

i
n
c
l
u
d
e
s

e
x
a
m
i
n
i
n
g
,

o
n

a

t
e
s
t

b
a
s
i
s
,
e
v
i
d
e
n
c
e

s
u
p
p
o
r
t
i
n
g

t
h
e

a
m
o
u
n
t
s

a
n
d

d
i
s
c
l
o
s
u
r
e
s

i
n

t
h
e

f
i
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.

A
n

a
u
d
i
t

a
l
s
o

i
n
c
l
u
d
e
s

a
s
s
e
s
s
i
n
g

t
h
e

a
c
c
o
u
n
t
i
n
g

p
r
i
n
c
i
p
l
e
s

u
s
e
d

a
n
d

s
i
g
n
i
f
i
c
a
n
t

e
s
t
i
m
a
t
e
s

m
a
d
e

b
y

m
a
n
a
g
e
m
e
n
t
,
a
s

w
e
l
l

a
s
ev
a
l
u
a
t
i
n
g

t
h
e

o
v
e
r
a
l
l

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t

p
r
e
s
e
n
t
a
t
i
o
n
.

W
e

b
e
l
i
e
v
e

t
h
a
t

o
u
r

a
u
d
i
t
s

p
r
o
v
i
d
e

a

r
e
a
s
o
n
a
b
l
e

b
a
s
i
s

f
o
r

o
u
r

o
p
i
n
i
o
n
.
In

o
u
r

o
p
i
n
i
o
n
,

t
h
e

c
o
n
s
o
l
i
d
a
t
e
d

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

r
e
f
e
r
r
e
d

t
o

a
b
o
v
e

p
r
e
s
e
n
t

f
a
i
r
l
y
,

i
n

a
l
l

m
a
t
e
r
i
a
l

r
e
s
p
e
c
t
s
,
t
h
e

f
i
n
a
n
c
i
a
l

p
o
s
i
t
i
o
n

o
f
Bu
y
e
r
s

U
n
i
t
e
d
,

m
c
.
an
d

S
u
b
s
i
d
i
a
r
y

a
s

o
f

D
e
c
e
m
b
e
r

3
1
20
0
3

a
n
d

t
h
e

r
e
s
u
l
t
s

o
f

t
h
e
i
r

o
p
e
r
a
t
i
o
n
s

a
n
d

t
h
e
i
r

c
a
s
h

f
l
o
w
s

f
o
r

e
a
c
h

o
f

t
h
e
tw
o

y
e
a
r
s

i
n

t
h
e

p
e
r
i
o
d

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

i
n

c
o
n
f
o
n
n
i
t
y

w
i
t
h

a
c
c
o
u
n
t
i
n
g

p
r
i
n
c
i
p
l
e
s

g
e
n
e
r
a
l
l
y

a
c
c
e
p
t
e
d

i
n

t
h
e

U
n
i
t
e
d

S
t
a
t
e
s

o
f
Am
e
r
i
c
a
.
Cr
o
w
e

C
h
i
z
e
k

a
n
d

C
o
m
p
a
n
y

L
L
C
Oa
k

B
r
o
o
k
,

I
l
l
i
n
o
i
s
Ma
r
c
h

1
1
,

2
0
0
4
,
e
x
c
e
p
t

f
o
r

N
o
t
e

1
4
as

t
o

w
h
i
c
h

t
h
e

d
a
t
e

i
s

M
a
r
c
h

1
5
,
2
0
0
4
,..
.
.

u
"
'

0..
.
",

.
""
"
""
"
"
"
""
"
'
_
"
'
~
_'
"

.,
.
.
.
-
""
'
.
'
_
1
1
'

.

'
"

,
"
"
"
"
,
.
,,
.
",
.
,

.
.
"
.
.
,

"
"
"
.
..
"
,
.
.
.
.
"
"
.
.
"
.
"
"
"
"
,
.
.
,
.
.
"
,
.
.
.
,
.
"
.
,
.
"
"
"
,
.
.
.
.
""
,
"
"
"
"
"
"
"
"
,
,
,
""
"
"
"
,,
,
.
"
"
,
.
...
.
,
.
.
.
.
"
"
"
"
.
""
.
.
.
.
""
,
BU
Y
E
R
S

U
N
I
T
E
D
,

I
N
C
.
CO
N
S
O
L
I
D
A
T
E
D

B
A
L
A
N
C
E

S
H
E
E
T
De
c
e
m
b
e
r

3
1
,

2
0
0
3
AS
S
E
T
S
Cu
r
r
e
n
t

a
s
s
e
t
s
:
Ca
s
h

a
n
d

c
a
s
h

e
q
u
i
v
a
l
e
n
t
s
Re
s
t
r
i
c
t
e
d

c
a
s
h
Ac
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e
,

n
e
t
ac
c
o
u
n
t
s

o
f

$
2
,
93
1
,
00
0
Ot
h
e
r

c
u
r
r
e
n
t

a
s
s
e
t
s
05
5
,
38
4
56
9
,
33
6
of

a
l
l
o
w
a
n
c
e

f
o
r

u
n
c
o
l
l
e
c
t
i
b
l
e
16
2
,
48
3
24
3
,
84
4
--
-
-
-
-
-
-
-
-
-
-
To
t
a
l

c
u
r
r
e
n
t

a
s
s
e
t
s
13
,
03
1
,
04
7
Pr
o
p
e
r
t
y

a
n
d

e
q
u
i
p
m
e
n
t
,

n
e
t
In
t
a
n
g
i
b
l
e

a
s
s
e
t
s
,

n
e
t
Ot
h
e
r

a
s
s
e
t
s
42
4
,
64
2
01
8
,
68
2
49
6
,
78
7
--
-
-
-
-
-
-
-
-
-
-
To
t
a
l

a
s
s
e
t
s
$
2
3
,
97
1
,
15
8
==
=
=
=
=
=
=
=
=
=
=
LI
A
B
I
L
I
T
I
E
S

A
N
D

S
T
O
C
K
H
O
L
D
E
R
S

I
D
E
F
I
C
I
T
Cu
r
r
e
n
t

l
i
a
b
i
l
i
t
i
e
s
:
Li
n
e

o
f

c
r
e
d
i
t
Cu
r
r
e
n
t

p
o
r
t
i
o
n

o
f

l
o
n
g
-
t
e
r
m

d
e
b
t

a
n
d

c
a
p
i
t
a
l

l
e
a
s
e

o
b
l
i
g
a
t
i
o
n
s
Ac
c
o
u
n
t
s

p
a
y
a
b
l
e
Ac
c
r
u
e
d

l
i
a
b
i
l
i
t
i
e
s
$
4
,
09
3
,
78
2
78
1
,
48
4
11
,
24
8
,
'
1
5
2
82
8
,
86
4
--
-
-
-
-
-
-
-
-
-
-
To
t
a
l

c
u
r
r
e
n
t

l
i
a
b
i
l
i
t
i
e
s
24
,
95
2
,
28
2
Lo
n
g
-
t
e
r
m

d
e
b
t

a
n
d

c
a
p
i
t
a
l

l
e
a
s
e

o
b
l
i
g
a
t
i
o
n
s
64
6
,
12
6
--
-
-
-
-
-
-
-
-
-
-
To
t
a
l

l
i
a
b
i
l
i
t
i
e
s
25
,
59
8
,
40
8
St
o
c
k
h
o
l
d
e
r
s
'
d
e
f
i
c
i
t
:
Pr
e
f
e
r
r
e
d

s
t
o
c
k
,

$0
.

0
0
0
1

p
a
r

va
l
u
e
,

15
,

0
0
0
,

0
0
0

sh
a
r
e
s

a
u
t
h
o
r
i
z
e
d
;
Se
r
i
e
s

A

8
%

cu
m
u
l
a
t
i
v
e

c
o
n
v
e
r
t
i
b
l
e

p
r
e
f
e
r
r
e
d

st
o
c
k
;

1
,
86
5
,
00
0
sh
a
r
e
s

i
s
s
u
e
d

a
n
d

o
u
t
s
t
a
n
d
i
n
g

(l
i
q
u
i
d
a
t
i
o
n

v
a
l
u
e

o
f

$
3
,
73
0
,
00
0
)
Se
r
i
e
s

B

8%

c
u
m
u
l
a
t
i
v
e

c
o
n
v
e
r
t
i
b
l
e

p
r
e
f
e
r
r
e
d

st
o
c
k
;

7
2
1
,
72
9
sh
a
r
e
s

i
s
s
u
e
d

a
n
d

o
u
t
s
t
a
n
d
i
n
g

(l
i
q
u
i
d
a
t
i
o
n

v
a
l
u
e

o
f

$
7
,
21
7
,
29
0
)
Co
m
m
o
n

st
o
c
k
,

$
0
.
00
0
1

p
a
r

v
a
l
u
e
;

1
0
0
,
00
0
,
00
0

s
h
a
r
e
s

a
u
t
h
o
r
i
z
e
d
;
60
4
,
58
4

s
h
a
r
e
s

i
s
s
u
e
d

a
n
d

o
u
t
s
t
a
n
d
i
n
g
Ad
d
i
t
i
o
n
a
l

p
a
i
d
-
i
n

c
a
p
i
t
a
l
Wa
r
r
a
n
t
s

a
n
d

o
p
t
i
o
n
s

o
u
t
s
t
a
n
d
i
n
g
Ac
c
u
m
u
l
a
t
e
d

d
e
f
i
c
i
t
18
7
76
0
20
,
19
3
,
14
8
92
8
,
11
0
(2
5
,
74
9
,
52
7

)
--
-
-
-
-
-
-
-
-
-
-
To
t
a
l

s
t
o
c
k
h
o
l
d
e
r
s
'
d
e
f
i
c
i
t
(1
,
62
7
,
25
0
)
--
-
-
-
-
-
-
-
-
-
-
To
t
a
l

l
i
a
b
i
i
i
t
i
e
s

a
n
d

s
t
o
c
k
h
o
l
d
e
r
s
'
d
e
f
i
c
i
t
Se
e

a
c
c
o
m
p
a
n
y
i
n
g

n
o
t
e
s
F.
.
fT
.
",,
-
.
A
t
.
.
.
.
.
.
,

'"

"
.."
..
.
.
,
r
"
"
"
"
"
"
"
"
"
"
"
"
"
"

-
-
-
..
.
.
.
.
.
.
.
.
.
.
-
.
,
""
"
"
'
"
-'"
$
2
3
,
97
1
,
15
8
==
=
=
=
=
=
=
=
=
=
=
.
.

"

m
.
,
.

,
.
"
"
.
.
.
.
.
-
,-
.

I
,
.
.
-
-.
.
.-
.
.

.-
.
.
,
.
.
,
-
BU
Y
E
R
S

UN
I
T
E
D
,

I
N
C
.
CO
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T
S

O
F

O
P
E
R
A
T
I
O
N
S
Ye
a
r

E
n
d
e
d

D
e
c
e
m
b
e
r

31
,
20
0
3
-
-

-

-

-

--

-

-

-

-

-

-

-
-

-

-

-

-

-

-

-

-

-

20
0
2
Re
v
e
n
u
e
s
$
6
3
,
31
2
,
96
4
Op
e
r
a
t
i
n
g

e
x
p
e
n
s
e
s
:
Co
s
t
s

o
f

r
e
v
e
n
u
e
s
Ge
n
e
r
a
l

a
n
d

a
d
m
i
n
i
s
t
r
a
t
i
v
e
Se
l
l
i
n
g

a
n
d

p
r
o
m
o
t
i
o
n
34
,
59
7
,
48
6
14
,
83
0
,
56
5
10
,
83
9
,
52
9
$
3
0
,
16
3
,
45
0
16
,
29
5
,
20
1
7,

3
6
5
,
56
9
64
6
,
02
9
To
t
a
l

o
p
e
r
a
t
i
n
g

e
x
p
e
n
s
e
s
60
,
26
7
,
58
0
--
-
-
-
-

-
-

-
-
-
-

-
-

--

-
-

-
-

-

-

--
-
28
,
30
6
,
79
9
-
-
-

--
-
-

-
-

-

--
-

-

-
-

-
-

-

-
-

-

--

-
-
In
c
o
m
e
fr
o
m
op
e
r
a
t
i
o
n
s
Ot
h
e
r
in
c
o
m
e
(e
x
p
e
n
s
e
)
:
In
t
e
r
e
s
t
in
c
o
m
e
In
t
e
r
e
s
t
ex
p
e
n
s
e
To
t
a
l

o
t
h
e
r
ex
p
e
n
s
e
,
ne
t
04
5
,
38
4
13
,
51
3
(1
,
88
4
,
25
8
)
85
6
,
65
1
17
,
98
0
(1
,
54
4
,
44
8
)
(1
,
87
0
,
74
5
)
-
-

--
-
-

-
-
-
-

--
-
-
-
-
-
-
-

-
-

-
-
-
-
-
(1
,
52
6
,
46
8
)
--

--
-
-
-

-

-
-

--
-
-

-
-

-

-
-
-

--
-

-

-
-
Ne
t

i
n
c
o
m
e
17
4
,
63
9
8%

P
r
e
f
e
r
r
e
d

d
i
v
i
d
e
n
d
s

o
n

S
e
r
i
e
s

A

a
n
d

B

p
r
e
f
e
r
r
e
d
st
o
c
k
(8
7
3
,
49
5
)
--
-
-
-
-
-
-
-

-
-
-

--

-
-

-
-

-

--
-

-

--
-
(7
4
9
,
72
5
)
Ne
t

i
n
c
o
m
e

(
l
o
s
s
)

ap
p
l
i
c
a
b
l
e

t
o

c
o
m
m
o
n
.
s
t
o
c
k
h
o
l
d
e
r
s
30
1
,
14
4
33
0
,
18
3
(4
1
9
,
54
2
)
==
=

=

=

==
=

=
=

=
=

=

=

=

=
=

=

=

==

=

=
=

=

=
Ne
t

i
n
c
o
m
e

(
l
o
s
s
)

pe
r

c
o
m
m
o
n

sh
a
r
e
:
Ba
s
i
c
Di
l
u
t
e
d
(0
.
07

)
(0
.
07

)
We
i
g
h
t
e
d

a
v
e
r
a
g
e

c
o
m
m
o
n

s
h
a
r
e
s

o
u
t
s
t
a
n
d
i
n
g
:
Ba
s
i
c

6
,
37
8
,
04
7

5
74
0
81
1

D
i
l
u
t
e
d

6
,
84
7
,
64
6

5
74
0
81
1
Se
e

a
c
c
o
m
p
a
n
y
i
n
g

n
o
t
e
s
I
.
",
.
,
,
_
.
'"

"
"
".
.
-
,
.
.
.
"
"
BU
Y
E
R
S

U
N
I
T
E
D
,

I
N
C
.

A
N
D

S
U
B
S
I
D
I
A
R
Y
CO
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T
S

O
F

S
T
O
C
K
H
O
L
D
E
R
S
'

D
E
F
I
C
I
T
Pr
e
f
e
r
r
e
d

S
t
o
c
k
Co
m
m
o
n
St
o
c
k
Ad
d
i

ti
o
n
a
l
--
-
-
-
-
Pa
i
d
-
i
n
Ar
n
o
u
n

t
Ca
p
i

t
a
l
--
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Ba
l
a
n
c
e
De
c
e
m
b
e
r
31
,
20
0
1
53
1
$1
5
,
19
0
,
85
5
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Sh
a
r
e
s
Am
o
u
n
t
Sh
a
r
e
s
--
-
-
--
-
-
-
--
-
-
-
-
--
-
-
-
-
-
-
-
Co
n
v
e
r
s
i
o
n

o
f

p
r
e
f
e
r
r
e
d

s
h
a
r
e
s

t
o

c
o
m
m
o
n
(
4

)
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h
18
,
79
6
Is
s
u
a
n
c
e

o
f

w
a
r
r
a
n
t
s

f
o
r

s
e
r
v
i
c
e
s

a
n
d

w
i
t
h

c
o
n
s
u
l
t
i
n
g

a
g
r
e
e
m
e
n
t
s
43
3
,
80
0
24
4
31
2
,
62
9
(1
5
,
00
0
)
(2
)
55
,

0
0
0
no
t
e
s

p
a
y
a
b
l
e
17
,
99
8
Am
o
r
t
i
z
a
t
i
o
n

o
f

d
e
f
e
r
r
e
d

c
o
n
s
u
l
t
i
n
g

fe
e
s
Is
s
u
a
n
c
e

o
f

w
a
r
r
a
n
t
s

w
i
t
h

n
o
t
e
s

p
a
y
a
b
l
e
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
t
o
c
k

f
o
r

d
e
b
t

g
u
a
r
a
n
t
e
e
30
,
74
7

Im
p
u
t
e
d

i
n
t
e
r
e
s
t

o
n

n
o
t
e
s

p
a
y
a
b
l
e
28
,
68
6
Ca
n
c
e
l
l
a
t
i
o
n

o
f

w
a
r
r
a
n
t
s

i
s
s
u
e
d

f
o
r

s
e
r
v
i
c
e
s
Pr
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

a
s

p
a
y
m
e
n
t

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
75
0
,
29
6
Ne
t

i
n
c
o
m
e
--
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
2
59
9

1
6
,
01
9
,
37
6
Co
n
v
e
r
s
i
o
n

o
f

p
r
e
f
e
r
r
e
d

s
h
a
r
e
s

t
o

c
o
m
m
o
n
(4
7
)
Is
s
u
a
n
c
e

o
f

p
r
e
f
e
r
r
e
d

st
o
c
k
.

i
n

co
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

I
-
L
i
n
k

a
c
q
u
i
s
i
t
i
o
n
61
3
,
85
5
Ex
e
r
c
i
s
e

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

C
o
m
m
o
n

St
o
c
k
,

n
e
t

o
f

i
s
s
u
a
n
c
e

c
o
s
t
s
39
5
,
02
0
Ex
e
r
c
i
s
e

e
m
p
l
o
y
e
e

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

C
o
m
m
o
n

S
t
o
c
k
54
,

9
9
7
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

n
o
t
e
s

r
e
p
a
y
m
e
n
t
(5

)
Re
p
u
r
c
h
a
s
e

s
h
a
r
e
s

f
r
o
m

s
t
o
c
k
h
o
l
d
e
r
s
(4
,
85
1
)
Am
o
r
t
i
z
a
t
i
o
n

o
f

d
e
f
e
r
r
e
d

c
o
n
s
u
l
t
i
n
g

fe
e
s
...
Is
s
u
a
n
c
e

o
f

w
a
r
r
a
n
t
s

f
o
r

s
e
r
v
i
c
e
s
Is
s
u
a
n
c
e

o
f
.
c
o
m
m
o
n

st
o
c
k

f
o
r

d
e
b
t

g
u
a
r
a
n
t
e
e
36
,
29
8
Im
p
u
t
e
d

i
n
t
e
r
e
s
t

o
n
no
t
e
s

p
a
y
a
b
l
e
31
2

Ca
n
c
e
l
l
a
t
i
o
n

o
f

w
a
r
r
a
n
t
s

i
s
s
u
e
d

f
o
r

s
e
r
v
i
c
e
s
30
4
,
69
0
Pr
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
...
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

a
s

p
a
y
m
e
n
t

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
--
-
-
-
-
-
-
-
41
8
,
80
0
(1
1
6
,
00
0
)
28
3
,
92
9
--
-
-
-
-
25
,
00
0
57
4
,
63
5
--
-
-
-
-
-
-
-
24
2
98
5
,
26
2
(1
1
)
58
0
,
00
0
52
2
,
50
0
27
,
50
0
50
,
00
0
(2
,
77
4
)
15
,
00
0
42
7
,
09
6
76
8
,
50
3
Ne
t

i
n
c
o
m
e
--
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
3
76
0

$
2
0
,
19
3
,
14
8
--
-
-
-
-
--
-
-
-
-
==
=
=
=
=
=
=
=
=
=
-c
o
n
t
i
n
u
e
d
-
,
,
,.
,
.
"
,

"
"
""
"
--
-
-
-
-
-
-
-
2
,

5

8

6
,

7

2
.
==
=
=
=
=
=
=
=
BU
Y
E
R
S

UN
I
T
E
D
,

I
N
C
.

A
N
D

S
U
B
S
I
D
I
A
R
Y
CO
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T
S

O
F

S
T
O
C
K
H
O
L
D
E
R
S
'

D
E
F
I
C
I
T
Ac
c
u
m
u
l
a
t
e
d
To
t
a
l
--
-
-
-
-
-
-
-
-
-
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
1
$
(
2
5
,
63
1
,
12
9
)

$

(
6
,
15
4
,
57
1
)
Co
n
v
e
r
s
i
o
n

o
f

p
r
e
f
e
r
r
e
d

s
h
a
r
e
s

t
o

c
o
m
m
o
n
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

n
o
t
e
s

p
a
y
a
b
l
e
18
,
79
8

Is
s
u
a
n
c
e

o
f

w
a
r
r
a
n
t
~

f
o
r

s
e
r
v
i
c
e
s

ar
i
d

w
i
t
h

co
n
s
u
l
t
i
n
g

a
g
r
e
e
m
e
n
t
s
10
2
,

1
1
8
Am
o
r
t
i
z
a
t
i
o
n

o
f

d
e
f
e
r
r
e
d

c
o
n
s
u
l
t
i
n
g

fe
e
s
73
,
23
2
Is
s
u
a
n
c
e

o
f

w
a
r
r
a
n
t
s

w
i
t
h

n
o
t
e
s

p
a
y
a
b
l
e
23
2
,
25
9
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
t
o
c
k

f
o
r

d
e
b
t

g
u
a
r
a
n
t
e
e
30
,
75
0
Im
p
u
t
e
d

i
n
t
e
r
e
s
t

o
n

n
o
t
e
s

p
a
y
a
b
l
e
--
-
-
-
-
--
-
-
-
-
-
-
-
25
9
60
4
,
58
4
--
-
-
-
-
--
-
-
-
-
==
=
=
=
=
=
=
=
.-
.
.
.
.
"
'
.
""'
1
1

,
" ,

.
.
Wa
r
r
a
n
t
s

/
De
f
e
r
r
e
d
Op
t
i
o
n
s
Co
n
s
u
l

t
i
n
g
Ou
t
s
t
a
n
d
i
n
g
Fe
e
s
De
f
i
c
i

t
--
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
$4
,
38
3
,
33
4
10
2
,
11
8
23
2
,
25
9
$
(
9
8
,

4
0
6
)
73
,
23
2
28
,
68
6
Ca
n
c
e
l
l
a
t
i
o
n

o
f

w
a
r
r
a
n
t
s

i
s
s
u
e
d

f
o
r

s
e
r
v
i
c
e
s
(1
2
5
,
19
7
)
Pr
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
(7
4
9
,
72
5
)

(
7
4
9
,
72
5
)
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

a
s

p
a
y
m
e
n
t

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
75
0
,
35
3
Ne
t

i
n
c
o
m
e
33
0
,
18
3

3
3
0
,
18
3
--
-
-
-
-
-
-
-
-
-
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
2
(2
6
,
05
0
,
67
1
)

(
5
,
46
3
,
11
4
)
Co
n
v
e
r
s
i
o
n

o
f

p
r
e
f
e
r
r
e
d

s
h
a
r
e
s

t
o

c
o
m
m
o
n
Is
s
u
a
n
c
e

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

I
-
L
i
n
k

a
c
q
u
i
s
i
t
i
o
n
61
3
,
88
3
Ex
e
r
c
i
s
e

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

C
o
m
m
o
n

St
o
c
k
,

n
e
t

o
f

i
s
s
u
a
n
c
e

c
o
s
t
s
01
0
,
01
7
Ex
e
r
c
i
s
e

e
m
p
l
o
y
e
e

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

C
o
m
m
o
n

S
t
o
c
k
55
,
00
0
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

n
o
t
e
s

r
e
p
a
y
m
e
n
t
Re
p
u
r
c
h
a
s
e

s
h
a
r
e
s

f
r
o
m

s
t
o
c
k
h
o
l
d
e
r
s
(4
,
85
1
)
Am
o
r
t
i
z
a
t
i
o
n

o
f

d
e
f
e
r
r
e
d

c
o
n
s
u
l
t
i
n
g

fe
e
s
25
,
17
4
Is
s
u
a
n
c
e

o
f

w
a
r
r
a
n
t
s

f
o
r

s
e
r
v
i
c
e
s
25
,
34
1
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
t
o
c
k

f
o
r

d
e
b
t

g
u
a
r
a
n
t
e
e
36
,
29
9
Im
p
u
t
e
d

i
n
t
e
r
e
s
t

o
n

n
o
t
e
s

p
a
y
a
b
l
e
31
2
Ca
n
c
e
l
l
a
t
i
o
n

o
f

w
a
r
r
a
n
t
s

i
s
s
u
e
d

f
o
r

se
r
v
i
c
e
s
Pr
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
(8
7
3
,

4
9
5
)

(
8
7
3
,

49
5

)
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s
76
8
,
54
5

Ne
t

i
n
c
o
m
e
17
4
,
63
9

1
,
17
4
,
63
9
as

p
a
y
m
e
n
t

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
s
--
-
-
-
-
-
-
-
-
-
(1
2
5
,
19
7
)
--
-
-
-
-
-
-
-
-
59
2
,
51
4
(3
8
5
,
05
5
)
25
,
34
1
(3
0
4
,
69
0
)
--
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
(2
5
,
17
4
)
25
,
17
4
--
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
3
$
(
2
5
,
74
9
,
52
7
)

$

(
1
,
62
7
,
25
0
)
$3
,
92
8
,
11
0
==
=
=
=
=
=
=
=
=
=
=
==
=
=
=
=
=
=
=
=
=
==
=
=
=
=
=
=
=
=
==
=
=
=
=
=
=
Se
e

a
c
c
o
m
p
a
n
y
i
n
g

n
o
t
e
s
"
,
"
J
"
"
"
"

'
"

,
'
"'
"

,

""

"
"
"
,
.
"
,

'
J

,
"J
'

'"
'
I
L

""

J
'

J "
"
""
"

"
""
"
"
"
.
"
"
"
"
"
"
'
"
"
"
,
.
,
,,
"
'
,
,

,

"
.
.
.
.
.
.
-
.
.
.
.
.
.
.
.
"

"

"
"'.
""
"
""
"
"
.
BU
Y
E
R
S

U
N
I
T
E
D
,

I
N
C
.
CO
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T
S

O
F

C
A
S
H

F
L
O
W
S
20
0
3
Ye
a
r

E
n
d
e
d

D
e
c
e
m
b
e
r

31
,
20
0
2
--
-
-
-
-
-

-

--

-

-

-

--
-
-
-
-

-

--
-
-
-
--
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
Ca
s
h

f
l
o
w
s

f
r
o
m

o
p
e
r
a
t
i
n
g

a
c
t
i

vi

ti
e
s
:
Ne
t

i
n
c
o
m
e
Ad
j

u
s
t
m
e
n
t
s

to

r
e
c
o
n
c
i
l
e

n
e
t

i
n
c
o
m
e

t
o

n
e
t

ca
s
h

u
s
e
d

i
n
op
e
r
a
t
i
n
g

a
c
t
i
v
i
t
i
e
s
:
De
p
r
e
c
i
a
t
i
o
n

a
n
d

a
m
o
r
t
i
z
a
t
i
o
n
Am
o
r
t
i
z
a
t
i
o
n

i
n
c
l
u
d
e
d

i
n

i
n
t
e
r
e
s
t

e
x
p
e
n
s
e

r
e
s
u
l
t
i
n
g

f
r
o
m
is
s
u
i
n
g

s
t
o
c
k

w
i
t
h

n
o
t
e
s
Am
o
r
t
i
z
a
t
i
o
n

o
f

d
i
s
c
o
u
n
t

o
n

n
o
t
e
s

p
a
y
a
b
l
e
Am
o
r
t
i
z
a
t
i
o
n

o
f

n
o
t
e

f
i
n
a
n
c
i
n
g

c
o
s
t
s
Am
o
r
t
i
z
a
t
i
o
n

o
f

d
e
f
e
r
r
e
d

c
o
n
s
u
l
t
i
n
g

fe
e
s
Ex
p
e
n
s
e

r
e
l
a
t
e
d

t
o

t
h
e

g
r
a
n
t

o
f

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
h
a
r
e
s
Ch
a
n
g
e
s

i
n

o
p
e
r
a
t
i
n
g

a
s
s
e
t
s

a
n
d

li
a
b
i
l
i
t
i
e
s
:
Ac
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e
Ot
h
e
r

a
s
s
e
t
s
Ch
e
c
k
s

i
n

e
x
c
e
s
s

o
f

a
v
a
i
l
a
b
l
e

c
a
s
h

b
a
l
a
n
c
~
s
Ac
c
o
u
n
t
s

p
a
y
a
b
l
e
Ac
c
r
u
e
d

l
i
a
b
i
l
i
t
i
e
s
Ne
t

c
a
s
h

p
r
o
v
i
d
e
d

b
y

(u
s
e
d

i
n
)

o
p
e
r
a
t
i
n
g

a
c
t
i
v
i
t
i
e
s
Ca
s
h

f
l
o
w
s

f
r
o
m

i
n
v
e
s
t
i
n
g

ac
t
i
v
i
t
i
e
s
:
In
c
r
e
a
s
e

i
n

o
t
h
e
r

a
s
s
e
t
s
Pu
r
c
h
a
s
e
s

o
f

p
r
o
p
e
r
t
y

a
n
d

e
q
u
i
p
m
e
n
t
Pu
r
c
h
a
s
e

o
f

c
u
s
t
o
m
e
r

a
c
c
o
u
n
t
s
$
1
,
17
4
,
63
9
86
3
,
51
6
31
2
41
4
,
30
1
11
5
,
18
2
25
,
17
4
(2
,
51
2
,
26
9
)
(6
9
7
,
42
7
)
71
1
,
89
7
27
8
,
31
5
33
0
,
18
3
19
1
,
19
6
28
,
68
6
23
7
,
44
4
17
4
,
97
7
73
,
23
2
(2
3
,
07
9
)
(3
,
37
8
,
34
1
)
(2
,
37
9
,
00
9
)
(1
8
6
,
86
6
)
82
1
,
23
6
43
2
,
18
3
--
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
37
8
,
64
0
--
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
(1
,
67
8
,
15
8
)
(1
6
7
,
36
0
)
(1
,
57
4
,
98
6
)
(1
9
4
,
91
5
)
(3
1
7
,
39
9
)
(3
,
00
0
,
00
0
)
Ne
t

c
a
s
h

u
s
e
d

i
n

i
n
v
e
s
t
i
n
g

a
c
t
i

vi

t
i
e
s
,
C
a
s
h

f
l
o
w
s

f
r
o
m

f
i
n
a
n
c
i
n
g

a
c
t
i

vi

t
i
e
s
:
Re
s
t
r
i
c
t
e
d

c
a
s
h
Ne
t

b
o
r
r
o
w
i
n
g
s

a
n
d

p
a
y
m
e
n
t
s

u
n
d
e
r

l
i
n
e

o
f

c
r
e
d
i
t
Bo
r
r
o
w
i
n
g
s

u
n
d
e
r

n
o
t
e
s

pa
y
a
b
l
e
,

n
e
t

o
f

d
e
b
t

i
s
s
u
a
n
c
e

c
o
s
t
s
Pr
i
n
c
i
p
a
l
-

pa
y
m
e
n
t
s

o
n

n
o
t
e
s

p
a
y
a
b
l
e

a
n
d

o
t
h
e
r

l
o
n
g
-
t
e
r
m

o
b
l
i
g
a
t
i
o
n
s
Ex
e
r
c
i
s
e

o
f

w
a
r
r
a
n
t
s

a
n
d

e
m
p
l
o
y
e
e

op
t
i
o
n
s
,

n
e
t

o
f

o
f
f
e
r
i
n
g

c
o
s
t
s
Re
p
u
r
c
h
a
s
e

o
f

s
h
a
r
e
s

f
r
o
m

s
t
o
c
k
h
o
l
d
e
r
s

w
i
t
h

l
e
s
s

t
h
a
n

10
0

s
h
a
r
e
s
Ne
t

c
a
s
h

p
r
o
v
i
d
e
d

b
y

(u
s
e
d

i
n
)

f
i
n
a
n
c
i
n
g

a
c
t
i
v
i
t
i
e
s
Ne
t

i
n
c
r
e
a
s
e

i
n

c
a
s
h

a
n
d

c
a
s
h

e
q
u
i
v
a
l
e
n
t
s
Ca
s
h

a
t

t
h
e

b
e
g
i
n
n
i
n
g

o
f

t
h
e

p
e
r
i
o
d
Ca
s
h

a
t

t
h
e

e
n
d

o
f

t
h
e

p
e
r
i
o
d
Se
e

a
c
c
o
m
p
a
n
y
i
n
g

n
o
t
e
s
II

I

,"

I
I
"
"
.
.

""
R
i
l
l

I
I

""

I
I
'
"
,

II

,
.
.
.
.
,
L

"
BU
Y
E
R
S

U
N
I
T
E
D
,

I
N
C
.
CO
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T
S

O
F

C
A
S
H

F
L
O
W
S
su
p
p
l
e
m
e
n
t
~
l

c
a
s
h

f
l
o
w

i
n
f
o
r
m
a
t
i
o
n
:
Ca
s
h

p
a
i
d

f
o
r

i
n
t
e
r
e
s
t
Su
p
p
l
e
m
e
n
t
a
l

s
c
h
e
d
u
l
e

o
f

n
o
n
c
a
s
h

i
n
v
e
s
t
i
n
g

a
n
d

f
i
n
a
n
c
i
n
g

ac
t
i
v
i
t
i
e
s
:
--
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
(1
,
74
2
,
34
6
)
(3
,
51
2
,
31
4
)
--
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
(9
8
5
,
33
4
)
10
6
,
31
0
2,

8
17
,

5
3
0
70
2
,
08
0
29
9
,
95
5
81
8
,
85
0
(8
,
76
7
,
58
7
)
(2
,
49
9
,
50
8
)
06
5
,
01
8
(4
,
85
2
)
--
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
(3
,
57
5
,
27
0
)
12
7
,
73
2
--
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
06
1
,
02
4
-
9
9
4
,
36
0
93
7
,
26
0
57
,

1
0
0
--
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
$
3
,
05
5
,
38
4
99
4
,
36
0
==
=
=
=
=
=
=
=
=
=
=

=
=
=
=
=
=
=
=
=
=
=
=
11
1
1
11
1
1

I
.
"

'
"
",
_
.
.
1
1

"
I '
"

1
1
"
Ye
a
r

E
n
d
e
d

D
e
c
e
m
b
e
r

31
,
-
-

-

-

-

-

-

-

-

-

-

-

-

--

-

-

-

-

-

20
0
3
20
0
2
--
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
$1
,
20
8
,
54
3
89
0
,
49
0
Is
s
u
a
n
c
e
.

o
f

co
m
m
o
n

s
h
a
r
e
s

i
n

p
a
y
m
e
n
t

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d

Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

i
n

p
a
y
m
e
n
t

o
f

d
e
f
e
r
r
e
d

f
i
n
a
n
c
i
n
g

co
s
t
s
Is
s
u
a
n
c
e

o
f

c
o
m
m
o
n

s
h
a
r
e
s

f
o
r

o
f
f
i
c
e
r
s
p
e
r
s
o
n
a
l

g
u
a
r
a
n
t
y
Is
s
u
a
n
c
e

o
f

w
a
r
r
a
n
t
s

w
i
t
h

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s
Ac
c
r
u
a
l

o
f

d
i
v
i
d
e
n
d

p
a
y
a
b
l
e

o
n

p
r
e
f
e
r
r
e
d

s
t
o
c
k
Re
t
i
r
e

a
n
d

r
e
p
l
a
c
e

n
o
t
e

p
a
y
a
b
l
e
Ac
q
u
i
r
e

c
u
s
t
o
m
e
r
s

f
r
o
m

T
o
u
c
h

A
m
e
r
i
c
a
Ac
q
u
i
r
e

c
u
s
t
o
m
e
r
s

f
r
o
m

Gl
y
p
h
i
c
s
,

I
n
c
.
Is
s
u
a
n
c
e

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

t
o

a
c
q
u
i
r
e

V
o
I
P

N
e
t
w
o
r
k

a
s
s
e
t
s
Co
n
v
e
r
t

a
c
c
r
u
e
d

i
n
t
e
r
e
s
t

t
o

n
o
t
e

p
a
y
a
b
l
e
Ca
p
i
t
a
l

e
x
p
e
n
d
i
t
u
r
e
s

f
i
n
a
n
c
e
d

w
i
t
h

c
a
p
i
t
a
l

l
e
a
s
e

o
b
l
i
g
a
t
i
o
n
76
8
,
57
4
75
0
,
35
3
18
,
79
3
30
,
75
0
23
2
,
25
9
74
9
,
72
5
36
,
30
0
87
3
,
49
5
80
0
,
00
0
41
1
,
42
1
54
3
,
55
8
70
5
,
23
6
43
5
,
38
8
10
0
,
69
1
Se
e

a
c
c
o
m
p
a
n
y
i
n
g

n
o
t
e
s
..
.
.
.
'

"
"
"
.

.
.
.

'"

.
,

.
,
.

"
A
I
,
,
"
'
"

..
,

"
"
.
"
"
"

'
"

..
I
I
.
L

.
.
.
.
.
.
,lO
t

""
,
:
1
"
"
"

.
.
.
.
.
.
.
.
..
.
.
.
.
.
,
.
.
,
r
,
'
...
.
.
.
.
"
"
"
.
.
.
.
.
"
'"
"
"
""
"
"
"
"
"
"
"
"
"
,
,
NO
T
E

1
-

D
E
S
C
R
I
P
T
I
O
N

O
F

T
H
E

C
O
M
P
A
N
Y

AN
D

S
U
M
M
A
R
Y

O
F

S
I
G
N
I
F
I
C
A
N
T

A
C
C
O
U
N
T
I
N
G

P
O
L
I
C
I
E
S
Or
g
a
n
i
z
a
t
i
o
n
Bu
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.

(
"
th
e

C
o
m
p
a
n
y
)
w
a
s

i
n
c
o
r
p
o
r
a
t
e
d

o
n

A
u
g
u
s
t

2
3
,

1
9
9
4

i
n

t
h
e

s
t
a
t
e

o
f

U
t
a
h

a
n
d

w
a
s

r
e
i
n
c
o
r
p
o
r
a
t
e
d

i
n

t
h
e

s
t
a
t
e

o
f
De
l
a
w
a
r
e

o
n

A
p
r
i
l

9
,
19
9
9
.

D
u
r
i
n
g

2
0
0
3
,
t
h
e

C
o
m
p
a
n
y

e
s
t
a
b
l
i
s
h
e
d

a

w
h
o
l
l
y
-
o
w
n
e
d

s
u
b
s
i
d
i
a
r
y

i
n

V
i
r
g
i
n
i
a

f
o
r

t
h
e

p
u
r
p
o
s
e

o
f
co
n
d
u
c
t
i
n
g

b
u
s
i
n
e
s
s

i
n

t
h
a
t

s
t
a
t
e
.

.
B
u
y
e
r
s

U
n
i
t
e
d

i
s

a
n

a
g
g
r
e
g
a
t
o
r
a
n
d

p
r
o
v
i
d
e
r

of

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s
.

T
h
e

C
o
m
p
a
n
y

c
o
n
t
r
a
c
t
s

w
i
t
h

a

n
u
m
b
e
r

o
f

t
h
i
r
d

p
a
r
t
y
pr
o
v
i
d
e
r
s

f
o
r

t
h
e

r
i
g
h
t

t
o

r
e
s
e
l
l

t
h
e

v
a
r
i
o
u
s

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

s
e
r
v
i
c
e
s

a
n
d

p
r
o
d
u
c
t
s

t
h
e
y

p
r
o
v
i
d
e
,

a
n
d

t
h
e
n

o
f
f
e
r
s

a
l
l

o
f

t
h
e
s
e

v
a
r
i
o
u
s
se
r
v
i
c
e
s

t
o

i
t
s

c
u
s
t
o
m
e
r
s
.

T
h
e

C
o
m
p
a
n
y

a
l
s
o

o
p
e
r
a
t
e
s

a

d
e
d
i
c
a
t
e
d

V
o
I
P

N
e
t
w
o
r
k
,

a
n
d

a
d
v
a
n
c
e
d

c
u
s
t
o
m
e
r

c
o
n
t
a
c
t
ha
n
d
l
i
n
g
/
m
a
n
a
g
e
m
e
n
t

s
o
f
t
w
a
r
e

a
p
p
l
i
c
a
t
i
o
n
s

t
h
a
t

e
n
a
b
l
e

i
t

t
o

o
f
f
e
r

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e
s

t
o

c
u
s
t
o
m
e
r
s
.

T
h
e

v
a
r
i
e
t
y

o
f

s
e
r
v
i
c
e
s

a
n
d
pr
o
d
u
c
t
s

t
h
e

C
o
m
p
a
n
y

o
f
f
e
r
s

a
l
l
o
w
s

t
h
e

c
u
s
t
o
m
e
r

t
o

b
u
y

o
n
l
y

t
h
o
s
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
e
r
v
i
c
e
s

i
t

n
e
e
d
s

f
r
o
m

o
n
e

s
o
u
r
c
e
,
c
o
m
b
i
n
e
th
o
s
e

s
e
r
v
i
c
e
s

i
n

a

c
u
s
t
o
m
i
z
e
d

p
a
c
k
a
g
e
,
r
e
c
e
i
v
e

o
n
e

b
i
l
l

f
o
r

t
h
o
s
e

s
e
r
v
i
c
e
s
,

a
n
d

m
a
k
e

o
n
e

c
a
l
l

t
o

B
u
y
e
r
s

U
n
i
t
e
d

i
f

a

s
e
r
v
i
c
e

p
r
o
b
l
e
m

o
r
bi
l
l
i
n
g

i
s
s
u
e

a
r
i
s
e
s
.
S~
l
I
n
m
a
r
y

o
f

S
i
g
n
i
f
i
c
a
n
t

Ac
c
o
u
n
t
i
n
g

P
o
l
i
c
i
e
s
Pr
i
n
c
i
p
l
e
s

o
f

C
o
n
s
o
l
i
d
a
t
i
o
n
:

T
h
e

a
c
c
o
m
p
a
n
y
i
n
g

c
o
n
s
o
l
i
d
a
t
e
d

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

i
n
c
l
u
d
e

t
h
e

a
c
c
o
u
n
t
s

o
f

B
u
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.

a
n
d

i
t
s
wh
o
l
l
y
-
o
w
n
e
d

s
u
b
s
i
d
i
a
r
y
.

A
l
l

s
i
g
n
i
f
i
c
a
n
t

i
n
t
e
r
c
o
m
p
a
n
y

a
c
c
o
u
n
t
s

a
n
d

t
r
a
n
s
a
c
t
i
o
n
s

h
a
v
e

b
e
e
n

e
l
i
m
i
n
a
t
e
d

u
p
o
n

c
o
n
s
o
l
i
d
a
t
i
o
n
.
Us
e

'
of

E
s
t
i
m
a
t
e
s

i
n

t
h
e

P
r
e
p
a
r
a
t
i
o
n

o
f

F
i
n
a
n
c
i
a
l

S
t
a
t
e
m
e
n
t
s
:

T
h
e

p
r
e
p
a
r
a
t
i
o
n

o
f

f
m
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

i
n

c
o
n
f
o
r
m
i
t
y

w
i
t
h

a
c
c
o
u
n
t
i
n
g
pr
i
n
c
i
p
l
e
s

g
e
n
e
r
a
l
l
y

a
c
c
e
p
t
e
d

~n

t
h
e

Un
i
t
e
d

S
t
a
t
e
s

o
f

A
m
e
r
i
c
a

r
e
q
u
i
r
e
s

m
a
n
a
g
e
m
e
n
t

t
o

m
a
k
e

e
s
t
i
m
a
t
e
s

a
n
d

a
s
s
u
m
p
t
i
o
n
s

t
h
a
t

a
f
f
e
c
t

t
h
e
re
p
o
r
t
e
d

a
m
o
u
n
t
s

o
f

a
s
s
e
t
s

a
n
d

l
i
a
b
i
l
i
t
i
e
s

a
n
d

d
i
s
c
l
o
s
u
r
e

o
f

c
o
n
t
i
n
g
e
n
t

a
s
s
e
t
s

a
n
d

l
i
a
b
i
l
i
t
i
e
s

a
t

t
h
e

d
a
t
e

o
f

t
h
e

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

a
n
d
th
e

r
e
p
o
r
t
e
d

a
m
o
u
n
t
s

o
f

r
e
v
e
n
u
e
s

a
n
d

e
x
p
e
n
s
e
s

d
u
r
i
n
g

t
h
e

r
e
p
o
r
t
i
n
g

p
e
r
i
o
d
.

A
c
t
u
a
l

r
e
s
u
i
t
s

c
o
u
l
d

d
i
f
f
e
r

f
r
o
m

t
h
e
s
e

e
s
t
i
m
a
t
e
s
.

Si
g
n
i
f
i
c
a
n
t

e
s
t
i
m
a
t
e
s

i
n
c
l
u
d
e

t
h
e

a
l
l
o
w
a
n
c
e

f
o
r

d
o
u
b
t
f
u
l

a
c
c
o
u
n
t
s

a
n
d

a
t
t
r
i
t
i
o
n

r
a
t
e
s

u
s
e
d

t
o

d
e
t
e
n
n
i
n
e

th
e
e
s
t
i
m
a
t
~
d

u
s
e
f
u
l

l
i
v
e
s

o
f
c1
1
s
t
o
m
e
r

l
i
s
t
s

ac
q
u
i
r
e
d
.
Re
v
e
n
u
e

R
e
c
o
g
n
i
t
i
o
n
:

T
h
e

C
o
m
p
a
n
y
s
r
e
v
e
n
u
e

r
e
c
o
g
n
i
t
i
o
n

p
o
l
i
c
y

w
i
t
h

r
e
s
p
e
c
t

t
o

r
e
s
e
l
l
e
r

a
g
r
e
e
m
e
n
t
s

i
s

t
o

r
e
c
o
r
d

g
r
o
s
s

r
e
v
e
n
u
e
s

a
n
d
re
c
e
i
v
a
b
l
e
s

f
r
o
m

c
u
s
t
o
m
e
r
s

w
h
e
n

t
h
e

C
o
m
p
a
n
y

a
c
t
s

a
s

p
r
i
n
c
i
p
a
l

i
n

t
h
e

t
r
a
n
s
a
c
t
i
o
n
;

t
a
k
e
s

t
i
t
l
e

t
o

t
h
e

p
r
o
d
u
c
t
s

o
r

s
e
r
v
i
c
e
s
;

a
n
d

h
a
s

r
i
s
k
s
an
d

r
e
w
a
r
d
s

o
f

o
w
n
e
r
s
h
i
p
,

s
u
c
h

a
s

r
i
s
k

o
f

l
o
s
s

f
o
r

c
o
l
l
e
c
t
i
o
n
,

d
e
l
i
v
e
r
y
,

o
r

r
e
t
u
r
n
s
.

R
e
v
e
n
u
e
s

f
r
o
m

s
a
l
e
s

o
f

s
e
r
v
i
c
e
s

a
r
e

r
e
c
o
g
n
i
z
e
d

u
p
o
n
pr
o
v
i
d
i
n
g

t
h
e

s
e
r
v
i
c
e
s

t
o

t
h
e

c
u
s
t
o
m
e
r
s
.
Ca
s
h

a
n
d

c
a
s
h

e
q
u
i
v
a
l
e
n
t
s
:

A
l
l

h
i
g
h
l
y

l
i
q
u
i
d

a
s
s
e
t
s

w
i
t
h

a
n

o
r
i
g
i
n
a
l

m
a
t
u
r
i
t
y

o
f

t
h
r
e
e

m
o
n
t
h
s

o
r

l
e
s
s

a
r
e

c
o
n
s
i
d
e
r
e
d

t
o

b
e

c
a
s
h
eq
u
i
v
a
l
e
n
t
s
.
Re
s
t
r
i
c
t
e
d

C
a
s
h
:

I
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

t
h
e

C
o
m
p
a
n
y
s
a
g
r
e
e
m
e
n
t
s

w
i
t
h

R
F
C

C
a
p
i
t
a
l

C
o
r
p
.

(
N
o
t
e

5
)

a
n
d

w
i
t
h

c
e
r
t
a
i
n

v
e
n
d
o
r
s
,

t
h
e
Co
m
p
a
n
y

m
a
i
n
t
a
i
n
s

a

r
e
s
t
r
i
c
t
e
d

c
a
s
h

a
c
c
o
u
n
t

f
o
r

t
h
e

c
o
l
l
e
c
t
i
o
n

o
f

t
h
e

C
o
m
p
a
n
y
s
r
e
c
e
i
v
a
b
l
e
s
.

A
s

o
f

D
e
c
e
m
b
e
r

3
1
20
0
3
,

t
h
e

C
o
m
p
a
n
y
ha
d

$
1
.
6
m
i
l
l
i
o
n

o
f

c
a
s
h

t
h
a
t

w
a
s

r
e
s
t
r
i
c
t
e
d
.
Ac
c
o
u
n
t
s

R
e
c
e
i
v
a
b
l
e

a
n
d

A
l
l
o
w
a
n
c
e

f
o
r

D
o
u
b
t
f
u
l

A
c
c
o
u
n
t
s
:

A
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e

i
s

c
o
m
p
r
i
s
e
d

o
f

a
m
o
u
n
t
s

b
i
l
l
e
d

a
n
d

b
i
l
l
a
b
l
e

t
o
cu
s
t
o
m
e
r
s
,

n
e
t

o
f

a
n

a
l
l
o
w
a
n
c
e

f
o
r

u
n
c
o
l
l
e
c
t
i
b
l
e

am
o
u
n
t
S
.

T
h
e

a
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e

b
a
l
a
n
c
e

o
u
t
s
t
a
n
d
i
n
g

a
s

of

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

i
s
co
m
p
r
i
s
e
d

o
f

t
h
e

f
o
l
l
o
w
i
n
g
:
Bi
l
l
e
d

a
m
o
u
n
t
s
Un
b
i
l
l
e
d

a
m
o
u
n
t
s
$
9
,
86
3
,
11
1
23
0
,
37
2
--
-
-
-
-
-
-
-
-
Le
s
s
:

a
l
l
o
w
a
n
c
e

f
o
r

u
n
c
o
l
l
e
c
t
i
b
l
e

a
c
c
o
u
n
t
s
11
,
09
3
,
48
3
(2
,
93
1
,
00
0
)
--
-
-
-
-
-
-
-
-
$
8
,
16
2
,
48
3
Fi
n
a
n
c
e

c
h
a
r
g
e
s

a
r
e

a
s
s
e
s
s
e
d

t
o

a
c
c
o
u
n
t
s

o
n
c
e

t
h
e

a
m
o
u
n
t

o
w
e
d

i
s

p
a
s
t

d
u
e

b
a
s
e
d

o
n

t
h
e
i
r

s
p
e
c
i
f
i
c

t
e
r
m
s
.

T
h
e

a
l
l
o
w
a
n
c
e

f
o
r

d
o
u
b
t
f
u
l
ac
c
o
u
n
t
s

i
s

e
s
t
i
m
a
t
e
d

b
y

m
a
n
a
g
e
m
e
n
t

a
n
d

i
s

b
a
s
e
d

o
n

s
p
e
c
i
f
i
c

i
n
f
o
r
m
a
t
i
o
n

a
b
o
u
t

c
u
s
t
o
m
e
r

a
c
c
o
u
n
t
s
,
p
a
s
t

l
o
s
s

e
x
p
e
r
i
e
n
c
e
,

a
n
d

g
e
n
e
r
a
l
ec
o
n
o
m
i
c

c
o
n
d
i
t
i
o
n
s
.

A
n

a
c
c
o
u
n
t

i
s

w
r
i
t
t
e
n

of
f
b
y

ma
n
a
g
e
m
e
n
t

w
h
e
n

d
e
e
m
e
d

u
n
c
o
l
l
e
c
t
i
b
l
e
,
a
l
t
h
o
u
g
h

c
o
l
l
e
c
t
i
o
n
s

e
f
f
o
r
t
s

m
a
y

c
o
n
t
i
n
u
e
.
...
~
,
.
.
.
.
,

.
.
n
r

r

...
.
.
,
'
"
Pr
o
p
e
r
t
y

a
n
d

E
q
u
i
p
m
e
n
t
:

P
r
o
p
e
r
t
y

a
n
d

e
q
u
i
p
m
e
n
t

a
r
e

s
t
a
t
e
d

a
t

c
o
s
t
.

M
a
j
o
r

a
d
d
i
t
i
o
n
s

a
n
d

i
m
p
r
o
v
e
m
e
n
t
s

a
r
e

c
a
p
i
t
a
l
i
z
e
d
,

w
h
i
l
e

m
i
n
o
r
re
p
a
i
r
s

a
n
d

m
a
i
i
l
t
e
n
a
n
c
e

c
o
s
t
s

a
r
e

e
x
p
e
n
s
e
d

w
h
e
n

i
n
c
u
r
r
e
d
.

I
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

S
t
a
t
e
m
e
n
t

o
f

P
o
s
i
t
i
o
n

9
8
-
1,

"
Ac
c
o
u
n
t
i
n
g

f
o
r

t
h
e

C
o
s
t
s
of

C
o
m
p
u
t
e
r

S
o
f
t
w
a
r
e

,
De
v
e
l
o
p
e
d

o
r

O
b
t
a
i
n
e
d

f
o
r

I
r
i
t
e
r
n
a
l

U
s
e
"
t
h
e

C
o
m
p
a
n
y

c
a
p
i
t
a
l
i
z
e
s

c
e
r
t
a
i
n

c
o
s
t
s

i
n
c
u
r
r
e
d

f
o
r

t
h
e

d
e
v
e
l
o
p
m
e
n
t
of

i
n
t
e
r
n
a
l

u
s
e

s
o
f
t
w
a
r
e
.

T
h
e
s
e

c
o
s
t
s

i
n
c
l
u
d
e

t
h
e

c
o
s
t
s

a
s
s
o
c
i
a
t
e
d

w
i
t
h

c
o
d
i
n
g
,

s
o
f
t
w
a
r
e

c
o
n
f
i
g
u
r
a
t
i
o
n
,

u
p
g
r
a
d
e
s
,

a
n
d

e
n
h
a
n
c
e
m
e
n
t
s
.

