FORM 10-KSB 

U.S. SECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549 

(Mark one)

| [X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)    OF THE SECURITIES EXCHANGE ACT OF 1934 
For    the year ended: November 30, 2004[ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d)    OF THE SECURITIES EXCHANGE ACT OF 1934 
For    the transition period from ______ to ______ 

Commission file number: 0-31555 
 

BAB, Inc. 

(Name of small business issuer in its charter) 
Delaware 
36-4389547(State or other jurisdiction of    incorporation)(IRS Employer  or organization    Identification No.)
500 Lake Cook Road, Suite 475  Deerfield, Illinois 60015

(Address of principal executive offices)(Zip Code) 

Issuer's telephone number: (847) 948-7520 

Check whether the issuer: (1) filed all reports requiredto be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or forsuch shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days. 

[X] Yes [ ] No 

Check if there is no disclosure of delinquent filers inresponse to Item 405 of Regulation S-B is not contained in this form, and no disclosurewill be contained, to the best of registrant's knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-KSB or anyamendment to this Form 10-KSB. [X] 

State issuer's revenues for its most recent fiscal year: 

$5,708,000

The aggregate market value of the voting stock held bynonaffiliates computed by reference to the price at which the stock was sold, or theaverage bid and asked prices of such stock, as of a specified date within the past 60days: $3,124,600 based on 3,530,622 shares held by nonaffiliates as of February 18, 2005and the average of the closing bid ($0.88) and ask ($0.89) prices for said shares in theNASDAQ OTC Bulletin Board as of such date. 

State the number of shares outstanding of each of theissuer's classes of common equity, as of the latest practicable date: 7,162,278**sharesof Common Stock, as of February 18, 2005. 

 

Transitional Small Business Disclosure Format (check one):

[ ] Yes [X] No 

 

FORM 10-KSB INDEX 
PART I Item 1Description of    BusinessOverviewCustomersSuppliersLocationsStore    OperationsFranchising    Competition    Trademarks and Service Marks Government    Regulation Employees Item 2 Description of    PropertyItem 3Legal    ProceedingsItem 4  Submission of    Matters to a Vote of Security HoldersPART IIItem 5.  Market for the    Common Equity and Related Stockholder MattersItem 6. Management's    Discussion and Analysis of Financial Condition and Results of OperationsItem 7. Financial    StatementsItem 8.  Changes in and    Disagreement with Accountants on Accounting and Financial DisclosureItem 8A.  Controls and    ProceduresPART III Item 9. Directors,    Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the    Exchange ActCode of    EthicsItem 10.  Executive    CompensationItem 11. Security    Ownership of Certain Beneficial Owners and Management Item 12. Certain    Relationships and Related TransactionsItem 13. Exhibits and    Reports on Form 8-KItem 14. Principal Accountant Fees and    Services
PART I 
ITEM 1.DESCRIPTION OF BUSINESS  OVERVIEW
BAB, Inc. (the "Company") was incorporated underthe laws of the State of Delaware on July 12, 2000.  The Company currently operates,franchises and licenses bagel, muffin and coffee retail units under the Big Apple Bagels("BAB"), My Favorite Muffin ("MFM") and Brewster's Coffee trade names.At November 30, 2004, the Company had 170 units in operation in 28 states, and 1 International unit in United Arab Emirates. The Company additionally derives income fromthe sale of its trademark bagels, muffins and coffee through nontraditional channels ofdistribution including under licensing agreements with Mrs. Fields Famous Brands (Mrs.Fields),  Kohr Bros. Frozen Custard and through direct home delivery of specialtymuffin gift baskets and coffee. 

The BAB brand franchised and Company-owned stores featuredaily baked bagels, flavored cream cheeses, premium coffees, gourmet bagel sandwiches andother related products. Licensed BAB units serve the Company's par-baked frozen bagelproducts baked daily and related products.  BAB units are primarily concentrated inthe Midwest and Western United States.The MFM brand consists of units operating as"My Favorite Muffin," featuring a large variety of freshly baked muffins,coffees and related products, and units operating as "My Favorite Muffin and BagelCafe," featuring these products as well as a variety of specialty bagel sandwichesand related products.  MFM units are primarily in the Middle Atlantic States. The Company has one Brewster's Coffee unit, which is a specialty coffee shop featuring avariety of premium arabica bean coffees, freshly brewed on the premises and also sold inbulk, and also featuring related products such as bagels, muffins and otherbeverages.  Although the Company doesn't actively market Brewster's stand-alonefranchises, Brewster's coffee products are sold in all Company-owned and most franchisedunits.    

The Company has grown significantly since its initialpublic offering in November 1995 through growth in franchise units and the development ofalternative distribution channels for its branded products.  The Company isleveraging on the natural synergy of distributing muffin products in existing BAB unitsand, alternatively, bagel products and Brewster's Coffee in existing MFM units. TheCompany expects to continue to realize efficiencies in servicing the combined base of BABand MFM franchisees. 

Operating Income

The Company reported net income of $652,000 for the yearended November 30, 2004, and net income (as restated) of $640,000 for the year endedNovember 30, 2003. TheCompany believes that with its continued focus on franchising and licensing operations,and continued operation of Company-owned stores that meet profit expectations, it willcontinue to be profitable.  The Company will also continue to review and institutecost controls where deemed necessary.  

Food Service Industry

Food service businesses are often affected by changes inconsumer tastes; national, regional, and local economic conditions; demographic trends;traffic patterns; and the type, number and location of competing restaurants. Multi-unitfood service chains, such as the Company's, can also be substantially adversely affectedby publicity resulting from problems with food quality, illness, injury or other healthconcerns or operating issues stemming from one store or a limited number of stores. Thefood service business is also subject to the risk that shortages or interruptions insupply caused by adverse weather or other conditions could negatively affect theavailability, quality and cost of ingredients and other food products. In addition,factors such as inflation, increased food and labor costs, regional weather conditions,availability and cost of suitable sites and the availability of experienced management andhourly employees may also adversely affect the food service industry in general and theCompany's results of operations and financial condition in particular. 

CUSTOMERS

The Company-owned stores sell to the general public;therefore the Company is not dependent on a particular customer or small group ofcustomers.  Regarding the Company's franchising operation, the franchisees representa varied geographic and demographic group.  Among some of the primary services theCompany provides to its franchisees are marketing assistance, training, time-tested,successful recipes, bulk purchasing discounts, food service knowledgeable personnel andbrand recognition. 

SUPPLIERS

The Company's major suppliers are Coffee BeanInternational, Dawn Food Products, Inc., Schreiber Foods and Hawkeye Foodservice. The Company is not dependent on any of these suppliers for future growth and profitabilitysince the products purchased from these suppliers are readily available from othersources.

LOCATIONS

The Company has 162 franchised locations, 5licensees and 3 Company-owned stores.   Of the 170 locations, 169 are located in28 states and 1 International unit is located in the United Arab Emirates.

STORE OPERATIONS

BIG APPLE BAGELS--BAB franchised and Company-owned storesdaily bake a variety of fresh bagels and offer up to 11 varieties of cream cheesespreads.   Stores also offer a variety of breakfast and lunch bagel sandwiches,salads, soups, various dessert items, fruit smoothies, gourmet coffees and otherbeverages. A typical BAB franchise or Company-owned store is  in an area with a mixof both residential and commercial properties and ranges from 1,500 to 2,000 square feet.The Company's current store design is approximately 2,000 square feet, with seatingcapacity for 30 to 40 persons, and includes 750 square feet devoted to production andbaking. A satellite store is typically smaller than a production store, averaging 600 to1,000 square feet. Although franchise stores may vary in size from Company-owned stores,and from other franchise stores, store layout is generally consistent.

MY FAVORITE MUFFIN--MFM franchised stores bake 20 to 25varieties of muffins daily, from over 250 recipes, plus a variety of bagels. They alsoserve gourmet coffees, beverages and, at My Favorite Muffin and Bagel Cafe locations, avariety of bagel sandwiches and related products. While some MFM units are located inshopping mall locations with minimal square footage of 400 to 800 square feet, the typicalretail center prototype unit is approximately 2,000 square feet with seating for 30 to 40persons. A typical MFM franchise store is located within a three-mile radius of at least25,000 residents in an area with a mix of both residential and commercial properties. 

BREWSTER'S COFFEE--The Company has one Brewster's Coffeeunit, 1,500 square feet, which is a specialty coffee shop featuring a variety of Arabicabean coffees, freshly brewed on the premises and also sold in bulk, and also featuringrelated products such as bagels, muffins and other beverages.  Although the Companydoesn't actively market Brewster's stand-alone franchises, Brewster's coffee products aresold in all Company-owned and most of the franchised units.

FRANCHISING

The Company requires payment of an initial franchise feeper store, plus an ongoing 5% royalty on net sales. Additionally, BAB and MFM franchiseesare members of a marketing fund requiring an ongoing 1% contribution based on netsales. The Company currently requires a franchise fee of $25,000 on a franchisee's firstBAB or MFM store. The fee for subsequent production stores is $20,000 and $15,000 for asatellite location and $10,000 for a kiosk. 

The Company's current  Uniform Franchise OfferingCircular  provides for, among other things, the opportunity for prospectivefranchisees to enter into a preliminary agreement for their first production store. Thisagreement enables a prospective franchisee a period of 60 days in which to locate a site.The fee for this preliminary agreement is $10,000. If a site is not located and approvedby the franchiser within the 60 days, the prospective franchisee will receive a refund of$7,000. If a site is approved, the entire $10,000 will be applied toward the initialfranchise fee.  See also last paragraph under "Government Regulation"section in this 10-KSB.

The Company's franchise agreements provide a franchiseewith the right to develop one store at a specific location. Each franchise agreement isfor a term of 10 years with the right to renew. Franchisees are expected to be inoperation no later than 10 months following the signing of the franchise agreement. 

Area development agreements, which may be granted to newor existing franchisees, provide that a franchisee may open a predetermined number ofstores within a defined geographic area (an "Area of Exclusivity"). The Area ofExclusivity is negotiated prior to signing of the area development agreement and varies byagreement as to size of the area, the number of stores required, and the schedule forstore development and opening. The Company's current area development fee is $5,000 perstore to be developed. Additional franchise fees are collected when a franchise within theArea of Exclusivity is opened. The area development fee is not refundable if no franchiseagreement is executed. 

The Company currently advertises its franchisingopportunities at franchise trade shows and in directories, newspapers, the internet andbusiness opportunity magazines worldwide. In addition, prospective franchisees contact theCompany as a result of patronizing an existing store. 

COMPETITION

The quick service restaurant industry is intenselycompetitive with respect to product quality, concept, location, service and price. Thereare a number of national, regional and local chains operating both owned and franchisedstores which may compete with the Company on a national level or solely in a specificmarket or region. The Company believes that because the industry is extremely fragmented,there is a significant opportunity for expansion in the bagel, muffin and coffee conceptchains. 

The Company believes the primary direct competitors of itsbagel concept units are Bruegger's Bagel Bakery and New World Coffee-Manhattan Bagel Inc.which operates under Einstein Bros. Bagels, Noah's NY Bagel, Manhattan Bagel Bakery andChesapeake Bagel Bakery brands.  There are several other regional bagel chains withfewer than 50 stores, all of which may be expected to compete with the Company. There isnot a major national competitor in the muffin business, but there are a number of localand regional operators. Additionally, the Company competes directly with a number ofnational, regional and local coffee concept stores and brand names. 

The Company competes against numerous small, independentlyowned bagel bakeries, and national fast food restaurants, such as Dunkin' Donuts,McDonald's, Panera, and Starbucks, that offer bagels, muffins, coffee and related productsas part of their product offerings.  In the supermarket bakery sections, theCompany's bagels compete against Thomas' Bagels and other brands of fresh and frozenbagels. Certain of these competitors may have greater product and name recognition andlarger financial, marketing and distribution capabilities than the Company.  Inaddition, the Company believes the startup costs associated with opening a retail foodestablishment offering similar products on a stand-alone basis are competitive with thestartup costs associated with opening its concept stores and, accordingly, such startupcosts are not an impediment to entry into the retail bagel, muffin or coffee businesses. 

