Projection Scenarios

Choose Scenario 2 Choose 1, 2, or 3

Scenario Name RIA Proforma [Base Case]
Exit Multiple 25.00x
Exit Year 5
Sample Membership Interest $ $250,000
Sample Member Interest Share 16.67%
Sample Interest as % of Company 3.33%

Financials Year 1 Year 2

1 2
Metric
Sales $259,750 $1,368,370
% Growth N/A 426.80%

EBITDA ($913,739) ($343,377)

% Margin -351.78% -25.09%

Net Income ($1,151,309) ($588,167)

% Margin -443.24% -42.98%

Net Debt $300,473 $218,204

Annual Debt Repayment $77,490 $82,269

Investments & Returns

4500000000.00%
Initial Investment
Cash 1,500,000 4000000000.00%
Loans -
3500000000.00%
Total 1,500,000
3000000000.00%
Exit Value
2500000000.00%
CF Value 830,093,525
2000000000.00%

IRR 1500000000.00%
Cash on Cash N/A 1000000000.00%
Fully Capitalized N/A
500000000.00%

0.00%
1 2
-500000000.00%
 1500000000.00%

1000000000.00%

500000000.00%
IRR @ $250000
0.00%
Cash on Cash $28,679,090 1 2
Fully Capitalized $28,679,090 -500000000.00%
 Sources of Funds

Contributed Capital 1,500,000 100%

Totals 1,500,000 100%

Year 3 Year 4 Year 5

3 4 5

$6,049,920 $19,712,588 $41,878,845

342.13% 225.83% 112.45%

$3,252,725 $14,650,316 $33,203,741

53.76% 74.32% 79.29%

$2,540,549 $9,138,406 $20,914,697

41.99% 46.36% 49.94%

$130,861 $67,388 $0
$87,343 $63,473 $67,388

Sales
Net Income

1 2 3 4 5
1 2 3 4 5
 Potential Capital Needed 2,300,000
Capital Requested 1,500,000
Potential Add'l Capital Needed 800,000
 Capital Structure
Existing POST RAISE/NEW ADDITIONS
10.00% 6.50%
20.00% 13.00%
1.00% 0.65%
1.00% 0.65%
1.00% 0.65%
1.00% 0.65%
1.00% 0.65%
2.00% 1.30%
63.00% 40.30%
0.00% 35.65%
Total 100.00% Total 100.00%
 Capital Structure
After Contributions
4.23%
8.45%
0.42%
0.42%
0.42%
0.42%
0.42%
0.85%
26.20%
23.17%
15.00%
20.00%
Total 100.00%

% Retained 80.00%
% Sold to Investors 20.00%
 Projected Income Statements
At the end of year
1 2 3
Gross Revenue 259,750 1,368,370 6,049,920
% Growth N/A 426.80% 342.13%
Wages & Salaries 959,400 1,453,432 2,186,178
% of Sales 369.36% 106.22% 36.14%
Payroll Taxes 10,894 7,876 167,243
% of Sales 4.19% 0.58% 2.76%
Employee Benefits 10,390 39,610 137,000
% of Sales 4.00% 2.89% 2.26%
Operating Expenses 36,612 86,871 206,669
% of Sales 14.09% 6.35% 3.42%
Marketing & Promotion Expenses 40,000 6,684 23,119
% of Sales 15.40% 0.49% 0.38%
Contribution Margin (787,155) (186,493) 3,466,712
% Margin -303.04% -13.63% 57.30%

G&A 26,784 35,204 19,139

% of Sales 10.31% 2.57% 0.32%
Other Misc. Expenses 63,800 31,680 34,848
% of Sales 24.56% 2.32% 0.58%
Rent 36,000 90,000 160,000
% of Sales 13.86% 6.58% 2.64%
EBITDA (913,739) (343,377) 3,252,725
% Margin -351.78% -25.09% 53.76%

Depreciation & Amortization 217,000 229,000 241,000

% of Sales 83.54% 16.74% 3.98%
EBIT (1,130,739) (572,377) 3,011,725
% Margin -435.32% -41.83% 49.78%

Interest Expense 20,570 15,790 10,716

% of Sales 7.92% 1.15% 0.18%
EBT (1,151,309) (588,167) 3,001,009
% Margin -443.24% -42.98% 49.60%

Provision (Benefit) for Income Taxes - - 460,459

% Tax Rate 0.00% 0.00% 15.34%
Net Income (Loss) (1,151,309) (588,167) 2,540,549

Capital Expenditures 60,000 60,000 60,000

% of Sales 23.10% 4.38% 0.99%
 me Statements
nd of year
4 5
19,712,588 41,878,845
225.83% 112.45%
3,871,757 6,635,127
19.64% 15.84%
296,189 507,587
1.50% 1.21%
357,570 760,350
1.81% 1.82%
416,064 881,860
2.11% 2.11%
60,340 128,309
0.31% 0.31%
15,068,237 33,725,961
76.44% 80.53%

19,589 20,054
0.10% 0.05%
38,333 42,166
0.19% 0.10%
360,000 460,000
1.83% 1.10%
14,650,316 33,203,741
74.32% 79.29%

253,000 265,000
1.28% 0.63%
14,397,316 32,938,741
73.04% 78.65%

6,125 2,210
0.03% 0.01%
14,391,191 32,936,531
73.01% 78.65%

5,252,785 12,021,834
36.50% 36.50%
9,138,406 20,914,697

60,000 88,000
0.30% 0.21%
Cash on Cash
Fully Capitalized
 1 2 3 4
EBITDA (913,739) (343,377) 3,252,725 14,650,316
Interest Paid (4,013) (2,505) (904) -
Taxes Paid - - (460,459) (5,252,785)
Cap Ex (60,000) (60,000) (60,000) (60,000)
CF Value - - - -
Net Cash Flow (1,500,000) (977,752) (405,882) 2,731,362 9,337,531
Net Cash Flow (1,500,000) (977,752) (405,882) 2,731,362 9,337,531

1 2 3 4
Operating Tax Rate 36.50% 36.50% 36.50% 36.50%
EBT x Tax Rate (420,228) (214,681) 1,095,368 5,252,785
NOL Carryforwards (420,228) (634,909) - -
CY Provision for Taxes - - 460,459 5,252,785
 5
33,203,741
-
(12,021,834)
(88,000)
830,093,525
851,187,433
851,187,433

5
36.50%
12,021,834
-
12,021,834
Scenario Under Review 2 Projected Income State
For Year 1 by mon
1 2 3 4 5
Gross Revenue 12,000 12,750 13,750 15,250 16,750
% Growth N/A 6.25% 7.84% 10.91% 9.84%
Wages & Salaries 48,550 67,683 70,350 70,350 76,600
% of Sales 404.58% 530.85% 511.64% 461.31% 457.31%
Payroll Taxes 1,285 1,079 964 964 964
% of Sales 10.71% 8.46% 7.01% 6.32% 5.75%
Employee Benefits 600 750 810 930 950
% of Sales 5.00% 5.88% 5.89% 6.10% 5.67%
Operating Expenses 2,742 2,885 2,943 3,058 3,077
% of Sales 22.85% 22.63% 21.40% 20.05% 18.37%
Marketing & Promotion Expenses 3,333 3,333 3,333 3,333 3,333
% of Sales 27.78% 26.14% 24.24% 21.86% 19.90%
Contribution Margin (43,910) (62,231) (63,840) (62,455) (67,224)
% Margin -365.92% -488.08% -464.29% -409.54% -401.34%

G&A 2,232 2,232 2,232 2,232 2,232

% of Sales 18.60% 17.51% 16.23% 14.64% 13.33%
Other Misc. Expenses 5,317 5,317 5,317 5,317 5,317
% of Sales 44.31% 41.70% 38.67% 34.86% 31.74%
Rent 3,000 3,000 3,000 3,000 3,000
% of Sales 25.00% 23.53% 21.82% 19.67% 17.91%
EBITDA (54,459) (72,779) (74,389) (73,004) (77,773)
% Margin -453.82% -570.82% -541.01% -478.71% -464.32%

Depreciation & Amortization 18,083 18,083 18,083 18,083 18,083

% of Sales 150.69% 141.83% 131.52% 118.58% 107.96%
EBIT (72,542) (90,863) (92,472) (91,087) (95,856)
% Margin -604.52% -712.65% -672.52% -597.29% -572.28%

Interest Expense 1,890 1,858 1,827 1,795 1,763

% of Sales 15.75% 14.58% 13.29% 11.77% 10.53%
EBT (74,432) (92,721) (94,299) (92,882) (97,620)
% Margin -620.27% -727.22% -685.81% -609.06% -582.80%

Provision (Benefit) for Income Taxes - - - - -

% Tax Rate 0.00% 0.00% 0.00% 0.00% 0.00%
Net Income (Loss) (74,432) (92,721) (94,299) (92,882) (97,620)

For Year 2 by mon

1 2 3 4 5
Gross Revenue 42,000 47,000 53,250 59,500 67,000
 % Growth N/A 11.90% 13.30% 11.74% 12.61%
Wages & Salaries 111,408 111,195 111,195 116,774 125,358
% of Sales 265.26% 236.59% 208.82% 196.26% 187.10%
Payroll Taxes 656 656 656 656 656
% of Sales 1.56% 1.40% 1.23% 1.10% 0.98%
Employee Benefits 1,980 2,480 2,830 3,080 3,230
% of Sales 4.71% 5.28% 5.31% 5.18% 4.82%
Operating Expenses 5,388 5,991 6,413 6,714 6,895
% of Sales 12.83% 12.75% 12.04% 11.28% 10.29%
Marketing & Promotion Expenses 334 419 478 520 545
% of Sales 0.80% 0.89% 0.90% 0.87% 0.81%
Contribution Margin (75,786) (71,260) (65,491) (65,164) (66,454)
% Margin -631.55% -558.90% -476.30% -427.31% -396.74%

G&A 2,934 2,934 2,934 2,934 2,934

% of Sales 6.98% 6.24% 5.51% 4.93% 4.38%
Other Misc. Expenses 2,640 2,640 2,640 2,640 2,640
% of Sales 6.29% 5.62% 4.96% 4.44% 3.94%
Rent 7,500 7,500 7,500 7,500 7,500
% of Sales 17.86% 15.96% 14.08% 12.61% 11.19%
EBITDA (88,859) (84,334) (78,565) (78,238) (79,528)
% Margin -211.57% -179.43% -147.54% -131.49% -118.70%

Depreciation & Amortization 19,083 19,083 19,083 19,083 19,083

% of Sales 45.44% 40.60% 35.84% 32.07% 28.48%
EBIT (107,943) (103,417) (97,648) (97,321) (98,611)
% Margin -257.01% -220.04% -183.38% -163.57% -147.18%

Interest Expense 1,502 1,469 1,436 1,402 1,368

% of Sales 3.58% 3.13% 2.70% 2.36% 2.04%
EBT (109,445) (104,886) (99,084) (98,723) (99,979)
% Margin -260.58% -223.16% -186.07% -165.92% -149.22%

Provision (Benefit) for Income Taxes - - - - -

% Tax Rate 0.00% 0.00% 0.00% 0.00% 0.00%
Net Income (Loss) (109,445) (104,886) (99,084) (98,723) (99,979)

Total cash outflows before inflows (1,727,836)

Projected Income Statements
For Year 1 by month
6 7 8 9 10 11 12
18,500 21,000 23,500 26,500 29,500 33,250 37,000
10.45% 13.51% 11.90% 12.77% 11.32% 12.71% 11.28%
77,017 80,433 80,433 92,933 98,350 98,350 98,350
416.31% 383.02% 342.27% 350.69% 333.39% 295.79% 265.81%
581 843 843 843 843 843 843
3.14% 4.01% 3.59% 3.18% 2.86% 2.53% 2.28%
1,050 940 930 990 850 780 810
5.68% 4.48% 3.96% 3.74% 2.88% 2.35% 2.19%
3,173 3,068 3,058 3,115 2,981 2,914 2,943
17.15% 14.61% 13.01% 11.76% 10.11% 8.76% 7.95%
3,333 3,333 3,333 3,333 3,333 3,333 3,333
18.02% 15.87% 14.18% 12.58% 11.30% 10.03% 9.01%
(65,604) (66,677) (64,167) (73,725) (76,007) (72,190) (68,469)
-354.62% -317.51% -273.05% -278.21% -257.65% -217.11% -185.05%

2,232 2,232 2,232 2,232 2,232 2,232 2,232

12.06% 10.63% 9.50% 8.42% 7.57% 6.71% 6.03%
5,317 5,317 5,317 5,317 5,317 5,317 5,317
28.74% 25.32% 22.62% 20.06% 18.02% 15.99% 14.37%
3,000 3,000 3,000 3,000 3,000 3,000 3,000
16.22% 14.29% 12.77% 11.32% 10.17% 9.02% 8.11%
(76,153) (77,226) (74,716) (84,274) (86,556) (82,739) (79,018)
-411.64% -367.74% -317.94% -318.01% -293.41% -248.84% -213.56%

18,083 18,083 18,083 18,083 18,083 18,083 18,083

97.75% 86.11% 76.95% 68.24% 61.30% 54.39% 48.87%
(94,236) (95,309) (92,799) (102,357) (104,639) (100,822) (97,101)
-509.39% -453.85% -394.89% -386.25% -354.71% -303.22% -262.44%

1,731 1,699 1,667 1,634 1,601 1,569 1,536

9.36% 8.09% 7.09% 6.17% 5.43% 4.72% 4.15%
(95,968) (97,008) (94,466) (103,991) (106,241) (102,391) (98,637)
-518.74% -461.94% -401.98% -392.42% -360.14% -307.94% -266.59%

- - - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(95,968) (97,008) (94,466) (103,991) (106,241) (102,391) (98,637)

For Year 2 by month

6 7 8 9 10 11 12
74,500 82,000 90,750 100,750 112,000 124,500 137,000
 11.19% 10.07% 10.67% 11.02% 11.17% 11.16% 10.04%
125,358 125,358 125,358 125,358 125,358 125,358 125,358
168.27% 152.88% 138.13% 124.42% 111.93% 100.69% 91.50%
656 656 656 656 656 656 656
0.88% 0.80% 0.72% 0.65% 0.59% 0.53% 0.48%
3,280 3,580 3,880 3,730 3,980 3,680 3,880
4.40% 4.37% 4.28% 3.70% 3.55% 2.96% 2.83%
6,955 7,317 7,679 7,498 7,799 7,438 7,679
9.34% 8.92% 8.46% 7.44% 6.96% 5.97% 5.60%
554 604 655 629 672 621 655
0.74% 0.74% 0.72% 0.62% 0.60% 0.50% 0.48%
(59,023) (51,935) (43,597) (33,391) (22,485) (9,572) 2,653
-319.04% -247.31% -185.52% -126.00% -76.22% -28.79% 7.17%

2,934 2,934 2,934 2,934 2,934 2,934 2,934

3.94% 3.58% 3.23% 2.91% 2.62% 2.36% 2.14%
2,640 2,640 2,640 2,640 2,640 2,640 2,640
3.54% 3.22% 2.91% 2.62% 2.36% 2.12% 1.93%
7,500 7,500 7,500 7,500 7,500 7,500 7,500
10.07% 9.15% 8.26% 7.44% 6.70% 6.02% 5.47%
(72,096) (65,009) (56,671) (46,465) (35,558) (22,646) (10,421)
-96.77% -79.28% -62.45% -46.12% -31.75% -18.19% -7.61%

19,083 19,083 19,083 19,083 19,083 19,083 19,083

25.62% 23.27% 21.03% 18.94% 17.04% 15.33% 13.93%
(91,180) (84,092) (75,754) (65,548) (54,642) (41,729) (29,504)
-122.39% -102.55% -83.48% -65.06% -48.79% -33.52% -21.54%

1,334 1,300 1,265 1,231 1,196 1,161 1,126

1.79% 1.59% 1.39% 1.22% 1.07% 0.93% 0.82%
(92,514) (85,392) (77,020) (66,779) (55,838) (42,891) (30,631)
-124.18% -104.14% -84.87% -66.28% -49.86% -34.45% -22.36%

- - - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(92,514) (85,392) (77,020) (66,779) (55,838) (42,891) (30,631)
(74,432) (167,153) (261,452) (354,335) (451,954) (547,922) (644,930) (739,396)
36.50% 36.50% 36.50% 36.50% 36.50% 36.50% 36.50% 36.50%
- - - - - - - -
(1,260,100) (1,364,986) (1,464,070) (1,562,793) (1,662,772) (1,755,286) (1,840,677) (1,917,697)
36.50% 36.50% 36.50% 36.50% 36.50% 36.50% 36.50% 36.50%
- - - - - - - -
(843,387) (949,627) (1,052,018) (1,150,655)
36.50% 36.50% 36.50% 36.50%
- - - -
(1,984,476) (2,040,314) (2,083,205) (2,113,836)
36.50% 36.50% 36.50% 36.50%
- - - -
Scenario Under Review 2

Income Statement 1 2 3
Gross Revenue 259,750 1,368,370 6,049,920
Wages & Salaries 959,400 1,453,432 2,186,178
Payroll Taxes 10,894 7,876 167,243
Employee Benefits 10,390 39,610 137,000
Operating Expenses 36,612 86,871 206,669
Marketing & Promotion Expenses 40,000 6,684 23,119
G&A 26,784 35,204 19,139
Other Misc. Expenses 63,800 31,680 34,848
Rent 36,000 90,000 160,000
Depreciation & Amortization 217,000 229,000 241,000

SCENARIO ASSUMPTIONS
Customer Customer
GROSS REVENUE 259,750 Growth % 1,368,370 Growth %
High Growth 1 566,500 323 300.00% 1,292 225.00%
Base Case 2 259,750 148 270.27% 548 200.00%
Slow Growth 3 390,000 222 100.00% 444 50.00%

VARIABLE EXPENSES
WAGES & SALARIES 959,400 1,453,432
High Growth 1 959,400 1,453,432 3,459,258
Base Case 2 959,400 1,453,432 2,186,178
Slow Growth 3 959,400 1,453,432 1,708,773

PAYROLL TAXES 10,894 7,876

High Growth 1 10,894 7,876 264,633
Base Case 2 10,894 7,876 167,243
Slow Growth 3 10,894 7,876 130,721

