Bill Snow Financial Model 2004-03-09

Yet another Extremely Valuable Entrepreneurial Resource from

Bill Snow"Candid, abrasive, and refreshingly hip."

"You don't see this kind of free stuff on gossip monger sites."

Release dateMarch 9, 2004

Version 2.1Please note:

There are "hidden" columns and rows all over the place. Open them up to make adjustments. I've set this thing to print.

I make no assurances this financial model conforms to GAAP. What do you want? It's free!

I am not that happy with the LT Note tab. It is close enough, but not perfect. It is difficult to create a "one size fits all" debt calculator.

While this model should provide entrepreneurs with a good platform, it is not a universal model. You will need to adapt it to your specific model.

While I am happy with this model, it is probably "buggy." There are probably a few errors. If you find one, tell me about it [email protected]

I have not set this model to calculate inventory and few other things. What do you want? It's free! Figure it out yourself!

You can adjust certain numbers in the Assumptions page to adjust revenue, expenses, and staffing needs. Play around with Blue numbers.

Unless you screw up formulas, the balance sheet should always balance (how cool is that?)

And remember, this is a free resource!

Contact me with comments, "catches," or anything else:[email protected]

http://www.billsnow.com

mailto:[email protected]

http://www.billsnow.com/

Bill Snow Financial ProjectionsAssumptions

Selected Financial Highlights Year 1 Year 2 Year 3 Year 4 Year 5 5 year total

Total Investment $ 1,000,000 $ 2,000,000 $ - $ - $ - 3,000,000

REVENUESubscription $ 426,806 81% $ 3,074,794 69% $ 7,350,863 69% $ 11,849,963 68% $ 16,349,063 67% 39,051,488 Total Transactions $ 101,033 19% $ 929,890 21% $ 2,237,313 21% $ 3,744,666 21% $ 5,399,619 22% 12,412,520 Company Marketing $ - 0% $ 442,700 10% $ 1,079,900 10% $ 1,844,700 11% $ 2,708,000 11% 6,075,300 Advertising $ - 0% $ - 0% $ - 0% $ - 0% $ - 0% -

Total Revenue $ 527,839 100% $ 4,447,383 100% $ 10,668,076 100% $ 17,439,329 100% $ 24,456,682 100% 57,539,308

Cost of Goods Sold $ 142,692 27% $ 855,925 19% $ 1,826,898 17% $ 2,388,465 14% $ 2,829,924 12% 8,043,905

Gross Profit $ 385,147 73% $ 3,591,458 81% $ 8,841,177 83% $ 15,050,863 86% $ 21,626,757 88% 49,495,403

ExpensesSales & Marketing $ 92,477 18% $ 463,838 10% $ 1,154,913 11% $ 1,387,481 8% $ 1,625,435 7% 4,724,144 Operations $ 101,105 19% $ 774,942 17% $ 2,262,468 21% $ 3,704,637 21% $ 5,251,802 21% 12,094,953 IT $ 672,917 127% $ 615,469 14% $ 292,750 3% $ 346,500 2% $ 413,688 2% 2,341,323 Office & Admin $ 240,295 46% $ 1,542,059 35% $ 2,875,036 27% $ 3,454,769 20% $ 3,937,821 16% 12,049,980 Depr & Amort $ 1,864 0% $ 20,039 0% $ 49,369 0% $ 86,741 0% $ 113,381 0% 271,394

Total expenses $ 1,108,658 210% $ 3,416,346 77% $ 6,634,535 62% $ 8,980,128 51% $ 11,342,127 46% 31,481,794

EBIT $ (723,511) -137% $ 175,112 4% $ 2,206,642 21% $ 6,070,735 35% $ 10,284,630 42% 18,013,609

Net earnings $ (751,011) -142% $ 145,112 3% $ 1,537,076 14% $ 3,624,441 21% $ 6,152,778 25% 10,708,396

EBITDA $ (721,647) -137% $ 195,150 4% $ 2,256,011 21% $ 6,157,476 35% $ 10,398,011 43% 18,285,003

Free Cash Flow $ (974,727) -185% $ (655,580) -15% $ 233,981 2% $ 2,390,715 14% $ 4,858,975 20% 5,853,365

Total team members 9 27 44 52 56 Rev/team member 58,649 164,718 242,456 335,372 436,726

Markets 2 6 10 14 18 18 Trial Users 29,640 23,896 43,892 63,888 83,884 83,884 Subscribers 17,072 135,796 393,961 751,578 1,148,954 1,148,954 Companies 316 1,183 2,365 3,712 5,227 5,227 Certificates redeemed 67,355 619,926 1,491,542 2,496,444 3,599,746 3,599,746

Ending cash $ 65,273 $ 1,544,694 $ 2,098,675 $ 4,749,390 $ 9,888,365

Year 1 Year 2 Year 3 Year 4 Year 5 5 year total Development costs*

$ 650,000 $ 500,000 $ - $ - $ - 1,150,000 * Development costs are expensed, and included in IT expense


"Toggle" assumptions - Adjust these assumptions to make changes in the Model

Stage Pre Launch 1.0 2.0 3.0

Revenue 0 500,000 2,500,000 10,000,000 25,000,000

Make adjustments to certain assumptions (in blue). For quick reference, use the Selected Financial Highlights to the left For every employee hired, this amount will be spent of equipment, computers $ 5,000 Make adjustments here Annual fee paid by customers $ 25.00 Make adjustments here No. of transactions/mo/company during trial phase 1.0 Make adjustments here No. of transactions/mo/company during customer phase 0.75 Make adjustments here % of trial users will become members 75% Make adjustments here Max. No. of Transactions per company (trail) 50 Make adjustments here Max. No. of Transactions per company (customers) 50 Make adjustments here Revenue per transaction $ 1.50 Make adjustments here Company marketing revenue (per mo per member company) $ 100 Make adjustments here % of new companies that will join Company marketing 0% Make adjustments here % of existing companies that will join Company mkting 50% Make adjustments here

Accounts Receivable (% of previous mo's rev) 150% Make adjustments here

Market Calculator (see the calculator tab) 3 Start month

Beg. Mo End Mo.1 6 5.0 7 12 5.0

13 18 3.0 19 24 3.0 25 60 3.0

Subscriber Calculator (see the calculator tab) 200 # of Trial Users (1st mo)50000 Max number of users in a mkt

Beg. Mo End Mo. Year

1 6 75.00% 1 0.00%7 9 15.00% 2 25.00%

10 12 0.00% 3 30.00%13 24 0.00% 4 35.00%25 60 0.00% 5 40.00%

Company Calculator (see the calculator tab) 20 # of companies (1st mo) 5,000 Max companies per market

Beg. Mo. End. Mo Year

1 6 50.00% 1 0.00%7 9 10.00% 2 10.00%

10 12 5.00% 3 15.00%13 24 2.00% 4 20.00%

25 60 1.00% 5 25.00%

You can change any number that is blue

Mos. Between adding new market

Mo. Growth Rate

Annual Attrition

Mo. Growth Rate

Annual Attrition



Assumptions 2004 2005 2006 2007 2008

Revenue - 186,582 643,549 1,198,043 1,773,387 24,456,682 Company Stage Pre Launch 2.0 3.0 3.0 3.0

Cost of Goods Sold 2004 2005 2006 2007 2008

Start up costs 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 one time feeWebsite 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 one time feeMaintenance 3,000.00 2,500.00 2,000.00 2,000.00 2,000.00 per month per city Transaction fees 0.75 0.75 0.75 0.75 0.75 per certificate (capped at $100K)Credit card fees 1.00 1.00 1.00 1.00 1.00 per new subscriberNetwork costs 0.15 0.15 0.15 0.15 0.15 per certificate

EXPENSES 2004 2005 2006 2007 2008

Sales & Marketing Sales & Mkting - Salaries Payroll taxConsumer Mkting

Marketing $ - $ 3,250.00 $ 4,350.00 $ 5,000.00 $ 5,600.00 Calculated on "revenue" page Branding $ - $ 1,000.00 $ 5,250.00 $ 11,000.00 $ 17,000.00 Calculated on "revenue" page

Total Consumer MktingCompany Mkting

Commissions 25.00 25.00 25.00 25.00 25.00 per new restaurantAssociation Mkting 0.00 500.00 500.00 500.00 500.00 per month per city

Total Company MktingOther Mkting Exp

Trade Show - Chgo In May of each yearTrade Shows - Other 0.00 0.00 10,000.00 10,000.00 10,000.00 per monthMeals & Ent 0.00 25.00 50.00 50.00 50.00 per employee per monthDesigner 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 one time fee (for each new city)

Promotions/Postage 2,000.00 1,000.00 1,000.00 1,000.00 1,000.00 one time fee (for each new city)Travel Expense 0.00 150.00 150.00 150.00 150.00 per employee per monthPrinting 100.00 250.00 500.00 500.00 500.00 per month

Total Other MktingTotal Sales & MarketingOperations

Operations - SalariesPayroll taxCall Center 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 per monthCompany Support 10.00 10.00 10.00 10.00 10.00 per month per restaurantCustomer Support 0.25 0.25 0.25 0.25 0.25 per month per consumer

Total OperationsIT

IT - SalariesPayroll taxHosting 500.00 1,000.00 2,000.00 2,000.00 2,000.00 per monthDevelopment

