Business Model Digital Media

Jan
(totals and cumulatives in thousands)
Online
Subscriptions
Online
Sales
Online
Placement
Advertising
Offline
Events
Offline
Spnsorships
Offline
Product
Licensing
Offline
Seminars
Offline
Advertising
M/M subs. growth, yrs. 1-2 (SUBS)

M/M subs. growth, yr. 3 (SUBS)
Monthly churn
Cumulative subscribers
Monthly subscription fee (TOTAL REVENUE)
M/M customers growth, yrs. 1-2 (CUSTOMERS)
M/M customers growth, yr. 3 (CUSTOMERS)
Monthly churn
Cumulative customers
Average active customer days/month
Average daily customer yield (REVENUE)
20%
25%
20%
5%
20%
$3
15.0%
16.0%
15.0%
12.0%
30%
15
$1
Banner impressions/month x1000

Skyscraper impressions/month x1,000
Month/Month growth in fill rate (% FILLED)
Banner CPM (and revenue)
Skyscraper CPM (and revenue)
Total Revenue, Online Advertising
30,000
20,000
10.00%
$2.50
$2.75
Q/Q event growth (EVENTS)

Year 1 revenue per event x1,000 (REVENUE)
Year 2-3 revenue per event x1,000 (REVENUE)
Year 4-5 revenue per event x1,000 (REVENUE)
Total Revenue, Offline Events
30.0%
$10
$15
$20
Annual sponosr growth rate (# SPONSORS)

Year 1 monthly spon. fee x1,000 (REVENUE)
Year 2 monthly spon. fee x1,000 (REVENUE)
Year 3-5 monthly spon. fee x1,000 (REVENUE)
Total Revenue, Offline Sponsorships
100%
$5
$10
$20
Q/Q product line growth (PRODUCT LINES)

Y/Y growth in per-line license fee (FEE x$1,000)
Total Revenue, Product Licensing
8%
10%
Q/Q attendance growth (ATTENDANCE)

Q/Q growth in ticket price (PRICE)
Total Revenue x$1,000, Offline Seminars
20%
5%
Y/Y growth in publication ads sold (SPOTS)

Y/Y growth in television ad type A (SPOTS)
Y/Y growth in television ad type B (SPOTS)
Y/Y gr. in pub. ad rates (RATES x$1,000)
Y/Y gr. in TV ad type A rates (RATES x$1,000)
Y/Y gr. in TV ad type B rates (RATES x$1,000)
Total Revenue, Offline Advertising
20%
15%
15%
10%
30%
20%
Total Revenue, Online Products
Feb
1
Mar
1
Apr
2
May
2
Jun
2
Jul
Aug
3
Sep
Oct
4
Nov
5
Dec
6
Jan
7
Feb
9
Mar
11
Apr
13
May
15
Jun
18
Jul
22
Aug
27
Sep
32
Oct
38
Nov
46
Dec
55
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
0
4,974
0
5,969
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
5 Years
66
83
104
129
162
202
253
316
395
494
617
771
964
1,157
1
3
0
2
6
0
3
9
1
4
12
1
5
16
1
7
20
1
8
25
2
10
31
2
13
38
3
15
46
3
18
55
4
22
66
4
27
80
5
32
96
6
38
115
8
46
138
9
55
166
11
67
200
13
80
240
16
96
287
19
115
345
23
138
414
28
166
497
33
199
596
11
12
40
242
725
48
297
891
59
367
1,101
73
455
1,366
91
566
1,699
113
706
2,118
141
881
2,642
176
1,099
3,298
220
1,373
4,119
275
1,715
5,146
343
2,144
6,431
429
2,679
8,037
14
17
19
23
26
30
35
41
47
55
64
74
1,388
0
1,666
0
1,999
0
2,399
0
2,879
0
3,454
0
4,145
0
7,163
0
8,595
536
3,300
9,900
660
4,028
12,084
806
4,888
14,665
978
5,910
17,729
1,182
7,127
21,380
1,425
8,580
25,739
1,716
10,318
30,954
2,064
12,400
37,199
2,480
14,894
44,682
2,979
17,884
53,652
3,577
21,470
64,410
4,294
25,771
77,314
85
98
112
129
149
171
197
226
260
299
344
395
0
9,025
5,154
29,642
88,927
9,476
9,950 10,448 10,970 11,519 12,095 12,699 13,334 14,001 14,701 15,436
5,928
6,638
7,300
7,930
8,538
9,134
9,726 10,321 10,923 11,539 12,171
33,190 36,502 39,650 42,690 45,670 48,631 51,604 54,617 57,695 60,857 64,121
99,571 109,507 118,949 128,069 137,011 145,893 154,812 163,852 173,084 182,570 192,364
328
3,174
37,572
409,709
1,694,609
2,145,392
0
1
0
1
0
2
1
2
1
2
1
3
1
3
1
4
1
4
1
5
2
6
2
7
2
8
2
9
3
10
3
12
4
14
4
16
5
18
5
21
6
24
7
28
8
32
10
37
11
42
13
49
15
57
17
66
20
77
23
89
27
103
31
119
36
138
42
161
48
186
56
215
65
248
75
286
86
330
99
379
114
436
131
502
151
577
173
664
199
764
229
878
263
1,010
443
303
1,150
496
345
1,301
555
390
1,466
622
440
1,648
697
494
1,850
780
555
2,075
874
623
2,327
979
698
2,607
1,096
782
2,921
1,228
876
3,272
1,375
982
3,666
1,540
1,100
4,106
14
20
25
31
37
43
50
58
67
77
89
102
118
136
156
179
206
237
273
314
361
415
477
551
637
737
854
990
1,148
1,331
1,544
1,791
2,077
2,409
2,795
3,231
3,727
4,294
4,944
5,690
6,546
7,530
8,661
9,961
11,456
13,175
15,151
17,246
19,510
21,987
24,720
27,753
31,130
34,898
39,109
43,818
49,087
54,985
61,589
518
2,973
16,862
94,367
425,831
540,550
0
8
6
13
0
8
6
14
0
9
7
16
0
10
7
17
0
11
8
19
0
12
9
21
0
13
10
23
0
15
11
25
0
16
12
28
0
18
13
31
0
19
14
34
0
21
16
37
0
24
17
41
0
26
19
45
0
28
21
49
0
31
23
54
0
34
25
60
1
38
28
66
1
42
31
72
1
46
34
80
1
50
37
87
1
56
41
96
1
61
45
106
1
67
49
116
1
74
54
128
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
1
75
55
130
160
118
278
503
369
872
899
659
1,558
900
660
1,560
900
660
1,560
3,363
2,466
5,829
257
12
35
95
257
726
1,126
5,140
5,140
110
495
1,425
5,140
14,520
21,690
84,604
2
20
3
20
3
30
4
40
75
0
75
10
105
0
105
13
135
0
135
16
180
0
180
20
240
0
240
26
300
0
300
33
390
0
390
42
54
70
91
118
153
198
495
0
495
0
0
840
840
1,080
1,080
1,400
1,400
1,820
1,820
0
0
2,360
2,360
3,060
3,060
3,960
3,960
20
20
30
40
3
15
3
16
4
18
4
19
4
21
4
22
5
24
5
26
6
28
6
31
7
33
7
36
10
11
12
13
14
15
16
17
19
20
22
24
26
28
31
33
36
39
42
46
49
54
58
63
68
74
80
87
94
102
110
119
129
140
152
164
178
193
209
226
245
265
287
311
337
78
85
92
100
108
117
127
137
149
161
175
189
15
16
18
19
21
22
24
26
28
31
33
36
78
85
92
100
108
117
127
137
149
161
175
189
410
410
444
444
481
481
521
521
564
564
611
611
662
662
717
717
777
777
842
842
912
912
988
988
1,071
1,071
1,160
1,160
1,256
1,256
1,361
1,361
1,474
1,474
1,597
1,597
1,730
1,730
1,875
1,875
2,031
2,031
2,200
2,200
2,383
2,383
2,582
2,582
2,797
2,797
3,030
3,030
3,283
3,283
3,556
3,556
3,853
3,853
4,174
4,174
4,522
4,522
4,899
4,899
5,307
5,307
5,749
5,749
6,228
6,228
6,747
6,747
290
1,517
7,930
20,721
54,145
3
5
15
3
5
15
3
5
15
3
5
15
3
5
15
3
5
15
3
5
15
3
5
15
4
5
15
4
5
15
4
5
15
4
5
15
4
6
15
4
6
15
4
6
15
4
6
20
4
6
20
4
6
20
4
6
20
4
6
20
4
6
20
5
6
20
5
6
24
5
6
24
5
6
24
5
6
24
5
6
30
5
6
30
5
6
30
5
6
30
5
6
30
6
6
30
6
7
30
6
7
30
6
7
30
6
7
30
6
7
36
6
7
36
6
7
36
6
7
36
7
7
36
7
7
42
7
7
42
7
7
49
7
7
49
7
7
49
7
7
49
8
7
49
8
7
49
8
8
49
8
8
56
8
8
56
8
8
56
9
8
56
9
8
56
9
8
56
9
8
63
9
8
72
9
8
72
10
8
72
180
233
348
509
713
1,983
50
200
10
53
203
11
55
205
11
58
208
12
61
210
13
64
213
13
67
215
14
70
218
15
74
221
16
78
224
17
81
226
18
86
229
19
90
232
21
94
235
22
99
238
23
104
241
25
109
244
26
115
247
28
120
250
30
126
253
32
133
256
34
139
260
36
146
263
38
154
266
41
161
269
43
169
273
46
178
276
49
187
280
52
196
283
55
206
287
59
216
290
63
227
294
66
238
298
71
250
301
75
263
305
80
276
309
85
290
313
90
304
317
96
319
321
102
335
325
109
352
329
115
370
333
123
388
337
130
407
341
139
428
345
147
449
350
157
472
354
167
495
359
177
520
363
189
546
368
200
573
372
213
602
377
226
632
382
241
664
386
256
697
391
272
732
396
289
768
401
308
807
406
327
847
411
348
889
416
370
796
1,429
2,567
4,609
8,278
17,679
170
356
744
1,552
3,240
6,061
2,000
30
45
0
2
1
205
2,033
30
46
0
2
1
210
2,067
31
46
0
2
1
216
2,102
31
47
0
2
1
223
2,137
32
47
0
2
1
229
2,172
32
48
0
2
1
237
2,209
32
48
0
2
1
243
2,245
33
49
0
2
1
250
2,283
33
50
0
2
1
257
2,321
34
50
0
2
1
266
2,359
34
51
0
3
1
274
2,399
34
52
0
3
1
282
2,439
35
52
0
3
1
290
2,479
35
53
0
3
1
300
2,521
36
54
0
3
1
308
2,563
36
54
0
3
1
318
2,605
37
55
0
3
1
327
2,649
37
56
0
3
1
337
2,693
38
56
0
3
1
348
2,738
38
57
0
3
1
359
2,784
38
58
0
3
1
370
2,830
39
58
0
3
1
380
2,877
39
59
0
3
1
392
2,925
40
60
0
4
1
404
2,974
40
61
0
4
1
417
3,023
41
61
0
4
2
429
3,074
41
62
0
4
2
442
3,125
42
63
0
4
2
456
3,177
42
64
0
4
2
470
3,230
43
65
0
4
2
485
3,284
44
65
0
4
2
499
3,339
44
66
0
4
2
514
3,394
45
67
0
4
2
530
3,451
45
68
0
5
2
546
3,508
46
69
0
5
2
563
3,567
46
70
0
5
2
580
3,626
47
70
0
5
2
599
3,687
48
71
0
5
2
617
3,748
48
72
0
5
2
636
3,811
49
73
0
5
2
657
3,874
49
74
0
5
2
676
3,939
50
75
0
6
2
697
4,004
51
76
0
6
2
719
4,071
51
77
0
6
2
741
4,139
52
78
0
6
2
765
4,208
52
79
0
6
2
788
4,278
53
80
0
6
2
813
4,349
54
81
0
6
2
839
4,422
54
82
0
7
2
865
4,496
55
83
0
7
2
891
4,570
56
84
0
7
2
920
4,647
57
85
0
7
2
949
4,724
57
86
0
7
2
978
4,803
58
87
0
7
2
1,008
4,883
59
88
0
8
2
1,041
4,964
59
89
0
8
2
1,074
5,047
60
90
0
8
3
1,107
5,131
61
91
0
8
3
1,142
5,217
62
92
0
8
3
1,179
5,304
62
94
0
9
3
1,216
26,327
386
579
32,103
448
672
39,146
520
780
47,734
603
905
58,207
700
1,051
203,516
2,657
3,986
2,892
4,133
5,931
8,547
12,370
33,873
24
34
44
55
66
78
91
106
124
143
166
192
223
259
300
349
405
471
549
640
746
871
1,017
1,190
1,404
1,657
1,968
2,350
2,819
3,395
4,103
4,972
6,040
7,353
8,970
10,961
13,260
15,941
19,089
22,803
27,200
32,416
38,614
45,990
54,773
65,238
77,715
92,596 106,303 119,210 131,624 143,799 155,952 168,271 180,921 194,050 207,800 222,301 237,686 254,083
1,124
7,020
55,992
505,635
2,122,000
2,691,771
Headcount & Salaries