EMPLOYEE BENEFITS 10,390 39,610

High Growth 1 23,470 101,745 343,995
Base Case 2 10,390 39,610 137,000
Slow Growth 3 16,905 41,070 67,710

OPERATING EXPENSES 36,612 86,871

High Growth 1 48,493 158,692 420,423
Base Case 2 36,612 86,871 206,669
Slow Growth 3 42,201 85,525 121,186
MARKETING & PROMOTION EXPENSES 40,000 6,684
High Growth 1 40,000 17,169 58,049
Base Case 2 40,000 6,684 23,119
Slow Growth 3 40,000 6,931 11,426

FIXED EXPENSES
G&A 26,784 35,204
High Growth 1 26,784 35,204 19,139
Base Case 2 26,784 35,204 19,139
Slow Growth 3 26,784 35,204 19,139

OTHER MISC. EXPENSES 63,800 31,680

High Growth 1 63,800 31,680 34,848
Base Case 2 63,800 31,680 34,848
Slow Growth 3 63,800 31,680 34,848

RENT 36,000 90,000

High Growth 1 36,000 90,000 160,000
Base Case 2 36,000 90,000 160,000
Slow Growth 3 36,000 90,000 160,000

DEPRECIATION & AMORTIZATION 217,000 229,000

High Growth 1 217,000 229,000 241,000
Base Case 2 217,000 229,000 241,000
Slow Growth 3 217,000 220,000 223,000

CAPITAL EXPENDITURES 60,000 60,000

High Growth 1 60,000 60,000 60,000
Base Case 2 60,000 60,000 60,000
Slow Growth 3 15,000 15,000 25,000
 4 5
19,712,588 41,878,845
3,871,757 6,635,127
296,189 507,587
357,570 760,350
416,064 881,860
60,340 128,309
19,589 20,054
38,333 42,166
360,000 460,000
253,000 265,000

MPTIONS
Customer Customer
6,049,920 Growth % 19,712,588 Growth % 41,878,845
4,199 150.00% 10,498 125.00% 23,621
1,644 150.00% 4,110 100.00% 8,220
666 50.00% 999 50.00% 1,499

NSES
2,186,178 3,871,757 6,635,127
12 7,603,473 25 16,444,591 52
4 3,871,757 10 6,635,127 16
1 1,919,171 1 2,318,972 2

167,243 296,189 507,587

581,666 1,258,011
296,189 507,587
146,817 177,401

137,000 357,570 760,350

913,315 2,112,755
357,570 760,350
101,565 152,380

206,669 416,064 881,860

991,746 2,262,497
416,064 881,860
109,525 162,418
 23,119 60,340 128,309
154,122 356,527
60,340 128,309
17,139 25,714

ES
19,139 19,589 20,054
19,589 20,054
19,589 20,054
19,589 20,054

34,848 38,333 42,166

38,333 42,166
38,333 42,166
38,333 42,166

160,000 360,000 460,000

360,000 460,000
360,000 460,000
360,000 460,000

241,000 253,000 265,000

253,000 265,000
253,000 265,000
228,000 233,000

60,000 60,000 88,000

60,000 88,000
60,000 88,000
25,000 25,000
New employee per # new customers 250
 REVENUE GROWTH
$250
Year Year Year
# of 1 # of 2 # of 3
GROSS REVENUE Custs Custs Growth % Custs Growth %
High Growth 1 45 566,500 323 300.00% 1,292 225.00%
Base Case 2 45 259,750 148 270.27% 548 200.00%
Slow Growth 3 45 390,000 222 100.00% 444 50.00%

HIGH GROWTH 135,000 969,000

Month 1 23 69,500 81 242,250 242
Month 2 23 63,708 81 222,063 242
Month 3 23 57,917 81 201,875 242
Month 4 23 52,125 81 181,688 242
Month 5 23 46,333 81 161,500 242
Month 6 23 40,542 81 141,313 242
Month 7 23 34,750 81 121,125 242
Month 8 23 28,958 81 100,938 242
Month 9 23 23,167 81 80,750 242
Month 10 23 17,375 81 60,563 242
Month 11 23 11,583 81 40,375 242
Month 12 23 5,792 81 20,188 242
278 451,750 969 1,574,625 2,907
Add-on Revenue 0.05 660,131 0.2
323 586,750 1,292 3,203,756 4,199

BASE CASE 45 11,250 135,000 148 37,000 444,000

Month 1 3 750 9,000 20 5,000 60,000 91
Month 2 3 750 8,250 20 5,000 55,000 91
Month 3 4 1,000 10,000 25 6,250 62,500 91
Month 4 6 1,500 13,500 25 6,250 56,250 91
Month 5 6 1,500 12,000 30 7,500 60,000 91
Month 6 7 1,750 12,250 30 7,500 52,500 91
Month 7 10 2,500 15,000 30 7,500 45,000 91
Month 8 10 2,500 12,500 35 8,750 43,750 91
Month 9 12 3,000 12,000 40 10,000 40,000 91
Month 10 12 3,000 9,000 45 11,250 33,750 91
Month 11 15 3,750 7,500 50 12,500 25,000 91
Month 12 15 3,750 3,750 50 12,500 12,500 91
103 124,750 400 546,250 1,096
Add-on Revenue 0.05 378,120 0.2
148 259,750 548 1,368,370 1,644
SLOW GROWTH 135,000 666,000
Month 1 15 44,250 19 55,500 19
Month 2 15 40,563 19 50,875 19
Month 3 15 36,875 19 46,250 19
Month 4 15 33,188 19 41,625 19
Month 5 15 29,500 19 37,000 19
Month 6 15 25,813 19 32,375 19
Month 7 15 22,125 19 27,750 19
Month 8 15 18,438 19 23,125 19
Month 9 15 14,750 19 18,500 19
Month 10 15 11,063 19 13,875 19
Month 11 15 7,375 19 9,250 19
Month 12 15 3,688 19 4,625 19
177 287,625 222 360,750 222
Add-on Revenue 0.01 3,608 0.1
222 422,625 444 1,030,358 666
TH
Year Year
# of 4 # of 5 # of 1
Custs Growth % Custs Growth % Custs
4,199 150.00% 10,498 125.00% 23,621
1,644 150.00% 4,110 100.00% 8,220
666 50.00% 999 50.00% 1,499

3,876,000 12,597,000 31,494,000 Year 1 17,042

726,750 525 1,574,750 1,094 3,280,750 Year 2 100,938
666,188 525 1,443,521 1,094 3,007,354
605,625 525 1,312,292 1,094 2,733,958
545,063 525 1,181,063 1,094 2,460,563
484,500 525 1,049,833 1,094 2,187,167
423,938 525 918,604 1,094 1,913,771
363,375 525 787,375 1,094 1,640,375
302,813 525 656,146 1,094 1,366,979
242,250 525 524,917 1,094 1,093,583
181,688 525 393,688 1,094 820,188
121,125 525 262,458 1,094 546,792
60,563 525 131,229 1,094 273,396
4,723,875 6,299 10,235,875 13,123 21,324,875
4,094,025 0.35 13,975,576 0.5 34,047,228
12,693,900 10,498 36,808,451 23,621 86,866,103

1,644,000 4,932,000 12,330,000 Year 1 12,000

274,000 206 616,500 343 1,027,500 Year 2 42,000
251,167 206 565,125 343 941,875
228,333 206 513,750 343 856,250
205,500 206 462,375 343 770,625
182,667 206 411,000 343 685,000
159,833 206 359,625 343 599,375
137,000 206 308,250 343 513,750
114,167 206 256,875 343 428,125
91,333 206 205,500 343 342,500
68,500 206 154,125 343 256,875
45,667 206 102,750 343 171,250
22,833 206 51,375 343 85,625
1,781,000 2,466 4,007,250 4,110 6,678,750
2,624,920 0.35 10,773,338 0.5 22,870,095
6,049,920 4,110 19,712,588 8,220 41,878,845
1,332,000 1,998,000 2,997,000 Year 1 14,938
55,500 28 83,250 42 125,000 Year 2 60,125
50,875 28 76,313 42 114,583
46,250 28 69,375 42 104,167
41,625 28 62,438 42 93,750
37,000 28 55,500 42 83,333
32,375 28 48,563 42 72,917
27,750 28 41,625 42 62,500
23,125 28 34,688 42 52,083
18,500 28 27,750 42 41,667
13,875 28 20,813 42 31,250
9,250 28 13,875 42 20,833
4,625 28 6,938 42 10,417
360,750 333 541,125 500 812,500
36,075 0.2 108,225 0.35 284,375
1,728,825 999 2,647,350 1,499 4,093,875
 2 3 4 5 6 7 8 9 10 11

22,833 28,625 34,417 40,208 46,000 51,792 57,583 63,375 69,167 74,958
121,125 141,313 161,500 181,688 201,875 222,063 242,250 262,438 282,625 302,813

12,750 13,750 15,250 16,750 18,500 21,000 23,500 26,500 29,500 33,250
47,000 53,250 59,500 67,000 74,500 82,000 90,750 100,750 112,000 124,500
18,625 22,313 26,000 29,688 33,375 37,063 40,750 44,438 48,125 51,813
64,750 69,375 74,000 78,625 83,250 87,875 92,500 97,125 101,750 106,375
 12 Totals

80,750 586,750 $1
323,000 2,543,625

37,000 259,750
137,000 990,250
 55,500 422,625
111,000 1,026,750
Revenue 1 5 8 10
Year Year Year Year
1 2 3 4
VARIABLE EXPENSES

Payroll Taxes
Calculated as a percentage (%) of Wages & Salaries

HIGH GROWTH 3,459,258

Month 1 7.65% 1,285 7.65% 656 7.65% 22,053 7.65%
Month 2 7.65% 1,079 7.65% 656 7.65% 22,053 7.65%
Month 3 7.65% 964 7.65% 656 7.65% 22,053 7.65%
Month 4 7.65% 964 7.65% 656 7.65% 22,053 7.65%
Month 5 7.65% 964 7.65% 656 7.65% 22,053 7.65%
Month 6 7.65% 581 7.65% 656 7.65% 22,053 7.65%
Month 7 7.65% 843 7.65% 656 7.65% 22,053 7.65%
Month 8 7.65% 843 7.65% 656 7.65% 22,053 7.65%
Month 9 7.65% 843 7.65% 656 7.65% 22,053 7.65%
Month 10 7.65% 843 7.65% 656 7.65% 22,053 7.65%
Month 11 7.65% 843 7.65% 656 7.65% 22,053 7.65%
Month 12 7.65% 843 7.65% 656 7.65% 22,053 7.65%
10,894 7,876 264,633

BASE CASE 2,186,178

Month 1 7.65% 1,285 7.65% 656 7.65% 13,937 7.65%
Month 2 7.65% 1,079 7.65% 656 7.65% 13,937 7.65%
Month 3 7.65% 964 7.65% 656 7.65% 13,937 7.65%
Month 4 7.65% 964 7.65% 656 7.65% 13,937 7.65%
Month 5 7.65% 964 7.65% 656 7.65% 13,937 7.65%
Month 6 7.65% 581 7.65% 656 7.65% 13,937 7.65%
Month 7 7.65% 843 7.65% 656 7.65% 13,937 7.65%
Month 8 7.65% 843 7.65% 656 7.65% 13,937 7.65%
Month 9 7.65% 843 7.65% 656 7.65% 13,937 7.65%
Month 10 7.65% 843 7.65% 656 7.65% 13,937 7.65%
Month 11 7.65% 843 7.65% 656 7.65% 13,937 7.65%
Month 12 7.65% 843 7.65% 656 7.65% 13,937 7.65%
10,894 7,876 167,243

SLOW GROWTH 1,708,773

Month 1 7.65% 1,285 7.65% 656 7.65% 10,893 7.65%
Month 2 7.65% 1,079 7.65% 656 7.65% 10,893 7.65%
Month 3 7.65% 964 7.65% 656 7.65% 10,893 7.65%
Month 4 7.65% 964 7.65% 656 7.65% 10,893 7.65%
Month 5 7.65% 964 7.65% 656 7.65% 10,893 7.65%
Month 6 7.65% 581 7.65% 656 7.65% 10,893 7.65%
Month 7 7.65% 843 7.65% 656 7.65% 10,893 7.65%
Month 8 7.65% 843 7.65% 656 7.65% 10,893 7.65%
Month 9 7.65% 843 7.65% 656 7.65% 10,893 7.65%
Month 10 7.65% 843 7.65% 656 7.65% 10,893 7.65%
Month 11 7.65% 843 7.65% 656 7.65% 10,893 7.65%
Month 12 7.65% 843 7.65% 656 7.65% 10,893 7.65%
10,894 7,876 130,721

Employee Benefits
Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 4.00% 682 4.00% 4,038 4.00% 15,343 4.00%
Month 2 4.00% 913 4.00% 4,845 4.00% 17,765 4.00%
Month 3 4.00% 1,145 4.00% 5,653 4.00% 20,188 4.00%
Month 4 4.00% 1,377 4.00% 6,460 4.00% 22,610 4.00%
Month 5 4.00% 1,608 4.00% 7,268 4.00% 25,033 4.00%
Month 6 4.00% 1,840 4.00% 8,075 4.00% 27,455 4.00%
Month 7 4.00% 2,072 4.00% 8,883 4.00% 29,878 4.00%
Month 8 4.00% 2,303 4.00% 9,690 4.00% 32,300 4.00%
Month 9 4.00% 2,535 4.00% 10,498 4.00% 34,723 4.00%
Month 10 4.00% 2,767 4.00% 11,305 4.00% 37,145 4.00%
Month 11 4.00% 2,998 4.00% 12,113 4.00% 39,568 4.00%
Month 12 4.00% 3,230 4.00% 12,920 4.00% 41,990 4.00%
23,470 101,745 343,995

BASE CASE
Month 1 4.00% 600 4.00% 1,980 4.00% 6,393 4.00%
Month 2 4.00% 750 4.00% 2,480 4.00% 7,307 4.00%
Month 3 4.00% 810 4.00% 2,830 4.00% 8,220 4.00%
Month 4 4.00% 930 4.00% 3,080 4.00% 9,133 4.00%
Month 5 4.00% 950 4.00% 3,230 4.00% 10,047 4.00%
Month 6 4.00% 1,050 4.00% 3,280 4.00% 10,960 4.00%
Month 7 4.00% 940 4.00% 3,580 4.00% 11,873 4.00%
Month 8 4.00% 930 4.00% 3,880 4.00% 12,787 4.00%
Month 9 4.00% 990 4.00% 3,730 4.00% 13,700 4.00%
Month 10 4.00% 850 4.00% 3,980 4.00% 14,613 4.00%
Month 11 4.00% 780 4.00% 3,680 4.00% 15,527 4.00%
Month 12 4.00% 810 4.00% 3,880 4.00% 16,440 4.00%
10,390 39,610 137,000

SLOW GROWTH
Month 1 4.00% 598 4.00% 2,405 4.00% 4,625 4.00%
Month 2 4.00% 745 4.00% 2,590 4.00% 4,810 4.00%
Month 3 4.00% 893 4.00% 2,775 4.00% 4,995 4.00%
Month 4 4.00% 1,040 4.00% 2,960 4.00% 5,180 4.00%
Month 5 4.00% 1,188 4.00% 3,145 4.00% 5,365 4.00%
Month 6 4.00% 1,335 4.00% 3,330 4.00% 5,550 4.00%
Month 7 4.00% 1,483 4.00% 3,515 4.00% 5,735 4.00%
Month 8 4.00% 1,630 4.00% 3,700 4.00% 5,920 4.00%
Month 9 4.00% 1,778 4.00% 3,885 4.00% 6,105 4.00%
Month 10 4.00% 1,925 4.00% 4,070 4.00% 6,290 4.00%
Month 11 4.00% 2,073 4.00% 4,255 4.00% 6,475 4.00%
Month 12 4.00% 2,220 4.00% 4,440 4.00% 6,660 4.00%
16,905 41,070 67,710

Operating Expenses
Legal
Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 1.00% 170 0.75% 757 0.30% 1,151 0.30%
Month 2 1.00% 228 0.75% 908 0.30% 1,332 0.30%
Month 3 1.00% 286 0.75% 1,060 0.30% 1,514 0.30%
Month 4 1.00% 344 0.75% 1,211 0.30% 1,696 0.30%
Month 5 1.00% 402 0.75% 1,363 0.30% 1,877 0.30%
Month 6 1.00% 460 0.75% 1,514 0.30% 2,059 0.30%
Month 7 1.00% 518 0.75% 1,665 0.30% 2,241 0.30%
Month 8 1.00% 576 0.75% 1,817 0.30% 2,423 0.30%
Month 9 1.00% 634 0.75% 1,968 0.30% 2,604 0.30%
Month 10 1.00% 692 0.75% 2,120 0.30% 2,786 0.30%
Month 11 1.00% 750 0.75% 2,271 0.30% 2,968 0.30%
Month 12 1.00% 808 0.75% 2,423 0.30% 3,149 0.30%
5,868 19,077 25,800

BASE CASE
Month 1 1.00% 150 0.75% 371 0.30% 480 0.30%
Month 2 1.00% 188 0.75% 465 0.30% 548 0.30%
Month 3 1.00% 203 0.75% 531 0.30% 617 0.30%
Month 4 1.00% 233 0.75% 578 0.30% 685 0.30%
Month 5 1.00% 238 0.75% 606 0.30% 754 0.30%
Month 6 1.00% 263 0.75% 615 0.30% 822 0.30%
Month 7 1.00% 235 0.75% 671 0.30% 891 0.30%
Month 8 1.00% 233 0.75% 728 0.30% 959 0.30%
Month 9 1.00% 248 0.75% 699 0.30% 1,028 0.30%
Month 10 1.00% 213 0.75% 746 0.30% 1,096 0.30%
Month 11 1.00% 195 0.75% 690 0.30% 1,165 0.30%
Month 12 1.00% 203 0.75% 728 0.30% 1,233 0.30%
2,598 7,427 10,275

SLOW GROWTH
Month 1 1.00% 149 0.75% 451 0.30% 347 0.30%
Month 2 1.00% 186 0.75% 486 0.30% 361 0.30%
Month 3 1.00% 223 0.75% 520 0.30% 375 0.30%
Month 4 1.00% 260 0.75% 555 0.30% 389 0.30%
Month 5 1.00% 297 0.75% 590 0.30% 402 0.30%
Month 6 1.00% 334 0.75% 624 0.30% 416 0.30%
Month 7 1.00% 371 0.75% 659 0.30% 430 0.30%
Month 8 1.00% 408 0.75% 694 0.30% 444 0.30%
Month 9 1.00% 444 0.75% 728 0.30% 458 0.30%
Month 10 1.00% 481 0.75% 763 0.30% 472 0.30%
Month 11 1.00% 518 0.75% 798 0.30% 486 0.30%
Month 12 1.00% 555 0.75% 833 0.30% 500 0.30%
4,226 7,701 5,078