Total ITOffice & Admin

Office & Admin - SalariesPayroll TaxesIns - P & C 100.00 100.00 100.00 100.00 100.00 per month per employeeIns - W/C 200.00 200.00 200.00 200.00 200.00 per month per employeeIns - Disability 100.00 100.00 100.00 100.00 100.00 per month per employeeHealth Ins 400.00 500.00 600.00 600.00 600.00 per month per employeeLife Ins 150.00 200.00 250.00 250.00 250.00 per month per employeeIns - D&O 400.00 600.00 750.00 750.00 750.00 per monthProfessional Fees 0.05 0.04 0.04 0.04 0.04 % of revenueGen Liability Ins 500.00 600.00 700.00 700.00 700.00 per monthPayroll Service 100.00 100.00 100.00 100.00 100.00 per monthDues & Subs 0.00 0.00 0.00 0.00 0.00 % of revenueHR Recruiting 1,000.00 1,500.00 2,500.00 2,500.00 2,500.00 per month Misc. Office Exp 200.00 200.00 200.00 200.00 200.00 per month per employeeRent Expense 0.00 0.00 0.00 0.00 0.00 Calculated in ISEquipment Rental 150.00 200.00 400.00 400.00 400.00 per month per employeeOffice Supplies 50.00 100.00 100.00 100.00 100.00 per month per employeePostage 50.00 100.00 100.00 100.00 100.00 per month per employeeTelephone 200.00 250.00 250.00 250.00 250.00 per month per employeeUtilities 175.00 200.00 250.00 250.00 250.00 per month per employeeVehicle Expense 100.00 150.00 200.00 200.00 200.00 per month per employee


Basic ratios and rates Interest rate (received) 0% Make adjustments here Interest rate (paid) 10% Make adjustments here Corporate tax rate 40% Make adjustments here Payroll tax expense 7.5% Make adjustments here Rent - dollar per square foot $ 12 Make adjustments here Square foot per employee, average 200 Make adjustments here Per employee hired (equipment, computers, furniture, et $ 5,000 Consumer annual fee $ 25.00 Certificates/mo/restaurant (trial phase) 1.0 Certificates/mo/restaurants (Customer phase) 0.75 % of trial users will become members 75%Max. No. of Transactions per rest. (trail) 50 Max. No. of Transactions per rest. (customers) 50

Revenue per certificate (transaction) 1.5 CMS revenue (per mo per member rest.) $ 100.00 % of new rest that will join CMS 0%% of existing rest that will join CMS 50%

Balance Sheet AssumptionsAccounts Receivable 150% of last month's sales Accounts payable 100% of certain expenses (previous mo.)Accrued liabilities

Depreciation schedule - Transaction EquipmentPurchase when monthly cost = 100,000 Purchase price 100,000 Monthly cost stays constant at 100,000

Rent Calculator Note: Rent expense is estimated by multiply the estimated number of employees (at year end) by the average amount of space per employee. This yields "square foot, cumulative," and is multiplied by the avg rent/square foot to determine est. rent exp

2004 2005 2006 2007 2008 Square footage, cumulative 1,800 5,400 8,800 10,400 11,200 Rent expense 21,600 64,800 105,600 124,800 134,400

Bill Snow Financial ModelProjected Financial Statements

Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 20041 2 3 4 5 6 7 8 9 10 11 12 Totals %

Projected I/SStarting Cash - 459,208 420,940 353,389 303,931 740,119 692,025 563,990 425,001 330,581 214,190 138,708

InvestmentEquity 250,000 - - - 500,000 - - - 750,000 Debt 250,000 - - - - - 250,000 Debt/equity added (deducted) in p 500,000 - - - 500,000 - - - - - - - 1,000,000

Company Stage Pre Launch Pre Launch Pre Launch Pre Launch Pre Launch Pre Launch 1.0 1.0 1.0 1.0 1.0 1.0 1.0

REVENUESubscription - - - 3,750 6,563 11,494 20,119 35,213 65,381 77,438 93,000 113,850 426,806 80.9%Transactions - Trial Users - - 300 525 920 1,610 2,817 5,231 6,195 7,440 9,108 10,316 44,460 8.4%Transactions - Customers - - - 169 464 981 1,887 3,471 6,413 9,898 14,083 19,206 56,573 10.7%Total Transactions - - 300 694 1,384 2,591 4,704 8,702 12,608 17,338 23,191 29,522 101,033 19.1%Company Marketing - - - - - - - - - - - - - 0.0%Advertising - 0.0%

Total Revenue - - 300 4,444 7,946 14,085 24,822 43,914 77,990 94,776 116,191 143,372 527,839 100.0%

Cost of Goods Sold Start up costs - - 5,000 - - - - 5,000 - - - - 10,000 1.9%Website - - 5,000 - - - - 5,000 - - - - 10,000 1.9%Maintenance - - 3,000 3,000 3,000 3,000 3,000 6,000 6,000 6,000 6,000 6,000 45,000 8.5%Transaction fees - - 150 347 692 1,295 2,352 4,351 6,304 8,669 11,596 14,761 50,516 9.6%Credit card fees - - - 150 263 460 805 1,409 2,615 3,098 3,720 4,554 17,072 3.2%Network costs - - 30 69 138 259 470 870 1,261 1,734 2,319 2,952 10,103 1.9%

Total COGS - - 13,180 3,566 4,093 5,014 6,627 22,630 16,180 19,500 23,635 28,267 142,692 27.0%

Gross Profit - - (12,880) 878 3,853 9,070 18,195 21,285 61,809 75,275 92,556 115,105 385,147 73.0%

EXPENSESSales & Marketing

Sales & Mkting - Salaries - - - - - - 2,000 6,917 6,917 6,917 6,917 6,917 36,583 6.9%Payroll tax - - - - - - 150 519 519 519 519 519 2,744 0.5%Total Company Mkting - - 500 250 375 575 1,350 2,775 1,625 1,800 2,050 2,100 13,400 2.5%Total Other Mkting - - 4,100 100 10,100 100 100 4,100 100 100 100 100 19,000 3.6%

Total Sales & Marketing - - 6,100 1,850 11,975 2,175 5,100 17,310 11,660 11,835 12,085 12,385 92,477 17.5%Operations

Operations - Salaries 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 6,667 43,333 8.2%Payroll tax 250 250 250 250 250 250 250 250 250 250 250 500 3,250 0.6%Call Center - - 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 20,000 3.8%Company Support - - 200 300 450 680 1,020 1,730 1,980 2,300 2,720 3,160 14,540 2.8%Customer Support - - 50 125 256 486 889 1,643 2,458 3,440 4,648 5,987 19,982 3.8%

Total Operations 3,583 3,583 5,833 6,008 6,290 6,750 7,492 8,956 10,021 11,323 12,951 18,314 101,105 19.2%IT

IT - Salaries - - - - - - - 3,333 3,333 3,333 3,333 3,333 16,667 3.2%Payroll tax - - - - - - - 250 250 250 250 250 1,250 0.2%Hosting - - 500 500 500 500 500 500 500 500 500 500 5,000 0.9%Development 33,333 33,333 33,333 33,333 33,333 33,333 75,000 75,000 75,000 75,000 75,000 75,000 650,000 123.1%

Total IT 33,333 33,333 33,833 33,833 33,833 33,833 75,500 79,083 79,083 79,083 79,083 79,083 672,917 127.5%Office & Admin

Office & Admin - Salaries - - - - - - 10,833 10,833 10,833 10,833 10,833 10,833 65,000 12.3%Payroll Taxes - - - - - - 813 813 813 813 813 813 4,875 0.9%Ins - P & C 100 100 100 100 100 100 500 800 800 800 800 900 5,200 1.0%Ins - W/C 200 200 200 200 200 200 1,000 1,600 1,600 1,600 1,600 1,800 10,400 2.0%Ins - Disability 100 100 100 100 100 100 500 800 800 800 800 900 5,200 1.0%Health Ins 400 400 400 400 400 400 2,000 3,200 3,200 3,200 3,200 3,600 20,800 3.9%Life Ins 150 150 150 150 150 150 750 1,200 1,200 1,200 1,200 1,350 7,800 1.5%Ins - D&O 400 400 400 400 400 400 400 400 400 400 400 400 4,800 0.9%Professional Fees - - 15 222 397 704 1,241 2,196 3,899 4,739 5,810 7,169 26,392 5.0%Gen Liability Ins 500 500 500 500 500 500 500 500 500 500 500 500 6,000 1.1%Payroll Service 100 100 100 100 100 100 500 800 800 800 800 900 5,200 1.0%Dues & Subs - - 0 4 8 14 25 44 78 95 116 143 528 0.1%HR Recruiting 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 2.3%Misc. Office Exp 200 200 200 200 200 200 1,000 1,600 1,600 1,600 1,600 1,800 10,400 2.0%Rent Expense - - 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 18,000 3.4%Equipment Rental 150 150 150 150 150 150 750 1,200 1,200 1,200 1,200 1,350 7,800 1.5%Office Supplies 50 50 50 50 50 50 250 400 400 400 400 450 2,600 0.5%Postage 50 50 50 50 50 50 250 400 400 400 400 450 2,600 0.5%Telephone 200 200 200 200 200 200 1,000 1,600 1,600 1,600 1,600 1,800 10,400 2.0%Utilities 175 175 175 175 175 175 875 1,400 1,400 1,400 1,400 1,575 9,100 1.7%Vehicle Expense 100 100 100 100 100 100 500 800 800 800 800 900 5,200 1.0%

Total Office & Admin 3,875 3,875 5,690 5,902 6,080 6,393 26,487 33,385 35,123 35,979 37,072 40,433 240,295 45.5%Depreciation - - - - - - - 238 414 409 404 399 1,864 0.4%Amortization

Total Expenses 40,792 40,792 51,457 47,593 58,178 49,151 114,579 138,974 136,302 138,630 141,595 150,615 1,108,658 210.0%EBIT (40,792) (40,792) (64,337) (46,716) (54,325) (40,081) (96,383) (117,689) (74,493) (63,355) (49,039) (35,510) (723,511) -137.1%

