Startup Financial Model (1)

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Template Startup Financial Model ff Venture Capital About Credits Most recently updated November 4, 2011. Instructions ffvc.com @ffvc teten.com @dteten We developed this model as a simple end-to-end financial model for an ear startup, although it is useful to anyone building a model for a company. model outputs standard financial statements and key operating metrics bas wide range of user inputs, and is highly customizable and entirely transp This model was developed by Rodi Blokh in association with ff Venture Cap (www.ffvc.com) based on a sanitized version of a financial model develope David Teten (www.teten.com) for the startups he has run. Rodi is a Berke student (Haas MBA '13) and former corporate banker at Bank of America Mer Lynch ([email protected]). David is a Partner at ff Venture Capital, Chai Harvard Business School Angels of Greater New York, and former Bear Stear investment banker ([email protected]). Thank you to Adam Kalamchi (Columbia ’13) for some initial input on this model. If you have feedback on the model, contact [email protected] . We are very interested in suggested additional improvements and will try to reflect t However, we cannot provide you with user support. Click on the "Model", "Valuation" and "Funding Rounds" tabs and input rel data. All input cells are highlighted yellow with blue-colored text. Select the columns where an employee starts to correspond with personnel timing.

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Transcript of Startup Financial Model (1)

Template Startup Financial Model

InformationTemplate Startup Financial Modelff Venture [email protected]@dtetenAboutWe developed this model as a simple end-to-end financial model for an early-stage startup, although it is useful to anyone building a model for a company. The model outputs standard financial statements and key operating metrics based on a wide range of user inputs, and is highly customizable and entirely transparent.CreditsThis model was developed by Rodi Blokh in association with ff Venture Capital (www.ffvc.com) based on a sanitized version of a financial model developed by David Teten (www.teten.com) for the startups he has run. Rodi is a Berkeley MBA student (Haas MBA '13) and former corporate banker at Bank of America Merrill Lynch ([email protected]). David is a Partner at ff Venture Capital, Chair of Harvard Business School Angels of Greater New York, and former Bear Stearns investment banker ([email protected]). Thank you to Adam Kalamchi (Columbia MBA 13) for some initial input on this model.TIf you have feedback on the model, contact [email protected] . We are very interested in suggested additional improvements and will try to reflect them. However, we cannot provide you with user support.Most recently updated November 4, 2011.InstructionsClick on the "Model", "Valuation" and "Funding Rounds" tabs and input relevant data. All input cells are highlighted yellow with blue-colored text.To add personnel, add additional rows in the Personnel Assumptions section. Select the columns where an employee starts to correspond with personnel hiring timing.The WACC section on the "Valuation" tab and the entire "Funding Rounds" tab is independent of the "Model" and requires independent inputs.Non-input cells should not be altered by inexperienced users. Cell A4 on the "Model" tab acts as a check of the model and will display an error message if the model logic is broken. This error message tests for most, but definitely not all possible errors.Model LogicRevenues in the model are arbitrarily assumed to be based primarily on employee headcount. However, this is certainly not an accurate approach for all ventures, and in fact as venture capitalists we prefer companies in which the correlation between headcount and revenues is very low. A separate row labeled "Other Revenues" may be more relevant for modeling revenue projections for your particular company.The default approach to cash shortfalls is a draw-down of the revolver account. For most early-stage startups, the company doesn't have a bank revolver, but uses the principal's credit cards as a de facto revolver. This account has no max limit in the model.The model utilizes a cash flow sweep. Any excess cash flow after dividends and minimum cash balance is applied to repayment of the revolver account. Any additional cash is applied to the balance sheet cash balance. You can manually make assumptions about dividends as you wish, but we assume dividends are zero in perpetuity.Any discrepancy in assets vs. liabilities and stockholder's equity at day 1 is applied to the revolver account.The model treats all interest rate assumptions as nominal interest rates given this is typically the interest rate quoted by lending institutions to small business entrepreneurs for revolvers (credit cards) and bank loans. As such, we convert the annual interest rate into a monthly interest rate using the formula Rate / 12. If the interest rate being used is an effective interest rate, the monthly interest rate calculation should be adjusted to (1 + Rate) ^ (1/12) - 1.The model calculates interest income and interest expense using beginning balances for the period only. The formula applied is (2 x Beginning Balance x Rate) / (2 - Rate).This model assumes standard taxation for a C-Corporation using net operating loss carryforwards and a 40% tax rate. If you structure the company as an LLC, note that LLCs do not pay corporate tax unless they elect to (which is unlikely).However, the owners of the LLC (when combined with the underlying asset) would face a similar financial environment to that of a conventional corporation, so this model is still applicable even if the entity is an LLC.Straight-line depreciation is based on the average useful life of fixed assets.Accounts receivable is based on an assumption of days sales outstanding.Accounts payable is based on an assumption of days payables outsanding.We have built in an automatic carryforward for tax losses.

ffvc.com@dteten@[email protected]

Modelff Venture Capital StartupCo Financial Model(in whole USD; assumes no inflation)ChecksumChecksumChecksumChecksumChecksumOkOkOkOkOkModel logic correctly functioning.Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15Jul-15Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16Jul-16Aug-16Sep-16Oct-16Nov-16Dec-1640909.040909.040909.040909.041275.041275.041275.041275.041640.041640.041640.041640.042005.042005.042005.042005.042370.042370.042370.042370.02012201320142015201620122013201420152016Background AssumptionsCompany NameStartupCoAnnual Nominal Interest Rate earned on Cash0.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.5%0.5%0.5%0.5%0.5%OkOkOkOkOkAnnual Nominal Interest Rate on Short-Term Debt3.5%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%3.5%3.5%3.5%3.5%3.5%OkOkOkOkOkAnnual Nominal Interest Rate on Long-Term Debt5.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%5.5%5.5%5.5%5.5%5.5%OkOkOkOkOkPrincipal Payments on LTD as a % of LTD0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%100.0%0.0%OkOkOkOkOkFederal Tax Rate35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%OkOkOkOkOkState Tax Rate5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%OkOkOkOkOk# of Days Sales Outstanding15151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515151515OkOkOkOkOk# of Days Payables Outstanding30303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030OkOkOkOkOk# of Days Inventory Outstanding30303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030OkOkOkOkOkAverage Useful Life of Gross PP&E in Years5Investment and Revolver AssumptionsStarting Capital50,000Subsequent Investments0.00.00.00.00.00.0400,0000.00.00.00.00.00.00.00.01,000,0000.