O
f
su
c
h

c
o
s
t
s

t
h
e

C
o
m
p
a
n
y

c
a
p
i
t
a
l
i
z
e
d

a
p
p
r
o
x
i
m
a
t
e
l
y

$
1
1
8
,
00
0

a
n
d

$
1
2
7
,
00
0

d
u
r
i
n
g

2
0
0
3

a
n
d

2
0
0
2
,
r
e
s
p
e
c
t
i
v
e
l
y
.
De
p
r
e
c
i
a
t
i
o
n

a
n
d

a
m
o
r
t
i
z
a
t
i
o
n

a
r
e

c
o
m
p
u
t
e
d

u
s
i
n
g

t
h
e

s
t
r
a
i
g
h
t
-
li
n
e

m
e
t
h
o
d
-
o
v
e
r

t
h
e

e
s
t
i
m
a
t
e
d

u
s
e
f
u
l

l
i
v
e
s

o
f

t
h
e

r
e
l
a
t
e
d

a
s
s
e
t
s

a
s
fo
l
l
o
w
s
:
Co
m
p
u
t
e
r

a
n
d

o
f
f
i
c
e

e
q
u
i
p
m
e
n
t

2

t
o

3

y
e
a
r
s

I
n
t
e
r
n
a
l
-
u
s
e

s
o
f
t
w
a
r
e

2

y
e
a
r
s

F
u
r
n
i
t
u
r
e

a
n
d

f
i
x
t
u
r
e
s

3

t
o

7

y
e
a
r
s
Ad
v
e
r
t
i
s
i
n
g

C
o
s
t
s
:

T
h
e

C
o
m
p
a
n
y

a
d
v
e
r
t
i
s
e
s

i
t
s

s
e
r
v
i
c
e
s

t
h
r
o
u
g
h

t
r
a
d
i
t
i
o
n
a
l

v
e
n
u
e
s

s
u
c
h

a
s

p
r
i
n
t

m
e
d
i
a

t
o

t
h
e

g
e
n
e
r
a
l

p
u
b
l
i
c
.

C
o
s
t
s
as
s
o
c
i
a
t
e
d

w
i
t
h

t
h
e
s
e

a
d
v
e
r
t
i
s
i
n
g

e
f
f
o
r
t
s

a
r
e

e
x
p
e
n
s
e
d

a
s

i
n
c
u
r
r
e
d
,

a
n
d

w
e
r
e

$
2
7
,
43
8

a
n
d

$
2
9
,
78
1

f
o
r

t
h
e

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3

a
n
d

2
0
0
2
,
r
e
s
p
e
c
t
i
v
e
l
y
.
Fa
i
r
V
a
l
u
c

o
f

F
i
n
a
n
c
i
a
l

I
n
s
t
r
u
m
e
n
t
s
:
Th
e

c
a
r
r
y
i
n
g

a
m
o
u
n
t
s

r
e
p
o
r
t
e
d

i
n

t
h
e

a
c
c
o
m
p
a
n
y
i
n
g

c
o
n
s
o
l
i
d
a
t
e
d

b
a
l
a
n
c
e

s
h
e
e
t

f
o
r

c
a
s
h
,
re
c
e
i
v
a
b
l
e
s
,

a
n
d

a
c
c
,
ou
n
t
s
p
a
y
a
b
l
e

a
p
p
r
o
x
i
m
a
t
e

f
a
i
r

v
a
l
u
e
s

be
c
a
u
s
e

o
f

t
h
e

i
m
m
e
d
i
a
t
e

o
r

s
h
o
r
t
-
te
n
n

m
a
t
u
r
i
t
i
e
s

o
f

t
h
e
s
e

f
i
n
a
n
c
i
a
l
in
s
t
r
u
m
e
n
t
s
.

T
h
e

f
a
i
r

v
a
l
u
e

o
f

t
h
e

C
o
m
p
a
n
y
s
n
o
t
e
s

p
a
y
a
b
l
e

a
n
d

p
r
e
f
e
r
r
e
d

s
t
o
c
k

a
l
s
o

a
p
p
r
o
x
i
m
a
t
e

f
a
i
r

v
a
l
u
e

b
a
s
e
d

o
n

c
u
r
r
e
n
t

r
a
t
e
s

f
o
r
si
m
i
l
a
r

d
e
b
t

a
n
d

f
i
x
e
d
-
r
a
t
e

i
n
s
t
r
u
m
e
n
t
s
.
De
b
t

I
s
s
u
a
n
c
e

C
o
s
t
s
:

A
s

a
n

i
n
d
u
c
e
m
e
n
t

t
o

v
a
r
i
o
u
s

i
n
v
e
s
t
o
r
s
,
s
h
a
r
e
h
o
l
d
e
r
s
,
a
n
d

b
o
a
r
d

m
e
m
b
e
r
s

t
o

l
e
n
d

m
o
n
i
e
s

t
o

t
h
e

C
o
m
p
a
n
y
,

s
h
a
r
e
s
of

c
o
m
m
o
n

s
t
o
c
k

a
n
d

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

w
e
r
e

i
s
s
u
e
d

t
o

t
h
e
m
.

T
h
e

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f

t
h
o
s
e

s
h
a
r
e
s

a
t

t
h
e
da
t
e

o
f

i
s
s
u
a
n
c
e

h
a
s

b
e
e
n

c
a
p
i
t
a
l
i
z
e
d

a
s

d
e
b
t

i
s
s
u
a
n
c
e

c
o
s
t
s

a
n
d

i
s

b
e
i
n
g

a
m
o
r
t
i
z
e
d

o
v
e
r

t
h
e

l
i
f
e

o
f

t
h
e

l
o
a
n
s
.

A
m
o
r
t
i
z
a
t
i
o
n

o
f

t
h
e
s
e
co
s
t
s

f
o
r

t
h
e

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
20
0
3

a
n
d

2
0
0
2

w
a
s

$
4
1
4
29
8

a
n
d

$
2
3
7
,
4
4
6
.
,

r
e
s
p
e
c
t
i
v
e
l
y
,

a
n
d

a
r
e

in
c
l
u
d
e
d

i
n

i
n
t
e
r
e
s
t

e
x
p
e
n
s
e
.
St
o
c
k
-
Ba
s
e
d

C
o
m
p
e
n
s
a
t
i
o
n
:

E
m
p
l
o
y
e
e

c
o
m
p
e
n
s
a
t
i
o
n

e
x
p
e
n
s
e

v
i
a

s
t
o
c
k

o
p
t
i
o
n

g
r
a
n
t
s

i
s

r
e
p
o
r
t
e
d

u
s
i
n
g

t
h
e

i
n
t
r
i
n
s
i
c

m
e
t
h
o
d
.

N
o

s
t
o
c
k
op
t
i
o
n
-
ba
s
e
d

c
o
m
p
e
n
s
a
t
i
o
n

e
x
p
e
n
s
e

i
s

i
n
c
l
u
d
e
d

i
n

n
e
t

i
n
c
o
m
e

(
l
o
s
s
)

a
s

a
l
l

o
p
t
i
o
n
s

g
r
a
n
t
e
d

h
a
d

a
n

,
ex
e
r
c
i
s
e

p
r
i
c
e

e
q
u
a
l

t
o

o
r

g
r
e
a
t
e
r
th
a
n

t
h
e

m
a
r
k
e
t

p
r
i
c
e

o
f

t
h
e

u
n
d
e
r
l
y
i
n
g

c
o
m
m
o
n

s
t
o
c
k

a
t

t
h
e

d
a
t
e

o
f

g
r
a
n
t
.

T
h
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e

i
l
l
u
s
t
r
a
t
e
s

t
h
e

e
f
f
e
c
t

o
n

n
e
t

i
n
c
o
m
e
(l
o
s
s
)

a
n
d

e
a
r
n
i
n
g
s

(
l
o
s
s
)

p
e
r

s
h
a
r
e

i
f

e
x
p
e
n
s
e

w
a
s

m
e
a
s
u
r
e
d

u
s
i
n
g

t
h
e

f
a
i
r

v
a
l
u
e

r
e
c
o
g
n
i
t
i
o
n

p
r
o
v
i
s
i
o
n
s

o
f

S
F

AS

N
o
.

1
2
3
,
Ac
c
o
u
n
t
i
n
g

f
o
r

S
t
o
c
k
-
Ba
s
e
d

C
o
m
p
e
n
s
a
t
i
o
n
20
0
3
20
0
2
--
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Ne
t

i
n
c
o
m
e

(
l
o
s
s
)

ap
p
l
i
c
a
b
l
e

t
o

c
o
m
m
o
n

st
o
c
k
h
o
l
d
e
r
s
:
-
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-
-

-

-

--
-
-

-

-
-

-

-

-

As

r
e
p
o
r
t
e
d
Pr
o

f
o
r
m
a

s
t
o
c
k

o
p
t
i
o
n
-
b
a
s
e
d

c
o
m
p
e
n
s
a
t
i
o
n
$
3
0
1
,
14
4
(3
0
7
;
74
7
)
(4
1
9
,
54
2
)
(7
4
8
,
85
7
)
--
-
-
..
;
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Pr
o

f
o
r
m
a

n
e
t

l
o
s
s
.
a
p
p
l
i
c
a
b
l
e
to

c
o
m
m
o
n

s
t
o
c
k
h
o
l
d
e
r
s
(6
,
60
3
)
$
(
1
,

1
6
8
,

3
9
9
)
==
=
=
=
=
=
=
=
==
=
=
=
=
=
=
=
=
=
Ne
t
.

i
n
c
o
m
e

(
l
o
s

s
)

pe
r

c
o
m
m
o
n

sh
a
r
e
:
--
-

--
-
-
-

-

--
-
-
-

-
-
-

--
-
-
-
-
-

-
-

--

-

-
-

--
-
As

r
e
p
o
r
t
e
d
:
Ba
s
i
c
Di
l
u
t
e
d
(0
.
07
)
(0
.
07
)
Pr
o

f
o
r
m
a
Ba
s
i
c
Di
l
u
t
e
d
(0
.
20
)
(0
.
20
)
Th
e

f
a
i
r

v
a
l
u
e

o
f

t
h
e

o
p
t
i
o
n
s

g
r
a
n
t
e
d

d
u
r
i
n
g

2
0
0
3

a
n
d

2
0
0
2

w
a
s

e
s
t
i
m
a
t
e
d

a
t

t
h
e

d
a
t
e

o
f

g
r
a
n
t

u
s
i
n
g

t
h
e

f
o
l
l
o
w
i
n
g

w
e
i
g
h
t
e
d

a
v
e
r
a
g
e
as
s
u
m
p
t
i
o
n
s
:
0"
"

,

'
"
1f
t
00
'
I
I
o
,"
1
1
20
0
3
20
0
2
Ri
s
k
-
f
r
e
e

i
n
t
e
r
e
s
t

r
a
t
e
Di

vi
d
e
n
d

y
i
e
l
d
Ex
p
e
c
t
e
d

v
o
l
a
t
i
l
i
t
y
We
i
g
h
t
e
d

a
v
e
r
a
g
e

e
x
p
e
c
t
e
d

l
i
f
e
89
%
71
%
75
%
8
y
e
a
r
s
10
4
%
4
.

7

ye
a
r
s
Th
e

w
e
i
g
h
t
e
d

a
v
e
r
a
g
e

f
a
i
r

v
a
l
u
e
s

o
f

o
p
t
i
o
n
s

g
r
a
n
t
e
d

d
u
r
i
n
g

t
h
e

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

a
n
d

2
0
0
2

w
a
s

$
1
.
4
2

a
n
d

$
1
.
re
s
p
e
c
t
i
v
e
l
y
.

T
h
e

p
r
o

f
o
r
m
a

e
f
f
e
c
t
s

o
f

a
p
p
l
y
i
n
g

S
P
A
S

N
o
.

12
3

a
r
e

n
o
t

i
n
d
i
c
a
t
i
v
e

o
f

f
u
t
u
r
e

a
m
o
u
n
t
s
.

A
d
d
i
t
i
o
n
a
l

a
w
a
r
d
s

i
n

f
u
t
u
r
e

y
e
a
r
s
ar
e

a
n
t
i
c
i
p
a
t
e
d
.

In
c
o
m
e

T
a
x
e
s
:

T
h
e

C
o
m
p
a
n
y

r
e
c
o
g
n
i
z
e
s

a

l
i
a
b
i
l
i
t
y

o
r

a
s
s
e
t

f
o
r

t
h
e

d
e
f
e
r
r
e
d

i
n
c
o
m
e

t
a
x

c
o
n
s
e
q
u
e
n
c
e
s

o
f

a
l
l

t
e
m
p
o
r
a
r
y

d
i
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n

t
h
e

t
a
x

b
a
s
e
s

o
f

a
s
s
e
t
s

a
n
d

l
i
a
b
i
l
i
t
i
e
s

a
n
d

t
h
e
i
r

r
e
p
o
r
t
e
d

a
m
o
u
n
t
s

i
n

t
h
e

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

t
h
a
t

w
i
l
l

r
e
s
u
l
t

i
n

t
a
x
a
b
l
e

o
r
de
d
u
c
t
i
b
l
e

a
m
o
u
n
t
s

i
n

f
u
t
u
r
e

y
e
a
r
s

w
h
e
n

t
h
e

r
e
p
o
r
t
e
d

a
m
o
u
n
t
s

o
f

t
h
e

a
s
s
e
t
s

a
n
d

l
i
a
b
i
l
i
t
i
e
s

a
r
e

r
e
c
o
v
e
r
e
d

o
r

s
e
t
t
l
e
d
.

T
h
e
s
e

d
e
f
e
r
r
e
d
mc
o
m
e

t
a
x

a
s
s
e
t
s

o
r

l
i
a
b
i
l
i
t
i
e
s

a
r
e

m
e
a
s
u
r
e
d

u
s
i
n
g

t
h
e

e
n
a
c
t
e
d

t
a
x

r
a
t
e
s

t
h
a
t

w
i
l
l

b
e

i
n

e
f
f
e
c
t

w
h
e
n

t
h
e

d
i
f
f
e
r
e
n
c
e
s
.

ar
e

e
x
p
e
c
t
e
d

t
o
re
v
e
r
s
e
.

R
e
c
o
g
n
i
t
i
o
n

o
f

d
e
f
e
r
r
e
d

t
a
x

a
s
s
e
t
s

i
s

l
i
m
i
t
e
d

t
o

a
m
o
u
n
t
s

c
o
n
s
i
d
e
r
e
d

b
y

m
a
n
a
g
e
m
e
n
t

t
o

b
e

m
o
r
e

l
i
k
e
l
y

t
h
a
n

n
o
t

o
f

r
e
a
l
i
z
a
t
i
o
n

i
n
fu
t
u
r
e

p
e
r
i
o
d
s
.

Ne
t

I
n
c
o
m
e

(
L
o
s
s
)

P
e
r

C
o
m
m
o
n

S
h
a
r
e
:

B
a
s
i
c

n
e
t

i
n
c
o
m
e

(
l
o
s
s
)

p
e
r

c
o
m
m
o
n

sh
a
r
e

(
"
Ba
s
i
c

B
P
S
"
)
e
x
c
l
u
d
e
s

d
i
l
u
t
i
o
n

a
n
d

i
s

c
o
m
p
u
t
e
d
by

d
i
v
i
d
i
n
g

n
e
t

i
n
c
o
m
e

(
l
o
s
s
)

a
p
p
l
i
c
a
b
l
e

t
o

c
o
m
m
o
n

s
h
a
r
e
h
o
l
d
e
r
s

b
y

t
h
e

w
e
i
g
h
t
e
d

a
v
e
r
a
g
e

n
u
m
b
e
r

o
f

c
o
m
m
o
n

s
h
a
r
e
s

o
u
t
s
t
a
n
d
i
n
g
du
r
i
n
g

t
h
e

y
e
a
r
.

D
i
l
u
t
e
d

n
e
t

i
n
c
o
m
e

(
l
o
s
s
)

p
e
r

c
o
m
m
o
n

s
h
a
r
e

(
"
Di
l
u
t
e
d

B
P
S
"
)
r
e
f
l
e
c
t
s

t
h
e

p
o
t
e
n
t
i
a
l

d
i
l
u
t
i
o
r
t

t
h
a
t

c
o
u
l
d

o
c
c
u
r

i
f

s
t
o
c
k
op
t
i
o
n
s

o
r

o
t
h
e
r

c
o
m
m
o
n

s
t
o
c
k

e
q
u
i
v
a
l
e
n
t
s

w
e
r
e

e
x
e
r
c
i
s
e
d

o
r

c
o
n
v
e
r
t
e
d

i
n
t
o

c
o
m
m
o
n

s
t
o
c
k
.

T
h
e

c
o
m
p
u
t
a
t
i
o
n

o
f

D
i
l
u
t
e
d

E
P
S

d
o
e
s

n
o
t
as
s
u
m
e

e
x
e
r
c
i
s
e

o
r

c
o
n
v
e
r
s
i
o
n

o
f

s
e
c
u
r
i
t
i
e
s

t
h
a
t

w
o
u
l
d

h
a
v
e

a
n

an
t
i
d
i
l
u
t
i
v
e
e
f
f
e
c
t

o
n

n
e
t

l
o
s
s

p
e
r

c
o
m
m
o
n

sh
a
r
e
.
As

o
f

D
e
c
e
m
b
e
r

31
~

2
0
0
3
~

ou
t
s
t
a
n
d
i
n
g

o
p
t
i
o
n
s

o
f

e
m
p
l
o
y
e
e
s

a
n
d

di
r
e
c
t
o
r
s
~

a
l
o
n
g

w
i
t
h

wa
r
r
a
n
t
s

h
e
l
d

b
y

i
n
v
e
s
t
o
r
s

w
h
i
c
h

t
o
g
e
t
h
e
r
ag
g
r
e
g
a
t
e
d

4
6
9
~
59
9

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

t
h
e

T
r
e
a
s
u
r
y

S
t
o
c
k

m
e
t
h
o
d

w
e
r
e

i
n
c
l
u
d
e
d

i
n

t
h
e

c
o
m
p
u
t
a
t
i
o
n

of
E
P
S
.

5
45
7
,
76
0

s
h
a
r
e
s

o
f
co
m
m
o
n

s
t
o
c
k

i
s
s
u
a
b
l
e

u
p
o
n

t
h
e

c
o
n
v
e
r
s
i
o
n

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

w
e
r
e

e
x
c
l
u
d
e
d

f
r
o
m

t
h
e

c
o
m
p
u
t
a
t
i
o
n

o
f

d
i
l
u
t
e
d

B
P
S

a
s

t
h
e
i
r

e
f
f
e
c
t

w
a
s
an
t
i
d
i
l
u
t
i
v
e
.
As

o
f

D
e
c
e
m
b
e
r

3
1
20
0
2
,
o
u
t
s
t
a
n
d
i
n
g

o
p
t
i
o
n
s

o
f

e
m
p
l
o
y
e
e
s

an
q
.

d
i
r
e
c
t
o
r
s

t
o

pu
r
c
h
a
s
e

3
~
59
2
72
1

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k
;

4
63
4
00
0
sh
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

i
s
s
u
a
b
l
e

u
p
o
n

t
h
e

c
o
n
v
e
r
s
i
o
n

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k
;

a
n
d

5
~
52
9
~
28
2

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

i
s
s
u
a
b
l
e

u
p
o
n
ex
e
r
c
i
s
e

o
f

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
t
o
c
k

w
e
r
e

n
o
t

i
n
c
l
u
d
e
d

i
n

t
h
e

c
o
m
p
u
t
a
t
i
o
n

o
f

D
i
l
u
t
e
d

B
P
S

b
e
c
a
u
s
e

t
h
e
y

w
o
u
l
d

b
e
an
t
i
d
i
l
u
t
i
v
e
.
Re
c
e
n
t

A
c
c
o
u
n
t
i
n
g

P
r
o
n
o
u
n
c
e
m
e
n
t
s
:
In

A
p
r
i
l

2
0
0
2
,

t
h
e

F
A
S
B

i
s
s
u
e
d

S
P
A
S

N
o
.

14
5
,

"
Re
s
c
i
s
s
i
o
n

o
f
F
A
S
B

S
t
a
t
e
m
e
n
t

4
~
4
4
an
d

6
4
Am
e
n
d
m
e
n
t

o
f
F
A
S
B

S
t
a
t
e
m
e
n
t
s

1
3
an
d

T
e
c
h
n
i
c
a
l

C
o
r
r
e
c
t
i
o
n
s
.
"
S
P
A
S

N
o
.

1
4
5

r
e
s
c
i
n
d
s

t
h
e

p
r
o
v
i
s
i
o
n
s

o
f

S
F

AS

N
o
.
4
t
h
a
t

r
e
q
u
i
r
e
s

c
o
m
p
a
n
i
e
s

t
o

c
l
a
s
s
i
f
y

c
e
r
t
a
i
n

g
a
i
n
s
an
d

l
o
s
s
e
s

f
r
o
m

d
e
b
t

e
x
t
i
n
g
u
i
s
h
m
e
n
t
s

a
s

e
x
t
r
a
o
r
d
i
n
a
r
y

i
t
e
m
s

a
n
d

a
m
e
n
d
s

t
h
e

p
r
o
v
i
s
i
o
n
s

o
f

S
F

AS

N
o
.

1
3

t
o

r
e
q
u
i
r
e

t
h
a
t

c
e
r
t
a
i
n

l
e
a
s
e
mo
d
i
f
i
c
a
t
i
o
n
s

b
e

t
r
e
a
t
e
d

a
s

s
a
l
e
/
l
e
a
s
e
b
a
c
k

t
r
a
n
s
a
c
t
i
o
n
s
.

T
h
e

p
r
o
v
i
s
i
o
n
s

o
f

S
F

AS

N
o
.

1
4
5

r
e
l
a
t
e
d

t
o

c
l
a
s
s
i
f
i
c
a
t
i
o
n

o
f

d
e
b
t
ex
t
i
n
g
u
i
s
h
m
e
n
t
s

a
r
e

e
f
f
e
c
t
i
v
e

f
o
r

f
i
s
c
a
l

y
e
a
r
s

b
e
g
i
n
n
i
n
g

a
f
t
e
r

M
a
y

1
5
,
2
0
0
2
.

C
o
m
m
e
n
c
i
n
g

J
a
n
u
a
r
y

1
20
0
3

t
h
e

C
o
m
p
a
n
y

w
i
l
l

c
l
a
s
s
i
f
y
de
b
t

e
x
t
i
n
g
u
i
s
h
m
e
n
t
s

c
o
s
t
s

w
i
t
h
i
n

i
n
c
o
m
e

f
r
o
m

o
p
e
r
a
t
i
o
n
s
.

T
h
e

p
r
o
v
i
s
i
o
n
s

o
f

S
F
A
S

N
o
.

14
5

r
e
l
a
t
e
d

t
o

l
e
a
s
e

m
o
d
i
f
i
c
a
t
i
o
n
s

a
r
e
ef
f
e
c
t
i
v
e

f
o
r

t
r
a
n
s
a
c
t
i
o
n
s

o
c
c
u
r
r
i
n
g

a
f
t
e
r

M
a
y

1
5
,
2
0
0
2
.

T
h
e

a
d
o
p
t
i
o
n

o
f

t
h
i
s

s
t
a
t
e
m
e
n
t

o
n

J

an
u
a
r
y

2
20
0
3

d
i
d

n
o
t

h
a
v
e

a

m
a
t
e
r
i
a
l
im
p
a
c
t

o
n

t
h
e

C
o
m
p
a
n
y
s
f
i
n
a
n
c
i
a
l

p
o
s
i
t
i
o
n

o
r

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s
.
In

D
e
c
e
m
b
e
r

2
0
0
2

t
h
e

F
A
S
B

i
s
s
u
e
d

S
P
A
S

N
o
.

14
8

"
Ac
c
o
u
n
t
i
n
g

f
o
r

S
t
o
c
k

B
a
s
e
d

C
o
m
p
e
n
s
a
t
i
o
n

-

T
r
a
n
s
i
t
i
o
n

a
n
d

D
i
s
c
l
o
s
u
r
e
.
"
T
h
i
s
st
a
t
e
m
e
n
t

a
m
e
n
d
s

S
P
A
S

N
o
.

1
2
3
,

"
Ac
c
o
u
n
t
i
n
g

f
o
r

S
t
o
c
k
-
Ba
s
e
d

C
o
m
p
e
n
s
a
t
i
o
n
"
t
o

p
r
o
v
i
d
e

a
l
t
e
r
n
a
t
i
v
e

m
e
t
h
o
d
s

o
f

t
r
a
n
s
i
t
i
o
n

f
o
r

a
vo
l
u
n
t
a
r
y

c
h
a
n
g
e

t
o

t
h
e

f
a
i
r

v
a
l
u
e

b
a
s
e
d

m
e
t
h
o
d

o
f

a
c
c
o
u
n
t
i
n
g

f
o
r

s
t
o
c
k
-
ba
s
e
d

e
m
p
l
o
y
e
e

c
o
m
p
e
n
s
a
t
i
o
n
.

T
h
i
s

a
m
e
n
d
m
e
n
t

a
l
s
o

c
h
a
n
g
e
s

th
e

d
i
s
c
l
o
s
u
r
e

r
e
q
u
i
r
e
m
e
n
t
s

o
f

S
F

AS

N
o
.

1
2
3

t
o

r
e
q
u
i
r
e

m
o
r
e

p
r
o
m
i
n
e
n
t

d
i
s
c
l
o
s
u
r
e
s

i
n

b
o
t
h

a
n
n
u
a
l

a
n
d

i
n
t
e
r
i
m

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s
ab
o
u
t

t
h
e

m
e
t
h
o
d
s

o
f

a
c
c
o
u
n
t
i
n
g

f
o
r

s
t
o
c
k
-
ba
s
e
d

e
m
p
l
o
y
e
e

c
o
m
p
e
n
s
a
t
i
o
n

a
n
d

t
h
e

e
f
f
e
c
t
s

o
f

t
h
e

m
e
t
h
o
d

u
s
e
d

o
n

r
e
p
o
r
t
e
d

a
m
o
u
n
t
s
.
SP
A
S

N
o
.

1
4
8

i
s

e
f
f
e
c
t
i
v
e

f
o
r

f
i
s
c
a
l

y
e
a
r
s

e
n
d
i
n
g

a
f
t
e
r

D
e
c
e
m
b
e
r

1S
~

20
0
2
.

T
h
e

C
o
m
p
a
n
y

h
a
s

o
p
t
e
d

t
o

c
o
n
t
i
n
u
e

a
c
c
o
u
n
t
i
n
g

f
o
r

s
t
o
c
k
op
t
i
o
n
s

u
n
d
e
r

t
h
e

i
n
t
r
i
n
s
i
c

v
a
l
u
e

m
e
t
h
o
d

p
r
e
s
c
r
i
b
e
d

i
n

A
P
B

O
p
i
n
i
o
n

N
o
.

2S

f
o
r

t
h
e

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3

a
n
d

2
0
0
2
.

I
n
ad
d
i
t
i
o
n
~

t
h
e

C
o
m
p
a
n
y

h
a
s

co
m
p
l
i
e
d

w
i
t
h

t
h
e

p
r
o
m
i
n
e
n
t

d
i
s
c
l
o
s
u
r
e

r
e
q
u
i
r
e
m
e
n
t
s

o
f

S
F

AS

N
o
.

1
4
8
.
I
r

,
n
o
,
.
..
.

...
.
.
.
.
.
.
,
In

M
a
y

2
0
0
3
,

t
h
e

F
A
S
B

i
s
s
u
e
d

S
F
A
S
N
o
.

1
5
0
,
"
Ac
c
o
u
n
t
i
n
g

f
o
r

C
e
r
t
a
i
n

F
i
n
a
n
c
i
a
l

I
n
s
t
r
u
m
e
n
t
s

w
i
t
h

C
h
a
r
a
c
t
e
r
i
s
t
i
c
s

o
f

b
o
t
h

L
i
a
b
i
l
i
t
i
e
s
an
d

E
q
u
i
t
y
"
(
"
SF
A
S

N
o
.

1
5
0
"
).

S
P
A
S

N
o
.

15
0

mo
d
i
f
i
e
s

t
h
e

a
c
c
o
u
n
t
i
n
g

f
o
r

c
e
r
t
a
i
n

f
i
n
a
n
c
i
a
l

i
n
s
t
r
u
m
e
n
t
s

t
h
a
t
,

u
n
d
e
r

p
r
e
v
i
o
u
s

g
u
i
d
a
n
c
e
is
s
u
e
r
s

c
o
u
l
d

a
c
c
o
u
n
t

f
o
r

a
s

e
q
u
i
t
y
.

S
F
A
S

N
o
.

15
0

re
q
u
i
r
e
s

t
h
a
t

t
h
o
s
e

i
n
s
t
r
u
m
e
n
t
s

b
e

c
l
a
s
s
i
f
i
e
d

a
s

l
i
a
b
i
l
i
t
i
e
s
.

S
P
A
S

N
o
.

1
5
0

i
s

e
f
f
e
c
t
i
v
e
fo
r

f
i
n
a
n
c
i
a
l

i
n
s
t
r
u
m
e
n
t
s

e
n
t
e
r
e
d

i
n
t
o

o
r

m
o
d
i
f
i
e
d

a
f
t
e
r

M
a
y

3
1
,
2
0
0
3
,

a
n
d

o
t
h
e
r
w
i
s
e

i
s

e
f
f
e
c
t
i
v
e

a
t

t
h
e

b
e
g
i
n
n
i
n
g

o
f

t
h
e

f
i
r
s
t

i
n
t
e
r
i
m
pe
r
i
o
d

t
h
a
t

b
e
g
a
n

a
f
t
e
r

J
u
n
e

1
5
,

2
0
0
3
.

I
t

i
s

t
o

b
e

i
m
p
l
e
m
e
n
t
e
d

b
y

r
e
p
o
r
t
i
n
g

t
h
e

c
u
m
u
l
a
t
i
v
e

e
f
f
e
c
t

o
f

a

c
h
a
n
g
e

i
n

a
n

a
c
c
o
u
n
t
i
n
g

p
r
i
n
c
i
p
l
e
fo
r

f
i
n
a
n
c
i
a
l

i
n
s
t
r
u
m
e
n
t
s

c
r
e
a
t
e
d

b
e
f
o
r
e

t
h
e

i
s
s
u
a
n
c
e

d
a
t
e

o
f

S
F

AS

N
o
.

15
0

an
d

s
t
i
l
l

e
x
i
s
t
i
n
g

a
t

t
h
e

b
e
g
i
n
n
i
n
g

o
f

t
h
e

i
n
t
e
r
i
m

p
e
r
i
o
d

o
f
ad
o
p
t
i
o
n
.

R
e
s
t
a
t
e
m
e
n
t

i
s

n
o
t

p
e
r
m
i
t
t
e
d
.

T
h
e

C
o
m
p
a
n
y
s
a
d
o
p
t
i
o
n

o
f

t
h
i
s

S
t
a
t
e
m
e
n
t

o
n

J
u
l
y

1
,
2
0
0
3

d
i
d

n
o
t

h
a
v
e

a

m
a
t
e
r
i
a
l

i
m
p
a
c
t

o
n
it
s

c
o
n
s
o
l
i
d
a
t
e
d

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s

o
r

f
i
n
a
n
c
i
a
l

p
o
s
i
t
i
o
n
.
NO
T
E

2
-

AC
Q
U
I
S
I
T
I
O
N
S
In

O
c
t
o
b
e
r

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

a
c
q
u
i
r
e
d

t
h
e

e
x
c
l
u
s
i
v
e

r
i
g
h
t

t
o

s
e
l
l

a
n
d

m
a
n
a
g
e

t
h
e

e
n
h
a
n
c
e
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

f
u
n
c
t
i
o
n
s

o
f
My
A
C
D
,

I
n
c
.

(
"
My
A
C
D
"
),

w
i
t
h

a

o
n
e
-
ye
a
r

o
p
t
i
o
n

t
o

p
u
r
c
h
a
s
e

i
t

a
t

a

p
r
e
d
e
t
e
r
m
i
n
e
d

p
r
i
c
e
.

D
u
r
i
n
g

t
h
e

t
e
r
m

o
f

t
h
e

a
g
r
e
e
m
e
n
t
,
B
u
y
e
r
s
Un
i
t
e
d

h
a
s

t
h
e

s
o
l
e

r
i
g
h
t

t
o

m
a
n
a
g
e

s
a
l
e
s
,
s
e
r
v
i
c
e

a
n
d

b
i
l
l
i
n
g

o
f
M
y
A
C
D

s
e
r
v
i
c
e
s
.

U
n
d
e
r

t
h
e

a
g
r
e
e
m
e
n
t

My
A
C
D

w
i
l
l

c
o
n
t
i
n
u
e

t
o
pr
o
v
i
d
e

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e

d
e
v
e
l
o
p
m
e
n
t

a
n
d

c
o
n
f
i
g
u
r
a
t
i
o
n

a
n
d

B
u
y
e
r
s

U
n
i
t
e
d

w
i
l
l

r
e
i
m
b
u
r
s
e

M
y
A
C
D

f
o
r

a
c
t
u
a
l

c
o
s
t
s

r
e
l
a
t
e
d

t
o

t
h
e
s
e
ac
t
i
v
i
t
i
e
s
.
Du
r
i
n
g

A
u
g
u
s
t

2
0
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

p
u
r
c
h
a
s
e
d

a
p
p
r
o
x
i
m
a
t
e
l
y

1
2
00
0

l
o
n
g

d
i
s
t
a
n
c
e

c
u
s
t
o
m
e
r
s

f
r
o
m

G
l
y
p
h
i
c
s

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
I
n
c
.
fo
r

$
5
4
3
55
8
.
On

D
e
c
e
m
b
e
r

2
0
,
2
0
0
2
,
B
u
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

a
n

a
g
r
e
e
m
e
n
t

w
i
t
h

T
o
u
c
h

A
m
e
r
i
c
a
,
I
n
c
.
,
a

s
u
b
s
i
d
i
a
r
y

o
f

T
o
u
c
h

A
m
e
r
i
c
a

H
o
l
d
i
n
g
s
,
In
c
.
,
t
o

p
u
r
c
h
a
s
e

a

s
u
b
s
t
a
n
t
i
a
l

n
u
m
b
e
r

o
f

i
t
s

s
w
i
t
c
h
e
d

v
o
i
c
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

c
u
s
t
o
m
e
r
s
,
i
n
c
l
u
d
i
n
g

t
h
e

c
a
r
n
e
r

i
d
e
n
t
i
f
i
c
a
t
i
o
n

c
o
d
e
us
e
d

t
o

s
e
r
v
i
c
e

t
h
o
s
e

c
u
s
t
o
m
e
r
s
.

I
n

J
u
n
e

2
0
0
3
,

t
h
e

C
o
m
p
a
n
y

a
m
e
n
d
e
d

t
h
e

p
u
r
c
h
a
s
e

a
g
r
e
e
m
e
n
t

t
o

a
c
q
u
i
r
e

a
d
d
i
t
i
o
n
a
l

s
w
i
t
c
h
e
d

v
o
i
c
e
an
d

d
e
d
i
c
a
t
e
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

c
u
s
t
o
m
e
r
s

a
n
d

c
o
r
r
e
c
t

d
i
s
c
r
e
p
a
n
c
i
e
s

i
n

t
h
e

l
i
s
t

o
f

c
u
s
t
o
m
e
r
s

o
r
i
g
i
n
a
l
l
y

p
u
r
c
h
a
s
e
d

i
n

D
e
c
e
m
b
e
r
20
0
2
.

B
u
y
e
r
s

U
n
i
t
e
d

d
i
d

n
o
t

p
u
r
c
h
a
s
e

a
n
y

a
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e
,
e
q
u
i
p
m
e
n
t
,

o
r

o
t
h
e
r

a
s
s
e
t
s

o
f

T
o
u
c
h

A
m
e
r
i
c
a
.

T
h
e

t
o
t
a
l

p
u
r
c
h
a
s
e

p
r
i
c
e
wa
s

$
6
.
5
m
i
l
l
i
o
n
.

B
u
y
e
r
s

U
n
i
t
e
d

m
a
d
e

a
n

i
n
i
t
i
a
l

p
a
y
m
e
n
t

o
f

$
3

m
i
l
l
i
o
n

t
o

T
o
u
c
h

A
m
e
r
i
c
a

i
n

D
e
c
e
m
b
e
r

2
0
0
2

a
n
d

h
a
s

m
a
d
e

a
d
d
i
t
i
o
n
a
l
ca
s
h

p
a
y
m
e
n
t
s

t
o
t
a
l
i
n
g

$
3
.
4

m
i
l
l
i
o
n

t
h
r
o
u
g
h

M
a
r
c
h

4
,
2
0
0
4
.

T
h
e

b
a
l
a
n
c
e

o
f
$
9
3
,
98
8

i
s

e
x
p
e
c
t
e
d

t
o

b
e

p
a
i
d

i
n

A
p
r
i
l

2
0
0
4
.
On

D
e
c
e
m
b
e
r

6
,
2
0
0
2
,
B
u
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

t
h
e

A
s
s
e
t

P
u
r
c
h
a
s
e

A
g
r
e
e
m
e
n
t

a
n
d

S
o
f
t
w
a
r
e

L
i
c
e
n
s
e

A
g
r
e
e
m
e
n
t

t
o

p
u
r
c
h
a
s
e

a
s
s
e
t
s
of

I
-
Li
n
k
,

I
n
c
.
,
a
n
d

i
t
s

s
u
b
s
i
d
i
a
r
y
,

I
-
Li
n
k

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,

I
n
c
.
,
a
n
d

l
i
c
e
n
s
e

i
n

p
e
r
p
e
t
u
i
t
y

s
o
f
t
w
a
r
e

d
e
v
e
l
o
p
e
d

b
y

I
-
Li
n
k

f
o
r

t
h
e

op
e
r
a
t
i
o
n

o
f

a

V
o
i
c
e

o
v
e
r

I
n
t
e
r
n
e
t

P
r
o
t
o
c
o
l

(
"
Vo
I
P
"
)
N
e
t
w
o
r
k
.

C
u
s
t
o
m
e
r

b
i
l
l
i
n
g
s

a
n
d

r
e
l
a
t
e
d

e
x
p
e
n
s
e
s

i
n
c
u
r
r
e
d

p
u
r
s
u
a
n
t

t
o

a

r
e
l
a
t
e
d
Ma
n
a
g
e
m
e
n
t

A
g
r
e
e
m
e
n
t

b
e
t
w
e
e
n

t
h
e

p
a
r
t
i
e
s

w
e
r
e

i
n
c
l
u
d
e
d

i
n

B
u
y
e
r
s

U
n
i
t
e
d
'
s
g
e
n
e
r
a
l

a
n
d

a
d
m
i
n
i
s
t
r
a
t
i
v
e

e
x
p
e
n
s
e
s

b
e
g
i
n
n
i
n
g

De
c
e
m
b
e
r

6
,
20
0
2
.

T
h
e

t
r
a
n
s
a
c
t
i
o
n

c
l
o
s
e
d

e
f
f
e
c
t
i
v
e

M
a
y

1
,
2
0
0
3
,

a
t

w
h
i
c
h

t
i
m
e

t
h
e

C
o
m
p
a
n
y

b
e
g
a
n

t
o

r
e
c
o
g
n
i
z
e

r
e
v
e
n
u
e

e
a
r
n
e
d

a
n
d
ex
p
e
n
s
e
s

i
n
c
u
r
r
e
d
.
Th
e

a
s
s
e
t
s

a
c
q
u
i
r
e
d

i
n
c
l
u
d
e

d
e
d
i
c
a
t
e
d

e
q
u
i
p
m
e
n
t

r
e
q
u
i
r
e
d

f
o
r

o
p
e
r
a
t
i
n
g

t
h
e

V
o
I
P

N
e
t
w
o
r
k
,

c
u
s
t
o
m
e
r
s

o
f

I
-
Li
n
k

s
e
r
v
i
c
e
d

t
h
r
o
u
g
h

t
h
e
ne
t
w
o
r
k
,
c
a
r
r
i
e
r

i
d
e
n
t
i
f
i
c
a
t
i
o
n
s

c
o
d
e
s
,
a
n
d

c
e
r
t
a
i
n

t
r
a
d
e
m
a
r
k
s
.

I
n

c
o
n
s
i
d
e
r
a
t
i
o
n

f
o
r

t
h
e

a
s
s
e
t
s

a
n
d

s
o
f
t
w
a
r
e

l
i
c
e
n
s
e
,

B
u
y
e
r
s

U
n
i
t
e
d
is
s
u
e
d

t
o

I
-
Li
n
k

2
4
6
,
43
0

s
h
a
r
e
s

o
f

S
e
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
u
e
d

S
t
o
c
k

w
i
t
h

a

f
a
i
r

ma
r
k
e
t
-
v
a
l
u
e

o
f

$
1
.
4

m
i
l
l
i
o
n
,

a
s
s
u
m
e
d

c
e
r
t
a
i
n
li
a
b
i
l
i
t
i
e
s
,

a
n
d

a
g
r
e
e
d

t
o

i
s
s
u
e

a
n

a
d
d
i
t
i
o
n
a
l

5
3
,
57
0

s
h
a
r
e
s

o
f

S
e
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
u
e
d

St
o
c
k

i
n

e
q
u
a
l

m
o
n
t
h
l
y

i
n
s
t
a
l
l
m
e
n
t
s

o
v
e
r
at
e
n
n
o
f

1
0

m
o
n
t
h
s

co
m
m
e
n
c
i
n
g

J
u
n
e

1
,

2
0
0
3
,

s
u
b
j
e
c
t

t
o

s
a
t
i
s
f
a
c
t
i
o
n

o
f

c
e
r
t
a
i
n

c
o
n
d
i
t
i
o
n
s

p
e
r
t
a
i
n
i
n
g

t
o

p
r
o
v
i
s
i
o
n
i
n
g

o
f

o
n
e

o
f

t
h
e
fa
n
n
e
r

I
-
Li
n
k

c
u
s
t
o
m
e
r
s

a
c
q
u
i
r
e
d

i
n

t
h
e

t
r
a
n
s
a
c
t
i
o
n
.
In

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

c
l
o
s
i
n
g
,

t
h
e

p
a
r
t
i
e
s

t
o
g
e
t
h
e
r

w
i
t
h

C
o
u
n
s
e
l

C
o
r
p
o
r
a
t
i
o
n
,

a
n

O
n
t
a
r
i
o

c
o
r
p
o
r
a
t
i
o
n
,
a
n
d

C
o
u
n
s
e
l

C
o
m
m
u
n
i
c
a
t
i
o
n
s
LL
C
,

a

D
e
l
a
w
a
r
e

l
i
m
i
t
e
d

l
i
a
b
i
l
i
t
y

c
o
m
p
a
n
y
,

b
o
t
h

a
f
f
i
l
i
a
t
e
s

of

I
-
Li
n
k
,

e
n
t
e
r
e
d

i
n
t
o

a

R
e
i
m
b
u
r
s
e
m
e
n
t

A
g
r
e
e
m
e
n
t

p
u
r
s
u
a
n
t

t
o

w
h
i
c
h
Co
u
n
s
e
l

C
o
r
p
o
r
a
t
i
o
n
,

C
o
u
n
s
e
l

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
a
n
d

I
-
Li
n
k

a
g
r
e
e
d

t
o

r
e
i
m
b
u
r
s
e

B
u
y
e
r
s

U
n
i
t
e
d

f
o
r

a
n
y

l
o
s
s

s
u
s
t
a
i
n
e
d

a
s

a

r
e
s
u
l
t

o
f
an
y

c
l
a
i
m
s

a
s
s
e
r
t
e
d

a
g
a
i
n
s
t

t
h
e

a
s
s
e
t
s

a
c
q
u
i
r
e
d

f
r
o
m

I
-
Li
n
k

b
y

c
e
r
t
a
i
n

c
r
e
d
i
t
o
r
s

o
f

I
-
Li
n
k
.

O
u
t

o
f

t
h
e

s
h
a
r
e
s

i
t

r
e
c
e
i
v
e
d

i
n

t
h
e
tr
a
n
s
a
c
t
i
o
n

I
-
Li
n
k

d
e
p
o
s
i
t
e
d

i
n

e
s
c
r
o
w

4
0
,
00
0

s
h
a
r
e
s

t
h
a
t

m
a
y

b
e

a
p
p
l
i
e
d

t
o

r
e
i
m
b
u
r
s
e

a
n
y

s
u
c
h

l
o
s
s
.

T
h
i
s

i
s

i
n

a
d
d
i
t
i
o
n

t
o

2
5
,
00
0
sh
a
r
e
s

I
-
Li
n
k

r
e
c
e
i
v
e
d

i
n

t
h
e

t
r
a
n
s
a
c
t
i
o
n

t
h
a
t

h
a
s

b
e
e
n

d
e
p
o
s
i
t
e
d

i
n

e
s
c
r
o
w

u
n
d
e
r

t
h
e

A
s
s
e
t

P
u
r
c
h
a
s
e

A
g
r
e
e
m
e
n
t

t
o

s
a
t
i
s
f
y

a
n
y

c
l
a
i
m
s
fo
r

i
n
d
e
m
n
i
f
i
c
a
t
i
o
n

u
n
d
e
r

t
h
e

A
s
s
e
t

P
u
r
c
h
a
s
e

A
g
r
e
e
m
e
n
t
.

D
u
r
i
n
g

2
0
0
4
,

t
h
e
s
e

r
e
m
a
i
n
i
n
g

6
5
00
0

s
h
a
r
e
s

w
e
r
e

d
e
l
i
v
e
r
e
d

t
o

C
o
u
n
s
e
l
Co
r
p
o
r
a
t
i
o
n
.
"0
'

'"

""
"
"
'
"

""

,
.
'
"
_
.
""
"
"
"
"

"
"
.
'
"

"
"
"
'
"

"
""
,
'
"

,

"
"
"
,
,
"

",
"
'
,
,
-
""
'
"
'
"
'
"

"
..

""
"
"
"
"
"
"
'
"

"
"

'"

'
"

.
.
,

" "
"
"
"
,
"
"
"
'
.
.
.
.
.
Th
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e

p
r
e
s
e
n
t
s

a

s
u
m
m
a
r
y

o
f

t
h
e

e
s
t
i
m
a
t
e
d

f
a
i
r

v
a
l
u
e
s

o
f

t
h
e

a
s
s
e
t
s

a
c
q
u
i
r
e
d

a
n
d

l
i
a
b
i
l
i
t
i
e
s

a
s
s
u
m
e
d

a
s

o
f

D
e
c
e
m
b
e
r

3
1
,
20
0
3
:
Co
m
p
u
t
e
r

a
n
d

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s

s
w
i
t
c
h
i
n
g
Cu
s
t
o
m
e
r

l
i
s
t
Li
c
e
n
s
e

o
n

t
e
c
h
n
o
l
o
g
y

a
n
d

p
a
t
e
n
t
s
Ca
r
r
i
e
r

i
d
e
n
t
i
f
i
c
a
t
i
o
n

c
o
d
e
De
p
o
s
i
t

w
i
t
h

a

v
e
n
d
o
r
eq
u
i
p
m
e
n
t
75
4
,

9
6
6
55
3
,
89
8
18
2
,
93
3
13
5
,
93
3
11
0

,

0
0

0
--
-
-
-
-
-
-
-
-
To
t
a
l

a
s
s
e
t
s

a
c
q
u
i
r
e
d
73
7
,
73
0
--
-
-
-
-
-
-
-
-
Ac
c
o
u
n
t
s

p
a
y
a
b
l
e

a
n
d

a
c
c
r
u
e
d

li
a
b
i
l
i
t
i
e
s
Ac
q
u
i
s
i
t
i
o
n

c
o
s
t
s
73
7
,
82
9
29
4
,
66
5
--
-
-
.
--
-
-
-
-
To
t
a
l

l
i
a
b
i
l
i
t
i
e
s

a
s
s
u
m
e
d
03
2
,
49
4
--
-
-
-
-
-
-
-
-
Ne
t

a
s
s
e
t
s

a
c
q
u
i
r
e
d
$1
,
70
5
,
23
6
==
=
=
=
=
=
=
=
=
Th
e

c
u
s
t
o
m
e
r

l
i
s
t

a
n
d

l
i
c
e
n
s
e
d

t
e
c
h
n
o
l
o
g
y

w
i
l
l

b
e

a
m
o
r
t
i
z
e
d

o
v
e
r

a

p
e
r
i
o
d

o
f

f
o
u
r

y
e
a
r
s
.
Th
e

f
o
l
l
o
w
i
n
g

u
n
a
u
d
i
t
e
d

p
r
o

f
o
r
m
a

f
i
n
a
n
c
i
a
l

i
n
f
o
r
m
a
t
i
o
n

p
r
e
s
e
n
t
s

r
e
s
u
l
t
s

a
s

i
f

t
h
e

a
c
q
u
i
s
i
t
i
o
n

h
a
d

o
c
c
u
r
r
e
d

a
t

t
h
e

b
e
g
i
n
n
i
n
g

o
f

t
h
e
re
s
p
e
c
t
i
v
e

p
e
r
i
o
d
s
:

Ye
a
r

e
n
d
e
d
De
c
e
m
b
e
r

3
1
,
--

-

--
-
-

-

--
-
-
-
-

-

-
-
-

-
-

-

--
-
20
0
3
20
0
2
--
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Ne
t

r
e
v
e
n
u
e
Ne
t

i
n
c
o
m
e

(
l
o
s

s)

a
p
p
l
i
c
a
b
l
e

t
o
co
m
m
o
n

s
t
o
c
k
h
o
l
d
e
r
s
$6
5
,
49
8
,
76
6
$3
7
,
96
5
,
06
0
Ba
s
i
c

a
n
d

d
i
l
u
t
e
d

n
e
t

i
n
c
o
m
e

(l
o
s
s
)

p
e
r

s
h
a
r
e
19
,
17
5
$
(
5
,

8
0
6
,

5
6
6
)
(1
.
01
)
Th
e
s
e

p
r
o

f
o
n
n
a

r
e
s
u
l
t
s

h
a
v
e

b
e
e
n

p
r
e
p
a
r
e
d

f
o
r

c
o
m
p
a
r
a
t
i
v
e

p
u
r
p
o
s
e
s

o
n
l
y

a
n
d

i
n
c
l
u
d
e

c
e
r
t
a
i
n

a
d
j
u
s
t
m
e
n
t
s

s
u
c
h

a
s

a
d
d
i
t
i
o
n
a
l
am
o
r
t
i
z
a
t
i
o
n

e
x
p
e
n
s
e

a
s

a

r
e
s
u
l
t

o
f

i
d
e
n
t
i
f
i
a
b
l
e

t
a
n
g
i
b
l
e

a
n
d

i
n
t
a
n
g
i
b
l
e

a
s
s
e
t
s

a
r
i
s
i
n
g

f
r
o
m

t
h
e

a
c
q
u
i
s
i
t
i
o
n
.

T
h
e

p
r
o

f
o
n
n
a

r
e
s
u
l
t
s

a
r
e
no
t

n
e
c
e
s
s
a
r
i
l
y

i
n
d
i
c
a
t
i
v
e

e
i
t
h
e
r

o
f

t
h
e

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s

t
h
a
t

a
c
t
u
a
l
l
y

w
o
u
l
d

h
a
v
e

r
e
s
u
l
t
e
d

h
a
d

t
h
e

a
c
q
u
i
s
i
t
i
o
n

b
e
e
n

i
n

e
f
f
e
c
t

a
t

t
h
e
be
g
t
n
n
i
n
g

o
f

t
h
e

r
e
s
p
e
c
t
i
v
e

p
e
r
i
o
d
s
,
o
r

o
f

r
e
s
u
l
t
s

t
o

b
e

a
c
h
i
e
v
e
d

i
n

t
h
e

f
u
t
u
r
e
.
NO
T
E

3
-

PR
O
P
E
R
T
Y

A
N
D

E
Q
U
I
P
M
E
N
T
At

D
e
c
e
m
b
e
r

3
1
,
20
0
3
,

p
r
o
p
e
r
t
y

a
n
d

e
q
u
i
p
m
e
n
t

c
o
n
s
i
s
t
e
d

o
f

t
h
e

f
o
l
l
o
w
i
n
g
:
Co
m
p
u
t
e
r

a
n
d

o
f
f
i
c
e

e
q
u
i
p
m
e
n
t
In
t
e
r
n
a
l
-
u
s
e

s
o
f
t
w
a
r
e
Fu
r
n
i

t
u
r
e

an
d

f
i
x
t
u
r
e
s
$3
,
72
4
,
16
4
26
8
,
72
3
30
2
,

0
2
7
--
-
-
-
-
-
-
-
-
Ac
c
u
m
u
l
a
t
e
d

d
e
p
r
e
c
i
a
t
i
o
n

a
n
d

a
m
o
r
t
i
z
a
t
i
o
n
29
4
,
91
4
(
1
,

8
7
0

,

2
7
2

)
--
-
-
-
-
-
-
-
-
$2
,
42
4
,
64
2
==
=
=
=
=
=
=
=
=
NO
T
E

4

IN
T
A
N
G
I
B
L
E

A
S
S
E
T
S
At

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
,

i
n
t
a
n
g
i
b
l
e

a
s
s
e
t
s

c
o
n
s
i
s
t
e
d

o
f

t
h
e

f
o
l
l
o
w
i
n
g
:
Gr
o
s
s
as
s
e
t
Ac
c
u
m
u
l
a
t
e
d

I
n
t
a
n
g
i
b
l
e
am
o
r
t
i
z
a
t
i
o
n

a
s
s
e
t
s
,

ne
t
--
-
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Cu
s
t
o
m
e
r

l
i
s
t
s
Te
c
h
n
o
l
o
g
y

a
n
d

p
a
t
e
n
t
s
10
,
76
0
,
30
7
31
8
,
86
5
$
3
,
84
0
,
67
9
21
9
,
81
1
$
6
,
91
9
,
62
8
09
9
,
05
4
--
-
-
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
12
,
07
9
,
17
2
$
4
,

06
0
,

4

9
0
$
8
,
01
8
,
68
2
==
=
=
=
=
=
=
=
=
=
=
=
==
=
=
=
=
=
=
=
=
=
--
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
Th
e

C
o
m
p
a
n
y

p
a
r
t
i
c
i
p
a
t
e
d

i
n

a

d
i
r
e
c
t

r
e
s
p
o
n
s
e

m
a
r
k
e
t
i
n
g

c
a
m
p
a
i
g
n

w
i
t
h

L
o
w
e
r
M
y
B
i
l
l
s
.
co
m
,

I
n
c
.

(
L
M
B
)
,

a

w
e
b
-
ba
s
e
d

c
o
m
p
a
r
i
s
o
n
sh
o
p
p
i
n
g

s
e
r
v
i
c
e
.

T
h
e

f
e
e
s

a
s
s
o
c
i
a
t
e
d

w
i
t
h

t
h
i
s

a
d
v
e
r
t
i
s
i
n
g

c
a
m
p
a
i
g
n

w
e
r
e

d
e
f
e
r
r
e
d

a
n
d

a
g
g
r
e
g
a
t
e
d

$
2
.
8
m
i
l
l
i
o
n

u
n
t
i
l

J
u
n
e

2
0
0
3
,

w
h
e
n
th
e

C
o
m
p
a
n
y

c
e
a
s
e
d

p
a
r
t
i
c
i
p
a
t
i
n
g

i
n

t
h
e

p
r
o
g
r
a
m
.

A
m
o
r
t
i
z
a
t
i
o
n

e
x
p
e
n
s
e

f
o
r

t
h
e
s
e

c
u
s
t
o
m
e
r
s

i
n

2
0
0
3

a
n
d

2
0
0
2
,
w
a
s

$
1
.
2
m
i
l
l
i
o
n

a
n
d
$7
6
1
,
09
1
,

r
e
s
p
e
c
t
i
v
e
l
y
.

L
'
"

I

"
"
"
'

I"

",
.
.
.
.

,

"I

"
"
11
1
1
1
0
1
"

\I
I
I

II

,.
.
..
1
1
M
'
"

11
1
1
.

'
"
,
,
'"

..
.
.

.
"

\t
o

I

,
I
""
'
'"
"

.
.

