|  |
|--|
|  |
|  |

**UNITEDSTATES****SECURITIES AND EXCHANGE COMMISSION****Washington, D.C. 20549**

----

**FORM 10-K**

|  | **ANNUAL REPORT PURSUANT TO SECTION 13    OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|--|---------------------------------------------------------------------------------------------|

**For the Fiscal Year Ended December 31,2003**

**OR**

|  | **TRANSITION REPORT PURSUANT TO SECTION    13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|--|-------------------------------------------------------------------------------------------------|

**Forthe transition period from __________ to __________**

Commission File Number: **001-16105**

**STONEPATH GROUP, INC.**(Exact name of registrant as specifiedin its charter)

| **Delaware**      (State or other jurisdiction        of incorporation or organization)        | **65-0867684**(I.R.S. EmployerIdentification No.) |
|-----------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                                                                                                |                                              |
| **1600 Market Street, Suite 1515, Philadelphia,    PA**    (Address of principal executive offices) | **19103** (Zip Code)                              |

Registrant'stelephone number, including area code:**(215) 979-8370**

Securities registered pursuant    to Section 12(b) of the Act:

|  Title    of each class:    Common Stock, par value $.001 per share | Name of each exchange on which    registered: American Stock Exchange |
|--------------------------------------------------------------------------|-----------------------------------------------------------------------|

Securities registered pursuantto Section 12(g) of the Act:

**None**

Indicate by check mark whether the    Registrant: (1) has filed all reports required to be filed by Section 13    or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months    (or for such shorter period that Registrant was required to file such reports)    and (2) has been subject to such filing requirements for the past 90 days.           YES          NO 

Indicate by check mark if disclosure    of delinquent filers pursuant to Item 405 of Regulation S-K is not contained    herein, and will not be contained, to the best of registrant's knowledge,    in definitive proxy or information statements incorporated by reference in    Part III of this Form 10-K or any amendment to this Form 10-K.    

Indicate by check mark whether    the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act)

| YES |   | NO |
|-----|--------|----|

The aggregate market value of the    Registrant's common stock held by non-affiliates of the Registrant as of    June 30, 2003 was $77,150,684 based upon the closing sale price of the    Registrant's common stock on the American Stock Exchange of $2.72 on suchdate. See Footnote (1) below. 

The number of shares outstanding    of the Registrant's common stock as of March 1, 2004 was 39,004,242**.**

Documents Incorporated by Reference:    None

Index to Exhibits appears at page    48 of this Report

----

| (1) | The information          provided shall in no way be construed as an admission that any person          whose holdings are excluded from the figure is an affiliate or that          any person whose holdings are included is not an affiliate and any          such admission is hereby disclaimed. The information provided is solely          for record keeping purposes of the Securities and Exchange Commission. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|  |
|--|
|  |
|  |

 

**STONEPATH GROUP, INC.****ANNUAL REPORT ON FORM 10-K****FOR THE FISCAL YEAR ENDED****DECEMBER 31, 2003**

**TABLE OF CONTENTS**

 

| PART I     |               |                                                                                                                 | 1      |
|------------|---------------|-----------------------------------------------------------------------------------------------------------------|--------|
|            | Item 1.  | Business                                                                                                        | 1      |
|            | Item 2.  | Properties                                                                                                      | 16     |
|       | Item 3.  | Legal Proceedings                                                                                               | 16     |
|       | Item 4.  | Submission of Matters to a Vote of Security    Holders                                                          | 17     |
|       |          |                                                                                                            |   |
| PART II    |          |                                                                                                            | 17     |
|       | Item 5.  | Market for Registrant's Common Equity, Related    Stockholder Matters and Issuer Purchases of Equity Securities | 17     |
|       | Item 6.  | Selected Financial Data                                                                                         | 19     |
|       | Item 7.  | Management's Discussion and Analysis of Financial    Condition and Results of Operations                        | 20     |
|       | Item 7A. | Quantitative and Qualitative Disclosures    About Market Risk                                                   | 35     |
|       | Item 8.  | Financial Statements and Supplementary Data                                                                     | 35     |
|       | Item 9.  | Changes in and Disagreements with Accountants    on Accounting and Financial Disclosure                         | 35     |
|       | Item 9A. | Controls and Procedures                                                                                         | 35     |
|       |          |                                                                                                            |   |
| PART III   |          |                                                                                                            | 36     |
|       | Item 10. | Directors and Executive Officers of the Registrant                                                              | 36     |
|       | Item 11. | Executive Compensation                                                                                          | 38     |
|       | Item 12. | Security Ownership of Certain Beneficial    Owners and Management and Related Stockholder Matters               | 43     |
|       | Item 13. | Certain Relationships and Related Transactions                                                                  | 46     |
|       | Item 14. | Principal Accountant Fees and Services                                                                          | 47     |
|       |          |                                                                                                            |   |
| PART IV    |          |                                                                                                            | 48     |
|       | Item 15. | Exhibits, Financial Statement Schedules and    Reports on Form 8-K                                              | 48     |
|       |          |                                                                                                            |   |
| SIGNATURES |          | 79                                                                                                              |

i

----

Back to Contents

**PART I**

*This Annual Report on Form 10-K      includes forward-looking statements within the meaning of Section 27A of      the Securities Act of 1933, as amended, and Section 21E of the Securities      Exchange Act of 1934, as amended. We have based these forward-looking statements      on our current expectations and projections about future events. These      forward-looking statements are subject to known and unknown risks, uncertainties      and assumptions about us and our subsidiaries that may cause our actual      results, levels of activity, performance or achievements to be materially      different from any future results, levels of activity, performance or achievements      expressed or implied by such forward-looking statements. In some cases,      youcan identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue” orthe negative of such terms or other similar expressions. Factors that might causeor contribute to such a material difference include, but are not limited to,those discussed elsewhere in this Annual Report, including the section entitled “RisksParticular to Our Business” and the risks discussed in our other Securitiesand Exchange Commission filings. The following discussion should be read in conjunctionwith our audited Consolidated Financial Statements and related Notes theretoincluded elsewhere in this report.*

**Item 1. Business**

Overview 

We are a non-asset based third-party logistics services company providing supply chain solutions on a global basis. We offer a full range of time-definite transportation and distribution solutions through our Domestic Services platform which manages and arranges the movement of raw materials, supplies, components and finished goods for our customers. These services are offered through our domestic air and ground freight forwarding business. We also offer a full range of international logistics services including international air and ocean transportation as well as customs house brokerage services through our International Services platform. In addition to these core services, we provide a broad range of value addedsupply chain management services, including warehousing, order fulfillment and inventory management solutions. We service a customer base of manufacturers, distributors and national retail chains through a network of offices in 21 major metropolitan areas in North America, Puerto Rico and ten locations in Asia, as well as an extensive network of independent carriers and service partners strategically located throughout the world.

Our objective is to build a leading global logistics services organization that integrates established logistics companies with innovative technologies. To that end, we are extending our network through a combination of synergistic acquisitions and the organic expansion of our existing operations. 

Our acquisition strategy focuses on acquiring and integrating logistics businesses that will enhance operations within our current market areas as well as extend our network to targeted locations in Asia, South America and Europe. We select acquisition targets based upon their ability to demonstrate: (1) historic levels of profitability; (2) a proven record of delivering superior time-definite distribution and other value added services; (3) an established customer base of large and mid-sized companies; and (4) opportunities for significant growth within strategic segments of our business. 

As we integrate these companies, we intend to create additional stockholder value by: (1) improving productivity  by  adopting enhanced technologies and business processes; (2) improving transportation margins by leveraging our growing purchasing power; and (3) enhancing the opportunity for organic growth by cross-selling and offering expanded services. 

Our strategy is designed to take advantage of shifting market dynamics. The third-party logistics industry continues to grow as an increasing number of businesses outsource their logistics functions to more cost effectively manage and extract value from their supply chains. Also, we believe the industry is positioned for further consolidation since it remains highly fragmented, and since customers are demanding the types of sophisticated and broad reaching services that can more effectively be handled by larger and more diverse organizations. 

Through March 1, 2004, we have completed    the acquisition of 16 logistics companies. The initial phase of our acquisition    strategy was to develop a U.S.-based platform of service offerings. We accomplished    this through the acquisition of M.G.R., Inc. (d/b/a “Air Plus”)    on October 5, 2001 and Global Transportation Services, Inc. (“Global”)    on April 4, 2002. Founded in 1990, Air Plus is a leading time-definite logistics    company providing a full range of domestic transportation and distribution    solutions including warehousing and order fulfillment. Air Plus services    a customer base of manufacturers, distributors and national retail chains    through its network of offices in North America and an extensive network    of over 200 agents. Founded in 1985, Global provides a full range of international    transportation and logistics solutions to a customer base of manufacturers    and national retail chains. Global also provides customs brokerage, ocean    forwarding, NVOCC services, consolidation and deconsolidation services, air    import and export services and warehousing and distribution services.  

1

----

Back to Contents

The next phase of our acquisition strategy was to supplement the organic growth of our organization through targeted “add-on” acquisitions that were intended to fill a strategic industry niche and offer complementary services to our existing customer base.  We accomplished this by acquiring United American Freight Services, Inc. (“United American”) on May 30, 2002, Transport Specialists, Inc. (“TSI”) on October 1, 2002, Transportation Rail Warehousing Logistics, Inc. (“TRWL”) on January 31, 2003, Regroup Express LLC (“Regroup”) on June 20, 2003  and Customs Services International, Inc. (“CSI”) on July 16, 2003.  United American, based in theDetroit, Michigan area, provides us with a division that supports the automotive industry, while both TSI and Regroup, based in Northern Virginia, and TRWL, based in Portland, Maine, service government agencies and the defense sector.  CSI provides a full range of international freight forwarding and customs brokerage services out of its offices in Miami, Florida and El Paso, Texas, with a focus on Latin America, Europe and Asia.

Most recently, we completed a series of acquisitions that increased our presence in Asia with the goal of building Stonepath into a leading worldwide integrated logistics service organization.  On August 8, 2003, we acquired a controlling interest in the Singapore and Cambodia based operations of the G-Link Group of companies, a regional logistics business headquartered in Singapore, with offices throughout Southeast Asia.  We then acquired three Malaysian based offices of G-Link in December 2003.  During December 2003, we also acquired controlling interests in East Ocean Logistics Ltd., a Hong Kong based company that specializes in international ocean freight services, Planet Logistics Pte. Ltd., a Singapore basedcompany that focuses on international and intra-Asia air cargo services, and Group Logistics Pte. Ltd., a start-up providing air cargo services in Shanghai, PRC.  On February 9, 2004, we increased our presence in Shanghai by acquiring a majority interest in Shaanxi Sunshine Cargo Services International Company, Ltd. (“Shaanxi”), a Class A licensed freight forwarder headquartered in Shanghai that has been operated by founder and President Andy Tsai since 1993.  Shaanxi provides a wide range of customized transportation and logistics services and supply chain solutions, including global freight forwarding, warehousing and distribution services, shipping services and special freight handling.

We have identified a number of additional companies that may be suitable acquisition candidates and we are in preliminary discussions with a select number of them. 

There are a variety of risks associated with our ability to achieve our strategic objectives, including our ability to acquire and profitably manage additional businesses, our current reliance on a small number of key customers, the risks inherent in international operations, and the intense competition in our industry for customers and for the acquisition of additional businesses. For a more detailed discussion of these risks, see the section of this Item 1 entitled “Risks Particular to our Business.”

Industry Overview

As business requirements for efficient and cost-effective distribution services have increased, so has the importance and complexity of effectively managing freight transportation. Businesses increasingly strive to minimize inventory levels, reduce order and cash-to-cash cycle lengths, perform manufacturing and assembly operations in lowest cost locations and distribute their products throughout global markets, often requiring expedited or time-definite shipment services.  Furthermore, customers increasingly cite an efficient supply chain as a critical element in improving their financial performance.  To remain competitive, successful companies need to not only achieve success in their core businesses, they mustexecute quickly and accurately.  

To accomplish their goals, many businesses turn to organizations providing a broad array of supply chain services. These service providers consist of freight forwarders, customs brokers, warehouse operators and other value added logistics service providers. We believe that these service providers must possess state-of-the-art technology and the ability to provide global supply chain management services to be responsive to the marketplace. Many logistics providers are now providing their customers with customized solutions for the planning and management of complex supply chains. The demand for these solutions has risen as companies continue to outsource non-core competencies, globally source goods and materials andfocus on managing the overall cost of their supply chain. These trends are further facilitated by the rapid growth of technology including the growth of Web-based track and trace technology, and the ability to create electronic interfaces between the systems of service providers and their customers. 

We believe we can differentiate ourselves    by focusing on time-definite supply chain solutions with capabilities across    virtually every mode of transportation, as well as combining these services    with other value-added logistics services, including pick-and-pack services,    merge-in-transit, inventory management, Web-based order management, warehousing,    reverse logistics, dedicated trucking and regional and local distribution.    We also believe that we have a competitive advantage resulting from our extensive    knowledge of logistics markets, information systems, the experience of our    logistics managers and the market information we possess from our diverse  customer base.

2

----

Back to Contents

Market penetration of third-party      logistics providers (“3PLs”) is still relatively low. According      to industry sources, total gross expenditures managed by third-party logistics      services in the United States was approximately $65 billion in 2002, representing      about 7% of the $910 billion in estimated domestic business logistics systems      costs. For 2002, domestic non-asset based transportation management was      estimated to have grown $19.5 billion, or 11.4% as compared to 2001.

Barring the risk of international      crisis and armed conflicts, we believe that the third-party logistics industry      in general, and that time-definite distribution in particular, is poised      for continued growth. The growth in the use of third-party logistics services      is being driven by a number of factors, including: 

|   | • | Outsourcing of Non-Core Activities.        Companies are increasingly outsourcing freight forwarding, warehousing        and other supply chain activities to allow them to focus on their core        competencies. From managing purchase orders to the timely delivery of        products, companies turn to 3PLs to manage these functions at a lower        cost and more efficiently.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | • | Globalization of Trade. As barriers        to international trade are reduced or eliminated, companies are increasingly        sourcing their parts, supplies and raw materials from the most cost competitive        suppliers throughout the world. This places a greater emphasis on international        freight management and just-in-time delivery. Outsourcing of manufacturing        functions to, or locating company-owned manufacturing facilities in,        low cost areas of the world also results in increased volumes of world        trade.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | • | Increased Need for Time-Definite Delivery.        The need for just-in-time and other time-definite delivery has increased        as a result of the globalization of manufacturing, greater implementation        of demand-driven supply chains, the shortening of product cycles and        the increasing value of individual shipments. Many businesses recognize        that increased spending on time-definite supply chain management services        can decrease overall manufacturing and distribution costs, reduce capital        requirements and allow them to manage their working capital more efficiently        by reducing inventory levels and inventory loss.                                                                                                                                                                                                                                                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | • | Consolidation of Logistics Function. As        companies try to develop “partnering” relationships with        fewer suppliers, they are consolidating the number of freight forwarders        and supply chain management providers they use. This trend places greater        pressure on regional or local freight forwarders and supply chain management        providers to grow or become aligned with a global network. Larger freight        forwarders and supply chain management providers benefit from economies        of scale which enable them to negotiate reduced transportation rates        with the carriers actually providing the transportation services and        to allocate their overhead over a larger volume of transactions. Globally-integrated        freight forwarders and supply chain management providers are better situated        to provide a full complement of services, including pick-up and delivery,        shipment via air, sea and/or ground transport, warehousing and distribution,        and customs brokerage. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | • | Increased Significance of Technology.        Advances in technology are placing a premium on decreased transaction        times and increased business-to-business activity. Companies have recognized        the benefits of being able to transact business electronically. Accordingly,        businesses increasingly are seeking the assistance of supply chain service        providers with sophisticated information technology systems which facilitate        real-time transaction processing and Web-based shipment monitoring.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

According to a survey led by Dr.      C. John Langley, Georgia Institute of Technology, third-party logistics      use among North American companies remained strong in 2003, with 78% of      North American companies reporting that they outsource a portion of their      logistics needs to logistics service providers or 3PLs. Among companies      surveyed in Western Europe, 79% of respondents indicated they use 3PL services,      and in the Asia-Pacific region, more than half (58%) currently outsource. 

We expect the strategic      role of information technology and the demand for real-time information      such as inventory visibility and order status updates to have a positive      impact on our business. The 2003 Langley survey supports our contention      that IT-based services and capabilities are among the key expectations      with customers of logistics service providers. The top five outsourced      logistics services and IT support functions were: warehouse/distribution      center management (77%); Web-enabled communications (64%); transportation      management (64%); shipment tracking/event management (62%); and export/import/freight-forwarding/customs      clearance (61%).

3

----

Back to Contents

The growing emphasis on just-in-time      inventory control processes has added to the complexity and need for time-definite      and other value added supply-chain services. We believe that we can continue      to differentiate ourselves by combining our time-definite transportation      solutions with other complementary supply chain solutions. We expect to      benefit from the intense corporate focus on lower-cost services, which      will positively impact those providers who have the ability to leverage      relationships with numerous carriers and shippers. We also believe that      we are well positioned to take advantage of the growing trend toward international      freight services and time-definite domestic ground services, both of which      have increased in demand during the most recent economic cycle. 

Our Strategic Objectives 

*Our Business Strategy*

Our objective is to provide customers      with comprehensive value-added logistics solutions on a global scale. We      plan to achieve this goal through a combination of growth through acquisition      and continued organic growth. We intend to carry out the following strategies: 

|   | • | Enter New and Expand Existing Markets          through Acquisitions. We are pursuing an aggressive acquisition          strategy to enhance our position in our current markets and to acquire          operations in new markets. We anticipate expanding into new and existing          markets by acquiring well-established logistics organizations that          are leaders in their regional markets. In particular, we intend to          focus our acquisition strategy on candidates that have historic levels          of profitability, a proven record of delivering superior time-definite          distribution and other value added services, an established customer          base of large and mid-sized companies and opportunities for significant          growth within strategic segments of our business. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | • | Continue Organic Growth. A key component        of our strategy is to continue the organic growth of our existing business        as well as the business of the companies we acquire. We expect that we        can continue to fuel internal growth by cross-selling our domestic and        international capabilities to our existing customer base and deploying        supply chain technologies that will drive new customer acquisitions.                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | • | Development of Identity. We are also        developing the “Stonepath Logistics” brand and intend to        leverage our broader set of capabilities with the goal of capturing business        opportunities which would not normally be available to a regionally-oriented        logistics company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

*Our Acquisition Strategy*

We believe there are many attractive      acquisition candidates in our industry because of the highly fragmented      composition of the marketplace, the industry participants' need for capital      and their owners' desire for liquidity. 

We will continue to expand our      Domestic and International Services platforms in the United States through      a number of “add-on” acquisitions of other companies with complementary      geographical and logistics service offerings. These “add-on” acquisitions      are generally expected to have pre-tax operating earnings of $1.0 million to $3.0      million. Companies in this range of earnings may be receptive to our acquisition      program since they are often too small to be identified as acquisition      targets by larger public companies or to independently attempt their own      public offerings. In addition, we will continue to pursue “platform” acquisitions      to expand in targeted markets in Asia, South America and Europe which will      further enable our global supply-chain execution capabilities and improve      our overall profitability. We believe that our combined domestic and international      capabilities will provide a significant competitive advantage in the marketplace. 

A “platform” acquisition      is defined by us as one that creates a significant new capability for the      Company, or entry into a new global geography. When completing a platform      acquisition, we would expect to retain the management as well as the operating,      sales and technical personnel of the acquired company to maintain continuity      of operations and customer service. The objective would be to increase      an acquired company's revenues and improve its profitability by implementing      our operating strategies for internal growth. 

An “add-on” acquisition,      on the other hand, will more likely be regional in nature, will be smaller      than a platform acquisition and will enable us to offer additional services      or expand into new regional markets, or serve new industries. When justified      by the size and service offerings of an add-on acquisition, we expect to      retain the management, along with the operating, sales and technical personnel      of the acquired company, while seeking to improve that company's profitability      by implementing our operating strategies. In most instances where there      is overlap of geographic coverage, operations acquired by add-on acquisitions      can be integrated into our existing operations in that market, resulting      in the elimination of duplicative overhead and operating costs. 

4

----

Back to Contents

We believe we can successfully implement    our acquisition strategy due to: (i) the highly fragmented composition of    the market; (ii) our strategy for creating an organization with global reach,    which should enhance an acquired company's ability to compete in its local    and regional market through an expansion of offered services and lower operating    costs; (iii) the potential for increased profitability as a result of our      centralization      of      certain      administrative      functions, greater purchasing power, and economies of scale; (iv) our standing      as a public corporation; (v) a decentralized management strategy, which    should, in most cases, enable the acquired company's management to remain    involved      in the operation of the Company; and (vi) the ability of our experienced    management to identify acquisition opportunities. 

*Our      Operating Strategy*

|   | • | Foster a Decentralized Entrepreneurial          Environment. A key element of our operating strategy is to foster          a decentralized, entrepreneurial environment for our employees. We          intend to foster this environment by continuing to build on the names,          reputations and customer relationships of acquired companies and by          sharing their operating policies, procedures and expertise across the          organization to develop new ideas to best serve the existing and prospective          customers of the Company. An entrepreneurial business atmosphere is          likely to allow          our regional offices to quickly and creatively respond to local market          demands and enhance our ability to motivate, attract and retain managers    to maximize growth and profitability. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | • | Develop and Maintain Strong Customer Relationships.        We seek to develop and maintain strong, interactive customer relationships        by anticipating and focusing on our customers' needs. We emphasize a        relationship-oriented approach to business, rather than the transaction        or assignment-oriented approach used by many of our competitors. To develop        close customer relationships, we regularly meet with both existing and        prospective customers to help design solutions for, and identify the        resources needed to execute, their supply chain strategies. We believe        that this relationship-oriented approach results in greater customer    satisfaction and reduced business development expense.                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | • | Centralize Administrative Functions.        We seek to maximize our operational efficiencies by integrating general        and administrative functions at the corporate level, and reducing or        eliminating redundant functions and facilities at acquired companies.        This enables us to quickly realize potential savings and synergies, efficiently        control and monitor our operations and allows acquired companies to focus    on growing their sales and operations.                                                                                                                                                                                                                                                                                                                                                   |

Operations

Our    primary business operations involve obtaining shipment or material orders    from customers, creating and delivering a wide range of logistics solutions    to meet customers' specific requirements for transportation and related services,    and arranging and monitoring all aspects of material flow activity utilizing    advanced information technology systems. These logistics solutions include    domestic and international freight forwarding, customs brokerage and door-to-door    delivery services using a wide range of transportation modes, including air,    ocean and truck as well as customs brokerage, warehousing and other value-added    services, such as inventory management, assembly, distribution and installation    for manufacturers and retailers of commercial and consumer products. 

As    a non-asset-based logistics provider, we arrange for and subcontract services    on a non-committed basis to airlines, motor carriers, express companies,    steamship lines and warehousing and distribution operators. By concentrating    on network-based solutions, we avoid competition with logistics providers    that offer dedicated outsourcing solutions for single elements of the supply    chain. Such dedicated logistics companies typically provide expensive, customized    infrastructure and systems for a customer's specific application and, as    a result, dedicated solutions that are generally asset-intensive, inflexible    and invariably localized to address only one or two steps in the supply chain.    Our network-based services leverage common infrastructure and technology    systems so that solutions are scalable, replicable and require a minimum    amount of customization (typically only at the interface with the customer).    This non-asset ownership approach maximizes our flexibility in creating and    delivering a wide range of end-to-end logistics solutions on a global basis    while simultaneously allowing us to exercise significant control over the    quality and cost of the transportation services provided. 

Within    the logistics industry, we target specific markets in which we believe we    can achieve a competitive advantage. For example, in the freight forwarding    market, we arrange for the transportation of cargo that is generally larger    and more complex than shipments handled by integrated carriers such as United    Parcel Service and Federal Express Corporation. In addition, we provide specialized    combinations of services that traditional freight forwarders cannot cost-effectively    provide, including time-definite delivery requirements, direct-to-store distribution    and merge-in-transit movement of products from various vendors in a single    coordinated delivery to, and/or installation at, the end-user. 

 

5

----

Back to Contents

Our    services are broadly classified into the following categories: 

|   | • | Freight Forwarding Services. We offer        domestic and international air, ocean and ground freight forwarding for        shipments that are generally larger than shipments handled by integrated        carriers of primarily small parcels such as Federal Express Corporation        and United Parcel Service. Our basic freight forwarding business is complemented        by customized and information technology-based options to meet customers'        specific needs. Our Domestic Services organization offers same day, one,        two and three to five day service along with expedited ground service        within North America and Puerto Rico through our network of asset based        carriers. On a limited basis, we also provide motor carrier services    through one of our own affiliates. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | • | Customs Brokerage Services. Our International        Services organization provides customs brokerage services. Within each        country, the rules and regulations vary along with the level of expertise        that is required to perform the customs brokerage services. Our customs        brokers and support staff have substantial knowledge of the complex tariff        laws and customs regulations governing the payment of duty, as well as    valuation and import restrictions in their respective countries.                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | • | Warehousing and Other Value Added Services.        Our warehousing services primarily relate to storing goods and materials        to meet our customers' production or distribution schedules. Other value        added services include receiving, deconsolidation and decontainerization,        sorting, put away, consolidation, assembly, inspection services, cargo        loading and unloading, assembly of freight, customer inventory management        and protective packing and storage. We receive storage charges for use    of our warehouses and fees for our other services.                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|  | • | Time Definite Transportation. We specialize        in complex, time-definite delivery of product to North American destinations.        These include high-volume, complex multi-destination consolidation programs        for catalog, retail and other shippers. We have special programs focused    on high value and breakable freight in all modes of transportation. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Other    value added services provided by us include: 

|   | • | Direct to store logistics for retail customers        involving coordination of product received directly from manufacturers        and dividing large shipments from manufacturers into numerous smaller        shipments for delivery directly to retail outlets or distribution centers    to meet time-definite product launch dates.                                                                                                          |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | • | Turn-key product management services for        retailers – including comprehensive vendor compliance management,        central delivery and distribution centers close to consumption, inventory    forecasting, replenishment and management – all on the Web.                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | • | Merge-in-transit logistics involving movement        of products from various vendors at multiple locations to a Company facility        and the subsequent merger of the various deliveries into a single coordinated        delivery to the final destination. Such services are useful to retailers        where deliveries from diverse sources are organized and distributed to    maximize efficiency of their sales and marketing programs. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | • | Web-based fulfillment solutions providing        order management as well as the subsequent pick, pack and shipment for    our customers.                                                                                                                                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | • | Turn-key supply chain and logistics outsourcing        projects where we operate one or more warehouses or the entire end-to-end        supply chain. We provide sophisticated systems that supply global location,        status and ownership of parts/SKUs and enable the timely cross border        customs clearance and placement desired by the final consumer of the    goods.                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | • | Value-added, high-speed, time-definite, total-destination        programs that include packaging, transportation, unpacking and placement    of	new products and equipment.                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | • | Packaging, transportation, unpacking and    stand installation for domestic trade shows and major expositions.                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | • | Reverse logistics involving the return of        products from end users to manufacturers, retailers, resellers or remanufacturers,        including verification of working order, defect analysis, serial number    tracking and inventory management.                                                                                                                                                                                           |

 

6

----

Back to Contents

Information Systems 

A key    component of our growth strategy is the regular enhancement of our information    systems and ultimate migration of the information systems of our acquired    companies to a common set of back-office and customer facing applications.    We believe that the ability to provide accurate, real-time information on    the status of shipments and the status, ownership and details of the accompanying    inventory is paramount to our customers. We believe that our efforts in this    area will provide competitive service advantages, new customers and an increase    of business from existing accounts. In addition, we believe that centralizing    our back-office operations and using our transportation management system    to automate the rating, routing, tender and financial settlement processes    for transportation movements will drive significant productivity improvement    across our network. 

To    execute this strategy, we have and will continue to assess technologies obtained    through our acquisition strategy in combination with commercially available    supply chain technologies to launch our own “best-of-breed” solution    set using a combination of owned and licensed technologies. We refer to this    technology set as Tech-LogisTM (or Technology in Logistics). We    are using Tech-LogisTM to provide: (1) a customer-facing portal    that unifies the look and feel of how customers, employees and suppliers    work with and connect to us; (2) a robust supply chain operating system including    order, inventory optimization, transportation, warehouse and supply chain    event management for use across the organization; and (3) a common data repository    for analysis and reporting to provide advanced metrics to management and    our customers. We expect to finish the delivery of the Tech-LogisTM platform    in 2004 and to provide subsequent upgrades and new service areas    over time. 

In executing    this strategy, we have and will continue to invest significant management    and financial resources to deliver these technologies. We believe    these technologies will provide financial and competitive advantages in the    years ahead and will increase our competitive differentiation.

Sales and Marketing 

We    market services on a global basis using our senior management, sales executives,    regional managers, terminal managers and our national service centers located    strategically across the United States and in select international locations. 

We    seek to create long-term relationships with our customers and to increase    the quantity of business from each customer over time. Additionally, we have    increased our emphasis on obtaining high-revenue national accounts with multiple    shipping locations. These accounts typically impose numerous requirements    on those competing for their freight business, including electronic data    interchange and proof of delivery capabilities, the ability to generate customized    shipping reports and a nationwide network of terminals. These requirements    often limit the competition for these accounts to a very small number of    logistics providers, enabling us to more effectively compete for these accounts.

Our      customers include large manufacturers and distributors of computers and    other electronic and high-technology equipment, printed and publishing materials,    automotive      and aerospace components, trade show exhibit materials, telecommunications      equipment, machinery and machine parts, apparel, entertainment products,      and household goods. For the year ended December 31, 2003, our largest      customer, Best Buy Co., Inc., accounted for approximately 24% of our revenues,      down from 33% in 2002. Approximately 22% of our 2003 revenue was derived      from our next five largest customers, none of which accounted for 10% or      more of our 2003 revenue. As our current companies continue to diversify,      and as we continue our acquisition strategy, our exposure to customer and      industry concentrations should be significantly reduced. ****

We    have begun to place an increased emphasis on the development of a global    brand platform. Over the course of 2003, we began operating all of our businesses    under the single global brand “Stonepath Logistics,” which we    believe will help us reach our organic expansion goals.

Competition and Business Conditions 

Our    business is directly impacted by the volume of domestic and international    trade. The volume of this trade is influenced by many factors, including    economic and political conditions in the United States and abroad, major    work stoppages, exchange controls, currency fluctuations, acts of war, terrorism    and other armed conflicts, and United States and international laws relating    to tariffs, trade restrictions, foreign investments and taxation. 

The    global logistics services and transportation industries are intensively competitive    and are expected to remain so for the foreseeable future. We compete against    other integrated logistics companies, as well as transportation services    companies, consultants, information technology vendors and shippers' transportation    departments. This competition is based primarily on rates, quality of service    (such as damage-free shipments, on-time delivery and consistent transit times),    reliable pickup and delivery and scope of operations. 

7

----

Back to Contents

As a provider of third-party logistics    services, we encounter competition from a large number of firms, much of    it coming from local or regional firms which have only one or a small number    of offices and do not offer the breadth of services and integrated approach    as we offer. However, some of this competition comes from major United States    and foreign-owned firms which have networks of offices and offer a wide variety    of services. We believe that quality of service, including information systems    capability, global network capacity, reliability, responsiveness, expertise    and convenience, scope of operations, customized program design and implementation    and price are important competitive factors in our industry. 

Competition within the domestic freight    forwarding industry is also intense. Although the industry is highly fragmented    with a large number of participants, we compete most often with a relatively    small number of freight forwarders with nationwide networks and the capability    to provide the breadth of services offered by us. We also encounter competition    from passenger and cargo air carriers, trucking companies and others. As    we expand our international operations, we expect to encounter increased    competition from those freight forwarders that have a predominantly international    focus, including DHL Danzas Air and Ocean, Expeditors International of Washington,    Inc., UPS Supply Chain Solutions (a unit of United Parcel Service) and Eagle    Logistics, Inc. Many of our competitors have substantially greater financial    resources than we do. 

We also encounter competition from    regional and local air freight forwarders, cargo sales agents and brokers,    surface freight forwarders and carriers and associations of shippers organized    for the purpose of consolidating their members' shipments to obtain lower    freight rates from carriers. As an ocean freight forwarder, we will encounter    strong competition in every country in which we choose to operate. This includes    competition from steamship companies and both large forwarders with multiple    offices and local and regional forwarders with one or a small number of offices.    Quality of service, including reliability, responsiveness, expertise and    convenience, scope of operations, information technology and price are the    most important competitive factors in our industry. 