(thousands)
General
&
Admin.
Headcount Levels, summary

CEO
President
CFO
COO
VP Finance
General Counsel
VP Business Development
Financial Analyst
Business Development Manager
Executive Admin
Admin 1
Admin 2
Start
Month
Year 1 Month 1
Year 1 Month 2
Year 1 Month 4
Year 1 Month 4
Year 1 Month 6
Year 2 Month 1
Year 2 Month 4
Year 2 Month 4
Year 2 Month 4
Year 2 Month 4
Year 2 Month 6
Year 1 Month 1
Year 1 Month 3
Beg. Sal.
x$1,000
$100
$90
$85
$80
$80
$90
$75
$30
$50
$50
$25
$20
$20
Yearly
% Incr.
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
Total G&A Heads

Total G&A Salary ($000)
Sales
&
Marketing
SVP Marketing
VP Sales
Ad Sales
Director MarCom
Media Buyer
Public Relations Manager
Sales Associate 1
Sales Associate 2
Year 1 Month 1
Year 1 Month 2
Year 1 Month 4
Year 1 Month 4
Year 1 Month 8
Year 1 Month 6
Year 1 Month 4
Year 1 Month 6
$85
$80
$75
$70
$50
$30
$25
$25
5%
5%
5%
5%
5%
5%
5%
5%
Jan Feb Mar Apr
May
Jun
Year 1
Jul
100
0
0
0
0
0
0
0
0
0
0
20
0
0
0
0
0
0
0
0
100
90
0
0
0
0
0
0
0
0
0
20
0
0
0
0
0
0
0
0
100
90
0
0
0
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
100
90
85
80
0
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
100
90
85
80
0
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
100
90
85
80
80
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
100
90
85
80
80
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
2
120
3
210
4
230
6
395
6
395
7
475
7
475
85
0
0
0
0
0
0
0
0
85
80
0
0
0
0
0
0
0
85
80
0
0
0
0
0
0
0
85
80
75
70
0
0
25
0
0
85
80
75
70
0
0
25
0
0
85
80
75
70
0
30
25
25
0
85
80
75
70
0
30
25
25
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
85
2
165
2
165
5
335
5
335
7
390
7
390
110
0
0
0
0
0
0
0
0
40
40
0
0
0
0
0
0
0
0
110
75
0
0
0
0
0
0
0
40
40
0
0
0
0
0
0
0
0
110
75
0
0
0
0
0
0
0
40
40
0
0
0
0
0
0
0
0
110
75
70
90
0
0
45
0
40
40
40
0
0
0
0
0
0
0
0
110
75
70
90
0
0
45
0
40
40
40
0
0
0
0
0
0
0
0
110
75
70
90
0
50
45
65
40
40
40
0
0
0
0
0
0
0
0
110
75
70
90
0
50
45
65
40
40
40
40
0
0
0
0
0
0
0
Total R&D Heads

Total R&D Salary ($000)
3
190
4
265
4
265
8
510
8
510
10
625
11
665
Total Headcount
Total Salaries
6
395
9
640
10
660
19
1,240
19
1,240
24
1,490
25
1,530
Total S&M Heads

Total S&M Salary ($000)
Tech,
Research
& Develop.
CTO
Director, Technology
Manager, Technology
Lead Programmer
Systems Architect
Database Administrator
Systems Analyst
Senior Developer
Technical Writer
Developer 1
Developer 2
Developer 3
Year 1 Month 1
Year 1 Month 2
Year 1 Month 4
Year 1 Month 4
Year 1 Month 8
Year 1 Month 6
Year 1 Month 4
Year 1 Month 6
Year 1 Month 4
Year 1 Month 1
Year 1 Month 1
Year 1 Month 7
$110
$75
$70
$90
$60
$50
$45
$65
$40
$40
$40
$40
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%

(thousands)
General
&
Admin.
Sales
&
Marketing
Year 1
Aug
Sep
Oct
10
Nov
11
Dec
12
Jan
13
Feb
14
Mar
15
Apr
16
May
17
Year 2
Jun
Jul
18
19
CEO
President
CFO
COO
VP Finance
General Counsel
Financial Analyst
Executive Admin
Admin 1
Admin 2
100
90
85
80
80
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
100
90
85
80
80
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
100
90
85
80
80
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
100
90
85
80
80
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
100
90
85
80
80
0
0
0
0
0
0
20
20
0
0
0
0
0
0
0
105
95
89
84
84
90
0
0
0
0
0
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
0
0
0
0
0
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
0
0
0
0
0
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
75
30
50
50
0
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
75
30
50
50
0
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
75
30
50
50
25
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
75
30
50
50
25
21
21
0
0
0
0
0
0
0
Total G&A Heads

7
475
7
475
7
475
7
475
7
475
8
589
8
589
8
589
12
794
12
794
13
819
13
819
SVP Marketing
VP Sales
Ad Sales
Director MarCom
Media Buyer
Sales Associate 1
Sales Associate 2
85
80
75
70
50
30
25
25
0
85
80
75
70
50
30
25
25
0
85
80
75
70
50
30
25
25
0
85
80
75
70
50
30
25
25
0
85
80
75
70
50
30
25
25
0
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
Tech,
Research
& Develop.
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
Total S&M Heads

8
440
8
440
8
440
8
440
8
440
8
462
8
462
8
462
8
462
8
462
8
462
8
462
CTO
Manager, Technology
Lead Programmer
Systems Architect
Systems Analyst
Senior Developer
Technical Writer
Developer 1
Developer 2
Developer 3
110
75
70
90
60
50
45
65
40
40
40
40
0
0
0
0
0
0
0
110
75
70
90
60
50
45
65
40
40
40
40
0
0
0
0
0
0
0
110
75
70
90
60
50
45
65
40
40
40
40
0
0
0
0
0
0
0
110
75
70
90
60
50
45
65
40
40
40
40
0
0
0
0
0
0
0
110
75
70
90
60
50
45
65
40
40
40
40
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
Total R&D Heads

12
725
12
725
12
725
12
725
12
725
12
761
12
761
12
761
12
761
12
761
12
761
12
761
27
1,640
27
1,640
27
1,640
27
1,640
27
1,640
28
1,812
28
1,812
28
1,812
32
2,017
32
2,017
33
2,042
33
2,042
Total Headcount
Total Salaries

(thousands)
General
&
Admin.
Sales
&
Marketing
Year 2
Aug
20
Sep
21
Oct
22
Nov
23
Dec
24
Jan
25
Feb
26
Mar
27
Apr
28
May
29
Year 3
Jun
Jul
30
31
CEO
President
CFO
COO
VP Finance
General Counsel
Financial Analyst
Executive Admin
Admin 1
Admin 2
105
95
89
84
84
90
75
30
50
50
25
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
75
30
50
50
25
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
75
30
50
50
25
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
75
30
50
50
25
21
21
0
0
0
0
0
0
0
105
95
89
84
84
90
75
30
50
50
25
21
21
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
Total G&A Heads

13
819
13
819
13
819
13
819
13
819
13
860
13
860
13
860
13
860
13
860
13
860
13
860
SVP Marketing
VP Sales
Ad Sales
Director MarCom
Media Buyer
Sales Associate 1
Sales Associate 2
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
89
84
79
74
53
32
26
26
0
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
Tech,
Research
& Develop.
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
Total S&M Heads