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0400,0000.00.01,000,0000.00.00.00.00.00.00.00.00.00.00.00.00.00.0400,0001,000,0000.00.00.0OkOkOkOkOkMinimum # Months Payroll Needed in Cash2Minimum Cash85,45885,45885,45885,45885,458129,896174,333174,333174,333174,333174,333195,854217,375217,375217,375217,375217,375220,583223,792223,792223,792223,792223,792234,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792252,208258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,625258,62585,458100,271174,333181,507217,375218,444223,792227,458245,792245,792245,792247,931258,625258,625258,625258,625258,625258,625258,625258,625135,392221,767246,326258,625258,625OkOkOkOkOkPersonnel AssumptionsSenior Management CompensationBase Annual SalaryBenefits %CEO175,00025.0%18,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22918,22954,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,68854,688218,750218,750218,750218,750218,750OkOkOkOkOkCTO150,00025.0%0.00.00.00.00.00.015,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,62515,6250.00.046,87546,87546,87546,87546,87546,87546,87546,87546,87546,87546,87546,87546,87546,87546,87546,87546,87546,87593,750187,500187,500187,500187,500OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Senior Management Salaries & Benefits18,22918,22918,22918,22918,22918,22933,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85433,85454,68854,688101,563101,563101,563101,563101,563101,563101,563101,563101,563101,563101,563101,563101,563101,563101,563101,563101,563101,563312,500406,250406,250406,250406,250OkOkOkOkOkTotal Senior Management Headcount1111112222222222222222222222222222222222222222222222222222221122222222222222222222222OkOkOkOkOkBusiness Development CompensationBase Annual SalaryBenefits %Manager75,00025.0%7,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,81323,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43893,75093,75093,75093,75093,750OkOkOkOkOkAssociate35,00010.0%0.00.00.00.00.00.00.00.00.00.00.00.03,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2080.00.00.00.09,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6250.038,50038,50038,50038,500OkOkOkOkOkAssociate35,00010.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.03,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2080.00.00.00.00.00.09,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6259,6250.019,25038,50038,50038,500OkOkOkOkOkAssociate35,00010.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.03,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2080.00.00.00.00.00.00.00.00.00.00.00.09,6259,6259,6259,6259,6259,6259,6259,6250.00.00.038,50038,500OkOkOkOkOkAssociate35,00010.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.03,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2083,2080.00.00.00.00.00.00.00.00.00.00.00.09,6259,6259,6259,6259,6259,6259,6259,6250.00.00.038,50038,500OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Business Development Salaries & Benefits7,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,81311,02111,02111,02111,02111,02111,02114,22914,22914,22914,22914,22914,22914,22914,22914,22914,22914,22914,22914,22914,22914,22914,22914,22914,22920,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64620,64623,43823,43823,43823,43833,06333,06342,68842,68842,68842,68842,68842,68861,93861,93861,93861,93861,93861,93861,93861,93893,750151,500170,750247,750247,750OkOkOkOkOkTotal Business Development Headcount1111111111112222223333333333333333335555555555555555555555551111223333335555555513355OkOkOkOkOkSales CompensationBase Annual SalaryBenefits %Manager60,00025.0%0.00.00.00.00.00.06,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2506,2500.00.018,75018,75018,75018,75018,75018,75018,75018,75018,75018,75018,75018,75018,75018,75018,75018,75018,75018,75037,50075,00075,00075,00075,000OkOkOkOkOkSalesperson30,00015.0%0.00.00.00.00.00.00.00.00.00.00.00.02,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8750.00.00.00.08,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6250.034,50034,50034,50034,500OkOkOkOkOkSalesperson30,00015.0%0.00.00.00.00.00.00.00.00.00.00.00.02,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8752,8750.00.00.00.08,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6258,6250.034,50034,50034,50034,500OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Salesperson Salaries & Benefits0.00.00.00.00.00.06,2506,2506,2506,2506,2506,25012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,00012,0000.00.018,75018,75036,00036,00036,00036,00036,00036,00036,00036,00036,00036,00036,00036,00036,00036,00036,00036,00037,500144,000144,000144,000144,000OkOkOkOkOkTotal Salesperson Headcount0.00.00.00.00.00.01111113333333333333333333333333333333333333333333333330.00.011333333333333333313333OkOkOkOkOkMarketing CompensationBase Annual SalaryBenefits %Manager75,00025.0%0.00.00.00.00.00.07,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8130.00.023,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43823,43846,87593,75093,75093,75093,750OkOkOkOkOkAssociate50,00010.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.04,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5834,5830.00.00.00.00.00.00.00.013,75013,75013,75013,75013,75013,75013,75013,75013,75013,75013,75013,7500.00.055,00055,00055,000OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Marketing Salaries & Benefits0.00.00.00.00.00.07,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,8137,81312,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,39612,3960.00.023,43823,43823,43823,43823,43823,43837,18837,18837,18837,18837,18837,18837,18837,18837,18837,18837,18837,18846,87593,750148,750148,750148,750OkOkOkOkOkTotal Marketing Headcount0.00.00.00.00.00.01111111111111111112222222222222222222222222222222222220.00.011111122222222222211222OkOkOkOkOkIT CompensationBase Annual SalaryBenefits %Manager80,00025.0%0.00.00.00.00.00.08,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3338,3330.00.025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00050,000100,000100,000100,000100,000OkOkOkOkOkDeveloper70,00010.0%0.00.00.00.00.00.06,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4170.00.019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25038,50077,00077,00077,00077,000OkOkOkOkOkDeveloper70,00010.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.06,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4176,4170.00.00.00.00.00.00.00.019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,25019,2500.00.077,00077,00077,000OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal IT Salaries & Benefits0.00.00.00.00.00.014,75014,75014,75014,75014,75014,75014,75014,75014,75014,75014,75014,75014,75014,75014,75014,75014,75014,75021,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,16721,1670.00.044,25044,25044,25044,25044,25044,25063,50063,50063,50063,50063,50063,50063,50063,50063,50063,50063,50063,50088,500177,000254,000254,000254,000OkOkOkOkOkTotal IT Headcount0.00.00.00.00.00.02222222222222222223333333333333333333333333333333333330.00.022222233333333333312333OkOkOkOkOkOther CompensationBase Annual SalaryBenefits %Legal Support125,00025.0%13,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02113,02139,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,06339,063156,250156,250156,250156,250156,250OkOkOkOkOkFinance Associate45,00015.0%0.00.00.00.00.00.00.00.00.00.00.00.04,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3134,3130.00.00.00.012,93812,93812,93812,93812,93812,93812,93812,93812,93812,93812,93812,93812,93812,93812,93812,9380.051,75051,75051,75051,750OkOkOkOkOkHR Associate45,00010.0%0.00.00.00.00.00.00.00.00.00.00.00.04,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1250.00.00.00.012,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,3750.049,50049,50049,50049,500OkOkOkOkOkCompliance Associate45,00010.0%0.00.00.00.00.00.00.00.00.00.00.00.04,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1254,1250.00.00.00.012,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,37512,3750.049,50049,50049,50049,500OkOkOkOkOkAdministrator40,00010.0%3,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,6673,66711,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00044,00044,00044,00044,00044,000OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.0%0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Other Salaries & Benefits16,68816,68816,68816,68816,68816,68816,68816,68816,68816,68816,68816,68829,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25029,25050,06350,06350,06350,06387,75087,75087,75087,75087,75087,75087,75087,75087,75087,75087,75087,75087,75087,75087,75087,750200,250351,000351,000351,000351,000OkOkOkOkOkTotal Other Headcount2222222222225555555555555555555555555555555555555555555555552222555555555555555525555OkOkOkOkOkTotal Salaries & Benefits42,72942,72942,72942,72942,72942,72987,16787,16787,16787,16787,16787,167108,688108,688108,688108,688108,688108,688111,896111,896111,896111,896111,896111,896122,896122,896122,896122,896122,896122,896122,896122,896122,896122,896122,896122,896129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313128,188128,188261,500261,500326,063326,063335,688335,688368,688368,688368,688368,688387,938387,938387,938387,938387,938387,938387,938387,938779,3751,323,5001,474,7501,551,7501,551,750OkOkOkOkOkTotal Headcount444444999999151515151515161616161616181818181818181818181818202020202020202020202020202020202020202020202020449915151616181818182020202020202020716182020OkOkOkOkOkIncome StatementRevenues per Bus Dev Employee1,0001,0001,0001,0001,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,50012,5003,00012,00030,00030,00030,00030,00030,00030,00037,50037,50037,50037,50037,50037,50037,50037,50037,50037,50037,50037,50075,000120,000150,000150,000150,000OkOkOkOkOkRevenues per Salesperson0.00.00.00.00.05,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5000.05,00015,00015,00015,00015,00015,00015,00022,50022,50022,50022,50022,50022,50022,50022,50022,50022,50022,50022,50035,00060,00090,00090,00090,000OkOkOkOkOkOther Revenues0.00.00.00.00.05,0005,0005,0005,00010,00010,00010,00020,00020,00020,00020,00020,00020,00035,00035,00035,00035,00035,00035,00070,00070,00070,00070,00070,00070,000100,000100,000100,000100,000100,000100,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,000150,0000.05,00015,00030,00060,00060,000105,000105,000210,000210,000300,000300,000450,000450,000450,000450,000450,000450,000450,000450,00050,000330,0001,020,0001,800,0001,800,000OkOkOkOkOkTotal Revenues1,0001,0001,0001,0001,00015,00020,00020,00020,00025,00025,00025,00055,00055,00055,00055,00055,00055,00080,00080,00080,00080,00080,00080,000130,000130,000130,000130,000130,000130,000160,000160,000160,000160,000160,000160,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,0003,00017,00060,00075,000165,000165,000240,000240,000390,000390,000480,000480,000705,000705,000705,000705,000705,000705,000705,000705,000155,000810,0001,740,0002,820,0002,820,000OkOkOkOkOkCost of Goods SoldTotal Business Development Salaries & Benefits(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(11,021)(11,021)(11,021)(11,021)(11,021)(11,021)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(14,229)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(20,646)(23,438)(23,438)(23,438)(23,438)(33,063)(33,063)(42,688)(42,688)(42,688)(42,688)(42,688)(42,688)(61,938)(61,938)(61,938)(61,938)(61,938)(61,938)(61,938)(61,938)(93,750)(151,500)(170,750)(247,750)(247,750)OkOkOkOkOkOther Costs of Goods Sold(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(18,000)(18,000)(18,000)(18,000)(18,000)OkOkOkOkOkTotal Cost of Goods Sold(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(12,521)(12,521)(12,521)(12,521)(12,521)(12,521)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(27,938)(27,938)(27,938)(27,938)(37,563)(37,563)(47,188)(47,188)(47,188)(47,188)(47,188)(47,188)(66,438)(66,438)(66,438)(66,438)(66,438)(66,438)(66,438)(66,438)(111,750)(169,500)(188,750)(265,750)(265,750)OkOkOkOkOk% of Revenues931.3%931.3%931.3%931.3%931.3%62.1%46.6%46.6%46.6%37.3%37.3%37.3%22.8%22.8%22.8%22.8%22.8%22.8%19.7%19.7%19.7%19.7%19.7%19.7%12.1%12.1%12.1%12.1%12.1%12.1%9.8%9.8%9.8%9.8%9.8%9.8%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%931.3%164.3%46.6%37.3%22.8%22.8%19.7%19.7%12.1%12.1%9.8%9.8%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%72.1%20.9%10.8%9.4%9.4%Gross Income(8,313)(8,313)(8,313)(8,313)(8,313)5,68810,68810,68810,68815,68815,68815,68842,47942,47942,47942,47942,47942,47964,27164,27164,27164,27164,27164,271114,271114,271114,271114,271114,271114,271144,271144,271144,271144,271144,271144,271212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854212,854(24,938)(10,938)32,06347,063127,438127,438192,813192,813342,813342,813432,813432,813638,563638,563638,563638,563638,563638,563638,563638,56343,250640,5001,551,2502,554,2502,554,250OkOkOkOkOk% of Revenues(831.3%)(831.3%)(831.3%)(831.3%)(831.3%)37.9%53.4%53.4%53.4%62.8%62.8%62.8%77.2%77.2%77.2%77.2%77.2%77.2%80.3%80.3%80.3%80.3%80.3%80.3%87.9%87.9%87.9%87.9%87.9%87.9%90.2%90.2%90.2%90.2%90.2%90.2%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%(831.3%)(64.3%)53.4%62.8%77.2%77.2%80.3%80.3%87.9%87.9%90.2%90.2%90.6%90.6%90.6%90.6%90.6%90.6%90.6%90.6%27.9%79.1%89.2%90.6%90.6%Sales & Marketing ExpensesTotal Salesperson Salaries & Benefits0.00.00.00.00.00.0(6,250)(6,250)(6,250)(6,250)(6,250)(6,250)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)0.00.0(18,750)(18,750)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(36,000)(37,500)(144,000)(144,000)(144,000)(144,000)OkOkOkOkOkTotal Marketing Salaries & Benefits0.00.00.00.00.00.0(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(7,813)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)(12,396)0.00.0(23,438)(23,438)(23,438)(23,438)(23,438)(23,438)(37,188)(37,188)(37,188)(37,188)(37,188)(37,188)(37,188)(37,188)(37,188)(37,188)(37,188)(37,188)(46,875)(93,750)(148,750)(148,750)(148,750)OkOkOkOkOkPublic Relations(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(3,000)(3,000)(9,000)(9,000)(9,000)OkOkOkOkOkAdvertising(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(500)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(6,000)(6,000)(12,000)(12,000)(12,000)OkOkOkOkOkOther Sales & Marketing Expenses(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(250)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(2,250)(3,000)(3,000)(9,000)(9,000)(9,000)OkOkOkOkOkTotal Sales & Marketing Expenses(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(15,063)(15,063)(15,063)(15,063)(15,063)(15,063)(20,813)(20,813)(20,813)(20,813)(20,813)(20,813)(20,813)(20,813)(20,813)(20,813)(20,813)(20,813)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(26,896)(3,000)(3,000)(45,188)(45,188)(62,438)(62,438)(62,438)(62,438)(80,688)(80,688)(80,688)(80,688)(80,688)(80,688)(80,688)(80,688)(80,688)(80,688)(80,688)(80,688)(96,375)(249,750)(322,750)(322,750)(322,750)OkOkOkOkOk% of Revenues100.0%100.0%100.0%100.0%100.0%6.7%75.3%75.3%75.3%60.3%60.3%60.3%37.8%37.8%37.8%37.8%37.8%37.8%26.0%26.0%26.0%26.0%26.0%26.0%20.7%20.7%20.7%20.7%20.7%20.7%16.8%16.8%16.8%16.8%16.8%16.8%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%100.0%17.6%75.3%60.3%37.8%37.8%26.0%26.0%20.7%20.7%16.8%16.8%11.4%11.4%11.4%11.4%11.4%11.4%11.4%11.4%62.2%30.8%18.5%11.4%11.4%General & Administrative ExpensesTotal Senior Management Salaries & Benefits(18,229)(18,229)(18,229)(18,229)(18,229)(18,229)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(33,854)(54,688)(54,688)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(101,563)(312,500)(406,250)(406,250)(406,250)(406,250)OkOkOkOkOkTotal IT Salaries & Benefits0.00.00.00.00.00.0(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(14,750)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)(21,167)0.00.0(44,250)(44,250)(44,250)(44,250)(44,250)(44,250)(63,500)(63,500)(63,500)(63,500)(63,500)(63,500)(63,500)(63,500)(63,500)(63,500)(63,500)(63,500)(88,500)(177,000)(254,000)(254,000)(254,000)OkOkOkOkOkTotal Other Salaries & Benefits(16,688)(16,688)(16,688)(16,688)(16,688)(16,688)(16,688)(16,688)(16,688)(16,688)(16,688)(16,688)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(29,250)(50,063)(50,063)(50,063)(50,063)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(87,750)(200,250)(351,000)(351,000)(351,000)(351,000)OkOkOkOkOkRent Expenses(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(18,000)(18,000)(36,000)(36,000)(36,000)OkOkOkOkOkUtilities