Regulation 

We do not believe that transportation    related regulatory compliance has had a material adverse impact on operations    to date. However, failure to comply with the applicable regulations or to    maintain required permits or licenses could result in substantial fines or    revocation of our operating permits or authorities. We cannot give assurance    as to the degree or cost of future regulations on our business. Some of the    regulations affecting our operations are described below. 

Our air freight forwarding business    is subject to regulation, as an indirect air cargo carrier, under the U.S.    Department of Transportation’s Transportation Security Administration.    The airfreight forwarding industry is subject to regulatory and legislative    changes that can affect the economics of the industry by requiring changes    in operating practices or influencing the demand for, and the costs of providing,    services to customers. 

Our surface freight forwarding operations    are subject to various federal statutes and are regulated by the Surface    Transportation Board. This federal agency has broad investigatory and regulatory    powers, including the power to issue a certificate of authority or license    to engage in the business, to approve specified mergers, consolidations and    acquisitions, and to regulate the delivery of some types of domestic shipments    and operations within particular geographic areas. The Surface Transportation    Board and U.S. Department of Transportation also have the authority to regulate    interstate motor carrier operations, including the regulation of certain    rates, charges and accounting systems, to require periodic financial reporting,    and to regulate insurance, driver qualifications, operation of motor vehicles,    parts and accessories for motor vehicle equipment, hours of service of drivers,    inspection, repair, maintenance standards and other safety related matters.    The federal laws governing interstate motor carriers have both direct and    indirect application to the Company. The breadth and scope of the federal    regulations may affect the operations of the Company and the motor carriers    which we use to provide transportation services. In certain locations, state    or local permits or registrations may also be required to provide or obtain    intrastate motor carrier services for the Company. Our property brokerage    operations similarly subject us to various federal statutes and regulation    as a property broker by the Surface Transportation Board, and we have obtained    a property broker license and posted a surety bond as required by federal    law. Our international operations are subject to regulation by the Federal    Maritime Commission, or FMC, as it regulates and licenses ocean forwarding    operations. Indirect ocean carriers (non-vessel operating common carriers)    are subject to FMC regulation, under the FMC tariff filing and surety bond    requirements, and under the Shipping Act of 1984, particularly those terms    proscribing rebating practices.

8

----

Back to Contents

Our customs brokerage  operations are subject to the licensing requirements of the U.S. Treasury and  are regulated by the U.S. Customs Service. Foreign customs brokerage operations  are also licensed in and subject to the regulations of their respective countries.  

In the  United States, we are also subject to federal, state and local provisions relating  to the discharge of materials into the environment or otherwise for the protection  of the environment. Similar laws apply in many foreign jurisdictions in which  we operate or may operate in the future. Although current operations have not  been significantly affected by compliance with these environmental laws, governments  are becoming increasingly sensitive to environmental issues, and we cannot predict  what impact future environmental regulations may have on our business. We do  not anticipate making any material capital expenditures for environmental control  purposes. 

Personnel 

At December  31, 2003, we had 827 employees of which 622 employees were engaged in operations,  57 in sales and marketing, and 148 in finance, administration and management  functions.

None  of our employees are covered by a collective bargaining agreement, and we believe  that we have a good relationship with our employees. 

Discontinued Operations 

Prior  to the first quarter of 2001, our principal business was developing early-stage  technology businesses with significant Internet features and applications. Largely  as a result of the significant correction in the global stock markets which  began during 2000, and the corresponding decrease in the valuation of technology  businesses and contraction in the availability of venture financing, we changed  our business strategy to focus on the acquisition of operating businesses within  a particular industry segment. 

After  having evaluated a number of different industries, during the second quarter  of 2001 we focused our acquisition efforts specifically on the transportation  and logistics industry as it: 

|  | • | demonstrated significant growth characteristics      as an increasing number of businesses outsource their supply-chain management      in order to achieve cost-effective logistics solutions; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | is positioned for further consolidation as      many sectors of the industry remain fragmented; and                                                                                             |
|  | • | is capable of achieving enhanced efficiencies      through the adoption of e-commerce and other technologies.                                                                                   |

This decision occurred in conjunction  with our June 21, 2001 appointment of Dennis L. Pelino as our Chairman  and Chief Executive Officer. Mr. Pelino brings to us over 25 years of logistics  experience, including as President and Chief Operating Officer of Fritz Companies,  Inc., where he was employed from 1987 to 1999. 

To reflect  the change in business model, our financial statements have been presented in  a manner in which the assets, liabilities, results of operations and cash flows  related to our former business have been segregated from those of our continuing  operations and are presented as discontinued operations. 

Corporate Information

Stonepath  Group, Inc. was incorporated in Delaware in 1998. Our principal executive offices  are located at 1600 Market Street, Suite 1515, Philadelphia, Pennsylvania. Our  telephone number is (215) 979-8370 and our Internet website address is www.stonepath.com.  We make available free of charge on our website all materials that we file with  the Securities and Exchange Commission, including our Annual Report on Form 10-K,  Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to  these reports as soon as reasonably practicable after such materials have been  filed with, or furnished to, the Securities and Exchange Commission.

Segment Information

For  additional information about our business segments, see the business segment  information presented in Note 15 to our Consolidated Financial Statements.

**Risks Particular to our Business**

 

9

----

Back to Contents

Our  goal is to build a global logistics services organization. Realizing this goal  will require the acquisition of a number of diverse companies in the logistics  industry covering a variety of geographic regions and specialized service offerings.  There can be no assurance that we will be able to identify, acquire or profitably  manage additional businesses or successfully integrate any acquired businesses  without substantial costs, delays or other operational or financial problems.  Further, acquisitions involve a number of risks, including possible adverse  effects on our operating results, diversion of management resources, failure  to retain key personnel, and risks associated with unanticipated liabilities,  some or all of which could have a material adverse effect on our business, financial  condition and results of operations. 

|   | • | **Additional financing will be required      to implement our business strategy.** |
|--------|--------|------------------------------------------------------------------------------------|

We believe  that our current working capital and anticipated cash flow from operations are  adequate to fund existing operations. Our ability to complete further acquisitions,  however, is limited until we raise additional capital, primarily due to limitations  under our existing credit facility and in view of anticipated expenditures that  will be required to satisfy acquisition related earn-out payments that will  be due in April 2004 and beyond. We may finance acquisitions, however, using  our securities for all or some portion of the consideration. In the event that  our common stock does not attain or maintain a sufficient market value or potential  acquisition candidates are otherwise unwilling to accept our securities as part  of the purchase price for the sale of their businesses, we may be required to  utilize more of our cash resources, if available, in order to continue our acquisition  program. If we do not have sufficient cash resources through either operations  or from debt facilities, our growth could be limited unless we are able to obtain  such additional capital.

 We  are required to make significant cash payments in the future when and if the  earn-out installments for our acquisitions become due. While we believe that  some portion of the required cash will be generated by each of the acquired  subsidiaries, we most likely will have to secure additional sources of capital  to fund some portion of the earn-out payments as they become due. This may require  us to incur additional indebtedness or issue additional equity securities. We  cannot be certain that we will be able to borrow any funds for this purpose  on terms acceptable to us, if at all, or that once we incur such indebtedness,  that we will be able to operate profitably. Additional indebtedness could negatively  impact our cash flow and ability to make further acquisitions. Issuing additional  shares of common stock or common stock equivalents to generate the required  financing would increase the number of shares outstanding and further dilute  the interests of our existing shareholders.

|   | • | **Our credit facility places limitations      on the type and number of acquisitions we may make.** |
|--------|--------|-----------------------------------------------------------------------------------------------------|

 We  have obtained a $20.0 million credit facility from LaSalle Business Credit,  Inc. to provide additional funding for acquisitions and for our on-going working  capital requirements. Under the terms of the credit facility, we are permitted  to make additional acquisitions without the lender's consent only if certain  conditions are satisfied. The conditions imposed by the credit facility include  the following: (1) the absence of an event of default under the credit facility;  (2) the company to be acquired must be in the transportation and logistics industry;  (3) the purchase price to be paid must be consistent with our historical business  and acquisition model; (4) the undrawn availability under the credit facility  must average $5.0 million for the 60 days preceding the acquisition and must  be at least $5.0 million after giving effect to the acquisition; (5) the lender  must be reasonably satisfied with projected financial statements we provide  covering a 12 month period following the acquisition; (6) the acquisition documents  must be provided to the lender and must be consistent with the description of  the transaction provided to the lender; (7) as of March 1, 2004, the aggregate  incremental cash that may be moved off-shore in support of foreign acquisitions  or other general corporate purposes must not exceed $2.9 million (such amount  may be increased in connection with subsequent equity offerings); and (8) the  number of such permitted acquisitions is limited to four per year (excluding  any acquisitions for which the purchase price is payable solely in stock). In  the event that we were not able to satisfy the conditions of the credit facility  in connection with a proposed acquisition, we would have to forego the acquisition  unless we either obtained the lender's consent or retired the credit facility.  This may limit or slow our ability to achieve the critical mass we may need  to achieve our strategic objectives. 

|   | • | **Our credit facility contains financial      covenants that may limit its current availability.** |
|--------|--------|----------------------------------------------------------------------------------------------------|

The  terms of our credit facility are subject to certain financial covenants which  may limit the amount otherwise available under that facility. Principal among  these are financial covenants that limit availability based upon measures of  our cash flow, as well as a covenant that limits funded debt (the “Funded  Debt Covenant”) to a multiple of consolidated earnings before interest,  taxes, depreciation and amortization generated from the operations of our United  States subsidiaries (“Domestic EBITDA”). Under the Funded Debt Covenant,  our funded debt is limited to a multiple of 2.75 of our Domestic EBITDA measured  on a rolling four quarter basis. For the rolling four quarter period ending  December 31, 2003, this financial covenant did not provide any limitation because  our rolling four quarter Domestic EBITDA measured $8.2 million and the limitation  on funded debt of approximately $22.6 million exceeded our current $20.0 million  facility. However, our ability to continue to generate Domestic EBITDA will  be critical to our ability to use the full amount of the credit facility.

10

----

Back to Contents

 •      **Due      to our acquisition strategy, our earnings will be adversely affected by      non-cash charges relating to the amortization of intangibles.**

Under    applicable accounting standards, purchasers are required to allocate the    total consideration paid in a business combination to the identified acquired    assets and liabilities based on their fair values at the time of acquisition.    The excess of the consideration paid in a business combination over the fair    value of the identifiable tangible assets acquired is to be allocated among    identifiable intangible assets and goodwill. The amount allocated to goodwill    is not subject to amortization. However, it is tested at least annually for    impairment. The amount allocated to identifiable intangibles, such as customer    relationships and the like, is amortized over the life of these intangible    assets. This subjects us to periodic charges against our earnings to the    extent of the amortization incurred for that period. Because our business    strategy focuses on growth through acquisitions, our future earnings will    be subject to greater non-cash amortization charges than a company whose    earnings are derived organically. As a result, we will experience an increase    in non-cash charges related to the amortization of intangible assets acquired    in our acquisitions. This will create the appearance, based on our financial    statements, that our intangible assets are diminishing in value, when in    fact they may be increasing because we are growing the value of our intangible    assets (e.g., customer relationships). Because of this discrepancy, we believe    EBITDA provides a meaningful measure of our financial performance. However,    the investment community generally measures a public company's performance    by its net income. Thus, while we believe EBITDA provides a meaningful measure    of our financial performance, should the investment community elect to place    more emphasis on our net income, the future price of our common stock could    be adversely affected.

•      **Since      we are not obligated to follow any particular criteria or standards for      acquisition candidates, shareholders must rely solely on our ability to      identify, evaluate and complete acquisitions.**

Even    though we have developed general acquisition guidelines, we are not obligated    to follow any particular operating, financial, geographic or other criteria    in evaluating candidates for potential acquisitions or business combinations.    We target companies which we believe will provide the best potential for    long-term financial return for our shareholders and we determine the purchase    price and other terms and conditions of acquisitions. Our shareholders will    not have the opportunity to evaluate the relevant economic, financial and    other information that we will use and consider in deciding whether or not    to enter into a particular transaction. 

•      **The      scarcity of, and competition for, acquisition opportunities makes it more      difficult to complete acquisitions.**

There    are a limited number of operating companies available for acquisition which    we consider desirable. In addition, there is a high level of competition    to acquire these operating companies. A large number of established and well-financed    entities are active in acquiring the type of companies we believe are desirable.    Many of these entities have significantly greater financial resources than    we have. Consequently, we are at a competitive disadvantage in negotiating    and executing possible acquisitions of these businesses. Even if we are able    to successfully compete with these entities, this competition may affect    the terms of completed transactions and, as a result, we may pay more than    we expected for potential acquisitions. We may find it difficult to identify    operating companies that complement our strategy, and even if we identify    a company that complements our strategy, we may be unable to complete an    acquisition of such a company for many reasons, including: 

|        |        | -      | a failure to agree on the terms necessary        for a transaction, such as purchase price; |
|--------|--------|--------|---------------------------------------------------------------------------------------------|
|   |   |   |                                                                                        |

|  |  | -      | incompatibility of operating strategies        and management philosophies; |
|--|--|--------|-----------------------------------------------------------------------------|
|  |  |   |                                                                        |

|   |   | -      | competition from other acquirers        of operating companies; |
|--------|--------|--------|-----------------------------------------------------------------|
|   |   |   |                                                            |

|  |  | -       | insufficient capital to acquire a profitable        logistics company; and                            |
|--|--|---------|-------------------------------------------------------------------------------------------------------|
|  |  |    |                                                                                                  |
|  |  | -  | the unwillingness of a potential acquiree    to work with our management or our affiliated companies. |
|  |  |    |                                                                                                  |

We    will not be able to successfully implement our business plan if we are unable    to successfully compete with other entities in acquiring the companies we    target.

11

----

Back to Contents

•      **The      issuance of additional securities may cause additional dilution to the      interests of our existing shareholders.**

The    additional financing required to fund our acquisition strategy may require    us to issue additional shares of common stock or common stock equivalents    to generate the required financing. For example, we issued 6,024,908 shares    of our common stock in a private placement transaction that closed in October    2003. We could offer additional shares in private placements transactions    or public offerings. We recently filed a “shelf” registration    statement with the SEC that will enable us to publicly sell $50.0 million    of securities in the near term. Any issuances of securities in the future    will further increase the number of shares outstanding and further dilute    the interests of our existing shareholders. We may issue more shares of common    stock for this purpose without prior notice to our shareholders. 

We    may also issue securities to, among other things, facilitate a business combination,    acquire assets or stock of another business, compensate employees or consultants    or for other valid business reasons at the discretion of our Board of Directors,    which could further dilute the interests of our existing shareholders.

•      **The      exercise or conversion of our outstanding options, warrants or other convertible      securities or any derivative securities we issue in the future will result      in the dilution of our existing shareholders and may create downward pressure      on the trading price of our common stock.**

We    are currently authorized to issue 100,000,000 shares of common stock. As    of March 1, 2004, we had 39,004,242 outstanding shares of common stock. We    may in the future issue up to 16,221,867 additional shares of our common    stock upon conversion or exercise of existing outstanding convertible securities,    options and warrants in accordance with the following schedule:

|                                                               | Number of Shares |   | Proceeds |       |
|--------------------------------------------------------------------|------------------|--------|----------|------------|
|                                                               |                  |   |          |            |   |
| Shares    issuable upon conversion of the Series D preferred stock | 3,093,970        |   | $        | –     |   |
| Options      outstanding under our Stock Option Plan               | 10,313,634       |   |     | 15,522,126 |   |
| Non-Plan Options                                                   | 1,326,700        |   |     | 2,774,250  |   |
| Warrants                                                           | 1,487,563        |   |     | 1,547,573  |   |
|                                                               |                  |   |          |            |   |
| Total                                               | 16,221,867       |   | $        | 19,843,949 |   |
|                                                               |                  |   |          |            |   |

Even    though the aggregate exercise of these securities could generate material    proceeds for us, the issuance of these additional shares of common stock    would result in the dilution of the ownership interests of our existing common    shareholders and the market price of our common stock could be adversely    affected. 

•      **We      rely on a small number of key customers, the loss of any of which would      have a negative effect on our results of operations.**

Even    though our customer base is diversifying as we grow through acquisitions,    it remains highly concentrated. For the year ended December 31, 2003 our    largest customer, Best Buy Co., Inc., a national retail chain, accounted    for approximately 24% of our total revenues. Our next five largest customers    accounted for approximately 22% of our total revenues, with none of these    customers accounting for 10% or more of our total revenues. We believe the    risk posed by this concentration is mitigated by our longstanding and continuing    relationships with these customers and we are confident that these relationships    will remain ongoing for the foreseeable future. We intend to continue to    provide superior service to all of our customers and have no expectation    that revenues from any of these customers will be reduced as a result of    any factors within our control. However, adverse conditions in the industries    of our customers could cause us to lose a significant customer or experience    a decrease in shipment volume. Either of these events could negatively impact    us. Our immediate plans, however, are to reduce our dependence on any particular    customer or customers by increasing our sales and customer base by, among    other things, diversifying our service offerings and continuing with our    growth strategy. 

12

----

Back to Contents

•      **The      risks associated with international operations could adversely affect our      operations and ability to grow outside of the United States.**

A significant    portion of our revenues is derived from our international operations and    the growth of those operations is an important part of our business strategy.    Our current international operations are focused on the shipment of goods    into and out of the United States and are dependent on the volume of international    trade with the United States. Our strategic plan contemplates the growth    of those operations as well as expanding into the transportation of goods    wholly outside of the United States. The following factors could adversely    affect our current international operations as well as the growth of those    operations:

|   | – | the political and economic systems    in certain international markets are less stable than in the United States;                                              |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                           |
|   | – | wars, civil unrest, acts of    terrorism and other conflicts exist in certain international markets;                                                           |
|   |   |                                                                                                                                                           |
|   | – | export restrictions, tariffs,    licenses and other trade barriers can adversely affect the international    trade serviced by our international operations;   |
|   |   |                                                                                                                                                           |
|   | – | managing distant operations    with different local market conditions and practices is more difficult    than managing domestic operations;                    |
|   |   |                                                                                                                                                           |
|   | – | differing technology standards    in other countries present difficulties and incremental expense in integrating    our services across international markets; |
|   |   |                                                                                                                                                           |
|   | – | complex foreign laws and treaties    can adversely affect our ability to compete; and                                                                          |
|   |   |                                                                                                                                                           |
|   | – | our ability to repatriate funds    may be limited by tax ramifications and foreign exchange controls.                                                          |

•      **Terrorist      attacks and other acts of violence or war may affect any market on which      our shares trade, the markets in which we operate, our operations and our      profitability.**

Terrorist    acts or acts of war or armed conflict could negatively affect our operations    in a number of ways. Any of these acts could result in increased volatility    in or damage to the United States and worldwide financial markets and economy.    Acts of terrorism or armed conflict, and the uncertainty caused by such conflicts,    could cause an overall reduction in worldwide sales of goods and corresponding    shipments of goods. This would have a negative effect on our operations.    Also, terrorist activities similar to the type experienced on September 11,    2001 could result in another halt of trading of securities on the American    Stock Exchange, which could also have an adverse effect on the trading price    of our shares and overall market capitalization.

•      **We      depend on the continued service of certain executive officers. We can not      assure you that we will be able to retain these persons.**

For    the foreseeable future, our success will depend largely on the continued    services of our Chief Executive Officer, Dennis L. Pelino, as well as the    heads of our domestic and international service organizations, Gary Koch    and Jason Totah, because of their collective industry knowledge, marketing    skills and relationships with major vendors and customers. We have employment    agreements with each of these individuals which contain a non-competition    covenant which survives their actual term of employment. Nevertheless, should    any of these individuals leave the Company, it could have a material adverse    effect on our future results of operations.

•      **We      face intense competition in our industry.**

The    freight forwarding, logistics and supply chain management industry is intensely    competitive and is expected to remain so for the foreseeable future. We face    competition from a number of companies, including many that have significantly    greater financial, technical and marketing resources. There are a large number    of companies competing in one or more segments of the industry, although    the number of firms with a global network that offer a full complement of    freight forwarding and supply chain management services is more limited.    Depending on the location of the customer and the scope of services requested,    we must compete against both the niche players and larger entities. In addition,    customers increasingly are turning to competitive bidding situations involving    bids from a number of competitors, including competitors that are larger    than we are.

13

----

Back to Contents

•     **Our stock price may be volatile due tofactors under, as well as out of, our control.**

The    market price of our common stock has been highly volatile. Some factors that    may affect the market price in the future include:

|   | – | actual or anticipated fluctuations    in our operating results;                                                                                                                   |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                              |
|   | – | announcements of technological    innovations or new commercial products or services by us or our competitors;                                                                    |
|   |   |                                                                                                                                                                              |
|   | – | a continued weakening of general        market conditions which in turn could have a depressive effect on the    volume of goods shipped and shipments that we manage or arrange; |
|   |   |                                                                                                                                                                              |
|   | – | acts of global terrorism or    armed conflicts; and                                                                                                                               |
|   |   |                                                                                                                                                                              |
|   | – | changes in recommendations        or earnings estimates by us or by securities analysts.                                                                                          |

Furthermore,    the stock market has historically experienced volatility which has particularly    affected the market prices of securities of many companies with a small market    capitalization and which sometimes has been unrelated to the operating performances    of such companies.

•      **Our      cash flow will be adversely affected in the future once we make use of      our****consolidated net operating loss carryforward available to offset      future earnings.**

Due    to losses we incurred in our former business model, we have accumulated a    net operating loss carryforward for federal income tax purposes. As of December    31, 2003, approximately $17.8 million of these losses were available to offset    our taxable income until the losses are fully utilized. Once these available    losses have been utilized, our cash flows will be affected accordingly. We    do not anticipate paying federal income taxes during 2004 as we expect that    our existing net operating loss carryforward should be sufficient to offset    expected taxable income. However, additional sales of our securities could    have the effect of significantly limiting our ability to utilize our existing    net operating loss carryforward in the future.

•      **If      we fail to improve our management information and financial reporting systems,      we may experience an adverse effect on our operations and financial condition.**

Our    management information and financial reporting systems need to be improved.

In    January 2004, we restated our consolidated statements of operations for the    last three quarters of fiscal 2002, the first three quarters of fiscal 2003,    and for the year ended December 31, 2002 to correct a process error discovered    in the legacy accounting processes of Stonepath Logistics International Services,    Inc. (f/k/a Global Transportation Systems, Inc.) and Global Container Line,    Inc., its wholly owned subsidiary. The error resulted in the failure to eliminate    certain intercompany transactions in consolidation. This resulted in an overstatement    of total revenue and a corresponding overstatement of the cost of transportation,    with no resulting impact on net revenue, EBITDA or net income. This process    error had been embedded within the legacy accounting processes of Global    Transportation Systems, Inc. for a period which began substantially before    its acquisition by the Company in April 2002. 

We    believe that the presence of this error, in and of itself, constitutes a    reportable condition as defined under standards established by the American    Institute of Certified Public Accountants. A reportable condition is a significant    deficiency in the design or operation of internal controls, which could adversely    affect an organization's ability to initiate, record, process and report    financial data consistent with the assertions of management in the financial    statements. To specifically respond to this matter, and in general to meet    our obligations under Section 404 of the Sarbanes-Oxley Act of 2002, we have    commenced an overall review of our internal controls over financial reporting.    As part of the assessment of our internal controls over financial reporting,    we are focusing on our recent growth in terms of both size and complexity,    coupled with the fact that our finance and accounting functions are largely    decentralized. Although this review is not yet completed, we have initiated    an immediate change in process to correct the process error that occurred    and to reduce the likelihood that a similar error could occur in the future.

14

----

Back to Contents

While we believe we have a plan that,    when completed, will eliminate the reportable condition described above,    we may experience delays, disruptions and unanticipated expenses in completing    that plan and in otherwise implementing, integrating and operating our consolidated    management information and financial reporting systems. Failure to enhance    these systems could delay our receipt of management and financial information    at the consolidated level which could disrupt our operations or impair our    ability to monitor our operations and have a negative effect on our financial    condition.

•     **Because      we are a holding company, we depend on receiving distributions from our      subsidiaries and we could be harmed if such distributions could not be      made in the future.**

We    are a holding company and all of our operations are conducted through subsidiaries.    Consequently, we rely on dividends or advances from our subsidiaries. The    ability of our subsidiaries to pay dividends and our ability to receive distributions    from those subsidiaries are subject to applicable local law and other restrictions    including, but not limited to, applicable tax laws. Such laws and restrictions    could limit the payment of dividends and distributions to us which would    restrict our ability to continue operations. 

•      **We      believe our industry is consolidating and if we cannot gain sufficient      market presence, we may not be able to compete successfully against larger      global companies.**

We    believe the market trend within our industry is towards consolidation of    the niche players into larger companies which are attempting to increase    global operations through the acquisition of regional and local freight forwarders.    If we cannot gain sufficient market presence or otherwise establish a successful    strategy in our industry, we may not be able to compete successfully against    larger companies in our industry with global operations.

•      **We      may be required to incur material expenses in defending or resolving outstanding      lawsuits which would adversely affect our results of operations.**

We    are a defendant in a number of legal proceedings, including one particular    matter that we have identified as material in our periodic SEC filings. Although    we believe that the claims asserted in these proceedings are without merit,    and we intend to vigorously defend these matters, we could incur material    expenses in the defense and resolution of these matters. Since we have not    established any reserves in connection with these claims, any such liability    would be recorded as an expense in the period incurred or estimated. This    amount, even if not material to our overall financial condition, could adversely    affect our results of operations in the period recorded.

•      **We      have a limited operating history upon which you can evaluate our prospects.**

During    2001, we discontinued our former business model of developing early-stage    technology businesses, and adopted a new model of delivering non-asset based    third-party logistics services. The first acquisition under our new business    model occurred on October 5, 2001. Subsequent acquisitions were completed    during 2002, 2003 and 2004. As a result, we have a limited operating history    under our current business model. Even though we are managed by senior executives    with significant experience in the industry, our limited operating history    makes it difficult to predict the longer-term success of our business model.

•     **Provisions          of our charter and applicable Delaware law may make it more difficult        to complete a contested takeover of our Company.**

Certain    provisions of our certificate of incorporation and the General Corporation    Law of the State of Delaware (the “GCL”) could deter a change    in our management or render more difficult an attempt to obtain control of    us, even if such a proposal is favored by a majority of our shareholders.    For example, we are subject to the provisions of the GCL that prohibit a    public Delaware corporation from engaging in a broad range of business combinations    with a person who, together with affiliates and associates, owns 15% or more    of the corporation's outstanding voting shares (an “interested shareholder”)    for three years after the person became an interested shareholder, unless    the business combination is approved in a prescribed manner. Finally, our    certificate of incorporation includes undesignated preferred stock, which    may enable our Board of Directors to discourage an attempt to obtain control    of us by means of a tender offer, proxy contest, merger or otherwise.

15

----

Back to Contents

| **Item 2.** | **Properties** |
|------------------|----------------|

TheCompany does not own any real estate and currently leases all of its facilities. 

Our    corporate headquarters is located at 1600 Market Street, Suite 1515, Philadelphia,    Pennsylvania where we lease approximately 4,000 square feet of office space. 

As    of March 1, 2004, we leased and maintained logistics facilities in 23 locations    throughout the United States plus 11 international locations. The majority    of these locations are operating terminals that contain office space and    warehouse or cross-dock facilities and range in size from approximately 1,200    square feet to 160,000 square feet. A few of these facilities are limited    to a small sales and administrative office. 

Lease    terms for our principal properties are generally up to five years and terminate    at various times through 2010, while a few of the smaller facilities are    leased on a month-to-month basis. The Company believes that current leases    can be extended and that suitable alternative facilities are available in    the vicinity of existing facilities should extensions be unavailable or undesirable    at the end of the current lease arrangements. 

Our    facilities are situated in the following locations:

|   | Philadelphia, Corporate Headquarters | New York, NY                |
|--------|--------------------------------------|-----------------------------|
|   | Minneapolis (2 locations)            | El Paso                     |
|   | Seattle                              | Boston                      |
|   | Chicago                              | Portland, ME                |
|   | Detroit                              | Los Angeles                 |
|   | Dallas/Fort Worth                    | San Francisco               |
|   | St. Louis                            | Miami                       |
|   | Atlanta                              | Puerto Rico                 |
|   | Indianapolis                         | Hong Kong                   |
|   | Phoenix                              | Singapore (2 locations)     |
|   | Salt Lake City                       | Malaysia (3 locations)      |
|   | Washington, D.C. (2 locations)       | Cambodia                    |
|   | Norfolk                              | Shanghai, PRC (2 locations) |
|   | Milwaukee                            | Nanjing, PRC                |
|   |                                 |                        |

| **Item 3.** | **Legal Proceedings** |
|------------------|-----------------------|

On    October 12, 2000, Emergent Capital Investment Management, LLC ("Emergent")    filed suit against the Company and two of its officers in the United States    District Court for the Southern District of New York contending that it was    misled by statements made by the defendants in connection with the offering    of the Company's Series C Preferred Stock which closed in March 2000.    Specifically, Emergent alleges that it is entitled to rescind the transaction    because it was allegedly represented that the size of the offering would    be $20.0 million and the Company actually raised $50.0 million. Emergent    seeks a return of its $2.0 million purchase price of Series C shares.  InJune of 2001, the Company moved for summary judgment in this case.

After    the summary judgment motion was filed, Emergent filed a second action against    the Company and two of its officers alleging different allegations of fraud    in connection with the Series C offering. In the new complaint, Emergent    alleges that oral statements and written promotional materials distributed    by the Company at a meeting in connection with the Series C offering were    materially inaccurate with respect to the Company's investment in Net Value,    Inc., a wholly owned subsidiary of the Company.  Emergent also contends    that the defendants failed to disclose certain allegedly material transactions    in which an officer was involved prior to his affiliation with the Company.    The Company filed a motion to dismiss this new action for failure to statea claim upon which relief can be granted.

On    October 2, 2001, the District Court entered an order granting summary judgment    to the defendants in the first case filed by Emergent and dismissing Emergent’s    second complaint for failure to state a claim upon which relief can be granted.  The    District Court allowed Emergent 20 days to file a second amended complaint    as to the second action only. On October 21, 2001, Emergent did file a second    amended complaint in the second action.  The second amended complaint    did not raise any new factual allegations regarding Emergent's participationin the offering.

16

----

Back to Contents

The Company filed a motion    to dismiss Emergent's second amended complaint. On April 15, 2002,    the District Court entered an order granting the motion to dismiss Emergent’s    second amended complaint against the Company and its former officers. The    District Court refused to grant Emergent an additional opportunity to re-plead    its claims against the defendants and a final order dismissing the matter    has been entered. Emergent thereafter filed a notice of appeal to the    United States Court of Appeals for the Second Circuit. On September    4, 2003, the Second Circuit Court of Appeals entered an order affirming in    part, vacating in part and remanding in part the matter to the DistrictCourt. The Court of Appeals affirmed the dismissal of some of the countsin the Second Amended Complaint and determined that Emergent had stated a claimon the other counts. The Company has filed an answer denying liabilityto Emergent and discovery on causation issues is proceeding. The Companyintends to continue to vigorously defend this matter.

The          Company is also involved in various other claims and legal actions    arising in the ordinary course of business. In the opinion of management,          the ultimate disposition of these matters will not have a material adverse          effect on the Company's consolidated financial position, results of operations          or liquidity. No accruals have been established for any pending  legal proceedings.

| **Item 4.** | **Submission of Matters to a Vote of Security    Holders** |
|------------------|------------------------------------------------------------|

     None

**PART II**

| **Item 5.** | **Market for Registrant's          Common Equity, Related Stockholder Matters and Issuer Purchases of          Equity Securities** |
|------------------|------------------------------------------------------------------------------------------------------------------------------------|

Our    common stock is traded on the American Stock Exchange under the symbol “STG.” The    table below sets forth the high and low prices for our common stock for the    quarters included within 2003 and 2002. 

|                                    |           | **High** |   | **Low** |   |
|-----------------------------------------|----------------|----------|--------|---------|--------|
|                                    |                |     |        |    |
| Year ended    December 31, 2003    |           |     |   |    |
|                                    | First quarter  | $1.84    |   | $1.40   |   |
|                                    | Second quarter | 2.79     |   | 1.75    |   |
|                                    | Third quarter  | 3.14     |   | 2.00    |   |
|                                    | Fourth quarter | 2.99     |   | 2.26    |   |
|                                    |           |     |   |    |
|  Year ended December 31, 2002 |           |     |   |    |
|                                    | First quarter  | 2.15     |   | 1.20    |   |
|                                    | Second quarter | 2.95     |   | 1.10    |   |
|                                    | Third quarter  | 1.70     |   | 0.95    |   |
|                                    | Fourth quarter | 1.74     |   | 1.01    |   |

Share Information

As    of March 1, 2004 there were 39,004,242 shares of our common stock outstanding,    owned by 266 registered holders of record. Management estimates there are    over 3,000 stockholders holding their stock in nominee name. We have not    paid cash dividends on our common stock and do not anticipate or contemplate    paying cash dividends in the foreseeable future. We plan to retain any earnings    for use in the operations of our business and to fund our acquisition strategy.    Furthermore, we are limited in our ability to pay dividends under the terms    of our outstanding credit facility.