Interest Expense - (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (27,500) -5.2%Interest Income - 0.0%

EBT (40,792) (43,292) (66,837) (49,216) (56,825) (42,581) (98,883) (120,189) (76,993) (65,855) (51,539) (38,010) (751,011) -142.3%Allowance for tax - - - - - - - - - - - - - 0.0%Net earnings (40,792) (43,292) (66,837) (49,216) (56,825) (42,581) (98,883) (120,189) (76,993) (65,855) (51,539) (38,010) (751,011) -142.3%Adjustments 0.0%

Interest, net - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 27,500 5.2%Tax - - - - - - - - - - - - - 0.0%Deprec & Amort - - - - - - - 238 414 409 404 399 1,864 0.4%

Total adjustments - 2,500 2,500 2,500 2,500 2,500 2,500 2,738 2,914 2,909 2,904 2,899 29,364 5.6%EBITDA (40,792) (40,792) (64,337) (46,716) (54,325) (40,081) (96,383) (117,451) (74,079) (62,946) (48,635) (35,111) (721,647) -136.7%Free Cash Flow (40,792) (38,268) (67,551) (49,457) (63,813) (48,093) (128,036) (138,988) (94,420) (116,391) (75,481) (73,435) (974,727) -184.7%



Projected B/SASSETS

Current assetsCash 459,208 420,940 353,389 303,931 740,119 692,025 563,990 425,001 330,581 214,190 138,708 65,273 65,273 A/R - - - 450 6,666 11,919 21,127 37,234 65,871 116,984 142,163 174,287 174,287 Prepaid exp - - - - - - - - - - - - - Inventory - - - - - - - - - - - - - Other current assets - - - - - - - - - - - - -

Total current assets 459,208 420,940 353,389 304,381 746,784 703,944 585,116 462,235 396,453 331,174 280,872 239,560 239,560 Property/equip, net - - - - - - 20,000 34,762 34,348 33,939 33,535 38,136 38,136 Other LT assets - - - - - - - - - - - - - Goodwill, net - - - - - - - - - - - - -

Total assets 459,208 420,940 353,389 304,381 746,784 703,944 605,116 496,997 430,801 365,113 314,407 277,696 277,696

LIABILITIESCurrent Liabilities

A/P - 5,738 5,738 6,660 6,602 7,058 7,827 20,611 32,122 33,004 34,550 36,564 36,564 Other Current Liab - - - - - - - - - - - - -

Total current liabilities - 5,738 5,738 6,660 6,602 7,058 7,827 20,611 32,122 33,004 34,550 36,564 36,564 LT Note 250,000 249,286 248,571 247,857 247,143 246,429 245,714 245,000 244,286 243,571 242,857 242,143 242,143

Total liabilities 250,000 255,023 254,309 254,518 253,745 253,486 253,542 265,611 276,408 276,575 277,407 278,706 36,564

EQUITYCapital 250,000 250,000 250,000 250,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 Retained earnings (40,792) (84,083) (150,920) (200,136) (256,961) (299,542) (398,425) (518,614) (595,607) (661,462) (713,001) (751,011) (751,011)

Total equity 209,208 165,917 99,080 49,864 493,039 450,458 351,575 231,386 154,393 88,538 36,999 (1,011) (1,011)

Total liabilities and equity 459,208 420,940 353,389 304,381 746,784 703,944 605,116 496,997 430,801 365,113 314,407 277,696 277,696

Projected CFSCash Flow from Operations

Net Income (40,792) (43,292) (66,837) (49,216) (56,825) (42,581) (98,883) (120,189) (76,993) (65,855) (51,539) (38,010) (751,011)Adjustments

Depreciation - - - - - - - 238 414 409 404 399 1,864 Amortization - Change in inventory - - - - - - - - - - - - - Change in A/R - - - (450) (6,216) (5,253) (9,208) (16,107) (28,638) (51,113) (25,179) (32,123) (174,287)Change in A/P - 5,738 - 923 (58) 455 770 12,784 11,511 882 1,547 2,013 36,564

Cash from operations (40,792) (37,554) (66,837) (48,743) (63,098) (47,379) (107,322) (123,274) (93,706) (115,677) (74,767) (67,721) (886,869)

Cash Flow from InvestingPurchase/sale of equip - - - - - - (20,000) (15,000) - - - (5,000) (40,000)Acquisitions

Cash from Investing Activities - - - - - - (20,000) (15,000) - - - (5,000) (40,000)

Cash Flow from FinancingProceeds from equity, net 250,000 - - - 500,000 - - - - - - - 750,000 Proceeds from debt, net 250,000 (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) 242,143

Cash from Financing Activities 500,000 (714) (714) (714) 499,286 (714) (714) (714) (714) (714) (714) (714) 992,143

Beginning cash balance - 459,208 420,940 353,389 303,931 740,119 692,025 563,990 425,001 330,581 214,190 138,708 - Increase (decrease) in cash 459,208 (38,268) (67,551) (49,457) 436,187 (48,093) (128,036) (138,988) (94,420) (116,391) (75,481) (73,435) 65,273 Ending cash balance 459,208 420,940 353,389 303,931 740,119 692,025 563,990 425,001 330,581 214,190 138,708 65,273 65,273


Projected I/SStarting Cash

InvestmentEquityDebtDebt/equity added (deducted) in p

Company Stage

REVENUESubscriptionTransactions - Trial UsersTransactions - CustomersTotal TransactionsCompany MarketingAdvertising

Total Revenue

Cost of Goods Sold Start up costsWebsiteMaintenanceTransaction feesCredit card feesNetwork costs

Total COGS

Gross Profit


Sales & Mkting - Salaries Payroll taxTotal Company MktingTotal Other Mkting

Total Sales & MarketingOperations

Operations - SalariesPayroll taxCall CenterCompany SupportCustomer Support

Total OperationsIT

IT - SalariesPayroll taxHostingDevelopment


Office & Admin - SalariesPayroll TaxesIns - P & CIns - W/CIns - DisabilityHealth InsLife InsIns - D&O Professional FeesGen Liability InsPayroll ServiceDues & SubsHR RecruitingMisc. Office ExpRent ExpenseEquipment RentalOffice SuppliesPostageTelephoneUtilitiesVehicle Expense

Total Office & AdminDepreciationAmortization

Total ExpensesEBIT

Interest ExpenseInterest Income

EBTAllowance for taxNet earningsAdjustments

Interest, netTaxDeprec & Amort

Total adjustmentsEBITDAFree Cash Flow


65,273 1,847,830 1,784,624 1,695,304 1,573,101 1,509,261 1,451,826 1,403,253 1,380,337 1,385,759 1,408,921 1,446,589

2,000,000 2,000,000 - -

2,000,000 - - - - - - - - - - - 2,000,000

2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

128,944 159,113 171,169 186,731 211,331 229,238 260,588 282,206 310,744 354,319 375,938 404,475 3,074,794 69.1% 12,729 13,694 14,939 16,907 18,339 20,847 22,577 24,860 28,346 30,075 32,358 35,844 271,512 6.1% 25,009 32,169 35,175 40,275 44,700 50,775 56,250 61,275 68,775 74,550 80,700 88,725 658,378 14.8% 37,738 45,862 50,114 57,182 63,039 71,622 78,827 86,135 97,121 104,625 113,058 124,569 929,890 20.9% 19,900 21,700 23,500 26,900 29,800 33,900 37,500 40,900 45,900 49,700 53,800 59,200 442,700 10.0%

- - 0.0% 186,582 226,675 244,782 270,813 304,170 334,760 376,914 409,241 453,764 508,644 542,796 588,244 4,447,383 100.0%

5,000 - - 5,000 - - 5,000 - - 5,000 - - 20,000 0.4% 5,000 - - 5,000 - - 5,000 - - 5,000 - - 20,000 0.4% 7,500 7,500 7,500 10,000 10,000 10,000 12,500 12,500 12,500 15,000 15,000 15,000 135,000 3.0% 18,869 22,931 25,057 28,591 31,520 35,811 39,413 43,067 48,560 52,313 56,529 62,285 464,945 10.5% 5,158 6,365 6,847 7,469 8,453 9,170 10,424 11,288 12,430 14,173 15,038 16,179 122,992 2.8% 3,774 4,586 5,011 5,718 6,304 7,162 7,883 8,613 9,712 10,463 11,306 12,457 92,989 2.1% 45,300 41,382 44,415 61,778 56,277 62,143 80,219 75,469 83,202 101,948 97,872 105,920 855,925 19.2%

141,281 185,293 200,367 209,035 247,894 272,617 296,695 333,772 370,562 406,696 444,923 482,324 3,591,458 80.8%

13,917 13,917 13,917 19,750 19,750 19,750 22,750 22,750 22,750 22,750 22,750 22,750 237,500 5.3% 1,044 1,044 1,044 1,481 1,481 1,481 1,706 1,706 1,706 1,706 1,706 1,706 17,813 0.4% 3,550 2,400 2,375 3,700 3,475 4,025 4,325 4,175 5,000 4,925 5,050 5,675 48,675 1.1% 6,575 3,575 3,575 7,625 24,625 4,625 7,800 4,800 4,975 7,975 4,975 4,975 86,100 1.9% 29,335 24,685 24,860 38,006 55,031 35,581 43,281 40,331 41,331 45,506 42,631 43,256 463,838 10.4%

30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 34,167 34,167 34,167 34,167 376,667 8.5% 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,563 2,563 2,563 2,563 28,250 0.6% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 0.5% 3,980 4,340 4,690 5,370 5,960 6,770 7,500 8,170 9,170 9,940 10,760 11,830 88,480 2.0% 7,679 9,431 11,350 13,536 15,872 18,553 21,397 24,512 28,037 31,674 35,582 39,923 257,546 5.8% 45,909 48,021 50,290 53,156 56,082 59,573 63,147 66,932 75,936 80,344 85,071 90,482 774,942 17.4%