Expenses(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(750)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,000)(1,250)(1,250)(1,250)(1,250)(1,250)(1,250)(1,250)(1,250)(1,250)(1,250)(1,250)(1,250)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,750)(1,750)(1,750)(1,750)(1,750)(1,750)(1,750)(1,750)(1,750)(1,750)(1,750)(1,750)(2,250)(2,250)(2,250)(2,250)(3,000)(3,000)(3,000)(3,000)(3,750)(3,750)(3,750)(3,750)(4,500)(4,500)(4,500)(4,500)(5,250)(5,250)(5,250)(5,250)(9,000)(12,000)(15,000)(18,000)(21,000)OkOkOkOkOkOther0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkOther0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal General & Administrative Expenses(37,167)(37,167)(37,167)(37,167)(37,167)(37,167)(67,542)(67,542)(67,542)(67,542)(67,542)(67,542)(80,354)(80,354)(80,354)(80,354)(80,354)(80,354)(80,354)(80,354)(80,354)(80,354)(80,354)(80,354)(88,521)(88,521)(88,521)(88,521)(88,521)(88,521)(88,521)(88,521)(88,521)(88,521)(88,521)(88,521)(88,771)(88,771)(88,771)(88,771)(88,771)(88,771)(88,771)(88,771)(88,771)(88,771)(88,771)(88,771)(89,021)(89,021)(89,021)(89,021)(89,021)(89,021)(89,021)(89,021)(89,021)(89,021)(89,021)(89,021)(111,500)(111,500)(202,625)(202,625)(241,063)(241,063)(241,063)(241,063)(265,563)(265,563)(265,563)(265,563)(266,313)(266,313)(266,313)(266,313)(267,063)(267,063)(267,063)(267,063)(628,250)(964,250)(1,062,250)(1,065,250)(1,068,250)OkOkOkOkOk% of Revenues3,716.7%3,716.7%3,716.7%3,716.7%3,716.7%247.8%337.7%337.7%337.7%270.2%270.2%270.2%146.1%146.1%146.1%146.1%146.1%146.1%100.4%100.4%100.4%100.4%100.4%100.4%68.1%68.1%68.1%68.1%68.1%68.1%55.3%55.3%55.3%55.3%55.3%55.3%37.8%37.8%37.8%37.8%37.8%37.8%37.8%37.8%37.8%37.8%37.8%37.8%37.9%37.9%37.9%37.9%37.9%37.9%37.9%37.9%37.9%37.9%37.9%37.9%3,716.7%655.9%337.7%270.2%146.1%146.1%100.4%100.4%68.1%68.1%55.3%55.3%37.8%37.8%37.8%37.8%37.9%37.9%37.9%37.9%405.3%119.0%61.0%37.8%37.9%Depreciation Expense(1,075)(1,133)(1,192)(1,250)(1,308)(1,367)(1,550)(1,608)(1,667)(1,725)(1,783)(1,842)(2,125)(2,175)(2,225)(2,275)(2,325)(2,375)(2,450)(2,500)(2,550)(2,600)(2,650)(2,700)(2,883)(2,933)(2,983)(3,033)(3,083)(3,133)(3,183)(3,233)(3,283)(3,333)(3,383)(3,433)(3,617)(3,667)(3,717)(3,767)(3,817)(3,867)(3,917)(3,967)(4,017)(4,067)(4,117)(4,167)(4,300)(4,350)(4,400)(4,450)(4,500)(4,550)(4,600)(4,650)(4,700)(4,750)(4,800)(4,850)(3,400)(3,925)(4,825)(5,350)(6,525)(6,975)(7,500)(7,950)(8,800)(9,250)(9,700)(10,150)(11,000)(11,450)(11,900)(12,350)(13,050)(13,500)(13,950)(14,400)(17,500)(28,950)(37,900)(46,700)(54,900)OkOkOkOkOkTotal Operating Expenses(39,242)(39,300)(39,358)(39,417)(39,475)(39,533)(84,154)(84,213)(84,271)(84,329)(84,388)(84,446)(103,292)(103,342)(103,392)(103,442)(103,492)(103,542)(103,617)(103,667)(103,717)(103,767)(103,817)(103,867)(118,300)(118,350)(118,400)(118,450)(118,500)(118,550)(118,600)(118,650)(118,700)(118,750)(118,800)(118,850)(119,283)(119,333)(119,383)(119,433)(119,483)(119,533)(119,583)(119,633)(119,683)(119,733)(119,783)(119,833)(120,217)(120,267)(120,317)(120,367)(120,417)(120,467)(120,517)(120,567)(120,617)(120,667)(120,717)(120,767)(117,900)(118,425)(252,638)(253,163)(310,025)(310,475)(311,000)(311,450)(355,050)(355,500)(355,950)(356,400)(358,000)(358,450)(358,900)(359,350)(360,800)(361,250)(361,700)(362,150)(742,125)(1,242,950)(1,422,900)(1,434,700)(1,445,900)OkOkOkOkOkOperating Income(47,554)(47,613)(47,671)(47,729)(47,788)(33,846)(73,467)(73,525)(73,583)(68,642)(68,700)(68,758)(60,813)(60,863)(60,913)(60,963)(61,013)(61,063)(39,346)(39,396)(39,446)(39,496)(39,546)(39,596)(4,029)(4,079)(4,129)(4,179)(4,229)(4,279)25,67125,62125,57125,52125,47125,42193,57193,52193,47193,42193,37193,32193,27193,22193,17193,12193,07193,02192,63892,58892,53892,48892,43892,38892,33892,28892,23892,18892,13892,088(142,838)(129,363)(220,575)(206,100)(182,588)(183,038)(118,188)(118,638)(12,238)(12,688)76,86376,413280,563280,113279,663279,213277,763277,313276,863276,413(698,875)(602,450)128,3501,119,5501,108,350OkOkOkOkOk% of Revenues(4,755.4%)(4,761.3%)(4,767.1%)(4,772.9%)(4,778.8%)(225.6%)(367.3%)(367.6%)(367.9%)(274.6%)(274.8%)(275.0%)(110.6%)(110.7%)(110.8%)(110.8%)(110.9%)(111.0%)(49.2%)(49.2%)(49.3%)(49.4%)(49.4%)(49.5%)(3.1%)(3.1%)(3.2%)(3.2%)(3.3%)(3.3%)16.0%16.0%16.0%16.0%15.9%15.9%39.8%39.8%39.8%39.8%39.7%39.7%39.7%39.7%39.6%39.6%39.6%39.6%39.4%39.4%39.4%39.4%39.3%39.3%39.3%39.3%39.3%39.2%39.2%39.2%(4,761.3%)(761.0%)(367.6%)(274.8%)(110.7%)(110.9%)(49.2%)(49.4%)(3.1%)(3.3%)16.0%15.9%39.8%39.7%39.7%39.6%39.4%39.3%39.3%39.2%(450.9%)(74.4%)7.4%39.7%39.3%EBITDA(46,479)(46,479)(46,479)(46,479)(46,479)(32,479)(71,917)(71,917)(71,917)(66,917)(66,917)(66,917)(58,688)(58,688)(58,688)(58,688)(58,688)(58,688)(36,896)(36,896)(36,896)(36,896)(36,896)(36,896)(1,146)(1,146)(1,146)(1,146)(1,146)(1,146)28,85428,85428,85428,85428,85428,85497,18897,18897,18897,18897,18897,18897,18897,18897,18897,18897,18897,18896,93896,93896,93896,93896,93896,93896,93896,93896,93896,93896,93896,938(139,438)(125,438)(215,750)(200,750)(176,063)(176,063)(110,688)(110,688)(3,438)(3,438)86,56386,563291,563291,563291,563291,563290,813290,813290,813290,813(681,375)(573,500)166,2501,166,2501,163,250OkOkOkOkOk% of Revenues(4,647.9%)(4,647.9%)(4,647.9%)(4,647.9%)(4,647.9%)(216.5%)(359.6%)(359.6%)(359.6%)(267.7%)(267.7%)(267.7%)(106.7%)(106.7%)(106.7%)(106.7%)(106.7%)(106.7%)(46.1%)(46.1%)(46.1%)(46.1%)(46.1%)(46.1%)(0.9%)(0.9%)(0.9%)(0.9%)(0.9%)(0.9%)18.0%18.0%18.0%18.0%18.0%18.0%41.4%41.4%41.4%41.4%41.4%41.4%41.4%41.4%41.4%41.4%41.4%41.4%41.3%41.3%41.3%41.3%41.3%41.3%41.3%41.3%41.3%41.3%41.3%41.3%(4,647.9%)(737.9%)(359.6%)(267.7%)(106.7%)(106.7%)(46.1%)(46.1%)(0.9%)(0.9%)18.0%18.0%41.4%41.4%41.4%41.4%41.3%41.3%41.3%41.3%(439.6%)(70.8%)9.6%41.4%41.3%Interest Expense(264)(430)(577)(724)(872)(1,020)(1,278)(492)(714)(936)(1,151)(1,360)(1,632)(1,964)(2,149)(2,334)0.00.00.0(136)(253)(370)(487)(605)(755)(898)(912)(927)(941)(956)(970)(941)(868)(794)(721)(647)(592)(470)(196)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0(1,271)(2,617)(2,484)(3,447)(5,744)(2,334)(389)(1,463)(2,565)(2,823)(2,778)(2,162)(1,258)0.00.00.00.00.00.00.0(9,819)(9,930)(10,329)(1,258)0.0OkOkOkOkOkInterest Income386182103124146182701021341641942332803073330.00.00.01936537086108128130132134136138134124113103928467280.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0181373354492820333552093664033963081790.00.00.00.00.00.00.01,4011,4171,4741790.0OkOkOkOkOkPre-Tax Profit (Loss)(47,781)(47,981)(48,165)(48,350)(48,535)(34,721)(74,563)(73,947)(74,195)(69,444)(69,687)(69,924)(62,211)(62,546)(62,755)(62,964)(61,013)(61,063)(39,346)(39,512)(39,663)(39,813)(39,964)(40,115)(4,677)(4,849)(4,911)(4,974)(5,036)(5,098)24,83924,81424,82724,84024,85324,86693,06393,11893,30393,42193,37193,32193,27193,22193,17193,12193,07193,02192,63892,58892,53892,48892,43892,38892,33892,28892,23892,18892,13892,088(143,927)(131,606)(222,705)(209,055)(187,512)(185,039)(118,521)(119,891)(14,437)(15,108)74,48174,559279,484280,113279,663279,213277,763277,313276,863276,413(707,293)(610,963)119,4951,118,4721,108,350OkOkOkOkOk% of Revenues(4,778.1%)(4,798.1%)(4,816.5%)(4,835.0%)(4,853.5%)(231.5%)(372.8%)(369.7%)(371.0%)(277.8%)(278.7%)(279.7%)(113.1%)(113.7%)(114.1%)(114.5%)(110.9%)(111.0%)(49.2%)(49.4%)(49.6%)(49.8%)(50.0%)(50.1%)(3.6%)(3.7%)(3.8%)(3.8%)(3.9%)(3.9%)15.5%15.5%15.5%15.5%15.5%15.5%39.6%39.6%39.7%39.8%39.7%39.7%39.7%39.7%39.6%39.6%39.6%39.6%39.4%39.4%39.4%39.4%39.3%39.3%39.3%39.3%39.3%39.2%39.2%39.2%(4,797.6%)(774.2%)(371.2%)(278.7%)(113.6%)(112.1%)(49.4%)(50.0%)(3.7%)(3.9%)15.5%15.5%39.6%39.7%39.7%39.6%39.4%39.3%39.3%39.2%(456.3%)(75.4%)6.9%39.7%39.3%Add (Subtract) to Tax Loss Carryforward47,78147,98148,16548,35048,53534,72174,56373,94774,19569,44469,68769,92462,21162,54662,75562,96461,01361,06339,34639,51239,66339,81339,96440,1154,6774,8494,9114,9745,0365,098(24,839)(24,814)(24,827)(24,840)(24,853)(24,866)(93,063)(93,118)(93,303)(93,421)(93,371)(93,321)(93,271)(93,221)(93,171)(93,121)(93,071)(93,021)(80,290)0.00.00.00.00.00.00.00.00.00.00.0143,927131,606222,705209,055187,512185,039118,521119,89114,43715,108(74,481)(74,559)(279,484)(280,113)(279,663)(279,213)(80,290)0.00.00.0707,293610,963(119,495)(1,118,472)(80,290)OkOkOkOkOkTaxable Income (Loss)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.012,34892,58892,53892,48892,43892,38892,33892,28892,23892,18892,13892,0880.