-"
,

"
"
"

I
"
"
"
"
"
' 6
"
~
I .
.
.Th
e

C
o
m
p
a
n
y

a
l
s
o

a
c
q
u
i
r
e
d

n
e
w

c
u
s
t
o
m
e
r

l
i
s
t
s

r
e
l
a
t
e
d

t
o

I
-
Li
n
k
,

T
o
u
c
h

A
m
e
r
i
c
a
,

a
n
d

G
l
y
p
h
i
c
s

i
n

2
0
0
3
,

w
h
i
c
h

a
r
e

p
r
e
d
o
m
i
n
a
n
t
l
y
co
r
p
o
r
a
t
e

c
u
s
t
o
m
e
r
s
.

I
n

a
d
d
i
t
i
o
n
,

t
h
e

C
o
m
p
a
n
y

a
c
q
u
i
r
e
d

t
e
c
h
n
o
l
o
g
y

a
n
d

l
i
c
e
n
s
e
s

r
e
l
a
t
e
d

t
o

I
-
Li
n
k

i
n

2
0
0
3
.

A
m
o
r
t
i
z
a
t
i
o
n

e
x
p
e
n
s
e
du
r
i
n
g

2
0
0
3

f
o
r

t
h
e

a
d
d
i
t
i
o
n
a
l

c
u
s
t
o
m
e
r
s

w
a
s

$
1
.
9
m
i
l
l
i
o
n
,

a
n
d

w
a
s

$
2
1
9
,
81
1

f
o
r

t
h
e

t
e
c
h
n
o
l
o
g
y

a
n
d

l
i
c
e
n
s
e
s
.
Th
e

C
o
m
p
a
n
y

e
s
t
i
m
a
t
e
s

t
h
e

u
s
e
f
u
l

l
i
v
e
s

o
f

i
t
s

a
c
q
u
i
r
e
d

c
u
s
t
o
m
e
r

l
i
s
t
s

b
a
s
e
d

u
p
o
n

a
t
t
r
i
t
i
o
n

r
a
t
e
s

e
x
p
e
r
i
e
n
c
e
d

b
y

t
h
e

C
o
m
p
a
n
y
.
Hi
s
t
o
r
i
c
a
l
l
y
,

m
a
n
a
g
e
m
e
n
t

e
s
t
i
m
a
t
e
d

t
h
e

u
s
e
f
u
l

l
i
v
e
s

b
e
t
w
e
e
n

2
4

t
o

3
6

m
o
n
t
h
s

b
a
s
e
d

u
p
o
n

t
h
e

t
y
p
e

of

c
u
s
t
o
m
e
r

a
n
d

s
e
r
v
i
c
e

p
r
o
v
i
d
e
d
.
Ba
s
e
d

u
p
o
n

r
e
c
e
n
t

a
t
t
r
i
t
i
o
n

i
n
f
o
n
n
a
t
i
o
n

w
h
i
c
h

s
h
o
w
e
d

t
h
a
t

c
u
s
t
o
m
e
r
s

w
e
r
e

a
v
e
r
a
g
i
n
g

l
o
n
g
e
r

li
v
e
s
,

t
h
e

C
o
m
p
a
n
y

c
h
a
n
g
e
d

t
h
e
es
t
i
m
a
t
e
d

u
s
e
f
u
l

l
i
v
e
s

f
o
r

i
t
s

c
u
s
t
o
m
e
r

l
i
s
t
s

p
r
o
s
p
e
c
t
i
v
e
l
y

i
n

t
h
e

f
o
u
r
t
h

q
u
a
r
t
e
r

of
2
0
0
3
.

L
M
B

cu
s
t
o
m
e
r

l
i
v
e
s

w
e
r
e

i
n
c
r
e
a
s
e
d

:
t
r
o
m

2
4

t
o
36

m
o
n
t
h
s
~

T
h
e

i
m
p
a
c
t

o
f

th
i
s

c
h
a
n
g
e

w
a
s

a

$
2
0
4
50
0

d
e
c
r
e
a
s
e

i
n

a
m
o
r
t
i
z
a
t
i
o
n

e
x
p
e
n
s
e

i
n

t
h
e

f
o
u
r
t
h

q
u
a
r
t
e
r

o
f

2
0
0
3
.

T
h
e

c
u
s
t
o
m
e
r
li
v
e
s

o
f

T
o
u
c
h

A
m
e
r
i
c
a
,
I
-
Li
n
k

a
n
d

G
l
y
p
h
i
c
s

w
e
r
e

c
h
a
n
g
e
d

f
r
o
m

3
0

o
r

3
6

m
o
n
t
h
s

t
o

4
8

m
o
n
t
h
s
.

T
h
e

i
m
p
a
c
t

o
f

t
h
i
s

c
h
a
n
g
e

w
a
s

a
$3
0
6
,
05
3

d
e
c
r
e
a
s
e

i
n

a
m
o
r
t
i
z
a
t
i
o
n

e
x
p
e
n
s
e

i
n

t
h
e

f
o
u
r
t
h

q
u
a
r
t
e
r

o
f
2
0
0
3
.
4m
o
r
t
i
~
~
t
i
o
n

ex
p
~
e

~o
r

a
l
l

in
t
a
n
g
i
b
l
e

a
s
s
e
t
s

d~
g

th
e

f
o
u
r
-
ye
a
r

p
e
r
i
o
d

e
n
d
i
n
g

D
e
c
e
m
b
e
r

3
1
20
0
7

i
s

e
s
t
i
m
a
t
e
d

t
o

b
e

$
2
.
7
m
i
l
l
i
o
n
$2
.
5
m
l
l
h
o
n
,

$
2
.
2
t
n
l
l
h
o
n
,

a
n
d

$
6
0
0
,
00
0
,

r
e
s
p
e
c
t
i
v
e
l
y
.
NO
T
E

5

-

L
I
N
E

O
F

C
R
E
D
I
T
Bu
y
e
r
s

U
n
i
t
e
d

h
a
s

a

l
i
n
e

o
f

c
r
e
d
i
t

a
g
r
e
e
m
e
n
t

w
i
t
h

R
F
C

C
a
p
i
t
a
l

C
o
r
p
o
r
a
t
i
o
n

t
h
a
t

e
x
p
i
r
e
s

i
n

J
a
n
u
a
r
y

2
0
0
6
.

T
h
e

a
v
a
i
l
a
b
l
e

b
o
r
r
o
w
i
n
g
li
m
i
t

i
s

$
5

m
i
l
l
i
o
n
.

I
n
t
e
r
e
s
t

a
c
c
r
u
e
s

a
t

p
r
i
m
e

p
l
u
s

t
h
r
e
e

p
e
r
c
e
n
t
,
w
h
i
c
h

w
a
s

7
.
00
0
/
0

a
s

of

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
.

D
u
r
i
n
g

2
0
0
2
,
t
h
e

i
n
t
e
r
e
s
t
ra
t
e

o
n

t
h
e

l
i
n
e

w
a
s

p
r
i
m
e

p
l
u
s

s
i
x

p
e
r
c
e
n
t
,
w
h
i
c
h

w
a
s

1
0
.
25
%

a
s

o
f

D
e
c
e
m
b
e
r

3
1
20
0
2
.

T
h
e

f
a
c
i
l
i
t
y

a
l
l
o
w
s

t
h
e

C
o
m
p
a
n
y

t
o

o
b
t
a
i
n
fI
n
a
n
c
i
n
g

o
n

i
t
s

e
l
i
g
i
b
l
e

a
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e
,
i
n
c
l
u
d
i
n
g

u
n
b
i
l
l
e
d

r
e
c
e
i
v
a
b
l
e
s

a
n
d

r
e
g
u
l
a
r

m
o
n
t
h
l
y

b
i
l
l
i
n
g
s
.

T
h
e

f
a
c
i
l
i
t
y

i
s

c
o
l
l
a
t
e
r
a
l
i
z
e
d
by

t
h
e

u
n
d
e
r
l
y
i
n
g

r
e
c
e
i
v
a
b
l
e
s
.

O
n

D
e
c
e
m
b
e
r

3
1
20
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

h
a
d

f
i
n
a
n
c
e
d

t
h
e

m
a
x
i
m
u
m

a
m
o
u
n
t

a
v
a
i
l
a
b
l
e

b
a
s
e
d

o
n

e
l
i
g
i
b
l
e
ac
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e

a
t

t
h
a
t

t
i
m
e
.

T
h
i
s

a
m
o
u
n
t
,
l
e
s
s

d
r
a
w
s

b
y

R
F
C

a
p
p
l
i
e
d

a
g
a
i
n
s
t

t
h
e

o
u
t
s
t
a
n
d
i
n
g

a
m
o
u
n
t
,
a
g
g
r
e
g
a
t
e
d

$
4
.
1
m
i
l
l
i
o
n
.
Th
e

f
a
c
i
l
i
t
y

r
e
q
u
i
r
e
s

B
u
y
e
r
s

U
n
i
t
e
d

t
o

m
a
i
n
t
a
i
n

a

r
e
s
t
r
i
c
t
e
d

c
a
s
h

a
c
c
o
u
n
t

f
o
r

t
h
e

c
o
l
l
e
c
t
i
o
n

o
f

t
h
e

r
e
c
e
i
v
a
b
l
e
s
.

A
s

o
f

D
e
c
e
m
b
e
r

3
1
20
0
3
,

B
u
y
e
r
s

U
n
i
t
e
d

h
a
d

$
1
.
2
m
i
l
l
i
o
n

o
f

r
e
s
t
r
i
c
t
e
d

c
a
s
h

a
s
s
o
c
i
a
t
e
d

w
i
t
h

t
h
e

R
F
C

a
r
r
a
n
g
e
m
e
n
t
.
NO
T
E

6

-

A
C
C
R
U
E
D

L
I
A
B
I
L
I
T
I
E
S
At

D
e
c
e
m
b
e
r

3
1
,
20
0
3
,

a
c
c
r
u
e
d

l
i
a
b
i
l
i
t
i
e
s

c
o
n
s
i
s
t
e
d

o
f

t
h
e

f
o
l
l
o
w
i
n
g
:
Ac
c
r
u
e
d

c
o
m
m
i
s
s
i
o
n
s
Ac
c
r
u
e
d

d
i
v
i
d
e
n
d
s
Ot
h
e
r
NO
T
E

7

-

L
O
N
G
-
T
E
R
M

D
E
B
T

A
N
D

N
O
T
E
S

P
A
Y
A
B
L
E
Lo
n
g
-
t
e
n
n

d
e
b
t

c
o
n
s
i
s
t
s

o
f

t
h
e

f
o
l
l
o
w
i
n
g
:
Un
s
e
c
t
i
r
e
d

n
o
t
e
s

p
a
y
a
b
l
e

to

th
e

C
h
a
i
r
m
a
n

o
f

t
h
e
Bo
a
r
d
,

b
e
a
r
i
n
g

i
n
t
e
r
e
s
t

at

1
2

p
e
r
c
e
n
t
,

p
a
y
a
b
l
e
mo
n
t
h
l
y
.

P
r
i
n
c
i
p
a
l

a
n
d

un
p
a
i
d

i
n
t
e
r
e
s
t

a
r
e

d
u
e
an
d

p
a
y
a
b
l
e

i
n

J
u
l
y

20
0
4
,

e
x
c
e
p
t

fo
r

$
1
1
2
,
50
0
wh
i
c
h

ma
t
u
r
e
s

i
n

De
c
e
m
b
e
r

2
0
0
4
,

an
d

$
3
4
8
,

82
5
wh
i
c
h

m
a
t
u
r
e
s

i
n

J
u
l
y

20
0
5
.
Un
s
e
c
u
r
e
d

no
t
e
s

pa
y
a
b
l
e

t
o

tw
o

Di
r
e
c
t
o
r
s
be
a
r
i
n
g

in
t
e
r
e
s
t

at

12

pe
r
c
e
n
t
,

pa
y
a
b
l
e
mo
n
t
h
l
y
.

M
a
t
u
r
i
t
y

da
t
e
s

va
r
y
,

f
r
o
m

Ju
l
y

2
0
0
4
th
r
o
u
g
h

J
a
n
u
a
r
y

20
0
5
.
."
"

"
'

,
,
I
"'
"

",
,
""
"
"
"
"
"
"
"
"
"
"
"
"
"
,

"
"
"
"
'
"

II
I
'
"
"
66
9
,
52
3
47
8
,
59
9
68
0
,
74
2
--
-
-
-
-
-
-
-
-
$1
,
82
8
,
86
4
==
=
=
=
=
=
=
=
=
$2
,
72
6
,
32
5
80
0
,
00
0
,
"

."
.
,

,

".
.
.
.
.
.
.
.
,

,.
.
,
.
.
,

"
"'.
,
"
"
"
"
"
'
.
,
.
..
.
.
.
.
"
Un
s
e
c
u
r
e
d

n
o
t
e

p
a
y
a
b
l
e

t
o

a

r
e
l
a
t
i
v
e

o
f

a

D
i
r
e
c
t
o
r
,
b
e
a
r
i
n
g

i
n
t
e
r
e
s
t

a
t

1
2

p
e
r
c
e
n
t

p
a
y
a
b
l
e

m
o
n
t
h
l
y
.

P
r
i
n
c
i
p
a
l

a
n
d

u
n
p
a
i
d
in
t
e
r
e
s
t

d
u
e

i
n

J
a
n
u
a
r
y

20
0
5
.
10
0
,

0
0
0
.
:
Pr
o
m
i
s
s
o
r
y

no
t
e

pa
y
a
b
l
e

t
o

an

in
d
i
v
i
d
u
a
l
be
a
r
i
n
g
'
i
n
t
e
r
e
s
t

at

12

pe
r
c
e
n
t
,

pa
y
a
b
l
e
mo
n
t
h
l
y
.

Se
c
u
r
e
d

b
y

eq
u
i
p
m
e
n
t
.

Pr
i
n
c
i
p
a
l
an
d

u
n
p
a
i
d

i
n
t
e
r
e
s
t

d
u
e

i
n

J
u
l
y

20
0
4
.
29
3
,
33
3
Pr
o
m
i
s
s
o
r
y

no
t
e
s

pa
y
a
b
l
e

t
o

tw
o

in
d
i
v
i
d
u
a
l
s
be
a
r
i
n
g

in
t
e
r
e
s
t

at

12

pe
r
c
e
n
t
,

pa
y
a
b
l
e
mo
n
t
h
l
y
.

Se
c
u
r
e
d

b
y

eq
u
i
p
m
e
n
t
.

Pr
i
n
c
i
p
a
l
an
d

u
n
p
a
i
d

i
n
t
e
r
e
s
t

d
u
e

i
n

t
h
e

s
u
m
m
e
r

o
f

20
0
6
.
19
1
,
95
4
Un
s
e
c
u
r
e
d

p
r
o
m
i
s
s
o
r
y

no
t
e
s

b
e
a
r
i
n
g

i
n
t
e
r
e
s
t

a
t
te
n

p
e
r
c
e
n
t

an
d

12

p
e
r
c
e
n
t
,

pa
y
a
b
l
e

m
o
n
t
h
l
y
.
Pr
i
n
c
i
p
a
l

pa
y
m
e
n
t
s

du
e

m
o
n
t
h
l
y
,

ba
s
e
d

on

2
0
pe
r
c
e
n
t

t
o

40

p
e
r
c
e
n
t

of

b
i
l
l
i
n
g
s

co
l
l
e
c
t
e
d
fr
o
m

s
p
e
c
i
f
i
c
a
l
l
y
-
d
e
s
i
g
n
a
t
e
d

c
u
s
t
o
m
e
r
s

r
e
f
e
r
r
e
d
fr
o
m

Lo
w
e
r
M
y
B
i
l
l
s
.

c
o
m
,

In
c
.

(
"
LM
B
"
)
.

Th
e
ma
j
o
r
i
t
y

o
f

th
e
s
e

n
o
t
e
~

h
a
v
e

n
o

m
a
t
u
r
i
t
y

da
t
e
.
Th
e

C
o
m
p
a
n
y

be
l
i
e
v
e
s

t
h
a
t

a
l
l

o
f

t
h
e

p
r
i
n
c
i
p
a
l
wi
l
l

b
e

r
e
p
a
i
d

d
u
r
i
n
g

20
0
4
,

b
a
s
e
d
'

o
n

e
x
p
e
c
t
e
d
ca
s
h

c
o
l
l
e
c
t
i
o
n
s

f
r
o
m

t
h
e
s
e

cu
s
t
o
m
e
r
s
.
47
5
,
22
3
Un
s
e
c
u
r
e
d

p
r
o
m
i
s
s
o
r
y

no
t
e
s

b
e
a
r
i
n
g

i
n
t
e
r
e
s
t

a
t
te
n

pe
r
c
e
n
t
,

pa
y
a
b
l
e

mo
n
t
h
l
y
.

Pr
i
n
c
i
p
a
l
pa
y
m
e
n
t
s

du
e

m
o
n
t
h
l
y
,

ba
s
e
d

o
n

t
e
n

p
e
r
c
e
n
t

o
f
bi
l
l
i
n
g
s

c
o
l
l
e
c
t
e
d

f
r
o
m

cu
s
t
o
m
e
r
s

a
c
q
u
i
r
e
d

f
r
o
m
To
u
c
h

Am
e
r
i
c
a
,

In
c
.

Th
e
s
e

no
t
e
s

ha
v
e

ma
t
u
r
i
t
y

da
t
e
.

Th
e

C
o
m
p
a
n
y

b
e
l
i
e
v
e
s

th
a
t

a
l
l
pr
i
n
c
i
p
a
l

w
i
l
l

be

re
p
a
i
d

i
n

20
0
5
,

ba
s
e
d

ex
p
e
c
t
e
d

c
a
s
h

c
o
l
l
e
c
t
i
o
n
s

f
r
o
m

t
h
e
s
e

cu
s
t
o
m
e
r
s
.
35
8
,
41
2
Un
s
e
c
u
r
e
d

p
r
o
m
i
s
s
o
r
y

no
t
e

b
e
a
r
i
n
g

in
t
e
r
e
s
t

a
t
10

p
e
r
c
e
n
t
,

p
a
y
a
b
l
e

m
o
n
t
h
l
y
.

P
r
i
n
c
i
p
a
l

p
a
y
m
e
n
t
s
du
e

m
o
n
t
h
l
y
,

ba
s
e
d

o
n

3
0

pe
r
c
e
n
t

o
f

bi
l
l
i
n
g
s
co
l
l
e
c
t
e
d

f
r
o
m

c
u
s
t
o
m
e
r
s

r
e
c
e
n
t
l
y

a
c
q
u
i
r
e
d

f
r
o
m
Gl
y
p
h
i
c
s
,

In
c
.

T
h
e

no
t
e

h
a
s

n
o

m
a
t
u
r
i
t
y

d
a
t
e
.
Th
e

C
o
m
p
a
n
y

b
e
l
i
e
v
e
s

t
h
a
t

a
l
l

p
r
i
n
c
i
p
a
l

w
i
l
l

b
e
re
p
a
i
d

b
y

th
e

~
n
d

o
f

2
0
0
4

,
ba
s
e
d

on

e
x
p
e
c
t
e
d
ca
s
h

c
o
l
l
e
c
t
i
o
n
s

f
r
o
m

t
h
e
s
e

cu
s
t
o
m
e
r
s
.
63
1
,
21
1
No
t
e

p
a
y
a
b
l
e

t
o

T
o
u
c
h

A
m
e
r
i
c
a
,

I
n
c
.
,

w
i
t
h
in
t
e
r
e
s
t

i
m
p
u
t
e
d

a
t

f
o
u
r

p
e
r
c
e
n
t
,

p
a
y
a
b
l
e

m
o
n
t
h
l
y
.

P
r
i
n
c
i
p
a
l

p
a
y
m
e
n
t
s

d
u
e

m
o
n
t
h
l
y
,

b
a
s
e
d

o
n

7
.
2
p
e
r
c
e
n
t

o
f

b
i
l
l
i
n
g
s

c
o
l
l
e
c
t
e
d

f
r
o
m
cu
s
t
o
m
e
r
s

a
c
q
u
i
r
e
d

f
r
o
m

T
o
u
c
h

A
m
e
r
i
c
a
,
I
n
c
.

T
h
e

o
b
l
i
g
a
t
i
o
n

h
a
s

n
o

m
a
t
u
r
i
t
y

d
a
t
e
.

T
h
e

C
o
m
p
a
n
y

e
x
p
e
c
t
s

t
h
a
t

a
l
l

p
r
i
n
c
i
p
a
l

w
i
l
l

b
e
re
p
a
i
d

b
y

A
p
r
i
1
2
0
0
4
,
b
a
s
e
d

o
n

e
x
p
e
c
t
e
d

c
a
s
h

c
o
l
l
e
c
t
i
o
n
s
fr
o
m

t
h
e
s
e

c
u
s
t
o
m
e
r
s
.
47
3
,
43
7
Ot
h
e
r
29
5
,
23
8
Ca
p
i

t
a
l

le
a
s
e
s
82
,
47
7
--
-
-
-
-
-
-
-
-
Le
s
s

c
u
r
r
e
n
t

p
o
r
t
i
o
n
42
7
,
61
0
(7
,
78
1
,
48
4
)
--
-
-
-
-
-
-
-
-
64
6
,
12
6
==
=
=
=
=
=
=
=
=
Lo
n
g
-
t
e
r
m

d
e
b
t

m
a
t
u
r
i
t
i
e
s

a
r
e

a
s

fo
l
l
o
w
s
:
20
0
4
20
0
5
20
0
6
$7
,
78
1
,
48
4
62
3
,
71
9
22
,
40
7
--
-
-
-
-
-
-
-
-
Le
s
s
c
u
r
r
e
n
t

m
a
t
u
r
i
t
i
e
s
42
7
,
61
0
(7
,
78
1
,
48
4
)
--
-
-
-
-
-
-
-
-
64
6
,
12
6
==
=
=
=
=
=
=
=
=
.,
.
"
"
"
"
,
'"

,o
n
"
"
"
"
,,
"
'
,
.
n
"
""
.
-
"
"
.
"
"
""
"
'
.
"
'
.
'

"
"
,
.
"
,
-
"
"
.
"
"
,
"o
n

'
"
"

""
.
"

"
"

,
,
I
"
,
"
"
,
n

"
on
.
.
"
"
"
"
,
.
,
.
"
.
.
"
,

,,"
.
.
"
'
.
.
--
-
On

F
e
b
r
u
a
r
y

2
8
,

2
0
0
3
,

t
h
e

C
o
m
p
a
n
y

r
e
t
i
r
e
d

i
t
s

$
1
.
1
m
i
l
l
i
o
n

n
o
t
e

p
a
y
a
b
l
e

b
y

p
a
y
i
n
g

$
2
5
0
,
0'0
0

.
in

c
a
s
h

a
n
d

i
s
s
u
i
n
g

a

n
e
w

p
r
o
m
i
s
s
o
r
y
no
t
e

f
o
r

$
8
0
0
,
00
0
.

I
n

a
d
d
i
t
i
o
n
,

t
h
e

C
o
m
p
a
n
y

i
s
s
u
e
d

5
0
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

o
r
i
g
i
n
a
l

a
g
r
e
e
m
e
n
t
.

A
t
De
c
e
m
b
e
r

3
1
20
0
3
,

t
h
e

a
m
o
u
n
t

r
e
m
a
i
n
i
n
g

d
u
e
,

l
e
s
s

i
s
s
u
a
n
c
e

c
o
s
t
s
,
w
a
s

$
6
3
1
,
21
1

(
s
e
e

a
b
o
v
e
)
.
In

c
o
n
n
e
c
t
i
o
n

w
i
t
h

s
o
m
e

o
f

t
h
e

1
M
B
-
r
e
l
a
t
e
d

u
n
s
e
c
u
r
e
d

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s
,

t
w
o
-
ye
a
r

w
a
l
T
a
n
t
s

t
o

p
u
r
c
h
a
s
e

5
6
2
95
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n
st
o
c
k

a
t

$
2
.
50

p
e
r

s
h
a
r
e

w
e
r
e
.

i
s
s
u
e
d

t
o

t
h
e

no
t
e
h
o
l
d
e
r
s
.

W
a
r
r
a
n
t
s

f
o
r

a
n

a
d
d
i
t
i
o
n
a
1
9
4
95
0

s
h
a
r
e
s

h
a
v
e

a
l
s
o

b
e
e
n

i
s
s
u
e
d

t
o

t
h
e

s
a
l
e
s
ag
e
n
t
s
.

T
h
e

e
s
t
i
m
a
t
e
d

fa
i
r
v
a
l
u
e

o
f

t
h
e

wa
r
r
a
n
t
s

o
f
$
2
6
4
71
7
,

b
a
s
e
d

o
n

u
s
i
n
g

t
h
e

B
l
a
c
k
-
S
c
h
o
l
e
s

p
r
i
c
i
n
g

m
o
d
e
l
,
w
a
s

a
l
l
o
c
a
t
e
d

t
o

t
h
e
wa
r
r
a
n
t
s

a
n
d

r
e
c
o
r
d
e
d

a
s

a

d
i
s
c
o
u
n
t

t
o

t
h
e

c
a
r
r
y
i
n
g

v
a
l
u
e

o
f

t
h
e

n
o
t
e
s
.

T
h
e

C
o
m
p
a
n
y

p
a
i
d

a
p
p
r
o
x
i
m
a
t
e
l
y

$
2
3
2
,
00
0

i
n

c
o
m
m
i
s
s
i
o
n
s

t
o
sa
l
e
s

a
g
e
n
t
s
.

T
h
e

C
o
m
p
a
n
y

p
a
i
d

a
p
p
r
o
x
i
m
a
t
e
l
y

$
1
5
2
00
0

i
n

c
o
m
m
i
s
s
i
o
n
s

t
o

s
a
l
e
s

a
g
e
n
t
s

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

T
o
u
c
h

A
m
e
r
i
c
a
-
re
l
a
t
e
d

u
n
s
e
c
u
r
e
d

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s
.

A
l
l

t
h
e
s
e

c
o
m
m
i
s
s
i
o
n

c
o
s
t
s

a
r
e

a
l
s
o

i
n
c
l
u
d
e
d

i
n

t
h
e

d
i
s
c
o
u
n
t
s

t
o

t
h
e

c
a
r
r
y
i
n
g

v
a
l
u
e

o
f

t
h
e

n
o
t
e
s
.
Th
e

d
i
s
c
o
u
n
t

i
s

b
e
i
n
g

a
m
o
r
t
i
z
e
d

t
o

i
n
t
e
r
e
s
t

e
x
p
e
n
s
e

o
v
e
r

t
h
e

r
e
s
p
e
c
t
i
v
e

n
o
t
e
s
'
e
s
t
i
m
a
t
e
d

p
a
y
m
e
n
t

t
e
n
r
t
s
.
NO
T
E

8

-

L
E
A
S
E
S
Bu
y
e
r
s

U
n
i
t
e
d

l
e
a
s
e
s

e
x
e
c
u
t
i
v
e

o
f
f
i
c
e

s
p
a
c
e

i
n

B
l
u
f
f
d
a
l
e
,

U
t
a
h
,

a

s
u
b
u
r
b

o
f

S
a
l
t

L
a
k
e

C
i
t
y
.

T
h
e

o
f
f
i
c
e
s

c
o
n
s
i
s
t

o
f

a
p
p
r
o
x
i
m
a
t
e
l
y
31
0
,
00
0

s
q
u
a
r
e

f
e
e
t
.

T
h
e

cu
r
r
e
i
l
t
m
o
n
t
h
l
y
l
e
a
s
e

r
a
t
e

i
s

$
3
2
,
30
7
.

T
h
e

l
e
a
s
e

f
o
r

o
f
f
i
c
e

s
p
a
c
e

e
x
p
i
r
e
s

i
n

J
a
n
u
a
r
y

2
0
0
7
,

b
u
t

t
h
e

C
o
m
p
a
n
y
.
h
a
s

an

o
p
t
i
o
n

t
o

r
e
n
e
w

t
h
e

l
e
a
s
e

f
o
r

a
n

a
d
d
i
t
i
o
n
a
l

t
h
r
e
e

t
o

f
i
v
e

y
e
a
r
s
.

T
h
r
o
u
g
h

N
o
v
e
m
b
e
r

2
0
0
4
,
B
u
y
e
r
s

U
n
i
t
e
d

i
s

l
e
a
s
i
n
g

1
4
33
9

s
q
u
a
r
e
fe
e
t

o
f

s
p
a
c
e

a
t

1
3
7
5
1

S
.

W
a
d
s
w
o
r
t
h

P
a
r
k

D
r
i
v
e
,
D
r
a
p
e
r
,
U
t
a
h
,

a
t

a

m
o
n
t
h
l
y

c
o
s
t

o
f
$
1
6
72
8
.
Th
e

C
o
m
p
a
n
y

a
l
s
o

.
ha
s

o
n
e

c
a
p
i
t
a
l

l
e
a
s
e

f
o
r

c
o
m
p
u
t
e
r

s
o
f
t
w
a
r
e
.

T
h
e

f
o
l
l
o
w
i
n
g

i
s

a

s
c
h
e
d
u
l
e

o
f

f
u
t
u
r
e

m
i
n
i
m
u
m

p
a
y
m
e
n
t
s

u
n
d
e
r

t
h
e
le
a
s
e
s

a
s

of

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
:
Ye
a
r

e
n
d
i
n
g

D
e
c
e
m
b
e
r

31
,
20
0
4

.

20
0
5
,
,
.
,
20
0
6
,
.
.
.
.
,
20
0
7
To
t
a
l

f
u
t
u
r
e

m
i
n
i
m
u
m

l
e
a
s
e

p
a
y
m
e
n
t
s
.
.
Le
s
s

a
m
o
u
n
t

r
e
p
r
e
s
e
n
t
i
n
g

i
n
t
e
r
e
s
t
To
t
a
l

o
b
l
i
q
a
t
i
o
n
s

u
n
d
e
r

c
a
p
i
t
a
l

l
e
a
s
e
s
Le
s
s

c
u
r
r
e
n
t

p
o
r
t
i
o
n
.
.
Ca
p
i

t
a
l

le
a
s
e

o
b
l
i
g
a
t
i
o
n
s
,

n
e
t

o
f

c
u
r
r
e
n
t

p
o
r
t
i
o
n
Ca
p
i
t
a
l
le
a
s
e
s
--
-
-
-
-
-
-
$
3
4
,
69
0
34
,

6
9
0
23
,
12
8
--
-
-
-
-
-
-
92
,
50
8
(1
0
,
03
1
)
--
-
-
-
-
-
-
82
,
47
7
(2
8
,
75
2
)
--
-
-
-
-
-
-
$
5
3
,
72
5
==
=
=
=
=
=
=
Op
e
r
a
t
i
n
g
le
a
s
e
s
--
-
-
-
-
-
-
-
-
57
1
,
69
2
39
7
,
37
3
40
7
,
30
7
41
7
,

4
9
0
--
-
-
-
-
-
-
-
-
$1
,
79
3
,
86
2
==
=
=
=
=
=
=
=
=
Re
n
t

e
x
p
e
n
s
e

w
a
s

a
p
p
r
o
x
i
m
a
t
e
l
y

$
5
1
9
,
50
0

a
n
d

$
3
4
8
,
30
0

f
o
r

t
h
e

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
2
0
0
3

a
n
d

2
0
0
2
,
r
e
s
p
e
c
t
i
v
e
l
y
.
NO
T
E

9

-

I
N
C
O
M
E

T
A
X
E
S
Th
e

c
o
m
p
o
n
e
n
t
s

o
f

t
h
e

C
o
m
p
a
n
y
'
s

n
e
t

d
e
f
e
n
-
e
d

i
n
c
o
m
e

t
a
x

a
s
s
e
t
s

a
n
d

l
i
a
b
i
l
i
t
i
e
s

a
r
e

a
s

f
o
l
l
o
w
s
:
De
f
e
r
r
e
d

i
n
c
o
m
e

t
a
x

as
s
e
t
s
:
--
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
Ne
t

o
p
e
r
a
t
i
n
g

l
o
s
s

c
a
r
r
y
f
o
r
w
a
r
d
s
Re
s
e
r
v
e
s

a
n
d

a
c
c
r
u
e
d

l
i
a
b
i
l
i
t
i
e
s
$5
,

0
0
1
,

0
0
0
27
5
,
00
0
--
-
-
-
-
-
-
-
-
To
t
a
l

d
e
f
e
r
r
e
d

i
n
c
o
m
e

ta
x
'

a
s
s
e
t
s
Va
l
u
a
t
i
o
n

a
l
l
o
w
a
n
c
e
6;
2
7
6
,
00
0
(5
,
89
7
,
00
0
)
--
-
-
-
-
-
-
-
-
Ne
t

d
e
f
e
r
r
e
d

i
n
c
o
m
e

t
a
x

a
s
s
e
t
37
9
,
00
0
--
-
-
-
-
-
-
-
-
De
f
e
r
r
e
d

i
n
c
o
m
e

t
a
x

li
a
b
i
l
i
t
i
e
s
:
--

-
-
-

-

--
-

-
-
-

-
-

-

-
-

--
-

-
-

--
-
-
-
-
-
-
Ta
x

d
e
p
r
e
c
i
a
t
i
o
n

i
n

e
x
c
e
s
s

o
f

b
o
o
k

d
e
p
r
e
c
i
a
t
i
o
n
(3
7
9
,

0
0
0
)
--
-
-
-
-
-
-
-
-
Ne
t

d
e
f
e
r
r
e
d

i
n
c
o
m
e

t
a
x

l
i
a
b
i
l
i
t
y
(3
7
9
,
00
0
)
-
-

-

-

-

-

-

_
.
Ne
t

d
e
f
e
r
r
e
d

i
n
c
o
m
e

t
a
x
e
s
==
=
=
=
=
=
=
=
=
"'"

'
"
.
I
""

"
"
"
"

,
'"

"
'
"
,
I
I
A
"
"

"A

"
'
"
'
A
"
,
"

,
.
.
.
.
"

"
"

I
A
I

""
"
,
"

'
"

I
As

o
f

D
e
c
e
m
b
e
r

3
1

20
0
3
,

t
h
e

C
o
m
p
a
n
y

h
a
d

n
e
t

o
p
e
r
a
t
i
n
g

l
o
s
s

c
a
r
r
y
f
o
r
w
a
r
d
s

f
o
r

f
e
d
e
r
a
l

i
n
c
o
m
e

t
a
x

r
e
p
o
r
t
i
n
g

p
u
r
p
o
s
e
s

o
f
ap
p
r
o
x
i
m
a
t
e
l
y

$
1
3
,
33
6
;
00
0
.

T
h
e

t
a
x

n
e
t

o
p
e
r
a
t
i
n
g

l
o
s
s

ca
r
r
y
f
o
r
w
a
r
d
s
w
i
l
l

e
x
p
i
r
e

b
e
g
i
n
n
i
n
g

i
n

20
1
2
.
In
a
s
m
u
c
h

a
s

t
h
e

C
o
m
p
a
n
y
s
h
i
s
t
o
r
y

i
n
c
l
u
d
e
s

a
c
c
u
m
u
l
a
t
e
d

n
e
t

o
p
e
r
a
t
i
n
g

l
o
s
s
e
s
,
i
t

i
s

u
n
c
e
r
t
a
i
n

a
s

t
o

w
h
e
t
h
e
r

t
h
e

C
o
m
p
a
n
y
s
d
e
f
e
r
r
e
d

t
a
x
as
s
e
t

c
a
n

b
e

f
u
l
l
y

r
e
a
l
i
z
e
d
.

A
c
c
o
r
d
i
n
g
l
y
,

a

v
a
l
u
a
t
i
o
n

a
l
l
o
w
a
n
c
e

h
a
s

b
e
e
n

r
e
c
o
r
d
e
d

t
o

r
e
d
u
c
e

t
h
e

d
e
f
e
r
r
e
d

i
n
c
o
m
e

t
a
x

a
s
s
e
t
s
.

T
h
e

n
e
t
ch
a
n
g
e

i
n

t
h
e

v
a
l
u
a
t
i
o
n
al
l
o
w
a
n
c
e

f
o
r

d
e
f
e
r
r
e
d

t
a
x

as
s
e
t
s

d
u
r
i
n
g

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3

w
a
s

a

d
e
c
r
e
a
s
e

o
f
$
4
1
6
,
OO
O
.
Du
r
i
n
g

2
0
0
3

a
n
d

2
0
0
2

n
o

i
n
c
o
m
e

t
a
x

e
x
p
e
n
s
e

w
a
s

r
e
c
o
r
d
e
d

d
u
e

t
h
e

r
e
d
u
c
t
i
o
n

o
f

t
h
e

v
a
l
u
a
t
i
o
n

a
l
l
~
w
a
n
c
e
.
NO
T
E

1
0

..

CA
P
I
T
A
L

T
R
A
N
S
A
C
T
I
O
N
S
Pr
e
f
e
r
r
e
d

S
t
o
c
k
:

T
h
e
Bo
a
r
d

o
f

D
i
r
e
c
t
o
r
s

i
s

a
u
t
h
o
r
i
z
e
d

t
o

c
l
a
s
s
i
f
y

a
n
y

s
h
a
r
e
s

o
f

t
h
e

C
o
m
p
a
n
y
s
a
u
t
h
o
r
i
z
e
d

b
u
t

u
n
i
s
s
u
e
d

p
r
e
f
e
r
r
e
d

s
t
o
c
k
in

o
n
e

o
r

m
o
r
e

s
e
r
i
e
s
.

W
i
t
h

r
e
s
p
e
c
t

t
o

e
a
c
h

s
e
r
i
e
s
,

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

i
s

a
u
t
h
o
r
i
z
e
d

t
o

d
e
t
e
r
m
i
n
e

t
h
e

n
u
m
b
e
r

o
f

s
h
a
r
e
s

t
h
a
t
co
n
s
t
i
t
u
t
e
s

s
u
c
h

s
e
r
i
e
s
;

t
h
e

r
a
t
e

o
f

d
i
v
i
d
e
n
d
,

i
f

a
n
y
,

p
a
y
a
b
l
e

o
n

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s
;

w
h
e
t
h
e
r

t
h
e

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s

s
h
a
l
l

b
e
cu
m
u
l
a
t
i
v
e
,

n
o
n
.
.
c
u
r
n
u
l
a
t
i
v
e
,

o
r

p
a
r
t
i
a
l
l
y

c
u
m
u
l
a
t
i
v
e

a
s

t
o

d
i
v
i
d
e
n
d
s

a
n
d

t
h
e

d
a
t
e
s

fr
o
m

w
h
i
c
h

a
n
y

c
u
m
u
l
a
t
i
v
e

d
i
v
i
d
e
n
d
s

a
r
e

t
o
ac
c
u
m
u
l
a
t
e
;

w
h
e
t
h
e
r

t
h
e

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s

m
a
y

b
e

r
e
d
e
e
m
e
d
,

a
n
d
,
i
f

s
o
,

t
h
e

p
r
i
c
e

o
r

p
r
i
c
e
s

a
t

w
h
i
c
h

a
n
d

t
h
e

t
e
r
m
s

a
n
d

c
o
n
d
i
t
i
o
n
s
on

w
h
i
c
h

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s

m
a
y

b
e

r
e
d
e
e
m
e
d
;

t
h
e

a
m
o
u
n
t

p
a
y
a
b
l
e

u
p
o
n

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s

i
n

t
h
e

e
v
e
n
t

o
f

t
h
e

v
o
l
u
n
t
a
r
y

o
r
in
v
o
l
u
n
t
a
r
y

d
i
s
s
o
l
u
t
i
o
n
,

l
i
q
u
i
d
a
t
i
o
n
,

o
r

w
i
n
d
i
n
g

u
p

o
f

t
h
e

a
f
f
a
i
r
s

o
f

t
h
e

C
o
m
p
a
n
y
;

t
h
e

s
i
n
k
i
n
g

f
u
n
d

p
r
o
v
i
s
i
o
n
s
,

i
f

a
n
y
,

f
o
r

t
h
e
re
d
e
m
p
t
i
o
n

o
f

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s
;

t
h
e

v
o
t
i
n
g

r
i
g
h
t
s
,

i
f

a
n
y
,

o
f

t
h
e

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s
;

t
h
e

t
e
r
m
s

a
n
d

c
o
n
d
i
t
i
o
n
s
,

i
f

a
n
y
,

o
n

w
h
i
c
h
sh
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s

m
a
y

b
e

c
o
n
v
e
r
t
e
d

i
n
t
o

s
h
a
r
e
s

o
f

c
a
p
i
t
a
l

s
t
o
c
k

o
f

t
h
e

C
o
m
p
a
n
y

o
f

a
n
y

o
t
h
e
r

c
l
a
s
s

o
r

s
e
r
i
e
s
;

w
h
e
t
h
e
r

t
h
e

s
h
a
r
e
s

o
f
su
c
h

s
e
r
i
e
s

a
r
e

t
o

b
e

p
r
e
f
e
r
r
e
d

o
v
e
r

s
h
a
r
e
s

o
f

c
a
p
i
t
a
l

s
t
o
c
k

o
f

t
h
e

C
o
m
p
a
n
y

o
f

a
n
y

o
t
h
e
r

c
l
a
s
s

o
r

s
e
r
i
e
s

a
s

t
o

d
i
v
i
d
e
n
d
s

o
r

u
p
o
n

t
h
e
vo
l
u
n
t
a
r
y

o
r

i
n
v
o
l
u
n
t
a
r
y

d
i
s
s
o
l
u
t
i
o
n
,

l
i
q
u
i
d
a
t
i
o
n
,

o
r

t
e
r
m
i
n
a
t
i
o
n

o
f

t
h
e

a
f
f
a
i
r
s

o
f

t
h
e

C
o
m
p
a
n
y

o
r

o
t
h
e
r
w
i
s
e
;

a
n
d

a
n
y

o
t
h
e
r
ch
a
r
a
c
t
e
r
i
s
t
i
c
s
,
p
r
e
f
e
r
e
n
c
e
s
,

l
i
m
i
t
a
t
i
o
n
s
,

r
i
g
h
t
s
,
p
r
i
v
i
l
e
g
e
s
,

i
m
m
u
n
i
t
i
e
s
,

o
r

t
e
r
m
s
.
Se
r
i
e
s

A

8

p
e
r
c
e
n
t

C
u
m
u
l
a
t
i
v
e

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k
:

D
u
r
i
n
g

1
9
9
9
,
t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

a
u
t
h
o
r
i
z
e
d

t
h
e

i
s
s
u
a
n
c
e

o
f
2
,
00
0
00
0
sh
a
r
e
s

o
f

S
e
r
i
e
s

A

8

p
e
r
c
e
n
t

C
u
m
u
l
a
t
i
v
e

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

(
"
Se
r
i
e
s

A

P
r
e
f
e
ne
d

S
t
o
c
k
"
)
a
t

a
n

o
f
f
e
r
i
n
g

p
r
i
c
e

o
f

$
2
.
00

p
e
r
sh
a
r
e
.

G
r
o
s
s

p
r
o
c
e
e
d
s

o
f

$
4

m
i
l
l
i
o
n

w
e
r
e

r
a
i
s
e
d

u
p
o
n

s
a
l
e

o
f

t
h
e

s
h
a
r
e
s
.
Th
e

S
e
r
i
e
s

A

P
r
e
f
e
r
r
e
d

S
t
o
c
k

i
s

c
o
n
v
e
r
t
i
b
l
e

t
o

c
o
m
m
o
n

s
t
o
c
k

a
t

a
n
y

t
i
m
e

a
t

t
h
e

e
l
e
c
t
i
o
n

o
f

t
h
e

h
o
l
d
e
r

a
n
d
,

u
n
d
e
r

l
i
m
i
t
e
d
ci
r
c
u
m
s
t
a
n
c
e
s
,
a
t

t
h
e

e
l
e
c
t
i
o
n

o
f

t
h
e

C
o
m
p
a
n
y
.

T
h
e

c
o
n
v
e
r
s
i
o
n

r
a
t
e

i
s

o
n
e

f
o
r

o
n
e
,

s
u
b
j
e
c
t

t
o

a
d
j
u
s
t
m
e
n
t

i
n

t
h
e

e
v
e
n
t

o
f

a
re
c
a
p
i
t
a
l
i
z
a
t
i
o
n
,

r
e
o
r
g
a
n
i
z
a
t
i
o
n
,

o
r

o
t
h
e
r

c
o
r
p
o
r
a
t
e

r
e
s
t
r
u
c
t
u
r
i
n
g

o
r

i
n

t
h
e

e
v
e
n
t

t
h
a
t

t
h
e

C
o
m
p
a
n
y

s
h
a
l
l

s
e
l
l

o
r

o
t
h
e
r
w
i
s
e

i
s
s
u
e
se
c
u
r
i
t
i
e
s

a
t

a

p
r
i
c
e

b
e
l
o
w

$
2
.
00

p
e
r

s
h
a
r
e

o
r

t
h
e

t
h
e
n

'
ad
j
u
s
t
e
d

c
o
n
v
e
r
s
i
o
n

p
r
i
c
e
.

T
h
e

S
e
r
i
e
s

A

P
r
e
f
e
r
r
e
d

S
t
o
c
k

c
a
n

b
e

r
e
d
e
e
m
e
d

a
t

t
h
e
.
C
o
m
p
a
n
y
s
e
l
e
c
t
i
o
n

a
t

a
n
y

t
i
m
e

c
o
m
m
e
n
c
i
n
g

J
a
n
u
a
r
y

1
,

20
0
5

a
t

a

r
e
d
e
m
p
t
i
o
n

p
r
i
c
e

o
f

$
2
.
00

p
e
r

s
h
a
r
e

p
l
u
s

a
l
l

a
c
c
r
u
e
d

d
i
v
i
d
e
n
d
s

a
s

o
f
th
e

r
e
d
e
m
p
t
i
o
n

d
a
t
e
.

D
u
r
i
n
g

2
0
0
2

c
e
r
t
a
i
n

s
t
o
c
k
h
o
l
d
e
r
s

c
o
n
v
e
r
t
e
d

5
,
00
0

S
e
r
i
e
s

A

p
r
e
f
e
r
r
e
d

s
h
a
r
e
s

i
n
t
o

c
o
m
m
o
n

s
h
a
r
e
s
.
.
S
e
r
i
e
s

B
8

p
e
r
c
e
n
t

C
u
m
u
l
a
t
i
v
e

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k
:

I
n

S
e
p
t
e
m
b
e
r

2
0
0
0
,
t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

a
u
t
h
o
r
i
z
e
d

t
h
e

i
s
s
u
a
n
c
e

o
f
23
4
50
0

s
h
a
r
e
s

o
f

S
e
r
i
e
s

B

8
%

C
u
m
u
l
a
t
i
v
e

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

(
"
Se
r
i
e
s

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k
"
)
a
n
d

r
e
l
a
t
e
d

w
a
r
r
a
n
t
s

t
o
pu
r
c
h
a
s
e
co
m
m
o
n

s
h
a
r
e
s

a
t

a
n

o
f
f
e
r
i
n
g

p
r
i
c
e

o
f
$
1
0
.
00

p
e
r

u
n
i
t
.

E
a
c
h

u
n
i
t

c
o
n
s
i
s
t
s

o
f

o
n
e

s
h
a
r
e

o
f

S
e
r
i
e
s

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

a
n
d

f
i
v
e
wa
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

o
n
e

s
h
a
r
e

o
f
c
o
m
r
t
l
o
r
t

s
t
o
c
k

a
t

a
n

e
x
e
r
c
i
s
e

p
r
i
c
e

o
f
$
2
.
50

p
e
r

s
h
a
r
e
.

D
u
r
i
n
g

2
0
0
0
,

v
a
r
i
o
u
s

i
n
v
e
s
t
o
r
s

m
a
d
e

l
o
a
n
s

t
o
th
e

C
o
m
p
a
n
y

a
n
d

s
u
b
s
e
q
u
e
n
t
l
y

e
l
e
c
t
e
d

t
o

e
x
c
h
a
n
g
e

t
h
e
i
r

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s

f
o
r

u
n
i
t
s
.

I
n

a
d
d
i
t
i
o
n

t
o

t
h
e

c
o
n
v
e
r
t
e
d

l
o
a
n
s

o
f

$
2
.
5
m
i
l
l
i
o
n
,
th
e

C
o
m
p
a
n
y

r
a
i
s
e
d

$
2

m
i
l
l
i
o
n

t
h
r
o
u
g
h

t
h
e

i
s
s
u
a
n
c
e

o
f

u
n
i
t
s

t
h
r
o
u
g
h

D
e
c
e
m
b
e
r

3
1
,
2
0
0
0

a
n
d

$
1
.
1
r
h
i
l
l
i
o
n

t
h
r
o
u
g
h

t
h
e

i
s
s
u
a
n
c
e

o
f
un
i
t
s

i
n

2
0
0
1
.
In

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

u
n
i
t

o
f
f
e
r
i
n
g
,

t
h
e

C
o
m
p
a
n
y

a
g
r
e
e
d

t
o

p
a
y

t
h
e

P
l
a
c
e
m
e
n
t

A
g
e
n
t
-
a

s
a
l
e
s

c
o
m
m
i
s
s
i
o
n

a
n
d

e
x
p
e
n
s
e

a
l
l
o
w
a
n
c
e
ag
g
r
e
g
a
t
i
n
g

1
3

p
e
r
c
e
n
t

o
f

t
h
e

g
r
o
s
s

p
r
o
c
e
e
d
s

f
r
o
m

t
h
e

s
a
l
e

o
f

t
h
e

S
e
r
i
e
s

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k
,

i
n

a
d
d
i
t
i
o
n

t
o

t
e
n

p
e
r
c
e
n
t

o
f

t
h
e

g
r
o
s
s

pr
o
c
~
e
d
s

o
f

c
e
r
t
a
i
n

r
e
l
a
t
e
d

b
r
i
d
g
e

f
i
n
a
n
c
i
n
g
.

T
h
e

C
o
m
p
a
n
y

a
l
s
o

i
n
c
u
r
r
e
d

a
p
p
r
o
x
i
m
a
t
e
l
y

$
2
3
,
00
0

o
f

d
i
r
e
c
t

e
x
p
e
n
s
e
s

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h
th
e

o
f
f
e
r
i
n
g
.

A
s

a
d
d
i
t
i
o
n
a
l

c
o
n
s
i
d
e
r
a
t
i
o
n
,
t
h
e

C
o
m
p
a
n
y

a
g
r
e
e
d

t
o

i
s
s
u
e

t
o

t
h
e

P
l
a
c
e
m
e
n
t

A
g
e
n
t

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

3
1
9
,
30
0

s
h
a
r
e
s

o
f
th
e

C
o
m
p
a
n
y
'
s

c
o
m
m
o
n

s
t
o
c
k

a
t

a
n

e
x
e
r
c
i
s
e

p
r
i
c
e

of

$
2
.
50

p
e
r

s
h
a
r
e
.
As

p
a
r
t

o
f

t
h
e

S
e
r
i
e
s

BP
r
e
f
e
r
r
e
d

S
t
o
c
k

o
f
f
e
r
i
n
g
,

t
h
e

Co
m
p
a
n
y

i
s
s
u
e
d

2
,
26
9
,
00
0

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
t
o
c
k

a
t

$
2
.
50

p
e
r
sh
a
r
e
.

T
h
e

C
o
m
p
a
n
y

a
l
l
o
c
a
t
e
d

t
h
e

n
e
t

p
r
o
c
e
e
d
s

f
r
o
m

t
h
e

o
f
f
e
r
i
n
g

o
f

$
4
.
2
m
i
l
l
i
o
n

b
e
t
w
e
e
n

t
h
e

S
e
r
i
e
s

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

a
n
d

t
h
e
wa
r
r
a
n
t
s

b
a
s
e
d

o
n

e
s
t
i
m
a
t
e
d

r
e
l
a
t
i
v
e

f
a
i
r

v
a
l
u
e
s
.

T
h
e

S
e
r
i
e
s

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

w
a
s

r
e
c
o
r
d
e
d

a
t

$
2
.
4
m
i
l
l
i
o
n
,

a
n
d

t
h
e

w
a
r
r
a
n
t
s

w
e
r
e
re
c
o
r
d
e
d

a
t
J
-

""
"
,
.
.

I
""
'
"

"
'
,
.
.

"

"
"
'_
"
"
"
"
"
"
"
'
"
"
'
"
'
"
'

,
,,
"
"
'
0
'
"

"
'
"
""
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
,
"
"
"
"
"
"
"
"
,
"
"
"
"
"
"
"
"
"
'
"

"
"
"
"
"
"
"
'
"
"
"
"
"
"
'
'
"
"
"
_
"
"
"
1
1
1
1
'

"
"
'
I
"
"
"
"
"
"
"
"
"
"
"
"
"

'"

"
"
"
n
l
l
l
"
"
I
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"

,"
'
"
"
,
--
_
.
.
"
'
""
"

,
,
'
J
'
I
_
II
N
"
~
$1
.
8
m
i
l
l
i
o
n
.

T
h
e

e
s
t
i
m
a
t
e
d

f
a
i
r

v
a
l
u
e

o
f

t
h
e

w
a
r
r
a
n
t
s

w
a
s

d
e
t
e
r
m
i
n
e
d

u
s
i
n
g

t
h
e

B
l
a
c
k
-
Sc
h
o
l
e
s

p
r
i
c
i
n
g

m
o
d
e
l
.

T
h
e

S
e
r
i
e
s

B

P
r
e
f
e
r
r
e
d
St
o
c
k

i
s

c
o
n
v
e
r
t
i
b
l
e

t
o

c
o
m
m
o
n

s
t
o
c
k

a
t

a
n
y

t
i
m
e

a
t

t
h
e

e
l
e
c
t
i
o
n

o
f

t
h
e

h
o
l
d
e
r

a
n
d
,

u
n
d
e
r

l
i
m
i
t
e
d

c
i
r
c
u
m
s
t
a
n
c
e
s
,

a
t

t
h
e

e
l
e
c
t
i
o
n

o
f

t
h
e
Co
m
p
a
n
y
.

T
h
e

c
o
n
v
e
r
s
i
o
n

r
a
t
e

i
s

f
i
v
e

f
o
r

o
n
e
,

s
u
b
j
e
c
t

t
o

a
d
j
u
s
t
m
e
n
t

i
n

t
h
e

e
v
e
n
t

o
f

a

r
e
c
a
p
i
t
a
l
i
z
a
t
i
o
n
,
r
e
o
r
g
a
n
i
z
a
t
i
o
n
,
o
r

o
t
h
e
r
co
r
p
o
r
a
t
e

r
e
s
t
r
u
c
t
u
r
i
n
g

o
r

i
n

t
h
e

e
v
e
n
t

t
h
a
t

t
h
e
.
Co
m
p
a
n
y

s
h
a
l
l

s
e
l
l

o
r

o
t
h
e
r
w
i
s
e

i
s
s
u
e

s
e
c
u
r
i
t
i
e
s

a
t

a

p
r
i
c
e

b
e
l
o
w

$
2
.
00

p
e
r

s
h
a
r
e

o
r

t
h
e
th
e
n

a
d
j
u
s
t
e
d

c
o
n
v
e
r
s
i
o
n

p
r
i
c
e
.