17

----

Back to Contents

**Equity Compensation Plan Information**

The    following table sets forth information, as of December 31, 2003, with    respect to the Company’s stock option plan under which common stock    is authorized for issuance, as well as other compensatory options granted    outside of the Company’s stock option plan.

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |       | **(a)**                                                                                                |       | **(b)**                                                                                |       | **(c)**                                                                                                                                                      |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Plan Category**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ** ** | **Number of securities        to be issued upon exercise of outstanding options, warrants and rights** | ** ** | **Weighted-average        exercise price of outstanding options, warrants and rights** | ** ** | **Number of securities        remaining available for future issuance under equity compensation plan        (excluding securities reflected in column (a))** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |       |                                                                                                   |       |                                                                                   |       |                                                                                                                                                         |   |
| Equity compensation      plans approved by security holders 8,769,434       $1.27 3,688,067(1)Equity compensation      plans not approved by security holders 1,834,700  $1.79 —    Total 10,604,134  $1.36 3,688,067         (1) Does not include        options to purchase 542,499 shares of our common stock under the Company’s        stock option plan which have been exercised.
Recent Sales of Unregistered Securities 

     1.      On    November 26, 2003, we issued an aggregate of 592,273 shares of our common    stock to G-Link Express Pte., Ltd. and G-Link Express (Cambodia) Pte., Ltd.,    in consideration for the excess working capital component associated with    the acquisition of the assets and operations of the Singapore and Cambodia    offices of the G-Link Group of companies. The shares were valued at $1,516,220    ($2.56 per share) and were issued in a private placement transaction exempt    from the registration requirements of the Securities Act of 1933, as amended,    pursuant to Section 4(2) and Rule 506 thereunder, as an issuer transaction    not involving a public offering, and pursuant to Regulation S.

     2.      On    December 17, 2003, we issued 87,164 shares of our common stock to East Ocean    Logistics Ltd. as partial consideration for the acquisition of the assets    and operations associated with the Hong Kong-based business of East Ocean    Logistics Ltd. The shares were valued, for purposes of the acquisition, at    $227,500 ($2.61 per share), and were issued in a private placement transaction    exempt from the registration requirements of the Securities Act of 1933,    as amended, pursuant to Section 4(2) and Rule 506 thereunder, as an issuer    transaction not involving a public offering, and pursuant to Regulation S.

     3.      On    December 22, 2003, we issued an aggregate of 48,676 shares of our common    stock to GLE Transport Services Sdn. Bhd., GLE Shipping Penang Sdn. Bhd.    and GLE    Shipping (Johor Bahru) Sdn. Bhd. as partial consideration for the acquisition    of the assets and operations of three Malaysian offices of the G-Link Group    of companies. The shares were valued, for purposes of the acquisition, at    $119,355 ($2.452 per share), and were issued in a private placement transaction    exempt from the registration requirements of the Securities Act of 1933,    as amended, pursuant to Section 4(2) and Rule 506 thereunder, as an issuer    transaction not involving a public offering, and pursuant to Regulation S.

     4.      On    December 22, 2003, we issued 66,284 shares of our common stock to Planet    Logistics Pte. Ltd. as partial consideration for the acquisition of the assets    and operations associated with the Singapore-based business of Planet Logistics    Pte. Ltd. The shares were valued, for purposes of the acquisition, at $173,000    ($2.61 per share), and were issued in a private placement transaction exempt    from the registration requirements of the Securities Act of 1933, as amended,    pursuant to Section 4(2) and Rule 506 thereunder, as an issuer transaction    not involving a public offering, and pursuant to Regulation S.

     5.      On    February 9, 2004, we issued 630,915 shares of our common stock to Andy Tsai    as partial consideration for the acquisition of an interest in the freight    forwarding business formerly operated by Mr. Tsai as the Shanghai branch    of Shaanxi Sunshine Express International Co., Ltd. The shares were valued,    for purposes of the acquisition, at $2,000,000 ($3.17 per share), and were    issued in a private placement transaction exempt from the registration requirements    of the Securities Act of 1933, as amended, pursuant to Section 4(2) and Rule    506 thereunder, as an issuer transaction not involving a public offering,    and pursuant to Regulation S.

18

Back to Contents
******Item 6. ****Selected      Financial Data**
The following selected financial data  as of and for the dates indicated have been derived from our consolidated financial  statements and the combined financial statements of our predecessor, Air Plus.   You should read the following selected financial data  together with the consolidated financial statements and related footnotes of  the Company, the combined financial statements and related footnotes of Air  Plus and “Management's Discussion and Analysis of Financial Condition  and Results of Operations.”

The  selected consolidated statement of operations data of the Company for each of  the years in the three-year period ended December 31, 2003 and the balance  sheet data of the Company as of December 31, 2003 and 2002 are derived  from the Company's consolidated financial statements that have been audited  by KPMG LLP and are included in this Annual Report on Form 10-K. The selected  consolidated statement of operations data of the Company for the years ended  December 31, 2000 and 1999 and the balance sheet data of the Company as  of December 31, 2001, 2000 and 1999 are derived from the Company’s  audited consolidated financial statements (after reclassification for discontinued  operations, as discussed below) which are not included in this Annual Report  on Form 10-K. 

The  selected combined statement of operations data of Air Plus for the six months  ended June 30, 2001 is derived from Air Plus’ combined financial statements  which are unaudited and which are not included in this Annual Report on Form  10-K.

From inception through the first quarter  of 2001, our principal business strategy focused on the development of early-stage  technology businesses with significant Internet features and applications. In  June 2001, we adopted a new business strategy to build a global integrated  logistics services organization by identifying, acquiring and managing controlling  interests in profitable logistics businesses. On December 28, 2001, the  Board of Directors approved a plan to dispose of all of the assets related to  the former business, since the investments were incompatible with our new business  strategy. Accordingly, for financial reporting purposes, the results of operations  of our former line of business have been accounted for as a discontinued operation  and have been reclassified and reported as a separate line item in the statements  of operations. 
  **Stonepath        Group, Inc.Year      ended December 31,****Air        Plus**    Consolidated  Statement of Operations Data:(in  thousands, except per share amounts) **2003****2002****2001****2000****1999****Six      months ended June 30, 2001      (unaudited)**        Total revenue      $      220,304  $      122,788        $      15,598        $      —       $      —       $      26,015  Cost of transportation  153,718    84,478    9,741   —  —   15,679         Net revenue  66,586    38,310    5,857   —  —   10,336  Operating expenses  60,300    35,956    10,409    7,420    2,761    9,660         Income (loss)      from operations  6,286    2,354    (4,552)  (7,420)  (2,761)  676  Other income      (expense)  (8)  128    1,295    2,065    (2,812)  (24)       Income (loss) from continuing operations before income taxes and minority interest       6,278         2,482          (3,257)        (5,355)        (5,573)       652  Income tax expense (benefit)  (1,311)  102   —  —  —  —        Income (loss)      from continuing  operations before minority interest       7,589         2,380         (3,257)       (5,355)       (5,573)       652  Minority interest  187   —  —  —  —  —        Income (loss)         from continuingoperations  7,402    2,380    (3,257)  (5,355)  (5,573) 652 Loss from discontinued operations  (263) —   (13,863)  (30,816)  (18,258) —        Net income      (loss)  7,139    2,380    (17,120)  (36,171)  (23,831)  652  Preferred stock dividends —   15,020    (4,151)  (45,751)  (6,605) —        Net income      (loss) attributable to common stockholders      $      7,139        $      17,400        $      (21,271)      $      (81,922)      $      (30,436)      $      652         Basic earnings      (loss) per commonshare:                       Continuing      operations $ 0.25   $ 0.79   $ (0.36) $ (2.89) $ (1.15)         Discontinued      operations  (0.01) —   (0.68)  (1.75)  (1.73)              $ 0.24   $ 0.79   $ (1.04) $ (4.64) $ (2.88)            Diluted earnings      (loss) per commonshare      (1)                        Continuing      operations $ 0.19   $ 0.08   $ (0.36) $ (2.89) $ (1.15)         Discontinued      operations  (0.01) —   (0.68)  (1.75)  (1.73)              $ 0.18   $ 0.08   $ (1.04) $ (4.64) $ (2.88)            Weighted average common shares:                        Basic  29,626    22,155    20,510    17,658    10,558                    Diluted  39,063    29,233    20,510    17,658    10,558              
19

Back to Contents

**Consolidated Balance Sheet Data:(in thousands)**
  **Stonepath Group,      Inc.      December 31,**  ** **   **2003**  **2002**  **2001**  **2000**  **1999**       Cash and cash      equivalents$      3,074  $      2,266 $      15,228 $      29,100 $      3,127 Working capital      (deficit) 16,332  5,334  15,259  27,713   (4,213) Total assets 96,439  55,166  40,803  44,911  13,989 Long-term debt      and redeemable preferred stock 1,135  —  —  —  4,516 Stockholders’      equity 66,514  35,431  32,432  43,326  1,701  (1)Diluted earnings      per common share for 2002 excludes the impact of the July 18, 2002      exchange transaction with the holders of the Company's Series C Preferred      Stock.******Item 7.****Management's Discussion and    Analysis of Financial Condition and Results of Operations**
This  discussion is intended to further the reader's understanding of our financial  condition and results of operations and should be read in conjunction with our  consolidated financial statements and related notes included elsewhere herein.  This discussion also contains statements that are forward-looking. Our actual  results could differ materially from those anticipated in these forward-looking  statements as a result of the risks and uncertainties set forth elsewhere in  this Annual Report and in our other SEC filings. Readers are cautioned not to  place undue reliance on any forward-looking statements, which speak only as  of the date hereof. 

**Overview**

We are  a non-asset based third-party logistics services company providing supply chain    solutions on a global basis. We offer a full range of time-definite transportation    and distribution solutions through our Domestic Services platform where we    manage  and arrange the movement of raw materials, supplies, components and finished    goods for our customers. These services are offered through our domestic    air  and ground freight forwarding business. We offer a full range of international    logistics services including international air and ocean transportation as    well  as customs house brokerage services through our International Services platform.    In addition to these core service offerings, we also provide a broad range    of  value added supply chain management services, including warehousing, order    fulfillment and inventory management solutions. We service a customer base    of manufacturers,  distributors and national retail chains through a network of offices in 21    major metropolitan areas in North America, Puerto Rico and ten locations  in Asia, using an extensive network of independent carriers and service partners  strategically located around the world.

20

Back to Contents

As a non-asset based provider of      third-party logistics services, we seek to limit our investment in equipment,      facilities and working capital through contracts and preferred provider      arrangements with various transportation providers who generally provide      us with favorable rates, minimum service levels, capacity assurances and      priority handling status. The dollar volume of our purchased transportation      services enables us to negotiate attractive pricing with our transportation      providers.

Our strategic objective is to build      a leading global logistics services organization that integrates established      operating businesses and innovative technologies. We plan to achieve this      objective by broadening our network through a combination of synergistic      acquisitions and the organic expansion of our existing base of operations.      We are currently pursuing an aggressive acquisition strategy to enhance      our position in our current markets and to acquire operations in new markets.      The focus of this strategy is on acquiring businesses that have demonstrated      historic levels of profitability, have a proven record of delivering high      quality services, have a customer base of large and mid-sized companies      and which otherwise may benefit from our long term growth strategy and      status as a public company.

Our acquisition strategy relies      upon two primary factors: first, our ability to identify and acquire target      businesses that fit within our general acquisition criteria and, second,      the continued availability of capital and financing resources sufficient      to complete these acquisitions. Our growth strategy relies upon a number      of factors, including our ability to efficiently integrate the businesses      of the companies we acquire, generate the anticipated economies of scale      from the integration, and maintain the historic sales growth of the acquired      businesses so as to generate continued organic growth. The business risks      associated with these factors are discussed in Item 1 of this Report      under the heading “Risks Particular to our Business.” 

Our principal source of income      is derived from freight forwarding services. As a freight forwarder, we      arrange for the shipment of our customers' freight from point of origin      to point of destination. Generally, we quote our customers a turnkey cost      for the movement of their freight. Our price quote will often depend upon      the customer's time-definite needs (first day through fifth day delivery),      special handling needs (heavy equipment, delicate items, environmentally      sensitive goods, electronic components, etc.) and the means of transport      (truck, air, ocean or rail). In turn, we assume the responsibility for      arranging and paying for the underlying means of transportation.

We also provide a range of other      services including customs brokerage, warehousing and other services which      include customized distribution and inventory management services, fulfillment      services and other value added supply chain services. 

Gross revenues represent the total      dollar value of services we sell to our customers. Our cost of transportation      includes direct costs of transportation, including motor carrier, air,      ocean and rail services. We act principally as the service provider to      add value in the execution and procurement of these services to our customers.      Our net transportation revenues (gross transportation revenues less the      direct cost of transportation) are the primary indicator of our ability      to source, add value and resell services provided by third parties, and      are considered by management to be a key performance measure. Management      believes that net revenues are also an important measure of economic performance.      Net revenues include transportation revenues and our fee-based activities,      after giving effect to the cost of purchased transportation. In addition,      management believes measuring operating costs as a function of net revenues      provides a useful metric as our ability to control costs as a function      of net revenues directly impacts operating earnings. With respect to our      services other than freight transportation, net revenues are identical      to gross revenues.

Our operating results will be affected      as acquisitions occur. Since all acquisitions are made using the purchase      method of accounting for business combinations, our financial statements      will only include the results of operations and cash flows of acquired      companies for periods subsequent to the date of acquisition. Accordingly,      our results of operations only reflect the operations of: Air Plus for      periods subsequent to October 5, 2001; SLIS (formerly known as Global)      for periods subsequent to April 4, 2002; United American for periods      subsequent to May 30, 2002; TSI for periods subsequent to October 1,      2002; TRWL for periods subsequent to January 31, 2003; Regroup for periods      subsequent to June 20, 2003; and CSI for periods subsequent to July 16,      2003. Starting in      the      second half of      2003,      we      began      a program      to establish an offshore network of owned offices with an initial focus      in Asia commencing with the acquisition of G-Link’s Singapore and      Cambodia operations on August 8, 2003. To help facilitate the consolidation,      analysis and public reporting process, our offshore operations are included      within our consolidated results on a one-month lag, or more specifically,      our calendar year results will include results from offshore operations      for the period December 1 though November 30. As a result, our 2003 results      include the financial results for the G-Link Cambodia and Singapore operations      for the period August 8, 2003 through November 30, 2003. We also closed      a number of small transactions in December of 2003, the earnings impact      of which will not be reflected in our results until 2004.

21

Back to Contents

Our GAAP based net income will      also be affected by non-cash charges relating to the amortization of customer      related intangible assets and other intangible assets arising from      our completed acquisitions. Under applicable accounting standards, purchasers      are required to allocate the total consideration in a business combination      to the identified assets acquired and liabilities assumed based on their      fair values at the time of acquisition. The excess of the consideration      paid over the fair value of the identifiable net assets acquired is to      be allocated to goodwill, which is tested at least annually for impairment.      Applicable accounting standards require the Company to separately account      for and value certain identifiable intangible assets based on the unique      facts and circumstances of each acquisition. As a result of the Company’s      acquisition strategy, our net income will include material non-cash charges      relating to the amortization of customer related intangible assets      and other intangible assets acquired in our acquisitions. Although these      charges may increase as the Company completes more acquisitions, we believe      we are actually growing the value of our intangible assets (e.g., customer      relationships). Thus, we believe that earnings before interest, taxes,      depreciation and amortization, or EBITDA, is a useful financial measure      for investors      because      it eliminates the effect of these non-cash costs and provides an important      metric of the economic reality of the business. Accordingly, we employ      EBITDA as a measure of our historical financial performance and as a benchmark      for future guidance.

A significant portion of our revenues      is derived from our international operations, and the growth of those operations      is an important part of our business strategy. Our current international      operations are focused on the shipment of goods into and out of the United      States and are dependent on the volume of international trade with the      United States. Our strategic plan contemplates the growth of those operations,      as well as the expansion into the transportation of goods wholly outside      of the United States. A list of the factors that could adversely affect      our current international operations has been included in Item 1 of this      Annual Report on Form 10-K, under the heading “Risks Particular to      our Business.”

Our operating results are also      subject to seasonal trends when measured on a quarterly basis. Our first      and second quarters are likely to be weaker as compared with our other      fiscal quarters, which we believe is consistent with the operating results      of other supply chain service providers. This trend is dependent on numerous      factors, including the markets in which we operate, holiday seasons, consumer      demand and economic conditions. Since our revenues are largely derived      from customers whose shipments are dependent upon consumer demand and just-in-time      production schedules, the timing of our revenues is often beyond our control.      Factors such as shifting demand for retail goods and/or manufacturing production      delays could unexpectedly affect the timing of our revenues. As we increase      the scale of our operations, seasonal trends in one area may be offset      to an extent by opposite trends in another area. We cannot accurately predict      the timing of these factors, nor can we accurately estimate the impact      of any particular factor, and thus we can give no assurance that historical      seasonal patterns will continue in future periods.

Critical Accounting Policies 

Accounting policies, methods and      estimates are an integral part of the consolidated financial statements      prepared by us and are based upon our current judgments. Those judgments      are normally based on knowledge and experience with regard to past and      current events and assumptions about future events. Certain accounting      policies, methods and estimates are particularly sensitive because of their      significance to the consolidated financial statements and because of the      possibility that future events affecting them may differ from our current      judgments. While there are a number of accounting policies, methods and      estimates that affect our consolidated financial statements as described      in Note 2 to the consolidated financial statements, areas that are      particularly significant include revenue recognition, accounting for stock      options, the assessment of the recoverability of long-lived assets, specifically      goodwill and acquired intangibles, the establishment of an allowance for      doubtful accounts and the valuation allowance for deferred income tax assets. 

The Company derives its revenues      from three principal sources: freight forwarding, customs brokerage, and      warehousing and other value added services. As a freight forwarder, the      Company is primarily a non-asset based carrier that does not own or lease      any significant transportation assets.  The Company generates the      majority of its revenues by purchasing transportation services from direct      (asset-based) carriers and using those services to provide transportation      of property for compensation to its customers.   The Company      is able to negotiate favorable buy rates from the direct carriers by consolidating      shipments from multiple customers and concentrating its buying power, while      at the same time offering lower sell rates than most customers would otherwise      be able to negotiate themselves. When acting as an indirect carrier, the      Company will enter into a written agreement with its customers or issue      a tariff and a house bill of lading to customers as the contract of carriage.  When      the freight is physically tendered to a direct carrier, the Company receives      a separate contract of carriage, or master bill of lading.  In order      to claim for any loss associated with the freight, the customer is first      obligated to pay the freight charges. Based on the terms in the contract      of carriage, revenues related to shipments where the Company issues a house      bill of lading are recognized when the freight is delivered to the direct      carrier at origin.  Costs related to the shipment are also recognized      at this same time. All other revenues, including revenues for customs brokerage      and warehousing and other value added services, are recognized upon completion      of the service.

22

Back to Contents

In certain instances, accounting    principles generally accepted in the United States of America allow for the    selection of alternative accounting methods. Two alternative methods for    accounting for stock options are available - the intrinsic value method and    the fair value method. We use the intrinsic value method of accounting for    stock options, and accordingly, no compensation expense has been recognized    for options issued at an exercise price equal to or greater than the quoted    market price on the date of grant to employees, officers and directors. Under    the fair value method, the determination of the pro forma amounts involves    several assumptions including option life and volatility. If the fair value    method were used, basic earnings per share and diluted earnings per share    would have decreased by $0.07 and $0.04, respectively, in 2003.

As discussed in Note 2 to the consolidated financial statements, the goodwill arising from our acquisitions is not amortized, but instead is tested for impairment at least annually in accordance with the provisions of Statement of Financial Accounting Standards (SFAS) No. 142,    Goodwill and Other Intangible Assets. The impairment test requires several    estimates including future cash flows, growth rates and the selection of    a discount rate. In addition, the acquired intangibles arising from those    transactions are reviewed for impairment whenever events or changes in circumstances    indicate that the carrying amount of the asset may not be recoverable. The    recoverability of long-lived assets to be held and used (including our identifiable    intangible assets) is measured by comparing the carrying amount of the asset    to the future net undiscounted cash flows expected to be generated by the    asset. In developing our future cash flow estimates we incorporate    assumptions that marketplace participants would use in their estimates, including,    among other things, that (i) existing operations are evaluated on a stand-alone    basis and, as such,    achieve no revenue or cost synergies, (ii) no further acquisitions are made,    (iii) formerly acquired companies achieve their earnings targets and their    earn-outs are fully paid, (iv) future earnings are fully taxed and (v) no    additional equity is raised. We cannot guarantee that ourassets will not be impaired in future periods. 

We maintain reserves for specific and general allowances against accounts receivable. The specific reserves are established on a case-by-case basis by management. A general reserve is established for all other accounts receivable, based on a specified percentage of the accounts receivable balance. We continually assess the adequacy of the recorded allowance for doubtful accounts, based on our knowledge concerning the customer base.  While credit losses have historically been within our expectations and the provisions established, we cannot guarantee that we will continue to experience the same credit loss rates that we have in the past. 

Our discontinued operations, which    focused on the development of early-stage technology businesses, generated    significant net operating loss carryforwards (NOLs) which could have value    in the future. After giving effect for certain annual limitations based on    changes in ownership as defined in Section 382 of the Internal Revenue Code,    we estimate that as much as $17.8 million in NOLs may be available to offset    future federal taxable income. Under SFAS No. 109,    Accounting for Income Taxes, we are required to provide a valuation allowance    to offset deferred tax assets if, based upon available evidence, it is more    likely than not that some or all of the deferred tax assets will not be realized.    In the fourth quarter of 2003, we reversed $3.0 million of the valuation    allowance based on the Company’s history of profitable operations for    the past year and projected profitability in the near future. In addition    we also    recorded a deferred tax liability generated principally by the tax amortization    of goodwill, which is deductible for tax purposes over a life of 15 years    but is not amortized for book purposes. As a result, we recognized a net    non-cash tax benefit of $1.7 million in 2003. In addition, as of December    31, 2003 we have an additional $6.7 million in valuation allowance which    if removed in 2004 could give rise to another $6.7 million in non-cash tax    benefits and be available to offset any tax expense arising in 2004. We do    not anticipate paying federal income taxes during 2004 as we expect that    our existing NOLs should be sufficient to offset current taxable income.    However, additional sales of our securities could have the effect of significantly    limiting our ability to utilize our existing NOLs in the future.

Discontinued Operations 

Prior to the first quarter of 2001, our principal business was developing early-stage technology businesses with significant Internet features and applications. Largely as a result of the significant correction in the global stock markets which began during 2000, and the corresponding decrease in the valuation of technology businesses and contraction in the availability of venture financing during 2001, we elected to shift our business strategy to focus on the acquisition of operating businesses within a particular industry segment. Following a wind down of the technology business, during the second quarter of 2001 we focused our acquisition efforts specifically within the transportation and logistics industry.  Thisdecision occurred in conjunction with our June 21, 2001 appointment of Dennis L. Pelino as our Chairman and Chief Executive Officer.  Mr. Pelino brings to us over 25 years of logistics experience, including most recently, as President and Chief Operating Officer of Fritz Companies, Inc., where he was employed from 1987 to 1999. 

23

Back to Contents

To reflect the change in business model, our financial statements have been presented in a manner in which the assets, liabilities, results of operations and cash flows related to our former business have been segregated from that of our continuing operations and are presented as discontinued operations. 

*Results of Operations*

*Year ended December 31, 2003 compared to year ended December 31, 2002*

The following table summarizes our total revenues, net transportation revenues and other revenues (in thousands):
  ** **  ** **  **Change**            **2003**  **2002**  **Amount** **Percent**       Total revenue$      220,304 $      122,788 $      97,516 79.4%      Transportation      revenue 203,407   113,510  89,897 79.2 Cost of transportation 153,718   84,478  69,240 82.0         Net transportation      revenue 49,689  29,032  20,657 71.2 *     Net      transportation margins* *24.4**%* *25.6**%*     Customs brokerage 10,027  6,290  3,737 59.4 Warehousing and other          value added services 6,870   2,988  3,882 129.9                 Net      revenue$ 66,586 $ 38,310 $ 28,276 73.8%        *     Net      revenue margins* *30.2**%* *31.2**%*             
Total revenues were $220.3 million for the year ended December 31, 2003, an increase of $97.5 million or 79.4% over total revenues of $122.8 million for the comparable period in 2002.  $17.1 million or 17.6% of the increase in total revenues was attributable to the operations of the businesses we acquired in 2003; $24.3 million or 24.9% was due to an increase in Air Plus’ revenues (“organic growth”); and the remaining $56.1 million or 57.5% of the increase was attributable to operations acquired or launched as new operations over the course of 2002 which included the SLIS and United American acquisitions as well as the newly opened office in Hong Kong.

Net transportation revenues were $49.7 million for the year ended December 31, 2003, an increase of $20.7 million or 71.2% over net transportation revenues of $29.0 million for the comparable period in 2002.  $4.8 million or 23.2% of the increase in net transportation revenues was attributable to the operations of the businesses we acquired in 2003; $7.1 million or 34.3% was due to organic growth; and the remaining $8.8 million or 42.5% of the increase was attributable to operations acquired or launched as new operations over the course of 2002 which included the SLIS and United American acquisitions as well as the newly opened office in Hong Kong.

Net transportation margins decreased to 24.4% for the year ended December 31, 2003 from 25.6% for the comparable period in 2002.  This decrease in net transportation margins is primarily the result of the addition in the second quarter of 2002 of our International Services platform, which traditionally has lower margins, and its expansion through our CSI and G-Link Singapore and Cambodia acquisitions.

Net revenues were $66.6 million for the year ended December 31, 2003, an increase of $28.3 million or 73.8% over net revenues of $38.3 million for the comparable period in 2002.  $5.1 million or 17.8% of the increase in net revenues was attributable to the operations of the businesses we acquired in 2003; $10.2 million or 36.2% was due to organic growth; and the remaining $13.0 million or 46.0% of the increase was attributable to an incremental quarter of SLIS and United American results and an incremental three quarters of Hong Kong results in 2003 over 2002.

Net revenue margins decreased slightly to 30.2% for 2003 compared to 31.2% for 2002 driven primarily by the additional relative contribution of our International Services platform, which traditionally has lower margins.

24

Back to Contents

The following table summarizes certain    historical consolidated statement of operations data as a percentage of our    net revenues (in thousands):
** ** **2003**  **2002**  **Change**     ** ** **Amount**  **Percent**  **Amount**  **Percent**  **Amount**  **Percent**        Net revenue$ 66,586  100.0%$ 38,310  100.0% $ 28,276  73.8%              Personnel costs 31,888  47.9  19,089  49.8   12,799  67.0 Other selling, general and     administrative        costs 24,583  36.9  14,680  38.3   9,903  67.5 Depreciation and amortization 2,660  4.0  2,187  5.7   473  21.6 Litigation settlement and nonrecurring            costs 1,169  1.8  —  —   1,169  NM               Total operating costs 60,300  90.6  35,956  93.8   24,344  67.7               Income from    operations 6,286  9.4  2,354  6.2   3,932  167.0 Other income (expense) (8) 0.0  128  0.3   (136) NM               Income        from operations before         income taxes and minority interest 6,278  9.4  2,482  6.5   3,796  152.9 Income tax expense (benefit) (1,311) (2.0) 102  0.3   1,413  NM               Income from        continuing        operations before minority interest 7,589  11.4  2,380  6.2   5,209  218.9 Minority interest 187  0.3  —  —   187  NM               Income from continuing operations 7,402  11.1  2,380  6.2   5,022  211.0 Loss from discontinued operations (263) (0.4) —  —   (263) NM               Net income  7,139  10.7  2,380  6.2   4,759  200.0 Preferred stock dividends —  —  15,020  39.2   (15,020) (100.0)              Net income attributable to common        stockholders $ 7,139  10.7% $ 17,400  45.4%  $ (10,261) (59.0)%            
Personnel    costs were $31.9 million for the year ended December 31, 2003, an increase    of $12.8 million or 67.0% over personnel costs of $19.1 million for the comparable    period in 2002. $1.4 million or 11.3% of the increase in personnel costs    was attributable to the operations of the businesses we acquired in 2003;    $4.2 million or 32.3% was due to same store growth; and $7.2 million or 56.4%    of the increase was attributable to operations acquired or launched as new    operations over the course of 2002 which included the SLIS and United American    acquisitions as well as the newly opened office in Hong Kong. Personnel costs    as a percentage of net revenues decreased to 47.9% from 49.8% year over year.

The    number of employees increased to 827 at December 31, 2003 from 510 at December    31, 2002, an increase of 317 employees or 62.2%. Of the total number of employees,    622 or 75.2% of the employees are engaged in operations; 57 or 6.9% of the    employees are engaged in sales and marketing; and 148 or 17.9% of the employees    are engaged in finance, administration, and management functions. Additionally,    approximately 185 or 58.4% of the total increase in employees was attributable    to acquisitions, while approximately 130 employees or 41.6% were added to    meet the demands of the increase in our business in 2003.

Other    selling, general and administrative costs were $24.6 million for the year    ended December 31, 2003, an increase of $9.9 million or 67.5% over other    selling, general and administrative costs of $14.7 million for the comparable    period in 2002. $1.7 million or 17.3% of the increase was attributable to    the operations of the businesses we acquired in 2003; $5.4 million or 54.4%    was due to same store growth; and $2.8 million or 28.3% of the increase was    attributable to operations acquired or launched as new operations over the    course of 2002 which included the SLIS and United American acquisitions as    well as the newly opened office in Hong Kong. As a percentage of net revenues,    other selling general and administrative costs decreased to 36.9% from 38.3%    year over year.

Depreciation    and amortization amounted to $2.7 million for the year ended December 31,    2003, an increase of $0.5 million or 21.6% over the comparable period in    2002 principally due to amortization of acquired intangible assets acquired    in the Regroup and G-Link transactions. See Note 4 to the Company’s    consolidated financial statements.

Litigation    and nonrecurring costs were $1.2 million for the year ended December 31,    2003 and are comprised of $0.8 million paid to settle litigation commenced    against the Company in August 2000 in a combination of $0.4 million in cash    and $0.4 million in Company stock and $0.4 million associated with the SEC    review and delayed effectiveness of a registration statement filed in connection    with a March 2003 private placement.

25

Back to Contents

Income    from operations before income taxes and minority interest was $6.3 million    in 2003, compared to $2.4 million for 2002. 

Other    expense was nominal for the year ended December 31, 2003 compared to other    income of $0.1 million in 2002. With year over year cash balances being reduced    as a result of our acquisition program, interest income remained an insignificant    component to the Company’s overall financial performance for the year.

As    a result of historical losses related to investments in early-stage technology    businesses, the Company has accumulated federal NOLs. In the fourth quarter    of 2003, we reversed $3.0 million of the valuation allowance based on the    Company’s history of profitable operations for the past year and projected    profitability in the near future. In addition we also recorded a deferred    tax liability generated principally by the tax amortization of goodwill,    which    is deductible for tax purposes over a life of 15 years but is not amortized    for book purposes. As a result,we recognized a non-cash net tax benefit    of $1.7 million in 2003. The Company has approximately $17.8 million of NOLs    as of December 31, 2003 to offset future federal taxable income. Due to the    NOLs, the Company was only subject to certain state and local taxes which    resulted in a tax provision of $0.1 million in 2002. 

Income    from operations before minority interest was $7.6 million in 2003, compared    to $2.4 million in 2002.

Minority    interest for the year ended December 31, 2003 was $0.2 million and was primarily    related to the G-Link operations acquired in August 2003, of which the Company    owns a 70% interest.

The    losses from discontinued operations in 2003 reflect the costs associated    with the remaining lease liability of a property used in the Company’s    former internet business, as well as a payment made to a consultant for services    provided in 2000. 

Net    income was $7.1 million in 2003, compared to net income of $2.4 million in    2002.