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0197,473277,313276,863276,4130.00.00.00.01,028,060OkOkOkOkOkTax Expense0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0(4,939)(37,035)(37,015)(36,995)(36,975)(36,955)(36,935)(36,915)(36,895)(36,875)(36,855)(36,835)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0(78,989)(110,925)(110,745)(110,565)0.00.00.00.0(411,224)OkOkOkOkOkNet Income(47,781)(47,981)(48,165)(48,350)(48,535)(34,721)(74,563)(73,947)(74,195)(69,444)(69,687)(69,924)(62,211)(62,546)(62,755)(62,964)(61,013)(61,063)(39,346)(39,512)(39,663)(39,813)(39,964)(40,115)(4,677)(4,849)(4,911)(4,974)(5,036)(5,098)24,83924,81424,82724,84024,85324,86693,06393,11893,30393,42193,37193,32193,27193,22193,17193,12193,07193,02187,69855,55355,52355,49355,46355,43355,40355,37355,34355,31355,28355,253(143,927)(131,606)(222,705)(209,055)(187,512)(185,039)(118,521)(119,891)(14,437)(15,108)74,48174,559279,484280,113279,663279,213198,773166,388166,118165,848(707,293)(610,963)119,4951,118,472697,126OkOkOkOkOk% of Revenues(4,778.1%)(4,798.1%)(4,816.5%)(4,835.0%)(4,853.5%)(231.5%)(372.8%)(369.7%)(371.0%)(277.8%)(278.7%)(279.7%)(113.1%)(113.7%)(114.1%)(114.5%)(110.9%)(111.0%)(49.2%)(49.4%)(49.6%)(49.8%)(50.0%)(50.1%)(3.6%)(3.7%)(3.8%)(3.8%)(3.9%)(3.9%)15.5%15.5%15.5%15.5%15.5%15.5%39.6%39.6%39.7%39.8%39.7%39.7%39.7%39.7%39.6%39.6%39.6%39.6%37.3%23.6%23.6%23.6%23.6%23.6%23.6%23.6%23.6%23.5%23.5%23.5%(4,797.6%)(774.2%)(371.2%)(278.7%)(113.6%)(112.1%)(49.4%)(50.0%)(3.7%)(3.9%)15.5%15.5%39.6%39.7%39.7%39.6%28.2%23.6%23.6%23.5%(456.3%)(75.4%)6.9%39.7%24.7%Balance SheetAssetsCash100,00085,45885,45885,45885,45885,458129,896174,333174,333174,333174,333174,333195,854217,375217,375217,375354,531292,843231,156223,792223,792223,792223,792223,792234,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792252,208258,625258,625285,573379,760473,948568,135662,323756,510850,698944,8851,039,0731,133,2601,217,2591,274,1611,331,0841,388,0261,444,9891,501,9711,558,9741,615,9961,673,0391,730,1011,787,1841,844,28685,458129,896174,333195,854217,375231,156223,792234,792245,792245,792245,792252,208285,573568,135850,6981,133,2601,331,0841,501,9711,673,0391,844,286195,854234,792252,2081,133,2601,844,286OkOkOkOkOkAccounts Receivable0.05005005005005007,50010,00010,00010,00012,50012,50012,50027,50027,50027,50027,50027,50027,50040,00040,00040,00040,00040,00040,00065,00065,00065,00065,00065,00065,00080,00080,00080,00080,00080,00080,000117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,500117,5005007,50010,00012,50027,50027,50040,00040,00065,00065,00080,00080,000117,500117,500117,500117,500117,500117,500117,500117,50012,50040,00080,000117,500117,500OkOkOkOkOkInventory5009,3139,3139,3139,3139,3139,3139,3139,3139,3139,3139,3139,31312,52112,52112,52112,52112,52112,52115,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72922,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,1469,3139,3139,3139,31312,52112,52115,72915,72915,72915,72915,72915,72922,14622,14622,14622,14622,14622,14622,14622,1469,31315,72915,72922,14622,146OkOkOkOkOk100,50095,27195,27195,27195,27195,271146,708193,646193,646193,646196,146196,146217,667257,396257,396257,396394,552332,864271,177279,521279,521279,521279,521279,521290,521326,521326,521326,521326,521326,521326,521341,521341,521341,521341,521341,521347,938398,271398,271425,219519,406613,594707,781801,969896,156990,3441,084,5311,178,7191,272,9061,356,9051,413,8071,470,7301,527,6721,584,6351,641,6171,698,6201,755,6421,812,6851,869,7471,926,8301,983,93295,271146,708193,646217,667257,396271,177279,521290,521326,521326,521341,521347,938425,219707,781990,3441,272,9061,470,7301,641,6171,812,6851,983,932217,667290,521347,9381,272,9061,983,932OkOkOkOkOkGross PP&E50,00064,50068,00071,50075,00078,50082,00093,00096,500100,000103,500107,000110,500127,500130,500133,500136,500139,500142,500147,000150,000153,000156,000159,000162,000173,000176,000179,000182,000185,000188,000191,000194,000197,000200,000203,000206,000217,000220,000223,000226,000229,000232,000235,000238,000241,000244,000247,000250,000258,000261,000264,000267,000270,000273,000276,000279,000282,000285,000288,000291,00071,50082,000100,000110,500133,500142,500153,000162,000179,000188,000197,000206,000223,000232,000241,000250,000264,000273,000282,000291,000110,500162,000206,000250,000291,000OkOkOkOkOkAccumulated Depreciation0.0(1,075)(2,208)(3,400)(4,650)(5,958)(7,325)(8,875)(10,483)(12,150)(13,875)(15,658)(17,500)(19,625)(21,800)(24,025)(26,300)(28,625)(31,000)(33,450)(35,950)(38,500)(41,100)(43,750)(46,450)(49,333)(52,267)(55,250)(58,283)(61,367)(64,500)(67,683)(70,917)(74,200)(77,533)(80,917)(84,350)(87,967)(91,633)(95,350)(99,117)(102,933)(106,800)(110,717)(114,683)(118,700)(122,767)(126,883)(131,050)(135,350)(139,700)(144,100)(148,550)(153,050)(157,600)(162,200)(166,850)(171,550)(176,300)(181,100)(185,950)(3,400)(7,325)(12,150)(17,500)(24,025)(31,000)(38,500)(46,450)(55,250)(64,500)(74,200)(84,350)(95,350)(106,800)(118,700)(131,050)(144,100)(157,600)(171,550)(185,950)(17,500)(46,450)(84,350)(131,050)(185,950)OkOkOkOkOkNet PP&E50,00063,42565,79268,10070,35072,54274,67584,12586,01787,85089,62591,34293,000107,875108,700109,475110,200110,875111,500113,550114,050114,500114,900115,250115,550123,667123,733123,750123,717123,633123,500123,317123,083122,800122,467122,083121,650129,033128,367127,650126,883126,067125,200124,283123,317122,300121,233120,117118,950122,650121,300119,900118,450116,950115,400113,800112,150110,450108,700106,900105,05068,10074,67587,85093,000109,475111,500114,500115,550123,750123,500122,800121,650127,650125,200122,300118,950119,900115,400110,450105,05093,000115,550121,650118,950105,050OkOkOkOkOkIntangibles0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Assets150,500158,696161,063163,371165,621167,813221,383277,771279,663281,496285,771287,488310,667365,271366,096366,871504,752443,739382,677393,071393,571394,021394,421394,771406,071450,188450,254450,271450,238450,154450,021464,838464,604464,321463,988463,604469,588527,304526,638552,869646,290739,660832,981926,2521,019,4731,112,6441,205,7651,298,8351,391,8561,479,5551,535,1071,590,6301,646,1221,701,5851,757,0171,812,4201,867,7921,923,1351,978,4472,033,7302,088,982163,371221,383281,496310,667366,871382,677394,021406,071450,271450,021464,321469,588552,869832,9811,112,6441,391,8561,590,6301,757,0171,923,1352,088,982310,667406,071469,5881,391,8562,088,982OkOkOkOkOkLiabilities & Shareholder's EquityRevolver (Short-Term Debt)90,500147,164197,512247,986298,586349,313437,604168,554244,393320,421394,141465,544558,647672,255735,626799,1550.00.00.046,53286,544126,656166,869207,183258,598307,391312,307317,235322,175327,128332,093322,070297,022271,912246,739221,503202,620160,85667,0720.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0247,986437,604320,421558,647799,1550.0126,656258,598317,235332,093271,912202,6200.00.00.00.00.00.00.00.0558,647258,598202,6200.00.0OkOkOkOkOkAccounts Payable10,0009,3139,3139,3139,3139,3139,3139,3139,3139,3139,3139,3139,31312,52112,52112,52112,52112,52112,52115,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72915,72922,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,1469,3139,3139,3139,31312,52112,52115,72915,72915,72915,72915,72915,72922,14622,14622,14622,14622,14622,14622,14622,1469,31315,72915,72922,14622,146OkOkOkOkOkTotal Current Liabilities100,500156,477206,824257,298307,898358,625446,917177,867253,705329,734403,453474,857567,960684,776748,147811,67612,52112,52112,52162,261102,273142,386182,599222,912274,327323,120328,036332,964337,904342,857347,822337,799312,752287,641262,468237,232218,349183,00289,21722,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,146257,298446,917329,734567,960811,67612,521142,386274,327332,964347,822287,641218,34922,14622,14622,14622,14622,14622,14622,14622,146567,960274,327218,34922,14622,146OkOkOkOkOkLong-Term Debt0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Liabilities100,500156,477206,824257,298307,898358,625446,917177,867253,705329,734403,453474,857567,960684,776748,147811,67612,52112,52112,52162,261102,273142,386182,599222,912274,327323,120328,036332,964337,904342,857347,822337,799312,752287,641262,468237,232218,349183,00289,21722,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,14622,146257,298446,917329,734567,960811,67612,521142,386274,327332,964347,822287,641218,34922,14622,14622,14622,14622,14622,14622,14622,146567,960274,327218,34922,14622,146OkOkOkOkOkPaid-in