The Company believes that its stores compete favorably interms of food quality and taste, convenience, customer service and value, which theCompany believes are important factors to its targeted customers.  Competition in thefood service industry is often affected by changes in consumer taste, national, regionaland local economic and real estate conditions, demographic trends, traffic patterns, thecost and availability of labor, consumer purchasing power, availability of product andlocal competitive factors.  The Company attempts to manage or adapt to these factors,but not all such factors are within the Company's control and such factors could cause theCompany and some, or all, of its area developers and franchisees to be adversely affected.

The Company competes for qualified franchisees with a widevariety of investment opportunities in the restaurant business, as well as otherindustries. Investment opportunities in the bagel bakery cafe business include franchisesoffered by New World Coffee-Manhattan Bagel Inc.  The Company's continued success isdependent to a substantial extent on its reputation for providing high quality and valuewith respect to its service, products and franchises. This reputation may be affected notonly by the performance of Company-owned stores but also by the performance of itsfranchise stores, over which the Company has limited control. 

TRADEMARKSAND SERVICE MARKS

The trademarks, tradenames and service marks used by theCompany contain common descriptive English words and thus may be subject to challenge byusers of these words, alone or in combination with other words, to describe other servicesor products. Some persons or entities may have prior rights to those names or marks intheir respective localities. Accordingly, there is no assurance that such marks areavailable in all locations. Any challenge, if successful, in whole or in part, couldrestrict the Company's use of the marks in areas in which the challenger is found to haveused the name prior to the Company's use. Any such restriction could limit the expansionof the Company's use of the marks into that region, and the Company and its franchiseesmay be materially and adversely affected. 

The trademarks and service marks "Big AppleBagels," "Brewster's Coffee" and "My Favorite Muffin" areregistered under applicable federal trademark law. These marks are licensed by the Companyto its franchisees pursuant to franchise agreements.   In February 1999 theCompany acquired the trademark of "Jacobs Bros. Bagels" upon purchasing certainassets of Jacobs Bros. The "Jacobs Bros. Bagels" mark is also registered underapplicable federal trademark law. 

The Company is aware of the use by other persons andentities in certain geographic areas of names and marks which are the same as or similarto the Company's marks. Some of these persons or entities may have prior rights to thosenames or marks in their respective localities. Therefore, there is no assurance that themarks are available in all locations. It is the Company's policy to pursue registration ofits marks whenever possible and to vigorously oppose any infringement of its marks. 

GOVERNMENTREGULATION

The Company is subject to the Trade Regulation Rule of theFederal Trade Commission (the "FTC") entitled ``Disclosure Requirements andProhibitions Concerning Franchising and Business Opportunity Ventures'' (the "FTCFranchise Rule") and state and local laws and regulations that govern the offer, saleand termination of franchises and the refusal to renew franchises. Continued compliancewith this broad federal, state and local regulatory network is essential and costly, thefailure to comply with such regulations may have a material adverse effect on the Companyand its franchisees. Violations of franchising laws and/or state laws and regulationsregulating substantive aspects of doing business in a particular state could limit theCompany's ability to sell franchises or subject the Company and its affiliates torescission offers, monetary damages, penalties, imprisonment and/or injunctiveproceedings. In addition, under court decisions in certain states, absolute vicariousliability may be imposed upon franchisers based upon claims made against franchisees. Evenif the Company is able to obtain insurance coverage for such claims, there can be noassurance that such insurance will be sufficient to cover potential claims against theCompany. 

The Company and its franchisees are required to complywith federal, state and local government regulations applicable to consumer food servicebusinesses, including those relating to the preparation and sale of food, minimum wagerequirements, overtime, working and safety conditions, citizenship requirements, as wellas regulations relating to zoning, construction, health and business licensing. Each storeis subject to regulation by federal agencies and to licensing and regulation by state andlocal health, sanitation, safety, fire and other departments. Difficulties or failures inobtaining the required licenses or approvals could delay or prevent the opening of a newCompany-owned or franchise store, and failure to remain in compliance with applicableregulations could cause the temporary or permanent closing of an existing store. TheCompany believes that it is in material compliance with these provisions. Continuedcompliance with these federal, state and local laws and regulations is costly butessential, and failure to comply may have an adverse effect on the Company and itsfranchisees. 

The Company's franchising operations are subject toregulation by the FTC under the Uniform Franchise Act which requires, among other things,that the Company prepare and periodically update a comprehensive disclosure document knownas a Uniform Franchise Offering Circular ("UFOC") in connection with the saleand operation of its franchises. In addition, some states require a franchiser to registerits franchise with the state before it may offer a franchise to a prospective franchisee.The Company believes its UFOC, together with any applicable state versions or supplements,comply with both the FTC guidelines and all applicable state laws regulating franchisingin those states in which it has offered franchises. 

The Company is also subject to a number of state laws, aswell as foreign laws (to the extent it offers franchises outside of the United States),that regulate substantive aspects of the franchiser-franchisee relationship, including,but not limited to, those concerning termination and non-renewal of a franchise. 

EMPLOYEES

As of November 30, 2004, the Company employed 70 persons,consisting of  49 working in the Company-owned stores, of which 32 are part-timeemployees. The remaining employees are responsible for management, advertising andfranchising.  None of the Company's employees are subject to any collectivebargaining agreements and management considers its relations with its employees to begood. 

 

**ITEM 2. DESCRIPTION OF PROPERTY**

The Company's principal executive office, consisting ofapproximately 7,150 square feet, is located in Deerfield, Illinois and is leased pursuantto a lease expiringMarch 1,2011.  Additionally, the Company leases space for each of its Company-owned stores.Lease terms for these stores are generally for initial terms of five years and containoptions for renewal for one or more five-year terms. (See Note 8 in the auditedconsolidated financial statements included herein.) 

 

**ITEM 3. LEGAL PROCEEDINGS**

The Company has been named in a lawsuit regardingobligations of two franchisees for past due rent at a franchised location in Wisconsin.  The Company expects to settle this claim and pay approximately $120,000 in March2005.  The Company expects the original franchisee to the lease to pay the Company$25,000, $10,000 in March 2005 and the balance via monthly payments on a note that runsthrough the life of their franchise agreement, August 2009.

 

**ITEM 4. SUBMISSION OF MATTERS TO AVOTE OF SECURITY HOLDERS**

None

 

PART II 

**ITEM 5. MARKET FOR THE COMMON EQUITYAND RELATED STOCKHOLDER MATTERS**

The following table sets forth the quarterly high and lowsale prices for the Company's Common Stock, as reported in the Nasdaq Small Cap Market forthe two years ended November 30, 2004.  The Company's Common Stock is traded on theNASDAQ OTC-Bulletin Board under the symbol "BABB."  The following numbershave been adjusted for a 4:1 stock split, which was effective January 20, 2003.

BAB, Inc.YEAR ENDED NOVEMBER 30, 2003LOWHIGHFirst quarter.07.70Second quarter.18.35Third quarter .18.95Fourth quarter.37.60YEAR ENDED NOVEMBER 30, 2004First quarter.44.82Second quarter .551.15
Third quarter.55.80Fourth quarter.571.10
As of February 18, 2005, the Company's Common Stock washeld by 196 holders of record. Registered ownership includes nominees who may holdsecurities on behalf of multiple beneficial owners. The Company estimates that the numberof beneficial owners of its common stock at February 18, 2005, is approximately 1,500based upon information provided by a proxy services firm. 

STOCK OPTIONS

In May 2001, the Company's Board of Directors approved aLong-Term Incentive and Stock Option Plan ( Plan), with an amendment in May 2003 toincrease the Plan from the reserve of 1,100,000 shares to 1,400,000 shares of common stockfor grant.   In 2004, 2003 and 2002, 115,000, 300,000 and 600,000 stock options,respectively, were granted to directors, officers and employees.  On January 25,2005, 75,000 options were granted, leaving 310,000 options available for grant.  Asof February 18, 2005, there were 889,298 stock options exercised or forfeited under thestock option plan.  (See Note 7 of the audited consolidated financial statementsincluded herein.)

DIVIDEND POLICY 

The Board of Directors of the Company declared semi-annualcash dividends of $0.02 per share on January 1, 2004, payable February 2, 2004 to commonstockholders of record as of January 16, 2004 and on June 17, 2004, payable July 23, 2004to shareholders of record as of July 2, 2004.  In 2003 the Board of Directors of theCompany declared a $0.02 per share cash dividend on July 29, 2003, payable August 26, 2003to common stockholders of record as of August 11, 2003.  

On November 2, 2004, the Board of directors of the Companydeclared a $0.02 semi-annual dividend and a special dividend of $0.06 per share, payableJanuary 7, 2005 to common stockholders of record as of December 17, 2004.

There can be no assurance that the Company will be able topay dividends, either regular or special, in the future.

 

**ITEM 6.  MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The selected financial data contained herein has beenderived from the consolidated financial statements of the Company included elsewhere inthis Report on Form 10-KSB. The data should be read in conjunction with the consolidatedfinancial statements and notes thereto.  Certain statements contained in Management'sDiscussion and Analysis of Financial Condition and Results of Operations, includingstatements regarding the development of the Company's business, the markets for theCompany's products, anticipated capital expenditures, and the effects of completed andproposed acquisitions, and other statements and disclosures contained herein andthroughout this Annual Report regarding matters that are not historical facts, areforward-looking statements (as such term is defined in the Private Securities LitigationReform Act of 1995). In such cases, we may use words such as "believe,""intend," "expect," "anticipate" and the like.  Becausesuch statements include risks and uncertainties, actual results may differ materially fromthose expressed or implied by such forward-looking statements. Certain risks anduncertainties are wholly or partially outside the control of the Company and itsmanagement, including its ability to attract new franchisees; the continued success ofcurrent franchisees; the effects of competition on franchisee and Company-owned storeresults; consumer acceptance of the Company's products in new and existing markets;fluctuation in development and operating costs; brand awareness; availability and terms ofcapital; adverse publicity; acceptance of new product offerings; availability of locationsand terms of sites for store development; food, labor and employee benefit costs; changesin government regulation (including increases in the minimum wage; regional economic andweather conditions; the hiring, training, and retention of skilled corporate andrestaurant management; and the integration and assimilation of acquired concepts;accordingly, readers are cautioned not to place undue reliance on these forward-lookingstatements, which reflect management's analysis only as of the date hereof.  TheCompany undertakes no obligation to publicly release the results of any revision to theseforward-looking statements which may be made to reflect events or circumstances after thedate hereof or to reflect the occurrence of unanticipated events. 

Restatement  

In a prior year, the Company recorded the purchase and financing of certainequipment with an original value of $156, 050 and subsequently recognized interest anddepreciation expense.  During the quarter ended February 29, 2004, it was determinedthat the equipment was never delivered, the related financing was never executed and therelated transactions were recorded in error.  As a result, stockholders' equity andnet income, as reflected in the financial statements as of and for the year ended November30, 2003, has been restated.   The impact of this restatement was to increase thereported stockholders' equity by $182,163 and $130,798 as of November 30, 2003 and 2002,respectively, and increase the reported net income for the year ended November 30, 2003 by$51,365 or $0.01 per share.  The impact to the specific balances in the ConsolidatedBalance Sheet and Consolidated Statement of Income as of and for the year ended November30, 2003, as a result of the above adjustment is as follows.  The amounts previouslyreported are derived from the original Form 10-KSB for the year ended November 30, 2003filed on February 27, 2004.
 As Previously ReportedAs RestatedBalance Sheet Captions:     Property, plant and equipment, net$              310,085$              280,617   Accrued expenses and other current liabilities604,532548,951   Long-term debt net of current maturities1,067,008910,958   Accumulated deficit$    (9,219,964)$    (9,037,801)   Statement of Operations Captions:     Depreciation and amortization$              448,215$              413,165   Income from operations699,192734,242   Interest expense(136,051)(119,736)   Net income$             588,858.$              640,223   Net income per common share        Basic$0.08$0.09      Diluted$0.08$0.09
 
GENERAL 
The Company has 167 franchised and licensed units and 3Company-owned stores  as of the end of 2004. Units in operation at the end of 2003included 178 franchised and licensed units and 4 Company-owned stores.  System-widerevenues in 2004 were $50 million compared to $59 million in 2003. 