In    2002, the Company recorded a net non-cash benefit of $15.0 million associated    with the restructuring of our Series C Preferred stock, after giving    effect to $1.9 million in preferred stock dividends. See Note 11 to the consolidated    financial statements.

Net    income attributable to common stockholders was $7.1 million in 2003, compared    to net income attributable to common stockholders of $17.4 million in 2002.    Basic earnings per share was $0.24 for 2003 compared to $0.79 for 2002. Diluted    earnings per share was $0.18 for 2003 compared to $0.08 for 2002. Diluted    earnings per share for 2002 excludes the net effect of the Series C    exchange transaction.

*Year      ended December 31, 2002 compared to year ended December 31, 2001*

The    following table summarizes our total revenues, net transportation revenues    and other revenues (in thousands):
** ** ** **  ** **  **Change**         ** ** **2002**  **2001**  **Amount**  **Percent**      Total revenue$ 122,788 $ 15,598 $ 107,190  687.2%       Transportation revenue  113,510   15,174  98,336   648.1 Cost of transportation  84,478   9,741   74,737   767.2        Net transportation revenue 29,032  5,433   23,599   434.4 *   Net transportation margins* *25.6**%* *35.8**%*      Customs brokerage 6,290  —   6,290   NM Warehousing and other             value added services  2,988   424   2,564   604.7           Net revenue$ 38,310 $ 5,857 $ 32,453   554.1%       *   Net revenue margins* *31.2**%* *37.5**%*                                    
26

Back to Contents

Total revenues were $122.8 million    for the year ended December 31, 2002, an increase of $107.2 million or 687.2%    over total revenues of $15.6 million for the comparable period in 2001. $56.7    million or 52.9% of the increase in total revenues was attributable to the    operations of the businesses we acquired in 2002; $5.3 million or 4.9% was    due to an increase in Air Plus’ revenues for the fourth quarter of    2002 over the comparable period in 2001 (“organic growth”); and    the remaining $45.2 million or 42.2% of the increase was attributable to    an incremental three quarters of Air Plus’ operations in 2002 over    2001.

Net    transportation revenues were $29.0 million for the year ended December 31,    2002, an increase of $23.6 million or 434.4% over net transportation revenues    of $5.4 million for the comparable period in 2001. $8.5 million or 36.0%    of the increase in net transportation revenues was attributable to acquisitions;    $1.0 million or 4.2% was due to organic growth; and the remaining $14.1 million    or 59.8% of the increase was attributable to an incremental three quarters    of Air Plus’ operations in 2002 over 2001.

Net    transportation margins decreased to 25.6% for the year ended December 31,    2002 from 35.8% for the comparable period in 2001. This decrease in net transportation    margins is primarily the result of the addition of our International Services    platform, which traditionally has lower margins, in the second quarter of    2002.

Net    revenues were $38.3 million for the year ended December 31, 2002, an increase    of $32.5 million or 554.1% over net revenues of $5.9 million for the comparable    period in 2001. $15.5 million or 47.8% of the increase in net revenues was    attributable to the operations of the businesses we acquired in 2002; $1.0    million or 3.1% was due to organic growth; and the remaining $15.9 million    or 49.1% of the increase was attributable to an incremental three quarters    of Air Plus’ operations in 2002 over 2001.

Net    revenue margins decreased to 31.2% for 2003 compared to 37.5% for 2002 driven    primarily by the addition of our International Services platform.

27

Back to Contents

The    following table summarizes certain consolidated statement of operations data    as a percentage of our net revenues (in thousands):
** ** **2002**  **2001**  **Change**     ** ** **Amount** **Percent**  **Amount** **Percent**  **Amount** **Percent**        Net revenue$ 38,310 100.0%$ 5,857 100.0%$ 32,453 554.1%            Personnel costs 19,089 49.8  5,997 102.4  13,092 218.3 Other selling, general and administrative        costs 14,680 38.3  3,917 66.9  10,763 274.8 Depreciation and amortization 2,187 5.7  495 8.4  1,692 341.8          Total operating costs 35,956 93.8  10,409 177.7  25,547 245.4          Income (loss) from operations 2,354 6.2  (4,552)(77.7) 6,906 NM Other income (expense) 128 0.3  1,295 22.1  (1,167)(90.1)         Income (loss) from operations        before income taxes 2,482 6.5  (3,257)(55.6) 5,739 NM Income taxes 102 0.3  — —  102 NM          Income (loss) from continuing operations  2,380 6.2  (3,257)(55.6) 5,637 NM Loss from discontinued operations — —  (13,863)(236.7) 13,863 NM          Net income (loss) 2,380 6.2  (17,120)(292.3) 19,500 NM Preferred stock dividends 15,020 39.2  (4,151)(70.9) 19,171 NM          Net income (loss) attributable        to common     stockholders$ 17,400 45.4% $ (21,271)(363.2)%$ 38,671 NM          
Personnel    costs were $19.1 million for the year ended December 31, 2002, an increase    of $13.1 million or 218.3% over personnel costs of $6.0 million for the comparable    period in 2001. $5.7 million or 43.5% of the increase in personnel costs    was attributable to the operations of the businesses we acquired in 2002;    $0.7 million or 5.4% was due to organic growth; and the remaining $6.7 million    or 51.1% of the increase was attributable to an incremental three quarters    of Air Plus’ operations in 2002 over 2001. Personnel costs as a percentage    of net revenues decreased to 49.8% from 102.4% year over year.

The    number of employees increased to 510 at December 31, 2002 from 219 at December    31, 2001, an increase of 291 employees or 132.9%. Of this increase, 240 or    82.5% of the employees are engaged in operations; 16 or 5.5% of the employees    are engaged in sales and marketing; and 35 or 12.0% of the employees are    engaged in finance, administration, and management functions. Additionally,    203 or 69.9% of the total increase in employees was attributable to acquisitions,    while 88 employees or 30.1% were added to meet the demands of the increase    in our business in 2002.

Other    selling, general and administrative costs were $14.7 million for the year    ended December 31, 2002, an increase of $10.8 million or 274.8% over other    selling, general and administrative costs of $3.9 million for the comparable    period in 2001. $3.0 million or 27.8% of the increase was attributable to    the operations of the businesses we acquired in 2002; $0.8 million or 7.4%    was due to organic growth; and the remaining $7.0 million or 64.8% of the    increase was attributable to an incremental three quarters of Air Plus’ operations    in 2002 over 2001. As a percentage of net revenues, other selling general    and administrative costs decreased to 38.3% from 66.9% year over year.

Depreciation    and amortization amounted to $2.2 million for the year ended December 31,    2002, an increase of $1.7 million or 341.8% over the comparable period in    2001 principally due to amortization of intangible assets acquired in the    Global and United American acquisitions and a full year of amortization of    the Air Plus intangible assets acquired in October 2001.

Income    from operations was $2.4 million in 2002, compared to a loss of $4.6 million    for 2001. 

Other    income was $0.1 million in 2002, a decrease from $1.3 million in 2001.

28

Back to Contents

As    a result of historical losses related to investments in early-stage technology    businesses, the Company has accumulated federal NOLs which were offset by    a tax valuation allowance. As a result, the Company was only subject to certain    state and    local taxes    which resulted in a state tax provision    of $0.1 million in 2002.

There    were no losses from discontinued operations in 2002 as compared to losses    from discontinued operations of $13.9 million in 2001. These 2001 losses    reflect the costs associated with our holdings in early-stage technology    businesses under our previous business model, including investment losses,    personnel and office costs.

Net    income was $2.4 million in 2002, compared to a net loss of $17.1 million    in 2001.

The    Company recorded a net non-cash benefit of $15.0 million associated with    the restructuring of our Series C Preferred stock, after giving effect    to $1.9 million in preferred stock dividends, compared to preferred stock    dividends of $4.2 million in 2001. See Note 11 to the consolidated financial    statements.

Net    income attributable to common stockholders was $17.4 million in 2002, compared    to a net loss attributable to common stockholders of $21.3 million in 2001.    Basic earnings per share was $0.79 for 2002 compared to a loss of $1.04 per    basic share for 2001. Diluted earnings per share for 2002 excludes the net    effect of the Series C exchange transaction and was $0.08 per diluted    share for 2002 compared to a loss of $1.04 per diluted share for 2001.

Disclosures About Contractual Obligations

The    following table aggregates all contractual commitments and commercial obligations    that affect the Company’s financial condition and liquidity position    as of December 31, 2003 (in thousands):
 ** Payments Due    By Period**   Contractual Obligations**Less than    1 year** **1      - 3 years** **3      - 5 years** **More than     5 years** **Total**            Operating lease obligations$ 5,977 $ 9,015 $ 4,336 $ 1,151 $ 20,479 Capital lease obligations 671  1,135  —  —  1,806 Other long-term liabilities        reflected on the Registrant’s     balance sheet under GAAP **(a)** 6,624  —  —  —  6,624 Letter of credit 160  —  —  —  160        Total contractual obligations  13,432   10,150   4,336   1,151   29,069 Contingent earn-out obligations **(b)          (c) (d)** —  22,698  9,618   909  33,225        Total contractual        and contingent obligations$ 13,432 $ 32,848  $ 13,954 $ 2,060  $ 62,294          **(a)**Consists of earn-out payments that are due    in 2004 to the former owners of our existing subsidiaries.  **(b)**Consists of potential obligations related        to earn-out payments to the former owners of our existing subsidiaries,    as discussed under Liquidity and Capital Resources.  **(c)**Excludes $2.5 million contingent        purchase price payable to the former members of Regroup in the third quarter        of 2004 subject to the acquired operations achieving a $3.5 million earnings        target for the twelve-month period commencing    July 1, 2003.  **(d)**During the 2003-2007 earn-out period, there is an additional	contingent obligation related to tier-two earn-outs that could be as much as $18.0 million if certain of	the acquired companies generate an incremental $37.0 million in pre-tax earnings.
**Financial Outlook**

For    2004, we are forecasting $14.0 million of EBITDA on expected total revenue    of $300.0 million and expect net earnings of $8.6 million, compared to $8.6    million of EBITDA on total revenue	of $220.3 million and net earnings of $7.1 million for 2003. This guidance    includes the earnings power of our most recently completed acquisitions up    to and    including the benefit of our acquisition of a 55% interest in the operations    of Shaanxi. This guidance does not include the benefit of any further acquisitions    we may complete over the course of 2004. We expect to deploy an incremental    $10.0-$20.0 million in acquisition capital in 2004 acquiring businesses that    are generally expected to follow the form and valuation of our previous transactions.    With this general framework, we would expect to generate an additional $4.0    million of EBITDA for every $10.0 million of capital we deploy. The timing    of transactions over the course of the year will affect our results for 2004.

29

Back to Contents

Because    of the potential discrepancy between our GAAP-based financials and the economic    reality of our business resulting from the increased amortization of our    customer related intangible assets, we believe EBITDA is a useful non-GAAP    performance measure.

A reconciliation    of EBITDA to the most directly comparable GAAP measure in accordance with    SEC Regulation S-K follows (amounts in millions):
    ** 2004**  ** 2003**   Net income$8.6 $7.1   Interest expense 0.4  0.1   Income tax benefit* (0.0) (1.3)  Depreciation and amortization 5.0  2.7          EBITDA (Earnings before interest, taxes, depreciation      and amortization) $14.0 $8.6        * Prior    to the fourth quarter of 2003, we maintained a valuation allowance to offset    100% of the net deferred tax assets associated with the tax losses generated    prior to the Company’s move into the logistics business. In the fourth    quarter of 2003, a portion of the valuation allowance was reversed, resulting    in the recognition of a deferred tax asset and related nonrecurring non-cash    tax benefit of $1.7 million, resulting in an overall income tax benefit of    $1.3 million for 2003. Although we do not anticipate paying federal taxes    in 2004, our effective tax rate will increase to approximately 32-34% commencing    with the first quarter of 2004. For purposes of developing our 2004 net earnings    guidance, we have assumed that an additional portion of the valuation allowance    will be reversed in 2004 that will result in additional tax benefits to offset    any tax expense for the year.
Our    revenue and net income estimates have been developed based on a number of    principal assumptions including, among others: (i) that revenue and net income    will continue to grow at an annual rate that is consistent with recent results;    (ii) that operating margins will not decline from current levels; (iii) that    no material economic or customer disruptions will occur; (iv) that we will    not be required to repay some portion or all of the $1.3 million received    by us as a payment of pre-petition indebtedness during the bankruptcy of    a material customer; (v) that we will not be caused to incur additional charges    as a result of the bankruptcy of FAO, Inc., a significant customer serviced    by the recently acquired business of Regroup; (vi) that we continue to    maintain existing relationships with key employees; (vii) that there are    no unexpected adverse    results in any legal proceedings; and (viii) that the risks otherwise identified    in this Annual Report on Form 10-K under "Risks Particular to our Business" will    not have an adverse effect on our operations. In prior forward-looking guidance,    we had assumed that each of our operating companies, on a stand-alone basis,    would deliver the level of pre-tax operating income necessary to fully achieve    the earn-out payments under each of their acquisition agreements. Our present    guidance no longer relies upon that assumption based upon expected performance    of certain of our operating units, and since some of our most recent acquisitions    establish earn-out levels based upon forecasted, rather than current levels    of earnings. Furthermore, our estimates as to the expected financial results    that may be realized from the acquisitions we made during 2003 have been    developed based upon an analysis of the historic financial statements of    such acquired businesses. We may need to adjust our 2004 guidance if the    results of operations of the acquired businesses in 2004 are inconsistent    with the historical results provided to us by the sellers of those businesses.These adjustments could materially affect our 2004 estimates.

Assuming    we can continue to execute on our business plan and acquisition model without    any material disruptions, and identify and close transactions similar to    the transactions accomplished to date, it is our goal to generate $500.0    million in annualized total revenue by the end of 2006. Notwithstanding our expectations    regarding our ability to deliver these results, we can never be certain that    future revenue or earnings will be achieved at any particular level. Estimates    of future financial performance are forward-looking statements and are subject    to uncertainty created by the risk elements otherwise identified in Item    1 under "Risks Particular to our Business." Furthermore, even though    we believe our current operations will achieve a certain level of earningson an annual basis, our interim results are subject to seasonal trends.

30

Back to Contents

**Sources of Growth**

Management  believes that a comparison of “same store” growth is critical in  the evaluation of the quality and extent of the Company’s internally generated  growth. This “same store” analysis isolates the financial contributions  from operations that have been included in the Company’s operating results  for the full comparable prior year period. The table below presents “same  store” comparisons for the year ended December 31, 2003 (which is the  measure of any increase from the same period of 2002).
 ** For the year ended      December 31, 2003**   Domestic 36.9% InternationalN/A 
**Liquidity and Capital Resources**

Cash  and cash equivalents totaled $3.1 million and $2.3 million as of December 31,  2003 and 2002. Working capital totaled $16.3 million and $5.3 million at December 31,  2003 and 2002.

Cash  used in operating activities was $2.7 million for 2003 compared to $0.6 million  used in 2002, which included an increase of $11.0 million in working capital.

Net  cash used in investing activities was $17.2 million in 2003 compared to $12.5  million in 2002. Investing activities were driven principally by the acquisition  of new businesses. We deployed $9.4 million for the acquisition of new businesses  in 2003 compared to $10.5 million in 2002 and $3.2 million in support of our  web-based operating platform, Tech-Logis, in 2003 compared to $0.2 million in  2002. In addition, we funded $3.5 million in earn-out payments in 2003.

Cash  from financing activities generated $20.7 million in 2003 compared to cash    provided  by financing activities of $0.2 million in 2002, with the majority    of the increase due to the Company’s     two private placements of equity.

We expect  to pay approximately $6.6 million in cash for earn-outs on or around April 1,  2004, based on the performance of our acquired companies relative to their respective  pre-tax earnings targets.

On July 18,  2002 we completed a private exchange transaction that eliminated approximately  $44.6 million of our Series C preferred stock. The terms of the Series C  preferred stock would have significantly constrained our future growth opportunities.  In return for eliminating the Series C preferred stock, we issued 1,911,071  shares of common stock, warrants to purchase 1,543,413 shares of common stock  at an exercise price of $1.00 per share for a term of three (3) years, and a  new class of Series D preferred stock that would convert into 3,607,450  shares of our common stock no later than December 31, 2004. The terms of  the Series D preferred stock were structured to make it much like a common  equity equivalent in that (1) it receives no dividend, (2) it is subordinated  to new rounds of equity, and (3) it held a limited liquidation preference which  expired at the end of 2003. In addition, the holders of the Series D preferred  stock were restricted from selling the common stock received upon conversion  of the Series D preferred stock until July 19, 2003 and are now permitted  limited resale based on trading volume through July 19, 2004. At March  1, 2004 there were 309,397 shares of the Series D preferred stock outstanding.

In March 2003,  we completed a private placement of 4,470,000 shares of our common stock in  exchange for gross proceeds of approximately $6.1 million. This placement yielded  net proceeds of $5.5 million for the Company, after the payment of placement  agent fees and other out-of-pocket costs associated with the placement.

On October  16, 2003, we completed the private placement of 5,983,500 shares of our common  stock at a price of $2.20 per share. In connection with this transaction, we  realized gross proceeds of $13.2 million and paid a brokerage fee of four (4%)  percent, or $0.5 million.

We may  receive proceeds in the future from the exercise of warrants and options outstanding  as of March 1, 2004 in accordance with the following schedule:
  **  Number of Shares    **  **Proceeds**     Options      outstanding under our Stock Option Plan  10,313,634       $15,522,126 Non-Plan Options        1,326,700   2,774,250 Warrants             1,487,563        1,547,573    Total              13,127,897 $      19,843,949    
31

Back to Contents

We believe  that our current working capital, our anticipated cash flow from operations  and our existing credit facility are adequate to support our existing operations  and to implement our acquisition strategy in the short term. However, we will  need additional financing to pursue our acquisition strategy in the longer term.  We intend to finance these acquisitions primarily through the use of cash, funds  from our debt facility and shares of our common stock or other securities. In  the event that our common stock does not attain or maintain a sufficient market  value or potential acquisition candidates are otherwise unwilling to accept  our securities as part of the purchase price for the sale of their businesses,  we may be required to utilize more of our cash resources, if available, in order  to continue our acquisition program. If we do not have sufficient cash resources  through either operations or from debt facilities, our growth could be limited  unless we are able to obtain such additional capital.

To ensure  that we have adequate near-term liquidity, we maintain a revolving credit facility  of $20.0 million (the “Facility”) with LaSalle Business Credit,  Inc. that is collateralized by accounts receivable and other assets of the Company  and its subsidiaries. The Facility requires the Company and its subsidiaries  to comply with certain financial covenants. Advances under the Facility are  available to fund future acquisitions, capital expenditures or for other corporate  purposes. There were no advances against the Facility at December 31, 2003.  We expect that the cash flow from our existing operations and any other subsidiaries  acquired during the year will be sufficient to support our operations and some  portion, if not all, of the contingent earn-out payments or other cash requirements  associated with our acquisitions. Therefore, we anticipate that our primary  uses of capital in the near term will be to finance the cost of new acquisitions  and to pay any portion of existing earn-out arrangements that cash flow from  operations is otherwise unable to fund.

Below  are descriptions of material acquisitions made since 2001 including a breakdown  of consideration paid at closing and future potential earn-out payments. We  define “material acquisitions” as those with aggregate potential  consideration of $5.0 million or more.

On October  5, 2001, we acquired Air Plus, a group of Minneapolis-based privately held companies  that provide a full range of logistics and transportation services. The total  value of the transaction was $34.5 million, consisting of cash of $17.5 million  paid at closing and a four-year earn-out arrangement of $17.0 million. In the  earn-out, we agreed to pay the former Air Plus shareholders installments of  $3.0 million in 2003, $5.0 million in 2004, $5.0 million in 2005 and $4.0 million  in 2006, with each installment payable in full if Air Plus achieves pre-tax  income of $6.0 million in each of the years preceding the year of payment. In  the event there is a shortfall in pre-tax income, the earn-out payment will  be reduced on a dollar-for-dollar basis to the extent of the shortfall. Shortfalls  may be carried over or carried back to the extent that pre-tax income in any  other payout year exceeds the $6.0 million level. Based upon 2003 performance,  the former Air Plus shareholders are entitled to receive $5.0 million on April  1, 2004. On a cumulative basis, Air Plus has generated $12.8 million in adjusted  earnings, providing its former shareholders with a total of $8.0 million in  earn-out payments and excess earnings of $0.8 million to carryforward and apply  to future earnings targets. In total, the former Air Plus shareholders have  elected to receive $7.6 million in cash with the balance payable in Company  common stock.

On April 4,  2002, we acquired SLIS (f/k/a Global Transportation Services, Inc.), a Seattle-based  privately held company that provides a full range of international air and ocean  logistics services. The transaction was valued at up to $12.0 million, consisting  of cash of $5.0 million paid at the closing and up to an additional $7.0 million  payable over a five year earn-out period based upon the future financial performance  of Global. We agreed to pay the former Global shareholders a total of $5.0 million  in base earn-out payments payable in installments of $0.8 million in 2003, $1.0  million in 2004 through 2007 and $0.2 million in 2008, with each installment  payable in full if Global achieves pre-tax income of $2.0 million in each of  the years preceding the year of payment (or the pro rata portion thereof in  2002 and 2007). In the event there is a shortfall in pre-tax income, the earn-out  payment will be reduced on a pro-rata basis. Shortfalls may be carried over  or carried back to the extent that pre-tax income in any other payout year exceeds  the $2.0 million level. We also provided the former Global shareholders with  an additional incentive to generate earnings in excess of the base $2.0 million  annual earnings target (“Global’s tier-two earn-out”). Under  Global’s tier-two earn-out, the former Global shareholders are also entitled  to receive 40% of the cumulative pre-tax earnings in excess of $10.0 million  generated during the five-year earn-out period subject to a maximum additional  earn-out opportunity of $2.0 million. Global would need to generate cumulative  earnings of $15.0 million over the five-year earn-out period to receive the  full $7.0 million in contingent earn-out payments. Based upon 2003 performance,  the former Global shareholders are entitled to receive $1.0 million on April  1, 2004. On a cumulative basis, Global has generated $9.3 million in adjusted  earnings, providing its former shareholders with a total of $1.8 million in  cash earn-out payments and excess earnings of $5.8 million to carryforward and  apply to future earnings targets.

32

Back to Contents

On May 30, 2002, we acquired      United American, a Detroit-based privately held provider of expedited transportation      services. The United American transaction provided us with a new time-definite      service offering focused on the automotive industry. The transaction was      valued at up to $16.1 million, consisting of cash of $5.1 million paid    at closing and a four-year earn-out arrangement based upon the future financial      performance of United American.**** We agreed to pay the former United      American shareholder a total of $5.0 million in base earn-out payments      payable in installments of $1.25 million in 2003 through 2006, with each      installment      payable in full if United American achieves pre-tax income of $2.2 million      in each of the years preceding the year of payment. In the event there      is a shortfall in pre-tax income, the earn-out payment will be reduced      on a      dollar-for-dollar basis to the extent of the shortfall. Shortfalls may      be carried over or carried back to the extent that pre-tax income in any      other      payout year exceeds the $2.2 million level. The Company has also provided      the former United American shareholder with an additional incentive to      generate earnings in excess of the base $2.2 million annual earnings target      (“United      American’s tier-two earn-out”). Under United American’s      tier-two earn-out, the former United American shareholder is also entitled      to receive 50% of the cumulative pre-tax earnings generated by a certain      pre-acquisition customer in excess of $8.8 million during the four-year      earn-out period subject to a maximum additional earn-out opportunity of      $6.0 million.      United American would need to generate cumulative earnings of $20.8 million      over the four-year earn-out period to receive the full $11.0 million in      contingent earn-out payments. Based upon 2003 performance, the former United      American      shareholder is entitled to receive $0.2 million on April 1, 2004. On a      cumulative basis, United American has generated $2.4 million in adjusted      earnings, providing      its former shareholder with a total of $0.4 million in cash earn-out payments      and a cumulative earnings shortfall of $2.0 million. In future years, earnings      in excess of the $2.2 million target would first be applied against the      $2.0 million shortfall.

On    June 20, 2003, through our indirect wholly owned subsidiary, Stonepath Logistics    Government Services, we acquired the business of Regroup, a Virginia limited    liability company. The Regroup transaction enhanced our presence in the Washington,    D.C. market and provided a platform to focus on the logistics needs of U.S.    government agencies and contractors. The transaction was valued at up to    $27.2 million, consisting of cash of $3.7 million and $1.0 million of Company    stock paid at closing, and a five-year earn-out arrangement. The Company    agreed to pay the members of Regroup a total of $10.0 million in base earn-out    payments payable in equal installments of $2.5 million in 2005 through 2008,    if Regroup achieves pre-tax income of $3.5 million in each of the years preceding    the year of payment. In the event there is a shortfall in pre-tax income,    the earn-out payment will be reduced on a dollar-for-dollar basis. Shortfalls    may be carried over or carried back to the extent that pre-tax income in    any other payout year exceeds the $3.5 million level. The Company has also    agreed to pay the former members of Regroup an additional $2.5 million if    Regroup earns $3.5 million in pre-tax income during the 12-month period commencing    July 1, 2003. In addition, the Company has also provided the former members    of Regroup with an additional incentive to generate earnings in excess of    the base $3.5 million annual earnings target ("Regroup's tier-two earn-out").    Under Regroup's tier-two earn-out, the former members of Regroup are also    entitled to receive 50% of the cumulative pre-tax earnings in excess of $17.5    million generated during the five-year earn-out period subject to a maximum    additional earn-out opportunity of $10.0 million. Regroup would need to generate    cumulative earnings of $37.5 million over the five-year earn-out period in    order for the former members to receive the full $22.5 million in contingent    earn-out payments.

On    August 8, 2003, through two indirect international subsidiaries, we acquired    a seventy (70%) percent interest in the assets and operations of the Singapore    and Cambodia based operations of the G-Link Group, which provide a full range    of international logistics services, including international air and ocean    transportation, to a worldwide customer base of manufacturers and distributors.    This transaction substantially increased our presence in Southeast Asia and    expanded our network of owned offices through which to deliver global supply    chain solutions. The transaction was valued at up to $6.2 million, consisting    of cash of $2.8 million, $0.9 million of the Company's common stock paid    at the closing and an additional $2.5 million payable over a four-year earn-out    period based upon the future financial performance of the acquired operations.    We agreed to pay $2.5 million in base earn-out payments in installments of    $0.3 million in 2004, $0.6 million in 2005 through 2006 and $1.0 million    in 2007, with each installment payable in full if the acquired operations    achieve pre-tax income of $1.8 million in each of the years preceding the    year of payment (or the pro rata portion thereof in 2003 and 2007). In the    event there is a shortfall in pre-tax income, the earn-out payment will be    reduced on a dollar-for-dollar basis. Shortfalls may be carried over or carried    back to the extent that pre-tax income in any other payout year exceeds the    $1.8 million level. As additional purchase price, the Company also agreed    to pay G-Link for excess net assets amounting to $1.5 million through the    issuance of Company common stock, on a post-closing basis. Based upon 2003    performance, G-Link is entitled to receive $0.2 million on April 1, 2004.

33

Back to Contents

On    February 9**,**2004, through a wholly-owned subsidiary, we acquired    a 55% interest in Shanghai-based Shaanxi. Shaanxi provides a wide range of    customized transportation and logistics services and supply chain solutions.    The transaction is valued at up to $11.0 million, consisting of cash of $3.5    million and $2.0 million of the Company’s common stock paid at the    closing, plus up to an additional $5.5 million payable over a five-year period    based upon the future financial performance of Shaanxi. The earn-out payments    are due in five installments of $1.1 million beginning in 2005, with each    installment payable in full if Shaanxi achieves pre-tax income of at    least $4.0 million in each of the earn-out years. In the event there is a    shortfall in pre-tax income, the earn-out payment for that year will    be reduced on a dollar-for-dollar basis by the amount of the shortfall. Shortfalls    may be carried over or back to the extent that pre-tax income in any    other payout year exceeds the $4.0 million level. As additional purchase    price, on a post-closing basis the Company has agreed to pay Shaanxi for    55% of its closing date working capital.

We    will be required to make significant payments in the future if the earn-out    installments under our various acquisitions become due. While we believe    that a significant portion of the required payments will be generated by    the acquired subsidiaries, we may have to secure additional sources of capital    to fund some portion of the earn-out payments as they become due. This presents    us with certain business risks relative to the availability and pricing of    future fund raising, as well as the potential dilution to our stockholders    if the fund raising involves the sale of equity.

The    following table summarizes our contingent base earn-out payments for the    years indicated based on results of the prior year (in thousands)(1)(2)(3):
   **2005**  **2006**  **2007**  **2008**  **2009**  **Total**        Earn-out payments:                       Domestic$ 9,040  $ 8,050  $ 2,500 $ 2,500  $ — $ 22,090       International  2,804   2,804  3,176  1,442  909  11,135        Total earn-out payments$ 11,844 $ 10,854  $ 5,676 $ 3,942 $ 909 $ 33,225        Prior year pre-tax        earnings targets (4)      Domestic$ 12,306 $ 12,306  $ 3,500  $ 3,500  $ — $ 31,612      International  6,546  6,546  7,602  2,940  1,823  25,457         Total pre-tax earnings targets$ 18,852 $ 18,852 $ 11,102 $ 6,440 $ 1,823 $ 57,069        Earn-outs as a        percentage of prior year pre-tax earnings targets:      Domestic 73.5% 65.4% 71.4% 71.4% —  69.9%     International 42.8% 42.8% 41.8% 49.1% 49.9% 43.7%     Combined 62.8% 57.6% 51.1% 61.2% 49.9% 58.2%                   (1) Excludes the impact of prior        year’s pre-tax earnings carryforwards (excess or shortfalls versus        earnings targets).  (2) During the 2003-2007        earn-out period, there is an additional contingent obligation related        to tier-two earn-outs that could be as much as $18.0 million if certain        of the acquired companies generate an incremental $37.0 million in pre-tax    earnings.  (3)Only transactions    closed as of December 31, 2003 are included in this schedule.  (4)Aggregate pre-tax earnings targets        as presented here identify the uniquely defined earnings targets of each        acquisition and should not be interpreted to be the consolidated pre-tax        earnings of the Company which would give effect for, among other things,        amortization or impairment of intangible assets created in connection        with each acquisition or various other expenses which may not be charged    to the operating groups for purposes of calculating earn-outs.
The    Company is a defendant in a number of legal proceedings. Although we believe    that the claims asserted in these proceedings are without merit, and we intend    to vigorously defend these matters, there is the possibility that the Company    could incur material expenses in the defense and resolution of these matters.    Furthermore, since the Company has not established any reserves in connection    with such claims, any such liability, if at all, would be recorded as an    expense in the period incurred or estimated. This amount, even if not material    to the Company's overall financial condition, could adversely affect the    Company's results of operations in the period recorded.

34

Back to Contents

New Accounting Pronouncements 

In January 2003 (and revised in December 2003), the FASB issued Interpretation No. 46, *Consolidation of Variable Interest Entities*, which provides new guidance with respect to the consolidation of certain previously unconsolidated entities, including special purpose entities. The adoption of Interpretation No. 46 in 2003 did not have a material impact on the Company’s consolidated financial statements.
**Item 7A.****Quantitative and Qualitative Disclosures About Market Risk**
Our exposure to market risk relates primarily to changes in interest rates and the resulting impact on our interest incurred and our cash flows. We place our cash with high credit quality financial institutions and invest that cash in money market funds and investment grade securities with maturities of less than 90 days. We are averse to principal loss and ensure the safety and preservation of our invested funds by investing in only highly rated investments and by limiting our exposure in any one issuance. Our credit facility bears interest at a variable rate.  If market interest rates had changed by 100 basis points, interest expense and our cash flows would have changed by approximately $35,500 and $47,300,respectively. We do not invest in derivative financial instruments.
**Item 8.****Financial Statements and Supplementary Data**
Our financial statements as of December 31, 2003 and 2002 and for each of the years in the three-year period ended December 31, 2003 and footnotes related thereto are included within Item 15(a) of this Report and may be found at pages 53 through 77.  Schedule II – Valuation and Qualifying Accounts, may be found on page 78.
**Item 9.****Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**
None.
**Item 9A.****Controls and Procedures** 
As required by Rule 13a-15 under    the Securities Exchange Act of 1934, as of the end of the period covered    by this report, the Company carried out an evaluation of the effectiveness    of the Company’s disclosure controls and procedures. This evaluation    was carried out under the supervision and with the participation of the Company’s    management, including the Company’s Chief Executive Officer and Chief    Financial Officer. Based upon that evaluation, the Company’s Chief    Executive Officer and Chief Financial Officer concluded that the Company’s    disclosure controls and procedures are effective. Other than as discussed    in the fourth paragraph of this Item 9A, there have been no significant changesin the Company’s internal controls or in other factors, which could significantlyaffect internal controls subsequent to the date the Company carried out its evaluation.