Capital50,00050,00050,00050,00050,00050,00050,000450,000450,000450,000450,000450,000450,000450,000450,000450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,00050,00050,000450,000450,000450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,0001,450,000450,0001,450,0001,450,0001,450,0001,450,000OkOkOkOkOkRetained Earnings0.0(47,781)(95,762)(143,927)(192,277)(240,813)(275,533)(350,096)(424,043)(498,238)(567,682)(637,369)(707,293)(769,505)(832,051)(894,805)(957,769)(1,018,782)(1,079,844)(1,119,190)(1,158,702)(1,198,365)(1,238,178)(1,278,142)(1,318,256)(1,322,933)(1,327,782)(1,332,693)(1,337,667)(1,342,703)(1,347,801)(1,322,962)(1,298,147)(1,273,320)(1,248,480)(1,223,628)(1,198,761)(1,105,698)(1,012,580)(919,277)(825,856)(732,485)(639,165)(545,894)(452,673)(359,502)(266,381)(173,310)(80,290)7,40962,961118,484173,976229,439284,871340,274395,646450,989506,301561,584616,836(143,927)(275,533)(498,238)(707,293)(894,805)(1,079,844)(1,198,365)(1,318,256)(1,332,693)(1,347,801)(1,273,320)(1,198,761)(919,277)(639,165)(359,502)(80,290)118,484284,871450,989616,836(707,293)(1,318,256)(1,198,761)(80,290)616,836OkOkOkOkOkTotal Shareholder's Equity50,0002,219(45,762)(93,927)(142,277)(190,813)(225,533)99,90425,957(48,238)(117,682)(187,369)(257,293)(319,505)(382,051)(444,805)492,231431,218370,156330,810291,298251,635211,822171,858131,744127,067122,218117,307112,333107,297102,199127,038151,853176,680201,520226,372251,239344,302437,420530,723624,144717,515810,835904,106997,3271,090,4981,183,6191,276,6901,369,7101,457,4091,512,9611,568,4841,623,9761,679,4391,734,8711,790,2741,845,6461,900,9891,956,3012,011,5842,066,836(93,927)(225,533)(48,238)(257,293)(444,805)370,156251,635131,744117,307102,199176,680251,239530,723810,8351,090,4981,369,7101,568,4841,734,8711,900,9892,066,836(257,293)131,744251,2391,369,7102,066,836OkOkOkOkOkTotal Liabilities & Shareholder's Equity150,500158,696161,063163,371165,621167,813221,383277,771279,663281,496285,771287,488310,667365,271366,096366,871504,752443,739382,677393,071393,571394,021394,421394,771406,071450,188450,254450,271450,238450,154450,021464,838464,604464,321463,988463,604469,588527,304526,638552,869646,290739,660832,981926,2521,019,4731,112,6441,205,7651,298,8351,391,8561,479,5551,535,1071,590,6301,646,1221,701,5851,757,0171,812,4201,867,7921,923,1351,978,4472,033,7302,088,982163,371221,383281,496310,667366,871382,677394,021406,071450,271450,021464,321469,588552,869832,9811,112,6441,391,8561,590,6301,757,0171,923,1352,088,982310,667406,071469,5881,391,8562,088,982OkOkOkOkOkBalance Sheet CheckOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOkOff-Balance Sheet ItemsTax Loss Carryforward0.047,78195,762143,927192,277240,813275,533350,096424,043498,238567,682637,369707,293769,505832,051894,805957,7691,018,7821,079,8441,119,1901,158,7021,198,3651,238,1781,278,1421,318,2561,322,9331,327,7821,332,6931,337,6671,342,7031,347,8011,322,9621,298,1471,273,3201,248,4801,223,6281,198,7611,105,6981,012,580919,277825,856732,485639,165545,894452,673359,502266,381173,31080,2900.00.00.00.00.00.00.00.00.00.00.00.0143,927275,533498,238707,293894,8051,079,8441,198,3651,318,2561,332,6931,347,8011,273,3201,198,761919,277639,165359,50280,2900.00.00.00.0707,2931,318,2561,198,76180,2900.0OkOkOkOkOkCash Flow StatementCash Flow from (to) OperationsNet Income(47,781)(47,981)(48,165)(48,350)(48,535)(34,721)(74,563)(73,947)(74,195)(69,444)(69,687)(69,924)(62,211)(62,546)(62,755)(62,964)(61,013)(61,063)(39,346)(39,512)(39,663)(39,813)(39,964)(40,115)(4,677)(4,849)(4,911)(4,974)(5,036)(5,098)24,83924,81424,82724,84024,85324,86693,06393,11893,30393,42193,37193,32193,27193,22193,17193,12193,07193,02187,69855,55355,52355,49355,46355,43355,40355,37355,34355,31355,28355,253(143,927)(131,606)(222,705)(209,055)(187,512)(185,039)(118,521)(119,891)(14,437)(15,108)74,48174,559279,484280,113279,663279,213198,773166,388166,118165,848(707,293)(610,963)119,4951,118,472697,126OkOkOkOkOkDepreciation Expense1,0751,1331,1921,2501,3081,3671,5501,6081,6671,7251,7831,8422,1252,1752,2252,2752,3252,3752,4502,5002,5502,6002,6502,7002,8832,9332,9833,0333,0833,1333,1833,2333,2833,3333,3833,4333,6173,6673,7173,7673,8173,8673,9173,9674,0174,0674,1174,1674,3004,3504,4004,4504,5004,5504,6004,6504,7004,7504,8004,8503,4003,9254,8255,3506,5256,9757,5007,9508,8009,2509,70010,15011,00011,45011,90012,35013,05013,50013,95014,40017,50028,95037,90046,70054,900OkOkOkOkOkChange in A/R(500)0.00.00.00.0(7,000)(2,500)0.00.0(2,500)0.00.0(15,000)0.00.00.00.00.0(12,500)0.00.00.00.00.0(25,000)0.00.00.00.00.0(15,000)0.00.00.00.00.0(37,500)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0(500)(7,000)(2,500)(2,500)(15,000)0.0(12,500)0.0(25,000)0.0(15,000)0.0(37,500)0.00.00.00.00.00.00.0(12,500)(27,500)(40,000)(37,500)0.0OkOkOkOkOkChange in A/P(688)0.00.00.00.00.00.00.00.00.00.00.03,2080.00.00.00.00.03,2080.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.06,4170.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0(688)0.00.00.03,2080.03,2080.00.00.00.00.06,4170.00.00.00.00.00.00.0(688)6,4170.06,4170.0OkOkOkOkOkChange in Inventory(8,813)0.00.00.00.00.00.00.00.00.00.00.0(3,208)0.00.00.00.00.0(3,208)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0(6,417)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0(8,813)0.00.00.0(3,208)0.0(3,208)0.00.00.00.00.0(6,417)0.00.00.00.00.00.00.0(8,813)(6,417)0.0(6,417)0.0OkOkOkOkOkChange in Intangibles0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Cash Flow from (to) Operations(56,706)(46,848)(46,974)(47,100)(47,227)(40,354)(75,513)(72,339)(72,529)(70,219)(67,904)(68,082)(75,086)(60,371)(60,530)(60,689)(58,688)(58,688)(49,396)(37,012)(37,113)(37,213)(37,314)(37,415)(26,793)(1,916)(1,928)(1,940)(1,953)(1,965)13,02328,04828,11028,17328,23628,29959,18096,78597,02097,18897,18897,18897,18897,18897,18897,18897,18897,18891,99859,90359,92359,94359,96359,98360,00360,02360,04360,06360,08360,103(150,527)(134,681)(220,380)(206,205)(195,987)(178,064)(123,521)(111,941)(30,637)(5,858)69,18184,709252,984291,563291,563291,563211,823179,888180,068180,248(711,793)(609,513)117,3951,127,672752,026OkOkOkOkOkCash Flow from (to) InvestingWorkstations (Computers & Desks)(6,000)0.00.00.00.00.0(7,500)0.00.00.00.00.0(9,000)0.00.00.00.00.0(1,500)0.00.00.00.00.0(3,000)0.00.00.00.00.00.00.00.00.00.00.0(3,000)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0(6,000)0.0(7,500)0.0(9,000)0.0(1,500)0.0(3,000)0.00.00.0(3,000)0.00.00.00.00.00.00.0(13,500)(10,500)(3,000)(3,000)0.0Technology Equipment(5,000)0.00.00.00.00.00.00.00.00.00.00.0(5,000)0.00.00.00.00.00.00.00.00.00.00.0(5,000)0.00.00.00.00.00.00.00.00.00.00.0(5,000)0.00.00.00.00.00.00.00.00.00.00.0(5,000)0.00.00.00.00.00.00.00.00.00.00.0(5,000)0.00.00.0(5,000)0.00.00.0(5,000)0.00.00.0(5,000)0.00.00.0(5,000)0.00.00.0(5,000)(5,000)(5,000)(5,000)(5,000)OkOkOkOkOkOther Miscellaneous Items(3,500)(3,500)(3,500)(3,500)(3,500)(3,500)(3,500)(3,500)(3,500)(3,500)(3,500)(3,500)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(10,500)(10,500)(10,500)(10,500)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(9,000)(42,000)(36,000)(36,000)(36,000)(36,000)OkOkOkOkOkTotal Cash Flow from (to) Investing(14,500)(3,500)(3,500)(3,500)(3,500)(3,500)(11,000)(3,500)(3,500)(3,500)(3,500)(3,500)(17,000)(3,000)(3,000)(3,000)(3,000)(3,000)(4,500)(3,000)(3,000)(3,000)(3,000)(3,000)(11,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(11,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(8,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(3,000)(21,500)(10,500)(18,000)(10,500)(23,000)(9,000)(10,500)(9,000)(17,000)(9,000)(9,000)(9,000)(17,000)(9,000)(9,000)(9,000)(14,000)(9,000)(9,000)(9,000)(60,500)(51,500)(44,000)(44,000)(41,000)OkOkOkOkOkCash Flow from (to) FinancingRevolver Issuance / (Repayment)56,66450,34850,47450,60050,72788,291(269,050)75,83976,02973,71971,40493,103113,60763,37163,530(799,155)0.00.046,53240,01240,11340,21340,31451,41548,7934,9164,9284,9404,9534,965(10,023)(25,048)(25,110)(25,173)(25,236)(18,883)(41,763)(93,785)(67,072)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0157,486189,618(117,183)238,226240,508(799,155)126,656131,94158,63714,858(60,181)(69,292)(202,620)0.00.00.00.00.00.00.0468,147(300,050)(55,978)(202,620)0.0OkOkOkOkOkLong-Term Debt Issuance / (Repayment)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkNew Equity Investments0.00.00.00.00.00.0400,0000.00.00.00.00.00.00.00.01,000,0000.