Payroll Service
Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.30% 51 0.30% 303 0.30% 1,151 0.30%
Month 2 0.30% 69 0.30% 363 0.30% 1,332 0.30%
Month 3 0.30% 86 0.30% 424 0.30% 1,514 0.30%
Month 4 0.30% 103 0.30% 485 0.30% 1,696 0.30%
Month 5 0.30% 121 0.30% 545 0.30% 1,877 0.30%
Month 6 0.30% 138 0.30% 606 0.30% 2,059 0.30%
Month 7 0.30% 155 0.30% 666 0.30% 2,241 0.30%
Month 8 0.30% 173 0.30% 727 0.30% 2,423 0.30%
Month 9 0.30% 190 0.30% 787 0.30% 2,604 0.30%
Month 10 0.30% 208 0.30% 848 0.30% 2,786 0.30%
Month 11 0.30% 225 0.30% 908 0.30% 2,968 0.30%
Month 12 0.30% 242 0.30% 969 0.30% 3,149 0.30%
1,760 7,631 25,800

BASE CASE
Month 1 0.30% 45 0.30% 149 0.30% 480 0.30%
Month 2 0.30% 56 0.30% 186 0.30% 548 0.30%
Month 3 0.30% 61 0.30% 212 0.30% 617 0.30%
Month 4 0.30% 70 0.30% 231 0.30% 685 0.30%
Month 5 0.30% 71 0.30% 242 0.30% 754 0.30%
Month 6 0.30% 79 0.30% 246 0.30% 822 0.30%
Month 7 0.30% 71 0.30% 269 0.30% 891 0.30%
Month 8 0.30% 70 0.30% 291 0.30% 959 0.30%
Month 9 0.30% 74 0.30% 280 0.30% 1,028 0.30%
Month 10 0.30% 64 0.30% 299 0.30% 1,096 0.30%
Month 11 0.30% 59 0.30% 276 0.30% 1,165 0.30%
Month 12 0.30% 61 0.30% 291 0.30% 1,233 0.30%
779 2,971 10,275

SLOW GROWTH
Month 1 0.30% 45 0.30% 180 0.30% 347 0.30%
Month 2 0.30% 56 0.30% 194 0.30% 361 0.30%
Month 3 0.30% 67 0.30% 208 0.30% 375 0.30%
Month 4 0.30% 78 0.30% 222 0.30% 389 0.30%
Month 5 0.30% 89 0.30% 236 0.30% 402 0.30%
Month 6 0.30% 100 0.30% 250 0.30% 416 0.30%
Month 7 0.30% 111 0.30% 264 0.30% 430 0.30%
Month 8 0.30% 122 0.30% 278 0.30% 444 0.30%
Month 9 0.30% 133 0.30% 291 0.30% 458 0.30%
Month 10 0.30% 144 0.30% 305 0.30% 472 0.30%
Month 11 0.30% 155 0.30% 319 0.30% 486 0.30%
Month 12 0.30% 167 0.30% 333 0.30% 500 0.30%
1,268 3,080 5,078

Postage
Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.02% 3 0.02% 20 0.02% 77 0.02%
Month 2 0.02% 5 0.02% 24 0.02% 89 0.02%
Month 3 0.02% 6 0.02% 28 0.02% 101 0.02%
Month 4 0.02% 7 0.02% 32 0.02% 113 0.02%
Month 5 0.02% 8 0.02% 36 0.02% 125 0.02%
Month 6 0.02% 9 0.02% 40 0.02% 137 0.02%
Month 7 0.02% 10 0.02% 44 0.02% 149 0.02%
Month 8 0.02% 12 0.02% 48 0.02% 162 0.02%
Month 9 0.02% 13 0.02% 52 0.02% 174 0.02%
Month 10 0.02% 14 0.02% 57 0.02% 186 0.02%
Month 11 0.02% 15 0.02% 61 0.02% 198 0.02%
Month 12 0.02% 16 0.02% 65 0.02% 210 0.02%
117 509 1,720

BASE CASE
Month 1 0.02% 3 0.02% 10 0.02% 32 0.02%
Month 2 0.02% 4 0.02% 12 0.02% 37 0.02%
Month 3 0.02% 4 0.02% 14 0.02% 41 0.02%
Month 4 0.02% 5 0.02% 15 0.02% 46 0.02%
Month 5 0.02% 5 0.02% 16 0.02% 50 0.02%
Month 6 0.02% 5 0.02% 16 0.02% 55 0.02%
Month 7 0.02% 5 0.02% 18 0.02% 59 0.02%
Month 8 0.02% 5 0.02% 19 0.02% 64 0.02%
Month 9 0.02% 5 0.02% 19 0.02% 69 0.02%
Month 10 0.02% 4 0.02% 20 0.02% 73 0.02%
Month 11 0.02% 4 0.02% 18 0.02% 78 0.02%
Month 12 0.02% 4 0.02% 19 0.02% 82 0.02%
52 198 685

SLOW GROWTH
Month 1 0.02% 3 0.02% 12 0.02% 23 0.02%
Month 2 0.02% 4 0.02% 13 0.02% 24 0.02%
Month 3 0.02% 4 0.02% 14 0.02% 25 0.02%
Month 4 0.02% 5 0.02% 15 0.02% 26 0.02%
Month 5 0.02% 6 0.02% 16 0.02% 27 0.02%
Month 6 0.02% 7 0.02% 17 0.02% 28 0.02%
Month 7 0.02% 7 0.02% 18 0.02% 29 0.02%
Month 8 0.02% 8 0.02% 19 0.02% 30 0.02%
Month 9 0.02% 9 0.02% 19 0.02% 31 0.02%
Month 10 0.02% 10 0.02% 20 0.02% 31 0.02%
Month 11 0.02% 10 0.02% 21 0.02% 32 0.02%
Month 12 0.02% 11 0.02% 22 0.02% 33 0.02%
85 205 339

Entertainment
Calculated as a fixed dollar ($) amount in Year 1 and percentage (%) of Revenue thereafter

HIGH GROWTH 2,000

Month 1 167 167 1.20% 1,211 1.15% 4,411 1.10%
Month 2 167 167 1.20% 1,454 1.15% 5,107 1.10%
Month 3 167 167 1.20% 1,696 1.15% 5,804 1.10%
Month 4 167 167 1.20% 1,938 1.15% 6,500 1.10%
Month 5 167 167 1.20% 2,180 1.15% 7,197 1.10%
Month 6 167 167 1.20% 2,423 1.15% 7,893 1.10%
Month 7 167 167 1.20% 2,665 1.15% 8,590 1.10%
Month 8 167 167 1.20% 2,907 1.15% 9,286 1.10%
Month 9 167 167 1.20% 3,149 1.15% 9,983 1.10%
Month 10 167 167 1.20% 3,392 1.15% 10,679 1.10%
Month 11 167 167 1.20% 3,634 1.15% 11,376 1.10%
Month 12 167 167 1.20% 3,876 1.15% 12,072 1.10%
2,000 30,524 98,899

BASE CASE 2,000

Month 1 167 167 1.20% 594 1.15% 1,838 1.10%
Month 2 167 167 1.20% 744 1.15% 2,101 1.10%
Month 3 167 167 1.20% 849 1.15% 2,363 1.10%
Month 4 167 167 1.20% 924 1.15% 2,626 1.10%
Month 5 167 167 1.20% 969 1.15% 2,888 1.10%
Month 6 167 167 1.20% 984 1.15% 3,151 1.10%
Month 7 167 167 1.20% 1,074 1.15% 3,414 1.10%
Month 8 167 167 1.20% 1,164 1.15% 3,676 1.10%
Month 9 167 167 1.20% 1,119 1.15% 3,939 1.10%
Month 10 167 167 1.20% 1,194 1.15% 4,201 1.10%
Month 11 167 167 1.20% 1,104 1.15% 4,464 1.10%
Month 12 167 167 1.20% 1,164 1.15% 4,727 1.10%
2,000 11,883 39,388

SLOW GROWTH 2,000

Month 1 167 167 1.20% 722 1.15% 1,330 1.10%
Month 2 167 167 1.20% 777 1.15% 1,383 1.10%
Month 3 167 167 1.20% 833 1.15% 1,436 1.10%
Month 4 167 167 1.20% 888 1.15% 1,489 1.10%
Month 5 167 167 1.20% 944 1.15% 1,542 1.10%
Month 6 167 167 1.20% 999 1.15% 1,596 1.10%
Month 7 167 167 1.20% 1,055 1.15% 1,649 1.10%
Month 8 167 167 1.20% 1,110 1.15% 1,702 1.10%
Month 9 167 167 1.20% 1,166 1.15% 1,755 1.10%
Month 10 167 167 1.20% 1,221 1.15% 1,808 1.10%
Month 11 167 167 1.20% 1,277 1.15% 1,862 1.10%
Month 12 167 167 1.20% 1,332 1.15% 1,915 1.10%
2,000 12,321 19,467

Computer Hardware, License Renewals, & Software

Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.07% 12 0.07% 71 0.07% 268 0.08%
Month 2 0.07% 16 0.07% 85 0.07% 311 0.08%
Month 3 0.07% 20 0.07% 99 0.07% 353 0.08%
Month 4 0.07% 24 0.07% 113 0.07% 396 0.08%
Month 5 0.07% 28 0.07% 127 0.07% 438 0.08%
Month 6 0.07% 32 0.07% 141 0.08% 549 0.08%
Month 7 0.07% 36 0.07% 155 0.08% 598 0.08%
Month 8 0.07% 40 0.07% 170 0.08% 646 0.08%
Month 9 0.07% 44 0.07% 184 0.08% 694 0.08%
Month 10 0.07% 48 0.07% 198 0.08% 743 0.08%
Month 11 0.07% 52 0.07% 212 0.08% 791 0.08%
Month 12 0.07% 57 0.07% 226 0.08% 840 0.08%
411 1,781 6,628
BASE CASE
Month 1 0.07% 11 0.07% 35 0.07% 112 0.08%
Month 2 0.07% 13 0.07% 43 0.07% 128 0.08%
Month 3 0.07% 14 0.07% 50 0.07% 144 0.08%
Month 4 0.07% 16 0.07% 54 0.07% 160 0.08%
Month 5 0.07% 17 0.07% 57 0.07% 176 0.08%
Month 6 0.07% 18 0.07% 57 0.08% 219 0.08%
Month 7 0.07% 16 0.07% 63 0.08% 237 0.08%
Month 8 0.07% 16 0.07% 68 0.08% 256 0.08%
Month 9 0.07% 17 0.07% 65 0.08% 274 0.08%
Month 10 0.07% 15 0.07% 70 0.08% 292 0.08%
Month 11 0.07% 14 0.07% 64 0.08% 311 0.08%
Month 12 0.07% 14 0.07% 68 0.08% 329 0.08%
182 693 2,637

SLOW GROWTH
Month 1 0.07% 10 0.07% 42 0.07% 81 0.07%
Month 2 0.07% 13 0.07% 45 0.07% 84 0.07%
Month 3 0.07% 16 0.07% 49 0.07% 87 0.07%
Month 4 0.07% 18 0.07% 52 0.07% 91 0.07%
Month 5 0.07% 21 0.07% 55 0.07% 94 0.07%
Month 6 0.07% 23 0.07% 58 0.07% 97 0.07%
Month 7 0.07% 26 0.07% 62 0.07% 100 0.07%
Month 8 0.07% 29 0.07% 65 0.07% 104 0.07%
Month 9 0.07% 31 0.07% 68 0.07% 107 0.07%
Month 10 0.07% 34 0.07% 71 0.07% 110 0.07%
Month 11 0.07% 36 0.07% 74 0.07% 113 0.07%
Month 12 0.07% 39 0.07% 78 0.07% 117 0.07%
296 719 1,185

Web Hosting
Calculated as a fixed dollar ($) amount in Years 1-3 and percentage (%) of Revenue thereafter

HIGH GROWTH 24,000 36,000 48,000

Month 1 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 2 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 3 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 4 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 5 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 6 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 7 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 8 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 9 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 10 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 11 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 12 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
24,000 36,000 48,000

BASE CASE 24,000 36,000 48,000

Month 1 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 2 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 3 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 4 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 5 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 6 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 7 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 8 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 9 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 10 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 11 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
Month 12 2,000 2,000 3,000 3,000 4,000 4,000 0.06%
24,000 36,000 48,000

SLOW GROWTH 24,000 36,000 48,000

Month 1 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 2 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 3 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 4 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 5 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 6 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 7 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 8 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 9 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 10 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 11 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
Month 12 2,000 2,000 3,000 3,000 4,000 4,000 0.04%
24,000 36,000 48,000

Internet
Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.04% 6 0.04% 35 0.04% 134 0.04%
Month 2 0.04% 8 0.04% 42 0.04% 155 0.04%
Month 3 0.04% 10 0.04% 49 0.04% 177 0.04%
Month 4 0.04% 12 0.04% 57 0.04% 198 0.04%
Month 5 0.04% 14 0.04% 64 0.04% 219 0.04%
Month 6 0.04% 16 0.04% 71 0.04% 240 0.04%
Month 7 0.04% 18 0.04% 78 0.04% 261 0.04%
Month 8 0.04% 20 0.04% 85 0.04% 283 0.04%
Month 9 0.04% 22 0.04% 92 0.04% 304 0.04%
Month 10 0.04% 24 0.04% 99 0.04% 325 0.04%
Month 11 0.04% 26 0.04% 106 0.04% 346 0.04%
Month 12 0.04% 28 0.04% 113 0.04% 367 0.04%
205 890 3,010

BASE CASE
Month 1 0.04% 5 0.04% 17 0.04% 56 0.04%
Month 2 0.04% 7 0.04% 22 0.04% 64 0.04%
Month 3 0.04% 7 0.04% 25 0.04% 72 0.04%
Month 4 0.04% 8 0.04% 27 0.04% 80 0.04%
Month 5 0.04% 8 0.04% 28 0.04% 88 0.04%
Month 6 0.04% 9 0.04% 29 0.04% 96 0.04%
Month 7 0.04% 8 0.04% 31 0.04% 104 0.04%
Month 8 0.04% 8 0.04% 34 0.04% 112 0.04%
Month 9 0.04% 9 0.04% 33 0.04% 120 0.04%
Month 10 0.04% 7 0.04% 35 0.04% 128 0.04%
Month 11 0.04% 7 0.04% 32 0.04% 136 0.04%
Month 12 0.04% 7 0.04% 34 0.04% 144 0.04%
91 347 1,199

SLOW GROWTH
Month 1 0.04% 5 0.04% 21 0.04% 40 0.04%
Month 2 0.04% 7 0.04% 23 0.04% 42 0.04%
Month 3 0.04% 8 0.04% 24 0.04% 44 0.04%
Month 4 0.04% 9 0.04% 26 0.04% 45 0.04%
Month 5 0.04% 10 0.04% 28 0.04% 47 0.04%
Month 6 0.04% 12 0.04% 29 0.04% 49 0.04%
Month 7 0.04% 13 0.04% 31 0.04% 50 0.04%
Month 8 0.04% 14 0.04% 32 0.04% 52 0.04%
Month 9 0.04% 16 0.04% 34 0.04% 53 0.04%
Month 10 0.04% 17 0.04% 36 0.04% 55 0.04%
Month 11 0.04% 18 0.04% 37 0.04% 57 0.04%
Month 12 0.04% 19 0.04% 39 0.04% 58 0.04%
148 359 592

Phone - Line Usage

Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.05% 9 0.05% 50 0.05% 192 0.05%
Month 2 0.05% 11 0.05% 61 0.05% 222 0.05%
Month 3 0.05% 14 0.05% 71 0.05% 252 0.05%
Month 4 0.05% 17 0.05% 81 0.05% 283 0.05%
Month 5 0.05% 20 0.05% 91 0.05% 313 0.05%
Month 6 0.05% 23 0.05% 101 0.05% 343 0.05%
Month 7 0.05% 26 0.05% 111 0.05% 373 0.05%
Month 8 0.05% 29 0.05% 121 0.05% 404 0.05%
Month 9 0.05% 32 0.05% 131 0.05% 434 0.05%
Month 10 0.05% 35 0.05% 141 0.05% 464 0.05%
Month 11 0.05% 37 0.05% 151 0.05% 495 0.05%
Month 12 0.05% 40 0.05% 162 0.05% 525 0.05%
293 1,272 4,300

BASE CASE
Month 1 0.05% 8 0.05% 25 0.05% 80 0.05%
Month 2 0.05% 9 0.05% 31 0.05% 91 0.05%
Month 3 0.05% 10 0.05% 35 0.05% 103 0.05%
Month 4 0.05% 12 0.05% 39 0.05% 114 0.05%
Month 5 0.05% 12 0.05% 40 0.05% 126 0.05%
Month 6 0.05% 13 0.05% 41 0.05% 137 0.05%
Month 7 0.05% 12 0.05% 45 0.05% 148 0.05%
Month 8 0.05% 12 0.05% 49 0.05% 160 0.05%
Month 9 0.05% 12 0.05% 47 0.05% 171 0.05%
Month 10 0.05% 11 0.05% 50 0.05% 183 0.05%
Month 11 0.05% 10 0.05% 46 0.05% 194 0.05%
Month 12 0.05% 10 0.05% 49 0.05% 206 0.05%
130 495 1,713

SLOW GROWTH
Month 1 0.05% 7 0.05% 30 0.05% 58 0.05%
Month 2 0.05% 9 0.05% 32 0.05% 60 0.05%
Month 3 0.05% 11 0.05% 35 0.05% 62 0.05%
Month 4 0.05% 13 0.05% 37 0.05% 65 0.05%
Month 5 0.05% 15 0.05% 39 0.05% 67 0.05%
Month 6 0.05% 17 0.05% 42 0.05% 69 0.05%
Month 7 0.05% 19 0.05% 44 0.05% 72 0.05%
Month 8 0.05% 20 0.05% 46 0.05% 74 0.05%
Month 9 0.05% 22 0.05% 49 0.05% 76 0.05%
Month 10 0.05% 24 0.05% 51 0.05% 79 0.05%
Month 11 0.05% 26 0.05% 53 0.05% 81 0.05%
Month 12 0.05% 28 0.05% 56 0.05% 83 0.05%
211 513 846