Disclosure controls and procedures are designed to ensure that information required to be disclosed in Company reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in Company reports filed under the Exchange Act is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer as appropriate, to allow timely decisions regarding required disclosure.

In January 2004,  the Company restated    its consolidated statements of operations for the last three quarters of    fiscal 2002, the    first three    quarters of fiscal 2003,    and for the year ended December 31, 2002, as a    result of an error discovered in the legacy accounting processes of Stonepath    Logistics International Services, Inc. (f/k/a "Global Transportation    Systems, Inc.") and Global Container Line, Inc., its wholly owned subsidiary.    The Company determined that a process error existed which resulted in the    failure to eliminate certain intercompany transactions in consolidation.    This process error had been embedded within the legacy accounting processes    of Global Transportation Systems, Inc. for a period which began substantially    before its acquisition by the Company in April 2002.

The Company believes that the presence    of this error, in and of itself, constitutes a reportable condition as defined    under standards established by the American Institute of Certified Public    Accountants. A reportable condition is a significant deficiency in the design    or operation of internal controls, which could adversely affect an organization's    ability to initiate, record, process and report financial data consistent    with the assertions of management in the financial statements. To specifically    respond to this matter, and in general to meet our obligations under Section    404 of the Sarbanes-Oxley Act of 2002, the Company commenced an overall review    of its internal controls over financial reporting. As part of the assessment    of its internal controls over financial reporting, the Company is focusing    on its recent growth in terms of both size and complexity, coupled with the    fact that its finance and accounting functions are largely decentralized.    Although this review is not yet completed, the Company has initiated an immediate    change in process to correct the error that occurred and to reduce the likelihood    that a similar error could occur in the future.

35

Back to Contents

As of the date of this Report, the Company believes it has a plan that, when completed, will eliminate the reportable condition described above. There were no other changes during the fourth quarter ended December 31, 2003 that have materially affected, or are reasonably likely to materially affect, the Company’s disclosure controls and procedures.

**PART III**
**Item 10.****Directors and Executive Officers of the Registrant**
Our directors and executive officers as of March 1, 2004 were as follows: 
**Name****Age****Position**   Dennis L. Pelino         56Chairman of the Board of Directors    and Chief Executive OfficerGary A. Koch         45Chief Executive Officer of    Stonepath Logistics Domestic Services, Inc.Jason F. Totah        44Chief Executive Officer of Stonepath    Logistics International Services, Inc.Bohn H. Crain         40Chief Financial Officer and    TreasurerStephen M. Cohen         47Senior Vice President, General    Counsel and SecretaryThomas L. Scully         54Vice President and Controller/Principal    Accounting OfficerJ. Douglass Coates          61DirectorJohn H. Springer (2)         47DirectorDavid R. Jones (1)(2)        55DirectorAloysius T. Lawn, IV (1)(2)      45DirectorRobert McCord (1)          45Director(1) Member of Audit Committee (2) Member of Compensation Committee 
The following is a brief summary of the business experience of the foregoing directors and executive officers.

Dennis L. Pelino has served as our Chairman of the Board of Directors and Chief Executive Officer since June 21, 2001. Mr. Pelino has over two decades of executive experience in the logistics industry. From 1986 to 1999, he was employed by Fritz Companies, Inc., initially as director of International Operations and Sales and Marketing, in 1993 as its Chief Operating Officer and commencing in 1996, also as its President. Mr. Pelino was also a member of the Board of Directors of Fritz Companies from 1991 to 1999. During Mr. Pelino's tenure, he acquired or started over 50 companies for Fritz as it became one of the leading global logistics companies. Prior to Fritz, Mr. Pelino held seniorexecutive positions in the container shipping industry and in the domestic full-service truck leasing industry. Most recently, from 1999 through 2001, Mr. Pelino has been involved as a director and principal of a number of private ventures which explored opportunities in the logistics industry and which provided consulting services relative to business opportunities in Latin America, China and other Far Eastern regions.

Gary A. Koch serves as the Chief Executive Officer of Air Plus and Stonepath Logistics Domestic Services, Inc. Mr. Koch co-founded Air Plus in May 1990. In ten years, he built Air Plus into a transportation logistics company serving a customer base of manufacturing distributors and national retail chains with close to $60.0 million in annual revenues, over 200 employees and 16 offices in North American cities. Mr. Koch has over twenty years of logistics experience in the U.S. and Canadian markets with expertise in traditional air freight and distribution logistics. Mr. Koch received a B.S. in Marketing from Purdue University.

Jason F. Totah serves as the Chief  Executive Officer of Stonepath Logistics International Services, Inc. (SLIS,  f/k/a Global Transportation Services, Inc.).  Mr. Totah joined Global in 1990    and has held several positions including Seattle Branch manager and Senior    Vice President, Sales and Marketing, and Senior Vice President of Sales and  Operations.  Prior to joining Global, he worked in international logistics for Amoco Petroleum, stationed in various locations around the world. He graduated from Oregon State in 1983 with a degree in Agriculture Engineering.

36

Back to Contents

Bohn H. Crain has served as our Chief Financial Officer since January 10, 2002 and our Treasurer since May 30, 2002. Mr. Crain has over 15 years of experience in finance and accounting as well as extensive knowledge of transportation and logistics. Prior to joining Stonepath's executive team, he served from January 2001 to September 2001 as Executive Vice President and Chief Financial Officer for Schneider Logistics, Inc., a third-party logistics company. Before Schneider, Mr. Crain served from May 2000 to January 2001 as Vice President and Treasurer for Florida East Coast Industries, Inc., and from June 1989 to May 2000, he held various Vice President and treasurypositions with CSX and various of its subsidiaries. Mr. Crain holds a B.S. in Business Administration – Accounting from the University of Texas.

Stephen M. Cohen has served as the Company's Senior Vice President, General Counsel and Secretary since April 2000. Since 1980, Mr. Cohen has been engaged in the practice of law, having most recently been a shareholder of Buchanan Ingersoll P.C. from March 1996 to April 2000 and a partner at Clark, Ladner, Fortenbaugh & Young from March 1990 to March 1996. Mr. Cohen's practice focused on corporate finance and federal securities matters. Mr. Cohen received a B.S. in Accounting from the School of Commerce and Finance of Villanova University, a J.D. from Temple University and a L.L.M. in Taxation from Villanova University School of Law.

Thomas L. Scully has served as our Vice President and Controller since November 19, 2001. Before joining Stonepath, Mr. Scully was a senior manager within the assurance and advisory services of Deloitte & Touche, LLP from December 1996 to November 2001. Prior to Deloitte & Touche, from October 1980 to June 1996, Mr. Scully was an audit partner at BDO Seidman, LLP where he led numerous accounting, auditing and tax engagements for publicly traded and privately-held local, national, and international clients. Prior to BDO, he held the position of audit supervisor at Coopers & Lybrand, LLP. Mr. Scully is a certified public accountant and earned a B.S. in Accounting fromSt. Joseph's University, Philadelphia.

J. Douglass Coates has served as a member of our Board of Directors since August 2001. He has been principal of Manalytics International, Inc., a transportation, logistics and supply chain consulting firm based in San Francisco, California, since 1992. He was previously President of ACS Logistics, a division of American President Lines, and President of Milne Truck Lines, then a subsidiary of the Sun Company. Mr. Coates holds a B.S. in Engineering from Pennsylvania State University and an MBA from the Wharton School of the University of Pennsylvania.

John H. Springer has served as a member of our Board of Directors since May 2003.  Mr. Springer has extensive global supply chain management and logistics experience, having held both domestic U.S. and international logistics positions at IBM Corporation, Union Pacific Corporation's third party logistics unit, and at Dell Computer from 1995 to 2002. Mr. Springer joined Nike Inc. in 2002 and is its Director of Global Operations – Nike Golf. Mr. Springer has been active in the Council of Logistics Management throughout his career, including holding the position of President for the Central Texas region. He earned his B.S. at Syracuse University in Transportation & Distribution Management, and his MBA from St.Edwards University in Austin, Texas.

David Jones has served as a member of our Board of Directors since September 2000. Mr. Jones has been President of DR Jones Financial, Inc., a privately-held consulting firm since its formation in September 1995. He is presently a director of Financial Asset Securities Corporation, an affiliate of Greenwich Capital Markets, Inc. Prior to forming DR Jones Financial, Inc., Mr. Jones was Senior Vice President-Asset Backed Finance of Greenwich Capital Markets, Inc. from 1989 to 1995. Mr. Jones served as a Vice President, and subsequently as a Managing Director of The First Boston Corporation, an investment banking firm, from 1982 to 1989 and as Manager-Product Development of General ElectricCredit Corp., an asset-based lender and financial services company, from 1981 to 1982. Mr. Jones is a graduate of Harvard College and has an MBA from the Amos Tuck School of Business Administration.

Aloysius T. Lawn has served as a member of our Board of Directors since February 2001. Mr. Lawn is the Executive Vice President – General Counsel and Secretary of Talk America Holdings, Inc., an integrated communications service provider with programs designed to benefit the residential and small business markets. Prior to joining Talk America Holdings, Inc. in 1996, Mr. Lawn was an attorney in private practice with extensive experience in private and public financings, mergers and acquisitions, securities regulation and corporate governance from 1985 through 1995. Mr. Lawn graduated from Yale University and Temple University School of Law.

Robert McCord has served as a member of our Board of Directors since March 2001. He is also a Managing Director of PA Early Stage, an affiliated fund of Safeguard Scientifics, Inc. At PA Early Stage, which he co-founded in 1997, Mr. McCord specializes in business development for their portfolio companies. He also serves as President and Chief Executive Officer of the Eastern Technology Council, a consortium of more than 1,200 technology-oriented companies. At the Technology Council he provides contacts, capital and information for senior executives. Mr. McCord co-founded and also serves as a principal of the Eastern Technology Fund, which provides seed and early-stage funding for technology companiesin the eastern corridor. Previously, he served as Vice President of Safeguard Scientifics, Inc., a leader in identifying, developing and operating premier technology companies. Before joining Safeguard, Mr. McCord spent a decade on Capitol Hill where he served as Chief of Staff, Speechwriter and Budget Analyst in a variety of congressional offices. He specialized in budget and deregulatory issues and, as Chief Executive Officer of the bipartisan Congressional Institute for the Future, he ran a staff which tracked legislation and provided policy analyses and briefings. Mr. McCord earned his B.S., with high honors, from Harvard University and his MBA from the Wharton School.

37

Back to Contents

Code of Ethics

Our Board of Directors has adopted a Code of Ethics applicable to all of our employees, including our Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer and Controller.  A copy of our Code of Ethics is attached as an exhibit to this Annual Report on Form 10-K.  We intend to provide any disclosures which are required by the rules of the Securities and Exchange Commissions, or which we otherwise determine to be appropriate, with respect to amendments of, and waivers from our Code of Ethics by posting such disclosures on our Internet website, www.stonepath.com.

Compliance with Section 16(a) of the Securities Exchange Act 

Based solely on our review of copies of forms filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, as amended, and written representations from certain reporting persons, we believe that during 2003 all reporting persons timely complied with all filing requirements applicable to them.
**Item 11.****Executive Compensation**
The following table sets forth a summary of the compensation paid or accrued for the three fiscal years ended December 31, 2003 to or for the benefit of our Chief Executive Officer and our four most highly compensated executive officers whose total annual salary and bonus compensation exceeded $100,000 (the “Named Executive Officers”).

38

Back to Contents

     **Summary Compensation Table**
      **Long-Term**        **Annual      Compensation** **Compensation      Awards**           **Name      and Principal Position**   **Salary**  **Bonus** **Restricted** **Number of****Options**(1)  **All Other****Compensation(2)** **Stock**
**Awards**
 Dennis L. Pelino,      Chairman2003 $360,000  — — 700,000(3) — and Chief Executive Officer2002 $360,000  — — 1,900,000       (4)  —  2001 $158,691 $180,000 — 1,800,000(5) —                Stephen M.      Cohen, Senior2003 $ 200,000 $40,000 — 60,000(6)$ 62,000 Vice President,      General2002 $200,000 $15,000 — 100,000(7)$ 62,000 Counsel and      Secretary2001 $227,884 $50,000 —           750,000(8) —                 Bohn H. Crain,      Chief Financial 2003 $200,000  — — 325,000(9) —  Officer and Treasurer2002 $        200,000 $37,500 —         350,000(10)$ 44,000                 Gary A. Koch,      Chief Executive 2003 $ 270,509  — — —  — Officer of      Stonepath 2002 $ 264,497  — — —  — Logistics Domestic      Services, 2001 $69,950  — — —  — Inc.                               Jason F. Totah,       Chief Executive Officer of 2003 $259,436  150,000 — —  — Stonepath Logistics2002 $187,500  131,250 — —  —  International      Services, Inc.                (1)This table does not include options      that were granted to the Named Executive Officers during the first quarter      of 2004, as follows: 1,034,600 to Dennis L. Pelino; 100,000 to Stephen M.      Cohen; 123,300 to Bohn H. Crain; 150,000 to      Gary A. Koch and 93,100 to Jason F. Totah.  (2)During the periods reflected,      certain of the officers named in this table received perquisites and other      personal benefits not reflected in the amounts of their respective annual      salaries or bonuses. The dollar amount of these benefits did not, for any      individual in any year, exceed the lesser of $50,000 or 10% of the total      annual salary and bonus reported for that individual in any year, unless      otherwise noted.  (3)These options were granted on      March 10, 2003. The first grant of 300,000 options vested immediately. The      second grant of 400,000 options vest to the extent of 133,334 on the first      anniversary date of the award date and to the extent of 133,333 on the second      and third anniversaries of the award date.  (4) These options were granted on      July 3, 2002 and vest to the extent of 633,334 on the first anniversary      of the award date and to the extent of 633,333 on the second and third anniversaries      of the award date, with 100% acceleration of vesting in the event of a change      of control transaction. These options also vest fully upon death, disability,      or termination of employment without cause.    (5)These options were granted in      conjunction with Mr. Pelino's employment by the Company on June 21,      2001 and are fully vested.  (6)The first grant of 10,000 options      occurred on March 25, 2003. One-third of the options vested on the grant      date with the remainder vesting over the following 24 months. The second      grant of 50,000 options occurred on September 5, 2003. These options vest      to the extent of 16,666.66 on the first, second and third anniversaries      of the award date.  (7)These options were granted on      July 3, 2002. Twenty five percent of the options vest on July 3,      2003 and the remainder vest pro rata over the following 36 months, with      100% acceleration of vesting following a change of control transaction.
 

39

Back to Contents
(8) These options were granted      in conjunction with an amendment to Mr. Cohen's employment agreement      during April 2001. They vest pro rata over the thirty-six (36) month      period of his employment through April 2004, with 100% acceleration      of vesting following change of control, or upon a termination of employment      without cause. In the event of death or disability, the options which would      have become vested within the next 12 months become vested.  (9)The first grant of 200,000 options      occurred on February 24, 2003. Twenty-five percent of the options vested      on the grant date with the remainder vesting over the following 36 months.      The second grant of 25,000 options occurred on March 25, 2003. One-third      of the options vested on the grant date with the remainder vesting over      the following 24 months. The third grant of 100,000 occurred on September      5, 2003. These options vest to the extent of 33,333.33 on the first and      second anniversaries of the award date and to the extent of 33,333.34 on      the third anniversary of the award date.  (10)150,000 of these options were         granted on January 10, 2002, of which 50,000 vested on January 10,          2003, with the remainder vesting over the following 24 months and with         100%      acceleration of vesting following a change of control transaction or upon          a termination of employment without cause. 200,000 of these options         were      granted on July 3, 2002, of which 50,000 vested on July 3, 2003,       with the remainder vesting pro rata over the following 36 months and with      100% acceleration of vesting following a change of control transaction,       or upon a termination of employment without cause.
Employment Agreements 

On March 10, 2004, effective as of January 1, 2004, we entered into an amended employment agreement with our Chief Executive Officer, Dennis L. Pelino. This agreement amended our prior agreements with Mr. Pelino dated February 22, 2002 and June 21, 2001.  Pursuant to this amendment, we have agreed to extend the term of employment of Mr. Pelino as our Chief Executive Officer through June 2009. The amendment also increased the annual compensation payable to Mr. Pelino by granting him, in addition to his current base salary of $360,000, options to purchase 359,000 shares of our common stock which vest in equal installments over the term of his employment. This grant of options was intended to provide Mr.Pelino with incremental compensation of $700,000 over the term of his employment.  In addition to his base salary, Mr. Pelino is entitled to bonus compensation based upon the achievement of certain target objectives, as well as discretionary merit bonuses that can be awarded at the discretion of our Board of Directors.  Mr. Pelino is also entitled to certain severance benefits upon his death, disability or termination of employment.  Pursuant to the employment agreement, Mr. Pelino is also entitled to fringe benefits including participation in pension, profit sharing and bonus plans, as applicable, and life insurance, hospitalization, major medical, paid vacation and expense reimbursement.

As of April 19, 2001, we entered into a three-year employment agreement with our General Counsel, Stephen M. Cohen.  This was further modified effective December 27, 2001. This had the effect of amending and restating our prior employment agreement with Mr. Cohen entered into in April 2000.  Pursuant to this Agreement, we have agreed to employ Mr. Cohen as our General Counsel through April 19, 2004 at an annual base salary of $200,000.  In addition to his annual base salary, Mr. Cohen’s employment agreement provides for bonus compensation based upon the achievement of certain target objectives, as well as discretionary merit bonuses that can be awarded at the discretion of our Board ofDirectors.  Mr. Cohen is also entitled to certain severance benefits upon his death, disability or termination of employment.  Pursuant to his employment agreement, Mr. Cohen is entitled to fringe benefits including participation in pension, profit sharing and bonus plans, as applicable, and life insurance, hospitalization, major medical, paid vacation and expense reimbursement.

Effective as of February 1,    2003, we entered into an Amended Employment Agreement with our Chief Financial    Officer, Bohn H. Crain. This agreement amended and restated our prior    Agreement with Mr. Crain dated January 10, 2002. Pursuant to this    Agreement, we have agreed to employ Mr. Crain as our Chief Financial    Officer through February 1, 2006 at an annual base salary of $200,000.    In addition to his annual base salary, Mr. Crain's employment agreement    provides for bonus compensation based upon the achievement of certain target    objectives, as well as bonus compensation determined at the discretion of    the Board of Directors. Mr. Crain is also entitled to certain severance    benefits upon his death, disability or termination of employment. Pursuant    to his employment agreement, Mr. Crain is entitled to fringe benefits    including participation in pension, profit sharing and bonus plans, as applicable,    and life insurance, hospitalization, major medical, paid vacation and expense    reimbursement.

40

Back to Contents

Change in Control Arrangements

Our    Chief Executive Officer, Chief Financial Officer and General Counsel are    each employed under agreements that contain change in control arrangements.    If employment of any of these officers is terminated following a change in    control (other than for cause), then we must pay such terminated employee    a termination payment equal to 2.99 times his salary and bonus, based upon    the average annual bonus paid to him prior to termination of his employment.    In addition, all of their unvested stock options shall immediately vest as    of the termination date of their employment due to a change in control. In    each of their agreements, a change in control is generally defined as the    occurrence of any one of the following:
 •any “Person” (as the term “Person” is        used in Section 13(d) and Section 14(d) of the Securities Exchange Act        of 1934), except for the effected employee, becoming the beneficial owner,        directly or indirectly, of our securities representing 50% or more of        the combined voting power of our then outstanding securities;     •a contested proxy solicitation of our stockholders        that results in the contesting party obtaining the ability to vote securities        representing 50% or more of the combined voting power of our then-outstanding    securities;    •a sale, exchange, transfer or other disposition        of 50% or more in value of our assets to another Person or entity, except    to an entity controlled directly or indirectly by us;     •a merger, consolidation or other reorganization        involving us in which we are not the surviving entity and in which our        stockholders prior to the transaction continue to own less than 50% of        the outstanding securities of the acquirer immediately following the        transaction, or if a plan involving our liquidation or dissolution other    than pursuant to bankruptcy or insolvency laws is adopted; or    •during any period of twelve consecutive        months, individuals who at the beginning of such period constituted the        Board of Directors cease for any reason to constitute at least a majority        of the Board of Directors unless the election, or the nomination for        election by our stockholders, of each new director was approved by a        vote of at least a majority of the directors then still in office who    were directors at the beginning of the period. 
Notwithstanding    the foregoing, a “change of control” is not deemed to have occurred    (i) in the event of a sale, exchange, transfer or other disposition of substantially    all of our assets to, or a merger, consolidation or other reorganization    involving, any entity in which the effected employee has, directly    or indirectly, at least a 25% equity or ownership interest; or (ii) in    a transaction otherwise commonly referred to as a “management leveraged    buy-out.”

In    addition, the existing stock options granted to these executive officers    fully vest upon a “change in control,” as defined within our    Stock Incentive Plan.

Directors Compensation

Non-employee    directors are paid $3,750 per quarter, provided that each member attends    75% of all meetings. In addition, a quarterly fee of $3,750 is paid to the    chairman of the Audit and Compensation Committees. Upon joining our Board    of Directors, each of our non-employee directors received an option to purchase    50,000 shares of our common stock with an exercise price equal to the closing    price of our common stock on the trading day prior to the date of grant.    One-half of these options vested on the first anniversary of the director's    membership on the Board, and the balance vest on the second anniversary of    Board membership. On November 5, 2002 each member of our Audit Committee    received options to purchase 15,000 shares of our common stock at an exercise    price of $1.45 per share (of which 50% vested on November 5, 2003 and    the balance vest on November 5, 2004, contingent upon continued Board    service). In addition, on January 23, 2004, the chairmen of each of our Audit    Committee and Compensation Committee received options to purchase 25,000    shares of our common stock at an exercise price of $3.05 per share (of which    50% vest on January 23, 2005 and the balance vest on January 23, 2006, contingent    upon continued Board service).

41

Back to Contents

**Stock Options and Warrants**

The    following table sets forth information on option grants in fiscal 2003 to    the Named Executive Officers.

**Option        Grants in Last Fiscal Year**
** Name****  ****Number    of****Options Granted****  ****%      of Total Options      Granted to Employees in****Fiscal-Year****  ****  ****Exercise      Price****  ****  ****Market      Price    on Date of  ****Grant****  ****  ****ExpirationDate****  ****  ****Potential      Realizable Value at      Assumed Annual Rates of       Stock Price Appreciation for       Option Term****  ****5%**** **** ****10%**             Dennis      L. Pelino 300,000 16.79%$      1.68 $      1.68  March      2013 $      316,963 $      803,246   400,000 22.38%$      2.00 $      1.68  March      2013  294,617  942,995 Stephen      M. Cohen 10,000 0.56%$      1.81 $      1.81  March      2013  11,383  28,847   50,000 2.80%$      2.24 $      2.24  September      2013  70,436  178,499 Bohn      H. Crain  200,000 11.19%$      1.53 $      1.53  February      2013  192,442  487,685   25,000 1.40%$      1.81 $      1.81  March      2013  28,457  72,117   100,000 5.60%$      2.24 $      2.24  September      2013  140,872  356,998 Gary      A. Koch — —  —  —  —  —  — Jason      F. Totah — —  —  —  —  —  — 
The    following table sets forth information concerning year-end option values    for fiscal 2003 for the Named Executive Officers. The value of the options    was based on the closing price of our common stock on December 31, 2003    of $2.26.

     **Fiscal        Year End Option Values**
** **** **** **** **** ****Number of Unexercised        Options      at Fiscal Year End**** ****Value        of Unexercised In-the-Money Options at Fiscal Year End**** **** **** **** **** **** **** **** **** ****Shares      Acquired        on Exercise**** ****Value    Realized**** ****Exercisable**** ****Unexercisable**** ****Exercisable**** ****Unexercisable**** **** **** **** **** **** **** **** **Dennis L. Pelino(1)— — 2,733,334 1,666,666 $ 3,374,001$ 1,319,999 Stephen M. Cohen(2)— — 707,917 202,083 1,143,292 203,208 Bohn H. Crain(3)— — 252,082 422,918 172,270 250,980 Gary A. Koch(4)— — 70,833 129,167 68,000 123,999 Jason F. Totah(5)— — 112,500 137,500 33,000 57,000 (1)Does not include the grant to Mr. Pelino        on January 23, 2004 of options to purchase 550,000 shares of the Company’s        common stock at an exercise price of $3.05 per share, or the grant to        Mr. Pelino on February 26, 2004 of options to purchase 125,600 shares        of the Company’s common stock at an exercise price of $3.38 per        share, or the grant to Mr. Pelino on March 11, 2004 of options to purchase        359,000 shares of the Company’s common stock at an exercise price    of $3.75 per share.  (2) Does not include the grant to Mr. Cohen        on January 9, 2004 of options to purchase 100,000 shares of the Company’s    common stock at an exercise price of $2.38 per share.  (3) Does not include the grant to Mr. Crain        on January 9, 2004 of options to purchase 100,000 shares of the Company’s        common stock at an exercise price of $2.38 per share, or the grant to        Mr. Crain on February 26, 2004 of options to purchase 23,300 shares of    the Company’s common stock at an exercise price of $3.38 per share.  (4) Does not include the grant to Mr. Koch on        January 9, 2004 of options to purchase 150,000 shares of the Company’s    common stock at an exercise price of $2.38 per share.  (5) Does not include the grant to Mr. Totah        on January 9, 2004 of options to purchase 80,000 shares of the Company’s        common stock at an exercise price of $2.38 per share, or the grant to        Mr. Totah on February 26, 2004 of options to purchase 13,100 shares of    the Company’s common stock at an exercise price of $3.38 per share.
 

42

Back to Contents

*Outstanding Stock Options*

The Amended and Restated Stonepath      Group, Inc. 2000 Stock Incentive Plan, (the “Stock Incentive Plan”)      covers 13,000,000 shares of common stock. Under its terms, employees, officers      and directors of the Company and its subsidiaries are currently eligible      to receive non-qualified stock options, restricted stock awards and incentive      stock options within the meaning of Section 422 of the Code. In addition,      advisors and consultants who perform services for the Company or its subsidiaries      are eligible to receive non-qualified stock options under the Stock Incentive      Plan. The Stock Incentive Plan is administered by the Board of Directors      or a committee designated by the Board of Directors.

All stock options granted under      the Stock Incentive Plan are exercisable for a period of up to ten (10)      years from the date of grant. The Company may not grant incentive stock      options pursuant to the Stock Incentive Plan at exercise prices which are      less than the fair market value of the common stock on the date of grant.      The term of an incentive stock option granted under the Stock Incentive      Plan to a stockholder owning more than 10% of the issued and outstanding      common stock may not exceed five years and the exercise price of an incentive      stock option granted to such stockholder may not be less than 110% of the      fair market value of the common stock on the date of grant. The Stock Incentive      Plan contains certain limitations on the maximum number of shares of the      common stock that may be awarded in any calendar year to any one individual      for the purposes of Section 162(m) of the Code.

Generally, most of the options      under the Stock Incentive Plan are granted subject to periodic vesting      over a period of between three and four years, contingent upon continued      employment with the Company. In addition to the stock options covered by      the Stock Incentive Plan, the Company has outstanding options to purchase      1,326,700 shares of common stock. The following schedule identifies the      vesting schedule associated with all of the Company’s outstanding      options: 
** ****Plan** **Non-Plan** **Total** Vested as        of 12/31/035,039,597 1,326,700 6,366,297 To vest in 20042,324,127 — 2,324,127 To vest in        20051,880,577 — 1,880,577 To vest in 20061,043,916 — 1,043,916 To vest in        200725,417 — 25,417      10,313,634 1,326,700 11,640,334     
At March 1, 2004, these options      were outstanding at the following exercise prices:
**Number of Options**   ** **    **Plan** **Non-Plan** **Total****Range of Exercise Prices**    3,248,334 1,109,500 4,357,834 $0.50 to $1.00 4,567,100 — 4,567,100 $1.01 to $2.00 2,498,200 144,000 2,642,200 $2.01 to $4.00 — 73,200 73,200 $6.38 to $17.50      10,313,634 1,326,700 11,640,334        
*Outstanding Warrants*

As of March 1, 2004, warrants to      purchase 1,487,563 shares of common stock were outstanding. Most of these      warrants were granted in connection with investment related transactions.      With the exception of warrants to purchase 50,000 shares at $1.23 per share,      and warrants to purchase 99,000 shares at $1.49 per share, all of the remaining      warrants are subject to an exercise price of $1.00 per share and expire      in July 2005.

**Item 12.**  **Security      Ownership of Certain Beneficial Owners and Management and Related Stockholder      Matters**

The following tables set forth      information with respect to the beneficial ownership of common stock and      Series D preferred stock owned, as of March 1, 2004, by:
•the holders of more than 5% of any class        of the Company's voting securities;
43

Back to Contents
•each of the directors;  •each of the executive officers; and  •all directors and executives officers of        the Company as a group.
As of March 1, 2004, an aggregate      of 39,004,242 shares of common stock and 309,397 shares of Series D      preferred stock were issued and outstanding. Each share of Series D      preferred stock is convertible into ten shares of our common stock. For      purposes of computing the percentages under the following tables, it is      assumed that all options and warrants to acquire common stock which have      been issued to the directors, executive officers and the holders of more      than 5% of common stock and are fully vested or will become fully vested      within 60 days from March 1, 2004 have been exercised by these individuals      and the appropriate number of shares of common stock have been issued to      these individuals.
**COMMON STOCK**  **Name of Beneficial Owner** **Position** **Shares Owned Beneficially          and      of Record(1)** **Percentage of Class**  Dennis L. Pelino(2) Officer, Director 3,581,824 8.49%Stephen M. Cohen(3) Officer 845,878 2.12%Bohn H. Crain(4) Officer 379,095 * Thomas L. Scully(5) Officer 46,462 * Gary A. Koch(6) (7) 595,579 1.52%Jason F. Totah(8) (9) 202,267 * David R. Jones(10) Director 142,500 * Aloysius T. Lawn, IV(11) Director 57,500 * Robert McCord(12) Director 100,000 * J. Douglass Coates(13) Director 50,000 * John H. Springer(14) Director — *         All directors and executive        officers as a group (11 people)   6,001,105 13.63%        (*)Less than one percent.  (1) The securities "beneficially        owned" by an individual are determined in accordance with the definition        of "beneficial ownership" set forth in the regulations of the        SEC under the Exchange Act. They may include securities owned by or for,        among others, the spouse and/or minor children of an individual and any        other relative who has the same home as such individual, as well as,        other securities as to which the individual has or shares voting or investment        power. The number of shares beneficially owned by the individual may        include options to purchase shares of our common stock exercisable as        of, or within 60 days of, the date of this prospectus. Beneficial ownership        may be disclaimed as to certain of the securities.   (2) Includes 406,222 shares of        common stock held by the Dennis L. Pelino and Meredith L. Pelino Declaration        of Trust, of which Dennis L. Pelino and his spouse are trustees and beneficiaries,        though beneficial ownership of which may be disclaimed. Also includes        3,175,602 shares of common stock issuable upon exercise of vested options.        Does not include 1,899,998 shares of common stock issuable pursuant to        options not presently exercisable and not exercisable within 60 days        of March 1, 2004. Also, does not include options to purchase 359,000        shares of common stock that were granted after March 1, 2004.
44

Back to Contents
(3)Includes 11,850 shares of common      stock. Also includes 834,028 shares of common stock issuable upon exercise      of vested options and options which vest within 60 days of March 1, 2004.      Does not include 175,972 shares of common stock issuable pursuant to options      not presently exercisable and not exercisable within 60 days of March 1,      2004.  (4) Includes 17,600 shares of common      stock. Also includes 361,495 shares of common stock issuable upon exercise      of vested options and options which vest within 60 days of March 1, 2004.      Does not include 436,805 shares of common stock issuable pursuant to options      not presently exercisable and not exercisable within 60 days of March 1,      2004.  (5) Includes 46,462 shares of common      stock issuable upon exercise of vested options and options which vest within      60 days of March 1, 2004. Does not include 67,838 shares of common stock      issuable pursuant to options not presently exercisable and not exercisable      within 60 days of March 1, 2004.  (6)Includes 458,079 shares of common      stock held by the Revocable Trust of Gary A. Koch, of which Gary A. Koch      is the trustee and a beneficiary, beneficial ownership of which may be disclaimed.      Also includes 137,500 shares of common stock issuable upon exercise of vested      options and options which vest within 60 days of March 1, 2004. Does not      include 212,500 shares of common stock issuable pursuant to options not      presently exercisable and not exercisable within 60 days of March 1, 2004.  (7) Chief Executive Officer of Stonepath      Logistics Domestic Services, Inc., a wholly owned subsidiary of the Company.  (8) Includes 202,267 shares of common      stock issuable upon the exercise of vested options and options which vest      within 60 days of March 1, 2004. Does not include 140,833 shares of common      stock issuable pursuant to options not presently exercisable and not exercisable      within 60 days of March 1, 2004.  (9)Chief Executive Officer of Stonepath      Logistics International Services, Inc., a wholly owned subsidiary of the      Company.  (10) Includes 85,000 shares of common      stock. Also includes 57,500 shares of common stock issuable upon exercise      of vested options and options which vest within 60 days of March 1, 2004.      Does not include 32,500 shares of common stock issuable pursuant to options      not presently exercisable and not exercisable within 60 days of March 1,      2004.  (11) Includes 57,500 shares of common      stock issuable upon the exercise of vested options and options which vest      within 60 days of March 1, 2004. Does not include 32,500 shares of common      stock issuable pursuant to options not presently exercisable and not exercisable      within 60 days of March 1, 2004.  (12) Includes 100,000 shares of common      stock issuable upon the exercise of vested options and options which vest      within 60 days of March 1, 2004.   (13) Includes 50,000 shares of common      stock issuable upon the exercise of vested options and options which vest      within 60 days of March 1, 2004.   (14) Does not include 50,000 shares      of common stock issuable pursuant to options not presently exercisable and      not exercisable within 60 days of March 1, 2004.  
45

Back to Contents
  **SERIES D PREFERRED      STOCK**    **Name of Beneficial      Owner** **Shares of      Series D Preferred Stock Owned Beneficially and       of Record (1)(2)**  **Percentage      of Class**          Brown Simpson      Partners I, Ltd.      Carnegie Hall Tower      152 West 57th Street, 21st Floor      New York, NY 10019 201,184  65.0%       Schottenfeld      Associates, L.P.      880 Third Avenue, 16th Floor      New York, NY 10022 25,451  8.2%       CSL Associates      LP399 Park Avenue – 37th      Floor      New York, NY 10020 20,119  6.5%       Norton Herrick      Irrevocable Securities Trust      20 Community Place, 2nd Floor      Morristown, NY 07960 39,201  12.7%(1) Beneficial ownership has been      determined in accordance with Rule 13d-3 under the Securities Exchange Act      of 1934. Unless otherwise noted, the Company believes that all persons named      in the table have sole voting and investment power with respect to all shares      of Series D preferred stock beneficially owned by them.(2) Each of the shares of Series D      preferred stock converts into ten shares of the Company’s common stock.      Shares of the Series D preferred stock have limited voting rights,      on an as converted to common stock basis, in connection with a consolidation,      sale or merger of the Company that could result in a change of control.
**Securities Authorized for Issuance  Under Equity Compensation Plans**

For information on the securities    authorized for issuance under our equity compensation plans, see “Equity     Compensation Plan Information” in Item 5 of this Annual Report on     Form 10-K.
**Item 13.****CertainRelationships and Related Transactions**
Participation of Chief Executive Officerin Recent Private Placement Transaction

At the  request of one of the lead investors, Dennis L. Pelino, our Chief Executive  Officer, purchased 100,000 shares of our common stock at a price of $1.54 per  share in the private placement transaction that was completed on March 7,  2003. Mr. Pelino’s purchase price represented a 14.1% premium over  the purchase price of $1.35 paid by the non-affiliated investors in the transaction.