4,583 4,583 4,583 9,167 9,167 9,167 9,167 9,167 9,167 9,167 9,167 9,167 96,250 2.2% 344 344 344 687 687 687 687 687 687 687 687 687 7,219 0.2% 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 0.3% 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 500,000 11.2% 47,594 47,594 47,594 52,521 52,521 52,521 52,521 52,521 52,521 52,521 52,521 52,521 615,469 13.8%

37,917 37,917 37,917 45,833 45,833 45,833 45,833 45,833 45,833 45,833 45,833 45,833 526,250 11.8% 2,844 2,844 2,844 3,438 3,438 3,438 3,438 3,438 3,438 3,438 3,438 3,438 39,469 0.9% 1,900 1,900 1,900 2,500 2,500 2,500 2,600 2,600 2,700 2,700 2,700 2,700 29,200 0.7% 3,800 3,800 3,800 5,000 5,000 5,000 5,200 5,200 5,400 5,400 5,400 5,400 58,400 1.3% 1,900 1,900 1,900 2,500 2,500 2,500 2,600 2,600 2,700 2,700 2,700 2,700 29,200 0.7% 9,500 9,500 9,500 12,500 12,500 12,500 13,000 13,000 13,500 13,500 13,500 13,500 146,000 3.3% 3,800 3,800 3,800 5,000 5,000 5,000 5,200 5,200 5,400 5,400 5,400 5,400 58,400 1.3% 600 600 600 600 600 600 600 600 600 600 600 600 7,200 0.2% 7,463 9,067 9,791 10,833 12,167 13,390 15,077 16,370 18,151 20,346 21,712 23,530 177,895 4.0% 600 600 600 600 600 600 600 600 600 600 600 600 7,200 0.2% 1,900 1,900 1,900 2,500 2,500 2,500 2,600 2,600 2,700 2,700 2,700 2,700 29,200 0.7% 19 23 24 27 30 33 38 41 45 51 54 59 445 0.0% 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 0.4% 3,800 3,800 3,800 5,000 5,000 5,000 5,200 5,200 5,400 5,400 5,400 5,400 58,400 1.3% 5,400 5,400 5,400 5,400 5,400 5,400 5,400 5,400 5,400 5,400 5,400 5,400 64,800 1.5% 3,800 3,800 3,800 5,000 5,000 5,000 5,200 5,200 5,400 5,400 5,400 5,400 58,400 1.3% 1,900 1,900 1,900 2,500 2,500 2,500 2,600 2,600 2,700 2,700 2,700 2,700 29,200 0.7% 1,900 1,900 1,900 2,500 2,500 2,500 2,600 2,600 2,700 2,700 2,700 2,700 29,200 0.7% 4,750 4,750 4,750 6,250 6,250 6,250 6,500 6,500 6,750 6,750 6,750 6,750 73,000 1.6% 3,800 3,800 3,800 5,000 5,000 5,000 5,200 5,200 5,400 5,400 5,400 5,400 58,400 1.3% 2,850 2,850 2,850 3,750 3,750 3,750 3,900 3,900 4,050 4,050 4,050 4,050 43,800 1.0% 101,942 103,550 104,276 128,230 129,568 130,795 134,885 136,181 140,367 142,567 143,937 145,759 1,542,059 34.7% 454 1,580 1,561 1,542 1,881 1,859 1,836 1,874 1,852 1,889 1,867 1,845 20,039 0.5%

225,235 225,430 228,581 273,456 295,083 280,329 295,671 297,839 312,006 322,827 326,027 333,863 3,416,346 76.8% (83,953) (40,137) (28,214) (64,421) (47,189) (7,712) 1,024 35,933 58,556 83,869 118,896 148,460 175,112 3.9% (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (27,500) -0.6%

0.0% (86,453) (42,637) (30,714) (66,921) (49,689) (10,212) (1,476) 33,433 56,056 81,369 116,396 145,960 145,112 3.3% - - - - - - - - - - - - - 0.0% (86,453) (42,637) (30,714) (66,921) (49,689) (10,212) (1,476) 33,433 56,056 81,369 116,396 145,960 145,112 3.3%

0.0% 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 0.7% - - - - - - - - - - - - - 0.0% 454 1,580 1,561 1,542 1,881 1,859 1,836 1,874 1,852 1,889 1,867 1,845 20,039 0.5% 2,954 4,080 4,061 4,042 4,381 4,359 4,336 4,374 4,352 4,389 4,367 4,345 50,039 1.1% (83,499) (38,557) (26,653) (62,879) (45,308) (5,853) 2,860 37,807 60,408 85,758 120,763 150,305 195,150 4.4% (217,443) (63,206) (89,321) (122,203) (63,840) (57,435) (48,573) (22,916) 5,423 23,161 37,668 98,105 (655,580) -14.7%


Projected B/SASSETS

Current assetsCashA/RPrepaid expInventoryOther current assets

Total current assets ###Property/equip, netOther LT assetsGoodwill, net

Total assets ###


A/POther Current Liab

Total current liabilities###LT Note

Total liabilities ###

EQUITYCapitalRetained earnings

Total equity ###

Total liabilities and equity###


Net IncomeAdjustments

DepreciationAmortizationChange in inventoryChange in A/RChange in A/P

Cash from operations

Cash Flow from InvestingPurchase/sale of equipAcquisitions

Cash from Investing Activities

Cash Flow from FinancingProceeds from equity, netProceeds from debt, net

Cash from Financing Activities

Beginning cash balanceIncrease (decrease) in cashEnding cash balance


1,847,830 1,784,624 1,695,304 1,573,101 1,509,261 1,451,826 1,403,253 1,380,337 1,385,759 1,408,921 1,446,589 1,544,694 1,544,694 215,058 279,872 340,012 367,173 406,219 456,255 502,139 565,371 613,861 680,646 762,966 814,193 814,193 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,062,888 2,064,497 2,035,316 1,940,274 1,915,480 1,908,081 1,905,392 1,945,708 1,999,621 2,089,567 2,209,555 2,358,887 2,358,887 132,682 131,102 129,542 157,999 156,119 154,260 157,424 155,549 158,698 156,808 154,942 153,097 153,097 - - - - - - - - - - - - - - - - - - - - - - - - - - 2,195,570 2,195,599 2,164,857 2,098,274 2,071,599 2,062,341 2,062,816 2,101,257 2,158,318 2,246,376 2,364,496 2,511,984 2,511,984

41,605 84,985 85,672 86,724 110,452 112,121 114,786 120,509 122,228 129,631 132,070 134,312 134,312 - - - - - - - - - - - - - 41,605 84,985 85,672 86,724 110,452 112,121 114,786 120,509 122,228 129,631 132,070 134,312 134,312 241,429 240,714 240,000 239,286 238,571 237,857 237,143 236,428 235,714 235,000 234,286 233,571 233,571 283,034 325,700 325,672 326,009 349,023 349,978 351,929 356,937 357,943 364,631 366,356 367,883 134,312

2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 (837,464) (880,101) (910,815) (977,736) (1,027,425) (1,037,637) (1,039,113) (1,005,680) (949,624) (868,256) (751,859) (605,899) (605,899) 1,912,536 1,869,899 1,839,185 1,772,264 1,722,575 1,712,363 1,710,887 1,744,320 1,800,376 1,881,744 1,998,141 2,144,101 2,144,101

2,195,570 2,195,599 2,164,857 2,098,274 2,071,599 2,062,341 2,062,816 2,101,257 2,158,318 2,246,376 2,364,496 2,511,984 2,511,984

(86,453) (42,637) (30,714) (66,921) (49,689) (10,212) (1,476) 33,433 56,056 81,369 116,396 145,960 145,112

454 1,580 1,561 1,542 1,881 1,859 1,836 1,874 1,852 1,889 1,867 1,845 20,039 -

- - - - - - - - - - - - - (40,771) (64,815) (60,140) (27,161) (39,046) (50,036) (45,884) (63,232) (48,490) (66,785) (82,319) (51,228) (639,907) 5,042 43,380 687 1,052 23,728 1,669 2,665 5,723 1,719 7,403 2,439 2,242 97,748 (121,729) (62,492) (88,606) (91,488) (63,126) (56,721) (42,859) (22,202) 11,137 23,876 38,382 98,819 (377,008)

(95,000) - - (30,000) - - (5,000) - (5,000) - - - (135,000)

(95,000) - - (30,000) - - (5,000) - (5,000) - - - (135,000)

2,000,000 - - - - - - - - - - - 2,000,000 (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (8,571) 1,999,286 (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) 1,991,429

65,273 1,847,830 1,784,624 1,695,304 1,573,101 1,509,261 1,451,826 1,403,253 1,380,337 1,385,759 1,408,921 1,446,589 65,273 1,782,557 (63,206) (89,321) (122,203) (63,840) (57,435) (48,573) (22,916) 5,423 23,161 37,668 98,105 1,479,420 1,847,830 1,784,624 1,695,304 1,573,101 1,509,261 1,451,826 1,403,253 1,380,337 1,385,759 1,408,921 1,446,589 1,544,694 1,544,694




Company Stage


Total Revenue


Total COGS

Gross Profit





Total OperationsIT





Total ExpensesEBIT






1,544,694 1,324,474 1,356,896 1,414,647 1,470,342 1,503,348 1,622,429 1,690,501 1,748,524 1,738,040 1,837,792 1,944,117