Du
r
i
n
g

t
h
e

t
h
r
e
e

m
o
n
t
h
s

e
n
d
e
d

M
a
r
c
h

3
1
,
2
0
0
1
,

t
h
e

C
o
m
p
a
n
y

i
s
s
u
e
d

a
n

a
d
d
i
t
i
o
n
a
l

1
1
0
,
00
0

s
h
a
r
e
s

o
f

p
r
e
f
e
r
r
e
d

s
t
o
c
k

a
n
d

5
5
0
,
00
0
wa
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

c
o
m
m
o
n

s
t
o
c
k
.

T
h
e

C
o
m
p
a
n
y

a
l
l
o
c
a
t
e
d

t
h
e

n
e
t

p
r
o
c
e
e
d
s

f
r
o
m

t
h
e

o
f
f
e
r
i
n
g

o
f

$
1
.
1
m
i
l
l
i
o
n

b
e
t
w
e
e
n

t
h
e

S
e
r
i
e
s

B
Pr
e
f
e
r
r
e
d

S
t
o
c
k

a
n
d

t
h
e

w
a
r
r
a
n
t
s

b
a
s
e
d

o
n

e
s
t
i
m
a
t
e
d

r
e
l
a
t
i
v
e

f
a
i
r

v
a
l
u
e
s
.

A
c
c
o
r
d
i
n
g
l
y
,

t
h
e

s
t
o
c
k

w
a
s

r
e
c
o
r
d
e
d

a
t

$
7
9
4
,
82
2
,
a
n
d

t
h
e
wa
r
r
a
n
t
s

w
e
r
e

r
e
c
o
r
d
e
d

a
t

$
3
0
2
,
40
1
.

I
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e
s
e

a
d
d
i
t
i
o
n
a
l

S
e
r
i
e
s

B

s
h
a
r
e
s
,
t
h
e

i
n
t
r
i
n
s
i
c

v
a
l
u
e

o
f

t
h
e

b
e
n
e
f
i
c
i
a
l
co
n
v
e
r
s
i
o
n

f
e
a
t
u
r
e

o
f

$
2
0
,
49
8

w
a
s

r
e
f
l
e
c
t
e
d

i
n

t
h
e

a
c
c
o
m
p
a
n
y
i
n
g

2
0
0
1

c
o
n
s
o
l
i
d
a
t
e
d

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

a
s

a

p
r
e
f
e
r
r
e
d

s
t
o
c
k

d
i
v
i
d
e
n
d
an
d

a
s

a
n

i
n
c
r
e
a
s
e

t
o

a
d
d
i
t
i
o
n
a
l

p
a
i
d

i
n

c
a
p
i
t
a
l
.

T
h
e

S
e
r
i
e
s

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

O
f
f
e
r
i
n
g

c
l
o
s
e
d

o
n

A
p
r
i
l

1
3
,

2
0
0
1
.
In

M
a
y

2
0
0
2

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

a
p
p
r
o
v
e
d

a

p
l
a
n

t
o

m
o
d
i
f
y

t
h
e

e
x
e
r
c
i
s
e

p
r
i
c
e

o
n

c
e
r
t
a
i
n

P
r
e
f
e
r
r
e
d

S
t
o
c
k

a
n
d

p
r
o
m
i
s
s
o
r
y

n
o
t
e
-
re
l
a
t
e
d

w
a
r
r
a
n
t
s

f
r
o
m

$
2
.
50

t
o
$
2
.
00
p
e
r

sh
a
r
e
,

e
x
t
e
n
d

t
h
e

e
x
p
i
r
a
t
i
o
n

d
a
t
e

o
f

c
e
r
t
a
i
n

w
a
r
r
a
n
t
s

f
r
o
m

D
e
c
e
m
b
e
r

3
1
,
20
0
2

t
o

D
e
c
e
m
b
e
r
31
,

2
0
0
4
,

a
n
d

a
m
e
n
d

t
h
e

r
e
d
e
m
p
t
i
o
n

p
r
o
v
i
s
i
o
n
s

o
f

c
e
r
t
a
i
n

w
a
r
r
a
n
t
s

s
o

t
h
a
t

t
h
e

w
a
r
r
a
n
t
s

c
o
u
l
d

b
e

c
a
l
l
e
d

f
o
r

r
e
d
e
m
p
t
i
o
n

w
h
e
n

t
h
e
ma
r
k
e
t

p
r
i
c
e

f
o
r

t
h
e

C
o
m
p
a
n
y
s
c
o
m
m
o
n

s
t
o
c
k

i
s

$
4
.
00

p
e
r

s
h
a
r
e
,

r
a
t
h
e
r

t
h
a
n

$
6
.
00

p
e
r

s
h
a
r
e
.

On

D
e
c
e
m
b
e
r

6
,

2
0
0
2
,

B
u
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

t
h
e

A
s
s
e
t

P
u
r
c
h
a
s
e

A
g
r
e
em
e
n
t

a
n
d

S
o
f
t
w
a
r
e

L
i
c
e
n
s
e

A
g
r
e
e
m
e
n
t

t
o

p
u
r
c
h
a
s
e
ce
r
t
a
i
n

a
s
s
e
t
s

a
n
d

a
s
s
u
m
e

c
e
r
t
a
i
n

l
i
a
b
i
l
i
t
i
e
s

o
f

I
-
Li
n
k
.
,
I
n
c
.
,
a
n
d

i
t
s

s
u
b
s
i
d
i
a
r
y
,

I
-
Li
n
k

C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
I
n
c
.

I
n

c
o
n
s
i
d
e
r
a
t
i
o
n
,
B
u
y
e
r
s
Un
i
t
e
d

i
s
s
u
e
d

t
o

I
-
Li
n
k
.

2
4
6
43
0

s
h
a
r
e
s

o
f

S
e
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

w
i
t
h
a
f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f

$
1
.
4

m
i
l
l
i
o
n
,
a
n
d

a
g
r
e
e
d

t
o
is
s
u
e

a
n

a
d
d
i
t
i
o
n
a
l

5
3
57
0

sh
a
r
e
s

o
f

S
e
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

i
n

e
q
u
a
l

m
o
n
t
h
l
y

i
n
s
t
a
l
l
m
e
n
t
s

o
v
e
r

a

t
e
r
m

o
f

1
0

m
o
n
t
h
s
co
m
m
e
n
c
i
n
g

J
u
n
e

1
20
0
3
.

T
h
e

f
i
n
a
l

i
n
s
t
a
l
l
m
e
n
t

w
a
s

i
s
s
u
e
d

M
a
r
c
h

1
,
20
0
4
.
Du
r
i
n
g

2
0
0
3
,
s
i
x

o
f

t
h
e

s
t
o
c
k
h
o
l
d
e
r
s

c
o
n
v
e
r
t
e
d

a

t
o
t
a
l

o
f

1
1
6
00
0

S
e
r
i
e
s
.
B

pr
e
f
e
r
r
e
d

s
h
a
r
e
s

i
n
t
o

5
8
0
00
0

c
o
m
m
o
n

s
h
a
r
e
s
.

D
u
r
i
n
g
20
0
2
,

o
n
e

o
f

t
h
e

s
t
o
c
k
h
o
l
d
e
r
s

c
o
n
v
e
r
t
e
d

1
0
,
00
0

S
e
r
i
e
s

B

p
r
e
f
e
r
r
e
d

s
h
a
r
e
s

i
n
t
o

5
0
,
00
0

c
o
m
m
o
n

s
h
a
r
e
s
.
Bo
t
h

S
e
r
i
e
s

A

a
n
d

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

s
t
i
l
l

o
u
t
s
t
a
n
d
i
n
g

c
a
n

b
e

r
e
d
e
e
m
e
d

a
t

t
h
e

C
o
m
p
a
n
y
s
e
l
e
c
t
i
o
n

a
t

a
n
y

t
i
m
e

c
o
m
m
e
n
c
i
n
g

J
a
n
u
a
r
y

1
20
0
5
,

a
t

t
h
e

a
p
p
l
i
c
a
b
l
e

r
e
d
e
m
p
t
i
o
n

p
r
i
c
e

p
l
u
s

a
l
l

a
c
c
r
u
e
d

d
i
v
i
d
e
n
d
s

a
s

o
f

t
h
e

r
e
d
e
m
p
t
i
o
n

d
a
t
e
.
Cu
m
u
l
a
t
i
v
e

d
i
v
i
d
e
n
d
s

a
c
c
r
u
e

o
n

b
o
t
h

S
e
r
i
e
s

A

a
n
d

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

a
t

t
h
e

r
a
t
e

o
f

8
%

p
e
r

a
n
n
u
m

f
r
o
m

t
h
e

d
a
t
e

o
f

o
r
i
g
i
n
a
l

i
s
s
u
e

a
n
d
ar
e

p
a
y
a
b
l
e

s
e
m
i
-
a
n
n
u
a
l
l
y

o
n

J
u
n
e

3
0

a
n
d

D
e
c
e
m
b
e
r

3
1

o
f

e
a
c
h

y
e
a
r

o
u
t

o
f

f
u
n
d
s

l
e
g
a
l
l
y

a
v
a
i
l
a
b
l
e

f
o
r

t
h
e

p
a
y
m
e
n
t

o
f

d
i
v
i
d
e
n
d
s
.
Di
v
i
d
e
n
d
s

a
r
e

p
a
y
a
b
l
e

i
n

c
a
s
h

o
r

c
o
m
m
o
n

s
t
o
c
k

a
t

t
h
e

e
l
e
c
t
i
o
n

o
f

t
h
e

C
o
m
p
a
n
y
.

I
f

p
a
i
d

i
n

c
o
m
m
o
n

s
t
o
c
k
,
t
h
e

n
u
m
b
e
r

o
f

s
h
a
r
e
s

i
s
s
u
e
d
wi
l
l

b
e

b
a
s
e
d

o
n

t
h
e

a
v
e
r
a
g
e

o
f

t
h
e

c
l
o
s
i
n
g

b
i
d

p
r
i
c
e
s

f
o
r

t
h
e

c
o
m
m
o
n

s
t
o
c
k

o
v
e
r

t
h
e

f
i
v
e

t
r
a
d
i
n
g

d
a
y
s

i
m
m
e
d
i
a
t
e
l
y

p
r
i
o
r

t
o

t
h
e

di
v
i
d
e
n
d

p
a
y
m
e
n
t

d
a
t
e
.

I
f

t
h
e

C
o
m
p
a
n
y

f
a
i
l
s

t
o

p
a
y

a
n
y

d
i
v
i
d
e
n
d

w
i
t
h
i
n

6
0

da
y
s
.

o
f

i
t
s

d
u
e

d
a
t
e
,
t
h
e

c
o
n
v
e
r
s
i
o
n

p
r
i
c
e

(
s
e
e

b
e
l
o
w
)

i
s
ad
j
u
s
t
e
d

d
o
w
n
w
a
r
d

b
y

$
0
.
25

p
e
r

s
h
a
r
e

f
o
r

e
a
c
h

o
c
c
u
r
r
e
n
c
e
.

D
u
r
i
n
g

t
h
e

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
2
0
0
3

a
n
d

2
0
0
2
,
t
h
e

C
o
m
p
a
n
y
de
c
l
a
r
e
d

d
i
v
i
d
e
n
d
s

a
g
g
r
e
g
a
t
i
n
g

$
8
7
3
49
5

a
n
d

$
7
4
9
,
72
5
,

r
e
s
p
e
c
t
i
v
e
l
y
,

a
n
d

t
o

s
a
t
i
s
f
y

p
a
y
m
e
n
t

o
b
l
i
g
a
t
i
o
n
s
,
i
s
s
u
e
d

a

t
o
t
a
l

o
f

4
2
7
09
6

a
n
d
57
4
63
5

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k
,

r
e
s
p
e
c
t
i
v
e
l
y
.

A
s

o
f

D
e
c
e
m
b
e
r

3
1
,
2
0
0
3
,
t
h
e

C
o
m
p
a
n
y

h
a
d

a
c
c
r
u
e
d

d
i
v
i
d
e
n
d
s

p
a
y
a
b
l
e

i
n

t
h
e

a
m
o
u
n
t
of

$
4
7
8
,
59
9
.

I
n

F
e
b
r
u
a
r
y

2
0
0
4
,
t
h
e

C
o
m
p
a
n
y

s
e
t
t
l
e
d

t
h
e

d
i
v
i
d
e
n
d

p
a
y
a
b
l
e

b
y

i
s
s
u
i
n
g

1
7
1
,
05
5

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k
.
Th
e

S
e
r
i
e
s

A

a
n
d

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

h
a
s

nO

v
o
t
i
n
g

ri
g
h
t
s
,

e
x
c
e
p
t

a
s

r
e
q
u
i
r
e
d

b
y

t
h
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w
s

o
f

D
e
l
a
w
a
r
e

t
h
a
t

r
e
q
u
i
r
e
cl
a
s
s

v
o
t
e
s

o
n

c
e
r
t
a
i
n

c
o
r
p
o
r
a
t
e

m
a
t
t
e
r
s

a
n
d

m
a
t
t
e
r
s

a
f
f
e
c
t
i
n
g

t
h
e

r
i
g
h
t
s

of

th
e

h
o
l
d
e
r
s

o
f

t
h
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k
.

T
h
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

i
s
se
n
i
o
r

i
n

r
i
g
h
t

of

pa
y
m
e
n
t

i
n

t
h
e

e
v
e
n
t

of
li
q
u
i
d
a
t
i
o
n

a
n
d

w
i
t
h

r
e
s
p
e
c
t

t
o

d
i
v
i
d
e
n
d
s

t
o

t
h
e

c
o
m
m
o
n

s
t
o
c
k

a
n
d

a
l
l

o
t
h
e
r

s
u
b
s
e
q
u
e
n
t
pr
e
f
e
r
r
e
d

s
t
o
c
k

i
s
s
u
a
n
c
e
s

t
h
a
t

m
a
y

b
e

a
u
t
h
o
r
i
z
e
d
.

T
h
e

S
e
r
i
e
s

A

P
r
e
f
e
r
r
e
d

S
t
o
c
k

h
a
s

a

l
i
q
u
i
d
a
t
i
o
n

p
r
e
f
e
r
e
n
c
e

of

$2
.
00

p
e
r

s
h
a
r
e

a
n
d

t
h
e
Se
r
i
e
s

B

P
r
e
f
e
r
r
e
d

S
t
o
c
k

h
a
s

a

l
i
q
u
i
d
a
t
i
o
n

p
r
e
f
e
r
e
n
c
e

o
f
$
1
0
.
00

p
e
r

s
h
a
r
e
.
Is
s
u
a
n
c
e
s

of

Co
m
m
o
n

S
t
o
c
k
:

D
u
r
i
n
g

J
a
n
u
a
r
y

2
0
0
2

t
h
e

C
o
m
p
a
n
y

i
s
s
u
e
d

1
7
,
99
8

s
h
a
r
e
s

of
co
m
m
o
n

s
t
o
c
k

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e
is
s
u
a
n
c
e

of
$
1
7
9
,
99
8

of

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s
;

a
t

a
n

a
g
g
r
e
g
a
t
e
d

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

of
$
1
8
,
79
8
.
Du
r
i
n
g

F
e
b
r
u
a
r
y

2
0
0
2

t
h
e

C
o
m
p
a
n
y

i
s
s
u
e
d

2
5
00
0

s
h
a
r
e
s

of
st
o
c
k

t
o

o
n
e

of
it
s

d
i
r
e
c
t
o
r
s

f
o
r

p
r
o
v
i
d
i
n
g

a

c
r
e
d
i
t

g
u
a
r
a
n
t
y

w
i
t
h

r
e
s
p
e
c
t

t
o
bu
s
i
n
e
s
s

e
x
p
a
n
s
i
o
n

a
c
t
i
v
i
t
i
e
s
.

T
h
e

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

of

s
h
a
r
e
s

i
s
s
u
a
n
c
e
s

w
a
s

$
3
0
75
0
.
In

M
a
r
c
h

2
0
0
1
,

t
h
e

C
o
m
p
a
n
y

e
n
t
e
r
e
d

i
n
t
o

t
h
r
e
e
-
ye
a
r

m
a
r
k
e
t
i
n
g

c
o
n
t
r
a
c
t
s

w
i
t
h

o
n
e

o
f

i
t
s

S
e
r
i
e
s

B

P
r
e
f
e
r
r
e
d

s
t
o
c
k
h
o
l
d
e
r
s
.

U
n
d
e
r

t
h
e
te
r
m
s

o
f

t
h
e

c
o
n
t
r
a
c
t
s
,

1
0
0
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

w
e
r
e

i
s
s
u
e
d

w
i
t
h

a

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f
$
1
2
5
,
00
0
.

T
h
i
s

a
m
o
u
n
t

w
a
s

r
e
c
o
r
d
e
d
on

t
h
e

b
a
l
a
n
c
e

s
h
e
e
t

a
s

a

d
e
f
e
r
r
e
d

c
o
n
s
u
l
t
i
n
g

f
e
e

a
n
d

i
n
c
l
u
d
e
d

i
n

o
p
e
r
a
t
i
n
g

e
x
p
e
n
s
e
s

o
n

a

s
t
r
a
i
g
h
t
-
li
n
e

b
a
s
i
s

o
v
e
r

t
h
e

l
i
f
e

of
th
e

co
n
t
r
a
c
t
s
.

D
u
r
i
n
g

2
0
0
1
,

$
3
9
93
1

w
a
s

r
e
c
o
r
d
e
d

i
n

p
r
o
m
o
t
i
o
n

e
x
p
e
n
s
e
s

a
s

a

r
e
s
u
l
t

of

t
h
i
s

a
m
o
r
t
i
z
a
t
i
o
n
.

C
o
n
s
i
d
e
r
a
t
i
o
n

g
r
a
n
t
e
d

u
n
d
e
r

t
h
e
co
n
t
r
a
c
t
s
te
r
m
s

a
l
s
o

i
n
c
l
u
d
e
d

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

u
p

t
o

1
5
0
,
00
0

a
d
d
i
t
i
o
n
a
l

s
h
a
r
e
s

of
co
m
m
o
n

s
t
o
c
k

a
t

$
2
.
50

p
e
r

s
h
a
r
e
.

T
h
e
s
e

o
p
t
i
o
n
s
ve
s
t

g
r
a
d
u
a
l
l
y

o
v
e
r

t
h
e

t
e
r
m

of

th
e

c
o
n
t
r
a
c
t
.

T
h
e
s
e

o
p
t
i
o
n
s

a
r
e

a
c
c
o
u
n
t
e
d

f
o
r

a
s

v
a
r
i
a
b
l
e

p
l
a
n

o
p
t
i
o
n
s

s
i
n
c
e

t
h
e

i
s
s
u
a
n
c
e

of

th
e
s
e
op
t
i
o
n
s

w
a
s

u
n
d
e
r

t
h
e

p
r
e
m
i
s
e

t
h
a
t

t
h
e

g
r
a
n
t
e
e

w
i
l
l

b
e

p~
o
v
i
d
i
n
g

c
u
r
r
e
n
t

a
n
d

f
u
t
u
r
e

s
e
r
v
i
c
e
s

f
o
r

t
h
e

C
o
m
p
a
n
y
.

Ac
c
o
r
d
i
n
g
l
y
,

u
s
i
n
g

t
h
e
Bl
a
c
k
-
Sc
h
o
l
e
s

o
p
t
i
o
n

p
r
i
c
i
n
g

m
o
d
e
l
,
$
2
9
,
58
1

i
n

c
o
n
s
u
l
t
i
n
g

e
x
p
e
n
s
e

w
a
s

r
e
c
o
r
d
e
d
'
to

r
e
f
l
e
c
t

t
h
e

v
e
s
t
i
n
g

of

th
e
s
e

o
p
t
i
o
n
s

t
h
r
o
u
g
h
De
c
e
m
b
e
r

3
1
,
20
0
1
.

D
u
r
i
n
g

2
0
0
2

a
n

a
d
d
i
t
i
o
n
a
l

$
4
8
,
06
0

o
f

d
e
f
e
r
r
e
d

c
o
n
s
u
l
t
i
n
g

f
e
e
s

w
e
r
e

a
m
o
r
t
i
z
e
d

a
n
d

i
n
c
l
u
d
e
d

i
n

p
r
o
m
o
t
i
o
n
ex
p
e
n
s
e
s
,
a
n
d

,
a
n
o
t
h
e
r

$
9
5
61
5

i
n

c
o
n
s
u
l
t
i
n
g

e
x
p
e
n
s
e

w
a
s

r
e
c
o
r
d
e
d

t
o

r
e
f
l
e
c
t

t
h
e

v
e
s
t
i
n
g

o
f

a
d
d
i
t
i
o
n
a
l

o
p
t
i
o
n
s
.

H
o
w
e
v
e
r
,
a
t

t
h
e

e
n
d

o
f
20
0
2

th
e

C
o
m
p
a
n
y

a
n
d

t
h
e

s
t
o
c
k
h
o
l
d
e
r

a
g
r
e
e
d

t
o

c
a
n
c
e
l

o
n
e

o
f

t
h
e

m
a
r
k
e
t
i
n
g

c
o
n
t
r
a
c
t
s

a
n
d

t
o

r
e
s
c
i
n
d

t
h
e

a
s
-
ye
t

u
n
e
a
r
n
e
d

o
p
t
i
o
n
s
.
Ac
c
o
r
d
i
n
g
l
y
,

t
h
e

C
o
m
p
a
n
y

i
n
c
l
u
d
e
d

i
n

p
r
o
m
o
t
i
o
n

e
x
p
e
n
s
e
s

a
n

a
d
d
i
t
i
o
n
a
l

$
2
5
,
17
4

o
f

r
e
m
a
i
n
i
n
g

u
n
a
m
o
r
t
i
z
e
d

d
e
f
e
r
r
e
d

c
o
n
s
u
l
t
i
n
g

f
e
e
s
an
d

r
e
c
o
r
d
e
d

i
n
c
o
m
e

of
$
1
2
5
19
7

to

r
e
f
l
e
c
t

t
h
e

c
a
n
c
e
l
l
a
t
i
o
n

o
f

t
h
e

u
n
e
a
r
n
e
d

o
p
t
i
o
n
s
.
In

J
a
n
u
a
r
y

20
0
3

th
e

C
o
m
p
a
n
y

i
s
s
u
e
d

1
5
,
00
0

s
h
a
r
e
s

o
f

s
t
o
c
k

t
o

o
n
e

o
f

i
t
s

d
i
r
e
c
t
o
r
s

fo
r

pr
o
v
i
d
i
n
g

a

c
r
e
d
i
t

g
u
a
r
a
n
t
y

t
o

o
n
e

o
f

i
t
s
wh
o
l
e
s
a
l
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

s
e
r
v
i
c
e

p
r
o
v
i
d
e
r
s
.

T
h
e

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f

t
h
e

s
t
o
c
k

w
a
s

$
3
6
,
30
0
.
Du
r
i
n
g

J
u
n
e

2
0
0
3
,

t
h
e

C
o
m
p
a
n
y

i
n
i
t
i
a
t
e
d

a

p
r
o
g
r
a
m

t
o

r
e
p
u
r
c
h
a
s
e

o
u
t
s
t
a
n
d
i
n
g

c
o
n
u
n
o
n

s
t
o
c
k

f
r
o
m

s
h
a
r
e
h
o
l
d
e
r
s

of
re
c
o
r
d

w
i
t
h

t
o
t
a
l
ho
l
d
i
n
g
s

o
f

1
0
0

or

fe
w
e
r

s
h
a
r
e
s
.

T
h
e

o
f
f
e
r
i
n
g

p
r
i
c
e

p
e
r

s
h
a
r
e

w
a
s

$
1
.
7
5
.

T
h
e

p
r
o
g
r
a
m

e
n
d
e
d

i
n

S
e
p
t
e
m
b
e
r

20
0
3

af
t
e
r

t
h
e

C
o
m
p
a
n
y
ha
d

r
e
p
u
r
c
h
a
s
e
d

2
,
77
4

s
h
a
r
e
s
.
Wa
r
r
a
n
t
s

t
o

P
u
r
c
h
a
s
e

C
o
m
m
o
n

S
h
a
r
e
s
:

As

me
n
t
i
o
n
e
d

a
b
o
v
e
,
t
h
e

C
o
m
p
a
n
y

i
s
s
u
e
d

w
a
r
r
a
n
t
s

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

i
t
s

S
e
r
i
e
s

B

p
r
e
f
e
r
r
e
d
st
o
c
k

o
f
f
e
r
i
n
g

a
n
d

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

c
e
r
t
a
i
n

m
a
r
k
e
t
i
n
g

c
o
n
t
r
a
c
t
s
.

In
'
co
n
n
e
c
t
i
o
n

w
i
t
h

s
o
m
e

o
f

t
h
e

L
M
B
-
r
e
l
a
t
e
d
'
un
s
e
c
u
r
e
d

p
r
o
m
i
s
s
o
r
y

n
o
t
e
s
,

t
w
o
-
ye
a
r

W
a
t
T
a
n
t
s

t
o

p
u
r
c
h
a
s
e

a

t
o
t
a
1
5
6
2
,
95
0

s
h
a
r
e
s

o
f
co
m
m
o
n

s
t
o
c
k

a
t

$
2
.
50

p
e
r

s
h
a
r
e

w
e
r
e

i
s
s
u
e
d

t
o

t
h
e

n
o
t
e
h
o
l
d
e
r
s

d
u
r
i
n
g

t
h
e

t
w
o

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

31
~

2
0
0
2
.

Wa
r
r
a
n
t
s

f
o
r

a
n
ad
d
i
t
i
o
n
a
l

9
7
,
95
0

s
h
a
r
e
s

w
e
r
e

a
l
s
o

i
s
s
u
e
d

t
o

t
h
e

s
a
l
e
s

a
g
e
n
t
s
.

T
h
e

e
s
t
i
m
a
t
e
d

f
a
i
r

v
a
l
u
e

o
f

t
h
e

w
a
r
r
a
n
t
s

o
f

$
2
6
4
71
7
,

b
a
s
e
d

o
n

u
s
i
n
g

t
h
e
Bl
a
c
k
-
Sc
h
o
l
e
s

p
r
i
c
i
n
g

m
o
d
e
l
,
w
a
s

a
l
l
o
c
a
t
e
d

t
o

t
h
e

w
a
r
r
a
n
t
s

a
n
d

r
e
c
or
d
e
d

a
s

a

d
i
s
c
o
u
n
t

t
o

t
h
e

c
a
r
r
y
i
n
g

v
a
l
u
e

o
f

t
h
e

n
o
t
e
s
.

T
h
e

d
i
s
c
o
u
n
t
is

b
e
i
n
g

a
m
o
r
t
i
z
e
d

t
o

i
n
t
e
r
e
s
t

e
x
p
e
n
s
e

o
v
e
r

t
h
e

e
s
t
i
m
a
t
e
d

t
e
n
n

of

t
h
e

n
o
t
e
s
.
In

N
o
v
e
m
b
e
r

2
0
0
3

t
h
e

C
o
m
p
a
n
y

i
s
s
u
e
d

2
5
,
00
0

w
a
r
r
a
n
t
s

t
o

a

c
o
n
s
u
l
t
i
n
g

c
o
m
p
a
n
y
.

T
h
e

e
s
t
i
m
a
t
e
d

f
a
i
r

v
a
l
u
e

o
f

t
h
e

w
a
r
r
a
n
t
s

o
f
$
2
5
,
34
1
,
ba
s
e
d

o
n

u
s
i
n
g

t
h
e

B
l
a
c
k
-
Sc
h
o
l
e
s

p
r
i
c
i
n
g

m
o
d
e
l
,
w
i
l
l

b
e

a
m
o
r
t
i
z
e
d

o
v
e
r

t
h
e

l
i
f
e

o
f

t
h
e

c
o
n
t
r
a
c
t

i
n
t
o

g
e
n
e
r
a
l

a
n
d

a
d
m
i
n
i
s
t
r
a
t
i
v
e
ex
p
e
n
s
e
.
Du
r
i
n
g

2
0
0
3
,

i
n
v
e
s
t
o
r
s

e
x
e
r
c
i
s
e
d

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

5
2
2
50
0

s
h
a
r
e
s

o
f

C
o
m
m
o
n

S
t
o
c
k
,

i
n

e
x
c
h
a
n
g
e

f
o
r

p
r
o
c
e
e
d
s

w
h
i
c
h

a
g
g
r
e
g
a
t
e
d
$'
1
,
04
3
75
0
.

Al
l

o
f

t
h
e

w
a
r
r
a
n
t
s

w
e
r
e

e
x
e
r
c
i
s
a
b
l
e

a
t

D
e
c
e
m
b
e
r

3
1
,
20
0
3
.

T
h
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e
s

s
u
m
m
a
r
i
z
e

t
h
e

w
a
r
r
a
n
t

a
c
t
i
v
i
t
y

f
o
r

2
0
0
3

a
n
d

2
0
0
2
:
Wa
r
r
a
n
t
s
--
-
-
-
-
-
-
-
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
1
Ca
n
c
e
l
l
e
d

o
r

e
x
p
i
r
e
d
Is
s
u
e
d
34
5
,
73
2
(2
5
0
,
00
0
)
43
3
,
55
0
--
-
-
-
-
-
-
-
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
2
Ca
n
c
e
l
l
e
d

o
r

e
x
p
i
r
e
d
Ex
e
r
c
i
s
e
d
Is
s
u
e
d
52
9
,
28
2
(1
8
1
,
75
0
)
(5
2
2
,
50
0
)
25
,
00
0
--
-
-
-
-
-
-
-
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
3
85
0
,
03
2
--
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
,
,

""

,
"

'
"

."
,
w

,St
o
c
k

O
p
t
i
o
n
s
:
Pr
i
c
e
Ra
n
g
e
--
-
-
-
-
-
-
-
--
-
-
$1
.
25

-

$
5
.
$2
.
50

-

$
2
.
$2
.
00

-

$
2
.
$1
.
25

-

$
2
.
$2
.
00

-

$
2
.
$1
.
25

-

$
2
.
$2
.
$1
.
25

-

$
2
.
We
i
g
h
t
e
d
Av
e
r
a
g
e
Ex
e
r
c
i
s
e
Pr
i
c
e
--
-
-
-
-
-
-
$2
.
$
2

.
$2
.
$2
.
$2
.
$2
.
$2
.
$2
.
,
,

,

"
'
"

",
.
"
,
.
,
.

"
"

"
'
'"

.
"
"
'
"

,

"
'
.

'"

"
"
Lo
n
g
.
.
Te
n
n

S
t
o
c
k

I
r
t
c
e
n
t
i
v
e
P
l
a
n
:

E
f
f
e
c
t
i
v
e

M
a
r
c
h

11
,

1
9
9
9
,

t
h
e

C
o
m
p
a
n
y

e
s
t
a
b
l
i
s
h
e
d

t
h
e

B
u
y
e
r
s

U
n
i
t
e
d

I
n
t
e
r
n
a
t
i
o
n
a
l
,
I
n
c
.

L
o
n
g
-
Te
n
n

S
t
o
c
k

I
n
c
e
n
t
i
v
e

P
l
a
n

(
"
th
e

S
t
o
c
k

P
l
a
n
).

T
h
e

S
t
o
c
k

P
l
a
n
pr
o
v
i
d
e
s

f
o
r

a

m
a
x
i
m
u
m

o
f

1
,
20
0
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

o
f

t
h
e
Co
m
p
a
n
y

t
o

b
e

a
w
a
r
d
e
d

t
o

p
a
r
t
i
c
i
p
a
n
t
s

a
n
d

t
h
e
i
r

b
e
n
e
f
i
c
i
a
r
i
e
s
.

A

C
o
m
m
i
t
t
e
e
,

a
s

d
e
t
e
n
n
i
n
e
d

b
y

t
h
e

B
o
a
r
d

of

D
i
r
e
c
t
o
r
s
,

d
e
t
e
n
n
i
n
e
s

a
n
d
de
s
i
g
n
a
t
e
s

t
h
e

e
l
i
g
i
b
l
e

p
a
r
t
i
c
i
p
a
n
t
s

a
n
d

a
w
a
r
d
s
to

b
e

g
r
a
n
t
e
d

u
n
d
e
r

t
h
e

S
t
o
c
k

P
l
a
n
.

T
h
e

C
o
m
m
i
t
t
e
e

m
a
y

g
r
a
n
t

i
n
c
e
n
t
i
v
e

s
t
o
c
k

o
p
t
i
o
n
s
;
no
n
-
qu
a
l
i
f
i
e
d

o
p
t
i
o
n
s
;

s
t
o
c
k

a
p
p
r
e
c
i
a
t
i
o
n

r
i
g
h
t
s
(
I
t
SA
R
I
t
);

a
n
d

o
n

a

l
i
m
i
t
e
d

b
a
s
i
s
,

s
t
o
c
k

a
w
a
r
d
s
.

T
h
e

t
e
n
n
s

a
n
d

e
x
e
r
c
i
s
e

p
r
i
c
e
s

.
o
p
t
i
o
n
s

a
n
d

S
A
R
s

w
i
l
l

b
e

e
s
t
a
b
l
i
s
h
e
d

b
y

t
h
e

C
o
m
m
i
t
t
e
e
;

e
x
c
e
p
t

t
h
a
t

t
h
e

e
x
e
r
c
i
s
e

p
r
i
c
e
s

c
a
n
n
o
t

b
e

l
e
s
s

t
h
a
n

1
0
0

p
e
r
c
e
n
t

of

t
h
e

f
a
i
r
ma
r
k
e
t

v
a
l
u
e

o
f

a

s
h
a
r
e

o
f

c
o
m
m
o
n

s
t
o
c
k

o
n

t
h
e

d
a
t
e
of

g
r
a
n
t
.

A
s

o
f

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
,

i
n
c
e
n
t
i
v
e

s
t
o
c
k

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

a

t
o
t
a
l

o
f
89
3
,
65
3

s
h
a
r
e
s

w
e
r
e

o
u
t
s
t
a
n
d
i
n
g
.
..
.
Ot
h
e
r

O
p
t
i
o
n
s
:

T
h
e

C
o
m
p
a
n
y
s
B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

h
a
s

f
r
o
m

t
i
m
e

t
o

t
i
m
e

a
l
s
o

a
u
t
h
o
r
i
z
e
d

t
h
e

g
r
a
n
t

o
f

s
t
o
c
k

o
p
t
i
o
n
s

t
o

d
i
r
e
c
t
o
r
s
of
f
i
c
e
r
s
,
k
e
y

e
m
p
l
o
y
e
e
s
,
a
n
d

c
o
n
s
u
l
t
a
n
t
s

a
s

c
o
m
p
e
n
s
a
t
i
o
n

a
n
d

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

o
b
t
a
i
n
i
n
g

f
i
n
a
n
c
i
n
g
.
In

v
i
r
t
u
a
l
l
y

a
l
l

c
a
s
e
s
,

e
m
p
l
o
y
e
e

o
p
t
i
o
n
s

v
e
s
t

o
v
e
r

a

p
e
r
i
o
d

o
f

f
r
o
m

o
n
e

t
o

t
h
r
e
e

y
e
a
r
s
,
a
n
d

e
x
p
i
r
e

f
r
o
m

f
o
u
r

t
o

f
i
v
e

y
e
a
r
s

a
f
t
e
r

t
h
e

d
a
t
e
th
e

o
p
t
i
o
n
s

w
e
r
e

g
r
a
n
t
e
d
.

T
h
e

f
o
l
l
o
w
i
n
g

t
a
b
l
e
s

s
u
m
m
a
r
i
z
e

t
h
e

a
l
l

s
t
o
c
k

o
p
t
i
o
n

a
c
t
i
v
i
t
y

f
o
r

2
0
0
3

a
n
d

2
0
0
2
:
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
1
Gr
a
n
t
e
d
Ca
n
c
e
l
l
e
d

o
r

e
x
p
i
r
~
d
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
2
Gr
a
n
t
e
d
Ex
e
r
c
i
s
e
d
Ca
n
c
e
l
l
e
d

o
r

e
x
p
i
r
e
d
Ba
l
a
n
c
e

a
t

D
e
c
e
m
b
e
r

31
,

2
0
0
3
Op
t
i
o
n
s
--
-
-
-
-
-
-
-
81
8
,
58
5
90
2
,

9
1
3
(1
2
8
,
77
7
)
--
-
-
-
-
-
-
-
59
2
,
72
1
68
3
,
50
0
(2
7
,
50
0
)
(8
1
6
,
94
4
)
--
-
-
-
-
-
-
-
43
1
,
77
7
==
=
=
=
=
=
=
=
Pr
i
c
e
Ra
n
g
e
--
-
-
-
-
-
-
-
-
-
-
-
$2
.
00

-

$
9
.
$2
.
00

-

$
2
.
$2
.
00

-

$
9
.
$2
.
00

-

$
5
.
$2
.
00

-

$
2
.
$2
.
00

-

$
4
.
$2
.
00

-

$
5
.
A
s
u
m
m
a
r
y

o
f

t
h
e

o
p
t
i
o
n
s

o
u
t
s
t
a
n
d
i
n
g

a
n
d

o
p
t
i
o
n
s

e
x
e
r
c
i
s
a
b
l
e

a
t

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

i
s

a
s

f
o
l
l
o
w
s
:
We
i
g
h
t
e
d
Av
e
r
a
g
e
Ex
e
r
c
i
s
e
Pr
i
c
e
--
-
-
-
-
-
-
$2
.
$2
.
$3
.
$2
.
$.
2

.

3
3
$2
.
$2
.
$2
.
-
-

-

-

-

-

-

-

-

-

-

-

-

--

-

-

-

-

-

-
~

-

-

-

-

-

-

-
~
-

-

-

-

-

--
-
-
-
-

-
-
-

--
-
-
-

-
-

--

-

-

-

~-
-
-
-

-
~
-
-

-

-

-
-

--

-

-

Op
t
i
o
n
s

O
u
t
s
t
a
n
d
i
n
g
Op
t
i
o
n
s
Ex
e
r
c
i
s
a
b
l
e
Ra
n
g
e

o
f

Ex
e
r
c
i
s
e
Pr
i
c
e
s
Av
e
r
a
g
e

We
i
g
h
t
e
d

Op
t
i
o
n
s

We
i
g
h
t
e
d
Re
m
a
i
n
i
n
g

Av
e
r
a
g
e

Ex
e
r
c
i
s
a
b
l
e

a
t

Av
e
r
a
g
e
Op
t
i
o
n
s

Co
n
t
r
a
c
t
u
a
l

E
x
e
r
c
i
$
e

De
c
e
m
b
e
r

3
1
,

Ex
e
r
c
i
s
e
Ou
t
s
t
a
n
d
i
n
g

Li
f
e

Pr
i
c
e

20
0
3

Pr
i
c
e
--
-
-
-
-
-
-
-
-
-

--
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-
$2
.
00

-

$
3
.
$4
.
00

-

$
5
.
20
7
,
92
6
22
3
,
85
1
3.

6

y
e
a
r
s
3
y
e
a
r
s
51
2
,
26
1
22
3
,
85
1
--
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
43
1
,
77
7
5
y
e
a
r
s
73
6
,
11
2
--
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
==
=
=
=
=
=
=
=
=
Re
g
i
s
t
r
a
t
i
o
n

S
t
a
t
e
m
e
n
t

o
n

F
o
r
m

S
B
-
2:

O
n

S
e
p
t
e
m
b
e
r

1
0
20
0
3
,

t
h
e

C
o
m
p
a
n
y

f
i
l
e
d

a

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

o
n

F
o
r
m

S
B
-
2
w
i
t
h

t
h
e
S
e
c
u
r
i

t
i

e
s

an
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

t
o

r
e
g
i
s
t
e
r

f
o
r

r
e
s
a
l
e

u
p

t
o

8
77
9
,
33
3

s
h
a
r
e
s

o
f

C
o
m
m
o
n

S
t
o
c
k

t
h
a
t

m
a
y

b
e

s
o

I
d

iT
o
m

t
i
m
e

t
o
ti
m
e

b
y

c
e
r
t
a
i
n

s
e
l
l
i
n
g

s
e
c
u
r
i
t
y

h
o
l
d
e
r
s

l
i
s
t
e
d

i
n

t
h
e

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t
.

A
t

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

t
h
e

s
e
l
l
i
n
g

s
e
c
u
r
i
t
y

h
o
l
d
e
r
s

o
w
n
e
d
:
0
W
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

9
9
,
37
5

s
h
a
r
e
s

a
t

a

p
r
i
c
e

o
f
$
1
.
2
5

pe
r

s
h
a
r
e
0
W
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

3
,
96
6
,
85
6

s
h
a
r
e
s

a
t

a

p
r
i
c
e

o
f

$
2
.
00

p
e
r

s
h
a
r
e
0
W
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

5
2
8
,
45
0

s
h
a
r
e
s

a
t

a

p
r
i
c
e

o
f
$
2
.
50

p
e
r

s
h
a
r
e
0
O
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

2
,
08
6
,
65
2

s
h
a
r
e
s

a
t

p
r
i
c
e
s

r
a
n
g
i
n
g

f
r
o
m

$
2
.
00

t
o

$
5
.
39
2

p
e
r

s
h
a
r
e
0
C
o
n
v
e
r
t
i
b
l
e

n
o
t
e
s

i
n

t
h
e

a
m
o
u
n
t

o
f
$
1
,
16
2
,
50
0

c
o
n
v
e
r
t
i
b
l
e

a
t

$
2
.
00

p
e
r

s
h
a
r
e
0
C
o
n
v
e
r
t
i
b
l
e

n
o
t
e
s

i
n

t
h
e

a
m
o
u
n
t

o
f
$
1
,
77
5
OO
O

c
o
n
v
e
r
t
i
b
l
e

at

$
2
.
50

p
e
r

s
h
a
r
e
0"
"
"
'
-

.
,
.
,
~
-
"
.
,
"
Bu
y
e
r
s

U
n
i
t
e
d

w
i
l
l

r
e
c
e
i
v
e

t
h
e

p
r
o
c
e
e
d
s

f
r
o
m

e
x
e
r
c
i
s
e

o
f

t
h
e

w
a
r
r
a
n
t
s

a
n
d

o
p
t
i
o
n
s

a
n
d

w
i
l
l

b
e
n
e
f
i
t

f
r
o
m

e
x
t
i
n
g
u
i
s
h
m
e
n
t

o
f

t
h
e

d
e
b
t
re
p
r
e
s
e
n
t
e
d

b
y

t
h
e

c
o
n
v
e
r
t
i
b
l
e

n
o
t
e
s
,

b
u
t

w
i
l
l

n
o
t

r
e
c
e
i
v
e

a
n
y

p
r
o
c
e
e
d
s

o
r

b
e
n
e
f
i
t

f
r
o
m

t
h
e

r
e
s
a
l
e

o
f

t
h
e

s
h
a
r
e
s

b
y

t
h
e

s
e
l
l
i
n
g

s
e
c
u
r
i
t
y
ho
l
d
e
r
s
.
In

M
a
r
c
h

2
0
0
4

t
h
e

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

w
a
s

t
e
m
p
o
r
a
r
i
l
y

s
u
s
p
e
n
d
e
d

u
n
t
i
l

t
h
e

C
o
m
p
a
n
y

c
a
n

f
i
l
e

a
n

a
m
e
n
d
m
e
n
t

u
p
d
a
t
i
n
g

t
h
e
re
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

w
i
t
h

i
t
s

2
0
0
3

a
u
d
i
t
e
d

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s

a
n
d

o
t
h
e
r

i
n
f
o
r
m
a
t
i
o
n
.
NO
T
E

11

-

R
E
L
A
T
E
D

P
A
R
T
Y

T
R
A
N
S
A
C
T
I
O
N
S

Du
r
i
n
g

20
0
3

an
d

20
0
2
,

ce
r
t
a
i
n

b
o
a
r
d

m
e
m
b
e
r
s

a
n
d

s
t
o
c
k
h
o
l
d
e
r
s

p
e
r
f
o
r
m
e
d

v
a
r
i
o
u
s

s
e
r
v
i
c
e
s

t
o

t
h
e

C
o
m
p
a
n
y
.

T
h
e
s
e

s
e
r
v
i
c
e
s

i
n
c
l
u
d
e
d
,
bu
t

w
e
r
e

n
o
t

l
i
m
i
t
e
d

t
o
;

c
o
n
s
u
l
t
i
n
g
,

m
a
r
k
e
t
i
n
g

a
n
d

c
a
p
i
t
a
l

a
n
d

d
e
b
t

r
a
i
s
i
n
g

a
c
t
i

vi
t
i

e
s
.

T
h
e

C
o
m
p
a
n
y

in
c
u
n
e
d

$
7
4
75
0

a
n
d

$
1

0
9
,
25
9

i
n
fe
e
s

a
s
s
o
c
i
a
t
e
d

w
i
t
h

t
h
e
s
e

s
e
r
v
i
c
e
s

f
o
r

t
h
e

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3

a
n
d

2
0
0
2
,

r
e
s
p
e
c
t
i
v
e
l
y
.

A
m
o
u
n
t
s

o
u
t
s
t
a
n
d
i
n
g

r
e
l
a
t
e
d

t
o
th
e
s
e

s
e
r
V
i
c
e
s

w
e
r
e

$
1
2
80
0

a
n
d

$
1
4
30
0

a
t

D
e
c
e
m
b
e
r

3
1
,
20
0
3
,

a
n
d

2
0
0
2
,

r
e
s
p
e
c
t
i
v
e
l
y
.

T
h
e
r
e

a
r
e

a
l
s
o

s
e
v
e
r
a
l

d
e
b
t

a
r
r
a
n
g
e
m
e
n
t
s
mo
r
e

f
u
l
l
y

d
e
s
c
r
i
b
e
d

i
n

N
o
t
e

7
.

'I
n
t
e
r
e
s
t

e
x
p
e
n
s
e

o
n

o
b
l
i
g
a
t
i
o
n
s

o
w
e
d

t
o

r
e
l
a
t
e
d

p
a
r
t
i
e
s

d
u
r
i
n
g

2
0
0
3

a
n
d

2
0
0
2
,

re
s
p
e
c
t
i
v
e
l
y
,

w
a
s
$4
1
4
52
3

a
n
d

$
4
5
3
,
36
1
.
NO
T
E

1
2

-

M
A
J
O
R

S
U
P
P
L
I
E
R
S
Ap
p
r
o
x
i
m
a
t
e
l
y

7
0
%

a
n
d

8
0
%

o
f

t
h
e

C
o
m
p
a
n
y
s
c
o
s
t

o
f

r
e
v
e
n
u
e

f
o
r

t
h
e

y
e
a
r
s

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

a
n
d

2
0
0
2
,

r
e
s
p
e
c
t
i
v
e
l
y
,

w
a
s
ge
n
e
r
a
t
e
d

f
r
o
m

t
w
o

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

p
r
o
v
i
d
e
r
s
.

A
s

o
f

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3
,
t
h
e

C
o
m
p
a
n
y

o
w
e
d

a
p
p
r
o
x
i
m
a
t
e
l
y

$
3

m
i
l
l
i
o
n

t
o

t
h
e
s
e
tw
o

p
r
o
v
i
d
e
r
s
.

T
h
e

C
o
m
p
a
n
y

h
a
s

e
n
t
e
r
e
d

i
n
t
o

c
o
n
t
r
a
c
t
u
a
l

a
g
r
e
e
m
e
n
t
s

w
i
t
h

t
h
e
s
e

v
e
n
d
o
r
s
.

D
u
r
i
n
g

2
0
0
2

o
n
e

o
f

t
h
e
s
e

p
r
o
v
i
d
e
r
s

h
a
d
fi
l
e
d

f
o
r

b
a
n
k
r
u
p
t
c
y

p
r
o
t
e
c
t
i
o
n

u
n
d
e
r

C
h
a
p
t
e
r

1
1
,
a
n
d

t
h
e

o
t
h
e
r

p
r
o
v
i
d
e
r

i
s

c
u
r
r
e
n
t
l
y

b
e
i
n
g

s
c
r
u
t
i
n
i
z
e
d

b
y

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e
Co
m
m
i
s
s
i
o
n

o
v
e
r

c
e
r
t
a
i
n

a
c
c
o
u
n
t
i
n
g

m
a
t
t
e
r
s
.

A
l
t
h
o
u
g
h

t
h
e

C
o
m
p
a
n
y

h
a
s

n
o
t

e
x
p
e
r
i
e
n
c
e
d

a

d
i
s
r
u
p
t
i
o
n

o
f

s
e
r
v
i
c
e

a
n
d

f
e
e
l
s

i
t

c
o
u
l
d
re
p
l
a
c
e

e
i
t
h
e
r

o
f

t
h
e
s
e

s
o
u
r
c
e
s

w
i
t
h

o
t
h
e
r

w
h
o
l
e
s
a
l
e

t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n

s
e
r
v
i
c
e

p
r
o
v
i
d
e
r
s
,
t
h
e

e
f
f
e
c
t

o
n

t
h
e

C
o
m
p
a
n
y
s
o
p
e
r
a
t
i
o
n
s

o
f
po
t
e
n
t
i
a
l
l
y

l
o
s
i
n
g

e
i
t
h
e
r

o
r

b
o
t
h

o
f

t
h
e
s
e

s
e
r
v
i
c
e

p
r
o
v
i
d
e
r
s

i
s

u
n
k
n
o
w
n
.
NO
T
E

1
3

-

C
O
M
M
I
T
M
E
N
T
S

A
N
D

C
O
N
T
I
N
G
E
N
C
I
E
S
.
I
n

Ju
n
e

2
0
0
1
,

B
u
y
e
r
s

U
n
i
t
e
d

e
n
t
e
r
e
d

i
n
t
o

a

j
o
i
n
t

s
a
l
e
s

a
g
r
e
e
m
e
n
t

w
i
t
h

I
n
f
o
t
o
p
i
a
,

I
n
c
.
,

a

d
i
r
e
c
t

r
e
s
p
o
n
s
e

m
a
r
k
e
t
e
r
.

I
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h
th
e

a
g
r
e
e
m
e
n
t
,
I
n
f
o
t
o
p
i
a

l
o
a
n
e
d

$
5
0
0
00
0

t
o

B
u
y
e
r
s

U
n
i
t
e
d
.

S
u
b
s
e
q
u
e
n
t

t
o

e
n
t
e
r
i
n
g

i
n
t
o

t
h
e

s
a
l
e
s

a
g
r
e
e
m
e
n
t
,

t
h
e

t
w
o

c
o
m
p
a
n
i
e
s
de
c
i
d
e
d

n
o
t

t
o

p
u
r
s
u
e

f
u
r
t
h
e
r

a
n
y

j
o
i
n
t

a
c
t
i
v
i
t
y
.

I
n

D
e
c
e
m
b
e
r

2
0
0
1
,

B
u
y
e
r
s

U
n
i
t
e
d

n
e
g
o
t
i
a
t
e
d

a

s
e
t
t
l
e
m
e
n
t

of

t
h
e

$
5
0
0
,
00
0

l
o
a
n

i
n
wh
i
c
h

B
u
y
e
r
s

U
n
i
t
e
d

p
a
i
d

$
1
2
0
,
00
0

a
n
d

i
s
s
u
e
d

3
5
,
00
0

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

i
n

e
x
c
h
a
n
g
e

f
o
r

c
a
n
c
e
l
i
n
g

t
h
e

o
u
t
s
t
a
n
d
i
n
g

o
b
l
i
g
a
t
i
o
n
pl
u
s

$
2
5
92
1

i
n

a
c
c
r
u
e
d

i
n
t
e
r
e
s
t
.

T
h
e

s
t
o
c
k

h
a
d

a

f
a
i
r

m
a
r
k
e
t

v
a
l
u
e

o
f

$
2
2
,
4
0
1
.

A
c
c
o
r
d
i
n
g
l
y
,

b
a
s
e
d

o
n

t
h
e
s
e

a
m
o
u
n
t
s
,
t
h
e

C
o
m
p
a
n
y
re
c
o
r
d
e
d

a

g
a
i
n

o
n

t
h
e

e
a
r
l
y

e
x
t
i
n
g
u
i
s
h
m
e
n
t
s

o
f

t
h
e

d
e
b
t

i
n

t
h
e

a
m
o
u
n
t

o
f
$
3
8
3
,
52
0
.
Ho
w
e
v
e
r
,
u
n
b
e
k
n
o
w
n
s
t

t
o

t
h
e

C
o
m
p
a
n
y
,

d
u
r
i
n
g
20
0
1

I
n
f
o
t
o
p
i
a

a
l
l
e
g
e
d
l
y

e
n
t
e
r
e
d

i
n
t
o

a

G
e
n
e
r
a
l

S
e
c
u
r
i
t
y

A
g
r
e
e
m
e
n
t

w
i
t
h

S
e
a

S
p
r
a
y

H
o
l
d
i
n
g
s
,

L
t
d
.
,
w
h
i
c
h

p
u
r
p
o
r
t
e
d
l
y

i
n
c
l
u
d
e
d

t
h
e
lo
a
n

o
b
l
i
g
a
t
i
o
n
.

S
e
a

S
p
r
a
y

a
s
s
e
r
t
e
d

t
h
a
t

i
t

h
a
d

a

p
e
r
f
e
c
t
e
d

s
e
c
u
r
i
t
y

i
n
t
e
r
e
s
t

i
n

t
h
e

o
b
l
i
g
a
t
i
o
n

a
n
d

d
e
m
a
n
d
e
d

p
a
y
m
e
n
t

a
s

s
u
c
c
e
s
s
o
r
-
in
-
in
t
e
r
e
s
t

t
o

I
n
f
o
t
o
p
i
a
.

T
h
e

C
o
m
p
a
n
y

d
e
n
i
e
d

t
h
e

c
l
a
i
m

a
n
d

f
i
l
e
d

a
n

a
r
b
i
t
r
a
t
i
o
n

p
r
o
c
e
e
d
i
n
g

t
o

r
e
s
o
l
v
e

t
h
e

i
s
s
u
e
.

S
e
a

S
p
r
a
y

a
t
t
e
m
p
t
e
d

t
o
pu
r
s
u
e

i
t
s

c
l
a
i
m

i
n

N
e
w

Y
o
r
k

s
t
a
t
e

c
o
u
r
t
,

w
h
i
c
h

t
h
e

C
o
m
p
a
n
y

r
e
m
o
v
e
d

t
o

f
e
d
e
r
a
l

c
o
u
r
t

i
n

N
e
w

Y
o
r
k
,

a
n
d

t
h
e

f
e
d
e
r
a
l

c
o
u
r
t

d
i
s
m
i
s
s
e
d
th
e

a
c
t
i
o
n

p
u
r
s
u
a
n
t

t
o

a
n

o
r
d
e
r

t
o

t
h
e

e
f
f
e
c
t

S
e
a

S
p
r
a
y

m
u
s
t

p
u
r
s
u
e

i
t
s

c
l
a
i
m
s

i
n

t
h
e

a
r
b
i
t
r
a
t
i
o
n

p
r
o
c
e
e
d
i
n
g
.

A
n

a
r
b
i
t
r
a
t
i
o
n

h
e
a
r
i
n
g

w
a
s
he
l
d

i
n

D
e
c
e
m
b
e
r

2
0
0
3
,

a
t

w
h
i
c
h

S
e
a

S
p
r
a
y

r
a
i
l
e
d

t
o

m
a
k
e

a
n
y

a
p
p
e
a
r
a
n
c
e

o
r

s
u
b
m
i
s
s
i
o
n

a
f
t
e
r

r
e
c
e
i
v
i
n
g

a
l
l

r
e
q
u
i
r
e
d

n
o
t
i
c
e
.