Payments to Former Executive Officer

During  2002 and 2003, we made aggregate severance payments of $575,000 to Andrew Panzo,  a former executive officer, in connection with a December 14, 2001 Separation  Agreement in which Mr. Panzo resigned his position as an officer of the  Company. In connection with the Separation Agreement, we also agreed to cover  Mr. Panzo and his family on our medical plan during 2002 and to accelerate  the vesting of the balance of his options to purchase 1,270,000 shares of our  common stock. As of December 14, 2001, Mr. Panzo had already vested  in 1,102,500 of these options.

Loans to Officers

In connection  with our acquisition of Global on April 4, 2002, we advanced the sum of $350,000  to Jason Totah. Mr. Totah was a former shareholder of Global and is a significant  employee of the Company, serving as the President of Stonepath Logistics International  Services, Inc. The advance to Mr. Totah is to be repaid through 2006 by offset  against the earn-out amounts that are otherwise due to Mr. Totah under the Stock  Purchase Agreement. The balance of Mr. Totah’s advance was $175,000 at  December 31, 2003.

Under  the terms of our employment agreement with Mr. Cohen, we provided him with  a loan in the principal amount of $100,000 in April 2001. The loan accrues interest  at the rate of 8% per annum and is due on April 17, 2004, or such earlier  date that Mr. Cohen shall have received aggregate proceeds of $5,000,000  from the sale of his options or the shares of common stock underlying his options.  However, Mr. Cohen is not required to repay the loan if by April 17,  2004, the sum of the proceeds which he has received from the sale of his options  or the shares of common stock underlying his options and the remaining equity  in the options as of April 17, 2004 does not equal or exceed $5,000,000.

46

Back to Contents

Related Party Lease

Air    Plus leases certain of its office and warehouse facilities from Gary Koch.    Mr. Koch was a former shareholder of Air Plus and is a significant employee    of the Company, serving as the Chief Executive Officer of Air Plus and Stonepath    Logistics Domestic Services, Inc. The Company paid $187,000 to Mr. Koch in    each of the years ended December 31, 2003 and 2002. Payments under the lease    with Mr. Koch were determined by reference to comparable rents, and management    believes the amounts payable thereunder represent fair market rates.

Amendment and Restatement of Employment    Arrangements with Executive Officers 

On    March 11, 2004, we entered into an amended employment agreement with our    Chief Executive Officer, Dennis L. Pelino. This agreement amended our    prior agreements with Mr. Pelino dated February 22, 2002 and June 21,    2001 to extend the term of his employment through June 2009, and to award    Mr. Pelino a salary increase in the form of additional options that vest    over the period of the employment agreement. On October 18, 2001, we    amended the terms of the options granted to Mr. Pelino under his original    employment agreement dated June 21, 2001. We further amended the terms    of Mr. Pelino’s options on July 3, 2002, when we accelerated    the vesting of his original options to purchase 1,800,000 shares of our common    stock and granted him options to purchase an additional 1,900,000 shares    of our common stock.

Effective    as of February 1, 2003, we entered into an amended employment agreement    with our Chief Financial Officer, Bohn H. Crain. This agreement amended and    restated our prior agreement with Mr. Crain dated January 10, 2002. 

**Item 14.****Principal Accountant Fees and Services**
For the years ended December 31,    2003 and 2002, professional services were provided to the Company by KPMG LLP. The following    table presents fees for professional services rendered by KPMG LLP for the    audit of the Company's annual financial statements for the years ended December 31,    2003 and December 31, 2002, and fees billed for other services rendered    by KPMG LLP during those periods.
  **2003**  **2002**      Audit fees(1)$656,883 $299,000 Audit related fees(2) 125,000  124,292 Tax fees(3) 73,900  24,400 All other fees —  —      Total$855,783 $447,692             (1)Represents the aggregate fees billed for the      audit of the Company's annual financial statements, for the reviews of the      financial statements included in the Company's quarterly reports on Form      10-Q, and services rendered in connection with SEC registration statements      and filings  (2)Represents fees billed for acquisition related      services    (3)Represents fees billed for tax consulting services, primarily related to international acquisitions
Our Audit Committee approves the    engagement of our independent auditors to render audit and non-audit services    before they are engaged. All of the services for which fees are listed abovewere pre-approved by our Audit Committee. 

47

Back to Contents

**PART IV**
**Item 15.****Exhibits, Financial Statement Schedules    and Reports on Form 8-K**  (a)Documents filed as part of this Report:         1.Consolidated Financial Statements:          Independent Auditors' Report 46       Consolidated Balance Sheets as of December 31,        2003 and 2002 47  Consolidated Statements of Operations for        the Years Ended December 31, 2003, 2002 and 2001 48  Consolidated Statements of Stockholders'        Equity and Comprehensive Income (Loss) for the Years Ended December 31,              2003, 2002 and 2001 49  Consolidated Statements of Cash Flows for        the Years Ended December 31, 2003, 2002 and 2001 51  Notes to Consolidated Financial Statements 52      2.Financial Statement Schedule:     Schedule II – Valuation and Qualifying        Accounts 78     (b) Reports on Form 8-K:         We filed two reports on Form        8-K during the fiscal quarter ended December 31, 2003:        (i)Form 8-K dated November 11, 2003 providing        information pursuant to Regulation FD relative to the Company’s        results for the quarterly period ended September 30, 2003.        (ii)Form 8-K dated December 29, 2003 providing        information pursuant to Regulation FD relative to the completion of several        acquisitions, 2004 forecasted results of operations, and revisions to        the Company’s 2003 forecasted revenues.       (c)Exhibit Listing:      **Exhibit Number****Document**  2.1(1) Stock Purchase Agreement by and among Stonepath        Logistics, Inc., Stonepath Group, Inc. and M.G.R., Inc, Distribution        Services, Inc., Contract Air, Inc., the Shareholders of M.G.R., Inc.,        Distribution Services, Inc., Contract Air, Inc. and Gary A. Koch (as    shareholders’ agent)  2.2(1)First Amendment to Stock Purchase Agreement        by and among Stonepath Logistics, Inc., Stonepath Group, Inc. and M.G.R.,        Inc, Distribution Services, Inc., Contract Air, Inc., the Shareholders        of M.G.R., Inc., Distribution Services, Inc., Contract Air, Inc. and    Gary A. Koch (as shareholders’ agent)  2.3(2)Stock Purchase Agreement dated March 5, 2002        by and among Stonepath Group, Inc., Stonepath Logistics International        Services, Inc. and Global Transportation Services, Inc. and the Shareholders    of Global Transportation Services, Inc. and Jason F. Totah (as shareholders’ agent)  2.4(3)Stock Purchase Agreement dated April 9,        2002 by and among Stonepath Logistics Domestic Services, Inc. and United        American Acquisitions and Management, Inc., d/b/a United American Freight    Services, Inc. and Douglas Burke  2.5(3)Amendment to Stock Purchase Agreement dated        May 30, 2002 by and among Stonepath Logistics Domestic Services,        Inc., and United American Acquisitions and Management, Inc., d/b/a United    Freight Services, Inc. and Douglas Burke  2.6(4)Asset Purchase Agreement by and among Stonepath Logistics	Government Services, Inc. (f/k/a “Transport Specialists, Inc.”),	Regroup Express L.L.C. and Jed J. Shapiro and Charles R. Cain, the sole members	of Regroup Express LLC, dated June 4, 2003  2.7(5)Asset Purchase Agreement by and among Stonepath        Holdings (Hong  Kong) Limited, G Link Express Logistics (Singapore) Pte.        Ltd, G Link	Express Pte. Ltd and the shareholders of G Link Express Pre. Ltd, dated August        8, 2003  2.8(5)Asset Purchase Agreement by and among Stonepath        Holdings (Hong Kong) Limited, G Link Express (Cambodia) Pte. Ltd and        the	shareholders of G Link Express (Cambodia) Pte. Ltd. dated August 8, 2003
48

Back to Contents
**Exhibit      Number****Document**        3.1(6)Amended and Restated Certificate of Incorporation   3.2(7)Certificate of Amendment to the Certificate      of Incorporation   3.3(7)Amended and Restated Bylaws   3.4(8)Certificate of Designation of Series D Convertible      Preferred Stock   4.1(6)Specimen Common Stock Certificate for Stonepath      Group, Inc.   4.2(9)Form of Common Stock Purchase Warrant issued      in connection with the Series C Convertible Preferred Stock   4.3(10)Form of Amendment to Common Stock Purchase      Warrant issued upon conversion of the Series C Convertible Preferred Stock      effective as of July 19, 2002   4.4(10)Form of Contingent Warrant issued upon conversion      of the Series C Convertible Preferred Stock effective as of July 19, 2002   4.5(8)Form of Exchange Agreement by and between      the Company and certain holders of the Company’s Series C Convertible      Preferred Stock   4.6(11)Stonepath Group, Inc. Amended and Restated      2000 Stock Incentive Plan (the “Plan”)   4.7(12)Form of Stock Option Agreement under the Plan   4.8      (12)Form of Non-Plan Option to Purchase Common      Stock of the Company   4.9(13)Form of Subscription Agreement by and between      the Company and certain purchasers of common shares (including exhibit providing      for registration rights)   4.10(13)Placement Agency Agreement between the Company      and Stonegate Securities, Inc. dated October 16, 2002   4.11(9)2003 Employee Stock Purchase Plan   4.12(13)Form of Initial Warrants issued to Stonegate      Securities, Inc as of October 16,2002   4.13(13)Form of Representative’s Warrants issued      to Stonegate Securites as of March 6, 2003   4.14(14)Form of subscription agreement by and between      the Company and certain holders of common stock (including the exhibit providing      for registration rights)   4.15(14)Amendment to Placement Agency Agreement between      the Company and Stonegate Securities, Inc. dated as of July 29, 2003   10.1(15)Amended and Restated Employment Agreement      between the Company and Dennis L. Pelino dated February 22, 2002   10.2(16)Amended and Restated Employment Agreement      between the Company and Stephen M. Cohen dated April 19, 2001   10.3(15)Letter Agreement between the Company and Stephen      M. Cohen dated December 27, 2001   10.4(13)Amended and Restated Employment Agreement      between the Company and Bohn H. Crain dated February 24, 2003   10.5(17)Separation Agreement between the Company and      Andrew P. Panzo dated December 11, 2001   10.6(1)Executive Employment Agreement between M.G.R.      Inc. and Gary Koch dated as of October 5, 2001   10.7(13)Executive Employment Agreement between Global      Transportation Services, Inc. and Jason F. Totah dated April 4, 2002   10.8(18)Stonepath Group, Inc. 401(k) Profit Sharing      Plan.
49

Back to Contents
**Exhibit      Number****Document**   10.9(19)Loan and Security Agreement dated as of May      15, 2002 between LaSalle Business Credit, Inc. and Stonepath Group, Inc.,      Contract Air, Inc., Distribution Services, Inc., Global Transportation Services,      Inc., Global Container Line, Inc., M.G.R., Inc., d/b/a Air Plus Limited,      Net Value, Inc., Stonepath Logistics Domestic Services, Inc., Stonepath      Logistics International Services, Inc. and Stonepath Operations, Inc.   10.10(11)Amendment to Loan and Security Agreement dated      May 15, 2003 by and among LaSalle Business Credit, LLC, Stonepath Group,      Inc., Contract Air, Inc., Distribution Services, Inc., Global Container      Line, Inc., M.G.R., Inc., Net Value, Inc., Stonepath Logistics Domestic      Services, Inc., Stonepath Logistics International Services, Inc., Stonepath      Operations Inc., and United American Acquisitions and Management, Inc.,      and Transport Specialists, Inc.   10.11(20)Second Amendment to Loan and Security Agreement      dated September 5, 2003 by and among LaSalle Business Credit, LLC, Stonepath      Group, Inc., Contract Air, Inc., Distribution Services, Inc., Global Container      Line, Inc., M.G.R., Inc., Net Value, Inc., Stonepath Logistics Domestic      Services, Inc., Stonepath Logistics Government Services, Inc., Stonepath      Logistics International Services, Inc., Stonepath Logistics International      Services, Inc., Stonepath Operations Inc., and United American Acquisitions      and Management, Inc.   10.12(11)Third Amendment to Loan and Security Agreement      dated December 23, 2003 by and among LaSalle Business Credit, LLC, Stonepath      Group, Inc., Contract Air, Inc., Distribution Services, Inc., Global Container      Line, Inc., M.G.R., Inc., Net Value, Inc., Stonepath Logistics Domestic      Services, Inc., Stonepath Logistics Government Services, Inc., Stonepath      Logistics International Services, Inc., Stonepath Logistics International      Services, Inc., Stonepath Operations Inc., and United American Acquisitions      and Management, Inc.   10.13(11)Fourth Amendment and Consent Agreement to      Loan and Security Agreement dated January 30, 2004 by and among LaSalle      Business Credit, LLC, Stonepath Group, Inc., Contract Air, Inc., Distribution      Services, Inc., Global Container Line, Inc., M.G.R., Inc., Net Value, Inc.,      Stonepath Logistics Domestic Services, Inc., Stonepath Logistics Government      Services, Inc., Stonepath Logistics International Services, Inc., Stonepath      Logistics International Services, Inc., Stonepath Operations Inc., and United      American Acquisitions and Management, Inc.   10.14(11)Modification to Employment Agreement of Dennis      L. Pelino dated March 11, 2004   11(11)Code of Ethics   12(11)Calculation of Ratio of Earnings to Combined      Fixed Charges and Preferred Stock Dividends   21.1(11)Subsidiaries of Stonepath Group, Inc.   23.1(11)Independent Auditors’ Consent   31.1(11)Certification of Chief Executive Officer Pursuant      to Section 302 of the Sarbanes-Oxley Act of 2002   31.2(11)Certification of Chief Financial Officer Pursuant      to Section 302 of the Sarbanes-Oxley Act of 2002   32.1(11)Certification of Chief Executive Officer Pursuant      to Section 906 of the Sarbanes-Oxley Act of 2002. (This exhibit shall not      be deemed “filed” for purposes of Section 18 of the Securities Exchange      Act of 1934, as amended, or otherwise subject to the liability of that section.      Further, this exhibit shall not be deemed to be incorporated by reference      into any filing under the Securities Act of 1933, as amended, or the Securities      Exchange Act of 1934, as amended.)   32.2(11)Certification of Chief Financial Officer Pursuant      to Section 906 of the Sarbanes-Oxley Act of 2002. (This exhibit shall not      be deemed “filed” for purposes of Section 18 of the Securities Exchange      Act of 1934, as amended, or otherwise subject to the liability of that section.      Further, this exhibit shall not be deemed to be incorporated by reference      into any filing under the Securities Act of 1933, as amended, or the Securities      Exchange Act of 1934, as amended.)
50

Back to Contents
  (1)Incorporated by reference to the Company’s Current Report on Form 8-K dated          October 5, 2001, filed October 19, 2001(2)Incorporated by reference to the Company’s Current Report on Form 8-K dated April 4,          2002, filed April 19, 2002(3)Incorporated by reference to the Company’s Current Report on Form 8-K dated May 30,          2002, filed June 12, 2002(4)Incorporated by reference to the Company’s Current Report on Form 8-K dated June 20,          2003, filed July 7, 2003(5)Incorporated by reference to the Company’s Current Report on Form 8-K dated August 8,          2003, filed on August 13, 2003(6)Incorporated by reference to the Company’s Registration Statement on Form S-1 (Reg.          No. 333-88629) filed October 8, 1999(7)Incorporated by reference to the Company’s Annual Report on Form 10-K for the year          ended December 31, 2000, filed April 2, 2001(8)Incorporated by reference to Amendment No. I to the Company’s Registration Statement          on Form S-3 filed July 31, 2002 (Registration No. 333-91240).(9)Incorporated by reference to the Company’s Current Report on Form 8-K dated March 3,          2000, filed March 17, 2000.(10)Incorporated by reference to the Company’s Form 10-Q for the third quarter ended          September 30, 2002, filed November 14, 2002 (11)Filed herewith(12)Incorporated by reference to the Company’s        Registration Statement on Form S-8 filed December 11, 2001 (Registration        No. 333-74918).(13)Incorporated by reference to the Company’s Annual Report on Form 10-K for the year          ended December 31, 2002, filed March 31, 2003(14)Incorporated by reference to the Company’s Registration Statement on Form S-3 (No.          333-110231) filed on November 4, 2003(15)Incorporated by reference to the Company’s Annual Report on Form 10-K for the year          ended December 31, 2001, filed March 29, 2002(16)Incorporated by reference to the Company’s Form 10-Q for the second quarter ended June          30, 2001, filed August 13, 2001(17)Incorporated by reference to the Company’s Current Report on Form 8-K dated          December 14, 2001, filed December 27, 2001(18)Incorporated by reference to the Company’s      Registration Statement on Form S-8 filed on February 25, 2003 (Registration      No. 333-103439).(19)Incorporated by reference to the Company’s Current Report on Form 8-K dated May 15,          2002, filed May 20, 2002(20)Incorporated by reference to the Company’s Current Report on Form 8-K dated          September 5, 2003, filed on September 9, 2003
51

Back to Contents

**Independent Auditors' Report**

Board of Directors and Stockholders    of   Stonepath Group, Inc.: 

We have audited the accompanying    consolidated balance sheets of Stonepath Group, Inc. and subsidiaries (the    Company) as of December 31, 2003 and 2002, and the related consolidated    statements of operations, stockholders' equity and comprehensive income (loss)    and cash flows for each of the years in the three-year period ended December 31,    2003. In connection with our audits of the consolidated financial statements,    we also have audited the financial statement schedule as of and for the three    years ended December 31, 2003. These consolidated financial statements    and financial statement schedule are the responsibility of the Company's    management. Our responsibility is to express an opinion on these consolidated    financial statements and financial statement schedule based on our audits. 

We conducted our audits in accordance    with auditing standards generally accepted in the United States of America.    Those standards require that we plan and perform the audit to obtain reasonable    assurance about whether the financial statements are free of material misstatement.    An audit includes examining, on a test basis, evidence supporting the amounts    and disclosures in the financial statements. An audit also includes assessing    the accounting principles used and significant estimates made by management,    as well as evaluating the overall financial statement presentation. We believe    that our audits provide a reasonable basis for our opinion. 

In our opinion, the consolidated    financial statements referred to above present fairly, in all material respects,    the financial position of Stonepath Group, Inc. and subsidiaries as of December 31,    2003 and 2002, and the results of their operations and their cash flows for    each of the years in the three-year period ended December 31, 2003,    in conformity with accounting principles generally accepted in the United    States of America. Also in our opinion, the related financial statement schedule,    when considered in relation to the basic consolidated financial statements    taken as a whole, presents fairly, in all material respects, the information    set forth therein.

/s/    KPMG LLP
Philadelphia, PennsylvaniaFebruary 24, 2004
52

Back to Contents

**STONEPATH GROUP, INC**.Consolidated Balance SheetsDecember 31, 2003 and 2002
  **2003**  **2002**                         Assets            Current assets:      Cash      and cash equivalents$      3,074,151 $      2,266,108 Accounts receivable, less allowances for doubtful        accounts of $1,055,000 and $320,000 at 2003        and 2002, respectively 38,470,386  21,799,983 Loans      receivable from related parties 14,597  39,593 Prepaid      expenses and other current assets 2,216,700  963,102      Total current      assets 43,775,834  25,068,786       Goodwill 35,764,211   20,311,150       Furniture and equipment, net 7,062,956   3,233,677       Acquired intangibles, net 6,775,893   5,042,555       Note receivable, related party 175,000  262,500       Other assets 1,189,917  1,246,847       Deferred income taxes 1,695,000  —       Total assets$ 96,438,811 $ 55,165,515    Liabilities      and Stockholders’ Equity                   Current liabilities:      Accounts      payable$ 16,119,014 $ 12,873,703 Earn-out      payable 6,623,724  3,879,856 Accrued      payroll and related expenses 1,975,859  1,195,275 Capital      lease obligation – current 671,197  — Accrued      expenses 2,054,333  1,786,100    Total current liabilities 27,444,127  19,734,934        Capital lease obligation      – long term 1,134, 815  —           Total liabilities 28,578,942  19,734,934          Minority interest 1,345,790  —          Commitments and contingencies (Notes 9 and 10)              Stockholders’      equity:      Preferred        stock, $.001 par value, 10,000,000 shares authorized;        Series D, convertible, issued and outstanding: 310,480 shares and        360,745 shares at 2003 and 2002, respectively   310     361  Common        stock, $.001 par value, 100,000,000 shares authorized; issued and outstanding: 37,449,944 shares        and 23,453,414 shares at 2003 and 2002, respectively 37,450  23,453 Additional      paid-in capital 220,067,956  196,235,064 Accumulated deficit (153,572,460) (160,711,891)Accumulated      other comprehensive income 1,997  — Deferred compensation (21,174) (116,406)      Total stockholders’      equity 66,514,079  35,430,581       Total liabilities      and stockholders’ equity$ 96,438,811 $ 55,165,515     
See accompanying notes to consolidated  financial statements. 

53

Back to Contents

**STONEPATH GROUP, INC.**Consolidated Statements of OperationsYears ended December 31, 2003, 2002  and 2001
  **2003**  **2002**  **2001**     Total revenue$      220,303,966 $      122,787,625 $      15,597,889 Cost of transportation 153,717,616  84,477,430  9,740,774     Net revenue 66,586,350  38,310,195  5,857,115           Personnel costs 31,887,773  19,089,069  5,997,245 Other selling,      general and administrative costs 24,583,040  14,679,960  3,916,601 Depreciation      and amortization 2,659,882  2,186,951  495,046 Litigation      settlement and nonrecurring costs 1,169,035  —  —               Income (loss)      from operations 6,286,620  2,354,215  (4,551,777)Other income      (expense):                   Interest      income 48,909  90,680  1,285,657           Interest      expense (141,859) —  (4,102)          Other      income 84,850  37,311  13,153               Income (loss)      from continuing operations before income taxes and minority interest 6,278,520  2,482,206  (3,257,069)Income tax expense (benefit) (1,311,252) 101,877  —     Income (loss)      from continuing operations before minority interest 7,589,772  2,380,329  (3,257,069)Minority interest 187,310  —  —     Income from      continuing operations 7,402,462  2,380,329  (3,257,069)Loss from discontinued operations,      net of tax (263,031) —  (13,862,713)    Net income      (loss)  7,139,431  2,380,329  (17,119,782)Preferred stock dividends and      effect of redemption —  15,020,148  (4,151,198)              Net income (loss) attributable      to common stockholders$ 7,139,431 $ 17,400,477 $ (21,270,980)    Basic earnings      (loss) per common share -                  Continuing      operations$ 0.25 $ 0.79 $ (0.36)         Discontinued      operations  (0.01) —  (0.68)              Earnings      (loss) per common share$ 0.24 $ 0.79 $ (1.04)    Diluted earnings      (loss) per common share -                  Continuing      operations$ 0.19 $ 0.08 $ (0.36)         Discontinued      operations  (0.01) **—**   (0.68)             Earnings      (loss) per common share$ 0.18 $ 0.08 $ (1.04)    Basic weighted      average common shares outstanding 29,625,585  22,154,861  20,510,345     Diluted weighted average common      shares outstanding 39,063,311  29,232,568  20,510,345     
See accompanying notes to consolidated  financial statements.

54

Back to Contents

**STONEPATH GROUP, INC.**Consolidated Statements of Stockholders'Equity and Comprehensive Income (Loss)Years ended December 31, 2003,2002 and 2001
** ** **Preferred stock**  ** **            ** ** **Series C**  **Series D**  **Common stock**  **Additional**      **paid-in** ** ** **Shares**  **Amount**  **Shares**  **Amount**  **Shares**  **Amount**  **capital**         Balances at      January 1, 2001 3,657,070 $      3,657  — $      —  20,419,534 $      20,419 $      210,923,329                       Net loss —  —  —  —  —  —  — Other comprehensive      income:                        Unrealized        gain on available-            for-sale securities —  —  —  —  —  —  —                       Comprehensive loss                                           Issuance of      contingent warrants —  —  —  —  —  —  562,370 Exercise of      options and warrants —  —  —  —  200,000  200  199,800 Series        C preferred stock conversion (205,660) (206) —  —  205,660  206  — Preferred stock      dividends 299,069  299  —  —  —  —  3,588,529         Compensatory common stock, options and warrants issued, net of cancellations —  —  —  —  77,916  78  (4,543,029)Amortization        of deferred stock based compensation  —  —  —  —  —  —  —         Balances at      December 31, 2001 3,750,479  3,750  —  —  20,903,110  20,903  210,730,999                       Net loss —  —  —  —  —  —  —                       Exercise of      options and warrants —  —  —  —  440,808  441  424,740 Series        C preferred stock conversion (3,913,220) (3,913) 360,745  361  2,109,496  2,109  (16,971,597)Preferred stock      dividends 162,741  163  —  —  —  —  1,952,729 Compensatory        common stock, options and warrantsissued,        net of cancellations —  —  —  —  —  —  95,000 Amortization        of deferred stock based compensation  —  —  —  —  —  —  3,193         Balances at      December 31, 2002 —  —  360,745  361  23,453,414  23,453  196,235,064                       Net income —  —  —  —  —  —  — Other comprehensive income:                                Foreign currency translation           adjustment —  —  —  —  —  —  —                       Comprehensive      income                                           Issuance        of common stock, net of issuance costs —  —  —  —  10,453,500  10,454  18,054,961 Exercise of options and warrants —  —  —  —  920,739  921  649,858 Series        D preferred stock conversion —  —  (50,265) (51) 502,650  503  (452)Issuance        of common stock in lieu of cash for earn-out —  —  —  —  254,825  255  402,745 Issuance        of common stock in lieu of cash for legal settlement —  —  —  —  271,339  271  583,279 Issuance        of common stock for acquisitions —  —  —  —  1,593,477  1,593  4,142,501 Amortization        of deferred stock based compensation  —  —  —  —  —  —  —         Balances at December 31, 2003 — $ —  310,480 $ 310  37,449,944 $ 37,450 $ 220,067,956         
See accompanying notes to consolidated    financial statements.

55

Back to Contents

**STONEPATH GROUP, INC.**Consolidated Statements of Stockholders'Equity and Comprehensive Income (Loss) (continued)Years ended December 31, 2003,2002 and 2001
**     ** ** **  ** **  ** **  ** **  ** ** ** ****Accumulated**** **** **** **** ****other****Deferred**** ****Total****Accumulated****comprehensive****stock-based**** ****comprehensive****Deficit****income (loss)****compensation****Total****income (loss)**      Balances at      January 1, 2001$      (156,841,388)$      (8,688)$      (10,771,724)$      43,325,605                    Net loss (17,119,782) —  —  (17,119,782)$ (17,119,782)Other comprehensive      income:                  Unrealized        gain on available-           for-sale securities —   8,688  —  8,688  8,688               Comprehensive      loss            $ (17,111,084)              Issuance of contingent warrants (562,370) —  —  —    Exercise of      options and warrants —  —  —  200,000    Series        C preferred stock        conversion —  —  —  —    Preferred stock      dividends (3,588,828) —  —  —    Compensatory        common stock,        options and warrants issued,        net of cancellations —  —  4,845,297  302,346    Amortization        of deferred stock        based compensation  —  —  5,714,789  5,714,789            Balances at      December 31, 2001 (178,112,368)    (211,638) 32,431,646                    Net loss 2,380,329  —  —  2,380,329 $ 2,380,329               Exercise of      options and warrants —  —  —  425,181    Series        C preferred stock        conversion 16,973,040  —  —  —    Preferred stock      dividends (1,952,892) —  —  —    Compensatory        common stock,         options and warrants issued,         net of cancellations —  —  —  95,000    Amortization        of deferred stock         based compensation  —  —  95,232  98,425            Balances at      December 31, 2002 (160,711,891) —  (116,406) 35,430,581                    Net income 7,139,431  —  —  7,139,431 $ 7,139,431 Other comprehensive      income:                          Foreign currency translation   adjustment —  1,997  —  1,997  1,997               Comprehensive income            $ 7,141,428               Issuance        of common stock, net         of issuance costs —  —  —  18,065,415    Exercise of      options and warrants —  —  —  650,779    Series D preferred stock       conversion —  —  —  —    Issuance        of common stock in lieu of cash for earn-out —  —  —  403,000    Issuance        of common stock in lieu of cash for legal settlement —  —  —  583,550    Issuance of common stock for            acquisitions —  —  —  4,144,094    Amortization        of deferred stock based compensation  —  —  95,232  95,232            Balances at      December 31, 2003$ (153,572,460)$ 1,997 $ (21,174)$ 66,514,079            
See accompanying notes to consolidated    financial statements.