The Company's revenues are derived primarily from theongoing royalties paid to the Company by its franchisees, from the operation ofCompany-owned stores and initial franchise fees.  Additionally, the Company derivesrevenue from the sale of licensed products  (My Favorite Muffin mix, Big Apple Bagelscream cheese and Brewster's coffee), and through licensing agreements (Kohr Bros and Mrs.Fields). 

During 2004, even though revenue declined due to fewerCompany-owned stores and slightly lower franchising revenues, the Company continued tocontrol costs.  Company-owned store cost of sales was  33.1% as a percent ofCompany-owned revenues, the same as 2003; however, payroll went from $1,200,000 in 2003,or 40.0% of Company-owned store revenue, to $682,000, or 38.1% of revenue in 2004.  Total Company-owned store and Corporate selling, general and administrative expense("SG&A") combined declined from $6,647,000, or 92.9% of revenue in 2003, to$4,999,000 or 87.6% in 2004.  

**YEAR 2004 COMPARED TO YEAR 2003**

Total revenues from all sources decreased $1,450,000, or20.3% to $5,708,000 in 2004 from $7,158,000 in the prior year primarily due to fewer storelocations in 2004 than 2003.  Net sales at Company-owned stores decreased $1,209,000,or 40.3% to $1,793,000 in 2004, versus $3,001,000 in 2003. One Company-owned storelocation that closed in 2004 contributed $37,000 of revenue for 2004, versus $283,000 in2003.  In addition  two stores, one sold and one closed in 2003, contributed$254,000 in revenue for that year. Wholesale sales decreased by $691,000 in 2004 ascompared to 2003. A commissary location closed in 2004 contributed $187,000 of revenue in2004 versus $733,000 in 2003.  In addition, another commissary that closed in 2003contributed $107,000 in revenue during 2003.  Royalty revenue from franchise storeswas down $199,000, or 7.8%, in 2004 as compared to 2003, primarily due to the closure offranchise locations in 2004.  Franchise fee revenue increased $21,000 to $431,000, or5.0%, in 2004 versus $410,000 in 2003.  The Company opened 12 new franchise stores inboth 2004 and 2003, however franchise fee revenue increased slightly due to more transferfees received in 2004.  Licensing fees and other income decreased $62,000 in 2004 ascompared to 2003.  In 2003 HMS Host contributed $102,000 of income versus none in2004 because of the contract termination at the end of 2003.  (See Note 3 of theaudited consolidated financial statements included herein.)  Deferred revenuedecreased $23,000, to $50,000 in 2004, compared to $73,000 in 2003.   Licensingfees for cream cheese and coffee decreased $26,000 in 2004 versus 2003, offset by anincrease in license fees from flour and muffin mix and par baked bagel sales of $24,000 in2004 versus 2003.  Miscellaneous income increased $41,000 in 2004 compared to 2003because of a $12,000 gain on assets sold versus a $29,000 loss in 2003 on assetssold.  Sublease rental income increased $18,000 and Sign Shop revenue increased$6,000 in 2004 versus 2003.

Food, beverage and paper costs incurred at Company-ownedstores decreased $402,000 in 2004 to $596,000 compared to $998,000 in 2003.  As apercentage to net Company-owned store revenues, food, beverage and paper costs were 33.3%for 2004 and 2003. In 2004 store payrolls decreased $518,000 to $682,000, or 38.1% ofrevenue as compared to $1,200,000, or 40.0% in 2003.  

Total Company-owned store and Corporate SG&A expensecombined declined from $6,647,000, or 92.9% of revenue in 2003, to $4,999,000 or 87.6% in2004.  There was a reduction in depreciation and amortization expense of $259,000 in2004 compared to 2003, primarily because of a reduction in depreciable assets in 2004 forCompany-owned store locations of $189,000 and a reduction in amortizable intangibles of$67,000.  Corporate payroll and payroll related expenses and occupancy expenseincreased $59,000 in 2004, to $1,574,000, from $1,515,000 in 2003. This increase wasprimarily due to a greater focus on franchise development and decreased payroll andoverhead allocations to the Company-owned store segment as management spent more time onmanagement, advertising and franchising matters, such as the corporate office move andfranchise convention.  Management continued to focus on cost reduction, reducingcosts in 2004 for advertising expense to $149,000 from $190,000 in 2003, professional feesto $214,000 from $242,000 in 2003 and travel expenses to $122,000 from $124,000 in2003.  Because of management's continued effort to focus on collection and reductionof past due balances, the Company was able to reduce the bad debt expense in 2004 by$189,000 to a benefit (net of recoveries) of ($37,000) from expense of $152,000 in 2003.Other SG&A increased $74,000 to $601,346 in 2004 as compared to $527,000 in 2003. There were various components of the Other SG&A, including expenses in 2004 fora franchise convention of $26,000, business taxes of $17,000, corporate move expenses of$13,000 and franchise compliance expenses of $8,000.  Other SG&A also includedSign Shop expenses which increased $22,000, to $137,000 in 2004 compared to $115,000 in2003, and the loss on disposed assets which increased $12,000 to $14,000 in 2004compared to $2,000 in 2003.  These increases in Other SG&A were offset by adecrease in business and employee insurance expense of $7,000, to $162,000 in 2004compared to $169,000 in 2003 and office supplies and postage of $14,000 to $31,000 in 2004from $45,000 in 2003.  On November 26, 2003, a termination of contract agreement wassigned with HMS Host.  This termination agreement resulted in a gain, net ofvaluation fees, of $221,000 which included cash proceeds of $525,000, a $256,000 goodwillimpairment and a loss on abandonment of assets of $46,000.  (See Note 3 of theaudited consolidated financial statements included herein.)

Income from operations for theperiod ended November 30, 2004 was $709,000 as compared to $734,000 in 2003, whichincluded the one time gain, net of valuation fees of $221,000 on the HMS Host contracttermination.  Net interest expense decreased $37,000 to $57,000 during 2004, from$94,000 in 2003, primarily due to refinancing of debt at a lower interest rate and adecrease in outstanding debt.  

Net income totaled $652,000, or 11.4% of revenue in 2004as compared to $640,000, or 8.9% of revenue  in the prior year. 

**LIQUIDITY AND CAPITAL RESOURCES**

The net cash provided from operating activities totaled$845,000 during 2004. Cash provided from operating activities principally represents netincome of $652,000, plus depreciation and amortization of $159,000, a reduction in tradeaccounts receivable of $58,000, a reduction in restricted cash of $43,000, an increase inaccrued liabilities of $51,000, a decrease in prepaid and other assets of $43,000, adecrease in inventories $13,000, an increase in accounts payable of $22,000, offset by adecrease in deferred revenue of ($115,000), a gain on sale and disposal of assets of($2,000), a net benefit from recoveries of doubtful accounts of ($37,000) and a decreasein Marketing Fund obligations of ($43,000).  The net cash provided fromoperating activities totaled $1,669,000 during 2003. In 2003, cash provided from operatingactivities principally represented net income of $640,000, plus depreciation andamortization of $413,000, the gain on the HMS Host contract termination, net of valuationfees of ($221,000), the loss on sale of property and equipment of $1,000, the provisionfor uncollectible accounts of $152,000, a reduction in trade accounts receivable of$76,000, an increase in restricted cash of ($61,000), a reduction in  inventories of$24,000, and a decrease in Marketing Fund obligations of $16,000 and a decrease inaccounts payable of ($72,000).     

Cash provided from investing activities during 2004totaled $27,000, and was provided from the sale of property and equipment of $50,000 andcollection of notes receivable in the amount of $120,000, offset by new notes receivableof $26,000, less purchases of property and equipment of ($117,000).  Cashprovided from investing activities during 2003 totaled $335,000, and was provided from thesale of property, equipment and assets held for resale of $142,000 and collection of notesreceivable of $268,000, offset by purchases of property and equipment of ($36,000) andissuance of notes receivable of ($38,000)..   

Financing activities used ($549,000) during 2004, due tothe repayment of notes payable of ($1,005,000), the purchase of Treasury Stock in theamount of ($11,000) and the payment of stock dividends ($278,000), offset by proceeds of$724,000 received on a term loan from Associated Bank and the exercise of stock options inthe amount of $20,000.  In 2003, financing activities used ($887,000) due to therepayment of notes payable of ($564,000), the  purchase of Treasury Stock in theamount of ($212,000) and the payment of stock dividends ($136,000), offset by the exerciseof stock options in the amount of $24,000.

The Company has no financial covenants on any of itsoutstanding debt.

**OFF BALANCE SHEET ARRANGEMENTS**

The Company has no off balance sheet arrangements, otherthan the lease commitments disclosed in Note 8 of the audited consolidated financialstatements included herein.

 

**CRITICAL ACCOUNTING POLICIES**

The Company's significant accounting policies arepresented in the Notes to the Consolidated Financial Statements (see Note 2 of the auditedconsolidated financial statements included herein).  While all of the significantaccounting policies impact the Company's Consolidated Financial Statements, some of thepolicies may be viewed to be more critical.  The more critical policies are thosethat are most important to the portrayal of the Company's financial condition and resultsof operation, and that require management's most difficult, subjective and/or complexjudgments and estimates.   Management bases its judgments and estimates on historicalexperience and various other factors that are believed to be reasonable under thecircumstances.  The results of judgments and estimates form the basis for makingjudgments about the Company's value of assets and liabilities that are not readilyapparent from other sources.  Actual results could differ from those estimates underdifferent assumptions or conditions.   Management believes the following are its'most critical accounting policies because they require more significant judgments andestimates in preparation of its' consolidated  financial statements.

Revenue Recognition 

Systems royalty fees from franchised stores represent afee of 5% of net retail sales of franchised units. Royalty revenues are recognized on theaccrual basis using estimates based on past history and seasonality. 

The Company recognizes franchise fee revenue upon theopening of a franchise store. Direct costs associated with the franchise sales aredeferred until the franchise fee revenue is recognized.  These costs include siteapproval, construction approval, commissions, blueprints and training costs. In addition,area development agreement revenue is recognized on a pro rata basis as each store coveredby the agreement opens. At the termination of an agreement, any remaining deferredfranchise and area development agreement revenue is recognized, as such amounts are notrefundable. 

The Company's revenue recognition policies comply with thecriteria set forth in Staff Accounting Bulletin No. 101, "Revenue Recognition inFinancial Statements."

Long-Lived Assets

Property, plant and equipment are recorded at cost. Improvements and replacements are capitalized, while expenditures for maintenance androutine repairs that don't extend the life of the asset are charged to expenses asincurred.  Depreciation is calculated on the straight-line basis over the estimateduseful lives of the assets.  Leasehold improvements and equipment are stated at cost,less accumulated depreciation.  Estimated useful lives for the purposeof depreciation and amortization are 10 years, or the term of the lease if less, forleasehold improvements and 3 to 7 years for machinery, equipment and fixtures.

The Company's intangible assets consist primarily oftrademarks and goodwill.  Beginning in 2003, SFAS 142, "Goodwill and OtherIntangible Assets" was adopted by the Company.  This requires that assets withindefinite lives no longer be amortized, but instead be subject to annual impairmenttests.  The Company no longer amortizes goodwill or trademarks.  (See Note 2 ofthe audited consolidated financial statements included herein.)

Concentrations of Credit Risk

Certain financial instruments potentially subject theCompany to concentrations of credit risk.  These financial instruments consistprimarily of royalty and wholesale accounts receivables.   Amounts due fromfranchisees represented approximately 56% of the receivable balance at November 30, 2004and 2003.  The Company believes it has maintained  adequate reserves fordoubtful accounts.  The Company reviews the collectibility of receivablesperiodically, taking into account payment history and industry conditions.

Valuation Allowance and Deferred Taxes

A valuation allowance is the portion of a deferred taxasset for which it is more likely than not that a tax benefit will not be realized.

As of November 30, 2004, the Company has cumulative netoperating loss carryforwards expiring between 2017 and 2021 for U.S. federal income taxpurposes of approximately $7,273,000.  The net operating loss carryforwards aresubject to limitation in any given year as a result of the Company's initial publicoffering and may be further limited if certain other events occur.  A valuationallowance has been established for $2,684,000 at November 30, 2004 for the deferred taxbenefit related to those loss carryforwards and other deferred tax assets for which it isconsidered more likely than not that the benefit will not be realized.   (See Note 4of the audited consolidated financial statements included herein.)