T
h
e
at
b
i
t
r
a
t
o
r

e
n
t
e
r
e
d

a

d
e
f
a
u
l
t

i
n

f
a
v
o
r

o
f

B
u
y
e
r
s

U
n
i
t
e
d

a
n
d

i
t
s

a
w
a
r
d

f
u
r
t
h
e
r

f
o
u
n
d

i
n

f
a
v
o
r

o
f

B
u
y
e
r
s

U
n
i
t
e
d

a
s

a

m
a
t
t
e
r

o
f

t
h
e

e
v
i
d
e
n
c
e
pr
e
s
e
n
t
e
d

a
n
d

a
s

a

m
a
t
t
e
r

o
f

l
a
w
.

T
h
e

C
o
m
p
a
n
y

b
e
l
i
e
v
e
s

t
h
i
s

m
a
t
t
e
r

h
a
s

b
e
e
n

r
e
s
o
l
v
e
d

f
u
l
l
y

i
n

i
t
s

f
a
v
o
r

a
n
d

t
h
a
t

i
s

h
a
s

n
o

o
b
l
i
g
a
t
i
o
n

o
r
li
a
b
i
l
i
t
y

t
o

S
e
a

S
p
r
a
y
.

Bu
y
e
r
s

U
n
i
t
e
d

i
s

t
h
e

s
u
b
j
e
c
t

o
f

c
e
r
t
a
i
n

o
t
h
e
r

l
e
g
a
l

m
a
t
t
e
r
s
,
w
h
i
c
h

i
t

c
o
n
s
i
d
e
r
s

i
n
c
i
d
e
n
t
a
l

t
o

i
t
s

b
u
s
i
n
e
s
s

a
c
t
i
v
i
t
i
e
s
.

I
t

i
s

t
h
e

o
p
i
n
i
o
n

o
f

ma
n
a
g
e
m
e
n
t
,

a
f
t
e
r

d
i
s
c
u
s
s
i
o
n

w
i
t
h

l
e
g
a
l

c
o
u
n
s
e
l
,
t
h
a
t

t
h
e

u
l
t
i
m
a
t
e

d
i
s
p
o
s
i
t
i
o
n

o
f

t
h
e
s
e

o
t
h
e
r

m
a
t
t
e
r
s

w
i
l
l

n
o
t

h
a
v
e

a

m
a
t
e
r
i
a
l

i
m
p
a
c
t

o
n
th
e

f
i
n
a
n
c
i
a
l

p
o
s
i
t
i
o
n
,

l
i
q
u
i
d
i
t
y

o
r

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s

o
f

B
u
y
e
r
s

U
n
i
t
e
d
.
In

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

M
y
A
C
D

a
g
r
e
e
m
e
n
t
s
,

M
y
A
C
D

w
i
l
l

c
o
n
t
i
n
u
e

t
o

p
r
o
v
i
d
e

e
n
h
a
n
c
e
d

s
e
r
v
i
c
e

d
e
v
e
l
o
p
m
e
n
t

a
n
d

c
o
n
f
i
g
u
r
a
t
i
o
n
,
a
n
d
Bu
y
e
r
s

U
n
i
t
e
d

w
i
l
l

r
e
i
m
b
u
r
s
e

M
y
A
C
D

f
o
r

a
c
t
u
a
l

c
o
s
t
s

r
e
l
a
t
e
d

t
o

t
h
e
s
e

a
c
t
i
v
i
t
i
e
s
.

r
1
,
.
.

TI
1
1

"
'
1
'

1
.
.
.
"
,
.
.
,
-.
"
.
...
.
.
".
.
-

..
.

,.
.
.
.
"

"
,
.
,
,
_"
.
.
.
.
.
_
0
'
_
NO
T
E

1
4

-

S
U
B
S
E
Q
U
E
N
T

E
V
E
N
T
S
In

J
a
n
u
a
r
y

a
n
d

F
e
b
r
u
a
r
y

2
0
0
4
,
t
h
r
e
e

D
i
r
e
c
t
o
r
s

h
a
d

e
x
e
r
c
i
s
e
d

o
p
t
i
o
n
s

t
o

p
u
r
c
h
a
s
e

a

t
o
t
a
l

o
f
2
5
5
00
0

s
h
a
r
e
s

o
f

C
o
m
m
o
n

S
t
o
c
k
.

T
o
t
a
l
pr
o
c
e
e
d
s

r
e
c
e
i
v
e
d

b
y

t
h
e

C
o
m
p
a
n
y

i
n

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e
s
e

e
x
e
r
c
i
s
e
s

w
a
s

$
5
5
5
00
0
.
Du
r
i
n
g

t
h
e

f
i
r
s
t

t
h
r
e
e

m
o
n
t
h
s

o
f
2
0
0
4
,
i
n
v
e
s
t
o
r
s

h
a
v
e

e
x
e
r
c
i
s
e
d

w
a
r
r
a
n
t
s

t
o

p
u
r
c
h
a
s
e

a

t
o
t
a
l

o
f
7
1
,
00
0

s
h
a
r
e
s

o
f

C
o
m
m
o
n

S
t
o
c
k
.

T
o
t
a
l
pr
o
c
e
e
d
s

r
e
c
e
i
v
e
d

i
n

t
h
e
s
e

t
r
a
n
s
a
c
t
i
o
n
s

w
a
s

$
1
4
6
,
00
0
.
In

D
e
c
e
m
b
e
r

2
0
0
3
,
a

h
o
l
d
e
r

o
f

1
0
0
00
0

s
h
a
r
e
s

o
f

S
e
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e

fe
l
T
e
d

S
t
o
c
k

c
o
n
v
e
r
t
e
d

a
l
l

of

t
h
o
s
e

s
h
a
r
e
s

t
o

5
0
0
,
00
0

s
h
a
r
e
s
of

c
o
m
m
o
n

s
t
o
c
k
.

I
n

J
a
n
u
a
r
y

2
0
0
4
,
t
h
e

h
o
l
d
e
r

s
o
l
d

t
h
o
s
e

c
o
m
m
o
n

s
h
a
r
e
s

p
l
u
s

1
4
56
0

a
d
d
i
t
i
o
n
a
l

s
h
a
r
e
s
,
o
r

a

t
o
t
a
l

o
f

5
1
4
56
0

s
h
a
r
e
s
,

t
o
Bu
y
e
r
s

U
n
i
t
e
d

f
o
r

$
5
0
0
00
0

i
n

a

p
r
i
v
a
t
e
l
y

n
e
g
o
t
i
a
t
e
d

t
r
a
n
s
a
c
t
i
o
n
.
Bu
y
e
r
s

U
n
i
t
e
d
.

e
n
t
e
r
e
d

i
n
t
o

a
n

a
g
r
e
e
m
e
n
t

t
o

p
u
r
c
h
a
s
e

3
7

d
e
d
i
c
a
t
e
d

l
o
n
g

d
i
s
t
a
n
c
e

c
u
s
t
o
m
e
r
s

f
r
o
m

S
o
u
r
c
e

Co
m
m
u
n
i
c
a
t
i
o
n
s
,

L
L
C

f
o
r
$7
5
0
,
00
0

i
n

F
e
b
r
u
a
r
y

2
0
0
4
.

C
l
o
s
i
n
g

o
f

t
h
e

a
c
q
u
i
s
i
t
i
o
n

w
a
s

s
u
b
j
e
c
t

t
o

c
o
m
p
l
y
i
n
g

w
i
t
h

a
p
p
l
i
c
a
b
l
e

f
e
d
e
r
a
l

a
n
d

s
t
a
t
e

r
e
g
u
l
a
t
i
o
n

p
e
r
t
a
i
n
i
n
g
to

t
r
a
n
s
f
e
r

o
f

t
h
e

c
u
s
t
o
m
e
r
s
.

A
l
l

o
f

t
h
e

r
e
g
u
l
a
t
o
r
y

r
e
q
u
i
r
e
m
e
n
t
s

w
e
r
e

s
a
t
i
s
f
i
e
d

a
n
d

t
h
e

a
c
q
u
i
s
i
t
i
o
n

o
f

t
h
e

c
u
s
t
o
m
e
r
s

i
s

c
o
m
p
l
e
t
e
d
On

M
a
r
c
h

1
5
,

2
0
0
4
t
h
e

C
o
m
p
a
n
y

c
l
o
s
e
d

a

p
r
i
v
a
t
e

p
l
a
c
e
m
e
n
t

t
o

i
n
s
t
i
t
u
t
i
o
n
a
l

a
n
d

ac
c
r
e
d
i
t
e
d

i
n
v
e
s
t
o
r
s
.

T
h
e

C
o
m
p
a
n
y

s
o
l
d

3
,
78
2
,
00
0
sh
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

a
t

$2
.
3
0
p
e
r

sh
a
r
e
,

o
r

a

t
o
t
a
l

o
f

a
p
p
r
o
x
i
m
a
t
e
l
y

$
8
.
7
m
i
l
l
i
o
n
.

N
e
t
p
r
o
c
e
e
d
s

o
f

t
h
e

o
f
f
e
r
i
n
g

a
f
t
e
r

p
l
a
c
e
m
e
n
t

f
e
e
s
.
a
n
d

e
x
p
e
n
s
e
s

w
e
r
e

a
p
p
r
o
x
i
m
a
t
e
l
y

$
8
.
1
m
i
l
l
i
o
n
.

T
h
e

n
e
t

p
r
o
c
e
e
d
s

o
f

t
h
e

p
r
i
v
a
t
e

p
l
a
c
e
m
e
n
t

a
r
e

i
n
t
e
n
d
e
d

t
o

b
e

u
s
e
d

f
o
r

v
a
r
i
o
u
s
co
r
p
o
r
a
t
e

p
u
r
p
o
s
e
s
,

i
n
c
l
u
d
i
n
g

s
a
l
e
s

a
n
d

ma
r
k
e
t
i
n
g

r
e
l
a
t
e
d

p
r
o
g
r
a
m
s
,
t
o

f
u
n
d

f
u
r
t
h
e
r

d
e
v
e
l
o
p
m
e
n
t

o
f

o
u
r

V
o
I
P

N
e
t
w
o
r
k
,
r
e
d
u
c
t
i
o
n

o
f
de
b
t
,
a
n
d

f
o
r

w
o
r
k
i
n
g

c
a
p
i
t
a
l

a
n
d

o
t
h
e
r

g
e
n
e
r
a
l

c
o
r
p
o
r
a
t
e

p
u
r
p
o
s
e
s
.

In

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

p
l
a
c
e
m
e
n
t
,
A
c
c
e
r
i
s

C
o
m
m
u
n
i
c
a
t
i
o
n
s

I
n
c
.
,
f
o
n
n
e
r
l
y

I
-
li
n
k

I
n
c
o
r
p
o
r
a
t
e
d

a
n
d

t
h
e

h
o
l
d
e
r

o
f

3
0
0
00
0

s
h
a
r
e
s

o
f
Se
r
i
e
s

B

C
o
n
v
e
r
t
i
b
l
e

P
r
e
f
e
l
T
e
d

S
t
o
c
k
,

c
o
n
v
e
r
t
e
d

a
l
l

of

i
t
s

p
r
e
f
e
r
r
e
d

s
t
o
c
k

t
o

1
.
5
m
i
l
l
i
o
n

c
o
m
m
o
n

s
h
a
r
e
s
.

A
c
c
e
r
i
s

s
u
b
s
e
q
u
e
n
t
l
y

s
o
l
d
75
0
,
00
0

o
f

t
h
o
s
e

c
o
n
t
m
o
n

s
h
a
r
e
s

t
o

t
h
e

i
n
v
e
s
t
o
r
s

i
n

t
h
e

p
r
i
v
a
t
e

p
l
a
c
e
m
e
n
t

a
t
$
2
.
30

p
e
r

s
h
a
r
e
.

A
s

a

r
e
s
u
l
t

o
f

t
h
e

c
o
n
v
e
r
s
i
o
n

a
n
d
'
sa
l
e
Ac
c
e
r
i
s

C
o
m
m
u
n
i
c
a
t
i
o
n
s

n
o
w

h
o
l
d
s

8
0
8
,
54
6

s
h
a
r
e
s

o
f

t
h
e

C
o
m
p
a
n
y
s
c
o
m
m
o
n
.

s
t
o
c
k
,

o
r

ap
p
r
o
x
i
m
a
t
e
l
y

s
i
x

p
e
r
c
e
n
t

o
f

t
h
e

13

m
i
l
l
i
o
n
sh
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

o
u
t
s
t
a
n
d
i
n
g

f
o
l
l
o
w
i
n
g

c
o
m
p
l
e
t
i
o
n

o
f

t
h
e

p
r
i
v
a
t
e

p
l
a
c
e
m
e
n
t
.
Th
e

p
r
i
v
a
t
e

p
l
a
c
e
m
e
n
t

w
a
s

m
a
d
e

o
n
l
y

t
o

i
n
s
t
i
t
u
t
i
o
n
a
l

an
d

a
c
c
r
e
d
i
t
e
d

i
n
v
e
s
t
o
r
s

i
n

a

t
r
a
n
s
a
c
t
i
o
n

e
x
e
m
p
t

f
r
o
m

t
h
e

r
e
g
i
s
t
r
a
t
i
o
n
re
q
u
i
r
e
m
e
n
t
s

o
f

t
h
e

S
e
c
u
r
i
t
i
e
s

A
c
t

o
f

1
9
3
3
,

a
s

a
m
e
n
d
e
d

(
t
h
e

"
Se
c
u
r
i
t
i
e
s

A
c
t
"
).

T
h
e

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

s
o
l
d

h
a
v
e

n
o
t

b
e
e
n
re
g
i
s
t
e
r
e
d

u
n
d
e
r

t
h
e

S
e
c
u
r
i
t
i
e
s

A
c
t
,
o
r

a
n
y

s
t
a
t
e

s
e
c
u
r
i
t
i
e
s

l
a
w
s
,
a
n
d

u
n
l
e
s
s

s
o

r
e
g
i
s
t
e
r
e
d
,

m
a
y

n
o
t

b
e

o
f
f
e
r
e
d

o
r

s
o
l
d

i
n

t
h
e

U
n
i
t
e
d
St
a
t
e
s

a
b
s
e
n
t

r
e
g
i
s
t
r
a
t
i
o
n

o
r

a
n

a
p
p
l
i
c
a
b
l
e

e
x
e
m
p
t
i
o
n

f
r
o
m

t
h
e

r
e
g
i
s
t
r
a
t
i
o
n

r
e
q
u
i
r
e
m
e
n
t
s

o
f

t
h
e

S
e
c
u
r
i
t
i
e
s

A
c
t

a
n
d

a
p
p
l
i
c
a
b
l
e

s
t
a
t
e
se
c
u
r
i
t
i
e
s

l
a
w
s
.

T
h
e

C
o
m
p
a
n
y

h
a
s

a
g
r
e
e
d

t
o

f
i
l
e

a

r
e
g
i
s
t
r
a
t
i
o
n

s
t
a
t
e
m
e
n
t

u
n
d
e
r

t
h
e

S
e
c
u
r
i
t
i
e
s

A
c
t

f
o
r

r
e
s
a
l
e

o
f

t
h
e

c
o
m
m
o
n

s
t
o
c
k
pu
r
c
h
a
s
e
d

b
y

t
h
e

i
n
v
e
s
t
o
r
s

i
n

t
h
e

p
r
i
v
a
t
e

p
l
a
c
e
m
e
n
t
,
t
h
e

8
0
8
,
54
6

s
h
a
r
e
s

o
f

c
o
m
m
o
n

s
t
o
c
k

h
e
l
d

b
y

A
c
c
e
r
i
s
,

a
n
d

1
6
4
12
5

s
h
a
r
e
s

o
f
co
m
m
o
n

s
t
o
c
k

i
s
s
u
a
b
l
e

u
n
d
e
r

a

w
a
r
r
a
n
t

g
r
a
n
t
e
d

t
o

t
h
e

p
l
a
c
e
m
e
n
t

a
g
e
n
t
.
..
.
,
.
.
.
.
.
.
.
"
.
.
.
,

,
W"

'
"

I
"
"
-
,
.
.

"..
.

-.
.
.
.
.
.
.
-
-

..
c
.
.
-.
.
-
.

.
1
1
"

"
"
"
"
"

"'
-
"
"
.
_
.
'
"
'

"
.
.
.

.
.
.
"
.
.
.
.
.
-
.
J
1

,O
O
"

"T
I

T

'
..
.

T
I

"
'
_
_
1
_
'
I'
..
.
.
.
.
.
.
-

I

'
.-
'

I

.
.
.
,

...
"
.
m
.
.
.
.
.
.
.
,
.
.
.
"
.
.
-
"
.
.
.
Ex
h
i
b
i
t

N
o
.

3
.
Fo
r
m

1
0
-
KS
B
Bu
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.
St
a
t
e

o
f

D
e
l
a
w
a
r
e
Se
c
r
e
t
a
r
y

o
f

S
t
a
t
e
Di
v
i
s
i
o
n

o
f

C
o
r
p
o
r
a
t
i
o
n
s
Fi
l
e
d

9
:
0
0

A
M

0
3
/
1
5
/
1
9
9
9
99
1
0
9
9
4
7
7
-
30
1
6
6
9
1
CE
R
T
I
F
I
C
A
T
E

O
F

I
N
C
O
R
P
O
R
A
T
I
O
N
BU
I
,

I
N
C
.
AR
T
I
C
L
E

I
NA
M
E
Th
e

n
a
m
e

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

i
s

BU
I
,

I
n
c
.
AR
T
I
C
L
E

I
I
RE
G
I
S
T
E
R
E
D

O
F
F
I
C
E

A
N
D

A
G
E
N
T

F
O
R

S
E
R
V
I
C
E
1:
h
e

a
d
d
r
e
s
s

o
f
t
h
e
C
o
r
p
o
r
a
t
i
o
n
s
r
e
g
i
s
t
e
r
e
d

o
f
f
i
c
e

i
n

t
h
e

S
t
a
t
e

of

D
e
l
a
w
a
r
e

i
s

i
n

t
h
e

c
o
u
n
t
y

o
f

N
e
w

C
a
s
t
l
e
,
a
t

1
0
1
3

C
e
n
t
r
e

R
o
a
d
,
Wi
l
m
i
n
g
t
o
n
,

D
e
l
a
w
a
r
e

1
0
8
0
5
.

T
h
e

n
a
m
e

o
f

i
t
s

r
e
g
i
s
t
e
r
e
d

a
g
e
n
t

a
t

s
u
c
h

a
d
d
r
e
s
s

i
s

C
o
r
p
o
r
a
t
i
o
n

S
e
r
v
i
c
e

C
o
m
p
a
n
y
.
AR
T
I
C
L
E

I
I
I
CO
R
P
O
R
A
T
E

P
U
R
P
O
S
E
S
Th
e

p
u
r
p
o
s
e

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

i
s

t
o

e
n
g
a
g
e

i
n

a
n
y

l
a
w
f
u
l

a
c
t

o
r

a
c
t
i
v
i
t
y

f
o
r

w
h
i
c
h

c
o
r
p
o
r
a
t
i
o
n
s

m
a
y

b
e

o
r
g
a
n
i
z
e
d

u
n
d
e
r

t
h
e

G
e
n
e
r
a
l
Co
r
p
o
r
a
t
i
o
n

L
a
w

o
f

t
h
e

S
t
a
t
e

o
f

D
e
l
a
w
a
r
e
.
AR
T
I
C
L
E

I
V
CA
P
I
T
A
L

S
T
O
C
K
1.

S
h
a
r
e
s
,
C
l
a
s
s
e
s

a
n
d

S
e
r
i
e
s

A
u
t
h
o
r
i
z
e
d
.
Th
e

t
o
t
a
l

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

a
l
l

c
l
a
s
s
e
s

o
f

c
a
p
i
t
a
l

s
t
o
c
k

t
h
a
t

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l

h
a
v
e

a
u
t
h
o
r
i
t
y

t
o

i
s
s
u
e

i
s

2
5
,
00
0
,
00
0

s
h
a
r
e
s
.
St
o
c
k
h
o
l
d
e
r
s

s
h
a
l
l

n
o
t

h
a
v
e

a
n
y

p
r
e
e
m
p
t
i
v
e

r
i
g
h
t
s
,
n
o
r

s
h
a
l
l

s
t
o
c
k
h
o
l
d
e
r
s

h
a
v
e

t
h
e

r
i
g
h
t

t
o

c
u
m
u
l
a
t
i
v
e

v
o
t
i
n
g

i
n

t
h
e

e
l
e
c
t
i
o
n

di
r
e
c
t
o
r
s

o
r

f
o
r

a
n
y

o
t
h
e
r

p
u
r
p
o
s
e
.

T
h
e

c
l
a
s
s
e
s

a
n
d

t
h
e

a
g
g
r
e
g
a
t
e

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

s
t
o
c
k

o
f

e
a
c
h

c
l
a
s
s

t
h
a
t

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l
ha
v
e

a
u
t
h
o
r
i
t
y

t
o

i
s
s
u
e

a
r
e

a
s

f
o
l
l
o
w
s
:
(~
)

2
0
00
0
,
00
0

s
h
a
r
e
s

o
f

C
o
m
m
o
n

S
t
o
c
k
,

$
0
.
00
0
1

p
a
r

v
a
l
u
e

(
"
Co
m
m
o
n

S
t
o
c
k
"
(b
)

'
00
0
00
0

s
h
a
r
e
s

o
f

P
r
e
f
e
r
r
e
d

S
t
o
c
k
,
$
0
.
00
0
1

p
a
r

v
a
l
u
e

(
"
Pr
e
f
e
r
r
e
d

S
t
o
c
k
"
,
,
.
,
"
'
"

"
"

",
,
"
'
"
,
.

"
"

","
'
,
,
2.

P
o
w
e
r
s

a
n
d

R
i
g
h
t
s

o
f

t
h
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k
.
Th
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

m
a
y

b
e

i
s
s
u
e
d

f
r
o
m

t
i
m
e

t
o

t
i
m
e

i
n

o
n
e

o
r

m
o
r
e

s
e
r
i
e
s
,

w
i
t
h

s
u
c
h

d
i
s
t
i
n
c
t
i
v
e

s
e
r
i
a
l

d
e
s
i
g
n
a
t
i
o
n
s

a
s

m
a
y

b
e

s
t
a
t
e
d
or

e
x
p
r
e
s
s
e
d

i
n

t
h
e

r
e
s
o
l
u
t
i
o
n

o
r

r
e
s
o
l
u
t
i
o
n
s

p
r
o
v
i
d
i
n
g

f
o
r

t
h
e

i
s
s
u
e

o
f

s
u
c
h

s
t
o
c
k

a
d
o
p
t
e
d

f
r
o
m

t
i
m
e

t
o

t
i
m
e

b
y

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s
;
an
d

i
n

s
u
c
h

r
e
s
o
l
u
t
i
o
n

o
r

r
e
s
o
l
u
t
i
o
n
s

p
r
o
v
i
d
i
n
g

f
o
r

t
h
e

i
s
s
u
a
n
c
e

o
f

s
h
a
r
e
s

o
f

e
a
c
h

p
a
r
t
i
c
u
l
a
r

s
e
r
i
e
s
,

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

i
s

a
l
s
o
ex
p
r
e
s
s
l
y

a
u
t
h
o
r
i
z
e
d

t
o

f
i
x
:

t
h
e

r
i
g
h
t

t
o

v
o
t
e
,
i
f

a
n
y
;

t
h
e

c
o
n
s
i
d
e
r
a
t
i
o
n

f
o
r

w
h
i
c
h

t
h
e

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s

a
r
e

t
o

b
e

i
s
s
u
e
d
;

t
h
e

n
u
m
b
e
r
of

s
h
a
r
e
s

c
o
n
s
t
i
t
u
t
i
n
g

s
u
c
h

s
e
r
i
e
s
,
w
h
i
c
h

n
u
m
b
e
r

m
a
y

b
e

i
n
c
r
e
a
s
e
d

(
e
x
c
e
p
t

a
s

o
t
h
e
r
w
i
s
e

f
i
x
e
d

b
y

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s
)

o
r

d
e
c
r
e
a
s
e
d
~t
i
t

n
o
t

b
e
l
o
w

th
e

n
u
m
b
e
r

o
f

s
h
a
r
e
s

t
h
e
r
e
o
f

t
h
e
n

o
u
t
s
t
a
n
d
i
n
g
)

f
r
o
m

t
i
m
e

t
o

t
i
m
e

b
y

a
c
t
i
o
n

o
f

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s
;

t
h
e

r
a
t
e

o
f
di
v
i
d
e
n
d
s

u
p
o
n

w
h
i
c
h

a
n
d

t
h
e

t
i
m
e
s

a
t

w
h
i
c
h

d
i
v
i
d
e
n
d
s

o
n

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s

s
h
a
l
l

b
e

p
a
y
a
b
l
e

a
n
d

t
h
e

p
r
e
f
e
r
e
n
c
e
,

i
f

a
n
y
,

w
h
i
c
h
su
c
h

d
i
v
i
d
e
n
d
s

s
h
a
l
l

h
a
v
e

r
e
l
a
t
i
v
e

t
o

d
i
v
i
d
e
n
d
s

o
n

s
h
a
r
e
s

o
f

a
n
y

o
t
h
e
r

c
l
a
s
s

o
r

c
l
a
s
s
e
s

o
r

a
n
y

o
t
h
e
r

s
e
r
i
e
s

o
f

s
t
o
c
k

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n
;
wh
e
t
h
e
r

s
u
c
h

d
i
v
i
d
e
n
d
s

s
h
a
l
l

b
e

c
u
m
u
l
a
t
i
v
e

o
r

n
o
n
c
u
m
u
l
a
t
i
v
e
,
a
n
d

i
f

c
u
m
u
l
a
t
i
v
e
,
t
h
e

d
a
t
e

o
r

d
a
t
e
s

f
r
o
m

w
h
i
c
h

d
i
v
i
d
e
n
d
s

o
n

s
h
a
r
e
s

o
f
su
c
h

s
e
r
i
e
s

s
h
a
l
l

b
e

.
cu
m
u
l
a
t
i
v
e
;

t
h
e

r
i
g
h
t
s
,

i
f

a
n
y
,

w
h
i
c
h

t
h
e

h
o
l
d
e
r
s

o
f

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s

s
h
a
l
l

h
a
v
e

in
t
h
e

e
v
e
n
t

o
f

an
y

v
o
l
u
n
t
a
r
y

o
r
in
v
o
l
u
n
t
a
r
y

l
i
q
u
i
d
a
t
i
o
n
,
m
e
r
g
e
r
,
c
o
n
s
o
l
i
d
a
t
i
o
n
,

d
i
s
t
r
i
b
u
t
i
o
n

o
r

s
a
l
e

o
f

a
s
s
e
t
s
,

d
i
s
s
o
l
u
t
i
o
n

o
r

w
i
n
d
i
n
g

u
p

o
f

t
h
e

a
f
f
a
i
r
s

o
f

t
h
e
Co
r
p
o
r
a
t
i
o
n
;

t
h
e

r
i
g
h
t
s
,

i
f

a
n
y
,

w
h
i
c
h

t
h
e

h
o
l
d
e
r
s

o
f

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s

s
h
a
l
l

h
a
v
e

t
o
co
n
v
e
r
t

s
u
c
h

s
h
a
r
e
s

i
n
t
o

o
r

e
x
c
h
a
n
g
e

s
u
c
h
sh
a
r
e
s

f
o
r

s
h
a
r
e
s

o
f

a
n
y

o
t
h
e
r

c
l
a
s
s

o
r

c
l
a
s
s
e
s

o
r

a
n
y

o
t
h
e
r

s
e
r
i
e
s

o
f

s
t
o
c
k

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

or
f
o
r

a
n
y

d
e
b
t

se
c
u
r
i
t
i
e
s

o
f

t
h
e
Co
r
p
o
r
a
t
i
o
n

a
n
d

t
h
e

t
e
r
m
s

,a
n
d

c
o
n
d
i
t
i
o
n
s
,
i
n
c
l
u
d
i
n
g

p
r
i
c
e

a
n
d

r
a
t
e

o
f

e
x
c
h
a
n
g
e
,
o
f

s
u
c
h

c
o
n
v
e
r
s
i
o
n

o
r

e
x
c
h
a
n
g
e
;

w
h
e
t
h
e
r

s
h
a
r
e
s

o
f
su
c
h

s
e
r
i
e
s

s
h
a
l
l

b
e

s
u
b
j
e
c
t

t
o

r
e
d
e
m
p
t
i
o
n
,

a
n
d

t
h
e

r
e
d
e
m
p
t
i
o
n

p
r
i
c
e

o
r

p
r
i
c
e
s

a
n
d

o
t
h
e
r

t
e
n
u
s

of

r
e
d
e
m
p
t
i
o
n
,
i
f

a
n
y
,

f
o
r

s
h
a
r
e
s

o
f

s
u
c
h
se
r
i
e
s

i
n
c
l
u
d
i
n
g
,

w
i
t
h
o
u
t

l
i
m
i
t
a
t
i
o
n
,

a

r
e
d
e
m
p
t
i
o
n

p
r
i
c
e

o
r

p
r
i
c
e
s

p
a
y
a
b
l
e

i
n

s
h
a
r
e
s

o
f

C
o
m
m
o
n

S
t
o
c
k
;

t
h
e

t
e
n
u
s

a
n
d

a
m
o
u
n
t
s

of

a
n
y
si
n
k
i
n
g

f
u
n
d

f
o
r

t
h
e

p
u
r
c
h
a
s
e

o
r

r
e
d
e
m
p
t
i
o
n

o
f

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s
;

a
n
d

a
n
y

a
n
d

a
l
l

o
t
h
e
r

d
e
s
i
g
n
a
t
i
o
n
s
,

p
r
e
f
e
r
e
n
c
e
s
,

a
n
d

r
e
l
a
t
i
v
e
,
pa
r
t
i
c
i
p
a
t
i
n
g
,

o
p
t
i
o
n
a
l

o
r

o
t
h
e
r

s
p
e
c
i
a
l

r
i
g
h
t
s
,
q
u
a
l
i
f
i
c
a
t
i
o
n
s
,
l
i
m
i
t
a
t
i
o
n
s

o
r

r
e
s
t
r
i
c
t
i
o
n
s

t
h
e
r
e
o
f

p
e
r
t
a
i
n
i
n
g

t
o

s
h
a
r
e
s

o
f

s
u
c
h

s
e
r
i
e
s
er
m
i
t
t
e
d

b
y

l
a
w
.

3.

I
s
s
u
a
n
c
e

o
f

t
h
e

C
o
m
m
o
n

S
t
o
c
k

a
n
d

t
h
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k
.
Th
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

m
a
y

f
r
o
m

t
i
m
e

t
o

t
i
m
e

a
u
t
h
o
r
i
z
e

b
y

r
e
s
o
l
u
t
i
o
n

t
h
e

i
s
s
u
a
n
c
e

o
f

a
n
y

o
r

a
l
l

s
h
a
r
e
s

o
f

t
h
e
Co
m
m
o
n

S
t
o
c
k

a
n
d

t
h
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k

h
e
r
e
i
n

a
u
t
h
o
r
i
z
e
d

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

t
h
e

t
e
r
m
s

a
n
d

c
o
n
d
i
t
i
o
n
s

s
e
t

f
o
r
t
h

i
n

t
h
i
s

C
e
r
t
i
f
i
c
a
t
e

o
f
I1
1
c
o
r
p
o
r
a
t
i
o
n

f
o
r

s
u
c
h

p
u
r
p
o
s
e
s
,

in

s
u
c
h

a
m
o
u
n
t
s
,
t
o

s
u
c
h

p
e
r
s
o
n
s
,
c
o
r
p
o
r
a
t
i
o
n
s

o
r

e
n
t
i
t
i
e
s
,

f
o
r

s
u
c
h

c
o
n
s
i
d
e
r
a
t
i
o
n
,

a
n
d

i
n

t
h
e

c
a
s
e

o
f
th
e

P
r
e
f
e
r
r
e
d

S
t
o
c
k
,

i1
1

on
e

o
r

m
o
r
e

s
e
r
i
e
s
,

a
l
l

a
s

t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

i
n

i
t
s

d
i
s
c
r
e
t
i
o
n

m
a
y

d
e
t
e
r
m
i
n
e

a
n
d

w
i
t
h
o
u
t

a
n
y

v
o
t
e

o
r

o
t
h
e
r
ac
t
i
o
n

b
y

t
h
e

s
t
o
c
k
h
o
l
d
e
r
s
,

e
x
c
e
p
t

a
s

o
t
h
e
r
w
i
s
e

r
e
q
u
i
r
e
d

b
y

l
a
w
.

T
h
e

c
a
p
i
t
a
l

s
t
o
c
k
,

a
f
t
e
r

t
h
e

a
m
o
u
n
t

o
f

t
h
e

s
u
b
s
c
r
i
p
t
i
o
n

p
r
i
c
e
,

o
r

p
a
r
va
l
u
e
,
h
a
s

b
e
e
n

p
a
i
d

i
n

s
h
a
l
l

n
o
t

b
e

s
u
b
j
e
c
t

t
o

a
s
s
e
s
s
m
e
n
t

t
o

p
a
y

t
h
e

d
e
b
t
s

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n
.
AR
T
I
C
L
E

V
BO
A
R
D

O
F

D
I
R
E
C
T
O
R
S
Th
e

g
o
v
e
m
i
n
g
b
o
a
r
d

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l

b
e

k
n
o
w
n

a
s

di
r
e
c
t
o
r
s
,

a
n
d

t
h
e

n
u
m
b
e
r

'
of

d
i
r
e
c
t
o
r
s

m
a
y

f
r
o
m

t
i
m
e

t
o

t
i
m
e

b
e

i
n
c
r
e
a
s
e
d
or

d
e
c
~
e
a
s
e
d

i
n

s
u
c
h

ma
n
n
e
r

a
s

s
h
a
l
l

b
e

p
r
o
v
i
d
e
d

b
y

t
h
e

B
y
l
a
w
s

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n
,

p
r
o
v
i
d
e
d

t
h
a
t

t
h
e
""
'
.
.
..
.
,
nu
m
b
e
r

o
f

d
i
r
e
c
t
o
r
s

m
a
y

n
o
t

b
e

l
e
s
s

t
h
a
n

o
n
e

n
o
r

m
o
r
e

t
h
a
n

f
i
f
t
e
e
n
.

E
f
f
e
c
t
i
v
e

u
p
o
n

f
i
l
i
n
g

o
f

t
h
i
s

C
e
r
t
i
f
i
c
a
t
e
,

t
h
e

m
e
m
b
e
r
s

o
f

t
h
e

b
o
a
r
d
of

d
i
r
e
c
t
o
r
s
,

c
o
n
s
i
s
t
i
n
g

o
f

t
h
r
e
e

p
e
r
s
o
n
s
,

s
h
a
l
l

b
e

a
s

f
o
l
l
o
w
s
:
,
R
o
d

Sm
i
t
h
66

E
.

W
a
d
s
w
o
r
t
h

P
a
r
k

Dr
.
,

S
u
i
t
e

1
0
1
Dr
a
p
e
r
,

U
t
a
h

8
4
0
2
0
C.

D
o
u
g
l
a
s

S
m
i
t
h
66

E
.

W
a
d
s
w
o
r
t
h

P
a
r
k
Dr
.
,

S
u
i
t
e

1
0
1

Dr
a
p
e
r
,

U
t
a
h

8
4
0
2
0
Da
n
i
e
l

R.

A
i
n
g
e
66

E
.

W
a
d
s
w
o
r
t
h

P
a
r
k

Dr
.
,

S
u
i
t
e

1
0
1
Dr
a
p
e
r
,

U
t
a
h

8
4
0
2
0
AR
T
I
C
L
E

V
I

PO
W
E
R
S

O
F

B
O
A
R
D

O
F

D
I
R
E
C
T
O
R
S
Th
e

p
r
o
p
e
r
t
y

a
n
d

b
u
s
i
n
e
s
s

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l

b
e

c
o
n
t
r
o
l
l
e
d

a
n
d

m
a
n
a
g
e
d

b
y

o
r

u
n
d
e
r

t
h
e

d
i
r
e
c
t
i
o
n

o
f

i
t
s

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s
.

I
n
fu
r
t
h
e
r
a
n
c
e
,
a
n
d

n
o
t

i
n

l
i
m
i
t
a
t
i
o
n

o
f

t
h
e

p
o
w
e
r
s

co
n
f
e
l
T
e
d

b
y

t
h
e

l
a
w
s

o
f

t
h
e

S
t
a
t
e

of

D
e
l
a
w
a
r
e
,
t
h
e

B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

i
s

e
x
p
r
e
s
s
l
y
au
t
h
o
r
i
z
e
d
:
1.

T
o

m
a
k
e
,
a
l
t
e
r
,

a
m
e
n
d

o
r

r
e
p
e
a
l

t
h
e

B
y
l
a
w
s

of

t
h
e

C
o
r
p
o
r
a
t
i
o
n
;

p
r
o
v
i
d
e
d
,

t
h
a
t

n
o

a
d
o
p
t
i
o
n
,

a
m
e
n
d
m
e
n
t
,
o
r

r
e
p
e
a
l

o
f

t
h
e

B
y
l
a
w
s
sh
a
l
l

i
n
v
a
l
i
d
a
t
e

a
n
y

a
c
t

o
f

t
h
e

b
o
a
r
d

o
f

d
i
r
e
c
t
o
r
s

t
h
a
t

w
o
u
l
d

h
a
v
e

b
e
e
n

v
a
l
i
d

p
r
i
o
r

t
o

s
u
c
h

a
d
o
p
t
i
o
n
,

a
m
e
n
d
m
e
n
t
,

o
r

r
e
p
e
a
l
;
2.

T
o

d
e
t
e
n
n
i
n
e

t
h
e

r
i
g
h
t
s
,

p
o
w
e
r
s
,

d
u
t
i
e
s
,

r
u
l
e
s

a
n
d

p
r
o
c
e
d
u
r
e
s

t
h
a
t

a
f
f
e
c
t

t
h
e

p
o
w
e
r

o
f

t
h
e

b
o
a
r
d

o
f

d
i
r
e
c
t
o
r
s

t
o

m
a
n
a
g
e

a
n
d

d
i
r
e
c
t

t
h
e
pr
o
p
e
r
t
y
,

b
u
s
i
n
e
s
s
,

a
n
d

a
f
f
a
i
r
s

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n
,

i
n
c
l
u
d
i
n
g

t
h
e

p
o
w
e
r

t
o

d
e
s
i
g
n
a
t
e

a
n
d

e
m
p
o
w
e
r

c
o
m
m
i
t
t
e
e
s

o
f

t
h
e

b
o
a
r
d

o
f

d
i
r
e
c
t
o
r
s
,
to

e
l
e
c
t
,
a
p
p
o
i
n
t

a
n
d

e
m
p
o
w
e
r

t
h
e

o
f
f
i
c
e
r
s

a
n
d

o
t
h
e
r

a
g
e
n
t
s

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n
,

a
n
d

t
o

d
e
t
e
n
n
i
n
e

t
h
e

t
i
m
e

a
n
d

p
l
a
c
e

o
f
,

a
n
d

t
h
e

n
o
t
i
c
e
~e
q
u
i
r
e
m
e
n
t
s

f
o
r

b
o
a
r
d

m
e
e
t
i
n
g
s
,
a
s

w
e
l
l

a
s

t
h
e

m
a
n
n
e
r

o
f

t
a
k
i
n
g

b
o
a
r
d

a
c
t
i
o
n
;

a
n
d
3~

T
o

ex
e
r
c
i
s
e

a
l
l

s
u
c
h

p
o
w
e
r
s

a
n
d

do
"

a
l
l

su
c
h

a
c
t
s

a
s

m
a
y

b
e

,
ex
e
r
c
i
s
e
d

b
y

t
h
e

C
o
r
p
o
r
a
t
i
o
n
,

s
u
b
j
e
c
t

t
o

t
h
e

p
r
o
v
i
s
i
o
n
s

o
f

t
h
e

l
a
w
s

o
f

t
h
e
St
a
t
e

o
f

D
e
l
a
w
a
r
e
,

t
h
i
s

C
e
r
t
i
f
i
c
a
t
e

o
f

I
n
c
o
r
p
o
r
a
t
i
o
n
,
a
n
d

t
h
e

B
y
l
a
w
s

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n
.
AR
T
I
C
L
E

IN
D
E
M
N
I
F
I
C
A
T
I
O
N
Th
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l

i
n
d
e
m
n
i
f
y

a
n
d

m
a
y

a
d
v
a
n
c
e

e
x
p
e
n
s
e
s

t
o

i
t
s

o
f
f
i
c
e
r
s

a
n
d

d
i
r
e
c
t
o
r
s

t
o

t
h
e

f
u
l
l
e
s
t

e
x
t
e
n
t

pe
n
n
i
t
t
e
d

b
y

l
a
w

i
n
ex
i
s
t
e
n
c
e

e
i
t
h
e
r

n
o
w

o
r

h
e
r
e
a
f
t
e
r
.

...
.
,
...
."

...
.
.
.
.
,
_
...
AR
T
I
C
L
E

V
I
I
I
LI
M
I
T
A
T
I
O
N

O
N

PE
R
S
O
N
A
L

L
I
A
B
I
L
I
T
Y

F
O
R

D
I
R
E
C
T
O
R
S
di
r
e
c
t
o
r

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l

n
o
t

b
e

p
e
r
s
o
n
a
l
l
y

l
i
a
b
l
e

t
o

t
h
e

C
o
r
p
o
r
a
t
i
o
n

o
r

i
t
s

s
t
o
c
k
h
o
l
d
e
r
s

f
o
r

m
o
n
e
t
a
r
y

d
a
m
a
g
e
s

f
o
r

b
r
e
a
c
h

o
f

a
fi
d
u
c
i
a
r
y

d
u
t
y

a
s

a

d
i
r
e
c
t
o
r
,

e
x
c
e
p
t

f
o
r

l
i
a
b
i
l
i
t
y

(
i
)

f
o
r

a
n
y

b
r
e
a
c
h

o
f

t
h
e

d
i
r
e
c
t
o
r
du
t
y

o
f

l
o
y
a
l
t
y

t
o

t
h
e

C
o
r
p
o
r
a
t
i
o
n

o
r

i
t
s

s
t
o
c
k
h
o
l
d
e
r
s
,
(i
i
)

f
o
r

a
c
t
s

o
r

o
m
i
s
s
i
o
n
s

n
o
t

i
n

g
o
o
d

f
a
i
t
h

o
r

w
h
i
c
h

i
n
v
o
l
v
e

i
n
t
e
n
t
i
o
n
a
l

m
i
s
c
o
n
d
u
c
t

o
r

a

k
n
o
w
i
n
g

v
i
o
l
a
t
i
o
n

o
f

l
a
w
,
(
i
i
i
)

u
n
d
e
r

S
e
c
t
i
o
n
17
4

o
f

t
h
e

D
e
l
a
w
a
r
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w

o
r

(
i
v
)

f
o
r

a
n
y

t
r
a
n
s
a
c
t
i
o
n

f
r
o
m

w
h
i
c
h

t
h
e

d
i
r
e
c
t
o
r

d
e
r
i
v
e
d

a
n
y

i
m
p
r
o
p
e
r

p
e
r
s
o
n
a
l
be
n
e
f
i
t
.

I
f

t
h
e

D
e
l
a
w
a
r
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w

i
s

a
m
e
n
d
e
d

h
e
r
e
a
f
t
e
r

t
o

a
u
t
h
o
r
i
z
e

c
o
r
p
o
r
a
t
e

a
c
t
i
o
n

f
u
r
t
h
e
r

e
l
i
m
i
n
a
t
i
n
g

o
r

l
i
m
i
t
i
n
g
th
e

p
e
r
s
o
n
a
l

l
i
a
b
i
l
i
t
y

o
f

d
i
r
e
c
t
o
r
s
,

t
h
e
n

t
h
e

l
i
a
b
i
l
i
t
y

o
f

a

d
i
r
e
c
t
o
r

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l

b
e

e
l
i
m
i
n
a
t
e
d

o
r

l
i
m
i
t
e
d

t
o

t
h
e

f
u
l
l
e
s
t

e
x
t
e
n
t
pe
n
n
i
t
t
e
d

b
y

t
h
e

D
e
l
a
w
a
r
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w
,

a
s

s
o

a
m
e
n
d
e
d
.
An
y

r
e
p
e
a
l

o
r

m
o
d
i
f
i
c
a
t
i
o
n

o
f

t
h
e

f
o
r
e
g
o
i
n
g

p
a
r
a
g
r
a
p
h

b
y

t
h
e
s
t
o
c
k
h
o
l
d
e
~
s

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l

n
o
t

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

a
n
y

r
i
g
h
t

o
r
pr
o
t
e
c
t
i
o
n

o
f

a

d
i
r
e
c
t
o
r

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

e
x
i
s
t
i
n
g

a
t

t
h
e

t
i
m
e

o
f

s
u
c
h

r
e
p
e
a
l

o
r

m
o
d
i
f
i
c
a
t
i
o
n
.
AR
T
I
C
L
E

I
X
CE
R
T
I
F
I
C
A
T
E

S
U
B
J
E
C
T

T
O

AM
E
N
D
M
E
N
T
Th
e

C
o
r
p
o
r
a
t
i
o
n

r
e
s
e
r
v
e
s

t
h
e

r
i
g
h
t

t
o

a
m
e
n
d
,

a
l
t
e
r
,
c
h
a
n
g
e

o
r

r
e
p
e
a
l

a
n
y

p
r
o
v
i
s
i
o
n

c
o
n
t
a
i
n
e
d

i
n

t
h
i
s
'
C
e
r
t
i
f
i
c
a
t
e

of

I
n
c
o
r
p
o
r
a
t
i
o
n
,

i
n

t
h
e
ma
n
n
e
r

n
o
w

o
r

h
e
r
e
a
f
t
e
r

p
r
e
s
c
r
i
b
e
d

b
y

s
t
a
t
u
t
e

o
r

b
y

t
h
e

C
e
r
t
i
f
i
c
a
t
e

o
f

I
n
c
~
r
p
o
r
a
t
i
o
n
,
a
n
d

e
x
c
e
p
t

a
s

o
t
h
e
r
w
i
s
e

p
r
o
v
i
d
e
d

b
y

t
h
i
s
Ce
r
t
i
f
i
c
a
t
e

o
f

I
n
c
o
r
p
o
r
a
t
i
o
n
,
a
l
l

r
i
g
h
t
s

c
o
n
f
e
r
r
e
d

u
p
o
n

s
t
o
c
k
h
o
l
d
e
r
s

h
e
r
e
i
n

a
r
e

g
r
a
n
t
e
d

s
u
b
j
e
c
t

t
o

t
h
i
s

r
e
s
e
r
v
a
t
i
o
n
.

AR
T
I
C
L
E

X
IN
C
O
R
P
O
R
A
T
O
R
Th
e

s
o
l
e

i
n
c
o
r
p
o
r
a
t
o
r

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

i
s
:
Ro
d

S
m
i
t
h

6
6

E
.

W
a
d
s
w
o
r
t
h

P
a
r
k

D
r
.
,
S
u
i
t
e

10
1

D
r
a
p
e
r
,
U
t
a
h

8
4
0
2
0
,
"

,
,
"
,

:
'
.
.
.
.

,
'
"
"
'
"
,
'
;,,
/,
'
IN

W
I
T
N
E
S
S

W
H
E
R
E
O
F
,

t
h
e

u
n
d
e
r
s
i
g
n
e
d
,

a
c
t
i
n
g

a
s

t
h
e

s
o
l
e

i
n
c
o
r
p
o
r
a
t
o
r

of
th
e
'

C
o
r
p
'

or
a
t
i
o
n
,

s
i
g
n
s

t
h
i
s

C
e
r
t
i
f
i
c
a
t
e

of

In
c
o
r
p
o
r
a
t
i
o
n
as

h
i
s

a
c
t

a
n
d

d
e
e
d

t
h
i
s

11

t
h

da
y

'
of

M
a
r
c
h
,

19
9
9
.
/s
/

R
o
d

Sm
i
t
h
O"
"
,
_
u

.
"
.
-
.
\ 1
1

,
.

o
.

,
.
.
u
.
.
o.

-
' ,
.
.
_o
w
St
a
t
e

of

De
l
a
w
a
r
e
Se
c
r
e
t
a
r
y

o
f

S
t
a
t
e
Di
v
i
s
i
o
n

of

Co
r
p
o
r
a
t
i
o
n
s
Fi
l
e
d

9
:
0
0

A
M

0
4
/
1
9
/
2
0
0
0
00
1
2
0
1
5
8
8
-
30
1
6
6
9
1
CE
R
T
I
F
I
C
A
T
E

O
F

A
M
E
N
D
M
E
N
T

O
F
CE
R
T
I
F
I
C
A
T
E

O
F

I
N
C
O
R
P
O
R
A
T
I
O
N

O
F
BU
t
,

I
N
C
.
(C
h
a
n
g
i
n
g

i
t
s

n
a
m
e

t
o

"
Bu
y
e
r
s
O
n
l
i
n
e
.
co
m
,

I
n
c
.

t
I
BU
I
,

I
N
C
.
,

a

c
o
r
p
o
r
a
t
i
o
n

o
r
g
a
n
i
z
e
d

a
n
d

e
x
i
s
t
i
n
g

u
n
d
e
r

t
h
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w

o
f

t
h
e

S
t
a
t
e

of
De
l
a
w
a
r
e

(
t
h
e

"
Co
r
p
o
r
a
t
i
o
n
do
e
s

h
e
r
e
b
y

c
e
r
t
i
f
y

t
h
a
t
:
Th
e

a
m
e
n
d
m
e
n
t

t
o

t
h
e

C
o
r
p
o
r
a
t
i
o
n
s
C
e
r
t
i
f
i
c
a
t
e

of
In
c
o
r
p
o
r
a
t
i
o
n

s
e
t

f
o
r
t
h

b
e
l
o
w

w
a
s

d
u
l
y

a
d
o
p
t
e
d

b
y

r
e
s
o
l
u
t
i
o
n
s

a
p
p
r
o
v
e
d

b
y

t
h
e
Co
r
p
o
r
a
t
i
o
n
s
B
o
a
r
d

of

Di
t
e
c
t
o
r
s

a
n
d

s
t
o
c
k
h
o
l
d
e
r
s

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

t
h
e

p
r
o
v
i
s
i
o
n
s

of
Se
c
t
i
o
n

2
4
2

of
th
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w
of

t
h
e

S
t
a
t
e

of

De
l
a
w
a
r
e
:
Am
e
n
d
m
e
n
t
.

T
h
e

C
e
r
t
i
f
i
c
a
t
e

of

In
c
o
r
p
o
r
a
t
i
o
n

of

th
e

c
o
r
p
o
r
a
t
i
o
n

i
s

a
m
e
n
d
e
d

b
y

s
t
r
i
k
i
n
g

A
r
t
i
c
l
e

I

i
n

i
t
s

e
n
t
i
r
e
t
y

a
n
d

r
e
p
l
a
c
i
n
g

t
h
e
r
e
f
o
r
:
AR
T
I
C
L
E

I
NA
M
E
Th
e

n
a
m
e

of
th
e

C
o
r
p
o
r
a
t
i
o
n

i
s

B
u
y
e
r
s
O
n
l
i
n
e
.
co
m
,

I
n
c
.
IN

W
I
T
N
E
S
S

W
H
E
R
E
O
F
,

Bi
l
l
,

I
n
c
.

ha
s

c
a
u
s
e
d

t
h
i
s

C
e
r
t
i
f
i
c
a
t
e

t
o

b
e

s
i
g
n
e
d

b
y

i
t
s

d
u
l
y

a
u
t
h
o
r
i
z
e
d

o
f
f
i
c
e
r

t
h
i
s

3
0
t
h

d
a
y

of
Ma
r
c
h
,
20
0
0
.

BU
I
,

I
n
c
.
By
:

/
s
/

R
o
d

Sm
i
t
h
,

Pr
e
s
i
d
e
n
t
'.

"
'
,
'
:..~,
"

.."

~
:
,
..~
.
.
,
"
.

"

.
'
. '
,..
,
..
,
~:
.:::
;
..,
,
"

St
a
t
e

o
f

D
e
l
a
w
a
r
e

S
e
c
r
e
t
a
r
y

o
f

S
t
a
t
e

D
i
v
i
s
i
o
n

o
f

C
o
r
p
o
r
a
t
i
o
n
s

F
i
l
e
d

9:
0
0
A
M

1
0
/
2
4
/
2
0
0
0
0
0
1
5
3
5
2
6
7
.
.
30
1
6
6
9
1
CE
R
T
I
F
I
C
A
T
E
,
OF

A
M
E
N
D
M
E
N
T

O
F
CE
R
T
I
F
I
C
A
T
E

O
F

I
N
C
O
R
P
O
R
A
T
I
O
N

O
F
BU
Y
E
R
S
O
N
L
I
N
E
.
CO
M
,

I
N
C
.
Bu
y
e
r
s
O
n
l
i
n
e
.
co
m
,

I
n
c
.
,
a

c
o
r
p
o
r
a
t
i
o
n

o
r
g
a
n
i
z
e
d

a
n
d

e
x
i
s
t
i
n
g

u
n
d
e
r

t
h
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w

o
f

t
h
e

S
t
a
t
e

o
f

D
e
l
a
w
a
r
e

(
t
h
e
Co
r
p
o
r
a
t
i
o
n
),

d
o
e
s

h
e
r
e
b
y

c
e
r
t
i
f
y

t
h
a
t
:
Th
e

a
m
e
n
d
m
e
n
t

t
o

t
h
e

C
o
r
p
o
r
a
t
i
o
n
s
C
e
r
t
i
f
i
c
a
t
e

o
f

I
n
c
o
r
p
o
r
a
t
i
o
n

s
e
t

f
o
r
t
h

b
e
l
o
w

w
a
s

d
u
l
y

a
d
o
p
t
e
d

b
y

r
e
s
o
l
u
t
i
o
n
s

a
p
p
r
o
v
e
d

b
y

t
h
e
Co
r
p
o
r
a
t
i
o
n
s
B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

a
n
d

s
t
o
c
k
h
o
l
d
e
r
s

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

t
h
e

p
r
o
v
i
s
i
o
n
s

o
f

S
e
c
t
i
o
n

2
4
2

o
f

t
h
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w
of

t
h
e

S
t
a
t
e

o
f

D
e
l
a
w
a
r
e
:
Am
e
n
d
m
e
n
t
.

T
h
e

C
e
r
t
i
f
i
c
a
t
e

o
f

I
n
c
o
r
p
o
r
a
t
i
o
n

o
f

t
h
e

c
o
r
p
o
r
a
t
i
o
n

i
s

a
m
e
n
d
e
d

b
y

s
t
r
i
k
i
n
g

S
e
c
t
i
o
n

1
o
f

A
r
t
i
c
l
e

I
V

i
n

i
t
s

e
n
t
i
r
e
t
y

a
n
d

re
p

l
a
c
i
n
g

th
e
r
e
f
o
r
:

1.