56

Back to Contents

**STONEPATH GROUP, INC.**Consolidated Statements of CashFlowsYears ended December 31, 2003,2002 and 2001
  **2003**  **2002**  **2001**        Cash flows from operating activities:             Net income      (loss)$ 7,139,431 $ 2,380,329 $ (17,119,782)    Adjustments      to reconcile net income (loss) to net cash used in operating activities:               Deferred      income taxes  (1,695,000) —  —       Depreciation      and amortization  2,659,882   2,186,951   495,046       Stock-based      compensation – continuing operations  95,232   98,425   2,394,106       Minority      interest in income of subsidiaries  187,310  —  —       Loss      from disposal of furniture and equipment —   4,560   101,126       Issuance      of common stock in litigation settlement  350,000  —  —       Issuance      of common stock to vendor of former business  135,000  —  —       Issuance      of common stock in offering penalty  98,550  —  —    Changes in      assets and liabilities, net of effect of acquisitions:               Accounts      receivable (11,407,314) (5,731,830)  1,205,807       Other      assets  (887,891) (160,903) (133,499)      Accounts      payable and accrued expenses  606,336  639,201  (470,871)   Discontinued      operations –working capital changes and non-cash items —  —   13,025,075                    Net      cash used in operating activities (2,718,464) (583,267) (502,992)       Cash flows from investing activities:            Acquisition      of businesses, net of cash acquired (9,385,908) (10,497,306) (18,011,262)   Purchases of      furniture and equipment (4,183,201) (1,812,750) (280,670)   Proceeds from      sale of furniture and equipment —  —   32,926    Loans made (130,000) (350,000) —    Payment of      earn-out (3,476,856) —  —    Discontinued      operations:               Investment        in and advances         to affiliate companies —  —  (752,000)      Collections      on advances to affiliate companies —  —   1,000,000       Purchase      of available for sale securities —  —  (452,900)      Proceeds      from sale of available for sale securities —  —   57,910       Proceeds      from sale of ownership interests in affiliate companies —  115,000   6,285,953                    Net      cash used in investing activities  (17,175,965) (12,545,056) (12,120,043)       Cash flows from financing activities:            Issuance of      common stock 18,185,415  —  —    Payment of      equity financing fees —  (25,000) —    Payment of      debt financing fees —  (233,580) —    Net repayments      on short-term debt —  —  (1,448,786)   Proceeds from      financing of equipment  2,049,638  —  —    Principal payments      on capital lease  (265,178) —  —    Proceeds related to minority interest in subsidiary   81,818  —  —    Proceeds from      issuance of common stock upon exercise of options and warrants  650,779   425,181   200,000                    Net      cash provided by (used in) financing activities 20,702,472  166,601  (1,248,786)                   Net      increase (decrease) in cash and cash equivalents  808,043  (12,961,722) (13,871,821)Cash and cash equivalents, beginning      of year  2,266,108   15,227,830   29,099,651        Cash and cash equivalents, end      of year$ 3,074,151 $ 2,266,108  $ 15,227,830        Cash paid for interest$ 189,359 $ —  $ 4,102        Cash paid for income taxes$ 373,832 $ 84,959  $ —        Supplemental disclosure of non-cash      investing and financing activities:                      Issuance of      common stock in satisfaction of earn-out$ 403,000  —  —           Increase in      goodwill related to accrued earn-out payments$ 6,711,224 $ 3,879,856  $ —           Issuance of      warrants in connection with private placement$ — $ 95,000  $ —           Offset of related      party loan against earn-out$ 87,500 $ 87,500  $ —           Issuance of      common stock in connection with acquisitions$ 4,144,094  $ —  $ —          See accompanying        notes to consolidated financial statements. 
57

Back to Contents

**STONEPATH GROUP, INC.**  Notes to Consolidated Financial StatementsDecember 31, 2003, 2002 and 2001
(1)Nature of Operations 
Stonepath Group, Inc. and subsidiaries (the “Company”)  is a non-asset based third-party logistics services company providing supply  chain solutions on a global basis. A full range of time-definite transportation  and distribution solutions is offered through its Domestic Services platform,  where the Company manages and arranges the movement of raw materials, supplies,  components and finished goods for its customers. These services are offered  through the Company's domestic air and ground freight forwarding business. A  full range of international logistics services including international air and  ocean transportation as well as customs house brokerage services is offered  through the Company's International Services platform. In addition to these  core service offerings, the Company also provides a broad range of value added  supply chain management services, including warehousing, order fulfillment and  inventory management. The Company services a customer base of manufacturers,  distributors and national retail chains through a network of offices in 21 major  metropolitan areas in North America, Puerto Rico and ten strategic locations  in Asia, as well as an extensive network of independent carriers and service  partners strategically located around the world.
(2)Summary of Significant Accounting    Policies    a)Principles of Consolidation   The accompanying      consolidated financial statements include the accounts of Stonepath Group,      Inc., a Delaware corporation,        and its wholly and majority owned subsidiaries. All intercompany balances        and transactions have been eliminated in consolidation. The Company's  foreign subsidiaries are included in the consolidated financial statements  on a one  month lag to facilitate timely reporting. The Company does not have any variable  interest entities      whose    financial results are not included in the consolidated financial statements.   b)Use of Estimates   The presentation of financial statements        in accordance with accounting principles generally accepted in the United        States of America requires management to make estimates and assumptions        that affect the reported amounts of assets and liabilities and disclosure        of contingent assets and liabilities at the date of the financial statements        and the reported amounts of revenues and expenses during the reporting        period. Such estimates include the assessment of the recoverability of        long-lived assets, specifically goodwill and acquired intangibles, the        establishment of an allowance for doubtful accounts and the valuation        allowance for deferred income tax assets. Actual results could differ    from those estimates.   c)Cash and Cash Equivalents   Cash and cash equivalents include cash on        hand and investments in money market funds and investment grade securities        held with high quality financial institutions. The Company considers        all highly liquid instruments with a remaining maturity of 90 days or    less at the time of purchase to be cash equivalents.   d)Concentrations of Credit Risk   Financial instruments that potentially subject        the Company to concentrations of credit risk consist principally of cash    investments and accounts receivable.   The Company maintains its cash accounts with        high quality financial institutions. With respect to accounts receivable,        such receivables are primarily from manufacturers, distributors and major        retailers located in the United States. Credit is granted to customers        on an unsecured basis, and generally provides for 30-day payment terms.        To reduce credit risk, the Company performs ongoing credit evaluations        of its customers’ financial conditions. Credit losses have not    been material.    For the years ended December 31, 2003,        2002 and 2001, the Company’s largest customer, a national retail        chain, accounted for approximately 24%, 33% and 53% of revenues, respectively,        and approximately 16% and 27% of the accounts receivable balance as of        December 31, 2003 and 2002, respectively. No other customer accounted    for greater than 10% of revenue.
 

58

Back to Contents

**STONEPATH GROUP, INC.**  Notes to Consolidated Financial StatementsDecember 31, 2003, 2002 and 2001
e) Furniture and Equipment  Furniture and equipment are        stated at cost, less accumulated depreciation computed on a straight-line        basis over the estimated useful lives of the respective assets. Depreciation        is computed using three- to ten-year lives for furniture and office equipment,        a three-year life for computer software, the shorter of the lease term        or useful life for leasehold improvements and a three-year life for vehicles.        Upon retirement or other disposition of these assets, the cost and related        accumulated depreciation are removed from the accounts and the resulting        gain or loss, if any, is reflected in results of operations. Expenditures        for maintenance, repairs and renewals of minor items are charged to expense    as incurred. Major renewals and improvements are capitalized.  Under        the provisions of Statement of Position SOP 98-1, *Accounting for the        Costs of Computer Software Developed or Obtained for Internal Use*,        the Company capitalizes costs associated with internally developed and/or        purchased software systems that have reached the application development        stage and meet recoverability tests. Capitalized costs include external        direct costs of materials and services utilized in developing or obtaining        internal-use software, payroll and payroll-related expenses for employees        who are directly associated with and devote time to the internal-use software        project and capitalized interest, if appropriate. Capitalization of such        costs begins when the preliminary project stage is complete and ceases        no later than the point at which the project is substantially complete        and ready for its intended purpose.  f)Goodwill   Goodwill consists of the excess        of cost over the fair value of net assets acquired in business combinations    accounted for as purchases (see Note 4).  The Company follows the provisions        of Statement of Financial Accounting Standards (“SFAS”) No. 142, *Goodwill        and Other Intangible Assets*. SFAS No. 142 requires an annual        impairment test for goodwill and intangible assets with indefinite lives.        Under the provisions of SFAS No. 142, the first step of the impairment        test requires that the Company determine the fair value of each reporting        unit, and compare the fair value to the reporting unit’s carrying        amount. To the extent a reporting unit’s carrying amount exceeds        its fair value, an indication exists that the reporting unit’s        goodwill may be impaired and the Company must perform a second more detailed        impairment assessment. The second impairment assessment involves allocating        the reporting unit’s fair value to all of its recognized and unrecognized        assets and liabilities in order to determine the implied fair value of        the reporting unit’s goodwill as of the assessment date. The implied        fair value of the reporting unit’s goodwill is then compared to        the carrying amount of goodwill to quantify an impairment charge as of        the assessment date. The Company performed its annual impairment test        during the fourth quarter of 2003 and noted no impairment for either        of its reporting units. In the future, the Company expects to perform        the annual test during its fiscal fourth quarter unless events or circumstances    indicate an impairment may have occurred before that time.  g) Long-Lived Assets  Acquired          intangibles consist of customer related intangibles and non-compete          agreements arising from    the Company's acquisitions. Customer related intangibles are amortized using          accelerated methods over five to seven years and non-compete agreements          are amortized using the straight line method	  over periods of three to five years.  The Company follows the provisions        of SFAS No. 144, *Accounting for the Impairment or Disposal of        Long-Lived Assets,* which establishes accounting standards for the        impairment of long-lived assets such as property, plant and equipment        and intangible assets subject to amortization. The Company reviews long-lived        assets to be held-and-used for impairment whenever events or changes        in circumstances indicate that the carrying amount of the assets may        not be recoverable. If the sum of the undiscounted expected future cash        flows over the remaining useful life of a long-lived asset is less than        its carrying amount, the asset is considered to be impaired. Impairment        losses are measured as the amount by which the carrying amount of the        asset exceeds the fair value of the asset. When fair values are not available,        the Company estimates fair value using the expected future cash flows        discounted at a rate commensurate with the risks associated with the        recovery of the asset. Assets to be disposed of are reported at the lower    of carrying amount or fair value less costs to sell.  h)Income Taxes   Taxes on income are provided        in accordance with SFAS No. 109, *Accounting for Income Taxes*.        Deferred income tax assets and liabilities are recognized for the expected        future tax consequences of events that have been reflected in the consolidated        financial statements. Deferred tax assets and liabilities are determined        based on the differences between the book values and the tax bases of        particular assets and liabilities and the tax effects of net operating        loss and capital loss carryforwards. Deferred tax assets and liabilities        are measured using tax rates in effect for the years in which the differences        are expected to reverse. A valuation allowance is provided to offset        the net deferred tax assets if, based upon the available evidence, it        is more likely than not that some or all of the deferred tax assets will    not be realized.  i) Revenue Recognition  The Company derives its revenues        from three principal sources: freight forwarding, customs brokerage,    and warehousing and other value added services.  
59

Back to Contents

**STONEPATH GROUP, INC.**  Notes to Consolidated Financial StatementsDecember 31, 2003, 2002 and 2001
As a freight forwarder, the        Company is primarily a non-asset based carrier that does not own or lease        any significant transportation assets.  The Company generates the        majority of its revenues by purchasing transportation services from direct        (asset-based) carriers and using those services to provide transportation        of property for compensation to its customers.   The Company        is able to negotiate favorable buy rates from the direct carriers by        consolidating shipments from multiple customers and concentrating its        buying power, while at the same time offering lower sell rates than most        customers would otherwise be able to negotiate themselves. When acting        as an indirect carrier, the Company will enter into a written agreement        with its customers or issue a tariff and a house bill of lading to customers        as the contract of carriage.  When the freight is physically tendered        to a direct carrier, the Company receives a separate contract of carriage,        or master bill of lading.  In order to claim for any loss associated        with the freight, the customer is first obligated to pay the freight    charges.  Based on the terms in the contract        of carriage, revenues related to shipments where the Company issues a        house bill of lading are recognized when the freight is delivered to        the direct carrier at origin.  Costs related to the shipment are    also recognized at this same time.  All other revenues, including        revenues for customs brokerage and warehousing and other value added    services, are recognized upon completion of the service.  j)Stock-Based Compensation  As permitted by SFAS No. 123, *Accounting          for Stock-Based Compensation*, the Company has elected to account          for stock-based compensation using the intrinsic value method prescribed          in Accounting Principles Board Opinion No. 25, *Accounting for          Stock Issued to Employees*, and related interpretations. Accordingly,          compensation cost for stock options granted to employees and members          of the board of directors is measured as the excess, if any, of the          quoted market price of the Company's common stock at the date of the          grant over the amount the grantee must pay to acquire the stock. The          Company accounts for stock-based compensation to non-employees (including          directors who provide services outside their capacity as members of          the board) in accordance with SFAS No. 123 and Emerging Issues          Task Force (“EITF”) Issue No. 96-18, *Accounting          for Equity Instruments That Are Issued to Other Than Employees for          Acquiring, or in Conjunction with Selling, Goods or Services*. The          Company has implemented the disclosure provisions of SFAS No. 148, *Accounting    for Stock-Based Compensation – Transition and Disclosure*.  The table below illustrates        the effect on net income (loss) attributable to common stockholders and        income (loss) per share as if the fair value of options granted had been        recognized as compensation expense in accordance with the provisions        of SFAS No. 123. See Notes 11 and 12 for additional information    regarding options and warrants.  Year ended December 31: **2003**  **2002**  **2001**     Net income (loss) attributable      to common stockholders:         As reported $ 7,139,431 $ 17,400,477 $ (21,270,980)Add: stock-based employee compensation      expense included in reported net income     (loss),      net of tax 88,851  92,566  5,713,168 Deduct: total stock-based      compensation expense determined under fair value method     for      all awards, net of tax (2,152,185) (1,922,051) (10,040,316)       Pro forma$ 5,076,097 $ 15,570,992 $ (25,598,128)    Basic earnings (loss) per common      share:            As reported$ 0.24 $ 0.79 $ (1.04)   Pro forma 0.17  0.70  (1.25)Diluted earnings (loss) per common      share:            As reported$ 0.18 $ 0.08 $ (1.04)   Pro forma 0.14  0.02  (1.25)          
60

Back to Contents

**STONEPATH GROUP, INC.**  Notes to Consolidated Financial StatementsDecember 31, 2003, 2002 and 2001
 The weighted  average fair value of employee options granted during 2003, 2002 and 2001 was  $1.05, $0.89 and, $0.53 per share, respectively. The fair value of options  granted were estimated on the date of grant using the Black-Scholes option  pricing model, with the following assumptions:          **Assumption** **2003** **2002** **2001**     Dividend yield   None  None  None Expected volatility  55.8% 93.8%  106.7% Average risk free interest rate 1.56% 1.36%  3.99% Average expected lives 6.9 years 6.8 years 4.3 years    k) Earnings (Loss) Per Share   Basic earnings (loss) per common share and diluted    earnings (loss) per common share are presented in accordance with SFAS No. 128, *Earnings    per Share*. Basic earnings (loss) per common share has been computed using    the weighted-average number of shares of common stock outstanding during    the period. Diluted earnings (loss) per common share incorporates the incremental    shares issuable upon the assumed exercise of stock options and warrants and    upon the assumed conversion of the Company’s preferred stock, if dilutive.    Certain stock options, stock warrants, and convertible securities were excluded    because their effect was antidilutive. The total numbers of such shares excluded    from diluted earnings (loss) per common share are 365,592, 1,336,825 and    9,755,934 for the years ended December 31, 2003, 2002 and 2001, respectively.   During the year ended December 31, 2001,    the diluted loss per common share calculation was the same as the basic loss    per common share calculation, as all potentially dilutive securities were    anti-dilutive. The following table indicates the calculation of earnings    per share for the years ended December 31, 2003 and 2002:
61

Back to Contents

**STONEPATH GROUP, INC.**  Notes to Consolidated Financial StatementsDecember 31, 2003, 2002 and 2001
** **** ****NetIncome**** ****Shares**** ** **Per Share   Amount**     **Year ended December 31, 2003:**        **Basic Earnings per Common Share**        **   ****   **Income from continuing operations$7,402,462 29,625,585  $         0.25        **Effect of Dilutive Securities**        **   ****   **Options and warrants — 5,966,296    **   ****   **Convertible preferred stock — 3,471,430          **Diluted Earnings per Common Share**        **   ****   **Net      income attributable to common stockholders plus assumed conversions$   7,402,462 39,063,311  $  0.19              **Year ended December 31, 2002:**        Income from continuing operations$2,380,329      **   ****   **Less:  preferred stock dividend  (1,952,892)     **   ****   **Plus:  redemption of Series C    Preferred Stock in exchange transaction(see    Note 12) 16,973,040             **Basic Earnings per Common Share**        **   ****   **Net income attributable to common stockholders 17,400,477 22,154,861  $ 0.79        **Effect of Dilutive Securities**        **   ****   **Options and warrants — 3,331,275    **   ****   **Convertible preferred stock (15,020,148)3,746,432          **Diluted Earnings Per Common Share**        **   ****   **Net income attributable to common stockholders plus assumed conversions$2,380,329 29,232,568  $ 0.08              l) New Accounting Pronouncements   In        January 2003 (and revised in December 2003), the FASB issued Interpretation        No. 46, *Consolidation of Variable Interest Entities*, which        provides new guidance with respect to the consolidation of certain previously        unconsolidated entities, including special purpose entities. The adoption        of Interpretation No. 46 in 2003 did not have a material impact on        the Company’s consolidated financial statements.    m)Reclassifications   Certain prior year amounts have been reclassified    to conform to the current year presentation.   (3) Discontinued Operations   On            December 28, 2001, the Board of Directors approved a plan to            dispose of all of the assets related to the Company's former business            of investing in early-stage technology companies, since these investments            were incompatible with the Company's current strategy of building            a global integrated logistics services organization. Therefore, for            financial reporting purposes, the assets, liabilities, results of            operations and cash flows of the former business have been segregated            from those of the continuing operations and are presented in the Company's            consolidated financial statements as discontinued operations. The            Company never recognized any revenues from its former business model.            During the second quarter of 2003, the Company accrued a liability            for $135,000 related to services rendered in 2000 by a consultant.            The liability was satisfied in the third quarter of 2003 through the            issuance of common stock. Also during the second quarter of 2003,            a subtenant defaulted on the payment of sublease rentals related to            a property occupied by the Company’s former business. The Company            accrued a liability for the remaining rental payments and recognized            a loss of approximately $239,000. During the fourth quarter of 2003,            the Company entered into a new sublease agreement and reduced the            rental liability by approximately $92,000, which represents the amount            of rentals to be received under the new agreement. The total loss            recognized related to discontinued operations in 2003, net of income            taxes, amounts to approximately $263,000, and is reflected as loss            from discontinued operations in the accompanying consolidated statement            of operations for the year ended December 31, 2003. Pre-tax operating            losses amounting to $13,862,713 are reflected in the accompanying            consolidated statements of operations as loss from discontinued operations            for the year ended December 31, 2001.
62

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
(4)  Acquisitions  On          June 20, 2003, the Company acquired, through its indirect wholly owned          subsidiary, Stonepath Logistics Government Services, Inc. ("SLGS"),          the business of Regroup Express LLC, a Virginia limited liability company          ("Regroup") for $3,700,000 in cash and $1,000,000 of the          Company's common stock paid at closing, plus contingent consideration          of up to an additional $12,500,000 payable over a period of five years          based on the future financial performance of SLGS following the acquisition.          The members of Regroup may also be entitled to an additional earn-out          payment to the extent its pre-tax earnings exceed $17,500,000 during          the earn-out period. The Company used funds from its credit facility          with LaSalle Business Credit, Inc. for the cash payment at the closing.          The business acquired from Regroup provides time-definite domestic          and international transportation services including air and ground          freight forwarding, ocean freight forwarding, major project logistics          as well as local pick up and delivery services. The customers of the          acquired business include U.S. government agencies and contractors,          select companies in the retail industry and other commercial businesses.          The acquisition, which significantly enhances the Company’s presence          in the Washington, D.C. market, was accounted for as a purchase and          accordingly, the results of operations and cash flows of the business          acquired from Regroup are included in the accompanying consolidated          financial statements prospectively from the date of acquisition. The          total purchase price, including acquisition costs of $243,000, but          excluding the contingent consideration, was $4,943,000. The following          table summarizes the allocation of the purchase price based on the          estimated fair value of the assets acquired at June 20, 2003 (in thousands):  Furniture and equipment$50 Other intangible assets 1,513 Goodwill 3,380  Net assets acquired$4,943    The            acquired intangible assets have a weighted average useful life of            five years. The intangible assets include a customer related intangible            of $1,433,000 with a five year life and a covenant-not-to-compete            of $80,000 with a five year life. The $3,380,000 of goodwill was assigned            to the Company’s domestic business unit and is deductible for            income tax purposes.  On August 8, 2003, through newly formed subsidiaries,        the Company acquired a 70% interest in the Singapore and Cambodia based        operations of the G-Link Group (“G-Link”), a regional logistics        business headquartered in Singapore with offices throughout Southeast        Asia. As consideration for the purchase, the Company paid $3,704,000        at closing through a combination of $2,792,000 in cash, which was provided        from funds available under its credit facility, and $912,000 of the Company’s        common stock and agreed to issue to G-Link a thirty percent interest        in the newly formed subsidiaries which acquired the operations. As additional        purchase price, on a post-closing basis, the Company paid G-Link for        70% of its excess net assets in the amount of $1,516,000 through the        issuance of additional common stock of the Company. G-Link will also        be entitled to an earn-out arrangement over a period of four years of        up to $2,500,000 contingent upon the future financial performance of        the business. The acquisition was accounted for as a purchase and accordingly,        the results of operations and cash flows of G-Link are reflected in the        Company’s consolidated financial statements for periods subsequent        to the date of the transaction. The G-Link acquisition facilitates the        Company’s expansion into a rapidly growing region where most of        the Company’s customers have significant supplier relationships.        The total purchase price, including acquisition costs of $495,000, but        excluding the contingent consideration, was $5,715,000. The following        table summarizes the allocation of the purchase price based on management’s    estimate of the fair value of assets acquired and liabilities assumed at August 8, 2003 (in thousands):   Current assets$ 4,095 Furniture and equipment  81 Other intangible assets  994 Goodwill  3,065        Total assets acquired  8,235  Current liabilities assumed  (1,810) Minority interest  (710)  Net assets acquired$ 5,715  
63

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial StatementsDecember 31, 2003, 2002 and 2001
 The            acquired intangible assets have a weighted average life of 6.2 years.            The intangible assets include a customer related intangible of $917,000            with a 6.5 year life and a covenant-not-to-compete of $77,000 with            a four year life. The $3,065,000 of goodwill was assigned to the Company’s            international business unit and is deductible for income tax purposes.  During            2003, the Company made several smaller acquisitions. The total consideration            for these acquisitions amounted to $3,826,000 consisting of approximately            $3,306,000 in cash and approximately $520,000 of the Company's common            stock paid at closing, plus contingent consideration of up to an additional            $6,157,000 payable over a period ending in 2009 based on the future            financial performance of the acquired companies following their acquisition.            These companies, situated in Portland, Maine, Miami, Florida, El Paso,            Texas, Malaysia, Shanghai and Hong Kong complement the Company’s            existing operations or expand its operations into new geographical            locations. The acquisitions were accounted for as purchase transactions            and accordingly, the results of operations and cash flows of the acquired            U. S. – based company is included in the consolidated financial            statements prospectively from the date of acquisition; the foreign            based companies will be included in the consolidated financial statements            prospectively from the date of acquisition on a one month delay in            accordance with the Company’s consolidation policies. In connection            with these transactions, the Company recorded intangible assets amounting            to $780,000 and goodwill amounting to $2,100,000 of which $886,000            is expected to be deductible for income tax purposes.   The following unaudited pro          forma information is presented as if the two material acquisitions (Regroup          and G-Link) had occurred on January 1, 2002 (in thousands): **Year ended December    31,**      **2003**  **2002**    Total revenue$ 240,538 $ 156,640 Income from continuingoperations  8,110   4,785 Net income   7,847   4,785 Earnings per share:           Basic$ 0.26 $ 0.84       Diluted$ 0.20 $ 0.16   (5) Acquired Intangible Assets    Information with respect to    acquired intangible assets is as follows:  ** **** **** December 31,**** ** ** **** ** ** ****2003**** ****2002**** ** ** **** **** ** ** **** ****Gross      CarryingAmount**** **** ****AccumulatedAmortization**** **** ****Gross       Carrying      Amount**** **** ****Accumulated      Amortization**** **       Amortizable intangible assets:                   Customer related$ 8,970,000 $ 2,923,033 $ 5,980,000 $ 1,533,667        Covenants-not-to-compete 1,119,000  390,074  760,000  163,778        Total$ 10,089,000 $ 3,313,107 $ 6,740,000 $ 1,697,445       
64

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
Aggregate amortization expense:           For the year ended December 31,        2003$ 1,615,662   Estimated aggregate amortization        expense:             For the year ended December 31,        2004$ 1,782,053       For the year ended December 31,        2005 1,313,692       For the year ended December 31,        2006 1,100,666       For the year ended December 31,        2007 916,770       For the year ended December 31,        2008 727,845   (6) Furniture and Equipment          
Furniture and equipment consists of the following: 
** ** **December 31,**   ** ** **2003**  **2002**    Furniture and office equipment $ 3,396,048 $ 2,761,837 Computer software 5,006,495  986,942 Leasehold improvements 593,425  400,968 Vehicles 62,334  40,167      9,058,302  4,189,914        Less: accumulated depreciation (1,995,346) (956,237)    $ 7,062,956 $ 3,233,677      (7)Revolving Credit Facility
In May 2002, the Company secured      a $15,000,000 revolving credit facility (the “Facility”) which      was increased to $20,000,000 during 2003. The Facility is collateralized      by accounts receivable and other assets of the Company and its subsidiaries.      At the time of borrowing, the Company has the option to elect to pay interest      at a rate equal to LIBOR plus 2.25% or the prime rate. The Company also      pays a commitment fee of 0.5% per annum on the average unused balance of      the Facility. The Company may use advances under the Facility to finance      future acquisitions, capital expenditures or other corporate purposes.      Under the terms of the Facility, the Company is permitted to make additional      acquisitions without the lender's consent only if certain conditions are      satisfied. The conditions imposed by the credit facility include the following:      (1) the absence of an event of default under the credit facility; (2) the      company to be acquired must be in the transportation and logistics industry;      (3) the purchase price to be paid must be consistent with the Company’s      historical business and acquisition model; (4) the undrawn availability      under the credit facility must average $5,000,000 for the 60 days preceding      the acquisition and must be at least $5,000,000 million after giving effect      to the acquisition; (5) the lender must be reasonably satisfied with projected      financial statements covering a 12 month period following the acquisition;      (6) the acquisition documents must be provided to the lender and must be      consistent with the description of the transaction provided to the lender;      (7) through May 2005, the aggregate cash consideration paid at the closing      for foreign acquisitions must not exceed $11,300,000 (such amount may be      increased up to $20,000,000 based on the results of subsequent equity offerings);      and (8) the number of such permitted acquisitions is limited to four per      year (excluding any acquisitions for which the purchase price is payable      solely in stock). Borrowings under the Facility may be limited based upon      measures of the Company’s cash flow, as well as a covenant that limits      funded debt (the “Funded Debt Covenant”) to a multiple of consolidated      earnings before interest, taxes, depreciation and amortization generated      from the operations of the United States subsidiaries (“Domestic      EBITDA”). Under the Funded Debt Covenant, the funded debt is limited      to a multiple of 2.75 of the Domestic EBITDA measured on a rolling four      quarter basis. As the rolling four quarter Domestic EBITDA increases or      decreases, the availability under the Facility will increase or decrease.      At December 31, 2003, based on available collateral, $4,687,300 earmarked      for foreign acquisitions, and an outstanding $160,000 letter of credit  commitment, there was $15,152,700 available for borrowing under the Facility.

During the year ended December      31, 2003, the Company incurred interest costs of $189,359 of which $47,500  was capitalized.

65

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001

 
(8) Income Taxes
Deferred tax assets and liabilities are determined    based upon the estimated future tax effects of temporary differences between    the financial statement and tax bases of assets and liabilities, as well    as for operating and capital loss carryforwards, using the current enacted    tax rates. Deferred income tax assets and liabilities are classified as current    and noncurrent based on the financial reporting classification of the related    assets and liabilities that give rise to the temporary difference. The tax    effects of temporary differences that give rise to the Company’s deferredtax accounts are as follows:
** ** **December 31,**   ** ** **2003**  **2002** Deferred tax assets:     Accruals$ 191,000 $ 52,000    Equity in losses of affiliate        companies 384,000   432,000     Amortization and depreciation 828,000  —    Deferred compensation and warrants 3,044,000  11,066,000    Capital loss carryforward 2,201,000  2,475,000    Federal and state deferred tax        benefits           arising from net operating loss carryforwards 6,674,000  8,922,000    Total 13,322,000  22,947,000 Less: valuation        allowance (10,327,000) (22,852,000)   Net deferred tax        assets 2,995,000  95,000  Deferred tax liabilities:         Amortization and depreciation – goodwill        and intangibles  (1,250,000) (95,000)   Foreign taxes (50,000) —    Total  (1,300,000) (95,000)   Net deferred taxes$ 1,695,000 $ —    
The Company has not recorded deferred income taxes    on the undistributed earnings of its foreign subsidiaries because it is management’s    intention to reinvest such earnings for the foreseeable future. At December    31, 2003, the undistributed earnings of the foreign subsidiaries amounted    to approximately $784,000. Upon distribution of these earnings in the form    of dividends or otherwise, the Company may be subject to U.S. income taxes    and foreign withholding taxes. It is not practical, however, to estimate    the amount of taxes that may be payable on the eventual remittance of theseearnings.

In assessing the realizability of deferred tax    assets, management considers whether it is more likely than not that some    portion or all of the deferred tax assets will not be realized. The ultimate    realization of deferred tax assets is dependent upon the generation of future    taxable income during the periods in which the temporary differences become    deductible. Management considers the scheduled reversal of deferred tax liabilities,    projected future taxable income and tax planning strategies in making this    assessment. Based upon the level of historical taxable income and projections    for future taxable income, management reversed $2,995,000 of the valuation    allowance which was partially offset by $1,300,000 of deferred tax liabilities    for foreign taxes and amortization of intangibles resulting in a net deferredtax asset of $1,695,000.

The net change in the valuation allowance for    the years ended December 31, 2003 and 2002 was a decrease of $12,575,000    and $1,298,000, respectively. The decrease in 2003 was principally due to    utilization of net operating loss carryforwards, a change in the amount of    net operating losses estimated to be realizable in the future and a reduction    in the amount of the deferred tax asset related to deferred stock-based compensation.    As of December 31, 2003, the Company had net operating loss carryforwards    for federal and state income tax purposes amounting to approximately $17,772,000    and $16,676,000, respectively. The federal net operating loss carryforwards    expire beginning 2018 through 2021, and the state net operating loss carryforwards    expire beginning in 2004. The use of certain net operating losses may be    subject to annual limitations based on changes in the ownership of the Company’scommon stock, as defined by Section 382 of the Internal Revenue Code.

66

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
Income tax expense is as follows: **Years ended      December 31,**     **2003**  **2002**  **2001**        Current:                Federal$ — $ —  $ —        State 262,662  101,877  —        Foreign 121,086  —       —            383,748  101,877  —         Deferred            —        Federal  (1,432,000) —  —        State  (313,000) —  —        Foreign  50,000       —  —        (1,695,000) —       —      $ (1,311,252)$ 101,877 $ —     
In addition to the amounts reflected above, an  income tax benefit of approximately $19,000 has been allocated to discontinued  operations for the year ended December 31, 2003.