- - -

- - - - - - - - - - - - -

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

448,050 469,669 498,206 541,781 563,400 591,938 635,513 657,131 685,669 729,244 750,863 779,400 7,350,863 68.9% 37,574 39,857 43,343 45,072 47,355 50,841 52,571 54,854 58,340 60,069 62,352 65,838 618,063 5.8% 94,725 101,625 109,650 116,025 122,850 131,175 138,075 144,675 153,750 161,025 168,300 177,375 1,619,250 15.2% 132,299 141,482 152,993 161,097 170,205 182,016 190,646 199,529 212,090 221,094 230,652 243,213 2,237,313 21.0% 63,200 67,800 73,100 77,400 81,900 87,500 92,100 96,500 102,500 107,400 112,200 118,300 1,079,900 10.1%

- - 0.0% 643,549 678,950 724,299 780,278 815,505 861,454 918,258 953,160 1,000,258 1,057,738 1,093,715 1,140,913 10,668,076 100.0%

5,000 - - 5,000 - - 5,000 - - 5,000 - - 20,000 0.2% 5,000 - - 5,000 - - 5,000 - - 5,000 - - 20,000 0.2% 14,000 14,000 14,000 16,000 16,000 16,000 18,000 18,000 18,000 20,000 20,000 20,000 204,000 1.9% 66,149 70,741 76,496 80,549 85,103 91,008 95,323 99,764 100,000 100,000 100,000 100,000 1,065,132 10.0% 17,922 18,787 19,928 21,671 22,536 23,678 25,421 26,285 27,427 29,170 30,035 31,176 294,035 2.8% 13,230 14,148 15,299 16,110 17,021 18,202 19,065 19,953 21,209 22,109 23,065 24,321 223,731 2.1% 121,301 117,676 125,724 144,329 140,659 148,887 167,808 164,002 166,636 181,279 173,100 175,497 1,826,898 17.1%

522,247 561,275 598,575 635,949 674,846 712,566 750,450 789,157 833,623 876,459 920,615 965,416 8,841,177 82.9%

45,000 47,917 47,917 47,917 47,917 47,917 47,917 47,917 53,333 57,917 57,917 57,917 607,500 5.7% 3,375 3,594 3,594 3,594 3,594 3,594 3,594 3,594 4,000 4,344 4,344 4,344 45,563 0.4% 5,500 5,800 6,175 6,125 6,275 6,775 6,800 6,700 7,525 7,425 7,425 8,025 80,550 0.8% 20,900 18,500 18,500 21,500 58,500 18,700 21,700 18,700 19,100 22,300 19,300 19,300 277,000 2.6% 84,375 85,410 85,985 90,385 127,535 88,235 92,710 89,810 96,858 106,335 103,335 103,935 1,154,913 10.8%

84,167 84,167 84,167 84,167 84,167 89,167 89,167 89,167 89,167 89,167 89,167 89,167 1,045,000 9.8% 6,313 6,313 6,313 6,313 6,313 6,688 6,688 6,688 6,688 6,688 6,688 6,688 78,375 0.7% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 0.2% 12,630 13,550 14,620 15,470 16,380 17,490 18,410 19,290 20,500 21,470 22,440 23,650 215,900 2.0% 44,369 49,049 54,184 59,412 64,878 70,771 76,703 82,843 89,308 95,771 102,441 109,463 899,193 8.4% 149,479 155,078 161,283 167,361 173,738 186,115 192,967 199,988 207,662 215,095 222,735 230,967 2,262,468 21.2%

18,750 18,750 18,750 18,750 18,750 18,750 18,750 18,750 25,000 25,000 25,000 25,000 250,000 2.3% 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,875 1,875 1,875 1,875 18,750 0.2% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 0.2% - - - - - - - - - - - - - 0.0% 22,156 22,156 22,156 22,156 22,156 22,156 22,156 22,156 28,875 28,875 28,875 28,875 292,750 2.7%

67,500 70,833 70,833 70,833 70,833 70,833 70,833 70,833 70,833 70,833 70,833 70,833 846,667 7.9% 5,063 5,312 5,312 5,312 5,312 5,312 5,312 5,312 5,312 5,312 5,312 5,312 63,500 0.6% 3,700 4,000 4,000 4,000 4,000 4,100 4,100 4,100 4,300 4,400 4,400 4,400 49,500 0.5% 7,400 8,000 8,000 8,000 8,000 8,200 8,200 8,200 8,600 8,800 8,800 8,800 99,000 0.9% 3,700 4,000 4,000 4,000 4,000 4,100 4,100 4,100 4,300 4,400 4,400 4,400 49,500 0.5% 22,200 24,000 24,000 24,000 24,000 24,600 24,600 24,600 25,800 26,400 26,400 26,400 297,000 2.8% 9,250 10,000 10,000 10,000 10,000 10,250 10,250 10,250 10,750 11,000 11,000 11,000 123,750 1.2% 750 750 750 750 750 750 750 750 750 750 750 750 9,000 0.1% 24,133 25,461 27,161 29,260 30,581 32,305 34,435 35,743 37,510 39,665 41,014 42,784 400,053 3.8% 700 700 700 700 700 700 700 700 700 700 700 700 8,400 0.1% 3,700 4,000 4,000 4,000 4,000 4,100 4,100 4,100 4,300 4,400 4,400 4,400 49,500 0.5% 64 68 72 78 82 86 92 95 100 106 109 114 1,067 0.0% 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 0.3% 7,400 8,000 8,000 8,000 8,000 8,200 8,200 8,200 8,600 8,800 8,800 8,800 99,000 0.9% 8,800 8,800 8,800 8,800 8,800 8,800 8,800 8,800 8,800 8,800 8,800 8,800 105,600 1.0% 14,800 16,000 16,000 16,000 16,000 16,400 16,400 16,400 17,200 17,600 17,600 17,600 198,000 1.9% 3,700 4,000 4,000 4,000 4,000 4,100 4,100 4,100 4,300 4,400 4,400 4,400 49,500 0.5% 3,700 4,000 4,000 4,000 4,000 4,100 4,100 4,100 4,300 4,400 4,400 4,400 49,500 0.5% 9,250 10,000 10,000 10,000 10,000 10,250 10,250 10,250 10,750 11,000 11,000 11,000 123,750 1.2% 9,250 10,000 10,000 10,000 10,000 10,250 10,250 10,250 10,750 11,000 11,000 11,000 123,750 1.2% 7,400 8,000 8,000 8,000 8,000 8,200 8,200 8,200 8,600 8,800 8,800 8,800 99,000 0.9% 214,960 228,424 230,129 232,234 233,559 238,136 240,272 241,585 249,056 254,067 255,419 257,194 2,875,036 26.9% 1,823 4,003 4,134 4,085 4,036 3,988 4,000 3,953 3,906 5,169 5,167 5,105 49,369 0.5%

472,792 495,072 503,688 516,222 561,024 538,632 552,106 557,492 586,357 609,541 615,532 626,077 6,634,535 62.2% 49,455 66,202 94,887 119,727 113,822 173,935 198,344 231,666 247,266 266,918 305,083 339,339 2,206,642 20.7% (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (27,500) -0.3%

0.0% 46,955 63,702 92,387 117,227 111,322 171,435 195,844 229,166 244,766 264,418 302,583 336,839 2,176,642 20.4% 18,782 - - - - - 69,676 91,666 97,906 105,767 121,033 134,735 639,567 6.0% 28,173 63,702 92,387 117,227 111,322 171,435 126,168 137,499 146,859 158,651 181,550 202,103 1,537,076 14.4%

0.0% 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 0.3% 18,782 - - - - - 69,676 91,666 97,906 105,767 121,033 134,735 639,567 6.0% 1,823 4,003 4,134 4,085 4,036 3,988 4,000 3,953 3,906 5,169 5,167 5,105 49,369 0.5% 23,105 6,503 6,634 6,585 6,536 6,488 76,176 98,119 104,312 113,436 128,700 142,341 718,935 6.7% 51,278 70,206 99,021 123,812 117,858 177,923 202,344 235,619 251,171 272,087 310,250 344,444 2,256,011 21.1% (220,220) 32,423 57,751 55,695 33,007 119,080 68,073 58,022 (10,483) 99,751 106,325 154,558 233,981 2.2%


Projected B/SASSETS



Total assets ###






Total equity ###












1,324,474 1,356,896 1,414,647 1,470,342 1,503,348 1,622,429 1,690,501 1,748,524 1,738,040 1,837,792 1,944,117 2,098,675 2,098,675 882,366 965,323 1,018,425 1,086,448 1,170,417 1,223,258 1,292,180 1,377,387 1,429,740 1,500,387 1,586,607 1,640,572 1,640,572 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,206,840 2,322,219 2,433,072 2,556,790 2,673,766 2,845,686 2,982,682 3,125,911 3,167,780 3,338,179 3,530,723 3,739,246 3,739,246 336,275 347,271 343,137 339,052 335,016 336,027 332,027 328,074 434,169 434,000 428,833 423,728 423,728 - - - - - - - - - - - - - - - - - - - - - - - - - - 2,543,114 2,669,490 2,776,209 2,895,842 3,008,782 3,181,714 3,314,709 3,453,985 3,601,949 3,772,179 3,959,557 4,162,975 4,162,975

137,983 201,371 216,418 219,538 221,870 224,082 231,623 234,115 235,933 248,227 254,769 256,798 256,798 - - - - - - - - - - - - - 137,983 201,371 216,418 219,538 221,870 224,082 231,623 234,115 235,933 248,227 254,769 256,798 256,798 232,857 232,143 231,428 230,714 230,000 229,286 228,571 227,857 227,143 226,428 225,714 225,000 225,000 370,840 433,514 447,846 450,252 451,870 453,368 460,195 461,972 463,076 474,656 480,483 481,798 256,798