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0400,0000.00.01,000,0000.00.00.00.00.00.00.00.00.00.00.00.00.00.0400,0001,000,0000.00.00.0OkOkOkOkOkDividends0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Cash Flow from (to) Financing56,66450,34850,47450,60050,72788,291130,95075,83976,02973,71971,40493,103113,60763,37163,530200,8450.00.046,53240,01240,11340,21340,31451,41548,7934,9164,9284,9404,9534,965(10,023)(25,048)(25,110)(25,173)(25,236)(18,883)(41,763)(93,785)(67,072)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0157,486189,618282,817238,226240,508200,845126,656131,94158,63714,858(60,181)(69,292)(202,620)0.00.00.00.00.00.00.0868,147699,950(55,978)(202,620)0.0OkOkOkOkOkBeginning Cash100,00085,45885,45885,45885,45885,458129,896174,333174,333174,333174,333174,333195,854217,375217,375217,375354,531292,843231,156223,792223,792223,792223,792223,792234,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792252,208258,625258,625285,573379,760473,948568,135662,323756,510850,698944,8851,039,0731,133,2601,217,2591,274,1611,331,0841,388,0261,444,9891,501,9711,558,9741,615,9961,673,0391,730,1011,787,184100,00085,458129,896174,333195,854217,375231,156223,792234,792245,792245,792245,792252,208285,573568,135850,6981,133,2601,331,0841,501,9711,673,039100,000195,854234,792252,2081,133,260OkOkOkOkOkChange in Cash(14,542)0.00.00.00.044,43844,4380.00.00.00.021,52121,5210.00.0137,156(61,688)(61,688)(7,364)0.00.00.00.011,00011,000(0)0.00.00.00.00.00.00.00.00.06,4176,4170.026,94894,18894,18894,18894,18894,18894,18894,18894,18894,18883,99856,90356,92356,94356,96356,98357,00357,02357,04357,06357,08357,103(14,542)44,43844,43821,52121,52113,781(7,364)11,00011,0000.00.06,41733,365282,563282,563282,563197,823170,888171,068171,24895,85438,93817,417881,052711,026OkOkOkOkOkEnding Cash100,00085,45885,45885,45885,45885,458129,896174,333174,333174,333174,333174,333195,854217,375217,375217,375354,531292,843231,156223,792223,792223,792223,792223,792234,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792252,208258,625258,625285,573379,760473,948568,135662,323756,510850,698944,8851,039,0731,133,2601,217,2591,274,1611,331,0841,388,0261,444,9891,501,9711,558,9741,615,9961,673,0391,730,1011,787,1841,844,28685,458129,896174,333195,854217,375231,156223,792234,792245,792245,792245,792252,208285,573568,135850,6981,133,2601,331,0841,501,9711,673,0391,844,286195,854234,792252,2081,133,2601,844,286OkOkOkOkOkDebtCash Flow available for Financing(71,206)(50,348)(50,474)(50,600)(50,727)(43,854)(86,513)(75,839)(76,029)(73,719)(71,404)(71,582)(92,086)(63,371)(63,530)(63,689)(61,688)(61,688)(53,896)(40,012)(40,113)(40,213)(40,314)(40,415)(37,793)(4,916)(4,928)(4,940)(4,953)(4,965)10,02325,04825,11025,17325,23625,29948,18093,78594,02094,18894,18894,18894,18894,18894,18894,18894,18894,18883,99856,90356,92356,94356,96356,98357,00357,02357,04357,06357,08357,103(172,027)(145,181)(238,380)(216,705)(218,987)(187,064)(134,021)(120,941)(47,637)(14,858)60,18175,709235,984282,563282,563282,563197,823170,888171,068171,248(772,293)(661,013)73,3951,083,672711,026OkOkOkOkOkNew Equity Investments0.00.00.00.00.00.0400,0000.00.00.00.00.00.00.00.01,000,0000.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0400,0000.00.01,000,0000.00.00.00.00.00.00.00.00.00.00.00.00.00.0400,0001,000,0000.00.00.0OkOkOkOkOkDividends0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkBeginning Cash100,00085,45885,45885,45885,45885,458129,896174,333174,333174,333174,333174,333195,854217,375217,375217,375354,531292,843231,156223,792223,792223,792223,792223,792234,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792252,208258,625258,625285,573379,760473,948568,135662,323756,510850,698944,8851,039,0731,133,2601,217,2591,274,1611,331,0841,388,0261,444,9891,501,9711,558,9741,615,9961,673,0391,730,1011,787,184100,00085,458129,896174,333195,854217,375231,156223,792234,792245,792245,792245,792252,208285,573568,135850,6981,133,2601,331,0841,501,9711,673,039100,000195,854234,792252,2081,133,260OkOkOkOkOkMinimum Cash(85,458)(85,458)(85,458)(85,458)(85,458)(129,896)(174,333)(174,333)(174,333)(174,333)(174,333)(195,854)(217,375)(217,375)(217,375)(217,375)(217,375)(220,583)(223,792)(223,792)(223,792)(223,792)(223,792)(234,792)(245,792)(245,792)(245,792)(245,792)(245,792)(245,792)(245,792)(245,792)(245,792)(245,792)(245,792)(252,208)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(85,458)(100,271)(174,333)(181,507)(217,375)(218,444)(223,792)(227,458)(245,792)(245,792)(245,792)(247,931)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(258,625)(135,392)(221,767)(246,326)(258,625)(258,625)OkOkOkOkOkCash Flow available for Debt Repayment(56,664)(50,348)(50,474)(50,600)(50,727)(88,291)269,050(75,839)(76,029)(73,719)(71,404)(93,103)(113,607)(63,371)(63,530)936,31175,46810,573(46,532)(40,012)(40,113)(40,213)(40,314)(51,415)(48,793)(4,916)(4,928)(4,940)(4,953)(4,965)10,02325,04825,11025,17325,23618,88341,76393,78594,020121,135215,323309,510403,698497,885592,073686,260780,448874,635958,6341,015,5361,072,4591,129,4011,186,3641,243,3461,300,3491,357,3711,414,4141,471,4761,528,5591,585,661(157,486)(159,993)117,183(223,879)(240,508)811,867(126,656)(124,608)(58,637)(14,858)60,18173,570229,568309,510592,073874,6351,072,4591,243,3461,414,4141,585,661(468,147)523,24755,9784,710,53715,263,570Long-Term Debt Issuance / (Repayment)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkCash Flow available for Revolver Repayment(56,664)(50,348)(50,474)(50,600)(50,727)(88,291)269,050(75,839)(76,029)(73,719)(71,404)(93,103)(113,607)(63,371)(63,530)936,31175,46810,573(46,532)(40,012)(40,113)(40,213)(40,314)(51,415)(48,793)(4,916)(4,928)(4,940)(4,953)(4,965)10,02325,04825,11025,17325,23618,88341,76393,78594,020121,135215,323309,510403,698497,885592,073686,260780,448874,635958,6341,015,5361,072,4591,129,4011,186,3641,243,3461,300,3491,357,3711,414,4141,471,4761,528,5591,585,661(157,486)(159,993)117,183(223,879)(240,508)811,867(126,656)(124,608)(58,637)(14,858)60,18173,570229,568309,510592,073874,6351,072,4591,243,3461,414,4141,585,661(468,147)523,24755,9784,710,53715,263,570Long-Term Debt Beginning Balance0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkLong-Term Debt Issuance / (Repayment)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkLong-Term Debt Ending Balance0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkLong-Term Debt Interest Expense0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkRevolver Beginning Balance90,500147,164197,512247,986298,586349,313437,604168,554244,393320,421394,141465,544558,647672,255735,626799,1550.00.00.046,53286,544126,656166,869207,183258,598307,391312,307317,235322,175327,128332,093322,070297,022271,912246,739221,503202,620160,85667,0720.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.090,500247,986437,604320,421558,647799,1550.0126,656258,598317,235332,093271,912202,6200.00.00.00.00.00.00.090,500558,647258,598202,6200.0OkOkOkOkOkRevolver Issuance / (Repayment)56,66450,34850,47450,60050,72788,291(269,050)75,83976,02973,71971,40493,103113,60763,37163,530(799,155)0.00.046,53240,01240,11340,21340,31451,41548,7934,9164,9284,9404,9534,965(10,023)(25,048)(25,110)(25,173)(25,236)(18,883)(41,763)(93,785)(67,072)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0157,486189,618(117,183)238,226240,508(799,155)126,656131,94158,63714,858(60,181)(69,292)(202,620)0.00.00.00.00.00.00.0468,147(300,050)(55,978)(202,620)0.0OkOkOkOkOkRevolver Ending Balance90,500147,164197,512247,986298,586349,313437,604168,554244,393320,421394,141465,544558,647672,255735,626799,1550.00.00.046,53286,544126,656166,869207,183258,598307,391312,307317,235322,175327,128332,093322,070297,022271,912246,739221,503202,620160,85667,0720.