S
h
a
r
e
s
,
C
l
a
s
s
e
s

a
n
d

S
e
r
i
e
s

A
u
t
h
o
r
i
z
e
d
.
Th
e

t
o
t
a
l

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

a
l
l

c
l
a
s
s
e
s

o
f

c
a
p
i
t
a
l

s
t
o
c
k

t
h
a
t

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l

h
a
v
e

a
u
t
h
o
r
i
t
y

t
o

i
s
s
u
e

i
s

1
0
5
,
00
0
00
0

s
h
a
r
e
s
.
St
o
c
k
h
o
l
d
e
r
s

s
h
a
l
l

n
o
t

h
a
v
e

a
n
y

p
r
e
e
m
p
t
i
v
e

r
i
g
h
t
s
,

n
o
r

s
h
a
l
l

s
t
o
c
k
h
o
l
d
e
r
s

h
a
v
e

t
h
e
ri
g
h
t

t
o

c
u
m
u
l
a
t
i
v
e

v
o
t
i
n
g

i
n

t
h
e

e
l
e
c
t
i
o
n

o
f
di
r
e
c
t
o
r
s

o
r

f
o
r

a
n
y

o
t
h
e
r

p
u
r
p
o
s
e
.

T
h
e

c
l
a
s
s
e
s

a
n
d

t
h
e

a
g
g
r
e
g
a
t
e

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

s
t
o
c
k

o
f

e
a
c
h

c
l
a
s
s

t
h
a
t

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l
ha
v
e

a
u
t
h
o
r
i
t
y

t
o

i
s
s
u
e

a
r
e

a
s

f
o
l
l
o
w
s
:
(a
)

1
0
0
,
00
0
,
00
0

s
h
a
r
e
s

o
f

C
o
m
m
o
n

S
t
o
c
k
,

$
0
.
00
0
1

p
a
r

v
a
l
u
e

(
"
Co
m
m
o
n

S
t
o
c
k
"
,
(
b
)

5
,
00
0
,
00
0

s
h
a
r
e
s

o
f

P
r
e
f
e
r
r
e
d

S
t
o
c
k
,
$
0
.
00
0
1

p
a
r

v
a
l
u
e

(
"
Pr
e
f
e
r
r
e
d

S
t
o
c
k
"
IN

W
I
T
N
E
S
S

W
H
E
R
E
O
F
,
B
u
y
e
r
s
O
n
l
i
n
e
.
co
m
,

I
n
c
.
,
h
a
s

c
a
u
s
e
d

t
h
i
s

C
e
r
t
i
f
i
c
a
t
e

t
o

b
e

s
i
g
n
e
d

b
y

i
t
s

d
u
l
y

a
u
t
h
o
r
i
z
e
d

o
f
f
i
c
e
r

t
h
i
s

2
4
t
h
da
y

o
f

O
c
t
o
b
e
r
,

2
0
0
0
.
BU
Y
E
R
S
O
N
L
I
N
E
.
CO
M
,

I
N
C
.
By
:

/
s
/

P
a
u
l

Ja
r
m
a
n
,

Vi
c
e

Pr
e
s
i
d
e
n
t
.
"
.
"
,
"
,
"

"
' ,
::,

'
'
,
. ,
' "
.
,
,
' ,
"
,
,
",

,
'"

,
.
.
,
c"

"
"
,
,
'"

'
"
"
'
...
.,-
.
I

I

"
"
,
"
"
,
"
0
"
0
"

'"

I

I

. "
In

I

'
"
"'
"
I
"

St
a
t
e

o
f

D
e
l
a
w
a
r
e
Se
c
r
e
t
a
r
y

o
f

S
t
a
t
e
Di
v
i
s
i
o
n

o
f

C
o
r
p
o
r
a
t
i
o
n
s
Fi
l
e
d

9
:
0
0

A
M

11
/
0
1
/
2
0
0
1

01
0
5
4
9
2
6
7
-
30
1
6
6
9
1
CE
R
T
I
F
I
C
A
T
E

O
F

A
M
E
N
D
M
E
N
T

O
F
CE
R
T
I
F
I
C
A
T
E

O
F

I
N
C
O
R
P
O
R
A
T
I
O
N

O
F
BU
Y
E
R
S
O
N
L
I
N
E
.
CO
M
,

I
N
C
.
Bu
y
e
r
s

O
n
l
i
n
e
.

c
o
m
,

I
n
c
.
,

a
c
o
r
p
o
r
a
t
i
o
n

o
r
g
a
n
i
z
e
d

a
n
d

e
x
i
s
t
i
n
g

u
n
d
e
r

t
h
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w

o
f

t
h
e

S
t
a
t
e

o
f

D
e
l
a
w
a
r
e

(
t
h
e
Co
r
p
o
r
a
t
i
o
n
),

d
o
e
s

h
e
r
e
b
y

c
e
r
t
i
f
y

t
h
a
t
:
Th
e

a
m
e
n
d
m
e
n
t

t
o

t
h
e

C
o
r
p
o
r
a
t
i
o
n
s
C
e
r
t
i
f
i
c
a
t
e

o
f

I
n
c
o
r
p
o
r
a
t
i
o
n

s
e
t

f
o
r
t
h

b
e
l
o
w

w
a
s

d
u
l
y

a
d
o
p
t
e
d

b
y

r
e
s
o
l
u
t
i
o
n
s

a
p
p
r
o
v
e
d

b
y

t
h
e
Co
r
p
o
r
a
t
i
o
n
s
B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s

a
n
d

s
t
o
c
k
h
o
l
d
e
r
s

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

t
h
e

p
r
o
v
i
s
i
o
n
s

o
f

S
e
c
t
i
o
n

2
4
2

o
f

t
h
e

G
e
n
e
r
a
l

C
o
r
p
o
r
a
t
i
o
n

L
a
w
of

t
h
e

S
t
a
t
e

o
f

D
e
l
a
w
a
r
e
.

T
h
e

a
m
~
n
d
m
e
n
t
s

w
i
l
l

b
e

e
f
f
e
c
t
i
v
e

a
s

o
f

12
:
0
1

a
m

E
a
s
t
e
r
n

T
i
m
e

o
n

N
o
v
e
m
b
e
r

2
0
,
20
0
1
.
Am
e
n
d
m
e
n
t

N
o
.
1.

T
h
e

C
e
r
t
i
f
i
c
a
t
e

o
f

I
n
c
o
r
p
o
r
a
t
i
o
n

o
f

t
h
e

c
o
r
p
o
r
a
t
i
o
n

i
s

a
m
e
n
d
e
d

b
y

s
t
r
i
k
i
n
g

A
r
t
i
c
l
e

I

i
n

i
t
s

e
n
t
i
r
e
t
y

a
n
d

r
e
p
l
a
c
i
n
g
th
e
r
e

f
o
r
:
AR
T
I
C
L
E

I
NA
M
E
Th
e

n
a
m
e

o
f

t
h
e

C
o
r
p
o
r
a
t
i
o
n

i
s

B
u
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.
Am
e
n
d
m
e
n
t

N
o
.
2.

T
h
e

C
e
r
t
i
f
i
c
a
t
e

o
f

I
n
c
o
r
p
o
r
a
t
i
o
n

o
f

t
h
e

c
o
r
p
o
r
a
t
i
o
n

i
s

a
m
e
n
d
e
d

b
y

s
t
r
i
k
i
n
g

S
e
c
t
i
o
n

1
o
f

A
r
t
i
c
l
e

I
V

i
n

i
t
s

e
n
t
i
r
e
t
y
an
d

r
e
p
l
a
c
i
n
g

t
h
e
r
e

f
o
r
:
1.

S
h
a
r
e
s
,
C
l
a
s
s
e
s

a
n
d

S
e
r
i
e
s

A
u
t
h
o
r
i
z
e
d
.
Th
e

t
o
t
a
l

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

a
l
l

c
l
a
s
s
e
s

o
f

c
a
p
i
t
a
l

s
t
o
c
k

t
h
a
t

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l

h
a
v
e

a
u
t
h
o
r
i
t
y

t
o

i
s
s
u
e

i
s

1
1
5
00
0
,
00
0

s
h
a
r
e
s
.
St
o
c
k
h
o
l
d
e
r
s

s
h
a
l
l

n
o
t

h
a
v
e

a
n
y

p
r
e
e
m
p
t
i
v
e

r
i
g
h
t
s
,
n
o
r

s
h
a
l
l

s
t
o
c
k
h
o
l
d
e
r
s

h
a
v
e

t
h
e

r
i
g
h
t

t
o

c
u
m
u
l
a
t
i
v
e

v
o
t
i
n
g

i
n

t
h
e

e
l
e
c
t
i
o
n

o
f
di
r
e
c
t
o
r
s

o
r

f
o
r

a
n
y

o
t
h
e
r

p
u
r
p
o
s
e
.

T
h
e

c
l
a
s
s
e
s

a
n
d

t
h
e

a
g
g
r
e
g
a
t
e

n
u
m
b
e
r

o
f

s
h
a
r
e
s

o
f

s
t
o
c
k

o
f

e
a
c
h

c
l
a
s
s

t
h
a
t

t
h
e

C
o
r
p
o
r
a
t
i
o
n

s
h
a
l
l
ha
v
e

a
u
t
h
o
r
i
t
y

t
o

i
s
s
u
e

a
r
e

a
s

f
o
l
l
o
w
s
:
""
'
"

"
'
"

"'o
o
"
'
.
.
,
.
.
.
HI
"
"

'
"
'
.
"
"
.
-

.
,
-
,
-
""
"

,
--
-
-
-
.
.
.
.
.
.
.
..
"

,"
'
,
"
"

"
"
,
,
,
,"
m
"'"
,.
,
.
,
-~
-
. .
. "
.
.

"
"
'
.

.
.
,
,
'"

.

'
:
"
"

"

"
.,,
.."
"
,

,

.
.
I

.
..

'
(a
)

1
0
0
00
0
00
0

s
h
a
r
e
s

6f
C
o
m
m
o
n

St
o
c
k
,

$
0
.
00
0
1

p
a
r

v
a
l
u
e

(
"
Co
m
m
o
n

S
t
o
c
k
"
(b
)

1
5
,
00
0
,
00
0

s
h
a
r
e
s

o
f

P
r
e
f
e
r
r
e
d

S
t
o
c
k
,

$0
.
00
0
1

pa
r

v
a
l
u
e

(
"
Pr
e
f
e
r
r
e
d

S
t
o
c
k
"
IN

W
I
T
N
E
S
S

W
H
E
R
E
O
F
,

B
u
y
e
r
s
O
n
l
i
n
e
.
co
m
,

I
n
c
.
,
h
a
s

c
a
u
s
e
d

t
h
i
s

C
e
r
t
i
f
i
c
a
t
e

t
o

b
e

s
i
g
n
e
d

b
y

i
t
s

d
u
l
y

a
u
t
h
o
r
i
z
e
d

o
f
f
i
c
e
r

t
h
i
s

3
1
s
t

d
a
y
of

O
c
t
o
b
e
r

2
0
0
1
.

BU
Y
E
R
S
O
N
L
I
N
E
.
CO
M
,

I
N
C
.
By
:

/s
/

Pa
u
l

J
a
r
m
a
n
,

V
i
c
e

Pr
e
s
i
d
e
n
t
""

'
"
"
,
"'"
,
,
"

""
,
"
"
,
.
.

,
" ,Ex
h
i
b
i
t

1
4
.
Fo
n
n

1
0
-
KS
B
au
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.
BU
Y
E
R
S

U
N
I
T
E
D
,

I
N
C
.
CO
D
E

O
F

E
T
H
I
C
S

F
O
R

P
R
I
N
C
I
P
A
L

E
X
E
C
U
T
I
V
E

AN
D

S
E
N
I
O
R

F
I
N
A
N
C
I
A
L

O
F
F
I
C
E
R
S
I.

I
N
T
R
O
D
U
C
T
I
O
N
Th
i
s

C
o
d
e

o
f

E
t
h
i
c
s

f
o
r

P
r
i
n
c
i
p
a
l

E
x
e
c
u
t
i
v
e

a
n
d

S
e
n
i
o
r

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
s

(
t
h
e

"
Co
d
e
)
h
e
l
p
s

m
a
i
n
t
a
i
n

t
h
e

s
t
a
n
d
a
r
d
s

o
f

b
u
s
i
n
e
s
s
co
n
d
u
c
t

f
o
r

B
u
y
e
r
s

U
n
i
t
e
d
,
I
n
c
.

(
t
h
e

"
Co
m
p
a
n
y
),

a
n
d

e
n
s
u
r
e
s

c
o
m
p
l
i
a
n
c
e

w
i
t
h

l
e
g
a
l

r
e
q
u
i
r
e
m
e
n
t
s
,
s
p
e
c
i
f
i
c
a
l
l
y

S
e
c
t
i
o
n

4
0
6

o
f

t
h
e
Sa
r
b
a
n
e
s
-
Ox
l
e
y

A
c
t

o
f
2
0
0
2
,
a
n
d

t
h
e

S
E
C

r
u
l
e
s

p
r
o
m
u
l
g
a
t
e
d

t
h
e
r
e

u
n
d
e
r
.

T
h
e

p
u
r
p
o
s
e

o
f

t
h
e

C
o
d
e

i
s

t
o

d
e
t
e
r

w
r
o
n
g
d
o
i
n
g

a
n
d
pr
o
m
o
t
e

e
t
h
i
c
a
l

c
o
n
d
u
c
t
.

T
h
e

m
a
t
t
e
r
s

c
o
v
e
r
e
d

i
n

t
h
i
s

C
o
d
e

a
r
e

o
f

t
h
e

u
t
m
o
s
t

i
m
p
o
r
t
a
n
c
e

t
o

t
h
e

C
o
m
p
a
n
y
,

o
u
r

s
h
a
r
e
h
o
l
d
e
r
s

a
n
d

o
u
r
bu
s
i
n
e
s
s

p
a
r
t
n
e
r
s
.

F
u
r
t
h
e
r
,
t
h
e
s
e

a
r
e

e
s
s
e
n
t
i
a
l

s
o

t
h
a
t

w
e

c
a
n

c
o
n
d
u
c
t

o
u
r

b
u
s
i
n
e
s
s

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

o
u
r

b
u
s
i
n
e
s
s

v
a
l
u
e
s
.
Th
e

C
o
d
e

i
s

a
p
p
l
i
c
a
b
l
e

t
o

t
h
e

f
o
l
l
o
w
i
n
g

p
e
r
s
o
n
s
,
r
e
f
e
r
r
e
d

t
o

a
s

O
f
f
i
c
e
r
s
:
0
O
u
r

p
r
i
n
c
i
p
a
l

e
x
e
c
u
t
i
v
e

o
f
f
i
c
e
r
,
0
O
u
r

p
r
i
n
c
i
p
a
l

f
i
n
a
n
c
i
a
l

o
f
f
i
c
e
r
,
0
O
u
r

p
r
i
n
c
i
p
a
l

a
c
c
o
u
n
t
i
n
g

o
f
f
i
c
e
r

o
r

c
o
n
t
r
o
l
l
e
r
,

a
n
d
::"
,
"
"
,
"
'"

.
,
'
,
,
.

"
"
,
'
"
:"

,

'
,
~
,
' "
"
, "
,
'

.
.
.
'

,
,'

' "
:;
:

.
.
"
.
::"
'
,
~'i
:
;
;
:
:
~~
.
.
;"

',,
.
"
..
:
:
"
:,
,
:
:
'"

"
..

'
.
.
,
,

'
0
A
l
l

p
r
o
f
e
s
s
i
o
n
a
l
s

s
e
r
v
i
n
g

i
n

t
h
e

r
o
l
e
s

o
f

f
I
n
a
n
c
e
,

t
a
x
,

a
c
c
o
u
n
t
i
n
g
,

p
u
r
c
h
a
s
e
,

t
r
e
a
s
u
r
y
,

i
n
t
e
r
n
a
l

a
u
d
i
t
,

f
i
n
a
n
c
i
a
l

an
a
l
y
s
t

a
n
d

i
n
v
e
s
t
o
r
re
l
a
t
i
o
n
s
.

F
u
r
t
h
e
r
,
t
h
i
s

i
n
c
l
u
d
e
s

a
l
l

m
e
m
b
e
r
s

o
f

t
h
e

s
e
n
i
o
r

m
a
n
a
g
e
m
e
n
t
,

t
h
e

m
e
m
b
e
r
s

o
f

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
,

a
n
d

m
e
m
b
e
r
s

o
f

t
h
e
Bo
a
r
d

o
f

B
u
y
e
r
s

U
n
i
t
e
d

a
n
d

i
t
s

s
u
b
s
i
d
i
a
r
i
e
s
.
Et
h
i
c
a
l

b
u
s
i
n
e
s
s

c
o
n
d
u
c
t

i
s

c
r
i
t
i
c
a
l

t
o

o
u
r

b
u
s
i
n
e
s
s
.

A
c
c
o
r
d
i
n
g
l
y
,

,
Of
f
i
c
e
r
s

a
r
e

e
x
p
e
c
t
e
d

t
o

r
e
a
d

a
n
d

u
n
d
e
r
s
t
a
n
d

t
h
i
s

C
o
d
e
,

u
p
h
o
l
d

t
h
e
s
e
st
a
n
d
a
r
d
s

i
n

d
a
y
-
t
o
-
da
y

a
c
t
i
v
i
t
i
e
s
,

a
n
d

c
o
m
p
l
y

w
i
t
h
:

a
l
l

a
p
p
l
i
c
a
b
l
e

l
a
w
s
;

r
u
l
e
s

a
n
d

r
e
g
u
l
a
t
i
o
n
s
;

a
n
y

c
o
d
e

o
f

c
o
n
d
u
c
t

t
h
e

C
o
m
p
a
n
y

m
a
y
ad
o
p
t

f
r
o
m

t
i
m
e

t
o

t
i
m
e
;

a
n
d

a
l
l

a
p
p
l
i
c
a
b
l
e

p
o
l
i
c
i
e
s

a
n
d

p
r
o
c
e
d
u
r
e
s

a
d
o
p
t
e
d

b
y

t
h
e

C
o
m
p
a
n
y

t
h
a
t

g
o
v
e
r
n

t
h
e

c
o
n
d
u
c
t

o
f

i
t
s

e
m
p
l
o
y
e
e
s
.
Be
c
a
u
s
e

t
h
e

p
r
i
n
c
i
p
l
e
s

d
e
s
c
r
i
b
e
d

i
n

t
h
i
s

C
o
d
e

a
r
e

g
e
n
e
r
a
l

i
n

n
a
t
u
r
e
,

q
u
e
s
t
i
o
n
s

a
b
o
u
t

s
p
e
c
i
f
i
c

m
a
t
t
e
r
s

or

is
s
u
e
s

s
h
o
u
l
d

b
e

d
i
r
e
c
t
e
d

t
o
ei
t
h
e
r

t
h
e

P
r
e
s
i
d
e
n
t

or

Ch
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

of
th
e

C
o
m
p
a
n
y
.

If

t
h
e

P
r
e
s
i
d
e
n
t

or

Ch
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

h
a
v
e

q
u
e
s
t
i
o
n
s

a
b
o
u
t
sp
e
c
i
f
i
c

m
a
t
t
e
r
s

'
or

i
s
s
u
e
s
,

t
h
e
y

s
h
o
u
l
d

d
i
r
e
c
t

t
h
e
i
r

i
n
q
u
i
r
y

to

th
e

C
h
a
i
r
m
a
n

o
f

t
h
e

C
o
m
p
a
n
y
s
A
u
d
i
t

C
o
m
m
i
t
t
e
e
.
No
t
h
i
n
g

i
n

t
h
i
s

C
o
d
e
,

i
n

a
n
y

C
o
m
p
a
n
y

p
o
l
i
c
i
e
s

a
n
d

p
r
o
c
e
d
u
r
e
s
,
o
r

i
n

o
t
h
e
r

r
e
l
a
t
e
d

c
o
m
m
u
n
i
c
a
t
i
o
n
s

(
v
e
r
b
a
l

or
wr
i
t
t
e
n
)
,

c
r
e
a
t
e
s

im
p
l
i
e
s

a
n

e
m
p
l
o
y
m
e
n
t

c
o
n
t
r
a
c
t

or

te
r
m

o
f

e
m
p
l
o
y
m
e
n
t
.

Of
f
i
'
ce
r
s

s
h
o
u
l
d

s
i
g
n

t
h
e

a
c
k
n
o
w
l
e
d
g
m
e
n
t

f
o
r
m

a
t

t
h
e

e
n
d

o
f

t
h
i
s

C
o
d
e

a
n
d

r
e
t
u
r
n

t
h
e

f
o
r
m

t
o

t
h
e

H
R

d
e
p
a
r
t
m
e
n
t

i
n
d
i
c
a
t
i
n
g

t
h
a
t

t
h
e
y
ha
v
e

r
e
c
e
i
v
e
d
,

r
e
a
d

a
n
d

u
n
d
e
r
s
t
o
o
d
,
a
n
d

a
g
r
e
e

t
o

c
o
m
p
l
y

w
i
t
h

t
h
e

C
o
d
e
.

T
h
e

s
i
g
n
e
d

a
c
k
n
o
w
l
e
d
g
m
e
n
t
".
,

,
-
""
'
t
o
"

,
""
"
"
"
"
"
"
"
"
"
"
"
"

..
,
.
.
.
,
,
_
.
.
.
,
-
."
"
"
"
"
"
",
.
,.
.
,
.
.
fo
r
m

w
i
l
l

b
e

l
o
c
a
t
e
d

i
n

e
a
c
h

O
f
f
i
c
e
r
s
p
e
r
s
o
n
n
e
l

f
i
l
e
s
.

E
a
c
h

y
e
a
r
,
a
s

p
a
r
t

o
f

t
h
e
i
r

a
n
n
u
a
l

r
e
v
i
e
w
,
O
f
f
i
c
e
r
s

w
i
l
l

b
e

a
s
k
e
d

t
o

s
i
g
n

a
n
ac
k
n
o
w
l
e
d
g
m
e
n
t

i
n
d
i
c
a
t
i
n
g

t
h
e
i
r

c
o
n
t
i
n
u
e
d

U
n
d
e
r
s
t
a
n
d
i
n
g

o
f

t
h
e

Co
d
e
.
II
.

H
O
N
E
S
T

A
N
D

E
T
H
I
C
A
L

C
O
N
D
U
C
T
We

e
x
p
e
c
t

a
l
l

O
f
f
i
c
e
r
s

t
o

a
c
t

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

t
h
e

h
i
g
h
e
s
t

s
t
a
n
d
a
r
d
s

o
f

p
e
r
s
o
n
a
l

a
n
d

p
r
o
f
e
s
s
i
o
n
a
l

i
n
t
e
g
r
i
t
y
,

h
o
n
e
s
t
y

a
n
d

e
t
h
i
c
a
l
co
n
d
u
c
t
,
w
h
i
l
e

w
o
r
k
i
n
g

o
n

t
h
e

C
o
m
p
a
n
y
s
p
r
e
m
i
s
e
s
,

a
t
o
f
f
s
i
t
e

l
o
c
a
t
i
o
n
s

wh
e
r
e

t
h
e

C
o
m
p
a
n
y
s
b
u
s
i
n
e
s
s

i
s

b
e
i
n
g

c
o
n
d
u
c
t
e
d
,
a
t
Co
m
p
a
n
y

s
p
o
n
s
o
r
e
d

b
u
s
i
n
e
s
s

a
n
d

s
o
c
i
a
l

e
v
e
n
t
s
or

at

a
n
y

o
t
h
e
r

p
l
a
c
e

w
h
e
r
e

O
f
f
i
c
e
r
s

a
r
e

r
e
p
r
e
s
e
n
t
i
n
g

t
h
e

C
o
m
p
a
n
y
.
We

c
o
n
s
i
d
e
r

h
o
n
e
s
t

c
o
n
d
u
c
t

t
o

b
e

c
o
n
d
u
c
t

t
h
a
t

i
s

f
r
e
e

f
r
o
m

f
r
a
u
d

or

de
c
e
p
t
i
o
n
.

W
e

c
o
n
s
i
d
e
r

e
t
h
i
c
a
l

c
o
n
d
u
c
t

t
o

b
e

c
o
n
d
u
c
t

c
o
n
f
o
r
m
i
n
g
to

t
h
e

a
c
c
e
p
t
e
d

p
r
o
f
e
s
s
i
o
n
a
l

s
t
a
n
d
a
r
d
s

of

co
n
d
u
c
t
.

E
t
h
i
c
a
l

c
o
n
d
u
c
t

i
n
c
l
u
d
e
s

t
h
e

e
t
h
i
c
a
l

h
a
n
d
l
i
n
g

of

ac
t
u
a
l

or
ap
p
a
r
e
n
t

c
o
n
f
l
i
c
t
s

o
f
in
t
e
r
e
s
t

b
e
t
w
e
e
n

p
e
r
s
o
n
a
l

a
n
d

p
r
o
f
e
s
s
i
o
n
a
l

r
e
l
a
t
i
o
n
s
h
i
p
s
.

T
h
i
s

i
s

d
i
s
c
u
s
s
e
d

i
n

m
o
r
e

d
e
t
a
i
l

i
n

S
e
c
t
i
o
n

I
I
I

b
e
l
o
w
.
In

a
l
l

c
a
s
e
s
if

y
o
u

a
r
e

u
n
s
u
r
e

a
b
o
u
t

t
h
e

a
p
p
r
o
p
r
i
a
t
e
n
e
s
s

o
f

a
n

e
v
e
n
t

or
ac
t
i
o
n
,

p
l
e
a
s
e

s
e
e
k

a
s
s
i
s
t
a
n
c
e

i
n

i
n
t
e
r
p
r
e
t
i
n
g

t
h
e

r
e
q
u
i
r
e
m
e
n
t
s

o
f
th
e
s
e

p
r
a
c
t
i
c
e
s
.

II
I
.

C
O
N
F
L
I
C
T
S

O
F

I
N
T
E
R
E
S
T
",
"
,
,
"
"

,
: "
,
"

"
, ,
:',
,;,

'
.
"
'
::~
'

"
, \
,
'
"
,

'
' '
"
,
.
,
,:.
.
,
, "
..'

" "
'
"
" ,
,
.
,
,
'
" :
i"
:
,
,
"
;~
;
..
:
:;
'

"
~:

.
,
'
:'

'
,
"
::
)
/
:
,
;:
:
:
~
~
~
~
,
,
,
:;,
:,;
:;"
;:
;
;
'
,
"

,
" '
An

O
f
f
i
c
e
r
s
d
u
t
y

t
o

t
h
e

C
o
m
p
a
n
y

d
e
m
a
n
d
s

t
h
a
t

h
e

o
r

s
h
e

a
v
o
i
d
s

a
n
d

d
i
s
c
l
o
s
e
s

ac
t
U
a
l

a
n
d

a
p
p
a
r
e
n
t

c
o
n
f
l
i
c
t
s

o
f

in
t
e
r
e
s
t
.

A

c
o
n
f
l
i
c
t

o
f
in
t
e
r
e
s
t

e
x
i
s
t
s

w
h
e
r
e

t
h
e

i
n
t
e
r
e
s
t
s

o
r

b
e
n
e
f
i
t
s

of

o
n
e

p
e
r
s
o
n

o
r

e
n
t
i
t
y

c
o
n
f
l
i
c
t

w
i
t
h
.

th
e

i
n
t
e
r
e
s
t
s

o
r

b
e
n
e
f
i
t
s

o
f

t
h
e

C
o
m
p
a
n
y
.

E
x
a
m
p
l
e
s
in
c
l
u
d
e
:

A.

E
m
p
l
o
y
m
e
n
t
!

O
u
t
s
i
d
e

E
m
p
l
o
y
m
e
n
t
.

.
In

c
o
n
s
i
d
e
r
a
t
i
o
n

o
f

e
m
p
l
o
y
m
e
n
t

w
i
t
h

t
h
e

C
o
m
p
a
n
y
,

O
f
f
i
c
e
r
s

w
h
o

a
r
e

f
u
l
l

t
i
m
e

e
m
p
l
o
y
e
e
s

a
r
e
ex
p
e
c
t
e
d

t
o

d
e
v
o
t
e

t
h
e
i
r

f
u
l
l

a
t
t
e
n
t
i
o
n

t
o

t
h
e

b
u
s
i
n
e
s
s

i
n
t
e
r
e
s
t
s

o
f

t
h
e

C
o
m
p
a
n
y
.

S
u
c
h

O
f
f
i
c
e
r
s

a
r
e

p
r
o
h
i
b
i
t
e
d

f
r
o
m

e
n
g
a
g
i
n
g

i
n

a
n
y
ac
t
i
v
i
t
y

t
h
a
t

i
n
t
e
r
f
e
r
e
s

w
i
t
h

t
h
e
i
r

p
e
r
f
o
r
m
a
n
c
e

o
r

r
e
s
p
o
n
s
i
b
i
l
i
t
i
e
s

t
o

t
h
e

C
o
m
p
a
n
y
,

o
r

i
s

o
t
h
e
r
w
i
s
e

i
n

c
o
n
f
l
i
c
t

w
i
t
h

o
r

p
r
e
j
u
d
i
c
i
a
l

t
o

t
h
e
Co
m
p
a
n
y
.

Ou
r

p
o
l
i
c
y

i
s

t
o

p
r
o
h
i
b
i
t

O
f
f
i
c
e
r
s

f
r
o
m

a
c
c
e
p
t
i
n
g

s
i
m
u
l
t
a
n
e
o
u
s

e
m
p
l
o
y
m
e
n
t

w
i
t
h

s
u
p
p
l
i
e
r
s
,

c
u
s
t
o
m
e
r
s
,

d
e
v
e
l
o
p
e
r
s

o
r

c
o
m
p
e
t
i
t
o
r
s

o
f
th
e

C
o
m
p
a
n
y
,

o
r

f
r
o
m

t
a
k
i
n
g

p
a
r
t

i
n

a
n
y

a
c
t
i
v
i
t
y

t
h
a
t

e
n
h
a
n
c
e
s

o
r

s
u
p
p
o
r
t
s

a

c
o
m
p
e
t
i
t
o
r
s
p
o
s
i
t
i
o
n
.

A
d
d
i
t
i
o
n
a
l
l
y
,

O
f
f
i
c
e
r
s

m
u
s
t
di
s
c
l
o
s
e

t
o

t
h
e

C
o
m
p
a
n
y
s
A
u
d
i
t

C
o
m
m
i
t
t
e
e
,

a
n
y

i
n
t
e
r
e
s
t

t
h
a
t

t
h
e
y

h
a
v
e

t
h
a
t

m
a
y

c
o
n
f
l
i
c
t

w
i
t
h

t
h
e

b
u
s
i
n
e
s
s

o
f

t
h
e

C
o
m
p
a
n
y
.
B.

O
u
t
s
i
d
e

D
i
r
e
c
t
o
r
s
h
i
p
s
.

I
t

i
s

a

c
o
n
f
l
i
c
t

o
f

i
n
t
e
r
e
s
t

t
o

s
e
r
v
e

a
s

a

d
i
r
e
c
t
o
r

o
f

a
n
y

c
o
m
p
a
n
y

t
h
a
t

c
o
m
p
e
t
e
s

w
i
t
h

t
h
e

C
o
m
p
a
n
y
.

O
f
f
i
c
e
r
s
mu
s
t

f
i
r
s
t

o
b
t
a
i
n

a
p
p
r
o
v
a
l

f
r
o
m

t
h
e

C
o
m
p
a
n
y
s
A
u
d
i
t

C
o
m
m
i
t
t
e
e

b
e
f
o
r
e

a
c
c
e
p
t
i
n
g

a

d
i
r
e
c
t
o
r
s
h
i
p
.

--.
.
.
C.

B
u
s
i
n
e
s
s

I
n
t
e
r
e
s
t
s
.

I
f

a
n

O
f
f
i
c
e
r

i
s

c
o
n
s
i
d
e
r
i
n
g

i
n
v
e
s
t
i
n
g

i
n

a
n
y

c
u
s
t
o
m
e
r
,

s
u
p
p
l
i
e
r
,
d
e
v
e
l
o
p
e
r

o
r

c
o
m
p
e
t
i
t
o
r

o
f

t
h
e

C
o
m
p
a
n
y
,

h
e

o
r
sh
e

m
u
s
t

f
i
r
s
t

t
a
k
e

c
a
r
e

t
o

e
n
s
u
r
e

t
h
a
t

t
h
e
s
e

i
n
v
e
s
t
m
e
n
t
s

d
o

n
o
t

c
o
m
p
r
o
m
i
s
e

t
h
e
i
r

r
e
s
p
o
n
s
i
b
i
l
i
t
i
e
s

t
o

t
h
e

C
o
m
p
a
n
y
.

I
t

i
s

o
u
r

p
o
l
i
c
y

t
h
a
t
Of
f
i
c
e
r
s

f
i
r
s
t

o
b
t
a
i
n

a
p
p
r
o
v
a
l

f
r
o
m

t
h
e

C
o
m
p
a
n
y
s
A
u
d
i
t

C
o
m
m
i
t
t
e
e

b
e
f
o
r
e

m
a
k
i
n
g

s
u
c
h

a
n

i
n
v
e
s
t
m
e
n
t
.

M
a
n
y

f
a
c
t
o
r
s

s
h
o
u
l
d

b
e
co
n
s
i
d
e
r
e
d

i
n

d
e
t
e
r
m
i
n
i
n
g

w
h
e
t
h
e
r

a

c
o
n
f
l
i
c
t

e
x
i
s
t
s
,

i
n
c
l
u
d
i
n
g

t
h
e

s
i
z
e

a
n
d

n
a
t
u
r
e

o
f

t
h
e

i
n
v
e
s
t
m
e
n
t
;

t
h
e

O
f
f
i
c
e
r
s
a
b
i
l
i
t
y

t
o
,-
,
_
.
.
""
"
"
-
"
"
"
"
"
"
"
"
.
"
"
"
"
"
"
"
"
"
,
,
,

""
"
"
,

,

.
.
.
.
.
.
.
.
.
.
,

,

.
.
"

,
--
-
.
.
.
.
"

..
.
.
.
.
.
.
.
.
"
'
.
.
.
.
.
.
.
.
.
.
.
.
.
,
.
.
.
.
.
.
.
.
.
.
-
"
.
.
.
-

.
"
.
.
"
,

..
.
.
.
.
,

.
.

,
.
.
.
.
,
,,
-
""

.
.

""
"
"
"
"
"
"
"
"
'
-
-"
"
'
-
""
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
""
"
"
'
"
in
f
l
u
e
n
c
e

t
h
e

C
o
m
p
a
n
y
s
d
e
c
i
s
i
o
n
s
;

h
i
s

o
r

h
e
r

a
c
c
e
s
s

t
o

c
o
n
f
i
d
e
n
t
i
a
l

i
n
f
o
r
m
a
t
i
o
n

o
f

t
h
e

C
o
m
p
a
n
y

o
r

o
f

t
h
e

o
t
h
e
r

c
o
m
p
a
n
y
;

a
n
d

t
h
e
na
t
u
r
e

o
f

t
h
e

r
e
l
a
t
i
o
n
s
h
i
p

b
e
t
w
e
e
n

t
h
e

C
o
m
p
a
n
y

a
n
d

t
h
e

o
t
h
e
r

c
o
m
p
a
n
y
.
D.

R
e
l
a
t
e
d

P
a
r
t
i
e
s
.

A
s

a

g
e
n
e
r
a
l

r
u
l
e
,
O
f
f
i
c
e
r
s

s
h
o
u
l
d

a
v
o
i
d

c
o
n
d
u
c
t
i
n
g

C
o
m
p
a
n
y

b
u
s
i
n
e
s
s

w
i
t
h

a

r
e
l
a
t
i
v
e
,
o
r

w
i
t
h

a

b
u
s
i
n
e
s
s

i
n

w
h
i
c
h
a
r
e
l
a
t
i
v
e

i
s

a
s
s
o
c
i
a
t
e
d

i
n

a
n
y

s
i
g
n
i
f
i
c
a
n
t

r
o
l
e
.

R
e
l
a
t
i
v
e
s

i
n
c
l
u
d
e

s
p
o
u
s
e
,

s
i
b
l
i
n
g
s
,
c
h
i
l
d
r
e
n
,

p
a
r
e
n
t
s
,
g
r
a
n
d
p
a
r
e
n
t
s
,
g
r
a
n
d
c
h
i
l
d
r
e
n
,
a
u
n
t
s
un
c
l
e
s
,

n
i
e
c
e
s
,

n
e
p
h
e
w
s
,

c
o
u
s
i
n
s
,

s
t
e
p

r
e
l
a
t
i
o
n
s
h
i
p
s
,

a
n
d

i
n
-
la
w
s
.

T
h
e

C
o
m
p
a
n
y

d
i
s
c
o
u
r
a
g
e
s

t
h
e

e
m
p
l
o
y
m
e
n
t

o
f

r
e
l
a
t
i
v
e
s

o
f

O
f
f
i
c
e
r
s

i
n
os
i
t
i
o
n
s
o
r

as
s
i
g
n
m
e
n
t
s

w
i
t
h
i
n

t
h
e

s
a
m
e

d
e
p
a
r
t
m
e
n
t
.

F
u
r
t
h
e
r
,
t
h
e

C
o
m
p
a
n
y

p
r
o
h
i
b
i
t
s

t
h
e

e
m
p
l
o
y
m
e
n
t

o
f

s
u
c
h

i
n
d
i
v
i
d
u
a
l
s

i
n

p
o
s
i
t
i
o
n
s
th
a
t

h
a
v
e

a

f
i
n
a
n
c
i
a
l

d
e
p
e
n
d
e
n
c
e

o
r

i
n
f
l
u
e
n
c
e

(
e
.
g.
,

a
n

a
u
d
i
t
i
n
g

o
r

c
o
n
t
r
o
l

r
e
l
a
t
i
o
n
s
h
i
p
,

o
r

a

s
u
p
e
r
v
i
s
o
r
/

s
u
b
o
r
d
i
n
a
t
e

r
e
l
a
t
i
o
n
s
h
i
p
)
.
E.

P
a
y
m
e
n
t
s

o
r

G
i
f
t
s

F
r
o
m

O
t
h
e
r
s
.

U
n
d
e
r

n
o

c
i
r
c
u
m
s
t
a
n
c
e
s

m
a
y

O
f
f
i
c
e
r
s

a
c
c
e
p
t

a
n
y

o
f
f
e
r
,

p
a
y
m
e
n
t
,

p
r
o
m
i
s
e

t
o

p
a
y
,

o
r

a
u
t
h
o
r
i
z
a
t
i
o
n
to

p
a
y

a
n
y

m
o
n
e
y
,

g
i
f
t
,

o
r

a
n
y
t
h
i
n
g

o
f

v
a
l
u
e

f
r
o
m

c
u
s
t
o
m
e
r
s
,

v
e
n
d
o
r
s
,

c
o
n
s
u
l
t
a
n
t
s
,

e
t
c
.
,
t
h
a
t

i
s

p
e
r
c
e
i
v
e
d

a
s

i
n
t
e
n
d
e
d
,

d
i
r
e
c
t
l
y

o
r
in
d
i
r
e
c
t
l
y
,

t
o

i
n
f
l
u
e
n
c
e

a
n
y

b
u
s
i
n
e
s
s

d
e
c
i
s
i
o
n
,

a
n
y

a
c
t

o
r

f
a
i
l
u
r
e

t
o

a
c
t
,
a
n
y

c
o
m
m
i
t
m
e
n
t

o
f

f
r
a
u
d
,

o
r

o
p
p
o
r
t
u
n
i
t
y

f
o
r

t
h
e

c
o
m
m
i
t
m
e
n
t

o
f
an
y

f
r
a
u
d
.

I
n
e
x
p
e
n
s
i
v
e

g
i
f
t
s
,
i
n
f
r
e
q
u
e
n
t

b
u
s
i
n
e
s
s

m
e
a
l
s
,
c
e
l
e
b
r
a
t
o
r
y

e
v
e
n
t
s

a
n
d

e
n
t
e
r
t
a
i
n
m
e
n
t
,

p
r
o
v
i
d
e
d

t
h
a
t

t
h
e
y

a
r
e

n
o
t

e
x
c
e
s
s
i
v
e

o
r
cr
e
a
t
e

a
n

a
p
p
e
a
r
a
n
c
e

o
f

i
m
p
r
o
p
r
i
e
t
y
,

d
o

n
o
t

v
i
o
l
a
t
e

t
h
i
s

p
o
l
i
c
y
.

B
e
f
o
r
e

a
c
c
e
p
t
i
n
g

a
n
y
t
h
i
n
g

o
f

v
a
l
u
e

f
r
o
m

a
n

e
m
p
l
o
y
e
e

o
f

a

g
o
v
e
r
n
m
e
n
t
en
t
i
t
y
,

p
l
e
a
s
e

c
o
n
t
a
c
t

t
h
e

P
r
e
s
i
d
e
n
t

o
r

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

o
r
,

i
n

t
h
e

c
a
s
e

o
f

t
h
e

P
r
e
s
i
d
e
n
t

o
r

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
,

t
h
e

C
h
a
i
n
n
a
n
of

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
.

Q
u
e
s
t
i
o
n
s

r
e
g
a
r
d
i
n
g

w
h
e
t
h
e
r

a

p
a
r
t
i
c
u
l
a
r

p
a
y
m
e
n
t

o
r

g
i
f
t

v
i
o
l
a
t
e
s

t
h
i
s

p
o
l
i
c
y

a
r
e

t
o

b
e

d
i
r
e
c
t
e
d

t
o

P
r
e
s
i
d
e
n
t

o
r
:.
"
'
::'
::"
;:,
,..
:"
"
,,,
;"
'
;:
:
::
:
:
,
;
/
.
'
;
:
,
::
,
;;
:
;
/
,
.
.
,
~:
t
(
:
:;
:
~
,
:;:
:
.
.
.
.
:,'
,
\,:
'

'
;'"
.
- :
:~
"
"
,

.
' "
.
"
..'
Ch
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

o
r
,

i
n

t
h
e

ca
S
e

o
f

t
h
e

P
r
e
s
i
d
e
n
t

or

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
,

t
h
e

C
h
a
i
r
m
a
n

o
f

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
.

G
i
f
t
s

g
i
v
e
n
by

t
h
e

C
o
m
p
a
n
y

t
o

s
u
p
p
l
i
e
r
s

o
r

c
u
s
t
o
m
e
r
s
,
o
r

r
e
c
e
i
v
e
d

f
r
o
m

s
u
p
p
l
i
e
r
s

o
r

c
u
s
t
o
m
e
r
s
,

s
h
o
u
l
d

b
e

a
p
p
r
o
p
r
i
a
t
e

t
o

t
h
e

c
i
r
c
u
m
s
t
a
n
c
e
s

a
n
d
sh
o
u
l
d

n
e
v
e
r

h
e

o
f

a

k
i
n
d

t
h
a
t

c
o
u
l
d

c
r
e
a
t
e

a
n

a
p
p
e
a
r
a
n
c
e

o
f

i
m
p
r
o
p
r
i
e
t
y
.

T
h
e

n
a
t
u
r
e

a
n
d

c
o
s
t

m
u
s
t

a
l
w
a
y
s

b
e

a
c
c
u
r
a
t
e
l
y

r
e
c
o
r
d
e
d

i
n
th
e

C
o
m
p
a
n
y
'
s

b
o
o
k
s

a
n
d

r
e
c
o
r
d
s
.
F.

C
o
r
p
o
r
a
t
e

O
p
p
o
r
t
u
n
i
t
i
e
s
.

O
f
f
i
c
e
r
s

m
a
y

n
o
t

e
x
p
l
o
i
t

f
o
r

t
h
e
i
r

o
w
n

p
e
r
s
o
n
a
l

g
a
i
n
,

o
p
p
o
r
t
u
n
i
t
i
e
s

t
h
a
t

a
r
e

d
i
s
c
o
v
e
r
e
d

t
h
r
o
u
g
h

t
h
e

u
s
e

o
f
co
r
p
o
r
a
t
e

p
r
o
p
e
r
t
y
,

i
n
f
o
r
m
a
t
i
o
n

o
r

p
o
s
i
t
i
o
n
,

u
n
l
e
s
s

t
h
e

o
p
p
o
r
t
u
n
i
t
y

i
s

d
i
s
c
l
o
s
e
d

f
u
l
l
y

i
n

w
r
i
t
i
n
g

t
o

t
h
e

C
o
m
p
a
n
y
s
B
o
a
r
d

o
f

D
i
r
e
c
t
o
r
s
an
d

t
h
e

B
o
a
r
d

d
e
c
l
i
n
e
s

t
o

p
u
r
s
u
e

s
u
c
h

o
p
p
o
r
t
u
n
i
t
y
.
G.

O
t
h
e
r

S
i
t
u
a
t
i
o
n
s
.

B
e
c
a
u
s
e

o
t
h
e
r

c
o
n
f
l
i
c
t
s

o
f

i
n
t
e
r
e
s
t

m
a
y

a
r
i
s
e
,
i
t

w
o
u
l
d

b
e

i
m
p
r
a
c
t
i
c
a
l

t
o

a
t
t
e
m
p
t

t
o

l
i
s
t

a
l
l

p
o
s
s
i
b
l
e

s
i
t
u
a
t
i
o
n
s
.

I
f

a
pr
o
p
o
s
e
d

t
r
a
n
s
a
c
t
i
o
n

o
r

s
i
t
u
a
t
i
o
n

r
a
i
s
e
s

a
n
y

q
u
e
s
t
i
o
n
s

o
r

d
o
u
b
t
s
,
O
f
f
i
c
e
r
s

m
u
s
t

c
o
n
s
u
l
t

P
r
e
s
i
d
e
n
t

o
r

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

o
r
,
i
n

t
h
e
ca
s
e

o
f

t
h
e

P
r
e
s
i
d
e
n
t

o
r

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
,
t
h
e

C
h
a
i
n
n
a
n
o
f
t
h
e

Au
d
i
t

C
o
m
m
i
t
t
e
e
.

.
IV
.

D
I
S
C
L
O
S
U
R
E

T
O

T
H
E

S
E
C

A
N
D

T
H
E

P
U
B
L
I
C
Ou
r

p
o
l
i
c
y

i
s

t
o

p
r
o
v
i
d
e

f
u
l
l
,

f
a
i
r
,
a
c
c
u
r
a
t
e
,
t
i
m
e
l
y
,

a
n
d

u
n
d
e
r
s
t
a
n
d
a
b
l
e

d
i
s
c
l
o
s
u
r
e

i
n

r
e
p
o
r
t
s

a
n
d

d
o
c
u
m
e
n
t
s

t
h
a
t

w
e

f
i
l
e

w
i
t
h
,

o
r

s
u
b
m
i
t
to
,

t
h
e

S
E
C

a
n
d

i
n

o
u
r

o
t
h
e
r

p
u
b
l
i
c

c
o
m
m
u
n
i
c
a
t
i
o
n
s
.

A
c
c
o
r
d
i
n
g
l
y
,

o
u
r

O
f
f
i
c
e
r
s

m
u
s
t

e
n
s
u
r
e

t
h
a
t

t
h
e
y

a
n
d

o
t
h
e
r
s

i
n

t
h
e

C
o
m
p
a
n
y
co
m
p
l
y

w
i
t
h

o
u
r

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s
,
a
n
d

o
u
r

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l
s

f
o
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g
.
""

'"

'
"
-_
0
,
"
"
"
,
,
,
,
V.

C
O
M
P
L
I
A
N
C
E

W
I
T
H

G
O
V
E
R
N
M
E
N
T
A
L
LA
W
S
,

R
U
L
E
S

A
N
D

R
E
G
U
L
A
T
I
O
N
S
Of
f
i
c
e
r
s

m
u
s
t

c
o
m
p
l
y

w
i
t
h

a
l
l

a
p
p
l
i
c
a
b
l
e

g
o
v
e
m
m
e
n
t
a
l
l
a
w
s
,
r
u
l
e
s

a
n
d

r
e
g
u
l
a
t
i
o
n
s
.

O
f
f
i
c
e
r
s

m
u
s
t

a
c
q
u
i
r
e

a
p
p
r
o
p
r
i
a
t
e

k
n
o
w
l
e
d
g
e

o
f
th
e

l
e
g
a
l

r
e
q
u
i
r
e
m
e
n
t
s

r
e
l
a
t
i
n
g

t
o

t
h
e
i
r

d
u
t
i
e
s

s
u
f
f
i
c
i
e
n
t

t
o

e
n
a
b
l
e

t
h
e
m

t
o

r
e
c
o
g
n
i
z
e

p
o
t
e
n
t
i
a
l

d
a
n
g
e
r
s
,
a
n
d

t
o

m
o
w

w
h
e
n

t
o

s
e
e
k
ad
v
i
c
e

f
r
o
m

m
o
r
e

s
e
n
i
o
r

O
f
f
i
c
e
r
s

o
r

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
.

V
i
o
l
a
t
i
o
n
s

o
f

a
p
p
l
i
c
a
b
l
e

g
o
v
e
m
m
e
n
t
a
l
l
a
w
s
,
r
u
l
e
s

a
n
d

r
e
g
u
l
a
t
i
o
n
s

m
a
y
su
b
j
e
c
t

O
f
f
i
c
e
r
s

t
o

i
n
d
i
v
i
d
u
a
l

c
r
i
m
i
n
a
l

o
r

c
i
v
i
l

l
i
a
b
i
l
i
t
y
,

a
s

w
e
l
l

a
s

t
o

d
i
s
c
i
p
l
i
n
a
r
y

a
c
t
i
o
n

b
y

t
h
e

C
o
m
p
a
n
y
.

S
u
c
h

i
n
d
i
v
i
d
u
a
l

v
i
o
l
a
t
i
o
n
s
ma
y

a
l
s
o

s
u
b
j
e
c
t

t
h
e

C
o
m
p
a
n
y

t
o

c
i
v
i
l

o
r

c
r
i
m
i
n
a
l

l
i
a
b
i
l
i
t
y

o
r

t
h
e

l
o
s
s

o
f

b
u
s
i
n
e
s
s
.

VI
.

V
I
O
L
A
T
I
O
N
S

O
F

T
H
E

C
O
D
E
Pa
r
t

o
f

a
n

O
f
f
i
c
e
r
s
j
o
b
,

a
n
d

o
f

h
i
s

o
r

h
e
r

e
t
h
i
c
a
l

r
e
s
p
o
n
s
i
b
i
l
i
t
y
,

i
s

t
o

h
e
l
p

e
n
f
o
r
c
e

t
h
i
s

C
o
d
e
.

O
f
f
i
c
e
r
s

s
h
o
u
l
d

b
e

a
l
e
r
t

t
o

p
o
s
s
i
b
l
e
vi
o
l
a
t
i
o
n
s

a
n
d

r
e
p
o
r
t

t
h
i
s

t
o

P
r
e
s
i
d
e
n
t

o
r

Ch
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

o
r
,

i
n

t
h
e

c
a
s
e

o
f

t
h
e

P
r
e
s
i
d
e
n
t

o
r

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
,
t
h
e
Ch
a
i
n
n
a
n

o
f

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
.

O
f
f
i
c
e
r
s

m
u
s
t

c
o
o
p
e
r
a
t
e

i
n

a
n
y

i
n
t
e
r
n
a
l

o
r

e
x
t
e
r
n
a
l

i
n
v
e
s
t
i
g
a
t
i
o
n
s

o
f

p
o
s
s
i
b
l
e

v
i
o
l
a
t
i
o
n
s
.

R
e
p
r
i
s
a
l
th
r
e
a
t
,

r
e
t
r
i
b
u
t
i
o
n

o
r

r
e
t
a
l
i
a
t
i
o
n

a
g
a
i
n
s
t

a
n
y

p
e
r
s
o
n

w
h
o

h
a
s
,
i
n

g
o
o
d

f
a
i
t
h
,

r
e
p
o
r
t
e
d

a

v
i
o
l
a
t
i
o
n

o
r

a

s
u
s
p
e
c
t
e
d

v
i
o
l
a
t
i
o
n

o
f

l
a
w
,

t
h
i
s
Go
d
e

o
r

o
t
h
e
r

C
o
m
p
a
n
y

p
o
l
i
c
i
e
s
,

o
r

a
g
a
i
n
s
t

a
n
y

p
e
r
s
o
n

w
h
o

i
s

a
s
s
i
s
t
i
n
g

i
n

a
n
y

i
n
v
e
s
t
i
g
a
t
i
o
n

o
r

p
r
o
c
e
s
s

w
i
t
h

r
e
s
p
e
c
t

t
o

s
u
c
h

a
vi
o
l
a
t
i
o
n
,

i
s

p
r
o
h
i
b
i
t
e
d
.
:,,
;,:
:
,
":
:
'

"
'::
.
'
,,

,
:~
;
~"
"
,,,
,,
,
.
~
;
::'
,
"

:
'
;~
:
:
.'
:
."

"

"
,
-"
.
;
,

'
,
"

,

,
""

,
"
.
'
,
"
:'

,
,
,
/:
"
: '
'
"
,,
.
~:"
~;
-
;
:
;
:
'
:
W
~
,
'
..

"
Ac
t
u
a
l

v
i
o
l
a
t
i
o
I
l
s

o
f

l
a
w
,

t
h
i
s

C
o
d
e
,

o
r

o
t
h
e
r

C
o
m
p
a
n
y

p
o
l
i
c
i
e
s

o
r

p
r
o
c
e
d
u
r
e
s
,

s
h
o
u
l
d

b
e

p
r
o
m
p
t
l
y

re
p
o
r
t
e
d

t
o

P
r
e
s
i
d
e
n
t

o
r

C
h
i
e
f
Fi
n
a
n
c
i
a
l

O
f
f
i
c
e
r

o
r
,
i
n

t
h
e

c
a
s
e

o
f

t
h
e

P
r
e
s
i
d
e
n
t

o
r

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
,

t
h
e

C
h
a
i
n
n
a
n

of

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
.
Th
e

C
o
m
p
a
n
y

w
i
l
l

t
a
k
e

a
p
p
r
o
p
r
i
a
t
e

a
c
t
i
o
n

a
g
a
i
n
s
t

a
n
y

O
f
f
i
c
e
r

w
h
o
s
e

a
c
t
i
o
n
s

a
r
e

f
o
u
n
d

t
o

v
i
o
l
a
t
e

t
h
e

C
o
d
e

o
r

a
n
y

o
t
h
e
r

p
o
l
i
c
y

o
f

t
h
e
Co
m
p
a
n
y
.

D
i
s
c
i
p
l
i
n
a
r
y

a
c
t
i
o
n
s

m
a
y

i
n
c
l
u
d
e

i
m
m
e
d
i
a
t
e

t
e
n
n
i
n
a
t
i
o
n

of

e
m
p
l
o
y
m
e
n
t

a
t

t
h
e

C
o
m
p
a
n
y
s
s
o
l
e

d
i
s
c
r
e
t
i
o
n
.

W
h
e
r
e

t
h
e
Co
m
p
a
n
y

h
a
s

s
u
f
f
e
r
e
d

a

l
o
s
s
,
i
t

m
a
y

p
u
r
s
u
e

i
t
s

r
e
m
e
d
i
e
s

a
g
a
i
n
s
t

t
h
e

i
n
d
i
v
i
d
u
a
l
s

o
r

e
n
t
i
t
i
e
s

r
e
s
p
o
n
s
i
b
l
e
.