The following table reconciles income taxes based  on the U.S. statutory tax rate to the Company’s income tax expense (benefit)  related to continuing operations.
 **Years ended      December 31,**    **2003** **2002** **2001**     Tax at statutory rate 34.0% 34.0%(34.0)%Change in valuation allowance(27.8) —  33.8 State taxes, net of federal effect 2.8  4.1 — Effect of tax rates of foreign      subsidiaries (2.5)— — Utilization of net operating      losses(29.0) (30.2)— Non-deductible items 1.6 3.8  0.2     Income tax expense (benefit)(20.9)% 4.1% 0.0%           (9) Commitments    Employment Agreements 
At December 31, 2003, the Company had employment  agreements with three of its officers for an aggregate annual base salary of  $760,000 plus bonus and increases in accordance with the terms of the agreements.  The contracts are for three-year terms. 
 Leases 
The Company leases equipment, office and warehouse  space under operating leases expiring at various times through 2010. During  2003, the Company entered into a capital lease for certain technology and hardware  related to its Tech-Logis project. Total rent expense related to continuing  operations for the years ended December 31, 2003, 2002 and 2001 was $7,451,000,  $4,750,000 and $969,000, respectively. Future minimum lease payments are as  follows: 

67

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial StatementsDecember 31, 2003, 2002 and 2001
** **  **Operating          Leases**  ****        **Year ending December 31,**  **Third-party**  **Related Party**  **Total**  **Capital Lease** 2004 $ 5,790,000 $ 187,000 $ 5,977,000 $  749,703 2005  5,214,000  94,000  5,308,000  749,178 2006  3,708,000  —  3,708,000  435,715 2007  2,614,000  —  2,614,000  — 2008  1,722,000     1,722,000  — Thereafter  1,151,000  —   1,151,000  —          Total minimum          lease payments $ 20,199,000 $ 281,000 $ 20,480,000   1,934,596         Less: Amount representing          interest          128,584             Present value of minimum          lease payments           1,806,012 Less: Current portion of          capital lease obligation            671,197             Long term portion of capital          lease obligation          $ 1,134,815                             Employee Benefit Plan 
The Company sponsors voluntary defined contribution  savings plans covering all U.S. employees. Company contributions are discretionary.  For the years ended December 31, 2003, 2002 and 2001, total Company contributions  amounted to $547,000, $260,000 and $37,500, respectively. 
(10) Contingencies    Acquisition Agreements 
Assuming minimum pre-tax income levels are achieved  by the acquired companies, the Company will be required to make future contingent  consideration payments by April 1 of the respective year as follows (in  thousands):
** ** **2005**  **2006**  **2007**  **2008**  **2009**  **Total**        Domestic $ 9,040 $ 8,050 $ 2,500 $ 2,500  $ — $ 22,090 International 2,804  2,804  3,176  1,442  909  11,135        Total$ 11,844 $ 10,854 $ 5,676 $ 3,942 $ 909 $ 33,225                           
 In addition, during the 2003-2007 earn-out period,  there is an additional contingent obligation related to tier-two earn-outs that  could be as much as $18,000,000 if certain of the acquired companies generate  an incremental $37,000,000 in pre-tax earnings. The above also excludes $2,500,000 of contingent  purchase price payable to the former members of Regroup in the third quarter  of 2004 subject to the acquired operations achieving a $3,500,000 earnings target for the twelve-month period commencing July 1, 2003.
 Legal Proceedings 
On October 12, 2000, Emergent Capital Investment  Management, LLC (“Emergent”) filed suit against the Company and  two of its officers contending that it was misled by statements made by the  defendants in connection with the offering of the Company's Series C Preferred  Stock which closed in March 2000. Specifically, Emergent alleges that it  is entitled to rescind the transaction because it was allegedly represented  that the size of the offering would be $20,000,000 and the Company actually  raised $50,000,000. Emergent seeks a return of its $2,000,000 purchase price  of Series C shares. In June of 2001, the Company moved for summary  judgment in this case. 

After the summary judgment motion was filed, Emergent  filed a second action against the Company and two of its officers alleging different  allegations of fraud in connection with the Series C offering. In the new  complaint, Emergent alleges that oral statements and written promotional materials  distributed by the Company at a meeting in connection with the Series C  offering were materially inaccurate with respect to the Company's investment  in Net Value, Inc., a wholly owned subsidiary of the Company. Emergent also  contends that the defendants failed to disclose certain allegedly material transactions  in which an officer was involved prior to his affiliation with the Company.  The Company filed a motion to dismiss this new action for failure to state a  claim upon which relief can be granted. 

68

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
On            October 2, 2001, the Court entered an order granting summary            judgment to the defendants in the first case filed by Emergent and            dismissing Emergent's second complaint for failure to state a claim            upon which relief can be granted. The Court allowed Emergent 20 days            to file a second amended complaint as to the second action only. On            October 21, 2001, Emergent did file a second amended complaint            in the second action. The second amended complaint did not raise any            new factual allegations regarding Emergent's participation in the            offering.   The            Company filed a motion to dismiss Emergent's second amended complaint.             On April 15, 2002, the District Court entered an order granting the            motion to dismiss Emergent’s second amended complaint against            the Company and its former officers.  The District Court refused            to grant Emergent an additional opportunity to re-plead its claims            against the defendants and a final order dismissing the matter has            been entered.  Emergent thereafter filed a notice of appeal to            the United States Court of Appeals for the Second Circuit.  On            September 4, 2003, the Second Circuit Court of Appeals entered an            order affirming in part, vacating in part and remanding in part the            matter to the District Court.  The Court affirmed the dismissal            of some of the counts in the Second Amended Complaint and determined            that Emergent had stated a claim on the other counts.  The Company            has filed an answer denying liability to Emergent and discovery on            causation issues is proceeding.  The Company believes it has            meritorious defenses to this action and intends to continue to vigorously            defend this matter.  No accrual has been established for this            proceeding since (i) the Company believes it has substantial defenses            to the plaintiff’s claims, and (ii) the amount of the loss,            if any, cannot be reasonably estimated. Notwithstanding the Company’s            belief, there can be no assurances, however, that the Company will            not incur material expenses in the defense and resolution of this            matter.   On            May 6, 2003, the Company settled litigation instituted on August 20,            2000 by Austost Anstalt Schaan, Balmore Funds, S.A. and Amro International,            S.A. Although it was believed that the plaintiffs’ claims were            without merit, the Company chose to settle the matter in order to            avoid future litigation costs and to mitigate the diversion of management’s            attention from operations. The total settlement costs of $787,500,            paid $437,500 in cash and $350,000 in shares of the Company’s            common stock, are included in litigation and nonrecurring costs in            the accompanying consolidated statement of operations for the year            ended December 31, 2003.   The            Company is also involved in various other claims and legal actions            arising in the ordinary course of business. In the opinion of management,            the ultimate disposition of these matters will not have a material            adverse effect on the Company's consolidated financial position, results            of operations or liquidity. No accruals have been established for            any pending legal proceedings.   One            of the Company’s customers which is the subject of a Chapter            11 proceeding under the Bankruptcy Code paid to the Company approximately            $1,300,000 of pre-petition indebtedness for shipping and delivery            charges pursuant to an order of a United States Bankruptcy Court authorizing            the payment of such charges. One of the creditors in the Chapter 11            proceeding appealed other orders of the Bankruptcy Court authorizing            the payment of pre-petition indebtedness to other creditors for other            charges, and those orders have been reversed by a United States District            Court. The Company’s customer has appealed the District Court’s            reversal and that appeal is pending. While no action has been taken            in the Bankruptcy Court to challenge the payments made to the Company,            if such action were taken in the future and that action were successful,            the Company could be required to return all or a substantial portion            of the payments made by the customer.   (11)Stockholders' Equity    The Company has two classes          of authorized stock: common stock and preferred stock.   (a)Common Stock   The            Company is authorized to issue 100,000,000 shares of common stock,            par value $.001 per share. The holders of common stock are entitled            to one vote per share and are entitled to dividends as declared. Dividends            are subject to the preferential rights of the holders of the Company's            preferred stock. The Company has never declared dividends on its common            stock.
 

69

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
In            March 2003, the Company completed a private placement of 4,470,000            shares of its common stock at a price of approximately $1.35 per share            realizing gross proceeds of $6,072,500. This placement yielded net            proceeds of $5,512,468 for the Company, after the payment of placement            agent fees and other out-of-pocket costs associated with the placement.    In            October 2003, the Company completed a private placement of 5,983,500            shares of its common stock at a price of $2.20 per share realizing            gross proceeds of $13,163,700. This placement yielded net proceeds            of $12,552,947 for the Company, after the payment of placement agent            fees and other out-of-pocket costs associated with the placement.    (b)Preferred Stock    The            Company’s Board of Directors has the authority, without further            action by the stockholders, to issue up to 10,000,000 shares of preferred            stock, par value $.001 per share, that may be issued in one or more            series and with such terms as may be determined by the Board of Directors.     Series C Preferred Stock     In            March 2000, the Company completed a private placement transaction            in which it issued 4,166,667 shares of Series C Preferred Stock            and warrants to purchase 416,667 additional shares of common stock            for aggregate gross proceeds of $50,000,000.     The            terms of the Series C Preferred Stock initially required the            Company to use the proceeds from this offering solely for investments            in early stage Internet companies. In February 2001, the Company            received consents (the “Consents”) from the holders of            more than two-thirds of its issued and outstanding shares of Series C            Preferred Stock to modify this restriction to permit it to use the            proceeds to make any investments in the ordinary course of business,            as from time-to-time determined by the Board of Directors, or for            any other business purpose approved by the Board of Directors.    In            exchange for the Consents, the Company agreed to a private exchange            transaction (the “Exchange Transaction”) in which it would            issue to the holders of the Series C Preferred Stock as of July 18,            2002 (the “conversion date”), additional warrants to purchase            up to a maximum of 2,692,195 shares of common stock at an exercise            price of $1.00 per share, and reduce the per share exercise price            from $26.58 to $1.00 for 307,805 existing warrants owned by the holders            of the Series C Preferred Stock. As a condition to receiving            the additional warrants and having their existing warrants re-priced,            the holders of the Series C Preferred Stock agreed to convert            their shares of preferred stock into shares of common stock on the            conversion date.    At            the request of the largest holder of Series C Preferred Stock            (because of legal limitations in its governing instruments which prevent            it from holding investments in common stock), the Company expanded            the Exchange Transaction to include an additional alternative. Holders            of the Series C Preferred Stock as of the conversion date were            provided with the alternative of exchanging the common stock issuable            upon conversion of the Series C Preferred Stock, the additional            warrants and re-priced warrants, for shares of a newly designated            Series D Convertible Preferred Stock.    As            a result of the exercise of these rights by the holders of the Series C            Preferred Stock, as of July 19, 2002, all of the Company’s            shares of Series C Preferred Stock, representing approximately            $44,600,000 in liquidation preferences, together with warrants to            purchase 307,805 shares of the Company's common stock, were surrendered            and retired in exchange for a combination of securities consisting            of:      •1,911,071 shares of common stock;      •1,543,413 warrants to purchase common          stock at an exercise price of $1.00; and       •360,745 shares of Series D Convertible          Preferred Stock.    The          1,911,071 shares of common stock and the 1,543,413 warrants to purchase          shares of common stock at an exercise price of $1.00 were issued in          exchange for 1,911,071 shares of Series C Preferred Stock and warrants          to purchase 158,349 shares of the Company’s common stock at an          exercise price of $26.58 per share. The exchange of the common stock          for the Series C Preferred Stock was accounted for as a conversion of          the Series C Preferred Stock pursuant to its terms. The estimated fair          value of the additional warrants and the re-priced warrants had been          previously recorded by the Company in 2001 as a dividend, so no further          amount was recorded in 2002.
70

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
The remaining          1,803,725 shares of Series C Preferred Stock were converted into 1,803,725          shares of common stock. In addition, the Company issued 1,307,130 additional          warrants to purchase shares of common stock at an exercise price of          $1.00 per share and re-priced 149,457 warrants to purchase shares of          the Company’s common stock (the re-priced warrants were re-priced          from an exercise price of $26.58 per share to an exercise price of $1.00          per share). The common stock, additional warrants and re-priced warrants          were then immediately surrendered by the holders in exchange for 360,745          shares of Series D Convertible Preferred Stock.    EITF Topic D-42,          *The Effect on the Calculation of Earnings per Share for the Redemption          or Induced Conversion of Preferred Stock,*indicates that the excess          of the carrying amount of preferred stock over the fair value of the          consideration transferred to the holders of the preferred stock should          be added to net income. The Series C Preferred Stock which was          converted into Series D Convertible Preferred Stock had a carrying          value of approximately $21,645,000. The Company obtained an independent          appraisal which valued the Series D Convertible Preferred Stock          at approximately $4,672,000. The excess of the carrying value of the          Series C Preferred Stock over the fair value of the Series D          Convertible Preferred Stock was added to net income for purposes of          computing net income attributable to common stockholders for the year          ended December 31, 2002. The Exchange Transaction had no effect          on the cash flows of the Company.    The holders of          the Series C Preferred Stock earned 162,741 and 299,069 additional          shares of Series C Preferred Stock from payment of preferred stock          dividends during the years ended December 31, 2002 and 2001, respectively.     Series D Convertible          Preferred Stock    Each share of          the Series D Convertible Preferred Stock is convertible into ten          shares of common stock of the Company. The conversion terms were negotiated          to be similar to the terms of the Exchange Transaction. During the year          ended December 31, 2003, 50,265 shares of Series D Convertible Preferred          Stock were converted into 502,650 shares of common stock of the Company.    Subsequent to          December 31, 2003, the holders of the Series D Convertible          Preferred Stock are entitled to participate in all liquidation distributions          made to the holders of the Company’s common stock on an as-if          converted basis. The Series D Convertible Preferred Stock carries          no dividend, and, except under limited circumstances, has no voting          rights except as required by law. By no later than December 31, 2004,          the Series D Convertible Preferred Stock will convert into shares of          the Company’s common stock.     Preferred Stock Dividends              The components          of the preferred stock dividends are as follows:       **Year ended,          December 31**     **2002**  **2001**    Series C Preferred Stock          dividend payable in kind$ (1,952,892)$ (3,588,828)Non-cash credit: excess of          carrying value of Series C Preferred Stock over the fair value          of Series D   Convertible Preferred Stock 16,973,040  — Non-cash charge: issuance          of contingent warrants —  (562,370)    $ 15,020,148 $ (4,151,198)      (c) Deferred Stock-Based          Compensation   The            Company records deferred compensation when it makes restricted stock            awards or compensatory stock option grants to employees, consultants            or advisory board members. In the case of stock option grants to employees,            the amount of deferred compensation initially recorded is the difference,            if any, between the exercise price and quoted market value of the            common stock on the date of grant. Such deferred compensation is fixed            and remains unchanged for subsequent increases or decreases in the            market value of the Company's common stock. In the case of options            granted to consultants or advisory board members, the amount of deferred            compensation recorded is the fair value of the stock options on the            grant date as determined using a Black-Scholes valuation model. The            Company records deferred compensation as a reduction to stockholders'            equity and an offsetting increase to additional paid-in capital. The Company then amortizes            deferred compensation into stock-based compensation expense over the            performance period, which typically coincides with the vesting period            of the stock-based award of three to four years.   
71

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
    The components of deferred compensation are    as follows:      **Employees **  **Consultants**  **Total ** **And Advisory**** Board**    Balance at January 1,        2001$ 10,679,930 $ 91,794 $ 10,771,724 Deferred compensation recorded  1,207   19,450   20,657 Cancellations and fair value        adjustments  (4,756,331) (109,623) (4,865,954)Amortization to stock-based        compensation  (5,713,168) (1,621) (5,714,789)    Balance at December 31,        2001  211,638  —   211,638 Deferred compensation recorded —   3,193   3,193 Amortization to stock-based        compensation (95,232) (3,193) (98,425)    Balance at December 31,        2002  116,406  —   116,406 Amortization to stock-based        compensation  (95,232) —   (95,232)    Balance at December 31, 2003$ 21,174 $ — $ 21,174               Stock-based compensation is        reflected in the accompanying consolidated statements of operations as    follows:       **Years ended    December 31,**     **2003**  **2002**  **2001**   Personnel costs$95,232 $98,425 $2,394,106 Loss from discontinued operations –  –  3,320,683     Total $95,232 $98,425 $5,714,789               (12) Stock Options and Warrants   (a) Stock Options    The          Amended and Restated Stonepath Group, Inc. 2000 Stock Incentive Plan,          (the “Stock Incentive Plan”) covers 13,000,000 shares of          common stock. Under its terms, employees, officers and directors of          the Company and its subsidiaries are currently eligible to receive non-qualified          and incentive stock options and restricted stock awards. Options granted          generally vest over three to four years and expire ten years following          the date of grant. The Board of Directors or a committee thereof determines          the exercise price of options granted.   
72

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial StatementsYears ended December 31, 2003, 2002 and 2001
 The following summarizes the Company's stock    option activity and related information:                                                                                           ** Weighted**    **Range of****average****Shares****exercise prices**** exercise price**    Outstanding at January 1, 2001 4,550,830 $0.50 – 19.69 $4.03 Granted 3,725,000  0.50 – 1.60   0.76 Cancelled  (1,992,947)    0.50 – 19.69   5.99             Outstanding at December 31, 2001  6,282,883   0.50 – 17.50  1.47 Granted 3,648,000   1.30 – 2.30   1.37 Exercised  (409,583)   0.50- 1.00   0.96 Expired  (74,000)  0.70 – 1.58   0.98             Outstanding at December 31, 2002  9,447,300   0.50 –17.50  1.46           Granted  1,862,100  1.53 – 2.85   1.95 Exercised (307,916)  0.70 – 1.30  1.04 Expired  (273,600)  9.27-10.00   9.27 Cancelled  (123,750)  1.21 – 2.00  1.34             Outstanding at December 31, 2003 10,604,134  $ 0.50-17.50 $ 1.36                        The following table summarizes information about options outstanding and exercisable as of December 31, 2003: ** ****Outstanding Options****Exercisable Options**     **Range of          Exercise Prices** **Number          Outstanding** **Weighted Average          Remaining          Contractual Life**  **Weighted Average          Exercise Price** **Number          Exercisable**  **Weighted Average          Exercise Price**       $0.50 – $1.00 4,865,834 6.8 years $ 0.82  4,726,605 $ 0.82  $1.01 – $2.00 4,602,100 8.7 years  1.46  1,624,270  1.45  $2.01 – $4.00 1,063,000 8.5 years  2.40  450,222  2.67  $6.38 10,000 5.5 years  6.38  10,000  6.38  $17.50 63,200 3.7 years  17.50  63,200  17.50          Total 10,604,134 7.8 years $ 1.36  6,874,297 $ 1.25          
73

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
In December 2001, vesting          was accelerated on options held by the Company’s former Chief          Executive Officer. Since the acceleration of vesting occurred pursuant          to the terms of the original option agreement, no new measurement date          occurred and no additional expense was recorded in the accompanying          consolidated statement of operations.  On October 5, 2001, February 28,          2002 and July 3, 2002, the Company modified the existing option          arrangements with its Chief Executive Officer such that, effective as          of July 3, 2002, vesting was fully accelerated on options to purchase          1,800,000 shares of the Company’s common stock. Based on the excess          of the trading price of the common stock on the dates of the modifications          over the exercise price, the Company could incur a non-cash charge to          its earnings of approximately $870,000 if the Chief Executive Officer          leaves the employment of the Company prior to the vesting dates specified          in the original option grant.  (b)Warrants  The              Company had outstanding the following warrants to purchase its        securities as of December 31, 2003:         **Description of series ** **Number of    warrants issued** **Exercise price    per share**        Common stock  1,883,396 $1.00 – $1.49             These      warrants were issued primarily in connection with former borrowing      arrangements, the Series C Preferred Stock issuance, the receipt of      consulting services and services to be rendered in connection with a private      placement of the Company’s common stock. In 2002, the Company recorded      $95,000 of deferred offering costs for warrants that were issued in connection      with an anticipated private placement of the Company’s common stock.  (13) Fair Value of Financial Instruments  At December 31,         2003 and 2002, the carrying values of cash and cash equivalents, accounts      receivable, loans receivable and accounts payable approximated their fair         values as they are short term and are generally receivable or payable        on      demand. At December 31,      2003, the carrying value of the capital lease approximated its fair value,      which was determined using the interest rate currently available to the      Company for issuance of debt with similar terms and remaining maturities.(14) Related Party Transactions
Certain real estate is    leased from the former principal shareholder of Air Plus under an operating    lease. The Company leased one building in 2003 and 2002 and two buildings    in 2001. Rent under this arrangement was determined by a survey of comparable    building rents and totaled $187,000 for each of the years ended December 31,    2003 and 2002 and $110,000 for the period from October 5, 2001 to December 31,    2001.

During 2003, the Company paid $25,872 for consultingservices received from a company owned by a director.

During 2002, the Company purchased certain computer    equipment and peripherals for $28,000 from a company owned by the Company’sChairman and Chief Executive Officer.

During 2002, the Company paid a total of $60,000    to two of its directors as a placement fee related to the employment of theCompany’s Chief Financial Officer.

At December 31, 2003 and 2002, an officer    was indebted to the Company for a loan with an aggregate unamortized balance    of $14,597 and $39,593, respectively. This loan is generally forgivable over    a three-year term and for accounting purposes is amortized evenly to expenseover the term which ends in April 2004.

At December 31, 2003, a former principal    shareholder of Global was indebted to the Company for a loan amounting to    $175,000. The loan is repayable in two equal installments by offset againsthis portion of the contingent consideration payment.
(15)Segment Information
SFAS No. 131, *Disclosures About Segments of an Enterprise and Related Information*, established standards for reporting information about operating segments in financial statements.  Operating segments are defined as components of an enterprise engaging in business activities about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.  The Company identifies operating segments based on the principal service provided by the business unit.  The Company determined that it has two operating segments:  the Domestic Services platform, which provides a full range of logistics and transportation services throughoutNorth America, and its International Services platform, which provides international air and ocean logistics services.  Each segment has a separate management structure. The accounting policies of the reportable segments are the same as described in Note 2. Segment information, in which corporate expenses (other than the legal settlement and non-recurring costs) have been fully allocated to the operating segments, is as follows (in thousands):

74

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
  **Year Ended December        31, 2003**    **Domestic** **International**        **Services** **Services** **Corporate** **Total**      Revenue from        external customers $ 129,694   $ 90,610   $ —  $ 220,304  Inter-segment        revenue  56    124   —   180  Revenue from        significant customer  53,852   —  —   53,852  Segment operating income (loss)  3,143    4,312    (1,169)  6,286               Segment assets  54,255    36,577    5,607    96,439  Segment goodwill  23,896    11,868   —   35,764  Depreciation and amortization  2,259    401   —   2,660  Capital expenditures  643    140    3,400    4,183                 **Year Ended December        31, 2002**    **Domestic** **International**        **Services** **Services** **Corporate** **Total**      Revenue from        external customers $ 78,319   $ 44,469   $ —  $ 122,788  Inter-segment        revenue  76    15   —   91  Revenue from        significant customer  40,164   —  —   40,164  Segment operating income  584    1,770   —   2,354               Segment assets  41,863    13,867    (564)  55,166  Segment goodwill  15,103    5,208   —   20,311  Depreciation and amortization  2,036    151   —   2,187  Capital expenditures  788    349    676    1,813               
The revenue in the table below is allocated      to geographic  areas based upon the location of the customer (in thousands):
  **Year Ended December 31,**     **2003**  **2002**  **2001**     Total revenue:                   United States $ 208,811   $ 121,111   $ 15,598  Asia  8,003    1,076   — North America (excluding the United States)  1,360   55  — Europe  1,287   344  — Other  843   202  —     Total $ 220,304   $ 122,788   $ 15,598      
75

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
(16)Quarterly Information (Unaudited)
The following is a summary of certain unauditedquarterly financial information for fiscal 2003 and 2002:
 **Quarter ended**   **2003****March 31**  **June 30**  **September 30**  **December 31(2)**     Total revenue$ 38,572,441 $ 46,333,898 $ 65,514,731 $ 69,882,896 Cost of transportation  26,388,804   32,228,800  46,858,613  48,241,399      Net revenue$ 12,183,637 $ 14,105,098 $ 18,656,118  $ 21,641,497      Income (loss) from        continuing operations $ (7,305) $ 484,434  $ 2,075,103  $ 4,850,230 Gain (loss) from        discontinued operations —   (354,991) —   91,960      Net income (loss)        attributable to common stockholders $ (7,305) $ 129,443  $ 2,075,103  $ 4,942,190      Earnings (loss)        per common share:            Basic                  Continuing operations$ — $ 0.02 $ 0.07  $ 0.14       Discontinued operations —   (0.02) —  —            Earnings per common        share$ — $ — $ 0.07  $ 0.14      Diluted                  Continuing operations$ — $ 0.01 $ 0.05  $ 0.11       Discontinued operations —   (0.01) —  —            Earnings per common        share$ — $ —  $ 0.05  $ 0.11                 **Quarter ended**   **2002****March 31** ** ****June 30** ** ****September 30**  **December 31**     Total revenue$ 13,065,560 $ 28,524,745 $ 37,881,049 $ 43,316,271 Cost of transportation 8,645,969  19,739,026  25,884,973  30,207,462      Net revenue$ 4,419,591 $ 8,785,719 $ 11,996,076 $ 13,108,809      Net income (loss)$ (1,226,954)$ 268,264 $ 1,991,482 $ 1,347,537 Preferred stock        dividends and effect of redemption (887,772) (892,116) 16,800,036  —      Net income (loss)        attributable to common stockholders$ (2,114,726)$ (623,852)$ 18,791,518 $ 1,347,537      Earnings (loss)        per common share(1):                  Basic$ (0.10)$ (0.03)$ 0.82 $ 0.06            Diluted$ (0.10)$ (0.03)$ 0.07 $ 0.04       (1) Includes effect of preferred          stock dividends and effect of redemption  (2)Income from continuing operations and net income attributable to common stockholders for the quarter ended December 31, 2003 reflect the reversal of a portion of the deferred income tax asset valuation allowance in the amount of $2,995,000 which was partially offset by $1,300,000 deferred tax liabilities for foreign taxes and amortization of intangible assets resulting in net deferred income tax benefit of $1,695,000.
 

76

Back to Contents

**STONEPATH GROUP, INC.**Notes to Consolidated Financial Statements December 31, 2003, 2002 and 2001
(17) Subsequent Events
On February 9, 2004 the Company filed a shelf        registration statement with the Securities and Exchange Commission. This        registration statement, filed on Form S-3, has been declared effective,        and permits the Company to sell, in one or more public offerings, shares        of common stock, preferred stock, or warrants for proceeds of up to an        aggregate amount of $50,000,000.

On February 9, 2004, the Company entered into a  definitive agreement to acquire a 55% interest in Shanghai-based Shaanxi Sunshine  Cargo Services International Co. Ltd. (“Shaanxi”). This transaction  is scheduled to take effect as of March 1, 2004. Shaanxi is a Class A freight  forwarder which provides its clients with a wide range of customized transportation  and logistics services and supply chain solutions including global freight forwarding,  warehousing and distribution, shipping services and special freight handling.  With this and other recent acquisitions in Hong Kong, Singapore and Malaysia,  the Company is in a position to deliver a broad range of supply-chain strategies  to its clients on a global basis and to take advantage of the increasing demand  for integrated logistics services between the U.S. and Asia and other key markets.  This acquisition will be accounted for as a purchase. Shaanxi reported revenues  of $55,000,000 for the ten-month period ended October 31, 2003. The transaction  is valued at up to $11,000,000, consisting of cash of $3,500,000 and stock of  $2,000,000 at closing, and a five-year earn-out arrangement based upon the future  financial performance of Shaanxi. The earn-out payments due will be up to $5,500,000  ($1,100,000 per year) contingent upon Shaanxi realizing pre-tax income of at  least $4,000,000 per year during the earn-out period. As additional purchase  price, on a post-closing basis, the Company has also agreed to pay for excess  closing date working capital estimated at between $1,000,000 and $2,000,000.  The following table summarizes the allocation of the purchase price, which is  preliminary pending the finalization of the valuation of certain intangible  assets and the completion of the final balance sheet as of the transaction date  (in thousands).
Current assets$  16,691 Furniture and equipment 89 Goodwill and intangible assets 5,650   Total assets acquired 22,430     Current liabilities assumed  (  14,844)    Minority interest ( 871)  Net assets acquired$   6 ,715   
77

Back to Contents

**SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS**

**STONEPATH GROUP, INC. AND SUBSIDIARIES**
    **Column          C – Additions**                  ** **** **** **** **** ****(1)**** **** ****(2)**** **** **** **** **** **** **** **** **** ****Column            B -**** **** **** **** ****Charged**** **** **** **** **** **** **** **** **** **** Balance            at**** **** ****             Charged to**** **** ****             to other**** **** ****Column            D**** **** ****Column            E -**** ****Column            A -**** ****beginning            of**** **** ****costs            and**** **** ****accounts            -**** **** **** Deductions-**** **** ****Balance            at**** ****Description**** ****period**** **** ****expenses**** **** ****describe**** **** ****describe(a)**** **** ****end            of period**** **     Allowance for doubtful accounts:                                    Year ended          December 31, 2003$320,000 $771,000 $— $(36,000)$1,055,000            Year          ended December 31, 2002$167,000 $153,000 $— $— $320,000            Year          ended December 31, 2001$ — $167,000 $— $— $167,000       
(a) Represents writeoff of uncollectible accounts receivable.

 

78

Back to Contents

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia, Commonwealth of Pennsylvania, on March 15, 2004.****

**STONEPATH GROUP, INC.**
 BY: /s/ Dennis L. Pelino  Dennis L. Pelino (Chairman of the Board of          Directors and Chief Executive Officer)     BY: /s/ Bohn H. Crain  Bohn H. Crain (Chief Financial Officer)    BY: /s/ Thomas L. Scully  Thomas L. Scully (Principal Accounting Officer)   
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been signed by the following persons in the capacities indicated: 
**SIGNATURE****TITLE****DATE**/s/ Dennis L. PelinoChairman of the Board of Directors      andMarch 15, 2004Dennis L. PelinoChief Executive Officer    /s/ J. Douglass CoatesDirectorMarch 15, 2004Douglass Coates     /s/John Springer DirectorMarch 15, 2004John Springer     /s/ David R. JonesDirectorMarch 15, 2004David R. Jones     /s/ Aloysius T. Lawn, IV  DirectorMarch 15, 2004Aloysius T. Lawn, IV     /s/ Robert McCord DirectorMarch 15, 2004Robert McCord  
 

79

Back to Contents

Exhibit Index
**Exhibit Index**    Exhibit          Number  Description    4.6  Stonepath Group, Inc. Amended and Restated          2000 Stock Incentive Plan (the “Plan”)    10.10  Amendment to Loan and Security Agreement          dated May 15, 2003 by and among LaSalle Business Credit, LLC, Stonepath          Group, Inc., Contract Air, Inc., Distribution Services, Inc., Global          Container Line, Inc., M.G.R., Inc., Net Value, Inc., Stonepath Logistics          Domestic Services, Inc., Stonepath Logistics International Services,          Inc., Stonepath Operations Inc., and United American Acquisitions and          Management, Inc., and Transport Specialists, Inc.    10.12  Third Amendment to Loan and Security Agreement          dated December 23, 2003 by and among LaSalle Business Credit, LLC, Stonepath          Group, Inc., Contract Air, Inc., Distribution Services, Inc., Global          Container Line, Inc., M.G.R., Inc., Net Value, Inc., Stonepath Logistics          Domestic Services, Inc., Stonepath Logistics Government Services, Inc.,          Stonepath Logistics International Services, Inc., Stonepath Logistics          International Services, Inc., Stonepath Operations Inc., and United          American Acquisitions and Management, Inc.    10.13  Fourth Amendment and Consent Agreement          to Loan and Security Agreement dated January 30, 2004 by and among LaSalle          Business Credit, LLC, Stonepath Group, Inc., Contract Air, Inc., Distribution          Services, Inc., Global Container Line, Inc., M.G.R., Inc., Net Value,          Inc., Stonepath Logistics Domestic Services, Inc., Stonepath Government          Services, Inc., Stonepath Logistics International Services, Inc., Stonepath          Logistics International Services, Inc., Stonepath Operations Inc., and          United American Acquisitions and Management, Inc.    10.14  Modification to Employment Agreement of          Dennis L. Pelino dated March 11, 2004    11   Code of Ethics    12   Calculation of Ratio of Earnings to Combined          Fixed Charges and Preferred Stock Dividends    21.1  Subsidiaries of Stonepath Group, Inc.    23.1  Independent Auditors’ Consent    31.1  Certification of Chief Executive Officer          Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002    31.2  Certification of Chief Financial Officer          Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002    32.1  Certification of Chief Executive Officer          Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (This exhibit          shall not be deemed “filed” for purposes of Section 18 of          the Securities Exchange Act of 1934, as amended, or otherwise subject          to the liability of that section. Further, this exhibit shall not be          deemed to be incorporated by reference into any filing under the Securities          Act of 1933, as amended, or the Securities Exchange Act of 1934, as          amended.)    32.2  Certification of Chief Financial Officer          Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (This exhibit          shall not be deemed “filed” for purposes of Section 18 of          the Securities Exchange Act of 1934, as amended, or otherwise subject          to the liability of that section. Further, this exhibit shall not be          deemed to be incorporated by reference into any filing under the Securities          Act of 1933, as amended, or the Securities Exchange Act of 1934, as          amended.)
 

80 |