In prior years, the Company established a full valuationallowance because it believed there was uncertainty as to realization of the net operatingloss carryforward deferred tax asset based on historical operating results.  The fullvaluation allowance still exists at the end of 2004 because the Company believes it isappropriate.  

 

**ITEM 7. FINANCIAL STATEMENTS**

The Consolidated Financial Statements and Report ofIndependent Auditors' is included immediately following. 

 

BAB, Inc. 

Years Ended November 30, 2004 and 2003

 

C o n t e n t s 

Report of IndependentRegistered Public Accounting Firm 
ConsolidatedBalance Sheets   

ConsolidatedStatements of Income

ConsolidatedStatements of Stockholders' Equity   

ConsolidatedStatements of Cash Flows 

Notesto Consolidated Financial Statements 

 

Report of IndependentRegistered Public Accounting Firm

Stockholders and Board of Directors of BAB, Inc. 

We have audited the accompanying consolidated balance sheet of BAB, Inc. as ofNovember 30, 2004, and the related consolidated statements of income, changes instockholders' equity and cash flows for the year then ended. These consolidated financialstatements are the responsibility of the Company's management. Our responsibility is toexpress an opinion on these consolidated financial statements based on our audit. 

We conducted our audit in accordance with standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the consolidated financial statements. An auditalso includes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believethat our audit provides a reasonable basis for our opinion. 

In our opinion, the consolidated financial statements referred to above presentfairly, in all material respects, the financial position of BAB, Inc. as of November 30,2004, and the results of its operations and its cash flows for the year then ended inconformity with accounting principles generally accepted in the United States of America. 

As described in Note 2-Restatement, the Company determined that the recording ina previous year for a purchase and financing of certain equipment was recorded inerror.  As a result, the financial statements as of and for the year ended November30, 2003 have been restated to correct this error.
/s/Altschuler, Melvoin and Glasser LLPChicago, IllinoisJanuary 20, 2005
 

 

 

Reportof Independent Registered Public Accounting Firm

Stockholders and Board of Directors of BAB, Inc. 

We have audited the accompanying consolidated balance sheet of BAB, Inc. as ofNovember 30, 2003, and the related consolidated statements of income, stockholders' equityand cash flows for the year then ended. These consolidated financial statements are theresponsibility of the Company's management. Our responsibility is to express an opinion onthese consolidated financial statements based on our audit. 

We conducted our audit in accordance with standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the consolidated financial statements. An auditalso includes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believethat our audit provides a reasonable basis for our opinion. 

In our opinion, the consolidated financial statements referred to above presentfairly, in all material respects, the financial position of BAB, Inc. as of November 30,2003, and the results of its operations and its cash flow for the years then ended inconformity with accounting principles generally accepted in the United States of America. 

As described in Note 2-Restatement, the 2003 consolidatedfinancial statements have been restated.
/s/Blackman Kallick Bartelstein LLPChicago, IllinoisJanuary 17, 2004, except for Note 2    -Restatement as to which the date is as of April 14, 2004
 

 
**BAB, Inc.****Consolidated    Balance Sheets****November 30, 2004 and 2003**20042003
(restated)
AssetsCurrent Assets     Cash $       2,194,834$       1,872,435        Restricted Cash321,605364,658     Receivables              Trade accounts receivable (net of allowance for doubtful accounts of $83,914 in 2004 and    $72,537 in 2003) 223,685313,023              Marketing fund contributions receivable from franchisees and stores 64,40690,423              Notes receivable (net of allowance for doubtful accounts of $17,293 in 2004 and $115,212    in 2003)46,02076,012     Inventories64,10777,462     Prepaid expenses and other    current assets             113,255             167,236
Total Current Assets          3,027,912          2,961,249Property, plant and equipment, net228,629280,617Notes Receivable69,19264,993Trademarks763,666763,666Goodwill3,542,7723,542,772Other (net of accumulated amortization of $284,173 in    2004 and $291,258 in 2003)             21,209             47,785    Total Noncurrent Assets     4,625,468     4,699,833
Total Assets**$        7,653,380****$       7,661,082**
Liabilities and Stockholders' Equity     Current Liabilities20042003     Current portion of long-term    debt$252,569$333,888     Accounts payable132,530110,383     Accrued expenses and other    current liabilities600,269548,951     Dividends payable572,982-     Unexpended marketing fund    contributions309,997378,993     Deferred revenue37,50047,917     Deferred franchise fee revenue      140,000      230,000
Total Current Liabilities      2,045,847      1,650,132Long-term debt net of current maturities
711,131
910,958Deferred revenue          -            14,583NonCurrent Liabilities          711,131925,541
             Total Liabilities    2,756,978     2,575,673Commitments and ContingenciesStockholders' equity (deficit)Common stock ($.001 par value; 15,000,000 shares    authorized; 8,232,939 and 7,969,403 shares issued, and 7,029,494 and 6,791,626 shares    outstanding as of November 30, 2004 and November 30, 2003, respectively )
13,508,023
13,507,759Additional paid-in capital847,562827,451Treasury stock(222,781)(212,000)Accumulated deficit     (9,236,402)     (9,037,801)
Total Stockholders' equity          4,896,402        5,085,409
Total Liabilities and Stockholders'    Equity**$        7,653,380****$       7,661,082**See accompanying notes
 
**BAB, Inc.****Consolidated    Statements of Income****Years Ended November 30, 2004 and 2003**20042003(restated)RevenuesNet sales by Company-owned stores $1,792,560$3,001,218Royalty fees from franchised stores2,350,5332,549,498Franchise and area development fees430,500410,000Licensing fees and other income1,134,4531,196,8745,708,0467,157,590**Operating expenses**Food, beverage and paper costs596,197998,428Store payroll and other operating expenses1,625,3032,484,475Selling, general and administrative    expenses:     Payroll related    expenses1,426,3721,381,958     Occupancy147,449132,600     Advertising and    promotion149,033189,725     Professional    service fees214,064242,268     Travel expenses122,338124,328     Depreciation and    amortization153,720413,165     Bad debt expense    (net of recoveries)(37,268)152,265     Other601,346527,343Other Operating (Income) Expense from    Contract Termination:     Contract    termination fee-(525,000)     Loss on impairment    of goodwill-255,633     Loss on    abandonment of assets                       -             46,160        4,998,554        6,423,348
             Income from operations$          709,492$         734,242Other income (expense)Interest income24,63325,717Interest expense(81,849)(119,736)(57,216)(94,019)             Net Income$652,276$640,223Net income per common shareBasic$0.09$0.09Diluted$0.09$0.09Shares used in computing per share amountsBasic6,962,4017,067,472Diluted7,194,1207,399,921See accompanying notes
**BAB, Inc.Consolidated Statements ofStockholders' EquityYears Ended November 30, 2004 and 2003**

****
 
 

 Common StockAdditional
Paid-in

CapitalTreasury Stock
Accumulated

Deficit
TotalShares   Amount  
Shares
AmountBalance, November 30, 2002, as previously    reported7,524,45213,507,327803,276$   (9,672,989)4,637,614Prior period adjustment (Note 2)                  -                         -       **     **                  -       **                         -                              -       
               130,798               130,798Balance, November 30, 2002 (Restated)7,524,45213,507,327803,276(9,542,191)4,768,412Stock options exercised444,89543224,17524,607Purchase of treasury stock and other56(1,177,777)(212,000)
-(212,000)Dividends paid
(135,833)(135,833)Net income (Restated)
**-**
**-**
**-**640,223640,223Balance, November 30, 2003 (Restated)**7,969,403****13,507,759****827,451****(1,177,777)****(212,000)****(9,037,801)****5,085,409**Stock options exercised263,53626420,11120,375Purchase of treasury stock(25,668)
(10,781)(10,781)Dividends paid and accrued(850,877)(850,877)Net income652,276652,276Balance, November 30, 2004**8,232,939****$13,508,023****$847,562****(1,203,445)****$(222,781)****$(9,236,402)****$4,896,402**See accompanying notes
 

 

**BAB, Inc.Consolidated Statements of Cash FlowsYears Ended November 30, 2004 and 2003**

2004
2003(restated)Cash flows from operating activities     Net    Income$         652,276$            640,223     Depreciation    and amortization153,720413,165     Proceeds on    contract termination-  525,000     Gain on    termination of contract-(220,907)     Provision for    doubtful accounts (net of recoveries)(37,268)152,265     Loss (gain) on    sale or disposal of property and equipment3,145951     Changes in           Trade accounts receivable58,29375,932           Restricted cash43,053(60,541)           Marketing Fund contributions receivable from franchisees and stores26,0176,807           Inventories13,35523,662           Prepaid expenses and other assets42,92144,432           Accounts payable22,147(72,043)           Accrued expenses and other current liabilities51,31960,119           Deferred revenue(115,000)41,931           Unexpended Marketing Fund(68,996)(22,354)        Net cash provided by operating activities844,9821,608,642Investing activities   Purchases of property and    equipment(117,140)(36,300)   Proceeds from sale of    property and equipment 49,897141,700   Issuance of notes    receivable(25,972)(38,022)   Proceeds from notes    receivable120,078267,723    Net cash provided    by investing activities26,863335,101Financing activities   Proceeds from long term    debt723,700-              Repayment of long-term    debt(1,004,845)(563,708)   Purchase of treasury stock(10,781)
(212,000)   Proceeds from exercise of    stock options20,37524,607   Dividends paid     (277,895)
        (135,833)   Net cash used in financing    activities(549,446)(886,934)Net increase in cash322,3991,056,809Cash, beginning of year        1,872,435        815,626Cash, end of year   $        2,194,834$        1,872,435Supplemental disclosure of cash flow    information     Interest paid$             82,983$             110,003    Income taxes paid$0$0Supplemental disclosure of    noncash investing and financing activities:
    On    November 2, 2004 a semi-annual $0.02 per share cash dividend and a special dividend of    $0.06 per share was declared, payable January 7, 2005 to shareholders of record as of    December 17, 2004.  This transaction was  recorded as a dividend payable in the    amount of $572,982 at November 30, 2004.See accompanying    notes
 
**BAB, Inc.****Notes    to Consolidated Financial Statements****Years Ended November 30, 2004 and 2003**
**Note 1 - Nature of Operations**

BAB, Inc. (the "Company") was incorporated under the laws of the Stateof Delaware on July 12, 2000.  The Company currently operates, franchises andlicensed bagel, muffin and coffee retail units under the Big Apple Bagels("BAB"), My Favorite Muffin ("MFM") and Brewster's Coffee trade names.The Company additionally derives income from the sale of its trademark bagels, muffins andcoffee through nontraditional channels of distribution, including under license agreementsand through direct home delivery of specialty muffin gift baskets and coffee. 

The Company has four wholly owned subsidiaries:  BAB Systems, Inc.(Systems); BAB Operations, Inc. (Operations); Brewster's Franchise Corporation (BFC); andMy Favorite Muffin Too, Inc.  Operations was formed on August 30, 1995, primarily tooperate Company-owned stores, currently "BAB"and "Brewster's coffee"concept stores, including one which currently serves as the franchise trainingfacility.  Systems was incorporated on December 2, 1992, and was primarilyestablished to franchise BAB specialty bagel retail stores.  Systems has a whollyowned subsidiary, Systems Investments, Inc. (Investments), a dormant company.  BFCwas established on February 15, 1996 to franchise "Brewster's Coffee" conceptcoffee stores.  My Favorite Muffin Too, Inc., a New Jersey corporation, was acquiredon May 13, 1997.  My Favorite Muffin Too, Inc. franchises "MFM" conceptmuffin stores.  The assets of Jacobs Bros. Bagels (Jacobs Bros.) were acquired onFebruary 1, 1999. (See Note 7.)  The Company continues to operate one store with theJacobs Bros. name.

Stores purchased are operated as Company-owned units for a period of time priorto the ultimate resale as a franchised unit.

 

**Note 2 - Summary of Significant Accounting Policies**

Principles of Consolidation

The consolidated financial statements include the accounts of the Company andits direct and indirect wholly owned subsidiaries. All intercompany accounts andtransactions have been eliminated in consolidation. 