8
462
8
462
8
462
8
462
8
462
8
485
8
485
8
485
8
485
8
485
8
485
8
485
CTO
Manager, Technology
Lead Programmer
Systems Architect
Systems Analyst
Senior Developer
Technical Writer
Developer 1
Developer 2
Developer 3
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
116
79
74
95
63
53
47
68
42
42
42
42
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
Total R&D Heads

12
761
12
761
12
761
12
761
12
761
12
799
12
799
12
799
12
799
12
799
12
799
12
799
33
2,042
33
2,042
33
2,042
33
2,042
33
2,042
33
2,144
33
2,144
33
2,144
33
2,144
33
2,144
33
2,144
33
2,144
Total Headcount
Total Salaries

(thousands)
General
&
Admin.
Sales
&
Marketing
Year 3
Aug
32
Sep
33
Oct
34
Nov
35
Dec
36
CEO
President
CFO
COO
VP Finance
General Counsel
Financial Analyst
Executive Admin
Admin 1
Admin 2
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
110
99
94
88
88
95
79
32
53
53
26
22
22
0
0
0
0
0
0
0
Total G&A Heads

13
860
13
860
13
860
13
860
13
860
SVP Marketing
VP Sales
Ad Sales
Director MarCom
Media Buyer
Sales Associate 1
Sales Associate 2
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
94
88
83
77
55
33
28
28
0
Tech,
Research
& Develop.
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
Total S&M Heads

8
485
8
485
8
485
8
485
8
485
CTO
Manager, Technology
Lead Programmer
Systems Architect
Systems Analyst
Senior Developer
Technical Writer
Developer 1
Developer 2
Developer 3
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
121
83
77
99
66
55
50
72
44
44
44
44
0
0
0
0
0
0
0
Total R&D Heads

12
799
12
799
12
799
12
799
12
799
33
2,144
33
2,144
33
2,144
33
2,144
33
2,144
Total Headcount
Total Salaries
(thousands)
Salaries
Payroll Taxes
Benefits
StaffRelated
Load:
Load:
Travel/Entertainment
Outsourced Tech
Outsourced Customer Service
Outsourced Developers
Outsourced Accounting
Temps/Contractors
Other Professional Fees
Growth
Jan
15%
15%
395
59
59
640
96
96
660
99
99
1,240
186
186
1,240
186
186
1,490
224
224
10%
10%
10%
10%
10%
10%
15%
3
5
3
5
1
2
1
3
5
3
5
1
2
1
0
0
0
0
0
0
3
5
3
5
1
2
1
0
0
0
0
0
0
3
5
3
5
1
2
1
0
0
0
0
0
0
3
5
3
5
1
2
1
0
0
0
0
0
0
3
5
3
5
1
2
1
0
0
0
0
0
0
532
851
877
1,631
1,631
1,956
3
4
5
4
10
5
3
5
4
3
6
12
1
1
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
63
63
63
63
63
63
10
5
5
8
5
3
10
10
5
5
8
5
3
10
10
5
5
8
5
3
10
10
5
5
8
5
3
10
10
5
5
8
5
3
10
10
5
5
8
5
3
10
Total Staff-Related
Overhead
Rent
Utilities
Phone/Communications
Office Supplies/Equipment
Insurance
Dues & Subscriptions
Copy Services/Printing
Equipment Lease/Rent
Non-Capitalized Equipment
Repairs & Maintenance
Security
Telecommunications
Retail Banking
Bad Debt Expense
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
Total Overhead
Advertising
Sales
Promotions
Public Relations
Trade Shows/Seminars
Market Research
Member Acquisition Costs
5%
5%
5%
5%
5%
5%
5%
Feb
Mar
Apr
May
Jun
Sales &
Marketing
Media & Agency

Postage & Delivery
Investor Relations
Customer Relations
5%
5%
5%
5%
Total Sales & Marketing
Technology
Hosting
Servers
Hardware
Software
Software Licenses
Laboratory
Research & Deveopment
Total Technology
5%
5%
5%
5%
5%
5%
5%
6
1
1
3
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
56
56
56
56
56
56
3
10
5
8
13
3
8
3
10
5
8
13
3
8
0
0
0
0
0
3
10
5
8
13
3
8
0
0
0
0
0
3
10
5
8
13
3
8
0
0
0
0
0
3
10
5
8
13
3
8
0
0
0
0
0
3
10
5
8
13
3
8
0
0
0
0
0
48
48
48
48
48
48
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
1,530
230
230
1,640
246
246
1,640
246
246
1,640
246
246
1,640
246
246
1,640
246
246
1,812
272
272
1,812
272
272
1,812
272
272
2,017
303
303
3
5
3
5
1
2
1
0
0
0
0
0
0
3
5
3
5
1
2
1
0
0
0
0
0
0
3
5
3
5
1
2
1
0
0
0
0
0
0
3
5
3
5
1
2
1
0
0
0
0
0
0
3
5
3
5
1
2
1
0
0
0
0
0
0
3
5
3
5
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
2,008
2,151
2,151
2,151
2,151
2,151
2,376
2,376
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
10
5
3
5
4
3
6
12
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
63
63
63
63
63
63
10
5
5
8
5
3
10
10
5
5
8
5
3
10
10
5
5
8
5
3
10
10
5
5
8
5
3
10
10
5
5
8
5
3
10
10
5
5
8
5
3
10
May
Jun
Jul
Aug
2,017
303
303
2,042
306
306
2,042
306
306
2,042
306
306
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
2,376
2,643
2,643
2,675
2,675
2,675
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
66
66
66
66
66
66
66
66
11
5
5
8
5
3
11
11
5
5
8
5
3
11
11
5
5
8
5
3
11
11
5
5
8
5
3
11
11
5
5
8
5
3
11
11
5
5
8
5
3
11
11
5
5
8
5
3
11
11
5
5
8
5
3
11
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
56
56
56
56
56
56
58
58
58
58
58
58
58
58
3
10
5
8
13
3
8
0
0
0
0
0
3
10
5
8
13
3
8
0
0
0
0
0
3
10
5
8
13
3
8
0
0
0
0
0
3
10
5
8
13
3
8
0
0
0
0
0
3
10
5
8
13
3
8
0
0
0
0
0
3
10
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
48
48
48
48
48
48
50
50
50
50
50
50
50
50
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2,042
306
306
2,042
306
306
2,042
306
306
2,042
306
306
2,144
322
322
2,144
322
322
2,144
322
322
2,144
322
322
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
2,675
2,675
2,675
2,675
2,810
2,810
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
5
4
11
5
3
5
4
3
6
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
66
66
66
66
11
5
5
8
5
3
11
11
5
5
8
5
3
11
11
5
5
8
5
3
11
11
5
5
8
5
3
11
May
Jun
Jul
Aug
Sep
Oct
2,144
322
322
2,144
322
322
2,144
322
322
2,144
322
322
2,144
322
322
2,144
322
322
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
2,810
2,810
2,810
2,810
2,810
2,810
2,810
2,810
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
69
69
69
69
69
69
69
69
69
69
11
6
6
8
6
3
11
11
6
6
8
6
3
11
11
6
6
8
6
3
11
11
6
6
8
6
3
11
11
6
6
8
6
3
11
11
6
6
8
6
3
11
11
6
6
8
6
3
11
11
6
6
8
6
3
11
11
6
6
8
6
3
11
11
6
6
8
6
3
11
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
6
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
58
58
58
58
61
61
61
61
61
61
61
61
61
61
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
5
8
13
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
50
50
50
50
52
52
52
52
52
52
52
52
52
52
Nov
Dec
2,144
322
322
2,144
322
322
3
6
3
6
1
2
1
0
0
0
0
0
0
3
6
3
6
1
2
1
0
0
0
0
0
0
2,810
2,810
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
3
4
6
4
11
6
3
6
4
3
7
13
1
1
0
0
0
0
0
69
69
11
6
6
8
6
3
11
11
6
6
8
6
3
11
7
1
1
3
0
0
0
0
0
7
1
1
3
0
0
0
0
0
61
61
3
11
6
8
14
3
8
0
0
0
0
0
3
11
6
8
14
3
8
0
0
0
0
0
52
52
(thousands)
Revenue
Expense
Gain/Loss on sale of assets
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
3
8
13
0
15
15
10
205
6
14
14
0
16
15
11
210
9
20
16
20
18
15
11
216
12
25
17
0
19
15
12
223
16
31
19
0
21
15
13
229
20
37
21
20
22
15
13
237
25
43
23
0
24
15
14
243
31
50
25
0
26
15
15
250
38
58
28
30
28
15
16
257
46
67
31
0
31
15
17
266
55
77
34
0
33
15
18
274
Total Revenue
269
286
324
324
343
386
388
413
470
472
507
Cost of Goods Sold
161
172
195
194
206
231
233
248
282
283
304
Operating Expenses
Staff- Related
Overhead
Sales & Marketing
Technology
532
63
56
48
851
63
56
48
877
63
56
48
1,631
63
56
48
1,631
63
56
48
1,956
63
56
48
2,008
63
56
48
2,151
63
56
48
2,151
63
56
48
2,151
63
56
48
2,151
63
56
48
Total Expenses
859
1,188
1,237
1,990
2,002
2,352
2,406
2,564
2,598
2,599
2,620
(590)
(902)
(912) (1,666) (1,659) (1,967) (2,018) (2,151) (2,128) (2,127)
(2,113)
Depreciation Expense
Amortization Expense
0
0
4
7
5
7
15
7
16
9
19
12
19
12
19
12
19
12
19
12
19
12
Total Intangibles Expense
11
12
21
25
31
31
31
31
31
31
(590)
(913)
0
8
45
53
0
(79)
8
45
(26)
0
EBIT
Interest
&
Taxes
Feb
Online Subscriptions
Online Sales
Online Placement Advertising
Offline Events
Offline Spnsorships
Offline Product Licensing
Offline Seminars
Offline Advertising
EBITDA
Intangibles
Jan
Interest Expense (Income)

Line of Credit
Short-Term Debt
Long-Term Debt
Total Interest Expense (Income)
Taxes
@
40%
(924) (1,688) (1,684) (1,998) (2,049) (2,182) (2,159) (2,159) (2,145)
(74)
7
45
(22)
0
(69)
7
44
(17)
0
(61)
7
44
(10)
0
(52)
6
62
16
0
(41)
11
61
31
0
(30)
10
61
41
0
(19)
9
61
51
0
(7)
8
60
62
0
7
18
60
85
0
Net Interest & Tax Expense