2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 (577,726) (514,024) (421,637) (304,410) (193,089) (21,654) 104,514 242,014 388,873 547,524 729,074 931,177 931,177 2,172,274 2,235,976 2,328,363 2,445,590 2,556,911 2,728,346 2,854,514 2,992,014 3,138,873 3,297,524 3,479,074 3,681,177 3,681,177

2,543,114 2,669,490 2,776,209 2,895,842 3,008,782 3,181,714 3,314,709 3,453,985 3,601,949 3,772,179 3,959,557 4,162,975 4,162,975

28,173 63,702 92,387 117,227 111,322 171,435 126,168 137,499 146,859 158,651 181,550 202,103 1,537,076

1,823 4,003 4,134 4,085 4,036 3,988 4,000 3,953 3,906 5,169 5,167 5,105 49,369 -

- - - - - - - - - - - - - (68,173) (82,957) (53,103) (68,023) (83,969) (52,840) (68,923) (85,207) (52,353) (70,648) (86,219) (53,965) (826,379) 3,671 63,388 15,047 3,120 2,332 2,212 7,541 2,491 1,818 12,294 6,542 2,029 122,486 (34,506) 48,137 58,465 56,409 33,721 124,795 68,787 58,737 100,231 105,466 107,039 155,272 882,552

(185,000) (15,000) - - - (5,000) - - (110,000) (5,000) - - (320,000)

(185,000) (15,000) - - - (5,000) - - (110,000) (5,000) - - (320,000)

- - - - - - - - - - - - - (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (8,571) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (8,571)

1,544,694 1,324,474 1,356,896 1,414,647 1,470,342 1,503,348 1,622,429 1,690,501 1,748,524 1,738,040 1,837,792 1,944,117 1,544,694 (220,220) 32,423 57,751 55,695 33,007 119,080 68,073 58,022 (10,483) 99,751 106,325 154,558 553,981 1,324,474 1,356,896 1,414,647 1,470,342 1,503,348 1,622,429 1,690,501 1,748,524 1,738,040 1,837,792 1,944,117 2,098,675 2,098,675




Company Stage


Total Revenue


Total COGS

Gross Profit





Total OperationsIT





Total ExpensesEBIT






2,098,675 2,023,629 2,185,708 2,393,930 2,604,571 2,747,010 3,010,732 3,255,455 3,505,517 3,807,686 4,090,969 4,398,285

- - -

- - - - - - - - - - - - -

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

822,975 844,594 873,131 916,706 938,325 966,863 1,010,438 1,032,056 1,060,594 1,104,169 1,125,788 1,154,325 11,849,963 67.9% 67,568 69,851 73,337 75,066 77,349 80,835 82,565 84,848 88,334 90,063 92,346 95,832 977,991 5.6% 184,500 192,525 201,675 209,175 217,050 226,275 234,150 241,875 252,000 260,400 268,650 278,400 2,766,675 15.9% 252,068 262,376 275,012 284,241 294,399 307,110 316,715 326,723 340,334 350,463 360,996 374,232 3,744,666 21.5% 123,000 128,400 134,500 139,500 144,700 150,900 156,100 161,300 168,000 173,600 179,100 185,600 1,844,700 10.6%

- - 0.0% 1,198,043 1,235,369 1,282,643 1,340,447 1,377,424 1,424,873 1,483,252 1,520,079 1,568,927 1,628,232 1,665,884 1,714,157 17,439,329 100.0%

5,000 - - 5,000 - - 5,000 - - 5,000 - - 20,000 0.1% 5,000 - - 5,000 - - 5,000 - - 5,000 - - 20,000 0.1% 22,000 22,000 22,000 24,000 24,000 24,000 26,000 26,000 26,000 28,000 28,000 28,000 300,000 1.7% 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,200,000 6.9% 32,919 33,784 34,925 36,668 37,533 38,675 40,418 41,282 42,424 44,167 45,032 46,173 473,999 2.7% 25,207 26,238 27,501 28,424 29,440 30,711 31,671 32,672 34,033 35,046 36,100 37,423 374,467 2.1% 190,126 182,021 184,426 199,092 190,973 193,386 208,089 199,955 202,457 217,213 209,131 211,596 2,388,465 13.7%

1,007,917 1,053,348 1,098,216 1,141,355 1,186,451 1,231,487 1,275,163 1,320,124 1,366,470 1,411,019 1,456,752 1,502,561 15,050,863 86.3%

57,917 57,917 57,917 57,917 57,917 57,917 57,917 57,917 57,917 62,500 62,500 62,500 708,750 4.1% 4,344 4,344 4,344 4,344 4,344 4,344 4,344 4,344 4,344 4,688 4,688 4,688 53,156 0.3% 7,875 8,175 8,550 8,500 8,625 9,075 9,125 9,075 9,875 9,800 9,750 10,250 108,675 0.6% 22,500 19,500 19,500 22,500 60,500 20,500 23,500 20,500 20,500 23,900 20,900 20,900 295,200 1.7% 108,635 105,935 106,310 110,910 149,035 109,485 114,185 111,135 111,935 121,838 118,788 119,288 1,387,481 8.0%

94,167 94,167 94,167 94,167 114,167 114,167 114,167 114,167 114,167 119,167 119,167 119,167 1,305,000 7.5% 7,063 7,063 7,063 7,063 8,563 8,563 8,563 8,563 8,563 8,938 8,938 8,938 97,875 0.6% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 0.1% 24,600 25,670 26,890 27,890 28,940 30,170 31,220 32,250 33,600 34,720 35,820 37,120 368,890 2.1% 116,474 123,649 131,202 138,730 146,428 154,470 162,422 170,510 178,822 186,995 195,303 203,866 1,908,872 10.9% 244,303 252,548 261,322 269,849 300,097 309,369 318,371 327,489 337,151 351,819 361,227 371,091 3,704,637 21.2%

25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 300,000 1.7% 1,875 1,875 1,875 1,875 1,875 1,875 1,875 1,875 1,875 1,875 1,875 1,875 22,500 0.1% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 0.1% - - - - - - - - - - - - - 0.0% 28,875 28,875 28,875 28,875 28,875 28,875 28,875 28,875 28,875 28,875 28,875 28,875 346,500 2.0%

70,833 70,833 70,833 70,833 75,833 75,833 75,833 75,833 75,833 75,833 75,833 75,833 890,000 5.1% 5,312 5,312 5,312 5,312 5,687 5,687 5,687 5,687 5,687 5,687 5,687 5,687 66,750 0.4% 4,500 4,500 4,500 4,500 5,000 5,000 5,000 5,000 5,000 5,200 5,200 5,200 58,600 0.3% 9,000 9,000 9,000 9,000 10,000 10,000 10,000 10,000 10,000 10,400 10,400 10,400 117,200 0.7% 4,500 4,500 4,500 4,500 5,000 5,000 5,000 5,000 5,000 5,200 5,200 5,200 58,600 0.3% 27,000 27,000 27,000 27,000 30,000 30,000 30,000 30,000 30,000 31,200 31,200 31,200 351,600 2.0% 11,250 11,250 11,250 11,250 12,500 12,500 12,500 12,500 12,500 13,000 13,000 13,000 146,500 0.8% 750 750 750 750 750 750 750 750 750 750 750 750 9,000 0.1% 44,927 46,326 48,099 50,267 51,653 53,433 55,622 57,003 58,835 61,059 62,471 64,281 653,975 3.8% 700 700 700 700 700 700 700 700 700 700 700 700 8,400 0.0% 4,500 4,500 4,500 4,500 5,000 5,000 5,000 5,000 5,000 5,200 5,200 5,200 58,600 0.3% 120 124 128 134 138 142 148 152 157 163 167 171 1,744 0.0% 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 0.2% 9,000 9,000 9,000 9,000 10,000 10,000 10,000 10,000 10,000 10,400 10,400 10,400 117,200 0.7% 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 124,800 0.7% 18,000 18,000 18,000 18,000 20,000 20,000 20,000 20,000 20,000 20,800 20,800 20,800 234,400 1.3% 4,500 4,500 4,500 4,500 5,000 5,000 5,000 5,000 5,000 5,200 5,200 5,200 58,600 0.3% 4,500 4,500 4,500 4,500 5,000 5,000 5,000 5,000 5,000 5,200 5,200 5,200 58,600 0.3% 11,250 11,250 11,250 11,250 12,500 12,500 12,500 12,500 12,500 13,000 13,000 13,000 146,500 0.8% 11,250 11,250 11,250 11,250 12,500 12,500 12,500 12,500 12,500 13,000 13,000 13,000 146,500 0.8% 9,000 9,000 9,000 9,000 10,000 10,000 10,000 10,000 10,000 10,400 10,400 10,400 117,200 0.7% 263,792 265,196 266,973 269,147 290,162 291,946 294,141 295,526 297,362 305,292 306,708 308,523 3,454,769 19.8% 5,044 7,663 7,572 7,482 7,392 7,602 7,512 7,422 7,334 7,246 7,279 7,193 86,741 0.5%

650,650 660,217 671,052 686,263 775,562 747,278 763,084 770,448 782,658 815,070 822,877 834,969 8,980,128 51.5% 357,266 393,131 427,164 455,092 410,889 484,209 512,079 549,677 583,812 595,948 633,876 667,592 6,070,735 34.8% (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (27,500) -0.2%

0.0% 354,766 390,631 424,664 452,592 408,389 481,709 509,579 547,177 581,312 593,448 631,376 665,092 6,040,735 34.6% 141,907 156,252 169,866 181,037 163,356 192,684 203,832 218,871 232,525 237,379 252,550 266,037 2,416,294 13.9% 212,860 234,378 254,799 271,555 245,033 289,025 305,747 328,306 348,787 356,069 378,825 399,055 3,624,441 20.8%