Use of Estimates 

The preparation of financial statements in conformity with accounting principlesgenerally accepted  in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financial statements,and the reported amounts of revenues and expenses during the reporting period. Actualresults could differ from those estimates. 

Revenue Recognition 

Systems royalty fees from franchised stores represent a fee of 5% of net salesof franchised units. Royalty revenues are recognized on the accrual basis.  

The Company recognizes franchise fee revenue upon the opening of a franchisestore. Direct costs associated with the franchise sales are deferred until the franchisefee revenue is recognized.  These costs include site approval, construction approval,commissions, blueprints and training costs.

The Company derives a licensing fee from the sale of par-baked bagels from athird-party commercial bakery and from the sale of coffee from a coffee bean roaster forthe sale of BAB branded product to the licensed units noted below.   Stores whichhave been opened, and unopened stores for which a Franchise Agreement has been executed atNovember 30, 2004 and 2003, are as follows:

2004
2003Stores Opened     Company-owned34     Franchisee-owned162173     Licensed55170182Unopened stores     Franchise    Agreement49**174****191**
Segments

In June 1997, the Financial Accounting Standards Board ("FASB") issuedStatement of Financial Accounting Standard (SFAS) No. 131, "Disclosures aboutSegments of an Enterprise and Related Information," which established annualreporting standards for an enterprise's operating segments and related disclosures aboutits products, services, geographic areas and major customers.  The Company'soperations are within two reportable segments operating in the United States:Company-owned Store Operations and Franchise Operations.

Marketing Fund

Systems established a Marketing Fund (Fund) during 1994.   Franchisees andstores owned by the Company are required to contribute to the Fund based on their netsales.  The Fund also derives revenues from commissions paid by certain vendors onthe sale of BAB licensed products to franchisees.

Cash

Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) upto $100,000.  Deposits may from time to time exceed federally insured limits. As of November 30, 2004 and 2003, the Fund cash balances, which are restricted, were$245,679 and $288,732, respectively.  Also included in restricted cash at bothNovember 30, 2004 and 2003 is a $75,926 certificate of deposit that serves as collateralfor a letter of credit for the new Corporate Office facility lease entered withIL-Corporate 500 Centre, L.L.C., as required by the lease.

Accounts Receivable

Receivables are carried at original invoice amount less estimates made fordoubtful accounts. Management determines the allowances for doubtful accounts by reviewingand identifying troubled accounts on a periodic basis and by using historical experienceapplied to an aging of accounts. A receivable is considered to be past due if any portionof the receivable balance is outstanding 90 days past the due date. Receivables arewritten off when deemed uncollectible. Recoveries of receivables previously written offare recorded as income when received.

Inventories

Inventories are valued at the lower of cost or market under the first-in,first-out (FIFO) method. 

Property, Plant and Equipment

Leasehold improvements and equipment are stated at cost less accumulateddepreciation. Depreciation is calculated on the straight-line method over the estimateduseful lives of the assets. Estimated useful lives for depreciation and amortization are10 years or term of lease, if less, for leasehold improvements and 3 to 7 years formachinery, equipment and fixtures.  Maintenance and repairs are charged to expense asincurred.  Expenditures that materially extend the useful lives of assets arecapitalized.

Goodwill and Other Intangible Assets 

The Company’s intangible assets consist primarily of trademarks andgoodwill. SFAS No. 142, "Goodwill and other Intangible Assets" was adoptedbeginning with the quarter ended February 29, 2003.  This requires that assets withindefinite lives no longer be amortized but instead be subject to annual impairment testsusing a discounted cash flow model to determine the assets fair value.  The Companyno longer amortizes goodwill or trademarks, but instead, the Company's intangible assetsare tested annually for impairment.  No impairment has been recorded for the yearended November 30, 2004.  In 2003, the Company recorded an impairment of $255,633related to a contract termination (see Note 3).  

The net book value of intangible assets with definitive lives totaled $21,209and $47,785 at November 30, 2004 and 2003, respectively.  The gross value ofdefinitive lived intangible assets and their respective accumulated amortization are asfollows:
Definitive Lived Intangible Assets
Original Cost
Accumulated Amortization as of    November 30, 2004Noncompete Agreement$  210,000$   210,000Master Lease Origination Fees95,38274,173Total$       305,382$   284,173
Definitive lived intangible assets are being amortized over their usefullives.  The Company recorded amortization expense for definitive lived intangibleassets of $20,965 and $103,156 for years ended November 30, 2004 and 2003,respectively.  The estimated amortization expense on these intangible assets is asfollows for November 30:
2005$   9,20020069,20020072,800Total$  21,200
Advertising and Promotion Costs 

The Company expenses advertising and promotion costs as incurred. Advertisingand promotion expense was $149,033 and $189,725 in 2004 and 2003, respectively.  Included in advertising expense was $66,384 and $63,666 in 2004 and 2003, respectively,related to the Company's franchise operations. 

Income Taxes

Deferred income taxes reflect the net tax effects of temporary differencesbetween the carrying amounts of assets and liabilities for financial reporting purposesand the amounts used for income tax purposes.  Under the Tax Reform Act of 1986, thebenefits from net operating losses carried forward may be impaired or limited in certaincircumstances.  In addition, a valuation allowance can be provided for deferred taxassets when it is more likely than not that all or some portion of the deferred tax assetwill not be realized.  The Company has established a full valuation allowance on theaforementioned deferred tax assets due to the uncertainty of realization.  (See Note4.)

Earnings Per Share

The Company computes earnings per share ("EPS") under SFAS No. 128,"Earnings per Share."  Basic net earnings are divided by the weightedaverage number of common shares outstanding during the year to calculate basic netearnings per common share.   Diluted net earnings per common share are calculated togive effect to the potential dilution that could occur if warrants, options or othercontracts to issue common stock were exercised and resulted in the issuance of additionalcommon shares.

The computation of basic and diluted EPS is as follows: 

2004
2003(restated)Numerator:
Net income attributable to common stockholders
$        652,276.$        640,223Denominator:
Denominator for basic earnings per share - Weighted average shares
6,962,4017,067,472
Common stock equivalents
231,719332,449
Denominator for dilutive earnings per share - Weighted average shares
7,194,1207,399,921Basic and diluted income per share$0.09$0.09
Stock Options 

The Company uses the intrinsic method, as allowed by SFAS No. 123, "Accounting for Stock-Based Compensation," to account for stock options granted toemployees and directors.  No compensation expense is recognized for stock optionsbecause the exercise price of the options is at least equal to the market price of theunderlying stock on the grant date. 

Stock Warrants 

Stock warrants granted as consideration in purchase acquisitions have beenrecorded as an addition to additional paid-in capital in the accompanying balance sheetbased on the fair value of such stock warrants on the date of the acquisition. 

Fair Value of Financial Instruments

The carrying amounts of financial instruments including cash, accountsreceivable, notes receivable, accounts payable and short-term debt approximate their fairvalues because of the relatively short maturity of these instruments.  The carryingvalue of long-term debt, including the current portion, approximated fair value based uponmarket prices for the same or similar instruments.

Restatement  

In a prior year, the Company recorded the purchase and financing of certainequipment with an original value of $156, 050 and subsequently recognized interest anddepreciation expense.  During the quarter ended February 29, 2004, it was determinedthat the equipment was never delivered, the related financing was never executed and therelated transactions were recorded in error.  As a result, stockholders' equity andnet income, as reflected in the financial statements as of and for the year ended November30, 2003, has been restated.   The impact of this restatement was to increase thereported stockholders' equity by $182,163 and $130,798 as of November 30, 2003 and 2002,respectively, and increase the reported net income for the year ended November 30, 2003 by$51,365 or $0.01 per share.  The impact to the specific balances in the ConsolidatedBalance Sheet and Consolidated Statement of Income as of and for the year ended November30, 2003, as a result of the above adjustment is as follows.  The amounts previouslyreported are derived from the original Form 10-KSB for the year ended November 30, 2003filed on February 27, 2004.
 As Previously ReportedAs RestatedBalance Sheet Captions:     Property, plant and equipment, net$              310,085$              280,617   Accrued expenses and other current liabilities604,532548,951   Long-term debt net of current maturities1,067,008910,958   Accumulated deficit$     (9,219,964)$    (9,037,801)   Statement of Operations Captions:     Depreciation and amortization$              448,215$              413,165   Income from operations699,192734,242   Interest expense(136,051)(119,736)   Net income$              588,858.$              640,223   Net income per common share        Basic$0.08$0.09      Diluted$0.08$0.09
Reclassification

Certain items in prior year financial statements have been reclassified toconform to the presentation used in 2004.

Recent Accounting Pronouncements

In December 2003, the FASB issued SFAS 148, "Accounting for Stock-BasedCompensation-Transition and Disclosure."  This Statement, which is effective foryears ending after December 15, 2003 amends SFAS No. 123, "Accounting for Stock-BasedCompensation," and provides alternative methods of transition for a voluntary changeto the fair value-based method of accounting for stock-based employee compensation. In addition, SFAS No. 148 amends the disclosure requirements of  SFAS No. 123regardless of the accounting method used to account for stock-based compensation. The Company has chosen to continue to account for stock-based compensation of employeesusing the intrinsic value method prescribed in Accounting Principles Board Opinion No. 25,"Accounting for Stock Issued to Employees" and related interpretations. The enhanced disclosure provisions as defined by SFAS 148 are included in Note 7 of thisreport.  

In December 2004, FASB issued SFAS No. 153, "Exchanges of NonmonetaryAssets-an amendment to APB Opinion No. 29."  This statement amends APB 29 toeliminate the exception for nonmonetary exchanges of similar productive assets andreplaces it with a general exception for exchanges of nonmonetary assets that do not havecommercial substance.  A nonmonetary exchange has commercial substance if the futurecash flows of the entity are expected to change significantly as a result of theexchange.  Adoption of this financial statement is not expected to have a materialimpact on the Company's consolidated financial position or results of operations.

In December 2004, the FASB issues SFAS No. 123(R), "Share-BasedPayment."  SFAS No. 123(R) establishes accounting standards for transactions inwhich a company exchanges its equity instruments for goods or services.  Inparticular, this Statement will require companies to record compensation expense for allshare-based payments, such as employee stock options, at fair market value.  Thisstatement is effective as of the beginning of the first interim or annual reporting periodthat begins after June 15, 2005 (the Company's period beginning December 1, 2005). Adoption of this financial statement is not expected to have a material impact on theCompany's consolidated financial position or results of operations.

**Note 3 - Contract Termination Fee**

On November 26, 2003, the Company entered into a Settlement and TerminationAgreement with HMS Host (HMS). HMS will no longer be restricted to carrying only BABbranded bagels at their airport locations. They may, at their discretion, continue to sellBAB branded product, but if so,  they will not be subject to a 3% royalty payment tothe Company. HMS will  continue to purchase their BAB product from Modern ItalianBakery (Modern), and the Company will receive its' normal licensing  fee from Modernon this and all other BAB branded products that Modern sells.

The Company received $525,000 in cash from HMS for the contract termination. Atthe time of the contract termination, assets related to the HMS contract were equipmentwith a net book value of $17,102 and a definite lived asset and contract rights, with anet book value of $29,058.  In addition, as required by SFAS No. 142, goodwill wastested for impairment based on the reduction of future cash flows and a percentage ofimpairment was applied.  The impairment, which reduced the value of goodwill, was$255,633.  Expenses associated with determination of the goodwill impairment by aqualified firm were $2,300, leaving a gain on the contract termination of $220,907.