Net Income
53
(26)
(643)
(886)
(22)
(17)
(10)
16
31
41
51
62
85
(901) (1,670) (1,674) (2,014) (2,081) (2,223) (2,210) (2,220) (2,230)
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
66
89
37
40
36
15
19
282
80
102
41
0
78
15
21
290
96
118
45
0
85
15
22
300
115
136
49
75
92
15
23
308
138
156
54
0
100
20
25
318
166
179
60
0
108
20
26
327
200
206
66
105
117
20
28
337
240
237
72
0
127
20
30
348
287
273
80
0
137
20
32
359
345
314
87
135
149
20
34
370
414
361
96
0
161
20
36
380
497
415
106
0
175
24
38
392
596
477
116
180
189
24
41
404
725
551
128
0
410
24
43
417
891
637
130
0
444
24
46
429
1,101
737
130
240
481
30
49
442
1,366
854
130
0
521
30
52
456
585
627
681
813
811
887
1,079
1,074
1,188
1,454
1,468
1,646
2,027
2,298
2,600
3,209
3,409
351
376
408
488
487
532
647
644
713
872
881
988
1,216
1,379
1,560
1,926
2,045
2,151
63
56
48
2,376
66
58
50
2,376
66
58
50
2,376
66
58
50
2,643
66
58
50
2,643
66
58
50
2,675
66
58
50
2,675
66
58
50
2,675
66
58
50
2,675
66
58
50
2,675
66
58
50
2,675
66
58
50
2,675
66
58
50
2,810
69
61
52
2,810
69
61
52
2,810
69
61
52
2,810
69
61
52
2,667
2,926
2,958
3,038
3,303
3,348
3,496
3,493
3,561
3,721
3,730
3,837
4,065
4,371
4,552
4,918
5,037
(2,082) (2,299) (2,278) (2,224) (2,492) (2,462) (2,417) (2,419) (2,374) (2,267) (2,262) (2,190) (2,038) (2,073) (1,952) (1,708) (1,629)
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
(2,113) (2,330) (2,309) (2,256) (2,523) (2,493) (2,449) (2,451) (2,405) (2,299) (2,293) (2,222) (2,069) (2,105) (1,984) (1,740) (1,660)
18
17
59
94
0
19
16
103
138
0
20
14
103
136
0
20
12
102
134
0
21
10
101
132
0
21
8
100
129
0
21
6
99
126
0
23
3
98
123
0
21
0
96
117
0
21
0
95
116
0
22
0
94
115
0
20
0
92
112
0
20
0
90
110
0
22
0
106
128
0
21
0
104
125
0
20
0
102
123
0
21
0
100
121
0
94
138
136
134
132
129
126
123
117
116
115
112
110
128
125
123
121
(2,207) (2,468) (2,445) (2,390) (2,655) (2,622) (2,575) (2,574) (2,522) (2,415) (2,408) (2,334) (2,179) (2,232) (2,108) (1,863) (1,781)
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
1,699
990
130
0
564
30
55
470
2,118
1,148
130
300
611
30
59
485
2,642
1,331
130
0
662
30
63
499
3,298
1,544
130
0
717
30
66
514
4,119
1,791
130
390
777
30
71
530
5,146
2,077
130
0
842
30
75
546
6,431
2,409
130
0
912
30
80
563
8,037
2,795
130
495
988
30
85
580
9,900
3,231
130
0
1,071
36
90
599
12,084
3,727
130
0
1,160
36
96
617
14,665
4,294
130
840
1,256
36
102
636
17,729
4,944
130
0
1,361
36
109
657
21,380
5,690
130
0
1,474
36
115
676
25,739
6,546
130
1,080
1,597
42
123
697
30,954
7,530
130
0
1,730
42
130
719
37,199
8,661
130
0
1,875
49
139
741
3,939
4,880
5,357
6,299
7,838
8,846
10,555
13,139
15,056
17,850
21,960
24,966
29,501
35,954
41,236
48,793
2,363
2,928
3,214
3,780
4,703
5,308
6,333
7,883
9,034
10,710
13,176
14,979
17,701
21,573
24,742
29,276
2,810
69
61
52
2,810
69
61
52
2,810
69
61
52
2,810
69
61
52
2,810
69
61
52
2,810
69
61
52
2,810
69
61
52
2,810
69
61
52
2,952
72
64
55
2,952
72
64
55
2,952
72
64
55
2,952
72
64
55
2,952
72
64
55
2,952
72
64
55
2,952
72
64
55
2,952
72
64
55
5,356
5,920
6,206
6,772
7,695
8,300
9,325
10,876
12,177
13,853
16,319
18,123
20,844
24,716
27,885
32,419
(1,417) (1,040)
(850)
(473)
143
546
1,230
2,263
2,879
3,997
5,641
6,843
8,657
11,239
13,351
16,374
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
17
12
17
12
17
12
15
12
15
12
15
12
15
12
31
31
31
31
31
31
31
31
31
29
29
29
27
27
27
27
(1,448) (1,072)
(881)
(504)
111
515
1,198
2,232
2,848
3,968
5,612
6,815
8,630
11,211
13,324
16,347
18
0
92
110
0
16
0
89
104
0
16
0
85
101
17
15
0
82
97
180
11
0
78
89
456
11
0
73
84
872
8
0
68
77
1,121
4
0
63
67
1,572
2
0
57
59
2,233
(3)
0
51
49
2,718
(11)
0
44
34
3,449
(21)
0
37
16
4,489
(38)
0
29
(9)
5,344
(61)
0
20
(41)
6,566
18
0
98
116
0
18
0
95
113
0
116
113
110
104
118
276
545
956
1,198
1,639
2,292
2,766
3,483
4,505
5,335
6,525
(1,564) (1,185)
(991)
(608)
(6)
238
653
1,276
1,650
2,329
3,320
4,048
5,147
6,706
7,989
9,822
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
44,682
9,961
130
1,400
2,031
49
147
765
53,652
11,456
130
0
2,200
49
157
788
64,410
13,175
130
0
2,383
49
167
813
77,314
15,151
130
1,820
2,582
49
177
839
88,927
17,246
130
0
2,797
49
189
865
99,571
19,510
130
0
3,030
49
200
891
109,507
21,987
130
2,360
3,283
56
213
920
118,949
24,720
130
0
3,556
56
226
949
128,069
27,753
130
0
3,853
56
241
978
137,011
31,130
130
3,060
4,174
56
256
1,008
145,893
34,898
130
0
4,522
56
272
1,041
154,812
39,109
130
0
4,899
56
289
1,074
163,852
43,818
130
3,960
5,307
63
308
1,107
173,084
49,087
130
0
5,749
72
327
1,142
182,570
54,985
130
0
6,228
72
348
1,179
59,165
68,432
81,127
98,063
110,203
123,381
138,456
148,587
161,080
176,825
186,811
200,368
218,544
229,592
245,513
35,499
41,059
48,676
58,838
66,122
74,029
83,073
89,152
96,648
106,095
112,087
120,221
131,127
137,755
147,308
2,952
72
64
55
2,952
72
64
55
2,952
72
64
55
2,952
72
64
55
3,100
76
67
58
3,100
76
67
58
3,100
76
67
58
3,100
76
67
58
3,100
76
67
58
3,100
76
67
58
3,100
76
67
58
3,100
76
67
58
3,100
76
67
58
3,100
76
67
58
3,100
76
67
58
38,642
44,202
51,819
61,981
69,423
77,330
86,375
92,454
99,950
109,397
115,388
123,523
134,428
141,057
150,609
20,523
24,230
29,308
36,082
40,780
46,051
52,081
56,133
61,130
67,428
71,423
76,846
84,116
88,535
94,904
15
12
15
12
15
12
15
12
14
12
14
12
14
12
7
12
4
10
4
10
4
10
4
10
4
10
4
10
4
10
27
27
27
27
26
26
26
19
14
14
14
14
14
14
14
20,496
24,203
29,281
36,055
40,754
46,025
52,055
56,114
61,116
67,414
71,409
76,832
84,102
88,521
94,889
(90)
0
10
(79)
8,241
(128)
0
0
(128)
9,743
(178)
0
0
(178)
11,794
(237)
0
0
(237)
14,528
(320)
0
0
(320)
16,440
(433)
0
0
(433)
18,594
(573)
0
0
(573)
21,061
(746)
0
0
(746)
22,752
(950)
0
0
(950)
24,832
(1,175)
0
0
(1,175)
27,441
(1,431)
0
0
(1,431)
29,142
(1,716)
0
0
(1,716)
31,425
(2,019)
0
0
(2,019)
34,454
(2,357)
0
0
(2,357)
36,357
(2,724)
0
0
(2,724)
39,051
8,162
9,615
11,616
14,291
16,120
18,161
20,489
22,005
23,882
26,266
27,710
29,709
32,435
34,000
36,327
12,334
14,588
17,664
21,764
24,634
27,865
31,566
34,108
37,234
41,148
43,699
47,123
51,667
54,521
58,562
Dec
192,364
61,589
130
5,140
6,747
72
370
1,216
267,628
160,577
3,100
76
67
58
163,878
103,750
4
10
14
103,736
(3,152)
0
0
(3,152)
42,761
39,609
64,127
Balance Sheet
Feb
Mar
Apr
May
16,135
269
1,262
17,666
15,181
205
1,276
16,663
14,058
185
1,277
15,520
12,405
142
1,285
13,833
10,736
153
1,300
12,189
8,505
186
1,302
9,992
6,398
171
1,312
7,881
4,125
185
1,333
5,643
Equipment
Leasehold Improvements
Less: Accumulated Depreciation
Net Fixed Assets
0
0
0
0
175
0
4
171
175
30
9
196
500
180
24
656
500
230
40
690
700
230
60
871
700
230
79
851
700
230
98
832
Intangibles
Less: Accumulated Amortization
Net Intangibles
0
0
0
400
7
393
400
13
387
400
20
380
500
29
472
700
41
660
700
53
648
700
65
636
564
583
1,036
1,161
1,530
1,499
1,467
17,666
17,227
16,102
14,869
13,350
11,522
9,380
7,110
Current Liabilities
Accounts Payable
Line of Credit
Short-Term Debt
Total Current Liabilities
97
0
72
168
103
0
68
171
117
0
64
181
117
0
59
176
124
0
54
178
139
0
49
188
140
0
92
232
149
0
84
233
Long-Term Debt
498
496
493
490
487
683
679
674
Total Liabilities
666
667
674
666
665
871
910
906
2,000
0
15,000
2,000
0
15,000
2,000
0
15,000
2,000
0
15,000
2,000
0
15,000
2,000
0
15,000
2,000
0
15,000
32,000
0
15,000
(643) (1,730) (2,631) (4,301)
(6,175)
(8,189)
(10,269)
(thousands)
Jun
Year 1
Jul
Jan
Aug
Current Assets
Assets
Cash & Equivalents