W
h
e
r
e

l
a
w
s

h
a
v
e

b
e
e
n
vi
o
l
a
t
e
d
,

t
h
e

C
o
m
p
a
n
y

w
i
l
l

c
o
o
p
e
r
a
t
e

f
u
l
l
y

w
i
t
h

t
h
e

a
p
p
r
o
p
r
i
a
t
e

a
u
t
h
o
r
i
t
i
e
s
.
VI
I
.
AI
V
E
R
S

A
N
D

A
M
E
N
D
M
E
N
T
S

O
F

T
H
E

C
O
D
E
We

a
r
e

c
o
m
m
i
t
t
e
d

t
o

c
o
n
t
i
n
u
o
u
s
l
y

r
e
v
i
e
w
i
n
g

a
n
d

u
p
d
a
t
i
n
g

o
u
r

p
o
l
i
c
i
e
s

a
n
d

p
r
o
c
e
d
u
r
e
s
.

T
h
e
r
e
f
o
r
e
,
t
h
i
s

C
o
d
e

i
s

s
u
b
j
e
c
t

t
o
mo
d
i
f
i
c
a
t
i
o
n
.

A
n
y

a
m
e
n
d
m
e
n
t

o
r

w
a
i
v
e
r

o
f

a
n
y

p
r
o
v
i
s
i
o
n

o
f

t
h
i
s

C
o
d
e

m
u
s
t

b
e

a
p
p
r
o
v
e
d

i
n

w
r
i
t
i
n
g

b
y

t
h
e

C
o
m
p
a
n
y
s
B
o
a
r
d

o
f
Di
r
e
c
t
o
r
s

a
n
d

p
r
o
m
p
t
l
y

d
i
s
c
l
o
s
e
d

o
n

t
h
e

C
o
m
p
a
n
y
s
w
e
b
s
i
t
e

a
n
d

i
n
a
p
p
l
i
c
a
b
l
e

r
e
g
u
l
a
t
o
r
y

f
i
l
i
n
g
s

p
u
r
s
u
a
n
t

t
o

a
p
p
l
i
c
a
b
l
e

l
a
w
s

a
n
d
re
g
u
l
a
t
i
o
n
s
,

t
o
g
e
t
h
e
r

w
i
t
h

d
e
t
a
i
l
s

a
b
o
u
t

t
h
e

n
a
t
u
r
e

o
f

t
h
e

a
m
e
n
d
m
e
n
t

o
r

w
a
i
v
e
r
.
VI
I
I
.

A
C
K
N
O
W
L
E
D
G
M
E
N
T

O
F

R
E
C
E
I
P
T

O
F

C
O
D
E

O
F

E
T
H
I
C
S

F
O
R

P
R
I
N
C
I
P
A
L

E
X
E
C
U
T
I
V
E

AN
D

S
E
N
I
O
R
FI
N
A
N

C
I
A
L

0
F
F
I

C
E

R
S

""

."
.
"
"
"
,"
I
11

"
"
.

,

~
.

..,

.
,

OR

.

"
.
"
1
h
a
v
e

re
c
e
i
v
e
d

a
n
d

r
e
a
d

t
h
e

C
o
m
p
a
n
y
s
C
o
d
e

o
f

E
t
h
i
c
s

f
o
r

P
r
i
n
c
i
p
a
l

E
x
e
c
u
t
i
v
e

a
n
d

S
e
n
i
o
r

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
s

(
t
h
e

"
Co
d
e
).

I
un
d
e
r
s
t
a
n
d

t
h
e

s
t
a
n
d
a
r
d
s

a
n
d

p
o
l
i
c
i
e
s

c
o
n
t
a
i
n
e
d

i
n

t
h
e

C
o
d
e

a
n
d

u
n
d
e
r
s
t
a
n
d

t
h
a
t

t
h
e
r
e

m
a
y

b
e

a
d
d
i
t
i
o
n
a
l

p
o
l
i
c
i
e
s

o
r

l
a
w
s

s
p
e
c
i
f
i
c

t
o
my

j
o
b
.

I

a
g
r
e
e

t
o

c
o
m
p
l
y

w
i
t
h

t
h
e

C
o
d
e
.
If

I

h
a
v
e

q
u
e
s
t
i
o
n
s

c
o
n
c
e
r
n
i
n
g

t
h
e

m
e
a
n
i
n
g

o
r

a
p
p
l
i
c
a
t
i
o
n

o
f

t
h
e

C
o
d
e
,
a
n
y

C
o
m
p
a
n
y

p
o
l
i
c
i
e
s
,

o
r

t
h
e

l
e
g
a
l

a
n
d

r
e
g
u
l
a
t
o
r
y

r
e
q
u
i
r
e
m
e
n
t
s
ap
p
l
i
c
a
b
l
e

t
o

m
y

j
o
b
,
I

k
n
o
w

I

c
a
n

c
o
n
s
u
l
t

t
h
e

P
r
e
s
i
d
e
n
t

o
r

C
h
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r

o
r
,

i
n

t
h
e

c
a
s
e

o
f

t
h
e

P
r
e
s
i
d
e
n
t

o
r

C
h
i
e
f

F
i
n
a
n
c
i
a
l
Of
f
i
c
e
r
,
t
h
e

C
h
a
i
n
n
a
n

o
f

t
h
e

A
u
d
i
t

C
o
m
m
i
t
t
e
e
,
a
n
d

t
h
a
t

m
y

q
u
e
s
t
i
o
n
s

o
r

r
e
p
o
r
t
s

t
o

t
h
e
s
e

s
o
u
r
c
e
s

w
i
l
l

b
e

m
a
i
n
t
a
i
n
e
d

i
n

c
o
n
f
i
d
e
n
c
e
.
Of
f
i
c
e
r

N
a
m
e
I
.
~i
g
n
a
t
u
r
e
J
-
'
"

1
Da
t
e
Pl
e
a
s
e

s
i
g
n

a
n
d

r
e
t
u
r
n

t
h
i
s

f
o
n
n

t
o

t
h
e

H
R

d
e
p
a
r
t
m
e
n
t
.
..

.
'-
'
.
.
.
,
.
.
..
"
'
.
,
. .

.
,
'
'
,
.

,
.
."
"

."
.
,
.
1
.
.

..

1

'
-"
,
.
.
.
,

r ,
.

T
-
r.
.
.
.
_
,
'
T

r
'
o

'
-
'
-
"
-
"
"
'
.
.
"
"
"
"
"
.
"
"
.
"
"
'
-
'
-"
"

-
""
"
,
.
.
.
.
"
,

.
.
.
.
.
"
,
..
.

.
.
.
.
.
.
.
.
.
.
-

."
.
"
,..
.
.
.
.
"
'
"
"
.
'

'
"

...

.
...
.
.
.
"

.
.
.
.
.
"
.
.
.
.
.
.
-
_.
.
,

..,
Ex
h
i
b
i
t

N
o
.

2
1
.
1
Bu
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.
Fo
r
m

1
0
-
KS
B
Fi
l
e

N
o
.

0
.
.
26
9
1
7
SU
B
S
I
D
I
A
R
I
E
S

O
F

T
H
E

C
O
M
P
A
N
Y
Na
m
e

S
t
a
t
e

o
r

J
u
r
i
s
d
i
c
t
i
o
n
Bu
y
e
r
s

U
n
i
t
e
d
,

In
c
.

..

Vi
r
g
i
n
i
a

V
i
r
g
i
n
i
a
".
.
.
.
"
..
.
Ex
h
i
b
i
t

N
o
.

3
1
.
Fo
r
m

1
0
-
KS
B
Bu
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.
Fi
l
e

N
o
.

0
.
.
26
9
1
7
Ce
r
t
i
f
i
c
a
t
i
o
n
,
T
h
e
o
d
o
r
e

S
t
e
m
,

c
e
r
t
i
f
y

t
h
a
t
:
1.

I

ha
v
e

r
e
v
i
e
w
e
d

t
h
i
s

a
n
n
u
a
l

r
e
p
o
r
t

o
n

F
o
n
n

1
0
-
KS
B

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,
20
0
3

of

B
u
y
e
r
s

Un
i
t
e
d
,
I
n
c
.
Ba
s
e
d

on

m
y

kn
o
w
l
e
d
g
e
,

t
h
i
s

r
e
p
o
r
t

d
o
e
s

n
o
t

c
o
n
t
a
i
n

a
n
y

u
n
t
r
u
e

s
t
a
t
e
m
e
n
t

o
f

a

m
a
t
e
r
i
a
l

f
a
c
t

o
r

o
m
i
t

t
o

s
t
a
t
e

a

m
a
t
e
r
i
a
l

f
a
c
t
ne
c
e
s
s
a
r
y

t
o

m
a
k
e

t
h
e

s
t
a
t
e
m
e
n
t
s

m
a
d
e
,

i
n

l
i
g
h
t

o
f

t
h
e

c
i
r
c
u
m
s
t
a
n
c
e
s

u
n
d
e
r

w
h
i
c
h

s
u
c
h

s
t
a
t
e
m
e
n
t
s

w
e
r
e

m
a
d
e
,
n
o
t

m
i
s
l
e
a
d
i
n
g

w
i
t
h
re
s
p
e
c
t

t
o

t
h
e

p
e
r
i
o
d

c
o
v
e
r
e
d

b
y

t
h
i
s

r
e
p
o
r
t
;
3:.

Ba
s
e
d

o
n

m
y

k
n
o
w
l
e
d
g
e
,

t
h
e

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s
,
a
n
d

o
t
h
e
r

f
i
n
a
n
c
i
a
l

i
n
f
o
r
m
a
t
i
o
n

i
n
c
l
u
d
e
d

i
n

t
h
i
s

r
e
p
o
r
t
,

f
a
i
r
l
y

p
r
e
s
e
n
t

i
n

a
l
l
ma
t
e
r
i
a
l

r
e
s
p
e
c
t
s

t
h
e

f
i
n
a
n
c
i
a
l

c
o
n
d
i
t
i
o
n
,

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s

a
n
d

c
a
s
h

f
l
o
w
s

of

t
h
e

sm
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r

a
s

o
f
,
a
n
d

f
o
r
,

t
h
e

p
e
r
i
o
d
s
.
p
r
e
s
e
n
t
e
d

i
n

t
h
i
s

r
e
p
o
r
t
;
4.

T
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
o
t
h
e
r

c
e
r
t
i
f
y
i
n
g

o
f
f
i
c
e
r
(
s
)

a
n
d

I

a
r
e

r
e
s
p
o
n
s
i
b
l
e

f
o
r

e
s
t
a
b
l
i
s
h
i
n
g

a
n
d

m
a
i
n
t
a
i
n
i
n
g

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

pr
o
c
e
d
u
r
e
s

(
a
s

d
e
f
i
n
e
d

i
n

E
x
c
h
a
n
g
e

A
c
t

R
u
l
e
s

1
3
a
-
15
(
e
)

a
n
d

1
5
d
-
15
(
e
)
)

a
n
d

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

(
a
s

d
e
f
i
n
e
d

i
n
Ex
c
h
a
n
g
e

A
c
t

R
u
l
e
s

1
3
a
-
15
(
f
)

a
n
d

1
5
d
-
15
(
f
)
)

f
o
r

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r

a
n
d

h
a
v
e
:
,
'
' c
'
.
"

"
"
"
...
:
.

'
. ,
.
.
, ."
"

."
,

. ,
'"

'
'
.
"
"
..

'
'
.

..

.
"

"
:~
'

~
. .
.
.'
"
"
. "

"
(a
)

D
e
s
i
g
n
e
d

s
u
c
h

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s
,
o
r

c
a
u
s
e
d

s
u
c
h

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s

t
o

b
e

d
e
s
i
g
n
e
d

u
n
d
e
r

o
u
r
su
p
e
r
v
i
s
i
o
n
,

t
o

e
n
s
u
r
e

t
h
a
t

m
a
t
e
r
i
a
l

i
n
f
o
n
n
a
t
i
o
n

r
e
l
a
t
i
n
g

t
o

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
,

i
n
c
l
u
d
i
n
g

i
t
s

c
o
n
s
o
l
i
d
a
t
e
d

s
u
b
s
i
d
i
a
r
i
e
s
,
i
s

m
a
d
e
kn
o
w
n

t
o

u
s

b
y

o
t
h
e
r
s

w
i
t
h
i
n

t
h
o
s
e

e
n
t
i
t
i
e
s
,
p
a
r
t
i
c
u
l
a
r
l
y

d
u
r
i
n
g

t
h
e

p
e
r
i
o
d

i
n

w
h
i
c
h

t
h
i
s

r
e
p
o
r
t

i
s

b
e
i
n
g

p
r
e
p
a
r
e
d
;
(b
)

D
e
s
i
g
n
e
d

s
u
c
h

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g
,

o
r

c
a
u
s
e
d

s
u
c
h

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

t
o

b
e

d
e
s
i
g
n
e
d
un
d
e
r

o
u
r

s
u
p
e
r
v
i
s
i
o
n
,

t
o

p
r
o
v
i
d
e

r
e
a
s
o
n
a
b
l
e

a
s
s
u
r
a
n
c
e

r
e
g
a
r
d
i
n
g

t
h
e

r
e
l
i
a
b
i
l
i
t
y

o
f

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

a
n
d

t
h
e

p
r
e
p
a
r
a
t
i
o
n

o
f

f
i
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s

f
o
r

e
x
t
e
r
n
a
l

p
u
r
p
o
s
e
s

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

g
e
n
e
r
a
l
l
y

a
c
c
e
p
t
e
d

a
c
c
o
u
n
t
i
n
g

p
r
i
n
c
i
p
l
e
s
;
(c
)

E
v
a
l
u
a
t
e
d

t
h
e

e
f
f
e
c
t
i
v
e
n
e
s
s

o
f

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s

a
n
d

p
r
e
s
e
n
t
e
d

i
n

t
h
i
s

r
e
p
o
r
t

o
u
r
co
n
c
l
u
s
i
o
n
s

a
b
o
u
t

t
h
e

e
f
f
e
c
t
i
v
e
n
e
s
s

o
f

t
h
e

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s
,
a
s

o
f

t
h
e

e
n
d

o
f

t
h
e

p
e
r
i
o
d

c
o
v
e
r
e
d

b
y

t
h
i
s

r
e
p
o
r
t

b
a
s
e
d
on

s
u
c
h

e
v
a
l
u
a
t
i
o
n
;

a
n
d
(d
)

D
i
s
c
l
o
s
e
d

i
n

t
h
i
s

r
e
p
o
r
t

a
n
y

c
h
a
n
g
e

i
n

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

t
h
a
t

o
c
c
u
r
r
e
d

d
u
r
i
n
g

t
h
e
sm
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
m
o
s
t

r
e
c
e
n
t

f
i
s
c
a
l

q
u
a
r
t
e
r

(
t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
f
o
u
r
t
h

f
i
s
c
a
l

q
u
a
r
t
e
r

i
n

t
h
e

c
a
s
e

o
f

a
n

a
n
n
u
a
l

r
e
p
o
r
t
)

t
h
a
t
ha
s

m
a
t
e
r
i
a
l
l
y

a
f
f
e
c
t
e
d
,
o
r

i
s

r
e
a
s
o
n
a
b
l
y

l
i
k
e
l
y

t
o

m
a
t
e
r
i
a
l
l
y

a
f
f
e
c
t
,
t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g
;
an
d
5.

T
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
o
t
h
e
r

c
e
r
t
i
f
y
i
n
g

o
f
f
i
c
e
r
(
s
)

a
n
d

I

h
a
v
e

d
i
s
c
l
o
s
e
d
,

b
a
s
e
d

o
n

o
u
r

m
o
s
t

r
e
c
e
n
t

e
v
a
l
u
a
t
i
o
n

o
f

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l
ov
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g
,

t
o

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
a
u
d
i
t
o
r
s

a
n
d

t
h
e

a
u
d
i
t

c
o
m
m
i
t
t
e
e

o
f

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
b
o
a
r
d

o
f

d
i
r
e
c
t
o
r
s
(o
r

p
e
r
s
o
n
s

p
e
r
f
o
n
n
i
n
g

t
h
e

e
q
u
i
v
a
l
e
n
t

f
u
n
c
t
i
o
n
s
)
:
(a
)

A
l
l

s
i
g
n
i
f
i
c
m
t

d
e
f
i
c
i
e
n
c
i
e
s

a
n
d

m
a
t
e
r
i
a
l

w
e
a
k
n
e
s
s
e
s

i
n

t
h
e

d
e
s
i
g
n

o
r

o
p
e
r
a
t
i
o
n

o
f

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

w
h
i
c
h
ar
e

r
e
a
s
o
n
a
b
l
y

l
i
k
e
l
y

t
o

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

t
h
e
sm
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
a
b
i
l
i
t
y

t
o

r
e
c
o
r
d
,

p
r
o
c
e
s
s
,
.

s
u
m
m
a
r
i
z
e

a
n
d

r
e
p
o
r
t

f
i
n
a
n
c
i
a
l
in
f
o
n
n
a
t
i
o
n
;

a
n
d

(b

)A
r
1
y

f
r
a
u
d
,

w
h
e
t
h
e
r

o
r

n
o
t

m
a
t
e
r
i
a
l
,
t
h
a
t

i
n
v
o
l
v
e
s

m
a
n
a
g
e
m
e
n
t

o
r

o
t
h
e
r

e
m
p
l
o
y
e
e
s

w
h
o

h
a
v
e

a

s
i
g
n
i
f
i
c
a
n
t

r
o
l
e

i
n

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s
is
s
u
e
r
s
i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g
.
Da

te
:

Ma
r
c
h

29
,

20
0
4
By
:
s/
Th
e
o
d
o
r
e

S
t
e
r
n
Ch
i
e
f

E
x
e
c
u
t
i
v
e

O
f
f
i
c
e
r
,..
-
"'
"

""

U
,

L I
11
1
1
"

,
.

""
'
"
"
"
"

"

""
"
"
"
'
"
"'"

,
""

1
"
"

II
"
""
"
.
.
"

.

"
'
.
,
~
"
"
"
"
"
"
"
"
,
-
-
"
"
"
-
"
","
"
,,
,
,
,
.
.
,
,
Ex
h
i
b
i
t

N
o
.

3
1
.
Fo
n
n

1
0
-
KS
B
."

"
.
.
,
..
'
"
,
.
.
,
,
;::

"

"

'

:
"
~:

\
'
!
:
"
:
.
.
' \
"
'
.

'
,
.
'
,
"
!
~ .
.
::
'

,
Bu
y
e
r
s

U
n
i
t
e
d
,
I
n
c
.
Fi
l
e

N
o
.

0
-
26
9
1
7
Ce
r
t
i
f
i
c
a
t
i
o
n
,
D
a
v
i
d

R
.

G
r
o
w
,

c
e
r
t
i
f
y

t
h
a
t
:
1.

I

h
a
v
e

r
e
v
i
e
w
e
d

t
h
i
s

a
n
n
u
a
l

r
e
p
o
r
t

o
n

F
o
r
m

1
0
-
KS
B

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

D
e
c
e
m
b
e
r

3
1
,

2
0
0
3

of

Bu
y
e
r
s

U
n
i
t
e
d
,
I
n
c
.
2.

B
a
s
e
d

o
n

m
y

k
n
o
w
l
e
d
g
e
,
t
h
i
s

r
e
p
o
r
t

d
o
e
s

n
o
t

c
o
n
t
a
i
n

a
n
y

u
n
t
r
u
e

st
a
t
e
m
e
n
t
.

o
f

a

m
a
t
e
r
i
a
l

f
a
c
t

or

o
m
i
t

t
o

s
t
a
t
e

a

m
a
t
e
r
i
a
l

f
a
c
t
n~
c
e
s
s
a
r
y

t
o

m
a
k
e

t
h
e

s
t
a
t
e
m
e
n
t
s

m
a
d
e
,

i
n

l
i
g
h
t

of

t
h
e

c
i
r
c
u
m
s
t
a
n
c
e
s

u
n
d
e
r

w
h
i
c
h

s
u
c
h

s
t
a
t
e
m
e
n
t
s

w
e
r
e

m
a
d
e
,
n
o
t

m
i
s
l
e
a
d
i
n
g

w
i
t
h
re
s
p
e
c
t

t
o

t
h
e

p
e
r
i
o
d

c
o
v
e
r
e
d

b
y

t
h
i
s

r
e
p
o
r
t
;
3~

Ba
s
e
d

o
n

m
y

l
m
o
w
l
e
d
g
e
,

t
h
e

f
i
n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s
,

a
n
d

o
t
h
e
r

f
i
n
a
n
c
i
a
l

i
n
f
o
r
m
a
t
i
o
n

i
n
c
l
u
d
e
d

i
n

t
h
i
s

r
e
p
o
r
t
,

f
a
i
r
l
y

p
r
e
s
e
n
t

i
n

a
l
l
ma
t
e
r
i
a
l

r
e
s
p
e
c
t
s

t
h
e

t
l
I
l
a
n
c
i
a
l
c
o
n
d
i
t
i
o
n
,

r
e
s
u
l
t
s

of

o
p
e
r
a
t
i
o
n
s

a
n
d

c
a
s
h

f
l
o
w
s

of

th
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r

a
s

an
d

f
o
r
,

t
h
e

p
e
r
i
o
d
s
pr
e
s
e
n
t
e
d
"

i
n

t
h
i
s
"

re
p
o
r
t
;
4.

T
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
o
t
h
e
r

c
e
r
t
i
f
y
i
n
g

o
f
f
i
c
e
r
(
s
)

a
n
d

I

a
r
e

r
e
s
p
o
n
s
i
b
l
e

f
o
r

e
s
t
a
b
l
i
s
h
i
n
g

a
n
d

m
a
i
n
t
a
i
n
i
n
g

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d
pr
o
c
e
d
u
r
e
s

(
a
s

d
e
f
i
n
e
d

i
n

E
x
c
h
a
n
g
e

A
c
t

R
u
l
e
s

1
3
a
-
15
(
e
)

a
n
d

1
5
d
-
15
(
e
)
)

a
n
d

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

(
a
s

d
e
f
i
n
e
d

i
n
Ex
c
h
a
n
g
e

A
c
t

R
u
l
e
s

1
3
a
.
.
15
(
f
)

a
n
d

1
5
d
.
.
15
(
f
)
)

f
o
r

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r

a
n
d

h
a
v
e
:
(a
)

D
e
s
i
g
n
e
d

s
u
c
h

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s
,
o
r

c
a
u
s
e
d

s
u
c
h

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s

t
o

b
e

d
e
s
i
g
n
e
d

u
n
d
e
r

o
u
r
su
p
e
r
v
i
s
i
o
n
,

t
o

e
n
s
u
r
e

t
h
a
t

m
a
t
e
r
i
a
l

in
f
o
n
n
a
t
i
o
n

r
e
l
a
t
i
n
g

t
o
'

th
e

s
m
a
l
l

b
u
s
i
n
e
s
s

-i
s
s
u
e
r
,

i
n
c
l
u
d
i
n
g

i
t
s

co
n
s
o
l
i
d
a
t
e
d

s
u
b
s
i
d
i
a
r
i
e
s
,

i
s

m
a
d
e
lm
o
w
n

t
o

u
s

b
y

o
t
h
e
r
s

w
i
t
h
i
n

t
h
o
s
e

e
n
t
i
t
i
e
s
,
p
a
r
t
i
c
u
l
a
r
l
y

d
u
r
i
n
g

t
h
e

p
e
r
i
o
d

i
n

w
h
i
c
h

t
h
i
s

r
e
p
o
r
t

i
s

b
e
i
n
g

p
r
e
p
a
r
e
d
;
(b
)

D
e
s
i
g
n
e
d

s
u
c
h

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g
,

o
r

c
a
u
s
e
d

s
u
c
h

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

t
o

b
e

d
e
s
i
g
n
e
d
"
u
n
d
e
r

o
u
r

s
u
p
e
r
v
i
s
i
o
n
,

t
o

p
r
o
v
i
d
e

r
e
a
s
o
n
a
b
l
e

'
as
s
u
r
a
n
c
e

r
e
g
a
r
d
i
n
g

t
h
e

r
e
l
i
a
b
i
l
i
t
y

of

fi
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

a
n
d

t
h
e

p
r
e
p
a
r
a
t
i
o
n

of

fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s

f
o
r

e
x
t
e
r
n
a
l

p
u
r
p
o
s
e
s

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

g
e
n
e
r
a
l
l
y

a
c
c
e
p
t
e
d

a
c
c
o
u
n
t
i
n
g

p
r
i
n
c
i
p
l
e
s
;
(c
)

E
v
a
l
u
a
t
e
d

t
h
e

e
f
f
e
c
t
i
v
e
n
e
s
s

of
th
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s

a
n
d

p
r
e
s
e
n
t
e
d

i
n

t
h
i
s

r
e
p
o
r
t

o
u
r
co
n
c
l
u
s
i
o
n
s

a
b
o
u
t

t
h
e

e
f
f
e
c
t
i
v
e
n
e
s
s

of

th
e

d
i
s
c
l
o
s
u
r
e

c
o
n
t
r
o
l
s

a
n
d

p
r
o
c
e
d
u
r
e
s
,
a
s

of

th
e

e
n
d

of

th
e

p
e
r
i
o
d

c
o
v
e
r
e
d

b
y

t
h
i
s

r
e
p
o
r
t

b
a
s
e
d
on

s
u
c
h

e
v
a
l
u
a
t
i
o
n
;

a
n
d
(d
)

D
i
s
c
l
o
s
e
d

i
n

t
h
i
s

r
e
p
o
r
t

a
n
y

c
h
a
n
g
e

i
n

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

t
h
a
t

oc
c
u
l
T
e
d

d
u
r
i
n
g

t
h
e
sm
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
m
o
s
t

r
e
c
e
n
t

f
i
s
c
a
l

q
u
a
r
t
e
r

(
t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
'
s
f
o
u
r
t
h

f
i
s
c
a
l

q
u
a
r
t
e
r

i
n

t
h
e

c
a
s
e

of
an

a
n
n
u
a
l

r
e
p
o
r
t
)

t
h
a
t

~a
s

m
a
t
e
r
i
a
l
l
y

a
f
f
e
c
t
e
d
,

o
r

i
s

r
e
a
s
o
n
a
b
l
y

l
i
k
e
l
y

t
o

m
a
t
e
r
i
a
l
l
y

a
f
f
e
c
t
,

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g
;
an
d
"
"
';"
"
"
"
,
,
'
'
",

"
, .
"
" ,
~
"
~ ,
"
"
;'"
"
,
" "
"
"
"
5.

T
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
o
t
h
e
r

c
e
r
t
i
f
y
i
n
g

o
f
f
i
c
e
r
(
s
)

a
n
d

I

h
s
.
v
e

di
s
c
l
o
s
e
d
,

b
a
s
e
d

o
n

o
u
r

m
o
s
t

r
e
c
e
n
t

e
v
a
l
u
a
t
i
o
n

o
f

i
n
t
e
r
n
a
l

c
o
n
t
r
o
l
ov
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g
,

t
o

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
a
u
d
i
t
o
r
s

a
n
d

t
h
e

a
u
d
i
t

c
o
m
m
i
t
t
e
e

o
f

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
b
o
a
r
d

o
f

d
i
r
e
c
t
o
r
s
(o
r

p
e
r
s
o
n
s

p
e
r
f
o
r
m
i
n
g

t
h
e

e
q
u
i
v
a
l
e
n
t

f
u
n
c
t
i
o
n
s
)
:

(a
)

A
l
l

s
i
g
n
i
f
i
c
a
n
t

d
e
f
i
c
i
e
n
c
i
e
s

a
n
d

m
a
t
e
r
i
a
l

w
e
a
k
n
e
s
s
e
s

i
n

t
h
e

d
e
s
i
g
n

o
r

o
p
e
r
a
t
i
o
n

of
i
n
t
e
m
a
l

co
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g

w
h
i
c
h
ar
e

r
e
a
s
o
n
a
b
l
y

l
i
k
e
l
y

t
o

a
d
v
e
r
s
e
l
y

a
f
f
e
c
t

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s

i
s
s
u
e
r
s
a
b
i
l
i
t
y

t
o

r
e
c
o
r
d
,

p
r
o
c
e
s
s
,
s
u
m
m
a
r
i
z
e

a
n
d

r
e
p
o
r
t

f
i
n
a
n
c
i
a
l
ir
i
f
o
n
n
a
t
i
o
n
;

a
n
d
(b
)

A
n
y

f
r
a
u
d
,

w
h
e
t
h
e
r

o
r

n
o
t

m
a
t
e
r
i
a
l
,

t
h
a
t

i
n
v
o
l
v
e
s

m
a
n
a
g
e
m
e
n
t

o
r

o
t
h
e
r

e
m
p
l
o
y
e
e
s

w
h
o

h
a
v
e

a

s
i
g
n
i
f
i
c
a
n
t

r
o
l
e

i
n

t
h
e

s
m
a
l
l

b
u
s
i
n
e
s
s
is
s
u
e
r
s
i
n
t
e
r
n
a
l

c
o
n
t
r
o
l

o
v
e
r

f
i
n
a
n
c
i
a
l

r
e
p
o
r
t
i
n
g
.
Da

t
e
:

Ma
r
c
h

2
9
,

20
0
4
By
:
Is
l

D
a
v
i
d

R.

G
r
o
w
Ch
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
OI
l
"

O
I
l
Ex
h
i
b
i
t

N
o
.

3
2
.
Fo
r
m

1
0
-
K
S
B
Bu
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.
Fi
l
e

N
o
.

26
9
1
7
Ce
r
t
i
f
i
c
a
t
i
o
n

P
u
r
s
u
a
n
t

t
o

1
8

D
.
C.

S
e
c
t
i
o
n

1
3
5
0
,

a
s

A
d
o
p
t
e
d

P
u
r
s
u
a
n
t

t
o
Se
c
t
i
o
n

9
0
6

o
f

t
h
e

S
a
r
b
a
n
e
s
.
.
Ox
l
e
y

A
c
t

o
f
2
0
0
2
.
In

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

A
n
n
u
a
l

R
e
p
o
r
t

o
f

B
u
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.

(
t
h
e

"
Co
m
p
a
n
y
)
o
n

F
o
r
m

1
0
-
KS
B

f
o
r

t
h
e

p
e
r
i
o
d

e
n
d
i
n
g

D
e
c
e
m
b
e
r

3
1
20
0
3

a
s

f
i
l
e
d

w
i
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

o
n

t
h
e

d
a
t
e

h
e
r
e
o
f

(
t
h
e

"
Re
p
o
r
t
"
),

I
,

T
h
e
o
d
o
r
e

S
t
e
m
,

C
h
i
e
f

E
x
e
c
u
t
i
v
e
Of
f
i
c
e
r

o
f

t
h
e

C
o
m
p
a
n
y
,

c
e
r
t
i
f
y

p
u
r
s
u
a
n
t

t
o

1
8

D
.
C.

S
e
c
t
i
o
n

1
3
5
0
,
a
s

a
d
o
p
t
e
d

p
u
r
s
u
a
n
t

t
o

S
e
c
t
i
o
n

9
0
6

o
f

t
h
e

S
a
r
b
a
n
e
s
-
Ox
l
e
y

A
c
t

o
f
20
0
2
,

t
h
a
t
:

(
1
)

t
h
e

R
e
p
o
r
t

f
u
l
l
y

c
o
m
p
l
i
e
s

w
i
t
h

t
h
e

r
e
q
u
i
r
e
m
e
n
t
s

o
f
Se
c
t
i
o
n

1
3
(
a
)

o
r

1
5
(
d
)

o
f

t
h
e

S
e
c
u
r
i
t
i
e
s

E
x
c
h
a
n
g
e

A
c
t

o
f

1
9
3
4
;

a
n
d

(
2
)

th
e
i
n
f
o
n
n
a
t
i
o
n

c
o
n
t
a
i
n
e
d

i
n

th
e

R
e
p
o
r
t

f
a
i
r
l
y

p
r
e
s
e
n
t
s
,
i
n

a
l
l
ma
t
e
r
i
a
l

r
e
s
p
e
c
t
s
,
t
h
e

f
i
n
a
n
c
i
a
l

c
o
n
d
i
t
i
o
n

a
n
d

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s

o
f

t
h
e

C
o
m
p
a
n
y
.

Da
t
e
:

Ma
r
c
h

29
,

20
0
4
By
:
s/
Th
e
o
d
o
r
e

St
e
r
n
Ch
i
e
f

E
x
e
c
u
t
i
v
e

O
f
f
i
c
e
r
, ,
,
"
"
-
, ,
'
:
,
:,~
;
:
,
'
/t
,

~.,

:
'
: ,
.
"
,
'
..,

"
c
,
:"

"
"
,
,
"
, ,
"c
.

"
Ce
r
t
i
f
i
c
a
t
i
o
n

P
u
r
s
u
a
n
t

t
o

1
8

U
.
C.

S
e
c
t
i
o
n

1
3
5
0
,
a
s

A
d
o
p
t
e
d

P
u
r
s
u
a
n
t

t
o
Se
c
t
i
o
n

9
0
6

o
f

t
h
e

S
a
r
b
a
n
e
s
-
Ox
l
e
y

A
c
t

o
f

20
0
2
.

In

c
o
n
n
e
c
t
i
o
n

w
i
t
h

t
h
e

A
n
n
u
a
l

R
e
p
o
r
t

o
f

B
u
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.

(
t
h
e

"
Co
m
p
a
n
y
)
o
n

F
o
r
m

1
0
-
KS
B

f
o
r

t
h
e

p
e
r
i
o
d

e
n
d
i
n
g

D
e
c
e
m
b
e
r

3
1
,
20
0
3

as

f
i
l
e
d

w
i
t
h

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

o
n

t
h
e

d
a
t
e

h
e
r
e
o
f

(
t
h
e

"
Re
p
o
r
t
"
),

I
,

D
a
v
i
d

R
.

G
r
o
w
,

C
h
i
e
f

F
i
n
a
n
c
i
a
l
Qf
f
i
c
e
r

o
f

t
h
e

C
o
m
p
a
n
y
,

c
e
r
t
i
f
y

p
u
r
s
u
a
n
t

t
o

18

U
.
Se
c
t
i
o
n

1
3
5
0
,

a
s

a
d
o
p
t
e
d

p
u
r
$
u
a
n
t

t
o

S
e
c
t
i
o
n

9
0
6

o
f

t
h
e

S
a
r
b
a
n
e
s
-
Ox
l
e
y

A
c
t

o
f
2
0
0
2
,

t
h
a
t
:

(
1
)

t
h
e

R
e
p
o
r
t

f
u
l
l
y

c
o
m
p
l
i
e
s

w
i
t
h

t
h
e
re
q
u
i
r
e
m
e
n
t
s

o
f

S
e
c
t
i
o
n

1
3
(
a
)

o
r

1
5
(
d
)

o
f

t
h
e

S
e
c
u
r
i
t
i
e
s

E
x
c
h
a
n
g
e

A
c
t

o
f

1
9
3
4
;

a
n
d

(
2
)

t
h
e

i
n
f
o
r
m
a
t
i
o
n

c
o
n
t
a
i
n
e
d

i
n

t
h
e

R
e
p
o
r
t

f
a
i
r
l
y
pr
e
s
e
n
t
s
,

i
n

a
l
l

m
a
t
e
r
i
a
l

r
e
s
p
e
c
t
s
,

t
h
e

f
i
n
a
n
c
i
a
l

c
o
n
d
i
t
i
o
n

a
n
d

r
e
s
u
l
t
s

o
f

o
p
e
r
a
t
i
o
n
s

o
f

t
h
e

C
o
m
p
a
n
y
.
Da
t
e
:

M
a
r
c
h

29
,

20
0
4
By
:
/s
/

Da
v
i
d

R.

G
r
o
w
Ch
i
e
f

F
i
n
a
n
c
i
a
l

O
f
f
i
c
e
r
A'

s
i
g
n
e
d

or
i
g
i
n
a
l

o
f

t
h
i
s

w
r
i
t
t
e
n

s
t
a
t
e
m
e
n
t

r
e
q
u
i
r
e
d

b
y

S
e
c
t
i
o
n

9
0
6

h
a
s

b
e
e
n

p
r
o
v
i
d
e
d

t
o

B
u
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.

a
n
d

w
i
l
l

b
e

r
e
t
a
i
n
e
d

b
y
Bu
y
e
r
s

U
n
i
t
e
d
,

I
n
c
.

a
n
d

f
u
r
n
i
s
h
e
d

t
o

t
h
e

S
e
c
u
r
i
t
i
e
s

a
n
d

E
x
c
h
a
n
g
e

C
o
m
m
i
s
s
i
o
n

o
r

i
t
s

s
t
a
f
f

u
p
o
n

r
e
q
u
e
s
t
.
En
d

,
of

F
i
l
i
n
g
~
2
0
0
4

I

ED
G
A
R

On
l
i
n
e
.