Electric
Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.75% 128 0.75% 757 0.75% 2,877 0.75%
Month 2 0.75% 171 0.75% 908 0.75% 3,331 0.75%
Month 3 0.75% 215 0.75% 1,060 0.75% 3,785 0.75%
Month 4 0.75% 258 0.75% 1,211 0.75% 4,239 0.75%
Month 5 0.75% 302 0.75% 1,363 0.75% 4,694 0.75%
Month 6 0.75% 345 0.75% 1,514 0.75% 5,148 0.75%
Month 7 0.75% 388 0.75% 1,665 0.75% 5,602 0.75%
Month 8 0.75% 432 0.75% 1,817 0.75% 6,056 0.75%
Month 9 0.75% 475 0.75% 1,968 0.75% 6,510 0.75%
Month 10 0.75% 519 0.75% 2,120 0.75% 6,965 0.75%
Month 11 0.75% 562 0.75% 2,271 0.75% 7,419 0.75%
Month 12 0.75% 606 0.75% 2,423 0.75% 7,873 0.75%
4,401 19,077 64,499

BASE CASE
Month 1 0.75% 113 0.75% 371 0.75% 1,199 0.75%
Month 2 0.75% 141 0.75% 465 0.75% 1,370 0.75%
Month 3 0.75% 152 0.75% 531 0.75% 1,541 0.75%
Month 4 0.75% 174 0.75% 578 0.75% 1,713 0.75%
Month 5 0.75% 178 0.75% 606 0.75% 1,884 0.75%
Month 6 0.75% 197 0.75% 615 0.75% 2,055 0.75%
Month 7 0.75% 176 0.75% 671 0.75% 2,226 0.75%
Month 8 0.75% 174 0.75% 728 0.75% 2,398 0.75%
Month 9 0.75% 186 0.75% 699 0.75% 2,569 0.75%
Month 10 0.75% 159 0.75% 746 0.75% 2,740 0.75%
Month 11 0.75% 146 0.75% 690 0.75% 2,911 0.75%
Month 12 0.75% 152 0.75% 728 0.75% 3,083 0.75%
1,948 7,427 25,688

SLOW GROWTH
Month 1 0.75% 112 0.75% 451 0.75% 867 0.75%
Month 2 0.75% 140 0.75% 486 0.75% 902 0.75%
Month 3 0.75% 167 0.75% 520 0.75% 937 0.75%
Month 4 0.75% 195 0.75% 555 0.75% 971 0.75%
Month 5 0.75% 223 0.75% 590 0.75% 1,006 0.75%
Month 6 0.75% 250 0.75% 624 0.75% 1,041 0.75%
Month 7 0.75% 278 0.75% 659 0.75% 1,075 0.75%
Month 8 0.75% 306 0.75% 694 0.75% 1,110 0.75%
Month 9 0.75% 333 0.75% 728 0.75% 1,145 0.75%
Month 10 0.75% 361 0.75% 763 0.75% 1,179 0.75%
Month 11 0.75% 389 0.75% 798 0.75% 1,214 0.75%
Month 12 0.75% 416 0.75% 833 0.75% 1,249 0.75%
3,170 7,701 12,696

Gas Utility
Calculated as a percentage (%) of Revenue
HIGH GROWTH
Month 1 0.70% 119 0.70% 707 0.70% 2,685 0.70%
Month 2 0.70% 160 0.70% 848 0.70% 3,109 0.70%
Month 3 0.70% 200 0.70% 989 0.70% 3,533 0.70%
Month 4 0.70% 241 0.70% 1,131 0.70% 3,957 0.70%
Month 5 0.70% 281 0.70% 1,272 0.70% 4,381 0.70%
Month 6 0.70% 322 0.70% 1,413 0.70% 4,805 0.70%
Month 7 0.70% 363 0.70% 1,554 0.70% 5,229 0.70%
Month 8 0.70% 403 0.70% 1,696 0.70% 5,653 0.70%
Month 9 0.70% 444 0.70% 1,837 0.70% 6,076 0.70%
Month 10 0.70% 484 0.70% 1,978 0.70% 6,500 0.70%
Month 11 0.70% 525 0.70% 2,120 0.70% 6,924 0.70%
Month 12 0.70% 565 0.70% 2,261 0.70% 7,348 0.70%
4,107 17,805 60,199

BASE CASE
Month 1 0.70% 105 0.70% 347 0.70% 1,119 0.70%
Month 2 0.70% 131 0.70% 434 0.70% 1,279 0.70%
Month 3 0.70% 142 0.70% 495 0.70% 1,439 0.70%
Month 4 0.70% 163 0.70% 539 0.70% 1,598 0.70%
Month 5 0.70% 166 0.70% 565 0.70% 1,758 0.70%
Month 6 0.70% 184 0.70% 574 0.70% 1,918 0.70%
Month 7 0.70% 165 0.70% 627 0.70% 2,078 0.70%
Month 8 0.70% 163 0.70% 679 0.70% 2,238 0.70%
Month 9 0.70% 173 0.70% 653 0.70% 2,398 0.70%
Month 10 0.70% 149 0.70% 697 0.70% 2,557 0.70%
Month 11 0.70% 137 0.70% 644 0.70% 2,717 0.70%
Month 12 0.70% 142 0.70% 679 0.70% 2,877 0.70%
1,818 6,932 23,975

SLOW GROWTH
Month 1 0.70% 105 0.70% 421 0.70% 809 0.70%
Month 2 0.70% 130 0.70% 453 0.70% 842 0.70%
Month 3 0.70% 156 0.70% 486 0.70% 874 0.70%
Month 4 0.70% 182 0.70% 518 0.70% 907 0.70%
Month 5 0.70% 208 0.70% 550 0.70% 939 0.70%
Month 6 0.70% 234 0.70% 583 0.70% 971 0.70%
Month 7 0.70% 259 0.70% 615 0.70% 1,004 0.70%
Month 8 0.70% 285 0.70% 648 0.70% 1,036 0.70%
Month 9 0.70% 311 0.70% 680 0.70% 1,068 0.70%
Month 10 0.70% 337 0.70% 712 0.70% 1,101 0.70%
Month 11 0.70% 363 0.70% 745 0.70% 1,133 0.70%
Month 12 0.70% 389 0.70% 777 0.70% 1,166 0.70%
2,958 7,187 11,849
 Water/Sewer
Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.20% 34 0.20% 202 0.20% 767 0.20%
Month 2 0.20% 46 0.20% 242 0.20% 888 0.20%
Month 3 0.20% 57 0.20% 283 0.20% 1,009 0.20%
Month 4 0.20% 69 0.20% 323 0.20% 1,131 0.20%
Month 5 0.20% 80 0.20% 363 0.20% 1,252 0.20%
Month 6 0.20% 92 0.20% 404 0.20% 1,373 0.20%
Month 7 0.20% 104 0.20% 444 0.20% 1,494 0.20%
Month 8 0.20% 115 0.20% 485 0.20% 1,615 0.20%
Month 9 0.20% 127 0.20% 525 0.20% 1,736 0.20%
Month 10 0.20% 138 0.20% 565 0.20% 1,857 0.20%
Month 11 0.20% 150 0.20% 606 0.20% 1,978 0.20%
Month 12 0.20% 162 0.20% 646 0.20% 2,100 0.20%
1,174 5,087 17,200

BASE CASE
Month 1 0.20% 30 0.20% 99 0.20% 320 0.20%
Month 2 0.20% 38 0.20% 124 0.20% 365 0.20%
Month 3 0.20% 41 0.20% 142 0.20% 411 0.20%
Month 4 0.20% 47 0.20% 154 0.20% 457 0.20%
Month 5 0.20% 48 0.20% 162 0.20% 502 0.20%
Month 6 0.20% 53 0.20% 164 0.20% 548 0.20%
Month 7 0.20% 47 0.20% 179 0.20% 594 0.20%
Month 8 0.20% 47 0.20% 194 0.20% 639 0.20%
Month 9 0.20% 50 0.20% 187 0.20% 685 0.20%
Month 10 0.20% 43 0.20% 199 0.20% 731 0.20%
Month 11 0.20% 39 0.20% 184 0.20% 776 0.20%
Month 12 0.20% 41 0.20% 194 0.20% 822 0.20%
520 1,981 6,850

SLOW GROWTH
Month 1 0.20% 30 0.20% 120 0.20% 231 0.20%
Month 2 0.20% 37 0.20% 130 0.20% 241 0.20%
Month 3 0.20% 45 0.20% 139 0.20% 250 0.20%
Month 4 0.20% 52 0.20% 148 0.20% 259 0.20%
Month 5 0.20% 59 0.20% 157 0.20% 268 0.20%
Month 6 0.20% 67 0.20% 167 0.20% 278 0.20%
Month 7 0.20% 74 0.20% 176 0.20% 287 0.20%
Month 8 0.20% 82 0.20% 185 0.20% 296 0.20%
Month 9 0.20% 89 0.20% 194 0.20% 305 0.20%
Month 10 0.20% 96 0.20% 204 0.20% 315 0.20%
Month 11 0.20% 104 0.20% 213 0.20% 324 0.20%
Month 12 0.20% 111 0.20% 222 0.20% 333 0.20%
845 2,054 3,386

Waste Removal/Scavenger
Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.14% 24 0.14% 140 0.14% 531 0.14%
Month 2 0.14% 32 0.14% 168 0.14% 615 0.14%
Month 3 0.14% 40 0.14% 196 0.14% 699 0.14%
Month 4 0.14% 48 0.14% 224 0.14% 783 0.14%
Month 5 0.14% 56 0.14% 252 0.14% 867 0.14%
Month 6 0.14% 64 0.14% 280 0.14% 951 0.14%
Month 7 0.14% 72 0.14% 308 0.14% 1,035 0.14%
Month 8 0.14% 80 0.14% 336 0.14% 1,118 0.14%
Month 9 0.14% 88 0.14% 363 0.14% 1,202 0.14%
Month 10 0.14% 96 0.14% 391 0.14% 1,286 0.14%
Month 11 0.14% 104 0.14% 419 0.14% 1,370 0.14%
Month 12 0.14% 112 0.14% 447 0.14% 1,454 0.14%
813 3,523 11,911

BASE CASE
Month 1 0.14% 21 0.14% 69 0.14% 221 0.14%
Month 2 0.14% 26 0.14% 86 0.14% 253 0.14%
Month 3 0.14% 28 0.14% 98 0.14% 285 0.14%
Month 4 0.14% 32 0.14% 107 0.14% 316 0.14%
Month 5 0.14% 33 0.14% 112 0.14% 348 0.14%
Month 6 0.14% 36 0.14% 114 0.14% 379 0.14%
Month 7 0.14% 33 0.14% 124 0.14% 411 0.14%
Month 8 0.14% 32 0.14% 134 0.14% 443 0.14%
Month 9 0.14% 34 0.14% 129 0.14% 474 0.14%
Month 10 0.14% 29 0.14% 138 0.14% 506 0.14%
Month 11 0.14% 27 0.14% 127 0.14% 538 0.14%
Month 12 0.14% 28 0.14% 134 0.14% 569 0.14%
360 1,371 4,744

SLOW GROWTH
Month 1 0.14% 21 0.14% 83 0.14% 160 0.14%
Month 2 0.14% 26 0.14% 90 0.14% 167 0.14%
Month 3 0.14% 31 0.14% 96 0.14% 173 0.14%
Month 4 0.14% 36 0.14% 102 0.14% 179 0.14%
Month 5 0.14% 41 0.14% 109 0.14% 186 0.14%
Month 6 0.14% 46 0.14% 115 0.14% 192 0.14%
Month 7 0.14% 51 0.14% 122 0.14% 199 0.14%
Month 8 0.14% 56 0.14% 128 0.14% 205 0.14%
Month 9 0.14% 62 0.14% 135 0.14% 211 0.14%
Month 10 0.14% 67 0.14% 141 0.14% 218 0.14%
Month 11 0.14% 72 0.14% 147 0.14% 224 0.14%
Month 12 0.14% 77 0.14% 154 0.14% 231 0.14%
585 1,422 2,344

Bookkeeping & Accounting

Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.50% 85 0.54% 545 0.54% 2,071 0.54%
Month 2 0.50% 114 0.54% 654 0.54% 2,398 0.54%
Month 3 0.50% 143 0.54% 763 0.54% 2,725 0.54%
Month 4 0.50% 172 0.54% 872 0.54% 3,052 0.54%
Month 5 0.50% 201 0.54% 981 0.54% 3,379 0.54%
Month 6 0.50% 230 0.54% 1,090 0.54% 3,706 0.54%
Month 7 0.50% 259 0.54% 1,199 0.54% 4,033 0.54%
Month 8 0.50% 288 0.54% 1,308 0.54% 4,361 0.54%
Month 9 0.50% 317 0.54% 1,417 0.54% 4,688 0.54%
Month 10 0.50% 346 0.54% 1,526 0.54% 5,015 0.54%
Month 11 0.50% 375 0.54% 1,635 0.54% 5,342 0.54%
Month 12 0.50% 404 0.54% 1,744 0.54% 5,669 0.54%
2,934 13,736 46,439

BASE CASE
Month 1 0.50% 75 0.54% 267 0.54% 863 0.54%
Month 2 0.50% 94 0.54% 335 0.54% 986 0.54%
Month 3 0.50% 101 0.54% 382 0.54% 1,110 0.54%
Month 4 0.50% 116 0.54% 416 0.54% 1,233 0.54%
Month 5 0.50% 119 0.54% 436 0.54% 1,356 0.54%
Month 6 0.50% 131 0.54% 443 0.54% 1,480 0.54%
Month 7 0.50% 118 0.54% 483 0.54% 1,603 0.54%
Month 8 0.50% 116 0.54% 524 0.54% 1,726 0.54%
Month 9 0.50% 124 0.54% 504 0.54% 1,850 0.54%
Month 10 0.50% 106 0.54% 537 0.54% 1,973 0.54%
Month 11 0.50% 98 0.54% 497 0.54% 2,096 0.54%
Month 12 0.50% 101 0.54% 524 0.54% 2,219 0.54%
1,299 5,347 18,495

SLOW GROWTH
Month 1 0.50% 75 0.54% 325 0.54% 624 0.54%
Month 2 0.50% 93 0.54% 350 0.54% 649 0.54%
Month 3 0.50% 112 0.54% 375 0.54% 674 0.54%
Month 4 0.50% 130 0.54% 400 0.54% 699 0.54%
Month 5 0.50% 148 0.54% 425 0.54% 724 0.54%
Month 6 0.50% 167 0.54% 450 0.54% 749 0.54%
Month 7 0.50% 185 0.54% 475 0.54% 774 0.54%
Month 8 0.50% 204 0.54% 500 0.54% 799 0.54%
Month 9 0.50% 222 0.54% 524 0.54% 824 0.54%
Month 10 0.50% 241 0.54% 549 0.54% 849 0.54%
Month 11 0.50% 259 0.54% 574 0.54% 874 0.54%
Month 12 0.50% 278 0.54% 599 0.54% 899 0.54%
2,113 5,544 9,141

Bank Fees
Calculated as a percentage (%) of Revenue

HIGH GROWTH
Month 1 0.07% 12 0.07% 71 0.07% 268 0.07%
Month 2 0.07% 16 0.07% 85 0.07% 311 0.07%
Month 3 0.07% 20 0.07% 99 0.07% 353 0.07%
Month 4 0.07% 24 0.07% 113 0.07% 396 0.07%
Month 5 0.07% 28 0.07% 127 0.07% 438 0.07%
Month 6 0.07% 32 0.07% 141 0.07% 480 0.07%
Month 7 0.07% 36 0.07% 155 0.07% 523 0.07%
Month 8 0.07% 40 0.07% 170 0.07% 565 0.07%
Month 9 0.07% 44 0.07% 184 0.07% 608 0.07%
Month 10 0.07% 48 0.07% 198 0.07% 650 0.07%
Month 11 0.07% 52 0.07% 212 0.07% 692 0.07%
Month 12 0.07% 57 0.07% 226 0.07% 735 0.07%
411 1,781 6,020

BASE CASE
Month 1 0.07% 11 0.07% 35 0.07% 112 0.07%
Month 2 0.07% 13 0.07% 43 0.07% 128 0.07%
Month 3 0.07% 14 0.07% 50 0.07% 144 0.07%
Month 4 0.07% 16 0.07% 54 0.07% 160 0.07%
Month 5 0.07% 17 0.07% 57 0.07% 176 0.07%
Month 6 0.07% 18 0.07% 57 0.07% 192 0.07%
Month 7 0.07% 16 0.07% 63 0.07% 208 0.07%
Month 8 0.07% 16 0.07% 68 0.07% 224 0.07%
Month 9 0.07% 17 0.07% 65 0.07% 240 0.07%
Month 10 0.07% 15 0.07% 70 0.07% 256 0.07%
Month 11 0.07% 14 0.07% 64 0.07% 272 0.07%
Month 12 0.07% 14 0.07% 68 0.07% 288 0.07%
182 693 2,398

SLOW GROWTH
Month 1 0.07% 10 0.07% 42 0.07% 81 0.07%
Month 2 0.07% 13 0.07% 45 0.07% 84 0.07%
Month 3 0.07% 16 0.07% 49 0.07% 87 0.07%
Month 4 0.07% 18 0.07% 52 0.07% 91 0.07%
Month 5 0.07% 21 0.07% 55 0.07% 94 0.07%
Month 6 0.07% 23 0.07% 58 0.07% 97 0.07%
Month 7 0.07% 26 0.07% 62 0.07% 100 0.07%
Month 8 0.07% 29 0.07% 65 0.07% 104 0.07%
Month 9 0.07% 31 0.07% 68 0.07% 107 0.07%
Month 10 0.07% 34 0.07% 71 0.07% 110 0.07%
Month 11 0.07% 36 0.07% 74 0.07% 113 0.07%
Month 12 0.07% 39 0.07% 78 0.07% 117 0.07%
296 719 1,185

Marketing & Promotion

Calculated as a fixed dollar ($) amount in Year 1 and percentage (%) of Revenue thereafter