Accounts Receivable
Inventory
Total Current Assets
1,255
Long-Term Assets
Total Long-Term Assets

Total Assets
Liabilities
Owners
Equity
Common Stock
Additional Paid-in-Capital
Preferred Stock
Retained Earnings
Total Shareholders Equity
17,000
16,357
15,270
14,369
12,699
10,825
8,811
36,731
Balance Sheet
Year 1
Year 2
Sep
(thousands)
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Current Assets
Assets
Cash & Equivalents

Accounts Receivable
Inventory
1,651
230
1,335
3,216
300
210
1,350
1,860
300
230
1,379
1,909
300
292
1,396
1,987
300
303
1,419
2,022
300
325
1,467
2,092
300
425
1,468
2,194
300
368
1,501
2,170
300
413
1,570
2,283
Equipment
Net Fixed Assets
700
230
118
812
700
230
137
793
700
230
157
774
700
230
176
754
700
230
195
735
700
230
215
715
700
230
234
696
700
230
254
677
700
230
273
657
Intangibles
Net Intangibles
700
77
624
700
89
612
700
101
600
700
113
588
700
125
576
700
137
564
700
149
552
700
161
540
700
173
528
1,436
1,404
1,373
1,342
1,310
1,279
1,247
1,216
1,185
Total Assets
4,652
3,264
3,282
3,329
3,332
3,371
3,441
3,386
3,468
Current Liabilities
Accounts Payable
Line of Credit
Short-Term Debt
169
0
76
245
170
935
66
1,171
182
2,340
154
2,676
211
2,543
141
2,895
226
2,650
127
3,003
245
2,651
111
3,007
293
2,814
93
3,199
292
2,833
73
3,198
319
2,847
51
3,218
Long-Term Debt
668
662
656
649
1,140
1,131
1,121
1,110
1,098
Total Liabilities
913
1,833
3,332
3,544
4,143
4,138
4,320
4,309
4,316
32,000
0
15,000
32,000
0
15,000
32,000
0
15,000
32,000
0
15,000
32,000
100
15,000
32,000
100
15,000
32,000
100
15,000
42,000
100
15,000
42,000
100
15,000
(12,692)
(14,902)
(17,123)
(19,552)
(21,759)
(24,227)
(26,893)
(29,283)
(31,938)
Long-Term Assets
Liabilities
Owners
Equity
Common Stock
Preferred Stock
Retained Earnings
34,308
32,098
29,877
27,448
25,341
22,873
20,207
27,817
25,162
Balance Sheet
Year 2
Jun
Jul
(thousands)
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Current Assets
Assets
Cash & Equivalents

Accounts Receivable
Inventory
300
569
1,572
2,441
300
492
1,621
2,413
300
561
1,717
2,578
300
775
1,728
2,802
300
687
1,803
2,790
300
796
1,949
3,045
300
1,095
2,055
3,450
300
1,214
2,182
3,696
300
1,341
2,407
4,048
Equipment
Net Fixed Assets
700
230
292
638
700
230
312
618
700
230
331
599
700
230
351
580
700
230
370
560
700
230
389
541
700
230
409
521
700
230
428
502
700
230
448
483
Intangibles
Net Intangibles
700
185
516
700
197
504
700
209
492
700
221
480
700
233
468
700
245
456
700
257
444
700
269
432
700
281
420
1,153
1,122
1,090
1,059
1,028
996
965
933
902
Total Assets
3,594
3,534
3,669
3,861
3,818
4,041
4,414
4,629
4,950
Current Liabilities
Accounts Payable
Line of Credit
Short-Term Debt
388
3,028
27
3,444
387
2,777
0
3,164
428
2,790
0
3,218
523
2,923
0
3,446
528
2,668
0
3,196
593
2,697
0
3,290
730
2,868
0
3,598
827
2,750
0
3,577
936
2,728
0
3,664
Long-Term Debt
1,085
1,071
1,056
1,039
1,021
1,001
979
1,158
1,136
Total Liabilities
4,529
4,235
4,274
4,485
4,217
4,291
4,577
4,735
4,800
42,000
100
15,000
42,000
100
15,000
42,000
100
15,000
42,000
100
15,000
42,000
100
15,000
42,000
100
15,000
42,000
100
15,000
42,000
200
15,000
42,000
200
15,000
(34,780)
(37,355)
(39,929)
(42,671)
(45,086)
(47,494)
(50,048)
(52,227)
(54,459)
Long-Term Assets
Liabilities
Owners
Equity
Common Stock
Preferred Stock
Retained Earnings
22,320
19,745
17,171
14,429
12,014
9,606
7,052
4,973
2,741
Balance Sheet
Mar
(thousands)
Apr
May
Year 3
Jun
Jul
Aug
Sep
Oct
Nov
Current Assets
Assets
Cash & Equivalents

Accounts Receivable
Inventory
300
1,767
2,495
4,562
300
1,696
2,714
4,710
300
2,014
3,067
5,382
300
2,696
3,267
6,263
300
2,764
3,653
6,717
300
3,322
4,237
7,859
300
4,388
4,651
9,340
300
4,700
5,344
10,343
300
5,704
6,332
12,335
Equipment
Net Fixed Assets
700
230
467
463
700
230
486
444
700
230
506
424
700
230
525
405
700
230
545
386
700
230
564
366
700
230
583
347
700
230
603
327
700
230
622
308
Intangibles
Net Intangibles
700
293
408
700
305
396
700
317
384
700
329
372
700
341
360
700
353
348
700
365
336
700
377
324
700
389
312
871
839
808
776
745
714
682
651
619
Total Assets
5,433
5,549
6,189
7,039
7,462
8,573
10,022
10,994
12,954
Current Liabilities
Accounts Payable
Line of Credit
Short-Term Debt
1,155
2,767
0
3,922
1,227
2,422
0
3,649
1,418
2,440
0
3,858
1,757
2,452
0
4,209
1,928
2,077
0
4,006
2,268
2,068
0
4,336
2,822
1,969
0
4,791
3,185
1,500
0
4,685
3,800
1,418
0
5,217
Long-Term Debt
1,111
1,084
1,055
1,023
988
950
909
863
814
Total Liabilities
5,033
4,733
4,913
5,232
4,994
5,286
5,699
5,549
6,032
42,000
200
15,000
42,000
200
15,000
42,000
200
15,000
42,000
200
15,000
42,000
200
15,000
42,000
200
15,000
42,000
200
15,000
42,000
200
15,000
42,000
200
15,000
(56,810)
(58,672)
(60,453)
(62,259)
(63,444)
(64,436)
(65,286)
(65,292)
(65,054)
Long-Term Assets
Liabilities
Owners
Equity
Common Stock
Preferred Stock
Retained Earnings
390
(1,472)
(3,253)
(5,059)
(6,244)
(7,236)
(8,086)
(8,092)
(7,854)
Balance
Year
Sheet
3
Dec
(thousands)
Current Assets
Assets
Cash & Equivalents

Accounts Receivable
Inventory
300
7,420
7,105
14,825
Long-Term Assets
Equipment
Net Fixed Assets
700
230
642
289
Intangibles
Net Intangibles
700
401
300

Total Assets
Liabilities
Current Liabilities
Accounts Payable
Line of Credit
Short-Term Debt
Long-Term Debt
Total Liabilities
Owners
Equity
Common Stock
Preferred Stock
Retained Earnings
588
15,413
4,730
1,084
0
5,814
761
6,575
42,000
200
15,000
(64,643)
(7,443)
Statement of Cash Flows

Jan
(thousands)
Net Income
Operating
Activities
Investing
Activities
Financing
Activities
Feb
Mar
Apr
May
Year 1
Jun
Jul
Aug
Sep
Oct
(643)
(886)
(901) (1,670) (1,674) (2,014) (2,081) (2,223) (2,210) (2,220)
Noncash Addbacks
0
0
4
7
5
7
15
7
16
9
19
12
19
12
19
12
19
12
19
12
Changes in Current Accounts

Accounts Receivable
Inventory
Accounts Payable
(269)
(1,262)
97
63
(14)
6
20
(0)
14
42
(8)
(0)
(10)
(15)
7
(33)
(2)
15
14
(11)
1
(14)
(21)
9
(45)
(2)
21
20
(15)
1
Net Cash, Operations
(2,078)
(820)
Changes in Long-Term Assets

Equipment
Intangibles
0
0
0
(175)
0
(400)
0
(30)
0
(325)
(150)
0
0
(50)
(100)
(200)
0
(200)
0
0
0
0
0
0
0
0
0
0
0
0
Net Cash, Investing
(575)
(30)
(475)
(150)
(400)
Changes in Short-Term Borrowing

Line of Credit
Short-Term Loans
0
72
0
(4)
0
(4)
0
(5)
0
(5)
0
(6)
0
43
0
(8)
0
(9)
935
(10)
Changes in Long-Term Borrowing
570
(6)
(7)
(7)
(8)
190
38
(13)
(14)
(15)
Changes in Equity
Common Stock
Preferred Stock
Cash Dividends
2,000
0
15,000
0
0
0
0
0
0
0
0
(200)
0
0
0
0
0
0
0
0
0
0
0
(200)
0
0
0
0
30,000
0
0
0
0
0
0
(200)
0
0
0
0
Net Cash, Financing
17,641
(10)
(211)
(12)
(13)
(15)
81
29,980
(223)
910
(856) (1,615) (1,667) (2,002) (2,045) (2,217) (2,205) (2,183)
Statement of Cash Year

Flows1
Nov
(thousands)
Net Income
Operating
Activities
Financing
Activities
Jan
Feb
Mar
Apr
May
Year 2
Jun
Jul
Aug
(2,230) (2,207) (2,468) (2,445) (2,390) (2,655) (2,622) (2,575) (2,574) (2,522)
Noncash Addbacks
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12