I
n
c
.
"
'
"
'
...
.
.
u:
:
I:
C
..
.
.
.
:t
:
:J
:
DCN, Inc.Idaho Tariff No. 4
Original Title Page
IDAHO
LOCAL EXCHANGE TELECOMMUNICATIONS SERVICES TARIFF
DCN, Inc.
14870 South Pony Express Road, Bluffdale, Utah 84065
LOCAL SERVICES TARIFF
Regulations and Schedule of Local Exchange Service Rates
Within the State of Idaho
This tariff contains the descriptions, regulations and rates applicable to the provision of local exchange
telecommunications services provided by UCN, Inc., with principal offices at 14870 South Pony Express Road
Bluffdale, Utah 84065, for services furnished within the State of Idaho. This tariff is on file with the Idaho Public
Utilities Commission and copies may be inspected, during nonnal business hours, at the Company s principal place
of business.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Preface
Original Page No.
TABLE OF CONTENTS
Title Page.. ......... ............... ................. ........ ......
.... ............. .........
........................... ................... ..... ........................... Title
Preface
Table of Contents ............, .............
..... """"""""""""""""""""" ............. ............. .... ..... .......... ....... """"" ...... ......
Check Sheet........................
"""""""""""""""""""""""'"
.................................................................................. 2
Explanation of Symbols.......................................... ..................... ...............................,........................ ........... .......
Application of Tariff....... .....".................................. ..................... ..................................,........... .............
."........ ...
Tariff Format. ...........
...... ........, ..... ..... .......... ... ... ................. .......................,.......... """"""
..................................... 5
Deflllitions ............... :'
.....
................,............................................. ............................................................,........ Section
Regulations ................... ............................................ ..............
""""""""""""""""'" ........ ........... ..:. ............ ....
Section 2
Service Areas.................................. ....... .......................................................,........ ........................................... Section 3
Basic Services and Rates ..................................................................................................................................Section 4
Miscellaneous Services and Rates ............................ ..................................
""""""""""""""""""""""""
...... Section 5
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Preface
Original Page No.
CHECK SHEET
Section Pa2;e Revision Section Pa2e Revision Section Pa2;e Revision
Title Title Original *Section 3 Original *
Preface Original *Section 4 Original *
Preface Original *Section 4 Orij:!;inal *
Preface Original*Section 4 Original *
Preface Original*Section 4 Original *
Preface Original *Section 5 Original*
Section 1 Original*Section 5 Original *
Section 1 Original *Section 5 Original *
Section 1 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original*
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original *
Section 2 Original *Section 5 Original*
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original*
Section 2 Original *
Section 2 Original*
Section 2 Original *
Section 2 Original *
Section 2 Original *
Section 2 Original*
*Denotes New or Revised Page.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Preface
Original Page No.
EXPLANATION OF SYMBOLS
The following symbols shall be used in this tariff for the purpose indicated below:
(C)
(D)
(I)
(M)
(N)
(R)
(S)
(T)
To signify changed regulation.
To signify discontinued rate or regulation.
To signify increased rate.
To signify a move in the location of text.
To signify new rate or regulation.
To signify reduced rate.
To signify reissued matter.
To signify a change in text but no change in rate or regulation.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Preface
Original Page No.
APPLICATION OF TARIFF
This tariff sets forth the service offerings, rates, terms and conditions applicable to the furnishing of intrastate end-
user local exchange communications services by UCN, Inc., hereinafter referred to as the Company, to Customers
within the State of Idaho. Company s services are furnished subject to the availability of facilities and subject to the
terms and conditions set forth herein.
This tariff is on file with the Idaho Public Service Commission. In addition, this tariff is available for review at the
main office ofUCN, Inc., at 14870 South Pony Express Road, Bluffdale, Utah 84065.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Preface
Original Page No.
TARIFF FORMAT
A. Page Numbering - Page numbers appear in the upper right comer of the page. Pages are numbered
sequentially. However, new pages are occasionally added to the tariff. When a new page is added between pages
already in effect, a decimal is added. For example, a new page added between pages 14 and 15 would be 14.
B. Page Revision Numbers - Revision numbers also appear in the upper right comer of each page. These
numbers are used to determine the most current page version on file with the Commission. For example, the 4th
revised Page 14 cancels the 3rd revised Page 14. Because of various suspension periods, deferrals, etc., the most
current page number on file with the Commission is not always the tariff page in effect. Consult the Check Sheet
for the page currently in effect.
C. Paragraph Numbering Sequence - There are nine levels of paragraph coding. Each level of coding is
subservient to its next higher level:
1.1.
2. 1. l.A.
2. I.1.A. 1.
1.(a).
1.l.A.1.(a).
1.I.A.1.(a).I.(i).
2. 1. l.A. l.(a).I.(i).(1 ).
D. Check Sheets - When a tariff filing is made with the Commission, an updated Check Sheet accompanies
the tariff filing. The Check Sheet lists the pages contained in the tariff, with a cross reference to the current revision
number. When new pages are added, the Check Sheet is changed to reflect the revision. All revisions made in a
given filing are designated by an asterisk (*). There will be no other symbols used on this page if these are the only
changes made to it (i., the fonnat, etc., remain the same, just revised revision levels on some pages). The tariff
user should refer to the latest Check Sheet to find out if a particular page is the most current on file with the
Commission.
Issued:Effective:
Issued by:Paul lannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 1
Original Page No.
SECTION 1 - DEFINITIONS
Access Line - An arrangement from a local exchange telephone company or other common carrier, using either
dedicated or switched access, which connects a Customer s location to Carrier s location or switching center.
Account - A Company accounting category containing up to two (2) residential local exchange access lines billed to
the same Customer at the same address. The second or non-primary local exchange access line will share any call
allowance of the primary local exchange access line. The second or non-primary local exchange access line
therefore, will not be provisioned to include a separate call allowance structure. No features are provided with the
second or non-primary local exchange access line.
Account Codes - Pennits Centrex Stations and attendants to dial an account code number of up to eight digits. For
use when placing calls over facilities arranged for Automatic Message Accounting (AMA) recording. The account
or project number must be input prior to dialing the called number.
Advance Payment - Part or all of a payment required before the start of service limited to current months recurring
charges in advance.
Authorization Code - A numerical code, one or more of which may be assigned to a Customer, to enable Carrier to
identify the origin of service of the Customer so it may rate and bill the call. All authorization codes shall be the
sole property of Carrier and no Customer shall have any property or any other right or interest in the use of any
particular authorization code. Automatic numbering identification (ANI) may be used as or in connection with the
authorization code.
Authorized User - A person, fmn or corporation authorized by the Customer to be an end-user of the service of the
Customer.
Automatic Numbering Identification (ANI) - A type of signaling provided by a local telephone company which
automatically identifies the local exchange line from which a call originates.
Commission - Idaho Public Utilities Commission.
Common Carrier - An authorized company or entity providing telecommunications services to the public.
Company - UCN, Inc., the issuer of this tariff.
Customer - The person, fmn or corporation that orders service and is responsible for payment of charges and
compliance with the tenns and conditions of this tariff.
Customer Premises - A location designated by the Customer for the purposes of connecting to the Company
services.
Customer Tenninal Equipment - Tenninal equipment provided by the Customer.
Deposit - Refers to a cash or equivalent of cash security held as a guarantee for payment of the charges.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 1
Original Page No.
SECTION 1 - DEFINITIONS (CONT'
End Office - The LEC switching system office or serving wire center where Customer station loops are tenninated
for purposes of interconnection to each other and/or to trunks.
Equal Access - A form of dialed access provided by local exchange companies whereby interexchange calls dialed
by the Customer are automatically routed to the Company s network. Presubscribed Customers may also route
interexchange calls to the Company s network by dialing an access code supplied by the Company.
Exchange Telephone Company or Telephone Company - Denotes any individual, partnership, association, joint-
stock company, trust, or corporation authorized by the appropriate regulatory bodies to engage in providing public
switched communication service throughout an exchange area, and between exchange areas within the LATA.
ICB - Individual Case Basis.
IXC or Interexchange Carrier - A long distance telecommunications seryice provider.
Interruption - The inability to complete calls due to equipment malfunctions or human errors. Interruption shall not
include, and no allowance shall be given for service difficulties such as slow dial tone, circuits busy or other
network and/or switching capability shortages. Nor shall Interruption include the failure of any service or facilities
provided by a common carrier or other entity other than the Carrier. Any interruption allowance provided within
this Tariff by Carrier shall not apply where service is interrupted by the negligence or willful act of the Customer, or
where the Carrier, pursuant to the terms of this Tariff, terminates service because of non-payment of bills, unlawful
or improper use of the Carrier s facilities or service, or any other reason covered by this Tariff or by applicable law.
LATA - A Local Access and Transport Area established pursuant to the Modification of Final Judgment entered by
the United States District Court for the District of Columbia in Civil Action No. 82-0192; or any other geographic
area designed as a LATA in the National Exchange Carrier Association, Inc. Tariff F.C. No., or its successor
tariff( s).
LEC - Local Exchange Company refers to the dominant, monopoly local telephone company in the area also served
by the Company.
UCN, Inc. - DCN, Inc., issuer of this tariff.
MontWy Recurring Charges - The monthly charges to the Customer for services, facilities and equipment, which
continue for the agreed upon duration of the service.
MOU - Minutes of Use.
NECA - National Exchange Carriers Association.
Non-Recurring Charge ("NRC") - The initial charge, usually assessed on a one-time basis, to initiate and establish
serVice.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 1
Original Page No.
SECTION 1 - DEFINITIONS (CONT'
PBX - Private Branch Exchange.
PIN - Personal Identification Number. See Authorization Code.
Point of Presence ("POP") - Location where the Company maintains a facility for purposes of interconnecting to the
Company s Network.
Recurring Charges - Monthly charges to the Customer for services, and equipment, which continues for the agreed-
upon duration of the service.
Service - Any means of service offered herein or any combination thereof.
Service Order - The written request for Company services executed by the Customer and the Company in the fonnat
devised by the Company. The signing of a Service Order Form by the Customer and acceptance by the Company
initiates the respective obligations of the parties as set forth therein and pursuant to this tariff.
Serving Wire Center - A specified geographic point from which the vertical and horizontal coordinate is used in
calculation of airline mileage.
Shared Inbound Calls - Refers to calls that are tenninated via the Customer s Company-provided local exchange
line.
Shared Outbound Calls - Refers to calls in Feature Group (FGD) exchanges whereby the Customer s local
telephone lines are presubscribed by the Company to the Company s outbound service such that" 1 + 1 O-digit
number" calls are automatically routed to the Company s or an IXC's network. Calls to stations within the
Customer s LATA may be placed by dialing "10XXX" or 101XXXX" with a "1+10-digit number.
Station - The network control signaling unit and any other equipment provided at the Customer s premises which
enables the Customer to establish communications connections and to effect communications through such
connections.
Subscriber - The person, firm, partnership, corporation, or other entity who orders telecommunications service from
UCN, Inc.. Service may be ordered by, or on behalf of, those who own, lease or otherwise manage the pay
telephone, PBX, or other switch vehicle from which an End User places a call utilizing the services of the Company.
Switched Access Origination/Temrination - Where access between the Customer and the interexchange carrier is
provided on local exchange company Feature Group circuits and the connection to the Customer is aLEC-provided
business or residential access line. The cost of switched Feature Group access is billed to the interexchange carrier.
Tenninal Equipment - Any telecommunications equipment other than the transmission or receiving equipment
installed at a Company location.
Usage Charges - Charges for minutes or messages traversing over local exchange facilities.
User or End User - A Customer, Joint User or any other person authorized by a Customer to use service provided
under this tariff.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 - RULES AND REGULATIONS
1.1
Undertaking of the Company
Scope
1.2
The Company undertakes to furnish communications service pursuant to the tenus of this tariff in
connection with one-way and/or two-way information transmission between points within the
State of Idaho.
The Company is responsible under this tariff only for the services and facilities provided
hereunder, and it assumes no responsibility for any service provided by any other entity that
purchases access to the Company network in order to originate or temrinate its own services, or to
communicate with its own customers.
Shortage of Equipment or Facilities
The Company reserves the right to limit or to allocate the use of existing facilities, or of additional
facilities offered by the Company, when necessary because of lack of facilities, or due to some
other cause beyond the Company s control.
The furnishing of service under this tariff is subject to the availability on a continuing basis of all
the necessary facilities and is limited to the capacity of the Company s facilities as well
facilities the Company may obtain from other carriers to furnish service from time to time as
required at the sole discretion of the Company.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 - RULES AND REGULATIONS (CONT'
Undertaking of the Company (Cont'
1.3 Terms and Conditions
Service is provided on the basis of a minimum period of at least thirty (30) days, 24 hours per day.
For the purpose of computing charges in this tariff, a month is considered to have 30 days.
Except as otherwise stated in this tariff, Customers may be required to enter into written service
orders which shall contain or reference a specific description of the service ordered, the rates to be
charged, the duration of the services, and the terms and conditions in this tariff. Customers will
also be required to execute any other documents as may be reasonably requested by the Company.
At the expiration of the initial term specified in each Service Order, or in any extension thereof
service shall continue on a month-to-month basis at the then current rates unless terminated by
either party upon notice. Any termination shall not relieve the Customer of its obligation to pay
any charges incurred under the service order and this tariff prior to termination. The rights and
obligations which by their nature extend beyond the termination of the term of the service order
shall survive such termination.
In any action between the parties to enforce any provision of this tariff, the prevailing party shall
be entitled to recover its legal fees and court costs from the non-prevailing party in addition to
other relief a court may award.
Service maybe terminated upon written notice to the Customer if:
the Customer is using the service in violation of the tariff; or
the Customer is using the service in violation of the law.
This tariff shall be interpreted and governed by the laws of the State of Idaho regardless of its
choice of laws provision.
Any other Telephone Company may not interfere with the right of any person or entity to obtain
service directly from the Company. No person or entity shall be required to make any payment
incur any penalty, monetary or otherwise, or purchase any services in order to have the right to
obtain service directly from the Company.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 - RULES AND REGULATIONS (CONT'
Undertaking of the Company (Cont'
1.4 Limitations on Liability
Except as otherwise stated in this section, the liability of the Company for damages arising out of
either: (1) the furnishing of its services, including, but not limited to, mistakes, omissions
interruptions, delays, or errors, or other defects, representations, or use of these services; or (2) the
failure to furnish its service, whether caused by acts or omission, shall be limited to the extension
of allowances to the Customer for interruptions in service as set forth in Section 2.
Except for the extension of allowances to the Customer for interruptions in service as set forth in
Section 2., the Company shall not be liable to a Customer or third party for any direct, indirect
special, incidental, reliance, consequential, exemplary or punitive damages, including, but not
limited to, loss of revenue or profits, for any reason whatsoever, including, but not limited to, any
act or omission, failure to perform, delay, interruption, failure to provide any service or any failure
in or breakdown of facilities associated with the service.
The liability of the Company for errors in billing that results in overpayment by the Customer
shall be limited to a credit equal to the dollar amount erroneously billed or, in the event that
payment has been made and service has been discontinued, to a refund of the amount erroneously
billed.
The Company shall be indenmified and saved harmless by the Customer from and against all loss
liability, damage and expense, including reasonable counsel fees, due to:
Any act or omission of: (a) the Customer; (b) any other entity furnishing service
equipment or facilities for use in conjunction with services or facilities provided by the
Company; or (c) common carriers or warehousemen, except as contracted by the
Company;
Any delay or failure ofperfonnance or equipment due to causes beyond the Company
control, including but not limited to, acts of God, fIres, floods, earthquakes, hurricanes, or
other catastrophes; national emergencies, insurrections, riots, wars or other civil
commotions; strikes, lockouts, work stoppages or other labor difficulties; criminal actions
taken against the Company; unavailability, failure or malfunction of equipment or
facilities provided by the Customer or third parties; and any law, order, regulation or
other action of any governing authority or agency thereof;
Any unlawful or unauthorized use of the Company s facilities and services;
Libel, slander, invasion of privacy or infringement of patents, trade secrets, or copyrights
arising from or in connection with the material transmitted by means of Company-
provided facilities or services; or by means of the combination of Company-provided
facilities or services;
Breach in the privacy or security of communications transmitted over the Company
facilities;
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 - RULES AND REGULATIONS (CONT'
Undertaking of the Company (Cont'
1.4 Limitations on Liability (Cont'
(Cont' d)
Changes in any of the facilities, operations or procedures of the Company that render any
equipment facilities or services provided by the Customer obsolete, or require
modification or alteration of such equipment, facilities or services, or otherwise affect
their use or performance, except where reasonable notice is required by the Company and
is not provided to the Customer, in which event the Company s liability is limited as set
forth in paragraph A. of this Subsection 2.1.4;
Defacement of or damage to Customer premises resulting from the furnishing of services
or equipment on such premises or the installation or removal thereof not due to
negligence;
Injury to property or injury or death to persons, including claims for payments made
under Workers' Compensation law or under any plan for employee disability or death
benefits, arising out of, or caused by, any acts or omission of the Customer, or the
construction, installation, maintenance, presence, use or removal of the Customer
facilities or equipment connected, or to be connected to the Company s facilities;
Any noncompletion of calls due to network busy conditions;
10.Any calls not actually attempted to be completed during any period that service is
unavailable;
11.And any other claim resulting from any act or omission of the Customer or patron(s) of
the Customer relating to the use of the Company s services or facilities.
The Company does not guarantee nor make any warranty with respect to installations provided by
it for use in an explosive atmosphere.
The Company makes no warranties or representations, EXPRESS OR IMPLIED, either in fact or
by operation of law, statutory or otherwise, including warranties of merchantability or fitness for a
particular use, except those expressly set forth herein.
Failure by the Company to assert its rights pursuant to one provision of this rate sheet does not
preclude the Company from asserting its rights under other provisions.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 RULES AND REGULATIONS (CONT'
Undertaking of the Company (Cont'
1.4 Limitations on Liability (Cont'
Directory Errors - In the absence of gross negligence or willful misconduct, no liability for
damages arising from errors or mistakes in or omissions of directory listings, or errors or mistakes
in or omissions of listing obtainable from the directory assistance operator, including errors in the
reporting thereof, shall attach to the Company. An allowance for errors or mistakes in or
omissions of published directory listings or for errors or mistakes in or omissions of listing
obtainable from the directory assistance operator shall be at the monthly tariff rate for each listing,
or in the case of a free or no-charge directory listing, credit shall equal two times the monthly
tariff rate for an additional listing, for the life of the directory or the charge period during which
the error, mistake or omission occurs.
With respect to Emergency 911 Service:
This service is offered solely as an aid in handling assistance calls in connection with fITe
police and other emergencies. The Company is not responsible for any losses, claims
demands, suits or any liability whatsoever, whether suffered, made, instituted or asserted
by the Customer or by any other partY or person for any personal injury or death of any
person or persons, and for any loss, damage or destruction of any property, whether
owned by the Customer or others, caused or claimed to have been caused by: (1)
mistakes, omissions, interruptions, delays, errors or other defects in the provision of
service, of (2) installation, operation, failure to operate, maintenance, removal, presence
condition, local or use of any equipment and facilities furnishing this service.
Neither is the Company responsible for any infringement, nor invasion of the right of
privacy of any person or persons, caused or claimed to have been caused directly or
indirectly, b the installation, operation, failure to operate, maintenance, removal
presence, condition, occasion or use of emergency 911 service features and the
equipment associated therewith, or by any services furnished by the Company, including,
but not limited to the identification of the telephone number, address or name associated
with the telephone used by the party or parties accessing emergency 911 service, and
which arise out of the negligence or other wrongful act of the Company, its users
agencies or municipalities, or the employees or agents of anyone of them.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 - RULES AND REGULATIONS (CONT'
Undertaking of the Company (Cont'
1.4 Limitations on Liability (Cont'
With respect to Emergency 911 Service (Cont'd)
When a Customer with a nonpublished telephone number, as deemed herein
places a call to the emergency 911 service, the Company will release the name
and address of the calling party, where such information can be determined, to
the appropriate local government authority responsible for emergency 911
service upon request of such governmental authority. By subscribing to service
under this rate sheet, the Customer acknowledges and agrees with the release of
information as described above.
The included tariff language does not constitute a determination by the
Commission that a limitation of liability imposed by the Company should be
upheld in a court of law. Acceptance for filing by the Commission recognizes
that it is a court's responsibility to adjudicate negligence and consequential
damage claims. It is also the court's responsibility to determine the validity of
the exculpatory clause.
1.5 Notification of Service-Affecting Activities
The Company will provide the Customer reasonable notification of service-affecting activities that
may occur in normal operation of its business. Such activities may include, but are not limited to
equipment or facilities additions, removals or rearrangements and routine preventative
maintenance. Generally, such activities are not specific to an individual Customer but affect many
Customers' services. No specific advance notification period is applicable to all service activities.
The Company will work cooperatively with the Customer to determine the reasonable notification
requirements. With some emergency or unplanned service-affecting conditions, such as an outage
resulting from cable damage, notification to the Customer may not be possible.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 - RULES AND REGULATIONS (CONT'
Undertaking of the Company (Cont'
1.6 Provision of Equipment and Facilities
The Company shall use reasonable efforts to make available services to a Customer on or before a
particular date, subject to the provisions of and compliance by the Customer with, the regulations
contained in this tariff. The Company does not guarantee availability by any such date and shall
not be liable for any delays in commencing service to any customer.
The Company shall use reasonable efforts to maintain only the facilities and equipment that it
furnishes to the Customer. The Customer may not, nor may the Customer permit others to
rearrange, disconnect, remove, attempt to repair, or otherwise interfere with any of the facilities or
equipment installed by the Company, except upon the written consent of the Company.
The Company may substitute, change or rearrange any equipment or facility at any time and from
time to time, but shall not thereby alter the technical parameters of the service provided by the
Customer.
Equipment the Compa~y provides or installs at the Customer Premises for use in connection with
the services the Compahy offers shall not be used for any purpose other than that for which it was
provided.
The Customer shall be responsible for the payment of service charges as set forth herein for visits
by the Company s agents or employees to the Premises of the Customer when the service
difficulty or trouble report results from the use of equipment or facilities provided by any other
party other than the Company, including, but not limited to, the Customer.
The Company shall not be responsible for the installation, operation, or maintenance of any
Customer -provided communications equipment. Where such equipment is connected to the
facilities furnished pursuant to this tariff, the responsibility of the Company shall be limited to the
furnishing of facilities offered under this tariff and to the maintenance and operation of such
facilities. Subject to this responsibility, the Company shall not be responsible for:
(1)the transmission of signals by Customer-provided equipment or for the quality of, or
defects in, such transmission; or
(2)the reception of signals by Customer-provided equipment.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 - RULES AND REGULATIONS (CONT'
1.7
Undertaking of the Company (Cont'
Non-routine Installation
1.8
1.9
At the Customer s request, installation and/or maintenance may be performed outside the
Company s regular business hours or in hazardous locations. In such cases, charges based on cost
of the actual labor, material, or other costs incurred by or charged to the Company will apply.
installation is started during regular business hours but, at the Customer s request, extends beyond
regular business hours into time periods including, but not limited to, weekends, holidays and/or
night hours, additional hours may apply.
Special Construction
Subject to the agreement of the Company and to all of the regulations contained in this tariff
special construction of facilities may be undertaken on a reasonable efforts basis at the request of
the Customer. Special construction is that construction undertaken:
where facilities are not presently available, and the~e is no other requirement for the
facilities so constructed;
of a type other than that which the Company would normally utilize in the furnishing of
its services;
over a route other than that which the Company would normally utilize in the furnishing
of its services;
in a quantity greater than that which the Company would normally construct;
on an expedited basis;
on a temporary basis until permanent facilities are available;
involving abnormal costs; or
in advance of its normal construction.
Ownership of Facilities
Title to all facilities provided in accordance with this tariff remains in the Company, its partners
agents, contractors or suppliers.
Issued:
'---
Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 - RULES AND REGULATIONS (CONT'
Prohibited Uses
2.3
2.4
The services the Company offers shall not be used for any unlawful purpose or for any use as to
which the Customer has not obtained all required governmental approvals, authorizations
licenses, consents and permits.
The Company may require applicants for service who intend to use the Company s offerings for
resale and/or for shared use to file a letter with the Company confmning that their use of the
Company s offerings complies with relevant laws and Conmllssion regulations, policies, orders
and decisions.
The Company may block any signals being transmitted over its Network by Customers which
cause interference to the Company or other users. Customer shall be relieved of all obligations to
make payments for charges relating to any blocked Service and shall indemnify the Company for
any claim, judgment or liability resulting from such blockage.
A customer, joint user, or authorized user may not assign, or transfer in any manner, the service or
any rights associated with the service without the written consent of the Company. The Company
will permit a Customer to transfer its existing service to another entity if the existing Customer has
paid all charges owned to the Company for regulated communications services. Such a transfer
will be treated as a disconnection of existing service and installation of new service, and non-
recurring installation charges as stated in this tariff will apply.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 10
SECTION 2 - RULES AND REGULATIONS (CONT'
Obligations of the Customer
General
The Customer is responsible for making proper application for service; placing any necessary order
complying with tariff regulations; payment of charges for services provided. Specific Customer
responsibilities include, but are not limited to the following:
the payment of all applicable charges pursuant to this tariff;
damage to or loss of the Company s facilities or equipment caused by the acts of omissions of the
Customer; or the noncompliance by the Customer, with these regulations; or by fIre or theft or
other casualty on the Customer Premises, unless caused by the negligence or willful misconduct of
the employees or agents of the Company;
providing at no charge, as specified from time to time by the Company, any needed personnel
equipment space and power to operate Company facilities and equipment installed on the premises
of the Customer, and the level of heating and air conditioning necessary to maintain the proper
operating environment on such premises;
obtaining, maintaining, and otherwise having full responsibility for all rights-of-way and conduits
necessary for installation of fiber optic cable and associated equipment used to provide
Communication Services to the Customer from the cable building entrance or property line to the
location of the equipment space described in 2.1(C.). Any and all costs associated with
obtaining and maintaining the rights-of-way described herein, including the costs of altering the
structure to pennit installation of the Company-provided facilities, shall be borne entirely by, or
may be charged by the Company to, the Customer. The Company may require the Customer to
demonstrate its compliance with this section prior to accepting an order for service;
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No.
SECTION 2 - RULES AND REGULATIONS (CONT'
Obligations of the Customer (Cont'
General (Cont'
providing a safe place to work and complying with all laws and regulations regarding the working
conditions on the premises at which Company employees and agents shall be installing or
maintaining the Company s facilities and equipment. The Customer may be required to install and
maintain Company facilities and equipment within a hazardous area if, in the Company s opinion
injury or damage to the Company s employees or property might result from installation or
maintenance by the Company. The Customer shall be responsible for identifying, monitoring,
removing and disposing of any hazardous material (e., asbestos) prior to any construction or
installation work;
complying with all laws and regulations applicable to, and obtaining all consents, approvals
licenses and permits as may be required with respect to, the location of Company facilities and
equipment in any Customer premises or the rights-of-way for which Customer is responsible
under Section 2.3.1(D); and granting or obtaining pennission for Company agents or employees to
enter the premises of the Customer at any time for the purpose of installing, inspecting,
maintaining, repairing, or upon tennination of service as stated herein removing the facilities or
equipment of the Company;
not creating, or allowing to be placed, any liens or other encumbrances on the Company
equipment or facilities; and
making Company facilities and equipment available periodically for maintenance purposes at a
time agreeable to both the Company and the Customer. No allowance will be made for the period
during which service is interrupted for such purposes.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 12
SECTION 2 - RULES AND REGULATIONS (CONT'
Obligations of the Customer (Cont'
Liability of the Customer
The Customer will be liable for damages to the facilities of the Company and for all incidental and
consequential damages caused by the negligent or intentional acts or omissions of the Customer
its officers, employees, agents, invites, or contractors where such acts or omissions are not the
direct result of the Company s negligence or intentional misconduct.
To the extent caused by any negligent or intentional act of the Customer as described in A.
preceding, the Customer shall indemnify, defend and hold harmless the Company from and
against all claims, actions, damages, liabilities, costs and expenses, including reasonable
attorneys' fees , for (1) any loss, destruction or damage to property of any third party, and (2) any
liability incurred by the Company to any third party pursuant to this or any other rate sheet of the
Company, or otherwise, for any interruption of, interference to, or other defect in any service
provided by the Company to such third party.
The Customer shall not assert any claim against any other Customer or user of the Company
services for damages resulting in whole or in part from or arising in connection with the furnishing
of service under this rate sheet including, but not limited to, mistakes, omissions, interruptions
delays, errors or other defects or misrepresentations, whether or not such other Customer or user
contributed in any way to the occurrence of the damages, unless such damages were caused solely
by the negligent or intentional act or omission of the other Customer or user and not by any act or
omission of the Company. Nothing in this rate sheet is intended either to limit or to expand
Customer s right to assert any claims against third parties for damages of any nature other than
those described in the preceding sentence.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 13
SECTION 2 - RULES AND REGULATIONS (CONT'
Customer Equipment and Channels
General
A User may transmit or receive information or signals via the facilities of the Company. The Company
services are designed primarily for the transmission of voice-grade telephonic signals, except as otherwise
stated in this tariff. A User may transmit any form of signal that is compatible with the Company
equipment, but the Company does not guarantee that its services will be suitable for purposes other than
voice-grade telephonic communication except as specifically stated in this tariff.
2.4.Station Equipment
Tenninal equipment on the User s Premises and the electric power consumed by such equipment
shall be provided by and maintained at the expense of the User. The User is responsible for the
provision of wiring or cable to connect its terminal equipment to the Company Point of
Connection.
The Customer is responsible for ensuring that Customer-provided equipment connected to
Company equipment and facilities is compatible with such equipment and facilities. The
magnitude and character of the voltages and currents impressed on Company-provided equipment
and wiring by the connection, operation, or maintenance of such equipment and wiring shall be
such as not to cause damage to the Company-provided equipment and wiring or injury to the
Company s employees or to other persons. Any additional protective equipment required to
prevent such damage or injury shall be provided by the Company at the Customer s expense
subject to prior Customer approval of the equipment expense.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 14
SECTION 2 - RULES AND REGULATIONS (CONT'
Customer Equipment and Channels (Cont'
2.4.Interconnection of Facilities
Any special interface equipment necessary to achieve compatibility between the facilities and
equipment of the Company used for furnishing Communication Services and the channels
facilities, or equipment of others shall be provided at the Customer s expense.
Communications Services may be connected to the services or facilities of other communications
carriers only when authorized by, and in accordance with, the terms and conditions of the tariffs of
the other communications carriers that are applicable to such connections.
Facilities furnished under this tariff may be connected to Customer-provided terminal equipment
in accordance with the provisions of this tariff. All such terminal equipment shall be registered by
the Federal Communications Commission pursuant to Part 68 of Title 47 Code of Federal
Regulations; and all User-provided wiring shall be installed and maintained in compliance with
those regulations.
Users may interconnect communications facilities that are used in whole or in part for interstate
communications to services provided under this tariff only to the extent that the user is an "End
User" as defined in Section 69.2(m), Title 47;Code of Federal Regulations (1992 edition).
Issued:Effective:
Issued by:Paul J annan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 15
SECTION 2 - RULES AND REGULATIONS (CONT'
2.4 Customer Equipment and Channels (Cont'
2.4.4 Inspections
Upon suitable notification to the Customer, and at a reasonable time, the Company may make such
tests and inspections as may be necessary to determine that the Customer is complying with the
requirements set forth in Section 2A.2A. for the installation, operation, and maintenance of
Customer-provided facilities, equipment, and wiring in the connection of Customer-provided
facilities and equipment to Company-owned facilities and equipment.
If the protective requirements for Customer-provided equipment are not being complied with, the
Company may take such action as it deems necessary to protect its facilities, equipment, and
personnel. The Company will notify the Customer promptly if there is any need for further
corrective action. Within ten days of receiving this notice, the Customer must take this corrective
action and notify the Company of the action taken. If the Customer fails to do this, the Company
may take whatever additional action is deemed necessary, including the suspension of service, to
protect its facilities, equipment and personnel from harm.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 16
SECTION 2 - RULES AND REGULATIONS (CONT'
Payment Arrangements
Payment for Service
The Customer is responsible for the payment of all charges for facilities and services furnished by the
Company to the Customer and to all Authorized Users by the Customer, regardless of whether those
services are used by the Customer itself or are resold to or shared with other persons.
The Customer is responsible for payment of any sales, use, gross receipts, excise, access or other local
state, federal and 911 taxes, charges or surcharges (however designated) (excluding taxes on Company
net income) imposed on or based upon the provision, sale or use of Network Services.
The security of the Customer s PIN is the responsibility of the Customer. All calls placed using a PIN shall
be billed to and shall be the obligation of the Customer. The Customer shall not be responsible for charges
in connection with the unauthorized use of PINs arising after the Customer notifies the Company of the
loss, theft, or other breach of security of such PINs.
Customers will only be charged once, on either an interstate or intrastate basis, for any nonrecurring
charges.
Billing and Collection of Charges
The Customer is responsible for payment of all charges incurred by the Customer or other Authorized
Users for services and facilities furnished to the Customer by the Company.
Nonrecurring charges are due and payable within thirty (30) days after the invoice date, unless
otherwise agreed to in advance.
The Company shall present invoices for recurring charges montWy to the Customer, in advance of
the month in which service is provided, and Recurring Charges shall be due and payable within
thirty (30) days after the invoice date. When billing is based on customer usage, charges will be
billed montWy for the preceding billing periods.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 17
SECTION 2 - RULES AND REGULATIONS (CONT'
Payment Arrangements (Cont'
Billing and Collection of Charges (Cont'
When service does not begin on the fITst day of the month, or end on the last day of the month, the
charge for the fraction of the month in which service was furnished will be calculated pro rata
based on the actual number of days in the month.
Billing of the Customer by the Company will begin on the Service Commencement Date, which is
the fIrst day following the date on which the Company notifies the Customer that the service or
facility is available for use, except that the Service Commencement Date may be postponed by
mutual agreement of the parties, or if the service or facility is available for use, except that the
Service Commencement Date may be postponed by mutual agreement of the parties, or if the
service or facility does not confonn to standards set forth in this tariff or the- Service Order.
Billing accrues through and includes the day that the service, circuit, arrangement or component is
discontinued.
If any portion of the payment is not received by the Company, or if any portion of the payment is
received by the Company in funds that are not immediately available, within twenty (20) days of
the mail date on the bill, then a late payment penalty shall be due the Company. The late payment
penalty shall be that portion of the payment not received by the date due, minus any charges billed
as local taxes, multiplied by 1.5%.
The Customer will be assessed a charge of twenty dollars ($20.00) for each check or other
payment type submitted by the Customer to the Company that a bank or other financial institution
refuses to honor.
If service is disconnected by the Company in accordance with Section 2.6 following and later
restored, restoration of service will be subject to all applicable installation charges.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 18
SECTION 2 - RULES AND REGULATIONS (CONT'
Payment Arrangements (Cont'
Disputed Bills
In the event that a billing dispute occurs concerning any charges billed to the Customer by the
Company, the Company may require the Customer to pay the undisputed portion of the bill to
avoid discontinuance of service for non-payment. The Customer must submit a documented claim
for the disputed amount. The Customer will submit all documentation as may reasonably be
required to support the claim. All claims must be submitted to the Company within a reasonable
period of time after receipt of billing for those services and in accordance with Ohio law. If the
Customer does not submit a claim as stated above, the Customer waives all rights to filing a claim
thereafter.
Unless disputed, the invoice shall be deemed to be correct and payable in full by the Customer.
the Customer is unable to resolve any dispute with the Company, then the Customer may file a
complaint with the Idaho Public Utilities Commission, 472 West Washington, P.O. Box 83720
Boise, Idaho 83720-0074; 208-334-0300 or 1-800-432-0369.
If the dispute is resolved in favor of the Customer and the Customer has withheld the disputed
amount, no interest, credits or penalties will apply.
Advance Payments
To safeguard its interests, the Company may require a Customer to make an advance payment
before services and facilities are furnished. The advance payment will not exceed an amount
equal to the non-recurring charge(s) and one (1) month's charges for the service or facilities. The
advance payment will be applied to the fITst full billing cycle statement and additional one (1)
month advance payment will be required for each subsequent month. Advance payments do not
accrue interest. An advance payment may be required in addition to a deposit.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 19
SECTION 2 - RULES AND REGULATIONS (CONT'
Payment Arrangements (Cont'
Deposits
The Company does not collect Customer deposits.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 20
SECTION 2 - RULES AND REGULATIONS (CONT'
Payment Arrangements (Cont'
Discontinuance of Service
Service may be disconnected after seven (8) days written notice for any of the followingreasons:
The Customer did not pay undisputed delinquent bills for local exchange
services or paid delinquent bill for local exchange services with any
dishonored check.
The Customer failed to make a security deposit or obtain a guarantee when one
is required.
The Customer failed to abide by the tenDS of a payment arrangement.
The Customer misrepresented the Customer identity for the purpose of
obtaining telephone service.
The Company determines as prescribed by relevant state or other applicable
standards that .the Customer is willfully wasting or interfering with service
through improper equipment or otherwise.
The Customer is using service( s) for which the Customer did not apply.
At least 24 hours before actual termination, the Company will attempt to contact the
Customer affected to apprise the Customer of the proposed termination action and steps
to take to avoid or delay termination. Service will not be terminated in the event that
formal or informal complaint concerning termination is filed with the Commission.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idahq Tariff No. 4
Section 2
Original Page No. 21
SECTION 2 - RULES AND REGULATIONS (CONT'
Payment Arrangements (Cont'
Discontinuance of Service
Service may be disconnected without notice and without incurring any liability for any of
the following reasons:
condition immediately dangerous or hazardous to life, physical safety or
property exists, or it is necessary to prevent a violation of federal, state or local
safety or health codes.
The company is ordered to terminate service by any court, the Commission, or
any other duly authorized public authority.
In the event of fraudulent use of the Company s network, where the service(s)
was ( were) obtained, diverted or used without the authorization or knowledge of
the Company, the Company will discontinue service without notice and/or seek
legal recourse to recover all costs involved in the enforcement of this provision.
The Company has tried diligently to meet the notice requirements but has been
unsuccessful in its attempt to contact the Customer affected.
The Customer has misrepresented the Customer identity for purposes of
obtaining telephone service and has no or an inadequate security deposit on file
with the Company and has an outstanding bill exceeding $100.
Upon the Customer s insolvency, assignment for the benefit of credits, filing for
bankruptcy or reorganization, or failing to discharge an involuntary petition
within the time permitted by law.
Upon the Company s discontinuance of service to the Customer under Section
6 A. or 2.6 B., the Company, in addition to all other remedies that may be
available to the Company at law or in equity or under any other provision of this
tariff, may declare all future monthly and other charges that would have been
payable by the Customer during the remainder of the tenn for which such
services would have otherwise been provided to the Customer to be immediately
due and payable (discounted to present value at six percent.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 22
SECTION 2 - RULES AND REGULATIONS (CONT'
Payment Arrangements (Cont'
Cancellation of Application for Service
Applications for service cannot be canceled without the Company s agreement. Where the
Company permits a Customer to cancel an application for service prior to the start of service or
prior to any special construction, no charges will be imposed except for those specified below.
Where, prior to cancellation by the Customer, the Company incurs any expenses in installing the
service or in preparing to install the service that it otherwise would not have incurred, a charge
equal to the costs incurred by the Company, less net salvage, shall apply, but in no case shall this
charge exceed the sum of the charge for the minimum period of services ordered, including
installation charges, and all charges others levy against the Company that would have been
chargeable to the Customer had service commenced (all discounted to present value at six
percent).
Where the Company incurs any expense in connection with special construction, or where special
arrangements of facilities or equipment have begun, before the Company receives a cancellation
notice, a charge equal to the costs incurred by the Company, less net salvage, applies. In such
cases, the charge will be based on such elements as the cost of the equipment, facilities, and
material, the cost of installation, engineering, labor, and supervision, general and administrative
expense, other disbursements, depreciation, maintenance, taxes, provision for return on
investment, and any other costs associated with the special construction or arrangements.
The special charges described in 2.A. through 2.C. will be calculated and applied on a
case-by-case basis.
Changes in Service Requested
If the Customer makes or request material changes in circuit engineering, equipment
specifications, service parameters, premises locations, or otherwise materially modifies any
provision of the application for service, the Customer installation fee shall be adjusted
accordingly.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 23
SECTION 2 - RULES AND REGULATIONS (CONT'
Allowances for Interruptions in Service
Interruptions in service that are not due to the negligence of, or mmcompliance with the provisions of this
tariff by, the Customer or the operation or malfunction of the facilities, power or equipment provided by the
Customer, will be credited to the Customer as set forth in 2.1 for the part of the service that the
interruption affects.
General
Service Outage: A credit allowance will be given when service is interrupted, except as
specified below. A service is interrupted when it becomes inoperative to the Customer
, the Customer is unable to transmit or receive, because of a cross-talk, static or other
transmission problem, the Company will respond to a Customer s report or such a
service outage" in accordance with IDAPA 31.41.01 Rule 503. Customer s bills will be
appropriately and automatically credited pursuant to the tenus of Rule 503.
An interruption period begins when the Customer reports a service, facility or circuit to
be inoperative and, if necessary, releases it for testing and repair. An interruption period
ends when the service, facility or circuit is operative.
If the Customer reports a service, facility or circuit to be interrupted but declines to
release it for testing and repair, or refuses access to its premises for test and repair by the
Company, the service, facility or circuit is considered to be impaired but not interrupted.
No credit allowances will be made for a service, facility or circuit considered by the
Company to be impaired.
The Customer shall be responsible for the payment of service charges as set forth herein
for visits by the Company s agents or employees to the premises of the Customer when
the service difficulty or trouble report results from the use of equipment or facilities
provided by any party other than the Company, including, but not limited to, the
Customer.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 24
SECTION 2 - RULES AND REGULATIONS (CONT'
Allowances for Interruptions in Service (Cont'
Limitations of Allowances
No credit allowance will be made for any interruption in service:
Due to the negligence of or noncompliance with the provisions of this rate sheet by any person or
entity other than the Company, including, but not limited to, the Customer;
Due to the failure of power, equipment, systems, connections or services not provided by the
Company;
Due to circumstances or causes beyond the reasonable control of the Company;
During any period in which the Company is not given full and free access to its facilities and
equipment for the purposes of investigating and correcting interruptions;
A service will not be deemed to be interrupted if a Customer continues to voluntarily make use of
such service. If the service is interrupted, the Customer can get a service credit, use another means
of communications provided by the Company (pursuant to Section 2.3), or utilize another
service provider;
During any period when the Customer has released service to the Company for maintenance
purposes or for implementation of a Customer order for a change in service arrangements;
That occurs or continues due to the Customer s failure to authorize replacement of any element of
special construction; and
That was not reported to the Company within thirty (30) days of the date that service was affected.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 25
SECTION 2 - RULES AND REGULATIONS (CONT'
Allowances for Interruptions in Service (Cont'
Use of Another Means of Communication
If the Customer elects to use another means of communications during the period of interruption, the
Customer must pay the charges for the alternative service used.
6.4 Application for Credits for Interruptions in Service
Credits for interruptions in service that is provided and billed on a flat rate basis for a miirimum
period of at least one month, beginning on the date that billing becomes effective, shall in no event
exceed an amount equivalent to the proportionate charge to the Customer for the period of service
during which the event that gave rise to the claim for a credit occurred. A credit allowance is
applied on a pro rata basis against the rates specified hereunder and is dependent upon the length
of the interruption. Only those facilities on the interrupted portion of the circuit will receive a
credit.
For calculating credit allowances, every month is considered to have thirty (30) days.
A credit allowance will be given for interruptions of thirty (30) minutes or more. Two or more
interruptions of fifteen (15) minutes or more during anyone 24-hour period shall be combined into
one cumulative interruption.
Interruptions of 24 Hours or Less
Len th of Interru tion
Less than 30 minutes
30 minutes u to but not including 3 hours
3 hours u to but not includin 6 hours
6 hours u to but not includin 9 hours
9 hours u to but not includin 12 hours
12 hours u to but not includin 15 hours
15 hours u to but not including 24 hours
Amount of Service to be Credited
None
1110 Da
liS Day
2/5 Day
3/5 Day
4/5 Day
One Day
Interruptions Over 24 Hours and Less Than 72 Hours
Interruptions over 24 hours and less than 72 hours will be credited liS day for each 3-hour period
or fraction thereof. No more than one full day s credit will be allowed for any period of 24 hours.
Interruptions Over 72 Hours
Interruptions Over 72 hours will be credit 2 days for each full 24-hour period. No more than thirty
(30) days credit will be allowed for anyone-month period.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 26
SECTION 2 - RULES AND REGULATIONS (CONT'
Allowances for Interruptions in Service (Cont'
Cancellation for Service Interruption
Cancellation or termination for service interruption is pennitted only if any circuit experiences a single
continuous outage of 8 hours or more or cumulative service credits equaling 16 hours in a continuous 12-
month period. The right to cancel service under this provision applies only to the single circuit that has
been subject to the outage or cumulative service credits.
Use of Customer s Service by Others
Joint Use Arrangements
Joint use arrangements will be pennitted for all services provided under this tariff. From each joint use
arrangement, one member will be designated as the Customer responsible for the manner in which the joint
use of the service will be allocated. The Company will accept orders to start, rearrange, relocate or
discontinue service only from the designated Customer. Without affecting the Customer s ultimate
responsibility for payment of all charges for the service, each joint user shall be responsible for the
payment of the charges billed to it.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 28
SECTION 2 - RULES AND REGULATIONS (CO NT' D)
Customer Liability for Unauthorized Use of the Network
Unauthorized use of the network occurs when a person or entity that does not have actual, apparent or
implied authority to use the network, obtains the Company s services provided under this tariff.
11.1 Customer Liability for Fraud and Unauthorized Use of the Network
The Customer is liable for the unauthorized use of the network obtained through the fraudulent use
of a Company calling card, if such a card is offered by the Company, or an accepted credit card
provided that the unauthorized use occurs before the Company has been notified.
A Company calling card is a telephone calling card issued by the Company at the Customer
request, which enables the Customer or user( s) authorized by the Customer to place calls over the
Network and to have the charges for such calls billed to the Customer s account.
An accepted credit card is any credit card that a cardholder has requested or applied to and
received, or has signed, used, or authorized another person to use to obtain credit. Any credit card
issued as a renewal or substitute in accordance with this paragraph is an accepted credit card when
received by the cardholder.
The Customer must give the Company written or oral notice that an unauthorized use of a
Company calling card or an accepted credit card has occurred or may occur as a result of loss
and/or theft.
The Customer is responsible for payment of all charges for calling card services furnished to the
Customer or to users authorized by the Customer to use service provided under this rate sheet
unless due to the negligence of the Company. This responsibility is not changed due to any use
misuse or abuse of the Customer s service or Customer-provided equipment by third parties, the
Customer s employees, or the public.
The liability of the Customer for unauthorized use of the Network by credit card fraud will not
exceed the lesser of fifty dollars ($50.00) or the amount of money, property, labor, or services
obtained by the unauthorized user before notification to the Company.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 29
SECTION 2 - RULES AND REGULATIONS (CONT'
Notices and Communications
2.12.The Customer shall designate on the Service Order an address to which the Company shall mail or
deliver all notices and other communications, except that the Customer may also designate a
separate address to which the Company s bills for service shall be mailed.
12.The Company shall designate on the Service Order an address to which the Customer shall mail or
deliver all notices and other communications, except that Company may designate a separate
address on each bill for service to which the Customer shall mail payment on that bilL
12.3 Except as otherwise stated in this tariff, all notices or other communications required to be given
pursuant to this tariff will be in writing. Notices and other communications of either party, and all
bills mailed by the Company, shall be presumed to have been delivered to the other party on the
third business day following placement of the notice, communication or bill with the u.S. Mail or
a private delivery service, prepaid and properly addressed, or when actually received or refused by
the addressee, whichever occurs fIrst.
12.4 The Company or the Customer shall advise the other party of any changes to the addresses
designated for notices, other communications or billing, by following the procedures for giving
notice set forth herein.
Taxes, Fees and Surcharges
The Company reserves the right to bill any and all applicable taxes, fees and surcharges in addition to the
nonnal rates and charges for services provided to the Customer. Taxes and fees include, but are not limitedto: Federal Excise Tax, State Sales Tax, Municipal Tax, and Gross Receipts Tax. Unless otherwise
specified in this tariff, such taxes, fees and surcharges are in addition to rates as quoted in this tariff and
will be itemized separately on Customer invoices.
Idaho Universal Service Surcharge
All Customers will be assessed a surcharge to support the Idaho Universal Service ("WUSF"
program. The WUSF Surcharge will be based on a percentage of the Customer s total local billing
including any nonrecurring, recurring, usage and per call charges. This surcharge will appear as a
separate line item on the Customer s bill. The percentage applied to the Customer s local billing
will be equal to the assessment percentage paid by the Company as determined by Idaho law or
Commission rules rounded up by the nearest whole percent, and may vary from time to time as
required by Idaho law or Commission rules.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 30
SECTION 2 - RULES AND REGULATIONS (CONT'
14.
Telephone Assistance Program
Definition
14.
14.
The Telephone Assistance Program (TAP) or Lifeline, provides for a discount on the recurring
monthly rate for the provision of local residential service for certain Medicaid eligible customers.
Eligibility
The TAP discount is only available to residence customers who meet eligibility requirements
established by Senate Enrolled Act No. 45, enacted by the Idaho legislature in 1991. To be
considered eligible, the applicant must receive Medicaid benefits under Title XIX of the Social
Security Act. Subscription to expanded services will only be allowed at the principal's residence
of those recipient physically handicapped customers certified by the Idaho Department of Health
and Social Services.
The applicant must provide proof to the Company that he/she is certified as income eligible to
receive the above benefits. After initial contact the Customer is sent an application form to be
completed by the Customer or authorized representative of the Customer, as designated by the
appropriate state agencies and identified as so authorized on the Customers card for the above
benefits.
The monthly discount to eligible customers will be $4.35 or the same amount as the FCC's end
user common line charge, whichever is greater. The discount will be applied to the following
local exchange offerings:
Individual flat rate residential service.
In no case will the discount exceed the rate charged for the grade of residential service subscribed
to be each individual.
Funding
The total cost of providing the TAP shall be funded from a uniform monthly surcharge of $0.01 to
each residential access line and each business access line, not to exceed 100 lines per customer.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 31
SECTION 2 - RULES AND REGULATIONS (CONT'
Telephone Assistance Program (Cont'
14.4 Terms and Conditions
The TAP discount will begin with the date the Company receives a valid application from
the customer or when new service is established for a qualifying customer. The discount
will be prorated on the basis of a 30-day month from the effective date of the customer
application.
The regular nonrecurring charges, terms and conditions applicable to the service offerings
specified in 2.14 will apply. The nonrecurring charges to change to or from this program
due to eligibility status will be waived.
The discount is applicable only to a single residence line at the principal residence of the
eligible customer.
14.Telephone Assistance Program Monthly Credits
Federal Assistance Program
Federal Credit (1)
USOC Monthl Credit
ASGFX $4.35
ASGF2 $3.
Federal Credit (1)
State Telephone Assistance Program Credit
State Credit (2)ASGSX $4.35
(1)The FCC Lifeline Program consists of a monthly federal baseline support of $4.35 (ASGFX). An
additional $1.75 in Federal Lifeline support is also provided, plus an additional $1.75 which is the
maximum FCC Lifeline match of the amount of the Idaho Telephone Assistance Program. The additional
support totals $3.50 (ASGF2). The FCC Lifeline support amount cannot exceed $7.85.
(2)The monthly credit (ASGSX) reflects the $4.35 credit for the Idaho Telephone Assistance Program.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 32
SECTION 2 - RULES AND REGULATIONS (CONT'
E911 Service Surcharge
All Customers will be assessed a per line surcharge to support local E911 Service Program The E911
Surcharge will be based on a monthly snapshot of lines associated with each Customer s account. No
fractional debits or credits will be given. This surcharge will appear as a separate line item on the
Customer s bill. The amount of the surcharge will be equal to the per line assessment paid by the Company
as determined by local jurisdictional assessments rounded up to the nearest whole cent, and may vary from
time to time as required by Idaho law, Commission rules or local jurisdiction requirements.
Idaho Telecommunications Relay Service Surcharge
All Customers will be assessed a per line surcharge to support he Idaho Telecommunications Relay Service
program. The surcharge will be based on a monthly snapshot of lines associated with each Customer
account. No fractional debits or credits will be given. This surcharge will appear as a separate line item on
the Customer s bill as the WY Relay System. The amount of the surcharge will be equal to the per line
assessment paid by the Company as determined by Idaho law or Commission rules rounded up to the
nearest whole cent, and may vary from time to time as required by Idaho law or Commission rules.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 2
Original Page No. 33
SECTION 2 - RULES AND REGULATIONS (CONT'
17.
Miscellaneous Provisions
17.
Telephone Number Changes
Whenever any Customer s telephone number is changed after a directory is published, the
Company shall intercept all calls to the former number for at least one hundred and twenty (120)
days and give the calling party the new number provided existing central office equipment will
pennit, and the Customer so desires.
When service in an existing location is continued for a new Customer, the existing telephone
number may be retained by the new Customer only if the former Customer consents in writing,
and if all charges against the account are paid or assumed by the new Customer.
Maintenance and Operations Records
Records of various tests and inspections, to include non-routine corrective maintenance actions or
monthly traffic analysis summaries for network administration, necessary for the purposes of the
Company or to fulfill the requirements of the Commission rules shall be kept on file in the office
of the Company as required under Commission rules.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 3
Original Page No.
SECTION 3 - SERVICE AREAS
Exchange Service Areas
Local exchange services are provided, subject to availability of facilities and equipment, in areas currently
served by the following Incumbent LECs: 1) Qwest Corporation.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 4
Original Page No.
SECTION 4 - BASIC SERVICES AND RATES
Call Timing for Usage Sensitive Services
Where charges for a service are specified based on the duration of use, such as the duration of a telephone
call, the following rules apply:
1.1 Calls are measured in durational increments identified for each service. All calls which are
fractions of a measurement increment are rounded up to the next whole unit.
1.2 Timing on completed calls begins when the call is answered by the called party. Answering is
detennined by hardware answer supervision in all cases where this signaling is provided by the
terminating local carrier and any intermediate carrier( s).
1.3 Timing terminates on all calls when the calling party hangs up or the Company s network receives
an off-hook signal from the tenninating carrier.
Distance Calculations
The Company does not offer distance sensitive services.
Rate Periods for Time of Day Sensitive Services
The Company does not offer time of day sensitive services.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 4
Original Page No.
SECTION 4 - BASIC SERVICES AND RATES (Cont'
4.4 Local Exchange Service
4.4.General
The Company offers Basic Local Service to residential customers seeking basic local exchange
services. Voice Mail and other Custom Calling Features are available to Basic Local Service
customers by selecting such services a la carte.
The Company provides Customers with the option of obtaining a Primary Line and
Secondary Line per account:
Primary Line
The initial residential local exchange access line per account.
Secondary Line
The second or additional residential local exchange access line, billed to the same address
as the Primary Line, the Secondary Line will share the monthly call allowance with the
Primary Line. The Secondary Line does not automatically include or share any Custom
Calling Features. Feature Packages may be purchased separately.
Should a Customer with both lines opt to disconnect the Primary Line, the remaining Secondary
Line will automatically convert to a Primary Line with all features and functionality of such, and
at the Primary Line monthly recurring rate.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 4
Original Page No.
Local Dialtone Service
SECTION 4 - BASIC SERVICES AND RATES (Cont'
General
The Company offers local dialtone service to customers in the Exchange Areas listed in Section
1. Local dialtone service allows customers to initiate and terminate calls within their local
calling areas.
Rates
Service Connection Fee, one-time charge per line:
Primary Line
Secondary Line
$49.95*
$49.95*
$39.95**
$39.95**
** Applies to invoices for 2nd through 5th Month after Service Connection
Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
$34.95***
$34.95***
** Applies to all invoices following 5th Month after Service Connection
Issued:Effective:
* Includes rust montWy payment
Initial MontWy Rate
Primary Line
Secondary Line
Issued by:
MontWy Rate
Primary Line
Secondary Line
DCN, Inc.Idaho Tariff No. 4
Section 4
Original Page No.
SECTION 4 - BASIC SERVICES AND RATES (Cont'
Basic Local Service Package
General
Basic Local Service Package provides customers with local dialtone service and includes
the Customer Calling features listed below:
Caller ID - Allows a Customer to see a caller s number previewed on a display screen
before the call is answered. Caller ID requires the use of specialized CPE not provided
by the Company.
Call Waiting - Call Waiting provides a tone signal to indicate to a Customer already
engaged in a telephone call that a second caller is attempting to dial in. This feature
permits the Customer to place the fITst call on hold, answer the second call and then
alternate between both calls.
Three Way Calling - Permits the Customer to add a third party to an established
connection. When the third party answers, a two-way conversation can be held before
adding the original party for a three-way conference.
Rates
Service Connection Fee, one-time charge per line:
Primary Line
Secondary Line
$59.95*
$59.95*
* Includes fIrst monthly payment
Initial Monthly Rate
Primary Line
Secondary Line
$49.95**
$49.95**
** Applies to invoices for 2nd through 5th Month after Service Connection
Monthly Rate
Primary Line
Secondary Line
$44.95***
$44.95***
** Applies to all invoices following 5th Month after Service Connection
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No. I
SECTION 5 -MISCELLANEOUS SERVICES AND RATES
Service Change Charges
Non-recurring charges apply to processing Service Orders for new service, for changes in service, and for
changes in the Customer s primary interexchange carrier (PIC) code.
1.1 Service Order Charges
Transfer of Service Charge. Primary Line - applies to the first line of a Transfer of Service Order
(TOS), when a customer requests a move or change in physical location. This charge applies.
whether a customer changes telephone number or not. If, in addition, the Customer requests the
telephone number be changed, a separate charge may apply.
Transfer of Service Charge. Secondary Line - applies to the second, or third, etc., line of a
Transfer of Service Order (TOS), when a customer requests a move or change in physical location.
This charge applies whether a customer changes telephone number or not. If, in addition, the
Customer requests the telephone number be changed, a separate charge may apply.
Technician Dispatch Charge - A separate Technician Dispatch Charge applies, in addition to all
other charges for the visit, when a visit to the Customer s premises is necessary to isolate a
problem reported to the Company but identified by the Company s technician as attributable to
Customer-provided equipment or inside wire. This charge also applies for visits by the
Company s agents or employees, at the Customer s request, to the Premises of the Customer
when the Customer fails to meet the Company s agent or employees for the prearranged
appointment as requested.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No.
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Service Order and Change Charges (Cont'
1.2 Change Order Charges
Change Order Charges apply to work associated with providing exchange line service or customer-
requested changes to existing services. One charge applies for each change order requested by the
customer. If multiple changes listed below are requested by the Customer and occur on the same
order/request one charge only applies. A Change Order Service Charge applies to the following customer-
initiated changes:
Custom Calling Feature Change Order - applies when a Customer requests a change, adding or
removing a custom calling feature.
Toll Restriction Fee Order - applies when a Customer requests a change, adding or removing Toll
Restriction Service.
Telephone Number Change Order - applies to each telephone number change request/order.
Listing Change Charge - applies when a Customer requests/orders a change to add or delete a
white pages listing or requests a change to add/delete listings. This charge also applies to request
for Non-Published or Non-Listed numbers.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No.
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Service Order and Change Charges (Cont'
1.3 Rates
Issued:Effective:
Issued by:
Service Order Charges
Primary Service Connection Charge
Secondary Service Connection Charge
Transfer of Service Charge, Primary Line
Transfer of Service Charge, Secondary Line
Technician Dispatch Charge
Service Order Charge
Residence
$40.
$20.
$75.
N/A
Change Order Service Charges
Custom Calling Feature Change Order
Toll Restriction Fee Order
Telephone Number Change Order
Listing Change Charge
$15.
$5.
$5.
$5.
*Service Connection charges are listed with the rates for each specific service tariffed.
Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No.
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Restoration of Service
A restoration charge applies to the restoration of suspended service and facilities because of nonpayment of
bills and is payable at the time that the restoration of the suspended service and facilities is arranged. The
restoration charge does not apply when, after disconnection of service, service is later re-installed.
Per occasion
Residence
$25.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No.
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Reserved for Future Use
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No.
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
5.4 Public Telephone Surcharge
In order to recover the Company s expenses to comply with the FCC's pay telephone compensation plan.
effective on October 7, 1997 (FCC 97-371), an undiscountable per call charge is applicable to all intrastate
calls that originate from any pay telephone used to access Company provided services. This surcharge
which is in addition to standard tariffed usage charges and any applicable service charges and surcharges
associated with service, applies for the use of the instrument used to access Company provided service and
is unrelated to the service accessed from the pay telephone.
Pay telephones include coin-operated and coinless phones owned by local telephone companies
independent companies and interexchange carriers. The Public Pay Telephone Surcharge applies to the
initial completed call and any reoriginated call (e., using the "#" symbol). The Public Pay Telephone
Surcharge does not apply to calls placed from pay telephones at which the Customer pays for service by
inserting coins during the progress of the call.
Whenever possible, the Public Pay Telephone Surcharge will appear on the same invoice containing the
usage charges for the surcharged call. In cases where proper pay telephone coding digits are not
transmitted to the Company prior to completion of a call, the Public Pay Telephone Surcharge may be
billed on a subsequent invoice after the Company has obtained information from a carrier that the
originating station is an eligible pay telephone.
Rate Per Call:$0.30
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No.
SECTION 5-MISCELLANEODS SERVICES AND RATES (Cont'
Custom Calling Features
The features in this section are made available to Residential Customers on a per use basis. All features are
provided subject to availability. Customers may utilize each feature by dialing the appropriate access code.
The Customer will be billed the per feature activation charge shown in the table below each time a feature
is used by the Customer. Transmission levels for calls forwarded or calls placed or received using optional
calling features may not be acceptable for all or some uses in some cases.
Feature Descriptions
Call Forwarding - Fixed. Busy Line No Answer - This feature, when activated, redirects
attempted terminating calls to another Customer-specified line. Call originating ability is not
affected by Call Forwarding - Fixed, Busy Line No Answer. The calling party is billed for the
call to the called number. If the forwarded leg of the call is chargeable, the Customer with the
Call Forwarding - Fixed, Busy Line No Answer is billed for the forwarded leg of the call. Calls
cannot be transferred to an International Direct Distance Dialing number.
Speed Calling - This feature allows a user to dial selected numbers by means of an abbreviated
code. This feature is available in either an 8 number or a 30 number capacity. The Speed Calling
list can only accommodate a number consisting of 15 digits or less.
Caller ill - Allows a Customer to see a caller s telephone number previewed on a display screen
before the call is answered. Caller ill requires the use of specialized CPE not provided by the
Company
Caller ID with Name - Allows a Customer to see a caller s name and number previewed on a
display screen before the call is answered. Caller ID with Name requires the use of specialized
CPE not provided by the Company.
Call Forwarding - A Customer activated feature that automatically transfers all incoming calls
from the Customer s telephone number to another dialable telephone number until the Customer
deactivates the feature. If forwarded to a long distance number the Subscriber will incur the long
distance charges.
Call Trace - Allows a called party to initiate an automatic trace of the last call received. Call
Trace is available on a usage basis only.
Call Blocking - Allows Customer to block calls from different telephone numbers. A screening
list is created by Customer either by adding the last number associated with the line (incoming or
outgoing) or by pre-selecting the telephone number to be blocked. Callers from such numbers
hear an announcement that the calling party is not accepting calls and Customer s phone will not
flng.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No.
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Custom Calling Features
Feature Descriptions (Cont'
Call Waiting - Call Waiting provides a tone signal to indicate to a Customer already engaged in a
telephone call that a second caller is attempting to dial in. This feature permits the Customer to
place the fITst call on hold, answer the second call and then alternate between both calls.
Call Waiting with Caller ID with Name - Call Waiting with Caller ID with Name provides a tone
signal to indicate to a Customer already engaged in a telephone call that a second caller is
attempting to dial in and allows a Customer to see a caller s name and number previewed on a
display screen. This feature permits the Customer to place the fIrst call on hold, answer the
second call and then alternate between both calls.
Three Way Calling - Permits the Customer to add a third party to an established connection.
When the third party answers, a two-way conversation can be held before adding the original party
for a three-way conference.
Call Return - Allows Customer to automatically dial the number of last incoming call, whether or
not Customer answered phone.
Anonymous Call Rejection - Allows you to refuse calls from those who have blocked their
numbers.
Repeat! Auto Dial - A feature that, when activated, automatically checks a busy number and when
the line is free, rings the Customer back and completes the calL
Caller Identification Blocking: Allows the name and number of the calling party to be blocked
from being transmitted when placing outbound calls.
Per Call Blocking: To activate per-call blocking, a Customer dials a special code prior to placing
a calL Blocking will be activated for that outgoing call only. There is no charge for using per call
blocking, and it is provided on an unlimited basis.
Per Line Blocking: When blocking is established on the line, it can be deactivated by dialing a
code before each call. This one call unblock allows the name and/or number to be sent for that
one call only. There is no charge for per line blocking.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No.
Custom Calling Features
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Rates
FEATURE
Call Forwarding
Speed Calling
Caller ill
Caller ID with Name
Call Trace
Call Blocking
Call Waiting
Call Waiting with Caller ID with Name
Three Way Calling
Call Return
Anonymous Call Rejection
Repeat! Auto Dial
Caller Identification Blocking
Per Call Blocking
Per Line Blocking
RATE
$0.
$3.
$3.
$5.
$0.
$2.
$3.
$5.
$3.
$0.
$2.
$0.
$0.
No charge
No charge
BILLED
Per use
MRC
MRC
MRC
Per use
MRC
MRC
MRC
MRC
Per use
MRC
Per use
Per use
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No. 10
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Directory Assistance Services
A Customer may obtain assistance, for a charge, in determining a telephone number by dialing Directory
Assistance Service.
Basic Directory Assistance
The rates specified following apply when Customers request Company assistance in detennining
telephone numbers of Customers who are located within the State.
A maximum of two (2) requested telephone numbers are allowed per call.
Exemptions
A business or residence main telephone exchange line may be registered for exemption
from Directory Assistance charges where one of the users of the line is considered to be
legally blind, visually or physically handicapped, or where the user s handicap prevents
the dialing of a telephone in a conventional manner or pennits only the dialing of "
Requests for exemption must be accompanied by certification of the handicap.
Acceptable certifications include those signed by a physician, issued by a state agency
qualified to certify such handicaps or pre-existing certifications establishing visual or
physical inability to use a directory such as those which qualify the handicapped person
for an income tax exemption or social security benefits on the basis of blindness or
physical disability or for use of the facilities of any agency for the blind.
Allowances
There are no call allowances for Directory Assistance Service.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No. 11
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Directory Assistance Services (Cont'
Rates
Basic Directory Assistance
Direct dialed, per call
Residence
$0.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No. 12
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Busy Line Verification and Emergency Interrupt Service
Upon request of a calling party, the Company will verify a busy condition on a designated local service
line. The operator will determine if the line is clear or in use and report to the calling party. At the request
of the Customer, the operator will interrupt the call on the busy line. Emergency Interruption is only
permitted in cases where the calling party indicates an emergency exists and requests interruption and is
perfonned once the line status has been determined through the Busy Line Verification process.
If the Customer has the operator interrupt a call, both the Busy Line Verification and the Emergency
Interrupt charge will apply.
No charge will apply when the calling party advises that the call is to or from an official public emergency
agency. Busy Verification and Interrupt Service is furnished where and to the extent that facilities permit.
The Customer shall indemnify and save the Company harmless against all claims that may arise from either
party to the interrupted call or any person.
Busy Line Verification, each occasion
Per Call
$2.
Emergency Interruption $2.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
DCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No.
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Directory Listing Service
General
The following rates and regulations apply to standard listings in light face type in the white pages
(alphabetical section) of the telephone directory and to the Directory Assistance records of the
Company.
Directory listings are limited to such information as is essential to the identification of the listed
party. The listing of a service, commodity, or trade name is not permitted unless it is the name, or
an integral part of the name, under which the Customer does business.
A listing is limited to one line in the directory, except where in the judgment of the Company,
more than one line is required to identify the Customer properly. In such cases, the additional
lines required are provided at no extra charge.
Dual name listings are permitted as a regular directory listing for residential service.
Listing services are available with all classes of main telephone exchange service.
Listings
Primary Listing
One listing, termed the primary listing, is included with each exchange access line and
each joint user.
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No. 14
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Directory Listing Service (Cont'
Listings (Cont'd)
Additional Listings
Additional listings may be the listings of individual names of the Customer and members
of the Customer s household, tenants of residential Customers who lease the Customer
premises for less than one year and do not occupy the premises at the same time as the
Customer, members of a ftml, officers of a corporation, employees of the Customer or
other persons associated in business with the Customer, a business which the Customer
owns and cross reference and alternate number listings.
Ordinarily, all additional listings are of the same address and telephone number as the
primary listings, except as provided for joint user and alternate number listings.
Special Types of Additional Listings include:
Duplicate Listings - A listing of another name by which the customer is known
such as a nickname, abbreviated name, a name commonly spelled in more than
one way, and a name consisting of several words which the public conunonly
rearranges. The listing may be complete or in a cross-reference fonn.
Alternate Telephone Numbers - A listing which refers calling parties to another
telephone number at certain hours or on certain days or in case no answer is
received on the call to the primary number.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No. 15
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Directory Listing Service (Cont'd)
Listings (Cont'
onpublished Service
The telephone numbers of nonpublished service are not listed in either the Company
alphabetical directory or Directory Assistance records available to the general public.
Incoming calls to nonpublished service will be completed by the Company only when the
calling party places the call by number, and no exception will be made, nor will the
Customer be called to detemrine whether he/she wishes to receive the call, even though it
appears that the calling party desires the connection because of an emergency.
The Company is not responsible for any claims made or liability arising from failure to
receive calls because of this arrangement.
The Subscriber indemnifies(i., promises to reimburse the Company for any amount the
Company must pay as result of) and save the Company harmless against any and all
claims for damages caused or claimed to have been caused, directly or indirectly, by the
publication of a non-published service or the disclosing of said number to any person.
Nonlisted Service
Nonlisted service means the Customer s telephone number is not listed in the directory,
but it does appear in the Company s Directory Assistance Records.
The Company is not responsible for any claims made or liability arising from failure to
receive calls because of this arrangement.
The Subscriber indemnifies (i., promises to reimburse the Company for any amount the
Company must pay as a result of) and save the Company harmless against any and all
claims for damages caused or claimed to have been caused, directly or indirectly, by the
publication of a nonlisted service.
Issued:Effective:
Issued by:Paul Jarman
President
14870 South Pony Express Road
Bluffdale, Utah 84065
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No. 16
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Directory Listing Service (Cont'
Rates and Charges
Per Month
Primary Listings
Additional Listings
Residence
Nonpublished Service
Residence
N onlisted Service
Residence
Alternate Listings
Residence
$0.
$0.
$1.
$1.00
$0.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
Idaho Tariff No. 4
Section 5
Original Page No. 17
UCN, Inc.
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Carrier Presubscription
General
Carrier Pre subscription is a procedure whereby a Customer designates to the Company the carrier
which the Customer wishes to be the carrier of choice for intraLA T A and interLA T A toll calls.
Such calls are automatically directed to the designated carrier, without the need to use carrier
access codes or additional dialing to direct the call to the designated carrier. Presubscription does
not prevent a Customer who has presubscribed to an intraLATA or interLATA toll carrier from
using carrier access codes or additional dialing to direct calls to an alternative long distance carrier
on a per call basis.
Effective:Issued:
Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
Issued by:
UCN, Inc.Idaho Tariff No. 4
Section 5
Original Page No. 18
SECTION 5 -MISCELLANEOUS SERVICES AND RATES (Cont'
Toll Restriction Service
Provides for Exchange Access lines or trunks to be restricted from dialing billable toll calls. Directly
dialed calls to 700/900 services and operator dialed calls billed to the line are not allowed. This
arrangement does allow Calling Card calls, Collect calls, Third Number calls, and direct dialed calls to 911
Directory Assistance and Toll Free services. This service is available where facilities permit.
10.Rates
Nonrecurring charge, per line
Monthly, per line
Residence
$8.
*For nonrecurring charges associated with Toll Restriction Service, see Section 5.1 of this tariff.
Issued:Effective:
Issued by:Paul Jannan
President
14870 South Pony Express Road
Bluffdale, Utah 84065
EXHIBIT 5
AFFIDAVIT OF COMPLIANCE WITH THE
RULES OF THE STATE OF IDAHO
, Paul Jarman , am the President and CEO of the Applicant herein.
do hereby certify under the pains and penalties of perjury that the Applicant
is familiar with and intends to adhere to the laws of the state of Idaho and
the Rules and Orders of the Commission , including any quality of service
standards established by the Commission.
Executed this 1+A
..A
day of JJ,.b'/At~r '1-2005.
Paul Jarman
UCN , Inc.
Notary:
I~ ~~Jr NOTAnY PUBLIC
KIMM E. Pt\RTR'DGE
634 E. OHAPEH WOODS WAY
DRAPER, UT 84020
MY COMMISSION EXPIRESMAY 01,2005
STATE OF UTAH
My commission expires
/-.
VERIFICATION
, Paul Jarman , am the President and CEO of the Applicant herein.
do hereby verify that I have read the application and am familiar with its
contents. The matters stated therein are true and correct to the best of my
knowledge and belief.
I do declare under penalty of perjury under the laws of the State of
Idaho that the foregoing is true and correct.
Executed this 11h
day of j4)-/(i.A,r
'/'
2005.
Notary: tJ4/r
My commission expires ~J( tiS
NOTARY PUBLIC
KIMM E. PARTRIDGE
634 E. DnA-PEn WOODS WAY
DRAPER, UT 84020
MY COMMISSION EXPIRES
MAY 01 2005
STATE OF UTAH