HIGH GROWTH 40,000

Month 1 3,333 3,333 0.68% 681 0.68% 2,589 0.68%
Month 2 3,333 3,333 0.68% 818 0.68% 2,998 0.68%
Month 3 3,333 3,333 0.68% 954 0.68% 3,407 0.68%
Month 4 3,333 3,333 0.68% 1,090 0.68% 3,815 0.68%
Month 5 3,333 3,333 0.68% 1,226 0.68% 4,224 0.68%
Month 6 3,333 3,333 0.68% 1,363 0.68% 4,633 0.68%
Month 7 3,333 3,333 0.68% 1,499 0.68% 5,042 0.68%
Month 8 3,333 3,333 0.68% 1,635 0.68% 5,451 0.68%
Month 9 3,333 3,333 0.68% 1,771 0.68% 5,859 0.68%
Month 10 3,333 3,333 0.68% 1,908 0.68% 6,268 0.68%
Month 11 3,333 3,333 0.68% 2,044 0.68% 6,677 0.68%
Month 12 3,333 3,333 0.68% 2,180 0.68% 7,086 0.68%
40,000 17,169 58,049

BASE CASE 40,000

Month 1 3,333 3,333 0.68% 334 0.68% 1,079 0.68%
Month 2 3,333 3,333 0.68% 419 0.68% 1,233 0.68%
Month 3 3,333 3,333 0.68% 478 0.68% 1,387 0.68%
Month 4 3,333 3,333 0.68% 520 0.68% 1,541 0.68%
Month 5 3,333 3,333 0.68% 545 0.68% 1,695 0.68%
Month 6 3,333 3,333 0.68% 554 0.68% 1,850 0.68%
Month 7 3,333 3,333 0.68% 604 0.68% 2,004 0.68%
Month 8 3,333 3,333 0.68% 655 0.68% 2,158 0.68%
Month 9 3,333 3,333 0.68% 629 0.68% 2,312 0.68%
Month 10 3,333 3,333 0.68% 672 0.68% 2,466 0.68%
Month 11 3,333 3,333 0.68% 621 0.68% 2,620 0.68%
Month 12 3,333 3,333 0.68% 655 0.68% 2,774 0.68%
40,000 6,684 23,119
SLOW GROWTH 40,000
Month 1 3,333 3,333 0.68% 406 0.68% 780 0.68%
Month 2 3,333 3,333 0.68% 437 0.68% 812 0.68%
Month 3 3,333 3,333 0.68% 468 0.68% 843 0.68%
Month 4 3,333 3,333 0.68% 500 0.68% 874 0.68%
Month 5 3,333 3,333 0.68% 531 0.68% 905 0.68%
Month 6 3,333 3,333 0.68% 562 0.68% 937 0.68%
Month 7 3,333 3,333 0.68% 593 0.68% 968 0.68%
Month 8 3,333 3,333 0.68% 624 0.68% 999 0.68%
Month 9 3,333 3,333 0.68% 656 0.68% 1,030 0.68%
Month 10 3,333 3,333 0.68% 687 0.68% 1,061 0.68%
Month 11 3,333 3,333 0.68% 718 0.68% 1,093 0.68%
Month 12 3,333 3,333 0.68% 749 0.68% 1,124 0.68%
40,000 6,931 11,426

FIXED EXPENSES

G&A
Financial
Calculated using a growth rate from one year to the next

HIGH GROWTH 12,000

Month 1 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 2 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 3 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 4 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 5 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 6 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 7 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 8 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 9 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 10 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 11 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 12 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
12,000 12,420 12,855

BASE CASE 12,000

Month 1 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 2 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 3 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 4 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 5 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 6 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 7 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 8 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 9 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 10 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 11 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 12 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
12,000 12,420 12,855

SLOW GROWTH 12,000

Month 1 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 2 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 3 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 4 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 5 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 6 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 7 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 8 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 9 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 10 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 11 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
Month 12 1,000 1,000 3.50% 1,035 3.50% 1,071 3.50%
12,000 12,420 12,855

Office Supplies
Calculated as a fixed dollar ($) amount

HIGH GROWTH 12,000 20,000 3,500 3,500

Month 1 1,000 1,000 1,667 1,667 292 292 292
Month 2 1,000 1,000 1,667 1,667 292 292 292
Month 3 1,000 1,000 1,667 1,667 292 292 292
Month 4 1,000 1,000 1,667 1,667 292 292 292
Month 5 1,000 1,000 1,667 1,667 292 292 292
Month 6 1,000 1,000 1,667 1,667 292 292 292
Month 7 1,000 1,000 1,667 1,667 292 292 292
Month 8 1,000 1,000 1,667 1,667 292 292 292
Month 9 1,000 1,000 1,667 1,667 292 292 292
Month 10 1,000 1,000 1,667 1,667 292 292 292
Month 11 1,000 1,000 1,667 1,667 292 292 292
Month 12 1,000 1,000 1,667 1,667 292 292 292
12,000 20,000 3,500

BASE CASE 12,000 20,000 3,500 3,500

Month 1 1,000 1,000 1,667 1,667 292 292 292
Month 2 1,000 1,000 1,667 1,667 292 292 292
Month 3 1,000 1,000 1,667 1,667 292 292 292
Month 4 1,000 1,000 1,667 1,667 292 292 292
Month 5 1,000 1,000 1,667 1,667 292 292 292
Month 6 1,000 1,000 1,667 1,667 292 292 292
Month 7 1,000 1,000 1,667 1,667 292 292 292
Month 8 1,000 1,000 1,667 1,667 292 292 292
Month 9 1,000 1,000 1,667 1,667 292 292 292
Month 10 1,000 1,000 1,667 1,667 292 292 292
Month 11 1,000 1,000 1,667 1,667 292 292 292
Month 12 1,000 1,000 1,667 1,667 292 292 292
12,000 20,000 3,500

SLOW GROWTH 12,000 20,000 3,500 3,500

Month 1 1,000 1,000 1,667 1,667 292 292 292
Month 2 1,000 1,000 1,667 1,667 292 292 292
Month 3 1,000 1,000 1,667 1,667 292 292 292
Month 4 1,000 1,000 1,667 1,667 292 292 292
Month 5 1,000 1,000 1,667 1,667 292 292 292
Month 6 1,000 1,000 1,667 1,667 292 292 292
Month 7 1,000 1,000 1,667 1,667 292 292 292
Month 8 1,000 1,000 1,667 1,667 292 292 292
Month 9 1,000 1,000 1,667 1,667 292 292 292
Month 10 1,000 1,000 1,667 1,667 292 292 292
Month 11 1,000 1,000 1,667 1,667 292 292 292
Month 12 1,000 1,000 1,667 1,667 292 292 292
12,000 20,000 3,500

Phone Equipment Lease

Calculated as a fixed dollar ($) amount

HIGH GROWTH 2,784 2,784 2,784 2,784

Month 1 232 232 232 232 232 232 232
Month 2 232 232 232 232 232 232 232
Month 3 232 232 232 232 232 232 232
Month 4 232 232 232 232 232 232 232
Month 5 232 232 232 232 232 232 232
Month 6 232 232 232 232 232 232 232
Month 7 232 232 232 232 232 232 232
Month 8 232 232 232 232 232 232 232
Month 9 232 232 232 232 232 232 232
Month 10 232 232 232 232 232 232 232
Month 11 232 232 232 232 232 232 232
Month 12 232 232 232 232 232 232 232
2,784 2,784 2,784
BASE CASE 2,784 2,784 2,784 2,784
Month 1 232 232 232 232 232 232 232
Month 2 232 232 232 232 232 232 232
Month 3 232 232 232 232 232 232 232
Month 4 232 232 232 232 232 232 232
Month 5 232 232 232 232 232 232 232
Month 6 232 232 232 232 232 232 232
Month 7 232 232 232 232 232 232 232
Month 8 232 232 232 232 232 232 232
Month 9 232 232 232 232 232 232 232
Month 10 232 232 232 232 232 232 232
Month 11 232 232 232 232 232 232 232
Month 12 232 232 232 232 232 232 232
2,784 2,784 2,784

SLOW GROWTH 2,784 2,784 2,784 2,784

Month 1 232 232 232 232 232 232 232
Month 2 232 232 232 232 232 232 232
Month 3 232 232 232 232 232 232 232
Month 4 232 232 232 232 232 232 232
Month 5 232 232 232 232 232 232 232
Month 6 232 232 232 232 232 232 232
Month 7 232 232 232 232 232 232 232
Month 8 232 232 232 232 232 232 232
Month 9 232 232 232 232 232 232 232
Month 10 232 232 232 232 232 232 232
Month 11 232 232 232 232 232 232 232
Month 12 232 232 232 232 232 232 232
2,784 2,784 2,784

Other Misc. Expenses

Additional Employee Benefits
Calculated using a growth rate from one year to the next

HIGH GROWTH 28,800

Month 1 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 2 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 3 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 4 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 5 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 6 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 7 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 8 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 9 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 10 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 11 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 12 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
28,800 31,680 34,848

BASE CASE 28,800

Month 1 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 2 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 3 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 4 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 5 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 6 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 7 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 8 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 9 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 10 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 11 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 12 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
28,800 31,680 34,848

SLOW GROWTH 28,800

Month 1 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 2 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 3 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 4 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 5 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 6 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 7 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 8 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 9 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 10 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 11 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
Month 12 2,400 2,400 10.00% 2,640 10.00% 2,904 10.00%
28,800 31,680 34,848

Start-up Costs
Calculated as a fixed dollar ($) amount

ALL CASES 35,000

Month 1 2,917 2,917
Month 2 2,917 2,917
Month 3 2,917 2,917
Month 4 2,917 2,917
Month 5 2,917 2,917
Month 6 2,917 2,917
Month 7 2,917 2,917
Month 8 2,917 2,917
Month 9 2,917 2,917
Month 10 2,917 2,917
Month 11 2,917 2,917
Month 12 2,917 2,917
35,000
 12 14
Year Month Month Month Month
5 Year 1 2 3 4

laries

7,603,473 16,444,591
48,472 7.65% 104,834 H 1 1,285 1,079 964 964
48,472 7.65% 104,834 H 2 656 656 656 656
48,472 7.65% 104,834 H 3 22,053 22,053 22,053 22,053
48,472 7.65% 104,834 H 4 48,472 48,472 48,472 48,472
48,472 7.65% 104,834 H 5 104,834 104,834 104,834 104,834
48,472 7.65% 104,834
48,472 7.65% 104,834
48,472 7.65% 104,834
48,472 7.65% 104,834
48,472 7.65% 104,834
48,472 7.65% 104,834
48,472 7.65% 104,834
581,666 1,258,011

3,871,757 6,635,127
24,682 7.65% 42,299 B 1 1,285 1,079 964 964
24,682 7.65% 42,299 B 2 656 656 656 656
24,682 7.65% 42,299 B 3 13,937 13,937 13,937 13,937
24,682 7.65% 42,299 B 4 24,682 24,682 24,682 24,682
24,682 7.65% 42,299 B 5 42,299 42,299 42,299 42,299
24,682 7.65% 42,299
24,682 7.65% 42,299
24,682 7.65% 42,299
24,682 7.65% 42,299
24,682 7.65% 42,299
24,682 7.65% 42,299
24,682 7.65% 42,299
296,189 507,587

1,919,171 2,318,972
12,235 7.65% 14,783 S 1 1,285 1,079 964 964
12,235 7.65% 14,783 S 2 656 656 656 656
12,235 7.65% 14,783 S 3 10,893 10,893 10,893 10,893
12,235 7.65% 14,783 S 4 12,235 12,235 12,235 12,235
12,235 7.65% 14,783 S 5 14,783 14,783 14,783 14,783
 12,235 7.65% 14,783
12,235 7.65% 14,783
12,235 7.65% 14,783
12,235 7.65% 14,783
12,235 7.65% 14,783
12,235 7.65% 14,783
12,235 7.65% 14,783
146,817 177,401

47,239 4.00% 115,916 H 1 682 913 1,145 1,377

52,488 4.00% 126,852 H 2 4,038 4,845 5,653 6,460
57,738 4.00% 137,788 H 3 15,343 17,765 20,188 22,610
62,987 4.00% 148,723 H 4 47,239 52,488 57,738 62,987
68,236 4.00% 159,659 H 5 115,916 126,852 137,788 148,723
73,485 4.00% 170,595
78,734 4.00% 181,531
83,983 4.00% 192,467
89,233 4.00% 203,403
94,482 4.00% 214,338
99,731 4.00% 225,274
104,980 4.00% 236,210
913,315 2,112,755

18,495 4.00% 44,525 B 1 600 750 810 930

20,550 4.00% 47,950 B 2 1,980 2,480 2,830 3,080
22,605 4.00% 51,375 B 3 6,393 7,307 8,220 9,133
24,660 4.00% 54,800 B 4 18,495 20,550 22,605 24,660
26,715 4.00% 58,225 B 5 44,525 47,950 51,375 54,800
28,770 4.00% 61,650
30,825 4.00% 65,075
32,880 4.00% 68,500
34,935 4.00% 71,925
36,990 4.00% 75,350
39,045 4.00% 78,775
41,100 4.00% 82,200
357,570 760,350

6,938 4.00% 10,407 S 1 598 745 893 1,040

 7,215 4.00% 10,823 S 2 2,405 2,590 2,775 2,960
7,493 4.00% 11,240 S 3 4,625 4,810 4,995 5,180
7,770 4.00% 11,657 S 4 6,938 7,215 7,493 7,770
8,048 4.00% 12,073 S 5 10,407 10,823 11,240 11,657
8,325 4.00% 12,490
8,603 4.00% 12,907
8,880 4.00% 13,323
9,158 4.00% 13,740
9,435 4.00% 14,157
9,713 4.00% 14,573
9,990 4.00% 14,990
101,565 152,380

3,543 0.30% 8,694 H 1 170 228 286 344

3,937 0.30% 9,514 H 2 757 908 1,060 1,211
4,330 0.30% 10,334 H 3 1,151 1,332 1,514 1,696
4,724 0.30% 11,154 H 4 3,543 3,937 4,330 4,724
5,118 0.30% 11,974 H 5 8,694 9,514 10,334 11,154
5,511 0.30% 12,795
5,905 0.30% 13,615
6,299 0.30% 14,435
6,692 0.30% 15,255
7,086 0.30% 16,075
7,480 0.30% 16,896
7,874 0.30% 17,716
68,499 158,457

1,387 0.30% 3,339 B 1 150 188 203 233

1,541 0.30% 3,596 B 2 371 465 531 578
1,695 0.30% 3,853 B 3 480 548 617 685
1,850 0.30% 4,110 B 4 1,387 1,541 1,695 1,850
2,004 0.30% 4,367 B 5 3,339 3,596 3,853 4,110
2,158 0.30% 4,624
2,312 0.30% 4,881
2,466 0.30% 5,138
2,620 0.30% 5,394
2,774 0.30% 5,651
2,928 0.30% 5,908
 3,083 0.30% 6,165
26,818 57,026

520 0.30% 781 S 1 149 186 223 260

541 0.30% 812 S 2 451 486 520 555
562 0.30% 843 S 3 347 361 375 389
583 0.30% 874 S 4 520 541 562 583
604 0.30% 906 S 5 781 812 843 874
624 0.30% 937
645 0.30% 968
666 0.30% 999
687 0.30% 1,031
708 0.30% 1,062
728 0.30% 1,093
749 0.30% 1,124
7,617 11,429

3,543 0.30% 8,694 H 1 51 69 86 103

3,937 0.30% 9,514 H 2 303 363 424 485
4,330 0.30% 10,334 H 3 1,151 1,332 1,514 1,696
4,724 0.30% 11,154 H 4 3,543 3,937 4,330 4,724
5,118 0.30% 11,974 H 5 8,694 9,514 10,334 11,154
5,511 0.30% 12,795
5,905 0.30% 13,615
6,299 0.30% 14,435
6,692 0.30% 15,255
7,086 0.30% 16,075
7,480 0.30% 16,896
7,874 0.30% 17,716
68,499 158,457

1,387 0.30% 3,339 B 1 45 56 61 70

1,541 0.30% 3,596 B 2 149 186 212 231
1,695 0.30% 3,853 B 3 480 548 617 685
1,850 0.30% 4,110 B 4 1,387 1,541 1,695 1,850
2,004 0.30% 4,367 B 5 3,339 3,596 3,853 4,110
2,158 0.30% 4,624
2,312 0.30% 4,881
2,466 0.30% 5,138
 2,620 0.30% 5,394
2,774 0.30% 5,651
2,928 0.30% 5,908
3,083 0.30% 6,165
26,818 57,026

520 0.30% 781 S 1 45 56 67 78

541 0.30% 812 S 2 180 194 208 222
562 0.30% 843 S 3 347 361 375 389
583 0.30% 874 S 4 520 541 562 583
604 0.30% 906 S 5 781 812 843 874
624 0.30% 937
645 0.30% 968
666 0.30% 999
687 0.30% 1,031
708 0.30% 1,062
728 0.30% 1,093
749 0.30% 1,124
7,617 11,429

236 0.02% 580 H 1 3 5 6 7

262 0.02% 634 H 2 20 24 28 32
289 0.02% 689 H 3 77 89 101 113
315 0.02% 744 H 4 236 262 289 315
341 0.02% 798 H 5 580 634 689 744
367 0.02% 853
394 0.02% 908
420 0.02% 962
446 0.02% 1,017
472 0.02% 1,072
499 0.02% 1,126
525 0.02% 1,181
4,567 10,564

92 0.02% 223 B 1 3 4 4 5
103 0.02% 240 B 2 10 12 14 15
113 0.02% 257 B 3 32 37 41 46
123 0.02% 274 B 4 92 103 113 123
134 0.02% 291 B 5 223 240 257 274
 144 0.02% 308
154 0.02% 325
164 0.02% 343
175 0.02% 360
185 0.02% 377
195 0.02% 394
206 0.02% 411
1,788 3,802

35 0.02% 52 S 1 3 4 4 5
36 0.02% 54 S 2 12 13 14 15
37 0.02% 56 S 3 23 24 25 26
39 0.02% 58 S 4 35 36 37 39
40 0.02% 60 S 5 52 54 56 58
42 0.02% 62
43 0.02% 65
44 0.02% 67
46 0.02% 69
47 0.02% 71
49 0.02% 73
50 0.02% 75
508 762