Accounts Receivable
Inventory
Accounts Payable
(20)
(29)
12
(62)
(17)
28
(11)
(23)
15
(22)
(48)
19
(100)
(1)
48
57
(33)
(1)
(44)
(69)
27
(156)
(2)
69
77
(49)
(2)
(70)
(96)
41
Investing
Activities
Dec
(2,235) (2,226) (2,457) (2,464) (2,412) (2,601) (2,677) (2,632) (2,516) (2,616)

Equipment
Intangibles
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
Net Cash, Investing

Line of Credit
Short-Term Loans
1,405
88
204
(13)
107
(14)
0
(16)
163
(18)
20
(20)
14
(22)
181
(24)
(251)
(27)
13
0
82
(20)
477
(25)
(28)
(31)
(34)
(37)
(41)
(15)
Changes in Equity
Common Stock
Preferred Stock
Cash Dividends
0
0
0
0
0
0
0
(200)
0
100
0
0
0
0
0
0
0 10,000
0
0
0
0
(220)
0
0
0
0
0
0
0
0
(220)
0
0
0
0
0
0
0
0
1,575
(29)
670
(41)
(42)
(100)
(319)
(2)
Net Cash, Financing
(103)
9,969
Year 2
(thousands)
Net Income
Operating
Activities
Financing
Activities
Oct
Nov
Dec
Jan
Feb
(2,415) (2,408) (2,334) (2,179) (2,232) (2,108)
Mar
Apr
May
Jun
(1,863)
(1,781)
(1,564)
(1,185)
Noncash Addbacks
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12
19
12

Accounts Receivable
Inventory
Accounts Payable
(213)
(11)
96
88
(76)
5
(109)
(145)
64
(298)
(106)
137
(119)
(127)
97
(127)
(225)
109
(426)
(88)
219
71
(219)
72
(318)
(353)
191
(682)
(200)
339
(2,511) (2,360) (2,493) (2,416) (2,349) (2,321)
(2,126)
(1,826)
(2,013)
(1,696)
Investing
Activities
Year 3
Sep

Equipment
Intangibles
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
Net Cash, Investing

Line of Credit
Short-Term Loans
133
0
(255)
0
29
0
171
0
(119)
0
(22)
0
39
0
(345)
0
18
0
12
0
(17)
(18)
(20)
(22)
179
(23)
(25)
(27)
(29)
(32)
Changes in Equity
Common Stock
Preferred Stock
Cash Dividends
0
0
0
(220)
0
0
0
0
0
0
0
0
0
0
0
(220)
0
100
0
0
0
0
0
0
0
0
0
(242)
0
0
0
0
0
0
0
0
0
0
0
(242)
Net Cash, Financing
(104)
(273)
(70)
161
(45)
(228)
(372)
(11)
(262)

(thousands)
Net Income
Operating
Activities
Financing
Activities
Aug
Sep
Oct
Nov
Dec
(991)
(608)
(6)
238
653
1,276
Noncash Addbacks
19
12
19
12
19
12
19
12
19
12
19
12

Accounts Receivable
Inventory
Accounts Payable
(68)
(386)
172
(559)
(584)
339
(1,066)
(414)
554
(311)
(693)
363
(1,004)
(988)
615
(1,716)
(774)
930
(1,242)
(1,380)
(902)
(371)
(692)
(252)

Equipment
Intangibles
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net Cash, Investing

Line of Credit
Short-Term Loans
(375)
0
(9)
0
(99)
0
(469)
0
(83)
0
(333)
0
(35)
(38)
(41)
(45)
(49)
(54)
Changes in Equity
Common Stock
Preferred Stock
Cash Dividends
0
0
0
0
0
0
0
0
0
0
0
(242)
0
0
0
0
0
0
0
0
0
0
0
(242)
(410)
(47)
(383)
(514)
(132)
(629)
Investing
Activities
Year 3
Jul
Net Cash, Financing
Jan
(thousands)
Collections
& Purchases
Forecasted Sales
Collections
Cash
30 Days
60 Days
90 Days
Total Collections
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
269
286
324
324
343
386
388
413
470
472
107
114
81
130
86
54
107
195
269
130
97
57
27
311
137
97
65
29
328
154
103
65
32
354
155
116
69
32
372
165
116
77
34
393
188
124
78
39
428
189
141
83
39
451
161
172
195
194
206
231
233
248
282
283
64
94
10
0
169
69
107
10
0
185
78
107
10
0
195
78
113
12
0
203
82
127
12
0
221
93
128
12
0
233
93
136
14
0
243
99
155
14
0
268
113
156
15
0
284
113
167
18
0
298
Collections
Disbursements
Inventory (COGS)
OpEx Wages
OpEx Overhead
OpEx Sales & Marketing
OpEx Technology
Interest on S/T and L/T Debt
Interest (Income) on L.O.C.
Dividends
Taxes
Capital Outlays
107
195
269
311
328
354
372
393
428
451
169
532
63
56
48
53
0
53
185
851
63
56
48
53
(79)
0
(26)
195
877
63
56
48
52
(74)
200
(22)
203
1,631
63
56
48
51
(69)
0
(17)
221
1,631
63
56
48
51
(61)
0
(10)
233
1,956
63
56
48
68
(52)
200
16
243
2,008
63
56
48
72
(41)
0
31
268
2,151
63
56
48
71
(30)
0
41
284
2,151
63
56
48
70
(19)
200
51
298
2,151
63
56
48
68
(7)
0
62
Total Disbursements
973
1,148
1,392
1,964
1,998
2,585
2,479
2,666
2,901
2,737
17,000
16,135
15,181
14,058
12,405
10,736
8,505
6,398
4,125
1,651
Purchases
COGS % Rev:
Cash
30 Days
60 Days
90 Days
Total Payments
Payments
Feb
40.0%
30.0%
20.0%
10.0%
60.0%
40.0%
55.0%
5.0%
0.0%
Beginning Balance
Collections - Disbursements
Line
Unadjusted Cash Balance
of Credit
Minimum Cash Balance
(865)
16,135
$300
(953) (1,123) (1,653) (1,670) (2,231) (2,107) (2,273) (2,473) (2,286)