**Note 4 - Income Taxes**

The components of the income tax (benefit) provision are as follows: 
20042003(restated)   Federal income tax provision computed at    federal statutory rate$        221,774$        217,676   State income taxes net of federal tax    provision31,42728,371   Other adjustments7,292(14,044)   Change in valuation allowance(258,444)(48,444)   Utilization of net operating losses     (2,049)(183,559)Provision for Income Taxes
                   $           -    
                       $          -     
Deferred income tax assets (liabilities) are as follows: 
20042003Deferred revenue$            68,902$           113,543Deferred rent revenue16,08710,512Marketing Fund net contributions95,368112,080Allowance for doubtful accounts32,57428,157Allowance for doubtful accounts -notes receivable6,71344,723Accrued expenses38,818  -      Net operating loss carryforwards2,823,3832,816,282Other4,985  -      Valuation allowance(2,684,013)(2,942,457)     Total Deferred Income Tax    Assets402,817182,840Depreciation and amortization(401.284)(179,036)Franchise costs(1,533)(3,804)     Total Deferred Income Tax    Liabilities(402,817)(182,840)
Total Net Deferred Tax    Assets/Liabilities$                       -   $                    -   
As of November 30, 2004, the Company has net operating loss carryforwardsexpiring between 2017 and 2021 for U.S. federal income tax purposes of approximately$7,273,000. The net operating loss carryforwards are subject to limitation in any givenyear as a result of the Company’s initial public offering and may be further limitedif certain other events occur. A valuation allowance has been established for $2,684,013and $2,942,457 as of November 30, 2004 and 2003, respectively, for the deferred taxbenefit related to those loss carryforwards and other deferred tax assets.

 

**Note 5 - Long-Term Debt**

Long-term debt consisted of the following: 
20042003(restated)Bank note payable  $         649,065-      Note payable to Zanett, Inc.             -         $     394,614Notes payable to a finance company-      516,452Note payable to former stockholder314,635333,780963,7001,244,846Less current portion(252,569)(333,888)Long-Term Debt, Net of Current Portion$     711,131 
$     910,958
On June 25, 2004, the Company entered into a Business Loan and SecurityAgreement ("Bank Agreement") with Associated Bank which provided for a term loanin the original amount of $723,700.  The term loan under the Bank Agreement issecured by substantially all of the assets of the Company and is to be repaid in monthlyinstallments of $21,900, including interest at a rate of 5.5% per annum, with a finalpayment due July 1, 2007.  The balance of this note payable was $649,065 as of November 30, 2004.

As of November 30, 2003, the Company was obligated to Zanett, Inc. (in theamount of $394,614) and a finance company (in the amount of $516,452).  Theobligation to Zanett, Inc. bore interest at prime plus 2% and the obligation to thefinance company bore interest at 11.3%.  The proceeds received from the AssociatedBank loan described above were used to repay these loans in full on July 2, 2004.

On September 6, 2002, the Company signed a  note payable for a term of 15years at 4.75% interest to a former stockholder in the original amount of $385,531, inexchange for the purchase of his 1,380,040 shares of BAB common stock. The balance of thisnote payable was $314,635 and $333,780 as of November 30, 2004 and 2003, respectively.

As of November 30, 2004, annual maturities on long-term obligations due are asfollows:
Year Ending November 30:2005$  252,5692006266,8242007192,740200823,051200924,146
Thereafter
204,370
Total
$     963,700
 

**Note 6 - Stockholders' Equity**

In 2004, the Company purchased 25,668 shares of common stock from a previousmember of the Board of Directors and in 2003 the Company purchased 1,177,777 shares ofcommon stock from three stockholders.  The Company is holding these shares astreasury stock.  

Semi-annual cash dividends of $0.02 per share of common stock were declared andpaid during 2004.  The first cash dividend was declared on January 1, 2004, payableon February 2, 2004 to shareholders of record as of January 16, 2004.  The secondcash dividend was declared on June 17, 2004, payable July 23, 2004 to shareholders ofrecord as of July 2, 2004.  In 2003 a $0.02 per share cash dividend was paid August26, 2003 to shareholders of record as of August 11, 2003.

On November 2, 2004 a semi-annual $0.02 per share cash dividend and a specialdividend of $0.06 per share was declared, payable January 7, 2005 to shareholders ofrecord as of December 17, 2004.  This transaction was recorded as a dividend payablein the amount of $572,982 at November 30, 2004.

 

**Note 7 - Stock Options and Warrants**

In May of 2001, the Company approved a Long-Term Incentive and Stock Option Plan(Plan).  The Plan reserves 1,400,000 shares of common stock for grant.  The Planwill terminate on  May 25, 2011.  The Plan permits granting of awards toemployees and non-employee directors and agents of the Company in the form of stockappreciation rights, stock awards and stock options.  The Plan is currentlyadministered by a Committee of the Board of Directors appointed by the Board.   ThePlan gives broad powers to the Board or Committee to administer and interpret the Plan,including the authority to select the individuals to be granted options and rights, and toprescribe the particular form and conditions of each option or right granted.  

Under the stock option plans, the exercise price of each option equals themarket price of the Company's stock on the date of grant.  The options granted varyin vesting from immediate to a vesting period over three years.   The options grantedare exercisable within a 10 year period from the date of grant.   All stock issuedfrom the granted options must be held for one year from date of exercise.  Optionsissued and outstanding expire on various dates through December 2, 2013.  Range ofexercise prices of options granted as of November 30, 2004 are $0.048 to$0.60.    

Activity under the Plan during the two years ended November 30, is as follows:
20042003OptionsWeighted Average exercise priceOptionsWeighted Average exercise priceOptions outstanding at beginning of year413,772$0.065586,000$0.055Granted115,0000.506300,0000.069Forfeited(6,750)0.065(27,333)0.056Exercised(263,536)0.077(444,895)0.055Outstanding at end of year258,486$0.246413,772$0.065
 

Options Outstanding 
Options ExercisableRange of exercise pricesOptions outstandingWeighted average remaining contractual lifeWeighted average exercise price Options exercisableWeighted average exercise price$0.063 -$0.06960,0027.5$0.065 13,334$0.063$0.065 - $0.07393,4848.0$0.069 4,899$0.065$0.46 - $0.5185,0009.0$0.484 10,000$0.46$0.60        20,0009.6$0.60        20,000     $0.60  
258,486 $0.246 
48,233
$0.368
 

The Company has adopted the disclosure-only provisions of SFAS No. 123,"Accounting and Disclosure of Stock-Based Compensation."   Accordingly, noemployee compensation expense has been recognized for the Plan in the financialstatements.  Had employee compensation expense for the Company's Plan been recordedin the financial statements, consistent with provisions of SFAS No. 123, net earningswould have been reduced by $25,987 in 2004 and $8,832 in 2003 based on the Black-Scholesoption-pricing model.  The Company's net income and net income per share for 2004 and2003 would have been as follows:
  
20042003 Pro forma impact of fair value method (as restated) Reported net income
$  652,276$  640,223 Less: fair value impact of employee stock compensation(25,987)(8,832) Pro forma net income$  626,289$  631,391 Earnings per common share   Basic and diluted - as reported$0.09$0.09 Basic and diluted - pro forma$0.09$0.09 Weighted average Black-Scholes fair value assumptions   Risk free interest rate3.05%4.07% Expected life3.0 yrs4.5 yrs Expected volatility1.647%5.94% Expected dividend yield7.0%---
On February 1, 1999, the Company purchased certain assets of a relatedgroup of entities doing business as Jacobs Bros. Bagels (Jacobs Bros.), a chain operatingretail bagel stores in the Chicago, Illinois area.  The assets acquired included 8retail locations and a central commissary facility in exchange for $950,000 in cash andwarrants to acquire 333,332 shares of the Company's common stock.  The warrantsprovide for the purchase of 183,332 shares and 150,000 shares of common stock at anexercise price of $1.88 and $2.25 per share, respectively.   The warrants were firstexercisable on February 1, 2000 and expire on January 31, 2006.  None of the warrantshave yet been exercised.

**Note 8 - Commitments**

The Company rents its Corporate Office and Company-owned store facilities underleases, which require it to pay real estate taxes, insurance and general repairs andmaintenance. Rent expense for the years ended November 30, 2004 and November 30, 2003 was$272,893 and $565,997, net of sublease income of $163,938 and $210,364,respectively.  Monthly rent is recorded on a straight-lined basis over the term ofthe lease with a deferred rent liability being recognized.  As of November 30, 2004,future minimum annual rental commitments under leases, net of sublease income of $133,979 in 2005 and $122,367 in 2006 are as follows:

 
Year Ending November 30::2005$     218,5432006122,3672007103,464200889,3452009101,047Thereafter  131,097
Total
$       765,863
The Company has been named in a lawsuit regardingobligations of two franchisees for past due rent at a franchised location in Wisconsin.  The Company expects to settle this claim and pay approximately $120,000 in March2005.  The Company expects the original franchisee to the lease to pay the Company$25,000, $10,000 in March 2005 and the balance via monthly payments on a note that runsthrough the life of their franchise agreement, August 2009.  And as such, the Companyhas included $100,000 in accrued expenses and other current liabilities as of November 30,2004.

**Note 9 - Related Party Transactions**

Michael K. Murtaugh, the Company's Vice President and General Counsel, was thesole stockholder of Bagel One, Inc., which owned and operated a Big Apple Bagels franchisestore in Illinois.   A note receivable owed by Bagel One, Inc. to Systems, guaranteed by Mr. Murtaugh, effective March 2000 in the amount of $30,025 for a term of 6years bearing 9% interest,  had an outstanding balance of $6,244, and $13,288 as ofNovember 30, 2004 and 2003, respectively.  There are no payments in arrears. Interest income recognized and received by Systems amounted to $907 and $1,490 in 2004 and2003, respectively.

 

**Note 10 - Segment Information**

Segment information has been reclassified to reflect licensing fees revenue,goodwill and certain definite lived assets and the amortization expense related to theseintangibles in Systems so as to reflect a truer segment income stream and assetrelationship as the business has changed focus to the franchise division.

The following tables present segment information for the years ended November30, 2004 and 2003:
Net RevenuesOperating    Income (Loss)
2004
2003
2004
2003
(restated)
(restated)Company Store Operations $  2,241,699$  3,376,695$  (918,338)$(1,414,230)Franchise Operations and Licensing Fees3,466,3473,780,8951,764,9022,129,291Contract Termination Fee---525,000Impairment                     -                       -                           -          (    255,633)$  5,708,046$  7,157,590$     846,564$     984,428Corporate Expenses(137,072)(250,186)Interest Expense, Net of Interest Income               (57,216)              (94,019)Net Income$        652,276$         640,223
 
Operating Segment Data
Identifiable    Assets
Capital    Expenditures
Depreciation    and Amortization    Year ended November 30, 2004Company store operations$  286,292$          7,739$  120,167Franchise operations other than goodwill430,955109,40133,553Goodwill and Other Indefinite Lived Intangible    Assets          4,306,439                -                -$  5,023,686$  117,140$  153,720Year Ended November 30, 2003 (restated)Company store operations$     586,048$    21,257$  379,392Franchise operations364,26615,04368,823Goodwill and Other Indefinite Lived Intangible Assets          4,306,439                -                    -$      5,256,753$        36,300$      448,215
 
Reconciliation to Total Assets as Reported 
2004
2003Assets - Total reportable segments - Identifiable assets$  5,023,686$  5,256,753Unallocated amounts  Cash2,516,4392,237,093  Prepaid expenses and other current assets            113,255           167,236Total Consolidated Assets$      7,653,380$      7,661,082
There were no sales to any individual customer during either year in thetwo-year period ended November 30, 2004 that represented 10% or more of net sales.

 

**ITEM 8. CHANGES IN ANDDISAGREEMENT WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 
Effective June 7, 2004, the Company engaged Altschuler, Melvoin &Glasser LLP and dismissed Blackman Kallick Bartelstein LLP as the principal accountants ofthe Company and its subsidiaries for the year ended November 30, 2004.  In connectionwith the audit of the most recent year preceding such engagement, there have been nodisagreements with the former accountants, Blackman Kallick Bartelstein LLP, on any matterof accounting principals or practices, financial statement disclosures or auditing scopeor procedure, if not resolved to their satisfaction, would have caused them to makereference to the subject matter in their opinion.  The report of Blackman KallickBartelstein LLP on the consolidated financial statement of the Company as of and for theyear ended November 30, 2003 did not contain an adverse opinion or a disclaimer of opinionand was not modified as to uncertainty, audit scope, accounting principles of any othermatter. 

**ITEM 8A. CONTROLS ANDPROCEDURES
Under the supervision and with the participation of ourmanagement, including our Chief Executive Officer and our Chief Financial Officer, we haveevaluated the effectiveness of the design and operation of our disclosure controls andprocedures pursuant to Exchange Act Rule 13a-14(c) of the Securities Exchange Act of 1934within 90 days of the filing date of the annual report.  Based upon their evaluation,our Chief Executive Officer and our Chief Financial Officer have concluded that theCompany's disclosure controls and procedures are effective in timely alerting them tomaterial information relating to the Company (including our consolidated subsidiaries)required to be included in our periodic SEC filings.