%) of Revenue thereafter

12,991 1.05% 30,428 H 1 167 167 167 167

14,434 1.05% 33,299 H 2 1,211 1,454 1,696 1,938
15,878 1.05% 36,169 H 3 4,411 5,107 5,804 6,500
17,321 1.05% 39,040 H 4 12,991 14,434 15,878 17,321
18,765 1.05% 41,911 H 5 30,428 33,299 36,169 39,040
20,208 1.05% 44,781
21,652 1.05% 47,652
23,095 1.05% 50,523
24,539 1.05% 53,393
25,982 1.05% 56,264
27,426 1.05% 59,134
28,870 1.05% 62,005
251,162 554,598

5,086 1.05% 11,688 B 1 167 167 167 167

5,651 1.05% 12,587 B 2 594 744 849 924
 6,216 1.05% 13,486 B 3 1,838 2,101 2,363 2,626
6,782 1.05% 14,385 B 4 5,086 5,651 6,216 6,782
7,347 1.05% 15,284 B 5 11,688 12,587 13,486 14,385
7,912 1.05% 16,183
8,477 1.05% 17,082
9,042 1.05% 17,981
9,607 1.05% 18,880
10,172 1.05% 19,779
10,737 1.05% 20,678
11,303 1.05% 21,578
98,332 199,592

1,908 1.05% 2,732 S 1 167 167 167 167

1,984 1.05% 2,841 S 2 722 777 833 888
2,060 1.05% 2,951 S 3 1,330 1,383 1,436 1,489
2,137 1.05% 3,060 S 4 1,908 1,984 2,060 2,137
2,213 1.05% 3,169 S 5 2,732 2,841 2,951 3,060
2,289 1.05% 3,279
2,366 1.05% 3,388
2,442 1.05% 3,497
2,518 1.05% 3,607
2,595 1.05% 3,716
2,671 1.05% 3,826
2,747 1.05% 3,935
27,930 40,000

ware
e

945 0.07% 2,029 H 1 12 16 20 24

1,050 0.07% 2,220 H 2 71 85 99 113
1,155 0.07% 2,411 H 3 268 311 353 396
1,260 0.07% 2,603 H 4 945 1,050 1,155 1,260
1,365 0.07% 2,794 H 5 2,029 2,220 2,411 2,603
1,470 0.07% 2,985
1,575 0.07% 3,177
1,680 0.07% 3,368
1,785 0.07% 3,560
1,890 0.07% 3,751
1,995 0.07% 3,942
2,100 0.07% 4,134
18,266 36,973
 370 0.07% 779 B 1 11 13 14 16
411 0.07% 839 B 2 35 43 50 54
452 0.07% 899 B 3 112 128 144 160
493 0.07% 959 B 4 370 411 452 493
534 0.07% 1,019 B 5 779 839 899 959
575 0.07% 1,079
617 0.07% 1,139
658 0.07% 1,199
699 0.07% 1,259
740 0.07% 1,319
781 0.07% 1,379
822 0.07% 1,439
7,151 13,306

121 0.07% 182 S 1 10 13 16 18

126 0.07% 189 S 2 42 45 49 52
131 0.07% 197 S 3 81 84 87 91
136 0.07% 204 S 4 121 126 131 136
141 0.07% 211 S 5 182 189 197 204
146 0.07% 219
151 0.07% 226
155 0.07% 233
160 0.07% 240
165 0.07% 248
170 0.07% 255
175 0.07% 262
1,777 2,667

(%) of Revenue thereafter

709 0.06% 1,739 H 1 2,000 2,000 2,000 2,000

787 0.06% 1,903 H 2 3,000 3,000 3,000 3,000
866 0.06% 2,067 H 3 4,000 4,000 4,000 4,000
945 0.06% 2,231 H 4 709 787 866 945
1,024 0.06% 2,395 H 5 1,739 1,903 2,067 2,231
1,102 0.06% 2,559
1,181 0.06% 2,723
1,260 0.06% 2,887
1,338 0.06% 3,051
1,417 0.06% 3,215
1,496 0.06% 3,379
 1,575 0.06% 3,543
13,700 31,691

277 0.06% 668 B 1 2,000 2,000 2,000 2,000

308 0.06% 719 B 2 3,000 3,000 3,000 3,000
339 0.06% 771 B 3 4,000 4,000 4,000 4,000
370 0.06% 822 B 4 277 308 339 370
401 0.06% 873 B 5 668 719 771 822
432 0.06% 925
462 0.06% 976
493 0.06% 1,028
524 0.06% 1,079
555 0.06% 1,130
586 0.06% 1,182
617 0.06% 1,233
5,364 11,405

69 0.04% 104 S 1 2,000 2,000 2,000 2,000

72 0.04% 108 S 2 3,000 3,000 3,000 3,000
75 0.04% 112 S 3 4,000 4,000 4,000 4,000
78 0.04% 117 S 4 69 72 75 78
80 0.04% 121 S 5 104 108 112 117
83 0.04% 125
86 0.04% 129
89 0.04% 133
92 0.04% 137
94 0.04% 142
97 0.04% 146
100 0.04% 150
1,016 1,524

413 0.04% 1,014 H 1 6 8 10 12

459 0.04% 1,110 H 2 35 42 49 57
505 0.04% 1,206 H 3 134 155 177 198
551 0.04% 1,301 H 4 413 459 505 551
597 0.04% 1,397 H 5 1,014 1,110 1,206 1,301
643 0.04% 1,493
689 0.04% 1,588
735 0.04% 1,684
 781 0.04% 1,780
827 0.04% 1,875
873 0.04% 1,971
919 0.04% 2,067
7,992 18,487

162 0.04% 390 B 1 5 7 7 8

180 0.04% 420 B 2 17 22 25 27
198 0.04% 450 B 3 56 64 72 80
216 0.04% 480 B 4 162 180 198 216
234 0.04% 509 B 5 390 420 450 480
252 0.04% 539
270 0.04% 569
288 0.04% 599
306 0.04% 629
324 0.04% 659
342 0.04% 689
360 0.04% 719
3,129 6,653

61 0.04% 91 S 1 5 7 8 9
63 0.04% 95 S 2 21 23 24 26
66 0.04% 98 S 3 40 42 44 45
68 0.04% 102 S 4 61 63 66 68
70 0.04% 106 S 5 91 95 98 102
73 0.04% 109
75 0.04% 113
78 0.04% 117
80 0.04% 120
83 0.04% 124
85 0.04% 128
87 0.04% 131
889 1,333

590 0.05% 1,449 H 1 9 11 14 17

656 0.05% 1,586 H 2 50 61 71 81
722 0.05% 1,722 H 3 192 222 252 283
787 0.05% 1,859 H 4 590 656 722 787
853 0.05% 1,996 H 5 1,449 1,586 1,722 1,859
 919 0.05% 2,132
984 0.05% 2,269
1,050 0.05% 2,406
1,115 0.05% 2,543
1,181 0.05% 2,679
1,247 0.05% 2,816
1,312 0.05% 2,953
11,416 26,409

231 0.05% 557 B 1 8 9 10 12

257 0.05% 599 B 2 25 31 35 39
283 0.05% 642 B 3 80 91 103 114
308 0.05% 685 B 4 231 257 283 308
334 0.05% 728 B 5 557 599 642 685
360 0.05% 771
385 0.05% 813
411 0.05% 856
437 0.05% 899
462 0.05% 942
488 0.05% 985
514 0.05% 1,028
4,470 9,504

87 0.05% 130 S 1 7 9 11 13
90 0.05% 135 S 2 30 32 35 37
94 0.05% 141 S 3 58 60 62 65
97 0.05% 146 S 4 87 90 94 97
101 0.05% 151 S 5 130 135 141 146
104 0.05% 156
108 0.05% 161
111 0.05% 167
114 0.05% 172
118 0.05% 177
121 0.05% 182
125 0.05% 187
1,270 1,905

8,857 0.75% 21,734 H 1 128 171 215 258

9,842 0.75% 23,785 H 2 757 908 1,060 1,211
 10,826 0.75% 25,835 H 3 2,877 3,331 3,785 4,239
11,810 0.75% 27,886 H 4 8,857 9,842 10,826 11,810
12,794 0.75% 29,936 H 5 21,734 23,785 25,835 27,886
13,778 0.75% 31,987
14,763 0.75% 34,037
15,747 0.75% 36,088
16,731 0.75% 38,138
17,715 0.75% 40,188
18,700 0.75% 42,239
19,684 0.75% 44,289
171,247 396,142

3,468 0.75% 8,348 B 1 113 141 152 174

3,853 0.75% 8,991 B 2 371 465 531 578
4,238 0.75% 9,633 B 3 1,199 1,370 1,541 1,713
4,624 0.75% 10,275 B 4 3,468 3,853 4,238 4,624
5,009 0.75% 10,917 B 5 8,348 8,991 9,633 10,275
5,394 0.75% 11,559
5,780 0.75% 12,202
6,165 0.75% 12,844
6,550 0.75% 13,486
6,936 0.75% 14,128
7,321 0.75% 14,770
7,706 0.75% 15,413
67,044 142,566

1,301 0.75% 1,951 S 1 112 140 167 195

1,353 0.75% 2,029 S 2 451 486 520 555
1,405 0.75% 2,108 S 3 867 902 937 971
1,457 0.75% 2,186 S 4 1,301 1,353 1,405 1,457
1,509 0.75% 2,264 S 5 1,951 2,029 2,108 2,186
1,561 0.75% 2,342
1,613 0.75% 2,420
1,665 0.75% 2,498
1,717 0.75% 2,576
1,769 0.75% 2,654
1,821 0.75% 2,733
1,873 0.75% 2,811
19,043 28,571

e
 8,267 0.70% 20,285 H 1 119 160 200 241
9,185 0.70% 22,199 H 2 707 848 989 1,131
10,104 0.70% 24,113 H 3 2,685 3,109 3,533 3,957
11,023 0.70% 26,027 H 4 8,267 9,185 10,104 11,023
11,941 0.70% 27,940 H 5 20,285 22,199 24,113 26,027
12,860 0.70% 29,854
13,778 0.70% 31,768
14,697 0.70% 33,682
15,616 0.70% 35,595
16,534 0.70% 37,509
17,453 0.70% 39,423
18,372 0.70% 41,337
159,830 369,732

3,237 0.70% 7,792 B 1 105 131 142 163

3,596 0.70% 8,391 B 2 347 434 495 539
3,956 0.70% 8,991 B 3 1,119 1,279 1,439 1,598
4,316 0.70% 9,590 B 4 3,237 3,596 3,956 4,316
4,675 0.70% 10,189 B 5 7,792 8,391 8,991 9,590
5,035 0.70% 10,789
5,394 0.70% 11,388
5,754 0.70% 11,988
6,114 0.70% 12,587
6,473 0.70% 13,186
6,833 0.70% 13,786
7,193 0.70% 14,385
62,575 133,061

1,214 0.70% 1,821 S 1 105 130 156 182

1,263 0.70% 1,894 S 2 421 453 486 518
1,311 0.70% 1,967 S 3 809 842 874 907
1,360 0.70% 2,040 S 4 1,214 1,263 1,311 1,360
1,408 0.70% 2,113 S 5 1,821 1,894 1,967 2,040
1,457 0.70% 2,186
1,505 0.70% 2,259
1,554 0.70% 2,332
1,603 0.70% 2,405
1,651 0.70% 2,477
1,700 0.70% 2,550
1,748 0.70% 2,623
17,774 26,667
e

2,362 0.20% 5,796 H 1 34 46 57 69

2,624 0.20% 6,343 H 2 202 242 283 323
2,887 0.20% 6,889 H 3 767 888 1,009 1,131
3,149 0.20% 7,436 H 4 2,362 2,624 2,887 3,149
3,412 0.20% 7,983 H 5 5,796 6,343 6,889 7,436
3,674 0.20% 8,530
3,937 0.20% 9,077
4,199 0.20% 9,623
4,462 0.20% 10,170
4,724 0.20% 10,717
4,987 0.20% 11,264
5,249 0.20% 11,811
45,666 105,638

925 0.20% 2,226 B 1 30 38 41 47

1,028 0.20% 2,398 B 2 99 124 142 154
1,130 0.20% 2,569 B 3 320 365 411 457
1,233 0.20% 2,740 B 4 925 1,028 1,130 1,233
1,336 0.20% 2,911 B 5 2,226 2,398 2,569 2,740
1,439 0.20% 3,083
1,541 0.20% 3,254
1,644 0.20% 3,425
1,747 0.20% 3,596
1,850 0.20% 3,768
1,952 0.20% 3,939
2,055 0.20% 4,110
17,879 38,018

347 0.20% 520 S 1 30 37 45 52

361 0.20% 541 S 2 120 130 139 148
375 0.20% 562 S 3 231 241 250 259
389 0.20% 583 S 4 347 361 375 389
402 0.20% 604 S 5 520 541 562 583
416 0.20% 625
430 0.20% 645
444 0.20% 666
458 0.20% 687
472 0.20% 708
486 0.20% 729
 500 0.20% 750
5,078 7,619

1,636 0.14% 4,014 H 1 24 32 40 48

1,817 0.14% 4,392 H 2 140 168 196 224
1,999 0.14% 4,771 H 3 531 615 699 783
2,181 0.14% 5,150 H 4 1,636 1,817 1,999 2,181
2,363 0.14% 5,528 H 5 4,014 4,392 4,771 5,150
2,544 0.14% 5,907
2,726 0.14% 6,286
2,908 0.14% 6,664
3,090 0.14% 7,043
3,271 0.14% 7,421
3,453 0.14% 7,800
3,635 0.14% 8,179
31,624 73,154

640 0.14% 1,542 B 1 21 26 28 32

712 0.14% 1,660 B 2 69 86 98 107
783 0.14% 1,779 B 3 221 253 285 316
854 0.14% 1,897 B 4 640 712 783 854
925 0.14% 2,016 B 5 1,542 1,660 1,779 1,897
996 0.14% 2,135
1,067 0.14% 2,253
1,138 0.14% 2,372
1,210 0.14% 2,490
1,281 0.14% 2,609
1,352 0.14% 2,728
1,423 0.14% 2,846
12,381 26,327

240 0.14% 360 S 1 21 26 31 36

250 0.14% 375 S 2 83 90 96 102
259 0.14% 389 S 3 160 167 173 179
269 0.14% 404 S 4 240 250 259 269
279 0.14% 418 S 5 360 375 389 404
288 0.14% 432
298 0.14% 447
307 0.14% 461
 317 0.14% 476
327 0.14% 490
336 0.14% 505
346 0.14% 519
3,517 5,276

6,377 0.54% 15,649 H 1 85 114 143 172

7,086 0.54% 17,125 H 2 545 654 763 872
7,795 0.54% 18,601 H 3 2,071 2,398 2,725 3,052
8,503 0.54% 20,078 H 4 6,377 7,086 7,795 8,503
9,212 0.54% 21,554 H 5 15,649 17,125 18,601 20,078
9,920 0.54% 23,030
10,629 0.54% 24,507
11,338 0.54% 25,983
12,046 0.54% 27,459
12,755 0.54% 28,936
13,464 0.54% 30,412
14,172 0.54% 31,888
123,298 285,222

2,497 0.54% 6,011 B 1 75 94 101 116

2,774 0.54% 6,473 B 2 267 335 382 416
3,052 0.54% 6,936 B 3 863 986 1,110 1,233
3,329 0.54% 7,398 B 4 2,497 2,774 3,052 3,329
3,607 0.54% 7,860 B 5 6,011 6,473 6,936 7,398
3,884 0.54% 8,323
4,161 0.54% 8,785
4,439 0.54% 9,248
4,716 0.54% 9,710
4,994 0.54% 10,172
5,271 0.54% 10,635
5,549 0.54% 11,097
48,272 102,647

937 0.54% 1,405 S 1 75 93 112 130

974 0.54% 1,461 S 2 325 350 375 400
1,011 0.54% 1,517 S 3 624 649 674 699
1,049 0.54% 1,574 S 4 937 974 1,011 1,049
1,086 0.54% 1,630 S 5 1,405 1,461 1,517 1,574
 1,124 0.54% 1,686
1,161 0.54% 1,742
1,199 0.54% 1,799
1,236 0.54% 1,855
1,274 0.54% 1,911
1,311 0.54% 1,967
1,349 0.54% 2,024
13,711 20,571

827 0.07% 2,029 H 1 12 16 20 24

919 0.07% 2,220 H 2 71 85 99 113
1,010 0.07% 2,411 H 3 268 311 353 396
1,102 0.07% 2,603 H 4 827 919 1,010 1,102
1,194 0.07% 2,794 H 5 2,029 2,220 2,411 2,603
1,286 0.07% 2,985
1,378 0.07% 3,177
1,470 0.07% 3,368 Total High Growth Opera
1,562 0.07% 3,560 1 2,820 3,042 3,264 3,486
1,653 0.07% 3,751 2 7,869 8,842 9,816 10,790
1,745 0.07% 3,942 3 20,583 23,202 25,820 28,439
1,837 0.07% 4,134 4 51,296 56,996 62,696 68,396
15,983 36,973 5 124,131 135,842 147,553 159,264

324 0.07% 779 B 1 11 13 14 16

360 0.07% 839 B 2 35 43 50 54
396 0.07% 899 B 3 112 128 144 160
432 0.07% 959 B 4 324 360 396 432
468 0.07% 1,019 B 5 779 839 899 959
503 0.07% 1,079
539 0.07% 1,139
575 0.07% 1,199 Total Base Case Operati
611 0.07% 1,259 1 2,742 2,885 2,943 3,058
647 0.07% 1,319 2 5,388 5,991 6,413 6,714
683 0.07% 1,379 3 10,910 11,898 12,885 13,872
719 0.07% 1,439 4 20,083 22,315 24,546 26,778
6,257 13,306 5 47,681 51,348 55,016 58,684

121 0.07% 182 S 1 10 13 16 18

126 0.07% 189 S 2 42 45 49 52
 131 0.07% 197 S 3 81 84 87 91
136 0.07% 204 S 4 121 126 131 136
141 0.07% 211 S 5 182 189 197 204
146 0.07% 219
151 0.07% 226
155 0.07% 233 Total Slow Growth Opera
160 0.07% 240 1 2,739 2,881 3,022 3,163
165 0.07% 248 2 5,900 6,123 6,346 6,569
170 0.07% 255 3 8,999 9,199 9,399 9,599
175 0.07% 262 4 7,481 7,780 8,080 8,379
1,777 2,667 5 11,092 11,536 11,980 12,425