0.0% 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 0.2% 141,907 156,252 169,866 181,037 163,356 192,684 203,832 218,871 232,525 237,379 252,550 266,037 2,416,294 13.9% 5,044 7,663 7,572 7,482 7,392 7,602 7,512 7,422 7,334 7,246 7,279 7,193 86,741 0.5% 149,451 166,415 179,937 191,018 173,248 202,786 213,843 228,793 242,359 247,126 262,330 275,729 2,533,035 14.5% 362,311 400,793 434,736 462,574 418,281 491,811 519,591 557,099 591,146 603,195 641,155 674,785 6,157,476 35.3% (75,046) 162,080 208,221 210,641 142,440 263,721 244,723 250,062 302,169 283,284 307,316 351,104 2,390,715 13.7%


Projected B/SASSETS



Total assets ###






Total equity ###












2,023,629 2,185,708 2,393,930 2,604,571 2,747,010 3,010,732 3,255,455 3,505,517 3,807,686 4,090,969 4,398,285 4,749,390 4,749,390 1,711,370 1,797,064 1,853,054 1,923,964 2,010,671 2,066,136 2,137,309 2,224,878 2,280,118 2,353,391 2,442,348 2,498,825 2,498,825 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3,734,998 3,982,772 4,246,984 4,528,535 4,757,681 5,076,868 5,392,763 5,730,395 6,087,804 6,444,360 6,840,633 7,248,215 7,248,215 643,684 636,021 628,449 620,968 638,575 630,973 623,462 616,039 608,706 611,459 604,180 596,987 596,987 - - - - - - - - - - - - - - - - - - - - - - - - - - 4,378,682 4,618,793 4,875,433 5,149,503 5,396,257 5,707,841 6,016,225 6,346,434 6,696,509 7,055,819 7,444,813 7,845,202 7,845,202

260,360 266,807 269,362 272,591 275,026 298,299 301,650 304,268 306,270 310,225 321,107 323,156 323,156 - - - - - - - - - - - - - 260,360 266,807 269,362 272,591 275,026 298,299 301,650 304,268 306,270 310,225 321,107 323,156 323,156 224,286 223,571 222,857 222,143 221,428 220,714 220,000 219,286 218,571 217,857 217,143 216,428 216,428 484,646 490,378 492,219 494,734 496,455 519,013 521,650 523,553 524,841 528,082 538,250 539,584 323,156

2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 1,144,037 1,378,415 1,633,214 1,904,769 2,149,802 2,438,828 2,744,575 3,072,881 3,421,668 3,777,737 4,156,563 4,555,618 4,555,618 3,894,037 4,128,415 4,383,214 4,654,769 4,899,802 5,188,828 5,494,575 5,822,881 6,171,668 6,527,737 6,906,563 7,305,618 7,305,618

4,378,682 4,618,793 4,875,433 5,149,503 5,396,257 5,707,841 6,016,225 6,346,434 6,696,509 7,055,819 7,444,813 7,845,202 7,845,202

212,860 234,378 254,799 271,555 245,033 289,025 305,747 328,306 348,787 356,069 378,825 399,055 3,624,441

5,044 7,663 7,572 7,482 7,392 7,602 7,512 7,422 7,334 7,246 7,279 7,193 86,741 -

- - - - - - - - - - - - - (70,798) (85,694) (55,990) (70,910) (86,707) (55,465) (71,173) (87,569) (55,240) (73,273) (88,957) (56,478) (858,254) 3,562 6,447 2,555 3,229 2,435 23,273 3,351 2,618 2,002 3,955 10,882 2,049 66,358 150,668 162,794 208,935 211,355 168,154 264,435 245,437 250,776 302,883 293,998 308,030 351,819 2,919,287

(225,000) - - - (25,000) - - - - (10,000) - - (260,000)

(225,000) - - - (25,000) - - - - (10,000) - - (260,000)

- - - - - - - - - - - - - (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (8,571) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (8,571)

2,098,675 2,023,629 2,185,708 2,393,930 2,604,571 2,747,010 3,010,732 3,255,455 3,505,517 3,807,686 4,090,969 4,398,285 2,098,675 (75,046) 162,080 208,221 210,641 142,440 263,721 244,723 250,062 302,169 283,284 307,316 351,104 2,650,715 2,023,629 2,185,708 2,393,930 2,604,571 2,747,010 3,010,732 3,255,455 3,505,517 3,807,686 4,090,969 4,398,285 4,749,390 4,749,390




Company Stage


Total Revenue


Total COGS

Gross Profit





Total OperationsIT





Total ExpensesEBIT






4,749,390 4,842,304 5,202,351 5,591,610 6,002,592 6,386,866 6,846,591 7,309,453 7,766,811 8,286,755 8,794,664 9,316,953

- - -

- - - - - - - - - - - - -

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

1,197,900 1,219,519 1,248,056 1,291,631 1,313,250 1,341,788 1,385,363 1,406,981 1,435,519 1,479,094 1,500,713 1,529,250 16,349,063 66.8% 97,562 99,845 103,331 105,060 107,343 110,829 112,559 114,842 118,328 120,057 122,340 125,826 1,337,919 5.5% 286,725 295,875 305,850 314,550 323,400 333,450 342,675 351,300 362,250 372,150 381,450 392,025 4,061,700 16.6% 384,287 395,720 409,181 419,610 430,743 444,279 455,234 466,142 480,578 492,207 503,790 517,851 5,399,619 22.1% 191,200 197,300 203,900 209,700 215,600 222,300 228,500 234,200 241,500 248,100 254,300 261,400 2,708,000 11.1%

- - 0.0% 1,773,387 1,812,538 1,861,137 1,920,941 1,959,593 2,008,367 2,069,096 2,107,323 2,157,596 2,219,401 2,258,803 2,308,501 24,456,682 100.0%

5,000 - - 5,000 - - 5,000 - - 5,000 - - 20,000 0.1% 5,000 - - 5,000 - - 5,000 - - 5,000 - - 20,000 0.1% 30,000 30,000 30,000 32,000 32,000 32,000 34,000 34,000 34,000 36,000 36,000 36,000 396,000 1.6% 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,200,000 4.9% 47,916 48,781 49,922 51,665 52,530 53,672 55,415 56,279 57,421 59,164 60,029 61,170 653,963 2.7% 38,429 39,572 40,918 41,961 43,074 44,428 45,523 46,614 48,058 49,221 50,379 51,785 539,962 2.2% 226,345 218,353 220,840 235,626 227,604 230,099 244,938 236,893 239,479 254,384 246,408 248,955 2,829,924 11.6%

1,547,042 1,594,186 1,640,296 1,685,315 1,731,989 1,778,267 1,824,158 1,870,429 1,918,118 1,965,016 2,012,395 2,059,546 21,626,757 88.4%

62,500 62,500 67,917 67,917 67,917 67,917 67,917 67,917 67,917 72,500 72,500 72,500 817,917 3.3% 4,688 4,688 5,094 5,094 5,094 5,094 5,094 5,094 5,094 5,438 5,438 5,438 61,344 0.3% 10,275 10,550 10,825 10,900 10,950 11,350 11,575 11,375 12,150 12,300 12,100 12,525 136,875 0.6% 23,900 20,900 21,300 24,300 61,300 21,300 24,300 21,500 21,500 24,700 21,700 21,700 308,400 1.3% 123,963 121,238 127,735 132,460 169,510 129,910 134,785 131,785 132,560 142,488 139,288 139,713 1,625,435 6.6%

119,167 119,167 119,167 119,167 119,167 119,167 119,167 124,167 124,167 124,167 124,167 124,167 1,455,000 5.9% 8,938 8,938 8,938 8,938 8,938 8,938 8,938 9,313 9,313 9,313 9,313 9,313 109,125 0.4% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 0.1% 38,230 39,450 40,780 41,940 43,120 44,460 45,690 46,840 48,300 49,620 50,860 52,270 541,560 2.2% 212,281 220,779 229,564 238,183 246,894 255,852 264,568 273,339 282,217 290,798 299,431 308,210 3,122,117 12.8% 380,615 390,333 400,448 410,227 420,118 430,416 440,363 455,658 465,996 475,898 485,770 495,959 5,251,802 21.5%

25,000 25,000 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 362,500 1.5% 1,875 1,875 2,344 2,344 2,344 2,344 2,344 2,344 2,344 2,344 2,344 2,344 27,188 0.1% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 0.1% - - - - - - - - - - - - - 0.0% 28,875 28,875 35,594 35,594 35,594 35,594 35,594 35,594 35,594 35,594 35,594 35,594 413,688 1.7%