There were no significant changes in the Company'sinternal controls or in other factors that could significantly affect the Company'sdisclosure controls and procedures subsequent to the 90 day evaluation period.  As aresult, no corrective actions were required or undertaken.

 

PART III

**ITEM 9. DIRECTORS, EXECUTIVEOFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGEACT.**

Section 16(a) of the Securities Exchange Act of 1934requires the Company's executive officers and directors, and persons who beneficially ownmore than ten percent of the Company's Common Stock, to file initial reports of ownershipand reports of changes in ownership with the Securities and Exchange Commission (the"SEC"). Executive officers, directors and greater than ten percent beneficialowners are required by the SEC to furnish the Company with copies of all Section 16(a)forms they file.

Based upon a review of the copies of such forms furnishedto the Company, the Company believes that all Section 16(a) filing requirements applicableto its executive officers and directors were met during the year ended November 30, 2004.

CODE OF ETHICS
BAB, Inc.Code of EthicsNovember 30, 2004
BAB, Inc. (the Company) is formally establishing, althoughit believes it has complied with the tenants of such a document during its existence, aCode of Ethics, pursuant to Section 406 of the Sarbanes-Oxley Act, which is designed todeter wrongdoing and to promote:- Honest and ethical conduct, including the    ethical handling of actual or apparent conflicts of interest between personal and    professional    relationships;             
- Full, fair, accurate, timely and    understandable disclosure in reports and documents that the Company files with, or submits    to, the Securities and Exchange Commission, and in other public communications made by the    Company; 
- Compliance with applicable government laws,    rules and regulations; 
- The prompt internal reporting of violations    of the Code to the appropriate person or persons identified in the Code; and 
- Accountability for adherence to the Code. 

The Code of Ethics promulgated by Sarbanes-Oxley, expectsthe highest standard of ethical conduct and fair dealing of its Senior Financial Officers(SFO), defined as the Chief Executive Officer and Chief Financial Officer.  While,per Sarbanes-Oxley, this policy is intended to only cover the actions of the SFO, theCompany expects its Controller, other officers, directors and employees will also reviewthis Code and abide by its provisions.  The Company's reputation is a valuable assetand as such must continually be guarded by all associated with the Company so as to earnthe trust, confidence and respect of our suppliers, customers and shareholders.

The Company's SFO are committed to conducting business inaccordance with the highest ethical standards.  The SFO must comply with allapplicable laws, rules and regulations.  Furthermore, SFO must not commit an illegalor unethical act, or instruct or authorize others to do so.

CONFLICTS OF INTEREST

The SFO must act in the best interests of the Company, andshould avoid any situation that presents an actual, potential or apparent conflict betweentheir personal interests and the interests of the Company.

The SFO have a conflict when their personal interests,relationships or activities, or those of a member of their immediate family, interfere orconflict, or even appear to interfere or conflict, with the company's interests.  Aconflict of interest prevents one from acting objectively with the Company's bestinterests in mind, or prevents one from exercising sound, ethical business judgment.

PUBLIC COMMUNICATIONS

The Company is committed to providing Company informationto the public in a manner that complies with all applicable legal and regulatoryrequirements and that promotes investor confidence by facilitating fair, orderly andefficient behavior.  The Company's reports and documents filed with the Securitiesand Exchange Commission, as well as any other public communications, must be complete,fair, accurate and timely.  The SFO must do everything in their power to comply withthese standards.

GIFTS

The SFO may not give or receive kickbacks, rebates, gifts,services or any other benefits, other than gifts of nominal value (amounts would beconsidered in excess of nominal value if they create the appearance of impropriety, oractually influence the Company to give preferential, versus arms-length, treatment to theprovider) from a supplier, competitor, government official, customer or any other personthe Company does, or expects to do business with.

LOANS

SFO may not accept loans, or loan guarantees, from theCompany, or from any persons or entities, either doing business with, or seeking businesswith the Company.  The Company will not make any loans to SFO, officers, directors,employees or any outside parties doing business with, or seeking business with theCompany.

CONFIDENTIAL INFORMATION

SFO, officers, directors and employees are to respect theconfidentiality of Company, employee, supplier, customer, competitor and any other personsor entities' information that is not a matter of public record.   Confidentialinformation must not be used for personal gain.

COMPLIANCE WITH THIS CODE

SFO are expected to fully comply with this Code. This Code will be strictly enforced and any violations will be dealt with immediately, anddepending on the severity of noncompliance, could lead to disciplinary action includingtermination.  Furthermore, violations involving unlawful behavior will be reported toappropriate outside authorities.  If anyone is unclear as to the possibility of aviolation of this Code, he should seek the opinion of the Company's Vice President andGeneral Counsel, the Audit Committee and/or outside legal counsel.

If SFO, officers, directors and employees have knowledge,or are suspicious of any non-compliance with this Code, or are concerned thatcircumstances could lead to a violation of this Code, they should discuss this with theirimmediate supervisor, the Company's Vice President and General Counsel, the AuditCommittee and/or outside legal counsel.

The Company will not allow any retaliation against anemployee, officer, or director who acts in good faith in reporting any actual or suspectedviolation.  Open communication of issues and concerns without fear of retribution orretaliation is vital to the success of this Code.

ADHERENCE TO THE CODE

The Vice President and General Counsel will have primaryauthority and responsibility for the enforcement of this Code, subject to the supervisionof the Audit Committee of the Board of Directors, and shall promptly notify the AuditCommittee of any violation of this Code.

 

****ITEM 10. EXECUTIVECOMPENSATION.****

The following table sets forth the cash compensationearned by executive officers that received annual salary and bonus compensation of morethan $100,000 during years 2004, 2003 and 2002 (the "Named Executive Officers").The Company has no employment agreements with any of its executive officers.

**Summary Compensation Table**

Annual    Compensation
Long Term Compensation
Awards
Payouts
 

Name and Principal Position
 Year Ended 11/30
Salary

($)
Bonus

($)
Other

Annual Compensation

($)
Restricted Stock Awards

($)
Securities

Underlying

Options/

SARS (#)
LTIP

Payouts

($)
All Other

Compensation

($)Michael W.    Evans
President and CEO2004
2003

2002221,209
211,750

192,500
39,600

20,000

10,000
--

--

--
--

--

--
20,000

80,000

120,000
--

--

--
--

--

--Michael K.    Murtaugh
Vice President and

General Counsel2004
2003

2002165,906
157,300

143,000
29,700

20,000

10,000
--

--

--
--

--

--
20,000

80,000

120,000
--

--

--
--

--

--Jeffrey M.    Gorden
Chief Financial Officer2003
2002

2002121,919
116,443

112,369
5,000

6,000
--

 
--

 
5,500

20,668

43,332
--

 
--

 John J.    Bracken
Vice President Operations2004
2003

2002106,694
103,058

100,134
3,000

1,000

 
--

 
--
3,000

20,668

43,332
--

 
--

 
Stock options were issued at fair market value on theissue date to officers owning less than 10% of the Company stock and 110% of fair marketvalue at issue date to those officers having a 10% or greater ownership of Company stockand all options expire 10 years after date of grant.  Options issued during 2004 wereissued on December 2, 2003 with a fair market issue price of $0.46 and vests as follows:1/3 in 12 months, 1/3 24 months and 1/3 in 36 months from the issue date.  Optionsissued to the above officers totaled 48,500 or 42.2% of options granted in 2004.  Options issued in 2003 consisted of grants to Officers totaling 201,336, or 67.1% of totaloptions granted in 2003.  The fair market issue price was $0.065 and vested asfollows: 1/3 immediate, 1/3 in 12 months and 1/3 in 24 months.  The options issued in2002 consisted of grants totaling 326,664 options, or 54.4% of total optionsgranted.  The options issued December 19, 2001 have a fair market exercise price of$0.0475 and vest immediately.  The options issued May 23, 2002 have a fair marketexercise price of $0.0625 and  vest as follows:  1/3 immediate, 1/3 in 12 monthsand 1/3 in 24 months.

Indemnification of Directors and Officers

The Company's Certificate of Incorporation limits personalliability for breach of fiduciary duty by its directors to the fullest extent permitted bythe Delaware General Corporation Law (the "Delaware Law"). Such Certificateeliminates the personal liability of directors to the Company and its shareholders fordamages occasioned by breach of fiduciary duty, except for liability based on breach ofthe director's duty of loyalty to the Company, liability for acts omissions not made ingood faith, liability for acts or omissions involving intentional misconduct, liabilitybased on payments or improper dividends, liability based on violation of state securitieslaws, and liability for acts occurring prior to the date such provision was added. Anyamendment to or repeal of such provisions in the Company's Articles of Incorporation shallnot adversely affect any right or protection of a director of the Company for with respectto any acts or omissions of such director occurring prior to such amendment or repeal.

In addition to the Delaware Law, the Company's Bylawsprovide that officers and directors of the Company have the right to indemnification fromthe Company for liability arising out of certain actions to the fullest extent permissibleby law. Insofar as indemnification for liabilities arising under the Securities Act of1933 (the "Act") may be permitted to directors, officers or persons controllingthe Company pursuant to such indemnification provisions, the Company has been advised thatin the opinion of the Securities and Exchange Commission such indemnification is againstpublic policy as expressed in the Act and is therefore unenforceable.

   

**ITEM 11. SECURITY OWNERSHIPOF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.**

The following table sets forth as of February 19,2004 the record and beneficial ownership of Common Stock held by (i) each person who isknown to the Company to be the beneficial owner of more than 5% of the Common Stock of theCompany; (ii) each current director; (iii) each "named executive officer" (asdefined in Regulation S-B, Item 402 under the Securities Act of 1933); and (iv) allexecutive officers and directors of the Company as a group. Securities reported as"beneficially owned" include those for which the named persons may exercisevoting power or investment power, alone or with others. Voting power and investment powerare not shared with others unless so stated. The number and percent of shares of CommonStock of the Company beneficially owned by each such person as of February 18, 2005includes the number of shares, which such person has the right to acquire within sixty(60) days after such date.   All shares have been adjusted for a 4:1 stock dividendas of January 20, 2003.

 
**Name and    Address****Shares**PercentageMichael W.    Evans
500 Lake Cook Road, Suite 475

Deerfield, IL 600152,825,773    (1) 39.4Michael K.    Murtaugh
500 Lake Cook Road, Suite 475

Deerfield, IL 600152,748,449    (1) (2)38.3Holdings    Investments, LLC
220 DeWindt Road

Winnetka, IL 600932,096,195    (1)(3)29.2Jeffrey M.    Gorden
500 Lake Cook Road, Suite 475

Deerfield, IL 6001571,1680.1John J.    Bracken
500 Lake Cook Road, Suite 475

Deerfield, IL 6001562,461(4)    0.1Steven G.    Feldman
750 Estate Drive, Suite104

Deerfield, IL 6001520,000    (5) *James A.    Lentz
1415 College Lane South

Wheaton, IL 6018710,000*All    executive officers and directors as a
group (6 persons)
3,641,656

(1)(2)(3)(4)(5)50.8
____________________

* Less than 1%. - Includes all shares held of record by    Holdings Investments, LLC. Messrs. Evans and Murtaugh are members and managers of the LLC    and together control all voting power of the stock owned by the LLC.Includes 2,540 shares held by 401 (k) trust.Mr. Thomas F. Pick has beneficial ownership    of 25.18% of Holdings Investment, LLC, which is the equivalent of 527,884 shares of BAB,    Inc. common stock.
- Includes 2,800 shares held by 401 (k) trust.
- Includes 10,000 stock options fully exercisable
 
**ITEM 12.  CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS.**

The following informationrelates to certain relationships and transactions between the Company and related parties,including officers and directors of the Company. It is the Company's policy that it willnot enter into any transactions with officers, directors or beneficial owners of more than5% of the Company's Common Stock, or any entity controlled by or under common control withany such person, on terms less favorable to the Company than could be obtained fromunaffiliated third parties and all such transactions require the consent of the majorityof disinterested members of the Board of Directors.
Management believes that the followingtransactions were effected on terms no less favorable to the Company than could have beenrealized in arm's length transactions with unaffiliated parties.