%) of Revenue thereafter

7,972 0.68% 19,561 H 1 3,333 3,333 3,333 3,333

8,857 0.68% 21,406 H 2 681 818 954 1,090
9,743 0.68% 23,252 H 3 2,589 2,998 3,407 3,815
10,629 0.68% 25,097 H 4 7,972 8,857 9,743 10,629
11,515 0.68% 26,942 H 5 19,561 21,406 23,252 25,097
12,401 0.68% 28,788
13,286 0.68% 30,633
14,172 0.68% 32,479
15,058 0.68% 34,324
15,944 0.68% 36,170
16,830 0.68% 38,015
17,715 0.68% 39,860
154,122 356,527

3,121 0.68% 7,514 B 1 3,333 3,333 3,333 3,333

3,468 0.68% 8,092 B 2 334 419 478 520
3,815 0.68% 8,670 B 3 1,079 1,233 1,387 1,541
4,161 0.68% 9,248 B 4 3,121 3,468 3,815 4,161
4,508 0.68% 9,825 B 5 7,514 8,092 8,670 9,248
4,855 0.68% 10,403
5,202 0.68% 10,981
5,549 0.68% 11,559
5,895 0.68% 12,137
6,242 0.68% 12,715
6,589 0.68% 13,293
6,936 0.68% 13,871
60,340 128,309
 1,171 0.68% 1,756 S 1 3,333 3,333 3,333 3,333
1,218 0.68% 1,826 S 2 406 437 468 500
1,264 0.68% 1,897 S 3 780 812 843 874
1,311 0.68% 1,967 S 4 1,171 1,218 1,264 1,311
1,358 0.68% 2,037 S 5 1,756 1,826 1,897 1,967
1,405 0.68% 2,108
1,452 0.68% 2,178
1,499 0.68% 2,248
1,545 0.68% 2,319
1,592 0.68% 2,389
1,639 0.68% 2,459
1,686 0.68% 2,530
17,139 25,714

the next

1,109 3.50% 1,148 H 1 1,000 1,000 1,000 1,000

1,109 3.50% 1,148 H 2 1,035 1,035 1,035 1,035
1,109 3.50% 1,148 H 3 1,071 1,071 1,071 1,071
1,109 3.50% 1,148 H 4 1,109 1,109 1,109 1,109
1,109 3.50% 1,148 H 5 1,148 1,148 1,148 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
13,305 13,770

1,109 3.50% 1,148 B 1 1,000 1,000 1,000 1,000

1,109 3.50% 1,148 B 2 1,035 1,035 1,035 1,035
1,109 3.50% 1,148 B 3 1,071 1,071 1,071 1,071
1,109 3.50% 1,148 B 4 1,109 1,109 1,109 1,109
1,109 3.50% 1,148 B 5 1,148 1,148 1,148 1,148
 1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
13,305 13,770

1,109 3.50% 1,148 S 1 1,000 1,000 1,000 1,000

1,109 3.50% 1,148 S 2 1,035 1,035 1,035 1,035
1,109 3.50% 1,148 S 3 1,071 1,071 1,071 1,071
1,109 3.50% 1,148 S 4 1,109 1,109 1,109 1,109
1,109 3.50% 1,148 S 5 1,148 1,148 1,148 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
1,109 3.50% 1,148
13,305 13,770

3,500
292 292 292 H 1 1,000 1,000 1,000 1,000
292 292 292 H 2 1,667 1,667 1,667 1,667
292 292 292 H 3 292 292 292 292
292 292 292 H 4 292 292 292 292
292 292 292 H 5 292 292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
3,500 3,500

3,500
292 292 292 B 1 1,000 1,000 1,000 1,000
292 292 292 B 2 1,667 1,667 1,667 1,667
 292 292 292 B 3 292 292 292 292
292 292 292 B 4 292 292 292 292
292 292 292 B 5 292 292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
3,500 3,500

3,500
292 292 292 S 1 1,000 1,000 1,000 1,000
292 292 292 S 2 1,667 1,667 1,667 1,667
292 292 292 S 3 292 292 292 292
292 292 292 S 4 292 292 292 292
292 292 292 S 5 292 292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
292 292 292
3,500 3,500

2,784
232 232 232 H 1 232 232 232 232
232 232 232 H 2 232 232 232 232
232 232 232 H 3 232 232 232 232
232 232 232 H 4 232 232 232 232
232 232 232 H 5 232 232 232 232
232 232 232
232 232 232
232 232 232 Total High Growt
232 232 232 1 2,232 2,232 2,232 2,232
232 232 232 2 2,934 2,934 2,934 2,934
232 232 232 3 1,595 1,595 1,595 1,595
232 232 232 4 1,632 1,632 1,632 1,632
2,784 2,784 5 1,671 1,671 1,671 1,671
 2,784
232 232 232 B 1 232 232 232 232
232 232 232 B 2 232 232 232 232
232 232 232 B 3 232 232 232 232
232 232 232 B 4 232 232 232 232
232 232 232 B 5 232 232 232 232
232 232 232
232 232 232
232 232 232 Total Base Case
232 232 232 1 2,232 2,232 2,232 2,232
232 232 232 2 2,934 2,934 2,934 2,934
232 232 232 3 1,595 1,595 1,595 1,595
232 232 232 4 1,632 1,632 1,632 1,632
2,784 2,784 5 1,671 1,671 1,671 1,671

2,784
232 232 232 S 1 232 232 232 232
232 232 232 S 2 232 232 232 232
232 232 232 S 3 232 232 232 232
232 232 232 S 4 232 232 232 232
232 232 232 S 5 232 232 232 232
232 232 232
232 232 232
232 232 232 Total Slow Growt
232 232 232 1 2,232 2,232 2,232 2,232
232 232 232 2 2,934 2,934 2,934 2,934
232 232 232 3 1,595 1,595 1,595 1,595
232 232 232 4 1,632 1,632 1,632 1,632
2,784 2,784 5 1,671 1,671 1,671 1,671

the next

3,194 10.00% 3,514 H 1 2,400 2,400 2,400 2,400

3,194 10.00% 3,514 H 2 2,640 2,640 2,640 2,640
3,194 10.00% 3,514 H 3 2,904 2,904 2,904 2,904
3,194 10.00% 3,514 H 4 3,194 3,194 3,194 3,194
3,194 10.00% 3,514 H 5 3,514 3,514 3,514 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
 3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
38,333 42,166

3,194 10.00% 3,514 B 1 2,400 2,400 2,400 2,400

3,194 10.00% 3,514 B 2 2,640 2,640 2,640 2,640
3,194 10.00% 3,514 B 3 2,904 2,904 2,904 2,904
3,194 10.00% 3,514 B 4 3,194 3,194 3,194 3,194
3,194 10.00% 3,514 B 5 3,514 3,514 3,514 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
38,333 42,166

3,194 10.00% 3,514 S 1 2,400 2,400 2,400 2,400

3,194 10.00% 3,514 S 2 2,640 2,640 2,640 2,640
3,194 10.00% 3,514 S 3 2,904 2,904 2,904 2,904
3,194 10.00% 3,514 S 4 3,194 3,194 3,194 3,194
3,194 10.00% 3,514 S 5 3,514 3,514 3,514 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
3,194 10.00% 3,514
38,333 42,166

1 2,917 2,917 2,917 2,917

Month Month Month Month Month Month Month Month
5 6 7 8 9 10 11 12 Total

964 581 843 843 843 843 843 843

656 656 656 656 656 656 656 656
22,053 22,053 22,053 22,053 22,053 22,053 22,053 22,053
48,472 48,472 48,472 48,472 48,472 48,472 48,472 48,472
104,834 104,834 104,834 104,834 104,834 104,834 104,834 104,834

964 581 843 843 843 843 843 843

656 656 656 656 656 656 656 656
13,937 13,937 13,937 13,937 13,937 13,937 13,937 13,937
24,682 24,682 24,682 24,682 24,682 24,682 24,682 24,682
42,299 42,299 42,299 42,299 42,299 42,299 42,299 42,299

964 581 843 843 843 843 843 843

656 656 656 656 656 656 656 656
10,893 10,893 10,893 10,893 10,893 10,893 10,893 10,893
12,235 12,235 12,235 12,235 12,235 12,235 12,235 12,235
14,783 14,783 14,783 14,783 14,783 14,783 14,783 14,783
 1,608 1,840 2,072 2,303 2,535 2,767 2,998 3,230
7,268 8,075 8,883 9,690 10,498 11,305 12,113 12,920
25,033 27,455 29,878 32,300 34,723 37,145 39,568 41,990
68,236 73,485 78,734 83,983 89,233 94,482 99,731 104,980
159,659 170,595 181,531 192,467 203,403 214,338 225,274 236,210

950 1,050 940 930 990 850 780 810

3,230 3,280 3,580 3,880 3,730 3,980 3,680 3,880
10,047 10,960 11,873 12,787 13,700 14,613 15,527 16,440
26,715 28,770 30,825 32,880 34,935 36,990 39,045 41,100
58,225 61,650 65,075 68,500 71,925 75,350 78,775 82,200

1,188 1,335 1,483 1,630 1,778 1,925 2,073 2,220

 3,145 3,330 3,515 3,700 3,885 4,070 4,255 4,440
5,365 5,550 5,735 5,920 6,105 6,290 6,475 6,660
8,048 8,325 8,603 8,880 9,158 9,435 9,713 9,990
12,073 12,490 12,907 13,323 13,740 14,157 14,573 14,990

402 460 518 576 634 692 750 808

1,363 1,514 1,665 1,817 1,968 2,120 2,271 2,423
1,877 2,059 2,241 2,423 2,604 2,786 2,968 3,149
5,118 5,511 5,905 6,299 6,692 7,086 7,480 7,874
11,974 12,795 13,615 14,435 15,255 16,075 16,896 17,716

238 263 235 233 248 213 195 203

606 615 671 728 699 746 690 728
754 822 891 959 1,028 1,096 1,165 1,233
2,004 2,158 2,312 2,466 2,620 2,774 2,928 3,083
4,367 4,624 4,881 5,138 5,394 5,651 5,908 6,165
 297 334 371 408 444 481 518 555
590 624 659 694 728 763 798 833
402 416 430 444 458 472 486 500
604 624 645 666 687 708 728 749
906 937 968 999 1,031 1,062 1,093 1,124

121 138 155 173 190 208 225 242

545 606 666 727 787 848 908 969
1,877 2,059 2,241 2,423 2,604 2,786 2,968 3,149
5,118 5,511 5,905 6,299 6,692 7,086 7,480 7,874
11,974 12,795 13,615 14,435 15,255 16,075 16,896 17,716

71 79 71 70 74 64 59 61
242 246 269 291 280 299 276 291
754 822 891 959 1,028 1,096 1,165 1,233
2,004 2,158 2,312 2,466 2,620 2,774 2,928 3,083
4,367 4,624 4,881 5,138 5,394 5,651 5,908 6,165
 89 100 111 122 133 144 155 167
236 250 264 278 291 305 319 333
402 416 430 444 458 472 486 500
604 624 645 666 687 708 728 749
906 937 968 999 1,031 1,062 1,093 1,124

8 9 10 12 13 14 15 16
36 40 44 48 52 57 61 65
125 137 149 162 174 186 198 210
341 367 394 420 446 472 499 525
798 853 908 962 1,017 1,072 1,126 1,181

5 5 5 5 5 4 4 4
16 16 18 19 19 20 18 19
50 55 59 64 69 73 78 82
134 144 154 164 175 185 195 206
291 308 325 343 360 377 394 411
 6 7 7 8 9 10 10 11
16 17 18 19 19 20 21 22
27 28 29 30 31 31 32 33
40 42 43 44 46 47 49 50
60 62 65 67 69 71 73 75

167 167 167 167 167 167 167 167

2,180 2,423 2,665 2,907 3,149 3,392 3,634 3,876
7,197 7,893 8,590 9,286 9,983 10,679 11,376 12,072
18,765 20,208 21,652 23,095 24,539 25,982 27,426 28,870
41,911 44,781 47,652 50,523 53,393 56,264 59,134 62,005

167 167 167 167 167 167 167 167

969 984 1,074 1,164 1,119 1,194 1,104 1,164
 2,888 3,151 3,414 3,676 3,939 4,201 4,464 4,727
7,347 7,912 8,477 9,042 9,607 10,172 10,737 11,303
15,284 16,183 17,082 17,981 18,880 19,779 20,678 21,578

167 167 167 167 167 167 167 167

944 999 1,055 1,110 1,166 1,221 1,277 1,332
1,542 1,596 1,649 1,702 1,755 1,808 1,862 1,915
2,213 2,289 2,366 2,442 2,518 2,595 2,671 2,747
3,169 3,279 3,388 3,497 3,607 3,716 3,826 3,935

28 32 36 40 44 48 52 57
127 141 155 170 184 198 212 226
438 549 598 646 694 743 791 840
1,365 1,470 1,575 1,680 1,785 1,890 1,995 2,100
2,794 2,985 3,177 3,368 3,560 3,751 3,942 4,134
 17 18 16 16 17 15 14 14
57 57 63 68 65 70 64 68
176 219 237 256 274 292 311 329
534 575 617 658 699 740 781 822
1,019 1,079 1,139 1,199 1,259 1,319 1,379 1,439

21 23 26 29 31 34 36 39
55 58 62 65 68 71 74 78
94 97 100 104 107 110 113 117
141 146 151 155 160 165 170 175
211 219 226 233 240 248 255 262

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
1,024 1,102 1,181 1,260 1,338 1,417 1,496 1,575
2,395 2,559 2,723 2,887 3,051 3,215 3,379 3,543
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
401 432 462 493 524 555 586 617
873 925 976 1,028 1,079 1,130 1,182 1,233

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
80 83 86 89 92 94 97 100
121 125 129 133 137 142 146 150

14 16 18 20 22 24 26 28
64 71 78 85 92 99 106 113
219 240 261 283 304 325 346 367
597 643 689 735 781 827 873 919
1,397 1,493 1,588 1,684 1,780 1,875 1,971 2,067
 8 9 8 8 9 7 7 7
28 29 31 34 33 35 32 34
88 96 104 112 120 128 136 144
234 252 270 288 306 324 342 360
509 539 569 599 629 659 689 719

10 12 13 14 16 17 18 19
28 29 31 32 34 36 37 39
47 49 50 52 53 55 57 58
70 73 75 78 80 83 85 87
106 109 113 117 120 124 128 131

20 23 26 29 32 35 37 40
91 101 111 121 131 141 151 162
313 343 373 404 434 464 495 525
853 919 984 1,050 1,115 1,181 1,247 1,312
1,996 2,132 2,269 2,406 2,543 2,679 2,816 2,953
 12 13 12 12 12 11 10 10
40 41 45 49 47 50 46 49
126 137 148 160 171 183 194 206
334 360 385 411 437 462 488 514
728 771 813 856 899 942 985 1,028

15 17 19 20 22 24 26 28
39 42 44 46 49 51 53 56
67 69 72 74 76 79 81 83
101 104 108 111 114 118 121 125
151 156 161 167 172 177 182 187

302 345 388 432 475 519 562 606

1,363 1,514 1,665 1,817 1,968 2,120 2,271 2,423
 4,694 5,148 5,602 6,056 6,510 6,965 7,419 7,873
12,794 13,778 14,763 15,747 16,731 17,715 18,700 19,684
29,936 31,987 34,037 36,088 38,138 40,188 42,239 44,289

178 197 176 174 186 159 146 152

606 615 671 728 699 746 690 728
1,884 2,055 2,226 2,398 2,569 2,740 2,911 3,083
5,009 5,394 5,780 6,165 6,550 6,936 7,321 7,706
10,917 11,559 12,202 12,844 13,486 14,128 14,770 15,413

223 250 278 306 333 361 389 416

590 624 659 694 728 763 798 833
1,006 1,041 1,075 1,110 1,145 1,179 1,214 1,249
1,509 1,561 1,613 1,665 1,717 1,769 1,821 1,873
2,264 2,342 2,420 2,498 2,576 2,654 2,733 2,811
 281 322 363 403 444 484 525 565
1,272 1,413 1,554 1,696 1,837 1,978 2,120 2,261
4,381 4,805 5,229 5,653 6,076 6,500 6,924 7,348
11,941 12,860 13,778 14,697 15,616 16,534 17,453 18,372
27,940 29,854 31,768 33,682 35,595 37,509 39,423 41,337

166 184 165 163 173 149 137 142

565 574 627 679 653 697 644 679
1,758 1,918 2,078 2,238 2,398 2,557 2,717 2,877
4,675 5,035 5,394 5,754 6,114 6,473 6,833 7,193
10,189 10,789 11,388 11,988 12,587 13,186 13,786 14,385

208 234 259 285 311 337 363 389

550 583 615 648 680 712 745 777
939 971 1,004 1,036 1,068 1,101 1,133 1,166
1,408 1,457 1,505 1,554 1,603 1,651 1,700 1,748
2,113 2,186 2,259 2,332 2,405 2,477 2,550 2,623
 80 92 104 115 127 138 150 162
363 404 444 485 525 565 606 646
1,252 1,373 1,494 1,615 1,736 1,857 1,978 2,100
3,412 3,674 3,937 4,199 4,462 4,724 4,987 5,249
7,983 8,530 9,077 9,623 10,170 10,717 11,264 11,811

48 53 47 47 50 43 39 41
162 164 179 194 187 199 184 194
502 548 594 639 685 731 776 822
1,336 1,439 1,541 1,644 1,747 1,850 1,952 2,055
2,911 3,083 3,254 3,425 3,596 3,768 3,939 4,110

59 67 74 82 89 96 104 111
157 167 176 185 194 204 213 222
268 278 287 296 305 315 324 333
402 416 430 444 458 472 486 500
604 625 645 666 687 708 729 750
 56 64 72 80 88 96 104 112
252 280 308 336 363 391 419 447
867 951 1,035 1,118 1,202 1,286 1,370 1,454
2,363 2,544 2,726 2,908 3,090 3,271 3,453 3,635
5,528 5,907 6,286 6,664 7,043 7,421 7,800 8,179