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0247,986437,604320,421558,647799,1550.0126,656258,598317,235332,093271,912202,6200.00.00.00.00.00.00.00.0558,647258,598202,6200.00.0OkOkOkOkOkRevolver Interest Expense2644305777248721,0201,2784927149361,1511,3601,6321,9642,1492,3340.00.00.01362533704876057558989129279419569709418687947216475924701960.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.01,2712,6172,4843,4475,7442,3343891,4632,5652,8232,7782,1621,2580.00.00.00.00.00.00.09,8199,93010,3291,2580.0OkOkOkOkOkSummaryTotal Revenues1,0001,0001,0001,0001,00015,00020,00020,00020,00025,00025,00025,00055,00055,00055,00055,00055,00055,00080,00080,00080,00080,00080,00080,000130,000130,000130,000130,000130,000130,000160,000160,000160,000160,000160,000160,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,000235,0003,00017,00060,00075,000165,000165,000240,000240,000390,000390,000480,000480,000705,000705,000705,000705,000705,000705,000705,000705,000155,000810,0001,740,0002,820,0002,820,000OkOkOkOkOkTotal Cost of Goods Sold(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(9,313)(12,521)(12,521)(12,521)(12,521)(12,521)(12,521)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(15,729)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(22,146)(27,938)(27,938)(27,938)(27,938)(37,563)(37,563)(47,188)(47,188)(47,188)(47,188)(47,188)(47,188)(66,438)(66,438)(66,438)(66,438)(66,438)(66,438)(66,438)(66,438)(111,750)(169,500)(188,750)(265,750)(265,750)OkOkOkOkOkTotal Operating Expenses(39,242)(39,300)(39,358)(39,417)(39,475)(39,533)(84,154)(84,213)(84,271)(84,329)(84,388)(84,446)(103,292)(103,342)(103,392)(103,442)(103,492)(103,542)(103,617)(103,667)(103,717)(103,767)(103,817)(103,867)(118,300)(118,350)(118,400)(118,450)(118,500)(118,550)(118,600)(118,650)(118,700)(118,750)(118,800)(118,850)(119,283)(119,333)(119,383)(119,433)(119,483)(119,533)(119,583)(119,633)(119,683)(119,733)(119,783)(119,833)(120,217)(120,267)(120,317)(120,367)(120,417)(120,467)(120,517)(120,567)(120,617)(120,667)(120,717)(120,767)(117,900)(118,425)(252,638)(253,163)(310,025)(310,475)(311,000)(311,450)(355,050)(355,500)(355,950)(356,400)(358,000)(358,450)(358,900)(359,350)(360,800)(361,250)(361,700)(362,150)(742,125)(1,242,950)(1,422,900)(1,434,700)(1,445,900)OkOkOkOkOkEBITDA(46,479)(46,479)(46,479)(46,479)(46,479)(32,479)(71,917)(71,917)(71,917)(66,917)(66,917)(66,917)(58,688)(58,688)(58,688)(58,688)(58,688)(58,688)(36,896)(36,896)(36,896)(36,896)(36,896)(36,896)(1,146)(1,146)(1,146)(1,146)(1,146)(1,146)28,85428,85428,85428,85428,85428,85497,18897,18897,18897,18897,18897,18897,18897,18897,18897,18897,18897,18896,93896,93896,93896,93896,93896,93896,93896,93896,93896,93896,93896,938(139,438)(125,438)(215,750)(200,750)(176,063)(176,063)(110,688)(110,688)(3,438)(3,438)86,56386,563291,563291,563291,563291,563290,813290,813290,813290,813(681,375)(573,500)166,2501,166,2501,163,250OkOkOkOkOkInterest Expense(264)(430)(577)(724)(872)(1,020)(1,278)(492)(714)(936)(1,151)(1,360)(1,632)(1,964)(2,149)(2,334)0.00.00.0(136)(253)(370)(487)(605)(755)(898)(912)(927)(941)(956)(970)(941)(868)(794)(721)(647)(592)(470)(196)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0(1,271)(2,617)(2,484)(3,447)(5,744)(2,334)(389)(1,463)(2,565)(2,823)(2,778)(2,162)(1,258)0.00.00.00.00.00.00.0(9,819)(9,930)(10,329)(1,258)0.0OkOkOkOkOkNet Income(47,781)(47,981)(48,165)(48,350)(48,535)(34,721)(74,563)(73,947)(74,195)(69,444)(69,687)(69,924)(62,211)(62,546)(62,755)(62,964)(61,013)(61,063)(39,346)(39,512)(39,663)(39,813)(39,964)(40,115)(4,677)(4,849)(4,911)(4,974)(5,036)(5,098)24,83924,81424,82724,84024,85324,86693,06393,11893,30393,42193,37193,32193,27193,22193,17193,12193,07193,02187,69855,55355,52355,49355,46355,43355,40355,37355,34355,31355,28355,253(143,927)(131,606)(222,705)(209,055)(187,512)(185,039)(118,521)(119,891)(14,437)(15,108)74,48174,559279,484280,113279,663279,213198,773166,388166,118165,848(707,293)(610,963)119,4951,118,472697,126OkOkOkOkOkCash85,45885,45885,45885,45885,458129,896174,333174,333174,333174,333174,333195,854217,375217,375217,375354,531292,843231,156223,792223,792223,792223,792223,792234,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792245,792252,208258,625258,625285,573379,760473,948568,135662,323756,510850,698944,8851,039,0731,133,2601,217,2591,274,1611,331,0841,388,0261,444,9891,501,9711,558,9741,615,9961,673,0391,730,1011,787,1841,844,28685,458129,896174,333195,854217,375231,156223,792234,792245,792245,792245,792252,208285,573568,135850,6981,133,2601,331,0841,501,9711,673,0391,844,286195,854234,792252,2081,133,2601,844,286OkOkOkOkOkTotal Assets158,696161,063163,371165,621167,813221,383277,771279,663281,496285,771287,488310,667365,271366,096366,871504,752443,739382,677393,071393,571394,021394,421394,771406,071450,188450,254450,271450,238450,154450,021464,838464,604464,321463,988463,604469,588527,304526,638552,869646,290739,660832,981926,2521,019,4731,112,6441,205,7651,298,8351,391,8561,479,5551,535,1071,590,6301,646,1221,701,5851,757,0171,812,4201,867,7921,923,1351,978,4472,033,7302,088,982163,371221,383281,496310,667366,871382,677394,021406,071450,271450,021464,321469,588552,869832,9811,112,6441,391,8561,590,6301,757,0171,923,1352,088,982310,667406,071469,5881,391,8562,088,982OkOkOkOkOkRevolver (Short-Term Debt)147,164197,512247,986298,586349,313437,604168,554244,393320,421394,141465,544558,647672,255735,626799,1550.00.00.046,53286,544126,656166,869207,183258,598307,391312,307317,235322,175327,128332,093322,070297,022271,912246,739221,503202,620160,85667,0720.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0247,986437,604320,421558,647799,1550.0126,656258,598317,235332,093271,912202,6200.00.00.00.00.00.00.00.0558,647258,598202,6200.00.0OkOkOkOkOkLong-Term Debt0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0OkOkOkOkOkTotal Shareholder's Equity2,219(45,762)(93,927)(142,277)(190,813)(225,533)99,90425,957(48,238)(117,682)(187,369)(257,293)(319,505)(382,051)(444,805)492,231431,218370,156330,810291,298251,635211,822171,858131,744127,067122,218117,307112,333107,297102,199127,038151,853176,680201,520226,372251,239344,302437,420530,723624,144717,515810,835904,106997,3271,090,4981,183,6191,276,6901,369,7101,457,4091,512,9611,568,4841,623,9761,679,4391,734,8711,790,2741,845,6461,900,9891,956,3012,011,5842,066,836(93,927)(225,533)(48,238)(257,293)(444,805)370,156251,635131,744117,307102,199176,680251,239530,723810,8351,090,4981,369,7101,568,4841,734,8711,900,9892,066,836(257,293)131,744251,2391,369,7102,066,836OkOkOkOkOkNPV based on terminal year 3(133,517)NPV based on terminal year 57,650,351Total Headcount444444999999151515151515161616161616181818181818181818181818202020202020202020202020202020202020202020202020449915151616181818182020202020202020916182020OkOkOkOkOkTotal Salaries & Benefits42,72942,72942,72942,72942,72942,72987,16787,16787,16787,16787,16787,167108,688108,688108,688108,688108,688108,688111,896111,896111,896111,896111,896111,896122,896122,896122,896122,896122,896122,896122,896122,896122,896122,896122,896122,896129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,313129,31342,72942,72987,16787,167108,688108,688111,896111,896122,896122,896122,896122,896129,313129,313129,313129,313129,313129,313129,313129,31387,167111,896122,896129,313129,313OkOkOkOkOk

Valuationff Venture Capital StartupCo Financial Model(in whole USD; assumes no inflation)WACC (SECTION INDEPENDENT OF PRIMARY MODEL; YELLOW CELLS BELOW REQUIRE INDIVIDUAL INPUTS) (1)Risk-Free Rate (2)1.9%Market Risk Premium (3)9.4%Comparable Firm 1Comparable Firm 2Comparable Firm 3AverageEquity200,000200,000300,000Debt100,000200,000200,000Tax Rate40.0%35.0%38.0%Levered Equity Beta (4)1.11.30.9Unlevered Equity Beta0.80.80.60.7Startup % Debt40.0%Startup % Equity60.0%Startup Tax Rate40.0%Levered Equity Beta1.0Equity Risk Premium9.8%Cost of Equity11.7%Cost of Debt9.0%Weighted Average Cost of Capital9.2%(1) Choosing WACC for an early-stage startup is a highly arbitrary exercise. A good baseline is to reflect the average IRR of angel investors. According to three studies of early-stage investors (http://goo.gl/Wcoiw ) , these returns range from 18-37% to 27% to 30%.(2) Initial placeholder based on the 10-Year Treas