Executive Officers and Directors

Michael K. Murtaugh, the Company's Vice President andGeneral Counsel, was the sole stockholder of Bagel One, Inc., which owned and operated aBig Apple Bagels franchise store in Illinois.   A note receivable owed by BagelOne, Inc. to Systems, guaranteed by Mr. Murtaugh, effective March 2000 in the amountof $30,025 for a term of 6 years bearing a 9% interest, had an outstanding balance atNovember 30, 2004 of $6,244 and there are no payments in arrears.  

 

**ITEM 13. EXHIBITS ANDREPORTS ON FORM 8-K**

REPORTS ON FORM 8-K 

1/14/05  On November 2, 2004 BAB, Inc. Board ofDirectors approved a $0.02 per share semi-annual cash dividend and a $0.06 per sharespecial dividend to common stockholders.  The dividend is payable January 7, 2005 tostockholders of record as of December 17, 2004.

6/18/04  On June 17, 2004 BAB, Inc. Board ofDirectors declared a semi-annual cash dividend of $0.02 per share of common stock, payableJuly 23, 2004 to stockholders of record as of July 2, 2004.

6/14/04 Effective  June 7, 2004 BAB, Inc Boardof Directors, following a recommendation made by the Audit Committee, engaged Altschuler,Melvoin & Glasser, LLP and dismissed Blackman Kallick, Bartelstein LLP as theprincipal accountants of the Company and its subsidiaries for the year ended November 30,2004.

1/4/04  On January 5, 2004, BAB, Inc. Board ofDirectors declared a semi-annual cash dividend of  $0.02 per share of common stockFebruary 2, 2004 to stockholders of record as of January 16, 2004.

[i] Incorporated by reference to the Company'sRegistration Statement on Form SB-2, effective November 27, 1995 (Commission File No.33-98060C) 

[ii] Incorporated by reference to the Company'sRegistration Statement on Form 10-SB/A filed October 12, 2000 (Commission File No.0-31555)

 

**ITEM 14. PRINCIPALACCOUNTANT FEES AND SERVICES**

The Board of Directors, upon recommendation of the AuditCommittee, appointed the firm Altschuler, Melvoin & Glasser LLP ("AM&G")certified public accountants for 2004 beginning with the quarter ended May 31, 2004.

AM&G has a continuing relationship with AmericanExpress Tax and Business Services, Inc. (TBS) from which it leases auditing staff who arefull time, permanent employees of TBS and through which its partners provide non-auditservices.  As a result of this arrangement, AM&G has no full time employees andtherefore, none of the audit services performed were provided by permanent full-timeemployees of AM&G.  AM&G manages and supervises the audit and audit staff,and is exclusively responsible for the opinion rendered in connection with itsexamination.

Audit fees relate to audit work performed on the financialstatements as well as work that generally only the independent auditor can reasonably beexpected to provide including discussions surrounding the proper application of financialaccounting and/or reporting standards and reviews of the financial statements included inquarterly reports filed on Form 10-Q.  Fees billed for professional audit servicesrendered amounted to $12,000 during the year ended November 30, 2004.

Tax compliance services were provided by TBS for whichfees amounted to $0 during the year ended November 30, 2004.

During the year ended November 30, 2004, AM&G and TBSdid not perform any management consulting services for the Company.

Previous to the engagement of AM&G, Blackman KallickBartelstein LLP ("Blackman Kallick") served the Company as certified publicaccountants.  Fees billed for professional audit services rendered amounted to$82,000 and $78,000 during the years ended November 30, 2004 and 2003, respectively.  Fees billed for tax compliance services rendered amounted to $18,000 and $23,000.  During the years ended November 30, 2004 and 2003, Blackman Kallick did not performany management consulting services for the Company.

Preapproval of Policies and Procedures by AuditCommittee

The accountants provide a quote for services to the auditcommittee before work begins for the fiscal year.  After discussion the auditcommittee then makes recommendations to the board on whether to accept the proposal.

Percentage of Services Approved by Audit Committee

All services were approved by the audit committee

 

 

**INDEX TO EXHIBITS**

 
INDEX NUMBERDESCRIPTION21.1 List of Subsidiaries of the Company 31.1, 31.2Section 302 of the Sarbanes-Oxley Act of 200232.1, 32.2Section 906 of the Sarbanes-Oxley Act of 2002
  

SIGNATURES

In accordance with Section 13 of the Exchange Act, theRegistrant has duly caused this report on Form 10-KSB to be signed on its behalf by theundersigned, thereunto duly authorized. 

BAB, INC. 
Dated: February 28, 2005By /s/ Michael W. Evans Michael W. Evans, Chief Executive Officer    and President (Principal Executive Officer) 
Pursuant to the requirements of the Securities ExchangeAct of 1934, this report on Form 10-KSB has been signed below by the following persons onbehalf of the company and in the capacities and on the dates indicated. 
Dated: February 28, 2005By /s/ Michael W. Evans Michael W. Evans, Chief Executive Officer    and President (Principal Executive Officer) 
 
Dated: February 28, 2005/s/ Michael K. MurtaughMichael K. Murtaugh, Director and Vice    President/General Counsel and Secretary
 
Dated: February 28, 2005/s/ Jeffrey M. GordenJeffrey M. Gorden, Chief Financial Officer    and Treasurer (Principal Financial and Accounting Officer)
 
Dated: February 28, 2005/s/ Steven G. FeldmanSteven G. Feldman, Director
 
Dated: February 28, 2005/s/ James A. LentzJames A. Lentz, Director
 
Exhibit 21.1SUBSIDIARIES OF BAB, INC.
BAB Systems, Inc., an Illinois corporation 

BAB Operations, Inc., an Illinois corporation 

Brewster's Franchise Corporation, an Illinois corporation 

My Favorite Muffin Too, Inc., a New Jersey corporation 

 
February 28, 2005CHICAGO, ILLINOIS  
/s/ Altschuler, Melvoin and Glasser LLP

 

Exhibit 31.1

**BAB, Inc**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO THE SECURITIES EXCHANGE ACT OF1934, RULES 13a-14 AND 15d-14**

**AS ADOPTED PURSUANT TO SECTION 302OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of BAB, Inc. (the"Company") on Form 10-KSB for the period ended November 30, 2004 as filed withthe Securities and Exchange Commission on the date hereof (the "Report"), I,Michael W. Evans, Chief Executive Officer of the Company, certify pursuant to Rules 13a-14and 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 ofthe Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:- I have reviewed the report;
- Based on my knowledge, the Report does not contain any untrue    statement of a material fact or omit to state a material fact necessary in order to make    the statements made, in light of  the circumstances under which such statements were    made, not misleading;
- Based upon my knowledge, the financial statements, and other    financial information included in the Report, fairly present in all material respects the    financial condition and results of operations of the Company, as of, and for, the periods    presented in the Report;
- I and the other certifying officer of the Company:

a)     Are responsible for establishing and  maintaining disclosure controls and procedures for the Company;

b)     Have designed such disclosure  controls and procedures to ensure that material information is made known to us,  particularly during the period in which the Report is being prepared;

c)     Have evaluated the effectiveness of  the Company's disclosure controls and procedures within 90 days of the date of the Report;  and

d)     Have presented in the Report our  conclusions about the effectiveness of the disclosure controls and procedures based on  the required evaluation.
- I and the other certifying officer have disclosed to the Company's    auditors and to the Audit Committee of the Board of Directors (or persons fulfilling the    equivalent function):

a)     All significant deficiencies in the  design or operation of internal controls (a pre-existing term relating to internal  controls regarding financial reporting) which could adversely affect the Company's ability  to record, process, summarize and report financial data and have identified for the  Company's auditors any material weakness in internal controls; and

b)    Any fraud, whether or not material,  that involves management or other employees who have a significant role in the Company's  internal controls.
- I and the other certifying officer have indicated in the Report    whether or not there were significant changes in internal controls or in other factors    that could significantly affect internal controls subsequent to the date of their    evaluation, including any corrective actions with regard to significant deficiencies and    material weaknesses.

 

/s/ Michael W. Evans

Michael W. Evans, Chief Executive Officer,February 28, 2005

 

Exhibit 31.2

**BAB, Inc**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO THE SECURITIES EXCHANGE ACT OF1934, RULES 13a-14 AND 15d-14**

**AS ADOPTED PURSUANT TO SECTION 302OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of BAB, Inc. (the"Company") on Form 10-KSB for the period ended November 30, 2004 as filed withthe Securities and Exchange Commission on the date hereof (the "Report"), I,Jeffrey M. Gorden, Chief Financial Officer of the Company, certify pursuant to Rules13a-14 and 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section302 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:- I have reviewed the report;
- Based on my knowledge, the Report does not contain any untrue    statement of a material fact or omit to state a material fact necessary in order to make    the statements made, in light of  the circumstances under which such statements were    made, not misleading;
- Based upon my knowledge, the financial statements, and other    financial information included in the Report, fairly present in all material respects the    financial condition and results of operations of the Company, as of, and for, the periods    presented in the Report;
- I and the other certifying officer of the Company:

a)     Are responsible for establishing and  maintaining disclosure controls and procedures for the Company;

b)     Have designed such disclosure  controls and procedures to ensure that material information is made known to us,  particularly during the period in which the Report is being prepared;

c)     Have evaluated the effectiveness of  the Company's disclosure controls and procedures within 90 days of the date of the Report;  and

d)     Have presented in the Report our  conclusions about the effectiveness of the disclosure controls and procedures based on  the required evaluation.
- I and the other certifying officer have disclosed to the Company's    auditors and to the Audit Committee of the Board of Directors (or persons fulfilling the    equivalent function):

a)     All significant deficiencies in the  design or operation of internal controls (a pre-existing term relating to internal  controls   regarding financial reporting) which could adversely affect the  Company's ability to record, process, summarize and report financial data and have  identified for the Company's auditors any material weakness in internal controls; and

b)    Any fraud, whether or not material,  that involves management or other employees who have a significant role in the Company's  internal controls.
- I and the other certifying officer have indicated in the Report    whether or not there were significant changes in internal controls or in other factors    that could significantly affect internal controls subsequent to the date of their    evaluation, including any corrective actions with regard to significant deficiencies and    material weaknesses.

/s/ Jeffrey M. Gorden

Jeffrey M. Gorden, Chief Financial Officer,February 28, 2005

 

Exhibit 32.1

**BAB, Inc**

**CERTIFICATION PURSUANT TO 18 U.S.C.SECTION 1350**

**AS ADOPTED PURSUANT TO SECTION 906OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the BAB, Inc. (the "Company")Quarterly Report on Form 10-KSB for the period ended November 30, 2004, as filed with theSecurities and Exchange Commission on the date hereof (the "Report"), I, MichaelW. Evans, Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to thebest of my knowledge:- The report fully complies with the requirements of section 13(a)    or 15(d) of the Securities and Exchange Act of 1934, as amended; and
- The information contained in the Report fairly presents, in all    material respects, the financial condition, results of operations, and cash flows of the    Company.

Date:  February 28, 2005                                                                     By:          /s/  MICHAEL W. EVANS                                                                                                                                  

 Michael W. Evans, Chief ExecutiveOfficer           

 

Exhibit 32.2

 

**BAB, Inc**

**CERTIFICATION PURSUANT TO 18 U.S.C.SECTION 1350**

**AS ADOPTED PURSUANT TO SECTION 906OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the BAB, Inc. (the "Company")Quarterly Report on Form 10-KSB for the period ended November 30, 2004, as filed with theSecurities and Exchange Commission on the date hereof (the "Report"), I, JeffreyM. Gorden, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to thebest of my knowledge:- The report fully complies with the requirements of section 13(a)    or 15(d) of the Securities and Exchange Act of 1934, as amended; and
- The information contained in the Report fairly presents, in all    material respects, the financial condition, results of operations, and cash flows of the    Company.

 

Date:  February 28, 2005                                                             By:          /s/ JEFFREY M. GORDEN                                                                                                                                  

 Jeffrey M. Gorden, Chief FinancialOfficer          ********** |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|