33 36 33 32 34 29 27 28
112 114 124 134 129 138 127 134
348 379 411 443 474 506 538 569
925 996 1,067 1,138 1,210 1,281 1,352 1,423
2,016 2,135 2,253 2,372 2,490 2,609 2,728 2,846

41 46 51 56 62 67 72 77
109 115 122 128 135 141 147 154
186 192 199 205 211 218 224 231
279 288 298 307 317 327 336 346
418 432 447 461 476 490 505 519
 201 230 259 288 317 346 375 404
981 1,090 1,199 1,308 1,417 1,526 1,635 1,744
3,379 3,706 4,033 4,361 4,688 5,015 5,342 5,669
9,212 9,920 10,629 11,338 12,046 12,755 13,464 14,172
21,554 23,030 24,507 25,983 27,459 28,936 30,412 31,888

119 131 118 116 124 106 98 101

436 443 483 524 504 537 497 524
1,356 1,480 1,603 1,726 1,850 1,973 2,096 2,219
3,607 3,884 4,161 4,439 4,716 4,994 5,271 5,549
7,860 8,323 8,785 9,248 9,710 10,172 10,635 11,097

148 167 185 204 222 241 259 278

425 450 475 500 524 549 574 599
724 749 774 799 824 849 874 899
1,086 1,124 1,161 1,199 1,236 1,274 1,311 1,349
1,630 1,686 1,742 1,799 1,855 1,911 1,967 2,024
 28 32 36 40 44 48 52 57
127 141 155 170 184 198 212 226
438 480 523 565 608 650 692 735
1,194 1,286 1,378 1,470 1,562 1,653 1,745 1,837
2,794 2,985 3,177 3,368 3,560 3,751 3,942 4,134

Total High Growth Operating Expenses

3,708 3,930 4,152 4,374 4,596 4,818 5,040 5,262 48,493
11,764 12,737 13,711 14,685 15,659 16,632 17,606 18,580 158,692
31,057 33,744 36,369 38,993 41,617 44,242 46,866 49,491 420,423
74,096 79,796 85,495 91,195 96,895 102,595 108,295 113,995 991,746
170,975 182,686 194,397 206,108 217,819 229,530 241,240 252,951 2,262,497

17 18 16 16 17 15 14 14
57 57 63 68 65 70 64 68
176 192 208 224 240 256 272 288
468 503 539 575 611 647 683 719
1,019 1,079 1,139 1,199 1,259 1,319 1,379 1,439

Total Base Case Operating Expenses

3,077 3,173 3,068 3,058 3,115 2,981 2,914 2,943 35,958
6,895 6,955 7,317 7,679 7,498 7,799 7,438 7,679 83,765
14,859 15,874 16,863 17,853 18,842 19,832 20,821 21,811 196,320
29,009 31,241 33,472 35,704 37,935 40,167 42,398 44,629 388,276
62,352 66,019 69,687 73,355 77,023 80,690 84,358 88,026 814,240

21 23 26 29 31 34 36 39
55 58 62 65 68 71 74 78
 94 97 100 104 107 110 113 117
141 146 151 155 160 165 170 175
211 219 226 233 240 248 255 262

Total Slow Growth Operating Expenses

3,305 3,446 3,587 3,729 3,870 4,012 4,153 4,294 42,201
6,792 7,016 7,239 7,462 7,685 7,908 8,131 8,354 85,525
9,799 9,999 10,199 10,399 10,599 10,799 10,999 11,199 121,186
8,678 8,977 9,277 9,576 9,875 10,174 10,474 10,773 109,525
12,869 13,313 13,757 14,201 14,645 15,089 15,533 15,977 162,418

3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333

1,226 1,363 1,499 1,635 1,771 1,908 2,044 2,180
4,224 4,633 5,042 5,451 5,859 6,268 6,677 7,086
11,515 12,401 13,286 14,172 15,058 15,944 16,830 17,715
26,942 28,788 30,633 32,479 34,324 36,170 38,015 39,860

3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333

545 554 604 655 629 672 621 655
1,695 1,850 2,004 2,158 2,312 2,466 2,620 2,774
4,508 4,855 5,202 5,549 5,895 6,242 6,589 6,936
9,825 10,403 10,981 11,559 12,137 12,715 13,293 13,871
3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333
531 562 593 624 656 687 718 749
905 937 968 999 1,030 1,061 1,093 1,124
1,358 1,405 1,452 1,499 1,545 1,592 1,639 1,686
2,037 2,108 2,178 2,248 2,319 2,389 2,459 2,530

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1,035 1,035 1,035 1,035 1,035 1,035 1,035 1,035
1,071 1,071 1,071 1,071 1,071 1,071 1,071 1,071
1,109 1,109 1,109 1,109 1,109 1,109 1,109 1,109
1,148 1,148 1,148 1,148 1,148 1,148 1,148 1,148

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1,035 1,035 1,035 1,035 1,035 1,035 1,035 1,035
1,071 1,071 1,071 1,071 1,071 1,071 1,071 1,071
1,109 1,109 1,109 1,109 1,109 1,109 1,109 1,109
1,148 1,148 1,148 1,148 1,148 1,148 1,148 1,148
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
1,035 1,035 1,035 1,035 1,035 1,035 1,035 1,035
1,071 1,071 1,071 1,071 1,071 1,071 1,071 1,071
1,109 1,109 1,109 1,109 1,109 1,109 1,109 1,109
1,148 1,148 1,148 1,148 1,148 1,148 1,148 1,148

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667
292 292 292 292 292 292 292 292
292 292 292 292 292 292 292 292
292 292 292 292 292 292 292 292

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667
 292 292 292 292 292 292 292 292
292 292 292 292 292 292 292 292
292 292 292 292 292 292 292 292

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667
292 292 292 292 292 292 292 292
292 292 292 292 292 292 292 292
292 292 292 292 292 292 292 292

232 232 232 232 232 232 232 232

232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232

Total High Growth G&A

2,232 2,232 2,232 2,232 2,232 2,232 2,232 2,232 26,784
2,934 2,934 2,934 2,934 2,934 2,934 2,934 2,934 35,204
1,595 1,595 1,595 1,595 1,595 1,595 1,595 1,595 19,139
1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 19,589
1,671 1,671 1,671 1,671 1,671 1,671 1,671 1,671 20,054
 232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232

Total Base Case G&A

2,232 2,232 2,232 2,232 2,232 2,232 2,232 2,232 26,784
2,934 2,934 2,934 2,934 2,934 2,934 2,934 2,934 35,204
1,595 1,595 1,595 1,595 1,595 1,595 1,595 1,595 19,139
1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 19,589
1,671 1,671 1,671 1,671 1,671 1,671 1,671 1,671 20,054

232 232 232 232 232 232 232 232

232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232
232 232 232 232 232 232 232 232

Total Slow Growth G&A

2,232 2,232 2,232 2,232 2,232 2,232 2,232 2,232 26,784
2,934 2,934 2,934 2,934 2,934 2,934 2,934 2,934 35,204
1,595 1,595 1,595 1,595 1,595 1,595 1,595 1,595 19,139
1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 19,589
1,671 1,671 1,671 1,671 1,671 1,671 1,671 1,671 20,054

2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400

2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640
2,904 2,904 2,904 2,904 2,904 2,904 2,904 2,904
3,194 3,194 3,194 3,194 3,194 3,194 3,194 3,194
3,514 3,514 3,514 3,514 3,514 3,514 3,514 3,514
2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400
2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640
2,904 2,904 2,904 2,904 2,904 2,904 2,904 2,904
3,194 3,194 3,194 3,194 3,194 3,194 3,194 3,194
3,514 3,514 3,514 3,514 3,514 3,514 3,514 3,514

2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400

2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640
2,904 2,904 2,904 2,904 2,904 2,904 2,904 2,904
3,194 3,194 3,194 3,194 3,194 3,194 3,194 3,194
3,514 3,514 3,514 3,514 3,514 3,514 3,514 3,514

2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917

 Employee Type 1 2 3 4 5
Partner FTEL 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00
Partner FTEL 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00
Senior Developer FTEDev - 7,083.33 7,083.33 7,083.33 7,083.33
Developer FTEDev - - - - -
Designer FTEDev - 6,250.00 6,250.00 6,250.00 6,250.00
Developer FTEDev
Developer FTEDev
Admin/Customer Service Contract 1,200.00 1,500.00
Jr. Developer/Mobile Contract 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
Jr. Developer Contract 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
Bookkeeper/Office Contract 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
Contract Developer Contract 8,000.00 5,000.00 5,000.00 5,000.00 5,000.00
Editor Contract 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
Admin/Customer Service FTECS - 4,166.67 4,166.67 4,166.67 4,166.67
Customer Support FTECS
Customer Support FTECS
Writer FTEM 2,750.00 2,750.00 2,750.00 2,750.00 2,750.00
Senior Writer FTEM 6,250.00
Community Manager FTEM 4,000.00 8,333.33 8,333.33 8,333.33 8,333.33
Community Manager FTEM
Community Manager FTEM
Community Manager FTEM
Marketing FTEM 4,166.67 4,166.67 4,166.67
Customer Support FTECS
Community Manager FTEM

Leadership FTEL 25,000.00 25,000.00 25,000.00 25,000.00 25,000.00

Dev/Design FTEDev - 13,333.33 13,333.33 13,333.33 13,333.33
Sales/Marketing FTEM 6,750.00 11,083.33 15,250.00 15,250.00 21,500.00
Support FTECS - 4,166.67 4,166.67 4,166.67 4,166.67
Contract Totals Contract 16,800.00 14,100.00 12,600.00 12,600.00 12,600.00
Total Wages/Salaries 48,550.00 67,683.33 70,350.00 70,350.00 76,600.00
YTD 48,550 116,233 186,583 256,933 333,533
 Total
6 7 8 9 10 11 12 Year 1
12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 150,000
12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 150,000
7,083.33 7,083.33 7,083.33 7,083.33 7,083.33 7,083.33 7,083.33 77,917
5,416.67 5,416.67 5,416.67 5,416.67 5,416.67 5,416.67 5,416.67 37,917
6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 68,750
5,416.67 5,416.67 5,416.67 16,250
-
2,700
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 21,600
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 21,600
2,000.00 5,416.67 5,416.67 5,416.67 5,416.67 5,416.67 5,416.67 44,500
28,000
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 24,000
4,166.67 4,166.67 4,166.67 4,166.67 4,166.67 4,166.67 4,166.67 45,833
-
4,166.67 4,166.67 4,166.67 4,166.67 16,667
2,750.00 2,750.00 2,750.00 2,750.00 2,750.00 2,750.00 2,750.00 33,000
6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 50,000
8,333.33 8,333.33 8,333.33 8,333.33 8,333.33 8,333.33 8,333.33 95,667
8,333.33 8,333.33 8,333.33 8,333.33 33,333
-
-
4,166.67 4,166.67 4,166.67 4,166.67 4,166.67 4,166.67 4,166.67 41,667

25,000.00 25,000.00 25,000.00 25,000.00 25,000.00 25,000.00 25,000.00 300,000

18,750.00 18,750.00 18,750.00 18,750.00 24,166.67 24,166.67 24,166.67 200,833
21,500.00 21,500.00 21,500.00 29,833.33 29,833.33 29,833.33 29,833.33 253,667
4,166.67 4,166.67 4,166.67 8,333.33 8,333.33 8,333.33 8,333.33 62,500
7,600.00 11,016.67 11,016.67 11,016.67 11,016.67 11,016.67 11,016.67 142,400
77,016.67 80,433.33 80,433.33 92,933.33 98,350.00 98,350.00 98,350.00 959,400
410,550 490,983 571,417 664,350 762,700 861,050 959,400
 1 2 3 4 5 6 7 8
12,875.00 12,875.00 12,875.00 12,875.00 12,875.00 12,875.00 12,875.00 12,875.00
12,875.00 12,875.00 12,875.00 12,875.00 12,875.00 12,875.00 12,875.00 12,875.00
7,295.83 7,083.33 7,083.33 7,083.33 7,083.33 7,083.33 7,083.33 7,083.33
5,579.17 5,579.17 5,579.17 5,579.17 5,579.17 5,579.17 5,579.17 5,579.17
6,437.50 6,437.50 6,437.50 6,437.50 6,437.50 6,437.50 6,437.50 6,437.50
5,579.17 5,579.17 5,579.17 5,579.17 5,579.17 5,579.17 5,579.17 5,579.17
5,579.17 5,579.17 5,579.17 5,579.17 5,579.17

5,579.17 5,579.17 5,579.17 5,579.17 5,579.17 5,579.17 5,579.17 5,579.17

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67
4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67
4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67
2,832.50 2,832.50 2,832.50 2,832.50 2,832.50 2,832.50 2,832.50 2,832.50
6,437.50 6,437.50 6,437.50 6,437.50 6,437.50 6,437.50 6,437.50 6,437.50
8,583.33 8,583.33 8,583.33 8,583.33 8,583.33 8,583.33 8,583.33 8,583.33
8,583.33 8,583.33 8,583.33 8,583.33 8,583.33 8,583.33 8,583.33 8,583.33
8,583.33 8,583.33 8,583.33 8,583.33 8,583.33 8,583.33 8,583.33 8,583.33
8,583.33 8,583.33 8,583.33 8,583.33
4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67 4,291.67

25,750.00 25,750.00 25,750.00 25,750.00 25,750.00 25,750.00 25,750.00 25,750.00

24,891.67 24,679.17 24,679.17 30,258.33 30,258.33 30,258.33 30,258.33 30,258.33
39,311.67 39,311.67 39,311.67 39,311.67 47,895.00 47,895.00 47,895.00 47,895.00
12,875.00 12,875.00 12,875.00 12,875.00 12,875.00 12,875.00 12,875.00 12,875.00
8,579.17 8,579.17 8,579.17 8,579.17 8,579.17 8,579.17 8,579.17 8,579.17
111,407.50 111,195.00 111,195.00 116,774.17 125,357.50 125,357.50 125,357.50 125,357.50
111,408 2,141,403 2,252,598 2,369,372 2,494,729 2,620,087 2,745,444 2,870,802
 Total Growth or Total Growth or
9 10 11 12 Year 1 Additions Year 3 Additions
12,875.00 12,875.00 12,875.00 12,875.00 154,500 3.00% 159,135 3.00%
12,875.00 12,875.00 12,875.00 12,875.00 154,500 3.00% 159,135 3.00%
7,083.33 7,083.33 7,083.33 7,083.33 85,213 3.00% 87,769 3.00%
5,579.17 5,579.17 5,579.17 5,579.17 66,950 3.00% 68,959 3.00%
6,437.50 6,437.50 6,437.50 6,437.50 77,250 3.00% 79,568 3.00%
5,579.17 5,579.17 5,579.17 5,579.17 66,950 3.00% 68,959 3.00%
5,579.17 5,579.17 5,579.17 5,579.17 50,213 18,746.00 68,959 3.00%
- -
- -
- -
5,579.17 5,579.17 5,579.17 5,579.17 66,950 3.00% 68,959 3.00%
- -
3,000.00 3,000.00 3,000.00 3,000.00 36,000 3.00% 37,080 3.00%
4,291.67 4,291.67 4,291.67 4,291.67 51,500 3.00% 53,045 3.00%
4,291.67 4,291.67 4,291.67 4,291.67 51,500 3.00% 53,045 3.00%
4,291.67 4,291.67 4,291.67 4,291.67 51,500 3.00% 53,045 3.00%
2,832.50 2,832.50 2,832.50 2,832.50 33,990 3.00% 35,010 3.00%
6,437.50 6,437.50 6,437.50 6,437.50 77,250 3.00% 79,568 3.00%
8,583.33 8,583.33 8,583.33 8,583.33 103,000 3.00% 106,090 3.00%
8,583.33 8,583.33 8,583.33 8,583.33 103,000 3.00% 106,090 3.00%
8,583.33 8,583.33 8,583.33 8,583.33 103,000 3,090.00 106,090 3.00%
8,583.33 8,583.33 8,583.33 8,583.33 68,667 37,423.33 106,090 3.00%
4,291.67 4,291.67 4,291.67 4,291.67 51,500 3.00% 53,045 3.00%
53,045 54,636
106,090 109,273

25,750.00 25,750.00 25,750.00 25,750.00 309,000 1,549,638

30,258.33 30,258.33 30,258.33 30,258.33 346,575
47,895.00 47,895.00 47,895.00 47,895.00 540,407
12,875.00 12,875.00 12,875.00 12,875.00 154,500
8,579.17 8,579.17 8,579.17 8,579.17 102,950
125,357.50 125,357.50 125,357.50 125,357.50 1,453,432
2,996,159 3,121,517 3,246,874 3,372,232
Total Growth or Total
Year 4 Additions Year 5
163,909 5.00% 172,105
163,909 5.00% 172,105
90,402 5.00% 94,922
71,027 5.00% 74,579
81,955 5.00% 86,052
71,027 5.00% 74,579
71,027 5.00% 74,579
- -
- -
- -
71,027 3.00% 73,158
- -
38,192 3.00% 39,338
54,636 3.00% 56,275
54,636 3.00% 56,275
54,636 3.00% 56,275
36,060 3.00% 37,142
81,955 3.00% 84,413
109,273 3.00% 112,551
109,273 3.00% 112,551
109,273 3.00% 112,551
109,273 3.00% 112,551
54,636 3.00% 56,275
56,275
112,551

1,596,127 1,658,276
Principal 77,963
Purchase Date 1/7/2011
First Fiscal Year Charged 1
Stated Rate 6.00%
Monthly Rate 0.50%
Term (in months) 36
Yearly Payment 2,371.77

Loan Amortization Schedule

Loan
Period PMT Date FY Charge Balance Interest Principal
1 Yr 1 End 1 77,963 4,013 24,449
2 Yr 2 End 2 53,514 2,505 25,956
3 Yr 3 End 3 27,557 904 27,557
Principal 300,000
Purchase Date
First Fiscal Year Charged 1
Stated Rate 6.00%
Monthly Rate 0.50%
Term (in months) 60
Yearly Payment 5,799.84

Loan Amortization Schedule

Loan
Period PMT Date FY Charge Balance Interest Principal
1 Yr 1 End 1 300,000 16,557 53,041
2 Yr 2 End 2 246,959 13,286 56,312
3 Yr 3 End 3 190,647 9,812 59,786
4 Yr 4 End 4 130,861 6,125 63,473
5 Yr 5 End 5 67,388 2,210 67,388