15,181
14,058
12,405
10,736
8,505
6,398
4,125
1,651
(635)
Current Borrowing
@ 9.0%
935
Current Lending
@ 6.0%
15,835
14,881
13,758
12,105
10,436
8,205
6,098
3,825
1,351
16,135
15,181
14,058
12,405
10,736
8,505
6,398
4,125
1,651
300
Ending ('Adjusted') Cash Balance
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
507
585
627
681
813
811
887
1,079
1,074
1,188
1,454
1,468
1,646
2,027
2,298
2,600
3,209
203
142
94
41
480
234
152
94
47
527
251
176
101
47
575
272
188
117
51
628
325
204
125
59
713
324
244
136
63
767
355
243
163
68
829
431
266
162
81
941
429
324
177
81
1,012
475
322
216
89
1,102
581
356
215
108
1,260
587
436
238
107
1,368
659
440
291
119
1,508
811
494
294
145
1,744
919
608
329
147
2,003
1,040
689
405
165
2,300
1,284
780
460
203
2,726
304
351
376
408
488
487
532
647
644
713
872
881
988
1,216
1,379
1,560
1,926
122
193
19
0
333
140
207
20
0
368
150
225
24
0
400
163
268
24
0
456
195
268
27
0
489
195
293
32
0
520
213
356
32
0
601
259
354
36
0
649
258
392
44
0
693
285
480
44
0
809
349
484
49
0
883
352
543
61
0
956
395
669
69
0
1,133
487
758
78
0
1,323
552
858
96
0
1,506
624
1,059
102
0
1,785
770
1,125
118
0
2,013
480
527
575
628
713
767
829
941
1,012
1,102
1,260
1,368
1,508
1,744
2,003
2,300
2,726
333
2,151
63
56
48
78
7
0
85
368
2,151
63
56
48
76
18
200
94
400
2,376
66
58
50
119
19
0
138
456
2,376
66
58
50
117
20
0
136
489
2,376
66
58
50
114
20
220
134
520
2,643
66
58
50
111
21
0
132
601
2,643
66
58
50
108
21
0
129
649
2,675
66
58
50
104
21
220
126
693
2,675
66
58
50
101
23
0
123
809
2,675
66
58
50
96
21
0
117
883
2,675
66
58
50
95
21
220
116
956
2,675
66
58
50
94
22
0
115
1,133
2,675
66
58
50
92
20
0
112
1,323
2,675
66
58
50
90
20
220
110
1,506
2,810
69
61
52
106
22
0
128
1,785
2,810
69
61
52
104
21
0
125
2,013
2,810
69
61
52
102
20
242
123
2,819
3,071
3,225
3,279
3,527
3,600
3,676
3,969
3,789
3,892
4,183
4,036
4,206
4,612
4,753
5,027
5,493
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
(2,340) (2,543) (2,650) (2,651) (2,814) (2,833) (2,847) (3,028) (2,777) (2,790) (2,923) (2,668) (2,697) (2,868) (2,750) (2,728) (2,767)
(2,040) (2,243) (2,350) (2,351) (2,514) (2,533) (2,547) (2,728) (2,477) (2,490) (2,623) (2,368) (2,397) (2,568) (2,450) (2,428) (2,467)
2,340
2,543
2,650
2,651
2,814
2,833
2,847
3,028
2,777
2,790
2,923
2,668
2,697
2,868
2,750
2,728
2,767
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
3,409
3,939
4,880
5,357
6,299
7,838
8,846
10,555
13,139
15,056
17,850
21,960
24,966
29,501
35,954
41,236
1,363
963
520
230
3,076
1,576
1,023
642
260
3,500
1,952
1,182
682
321
4,136
2,143
1,464
788
341
4,735
2,520
1,607
976
394
5,497
3,135
1,890
1,071
488
6,584
3,539
2,351
1,260
536
7,685
4,222
2,654
1,568
630
9,073
5,256
3,166
1,769
784
10,975
6,022
3,942
2,111
885
12,960
7,140
4,517
2,628
1,055
15,340
8,784
5,355
3,011
1,314
18,464
9,986
6,588
3,570
1,506
21,650
11,800
7,490
4,392
1,785
25,467
14,382
8,850
4,993
2,196
30,421
16,495
10,786
5,900
2,497
35,678
2,045
2,363
2,928
3,214
3,780
4,703
5,308
6,333
7,883
9,034
10,710
13,176
14,979
17,701
21,573
24,742
818
1,300
146
0
2,264
945
1,610
161
0
2,716
1,171
1,768
189
0
3,128
1,286
2,079
235
0
3,599
1,512
2,586
265
0
4,364
1,881
2,919
317
0
5,117
2,123
3,483
394
0
6,000
2,533
4,336
452
0
7,321
3,153
4,968
536
0
8,657
3,613
5,891
659
0
10,163
4,284
7,247
749
0
12,280
5,270
8,239
885
0
14,394
5,992
9,735
1,079
0
16,806
7,080
11,865
1,237
0
20,182
8,629
13,608
1,464
0
23,701
9,897
16,102
1,775
0
27,773
3,076
3,500
4,136
4,735
5,497
6,584
7,685
9,073
10,975
12,960
15,340
18,464
21,650
25,467
30,421
35,678
2,264
2,810
69
61
52
100
21
0
121
2,716
2,810
69
61
52
98
18
0
116
3,128
2,810
69
61
52
95
18
242
113
3,599
2,810
69
61
52
92
18
0
110
4,364
2,810
69
61
52
89
16
0
104
5,117
2,810
69
61
52
85
16
242
101
6,000
2,810
69
61
52
82
15
0
97
7,321
2,810
69
61
52
78
11
0
89
8,657
2,810
69
61
52
73
11
242
84
10,163
2,952
72
64
55
68
8
0
77
12,280
2,952
72
64
55
63
4
0
67
14,394
2,952
72
64
55
57
2
266
59
16,806
2,952
72
64
55
51
(3)
0
49
20,182
2,952
72
64
55
44
(11)
0
34
23,701
2,952
72
64
55
37
(21)
266
16
27,773
2,952
72
64
55
29
(38)
0
(9)
5,498
5,940
6,589
6,813
7,565
8,553
9,186
10,491
12,060
13,459
15,557
17,922
20,046
23,393
27,142
30,899
300
300
300
300
300
300
300
300
300
300
300
300
842
2,446
4,521
7,800
(2,422) (2,440) (2,452) (2,077) (2,068) (1,969) (1,500)
(1,418)
(1,084)
(499)
(217)
542
1,604
2,074
3,279
4,778
(2,122) (2,140) (2,152) (1,777) (1,768) (1,669) (1,200)
(1,118)
(784)
(199)
83
842
2,446
4,521
7,800
12,578
2,422
2,440
2,452
2,077
2,068
1,969
1,500
1,418
1,084
499
217
542
2,146
4,221
7,500
12,278
300
300
300
300
300
300
300
300
300
300
300
842
2,446
4,521
7,800
12,578
Aug
Sep
Oct
48,793
59,165
68,432
19,517
12,371
7,191
2,950
42,029
23,666
14,638
8,247
3,595
50,147
27,373
17,749
9,759
4,124
59,005
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
81,127
98,063
110,203
123,381
138,456
148,587
161,080
176,825
32,451
20,530
11,833
4,879
69,693
39,225
24,338
13,686
5,916
83,166
44,081
29,419
16,225
6,843
96,569
49,352
33,061
19,613
8,113
110,139
55,382
37,014
22,041
9,806
124,244
59,435
41,537
24,676
11,020
136,668
64,432
44,576
27,691
12,338
149,037
70,730
48,324
29,717
13,846
162,617
Jul
Aug
Sep
186,811
200,368
218,544
74,725
53,047
32,216
14,859
174,847
80,147
56,043
35,365
16,108
187,664
87,418
60,111
37,362
17,682
202,573
29,276
35,499
41,059
48,676
58,838
66,122
74,029
83,073
89,152
96,648
106,095
112,087
120,221
131,127
11,710
19,524
2,053
0
33,288
14,200
22,583
2,434
0
39,216
16,424
26,772
2,942
0
46,138
19,471
32,361
3,306
0
55,137
23,535
36,367
3,701
0
63,604
26,449
40,716
4,154
0
71,318
29,611
45,690
4,458
0
79,759
33,229
49,034
4,832
0
87,095
35,661
53,156
5,305
0
94,122
38,659
58,352
5,604
0
102,616
42,438
61,648
6,011
0
110,097
44,835
66,122
6,556
0
117,513
48,088
72,120
6,888
0
127,096
52,451
75,765
7,365
0
135,581
42,029
50,147
59,005
69,693
83,166
96,569
110,139
124,244
136,668
149,037
162,617
174,847
187,664
202,573
33,288
2,952
72
64
55
20
(61)
0
(41)
39,216
2,952
72
64
55
10
(90)
266
(79)
46,138
2,952
72
64
55
0
(128)
0
(128)
55,137
2,952
72
64
55
0
(178)
0
(178)
63,604
2,952
72
64
55
0
(237)
266
(237)
71,318
3,100
76
67
58
0
(320)
0
(320)
79,759
3,100
76
67
58
0
(433)
0
(433)
87,095
3,100
76
67
58
0
(573)
293
(573)
94,122
3,100
76
67
58
0
(746)
0
(746)
102,616
3,100
76
67
58
0
(950)
0
(950)
110,097
3,100
76
67
58
0
(1,175)
293
(1,175)
117,513
3,100
76
67
58
0
(1,431)
0
(1,431)
127,096
3,100
76
67
58
0
(1,716)
0
(1,716)
135,581
3,100
76
67
58
0
(2,019)
293
(2,019)
36,348
42,467
49,024
57,924
66,539
73,980
82,195
89,544
95,931
104,017
111,341
117,951
126,966
135,137
12,578
18,259
25,939
35,920
47,688
64,316
86,905
114,848
149,548
190,285
235,304
286,580
343,475
404,173
5,681
7,680
9,980
11,769
16,627
22,589
27,944
34,699
40,737
45,020
51,276
56,895
60,698
67,436
18,259
25,939
35,920
47,688
64,316
86,905
114,848
149,548
190,285
235,304
286,580
343,475
404,173
471,610
17,959
25,639
35,620
47,388
64,016
86,605
114,548
149,248
189,985
235,004
286,280
343,175
403,873
471,310
18,259
25,939
35,920
47,688
64,316
86,905
114,848
149,548
190,285
235,304
286,580
343,475
404,173
471,610
Oct
Nov
Dec
229,592
245,513
267,628
91,837
65,563
40,074
18,681
216,155
98,205
68,877
43,709
20,037
230,828
107,051
73,654
45,918
21,854
248,478
137,755
147,308
160,577
55,102
81,019
8,029
58,923
88,317
64,231
144,150
147,240
64,231
216,155
230,828
248,478
144,150
3,100
76
67
58
0
(2,357)
0
(2,357)
147,240
3,100
76
67
58
0
(2,724)
0
(2,724)
64,231
3,100
76
67
58
0
(3,152)
293
(3,152)
142,739
145,095
61,521
471,610
545,026
630,760
73,416
85,734
186,957
545,026
630,760
817,717
544,726
630,460
817,417
545,026
630,760
817,717
Depreciation & Amortization

(thousands)
Equipment
Hardware/Software
Phones/Communication
Equipment
Furniture
Vehicles
Month of
Outlay
Year 1 Month 2
Year 1 Month 2
Year 1 Month 4
Year 1 Month 4
Year 1 Month 6
Purch.
Price
Life
(Mos.)
Year 1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
1
Year 1 Month 4
Year 1 Month 5
Year 1 Month 3
Intangible
Assets
(Amortization)
Accumulated Amortization
Year 1 Month 2
Year 1 Month 6
Year 1 Month 5
10
11
3
2
0
0
0
0
0
0
0
3
2
0
0
0
0
0
0
0
3
2
6
0
0
0
0
0
0
3
2
6
0
0
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
$150
$50
$30
48
36
60
0
0
0
0
0
0
0
0
0
1
0
0
0
0
3
0
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
4
4
5
9
15
24
16
40
19
60
19
79
19
98
19
118
19
137
19
157
3
3
0
0
0
0
0
0
7
7
3
3
0
0
0
0
0
0
7
13
3
3
0
0
0
0
0
0
7
20
3
3
0
2
0
0
0
0
9
29
3
3
3
2
0
0
0
0
12
41
3
3
3
2
0
0
0
0
12
53
3
3
3
2
0
0
0
0
12
65
3
3
3
2
0
0
0
0
12
77
3
3
3
2
0
0
0
0
12
89
3
3
3
2
0
0
0
0
12
101
Year 1 Month 2
36
48
48
60
60
Accumulated Depreciation
Patent
Copyrights/Trademarks
IP and Trade Secrets
Goodwill
$100
$75
$300
$25
$200
Fixed
Assets
(Depreciation)
Construction
Security System
Fixtures
$200
$200
$200
$100
60
60
60
48
Depreciation
Year
& Amortization
1
(thousands)
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
19
176
19
195
19
215
19
234
19
254
19
273
19
292
19
312
19
331
19
351
19
370
19
389
19
409
19
428
19
448
19
467
Patent
Goodwill
3
3
3
2
0
0
0
0
12
113
3
3
3
2
0
0
0
0
12
125
3
3
3
2
0
0
0
0
12
137
3
3
3
2
0
0
0
0
12
149
3
3
3
2
0
0
0
0
12
161
3
3
3
2
0
0
0
0
12
173
3
3
3
2
0
0
0
0
12
185
3
3
3
2
0
0
0
0
12
197
3
3
3
2
0
0
0
0
12
209
3
3
3
2
0
0
0
0
12
221
3
3
3
2
0
0
0
0
12
233
3
3
3
2
0
0
0
0
12
245
3
3
3
2
0
0
0
0
12
257
3
3
3
2
0
0
0
0
12
269
3
3
3
2
0
0
0
0
12
281
3
3
3
2
0
0
0
0
12
293
Equipment
Hardware/Software
Equipment
Furniture
Vehicles
Fixed
Assets
(Depreciation)
Construction
Security System
Fixtures
Intangible
Assets
(Amortization)
Year 2
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Ye
Depreciation & Amortization

(thousands)
28
29
30
31
32
33
34
35
36
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
2
6
0
3
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
3
1
1
0
0
0
0
19
486
19
506
19
525
19
545
19
564
19
583
19
603
19
622
19
642
Patent
Goodwill
3
3
3
2
0
0
0
0
12
305
3
3
3
2
0
0
0
0
12
317
3
3
3
2
0
0
0
0
12
329
3
3
3
2
0
0
0
0
12
341
3
3
3
2
0
0
0
0
12
353
3
3
3
2
0
0
0
0
12
365
3
3
3
2
0
0
0
0
12
377
3
3
3
2
0
0
0
0
12
389
3
3
3
2
0
0
0
0
12
401
Equipment
Hardware/Software
Equipment
Furniture
Vehicles
Fixed
Assets
(Depreciation)
Construction
Security System
Fixtures
Intangible
Assets
(Amortization)
Year 3
Apr May Jun Jul Aug Sep Oct Nov Dec
Jan
(thousands)
Short-Term Debt
Avg. Mos. in Term
Beginning Balance
Monthly Payment
Interest Payment
Debt
Principal Payment
Financing Ending Balance
Feb
Mar
Apr
May
75
12
75
12
8
3
72
11
72
12
8
4
68
10
68
12
7
4
64
9
64
12
7
5
59
8
59
12
7
5
54
500
36
500
47
45
2
498
35
498
47
45
2
496
34
496
47
45
3
493
33
493
47
44
3
490
570
564
557
2,000
0
0
15,000
0
0
0
2,000
0
0
15,000
0
0
0
Total Equity ($ MIL)

Total Capitalization ($ Mil)
Long-Term Debt
Avg. Mos. in Term
Beginning Balance
Monthly Payment
Interest Payment
Principal Payment
Ending Balance
12
11%
36
9%
Total Debt
Jun
Jul
Aug
Sep
7
54
12
6
6
49
50
9
99
18
11
7
92
8
92
18
10
8
84
7
84
18
9
9
76
32
490
47
44
3
487
200
32
687
66
62
4
683
31
683
66
61
5
679
30
679
66
61
5
674
29
674
66
61
5
668
550
542
732
770
758
744
2,000
0
0
15,000
0
0
0
2,000
0
0
15,000
0
0
0
2,000
0
0
15,000
0
0
0
2,000
0
0
15,000
0
0
0
2,000
0
0
15,000
0
0
0
2,000
30,000
0
15,000
0
0
0
2,000
30,000
0
15,000
0
0
0
(643)
200
(1,730)
0
(2,631)
0
200
0
(4,301) (6,175) (8,189)
0
(10,269)
200
(12,692)
17,000
16,357
15,270
14,369
12,699
10,825
8,811
36,731
34,308
17,570
16,920
15,828
14,919
13,240
11,557
9,582
37,488
35,051
Month
Series A Common
Series B Common
Series C Common
Equity
Preferred Stock
Financing Add'l. P-I-Cap. A
Add'l. P-I-Cap. B
Add'l. P-I-Cap. C
Dividends
Retained Earnings
Y4 M1
$2,000
$30,000
$10,000
$15,000
$100
$100
$200
Q/Q Gr%
10%
Y1 M1
Y1 M8
Y2 M4
Y1 M1
Y2 M1
Y3 M1
Oct
10
Nov
11
Dec
12
Jan
13
Feb
14
Mar
15
Apr
16
May
17
Jun
18
Jul
19
Aug
20
Sep
21
Oct
22
Nov
23
Dec
24
6
76
18
8
10
66
100
9
166
30
18
12
154
8
154
30
17
13
141
7
141
30
16
14
127
6
127
30
14
16
111
5
111
30
12
18
93
4
93
30
10
20
73
3
73
30
8
22
51
2
51
30
6
24
27
1
27
30
3
27
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
28
668
66
60
6
662
27
662
66
60
6
656
26
656
66
59
7
649
500
30
1,149
112
103
8
1,140
29
1,140
112
103
9
1,131
28
1,131
112
102
10
1,121
27
1,121
112
101
11
1,110
26
1,110
112
100
12
1,098
25
1,098
112
99
13
1,085
24
1,085
112
98
14
1,071
23
1,071
112
96
15
1,056
22
1,056
112
95
17
1,039
21
1,039
112
94
18
1,021
20
1,021
112
92
20
1,001
19
1,001
112
90
22
979
728
810
790
1,267
1,242
1,214
1,183
1,150
1,112
1,071
1,056
1,039
1,021
1,001
979
2,000
30,000
0
15,000
0
0
0
2,000
30,000
0
15,000
0
0
0
2,000
30,000
0
15,000
0
0
0
2,000
30,000
0
15,000
100
0
0
2,000
30,000
0
15,000
100
0
0
2,000
30,000
0
15,000
100
0
0
2,000
30,000
10,000
15,000
100
0
0
2,000
30,000
10,000
15,000
100
0
0
2,000
30,000
10,000
15,000
100
0
0
2,000
30,000
10,000
15,000
100
0
0
2,000
30,000
10,000
15,000
100
0
0
2,000
30,000
10,000
15,000
100
0
0
2,000
30,000
10,000
15,000
100
0
0
2,000
30,000
10,000
15,000
100
0
0
2,000
30,000
10,000
15,000
100
0
0
0
(14,902)
0
(17,123)
200
(19,552)
0
(21,759)
0
(24,227)
220
(26,893)
0
(29,283)
0
(31,938)
220
(34,780)
0
(37,355)
0
(39,929)
220
(42,671)
0
(45,086)
0
(47,494)
220
(50,048)
32,098
29,877
27,448
25,341
22,873
20,207
27,817
25,162
22,320
19,745
17,171
14,429
12,014
9,606
7,052
32,826
30,687
28,238
26,608
24,114
21,421
29,001
26,312
23,432
20,816
18,227
15,468
13,035
10,607
8,031
Jan
25
Feb
26
Mar
27
Apr
28
May
29
Jun
30
Jul
31
Aug
32
Sep
33
Oct
34
Nov
35
Dec
36
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
200
21
1,179
127
106
21
1,158
20
1,158
127
104
23
1,136
19
1,136
127
102
25
1,111
18
1,111
127
100
27
1,084
17
1,084
127
98
29
1,055
16
1,055
127
95
32
1,023
15
1,023
127
92
35
988
14
988
127
89
38
950
13
950
127
85
41
909
12
909
127
82
45
863
11
863
127
78
49
814
10
814
127
73
54
761
1,158
1,136
1,111
1,084
1,055
1,023
988
950
909
863
814
761
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
2,000
30,000
10,000
15,000
100
100
0
0
(52,227)
0
(54,459)
242
(56,810)
0
(58,672)
0
(60,453)
242
(62,259)
0
(63,444)
0
(64,436)
242
(65,286)
0
(65,292)
0
(65,054)
242
(64,643)
4,973
2,741
390
(1,472)
(3,253)
(5,059)
(6,244)
(7,236)
(8,086)
(8,092)
(7,854)
(7,443)
6,131
3,876
1,501
(388)
(2,199)
(4,037)
(5,256)
(6,286)
(7,178)
(7,229)
(7,040)
(6,682)
Financial Analysis
Liquidity
Ratios
Feb
Mar
Apr
May
Year 1
Jun
Jul
Name
Numerator
Denominator
Jan
Current Ratio
Curr. Asset
Curr. Liab
104.9
97.5
85.9
78.6
68.5
53.2
34.0
Quick Ratio
C.Ass.- Inven.
Curr. Liab
97.4
90.0
78.8
71.3
61.2
46.3
28.4
Financial Analysis
Liquidity
Ratios
Year 1
Year 2
Jun
Jul
Name
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Current Ratio
24.2
13.1
1.6
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.8
Quick Ratio
18.5
7.7
0.4
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.3
0.3
Financial Analysis
Ratios
Year 3
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Current Ratio
0.8
0.8
0.9
0.9
1.0
1.0
1.1
1.2
1.3
1.4
1.5
1.7
Quick Ratio
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0.5
0.5
0.6
0.7
0.8
Name
Liquidity
Year 2
Financial Analysis
Aug
Sep
Oct
Nov
Dec
Current Ratio
1.8
1.9
2.2
2.4
2.5
Quick Ratio
0.8
1.0
1.1
1.2
1.3
Name
Liquidity
Ratios
Year 3

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Jan

(totals and cumulatives in thousands)

M/M subs. growth, yrs. 1-2 (SUBS)

Banner impressions/month x1000

Q/Q event growth (EVENTS)

Annual sponosr growth rate (# SPONSORS)

Q/Q product line growth (PRODUCT LINES)

Q/Q attendance growth (ATTENDANCE)

Y/Y growth in publication ads sold (SPOTS)

Total Revenue, Online Products

Headcount & Salaries

Headcount Levels, summary

Total G&A Heads

Jan Feb Mar Apr

Total R&D Heads

Total S&M Heads

Headcount & Salaries

Headcount Levels, summary

Total G&A Heads

Total S&M Heads

Total R&D Heads

Headcount & Salaries

Headcount Levels, summary

Total G&A Heads

Total S&M Heads

Total R&D Heads

Headcount & Salaries

Headcount Levels, summary

Total G&A Heads

Total S&M Heads

Total R&D Heads

Media & Agency

Total Sales & Marketing

Gain/Loss on sale of assets

Cost of Goods Sold

(912) (1,666) (1,659) (1,967) (2,018) (2,151) (2,128) (2,127)

Total Intangibles Expense

Interest Expense (Income)

(924) (1,688) (1,684) (1,998) (2,049) (2,182) (2,159) (2,159) (2,145)

Net Interest & Tax Expense

(901) (1,670) (1,674) (2,014) (2,081) (2,223) (2,210) (2,220) (2,230)

(643) (1,730) (2,631) (4,301)

Cash & Equivalents

Total Long-Term Assets

Total Shareholders Equity

Cash & Equivalents

Total Long-Term Assets

Total Shareholders Equity

Cash & Equivalents

Total Long-Term Assets

Total Shareholders Equity

Cash & Equivalents

Total Long-Term Assets

Total Shareholders Equity

Cash & Equivalents

Total Long-Term Assets

Total Shareholders Equity

Statement of Cash Flows

(901) (1,670) (1,674) (2,014) (2,081) (2,223) (2,210) (2,220)

Changes in Current Accounts

Net Cash, Operations

Changes in Long-Term Assets

Net Cash, Investing

Changes in Short-Term Borrowing