75,833 75,833 75,833 75,833 75,833 75,833 75,833 75,833 75,833 75,833 75,833 75,833 910,000 3.7% 5,687 5,687 5,687 5,687 5,687 5,687 5,687 5,687 5,687 5,687 5,687 5,687 68,250 0.3% 5,200 5,200 5,400 5,400 5,400 5,400 5,400 5,500 5,500 5,600 5,600 5,600 65,200 0.3% 10,400 10,400 10,800 10,800 10,800 10,800 10,800 11,000 11,000 11,200 11,200 11,200 130,400 0.5% 5,200 5,200 5,400 5,400 5,400 5,400 5,400 5,500 5,500 5,600 5,600 5,600 65,200 0.3% 31,200 31,200 32,400 32,400 32,400 32,400 32,400 33,000 33,000 33,600 33,600 33,600 391,200 1.6% 13,000 13,000 13,500 13,500 13,500 13,500 13,500 13,750 13,750 14,000 14,000 14,000 163,000 0.7% 750 750 750 750 750 750 750 750 750 750 750 750 9,000 0.0% 66,502 67,970 69,793 72,035 73,485 75,314 77,591 79,025 80,910 83,228 84,705 86,569 917,126 3.8% 700 700 700 700 700 700 700 700 700 700 700 700 8,400 0.0% 5,200 5,200 5,400 5,400 5,400 5,400 5,400 5,500 5,500 5,600 5,600 5,600 65,200 0.3% 177 181 186 192 196 201 207 211 216 222 226 231 2,446 0.0% 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 0.1% 10,400 10,400 10,800 10,800 10,800 10,800 10,800 11,000 11,000 11,200 11,200 11,200 130,400 0.5% 11,200 11,200 11,200 11,200 11,200 11,200 11,200 11,200 11,200 11,200 11,200 11,200 134,400 0.5% 20,800 20,800 21,600 21,600 21,600 21,600 21,600 22,000 22,000 22,400 22,400 22,400 260,800 1.1% 5,200 5,200 5,400 5,400 5,400 5,400 5,400 5,500 5,500 5,600 5,600 5,600 65,200 0.3% 5,200 5,200 5,400 5,400 5,400 5,400 5,400 5,500 5,500 5,600 5,600 5,600 65,200 0.3% 13,000 13,000 13,500 13,500 13,500 13,500 13,500 13,750 13,750 14,000 14,000 14,000 163,000 0.7% 13,000 13,000 13,500 13,500 13,500 13,500 13,500 13,750 13,750 14,000 14,000 14,000 163,000 0.7% 10,400 10,400 10,800 10,800 10,800 10,800 10,800 11,000 11,000 11,200 11,200 11,200 130,400 0.5% 311,550 313,022 320,550 322,798 324,252 326,085 328,369 332,656 334,546 339,720 341,202 343,070 3,937,821 16.1% 7,107 10,118 9,997 9,997 9,878 9,761 9,644 9,530 9,476 9,363 9,311 9,200 113,381 0.5%

852,110 863,586 894,324 911,077 959,352 931,766 948,755 965,223 978,173 1,003,062 1,011,164 1,023,536 11,342,127 46.4% 694,932 730,600 745,972 774,238 772,637 846,501 875,403 905,207 939,945 961,954 1,001,231 1,036,010 10,284,630 42.1% (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (27,500) -0.1%

0.0% 692,432 728,100 743,472 771,738 770,137 844,001 872,903 902,707 937,445 959,454 998,731 1,033,510 10,254,630 41.9% 276,973 291,240 297,389 308,695 308,055 337,600 349,161 361,083 374,978 383,782 399,492 413,404 4,101,852 16.8% 415,459 436,860 446,083 463,043 462,082 506,401 523,742 541,624 562,467 575,673 599,238 620,106 6,152,778 25.2%

0.0% 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 0.1% 276,973 291,240 297,389 308,695 308,055 337,600 349,161 361,083 374,978 383,782 399,492 413,404 4,101,852 16.8% 7,107 10,118 9,997 9,997 9,878 9,761 9,644 9,530 9,476 9,363 9,311 9,200 113,381 0.5% 286,580 303,858 309,886 321,192 320,433 349,861 361,306 373,112 386,954 395,645 411,303 425,104 4,245,233 17.4% 702,039 740,717 755,969 784,235 782,515 856,262 885,048 914,736 949,421 971,317 1,010,542 1,045,210 10,398,011 42.5% 92,914 360,047 389,259 410,982 384,275 459,724 462,863 457,358 519,944 507,909 522,289 571,412 4,858,975 19.9%


Projected B/SASSETS



Total assets ###






Total equity ###












4,842,304 5,202,351 5,591,610 6,002,592 6,386,866 6,846,591 7,309,453 7,766,811 8,286,755 8,794,664 9,316,953 9,888,365 9,888,365 2,571,236 2,660,080 2,718,807 2,791,705 2,881,412 2,939,390 3,012,550 3,103,644 3,160,984 3,236,394 3,329,101 3,388,204 3,388,204 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7,413,540 7,862,431 8,310,418 8,794,297 9,268,278 9,785,980 10,322,003 10,870,455 11,447,739 12,031,058 12,646,054 13,276,568 13,276,568 849,880 839,763 839,765 829,768 819,890 810,129 800,485 795,956 786,480 782,117 772,806 763,606 763,606 - - - - - - - - - - - - - - - - - - - - - - - - - - 8,263,420 8,702,193 9,150,183 9,624,065 10,088,168 10,596,110 11,122,488 11,666,410 12,234,219 12,813,175 13,418,860 14,040,174 14,040,174

326,628 329,256 331,877 343,431 346,166 348,421 351,772 354,785 360,841 364,838 371,999 373,921 373,921 - - - - - - - - - - - - - 326,628 329,256 331,877 343,431 346,166 348,421 351,772 354,785 360,841 364,838 371,999 373,921 373,921 215,714 215,000 214,286 213,571 212,857 212,143 211,428 210,714 210,000 209,285 208,571 207,857 207,857 542,343 544,256 546,163 557,002 559,023 560,564 563,200 565,499 570,840 574,124 580,570 581,778 373,921

2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000 4,971,077 5,407,937 5,854,021 6,317,063 6,779,145 7,285,546 7,809,288 8,350,912 8,913,379 9,489,051 10,088,290 10,708,396 10,708,396 7,721,077 8,157,937 8,604,021 9,067,063 9,529,145 10,035,546 10,559,288 11,100,912 11,663,379 12,239,051 12,838,290 13,458,396 13,458,396

8,263,420 8,702,193 9,150,183 9,624,065 10,088,168 10,596,110 11,122,488 11,666,410 12,234,219 12,813,175 13,418,860 14,040,174 14,040,174

415,459 436,860 446,083 463,043 462,082 506,401 523,742 541,624 562,467 575,673 599,238 620,106 6,152,778

7,107 10,118 9,997 9,997 9,878 9,761 9,644 9,530 9,476 9,363 9,311 9,200 113,381 -

- - - - - - - - - - - - - (72,410) (88,844) (58,728) (72,898) (89,707) (57,978) (73,160) (91,094) (57,340) (75,410) (92,707) (59,103) (889,379) 3,473 2,628 2,621 11,553 2,735 2,255 3,351 3,013 6,056 3,998 7,161 1,922 50,766 353,629 360,761 399,974 411,696 384,989 460,439 463,577 463,072 520,659 513,623 523,003 572,126 5,427,547

(260,000) - (10,000) - - - - (5,000) - (5,000) - - (280,000)

(260,000) - (10,000) - - - - (5,000) - (5,000) - - (280,000)

- - - - - - - - - - - - - (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (8,571) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (714) (8,571)

4,749,390 4,842,304 5,202,351 5,591,610 6,002,592 6,386,866 6,846,591 7,309,453 7,766,811 8,286,755 8,794,664 9,316,953 4,749,390 92,914 360,047 389,259 410,982 384,275 459,724 462,863 457,358 519,944 507,909 522,289 571,412 5,138,975 4,842,304 5,202,351 5,591,610 6,002,592 6,386,866 6,846,591 7,309,453 7,766,811 8,286,755 8,794,664 9,316,953 9,888,365 9,888,365

Bill Snow Financial ProjectionsStaffing

Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Totals

Revenue 0 0 300 4,444 7,946 14,085 24,822 43,914 77,990 94,776 116,191 143,372 527,839 Company Stage Pre Launch Pre Launch Pre Launch Pre Launch Pre Launch Pre Launch 1.0 1.0 1.0 1.0 1.0 1.0 1.0

HEAD COUNTExecutive

CEO 0 0 0 0 0 0 1 1 1 1 1 1 1 CFO 0 0 0 0 0 0 1 1 1 1 1 1 1 COO 0 0 0 0 0 0 1 1 1 1 1 1 1 CIO 0 0 0 0 0 0 0 0 0 0 0 0 0 CMO 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Executive 0 0 0 0 0 0 3 3 3 3 3 3 3 Administrative

Admin Asst 0 0 0 0 0 0 0 0 0 0 0 0 0 Accounting 0 0 0 0 0 0 0 0 0 0 0 0 0 HR 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Admin 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales - Biz Dev

Director 0 0 0 0 0 0 0 0 0 0 0 0 0 Acct Execs 0 0 0 0 0 0 0 1 1 1 1 1 1

Total Sales - Biz Dev 0 0 0 0 0 0 0 1 1 1 1 1 1 Operations

Manager 0 0 0 0 0 0 0 0 0 0 0 0 0 Call Center 1 1 1 1 1 1 1 1 1 1 1 2 2 Cust Srvc 0 0 0 0 0 0 0 0 0 0 0 0 0 Field Ops 0 0 0 0 0 0 0 0 0 0 0 0 0 Trainers 0 0 0 0 0 0 0 0 0 0 0 0 0 QA 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Operations 1 1 1 1 1 1 1 1 1 1 1 2 2 Marketing

Marketing Mgr 0 0 0 0 0 0 0 0 0 0 0 0 0 Acct Exec 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Mkting 0 0 0 0 0 0 0 0 0 0 0 0 0 IT

Technicians 0 0 0 0 0 0 0 1 1 1 1 1 1 Total IT 0 0 0 0 0 0 0 1 1 1 1 1 1 Sales - Field Reps

City Manager 0 0 0 0 0 0 1 2 2 2 2 2 2 Support 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Field Reps 0 0 0 0 0 0 1 2 2 2 2 2 2 TOTAL EMPLOYEES 1 1 1 1 1 1 5 8 8 8 8 9 9 New Employees 1 0 0 0 0 0 4 3 0 0 0 1 8

Revenue per employee $ - $ - $ 300 $ 4,444 $ 7,946 $ 14,085 $ 4,964 $ 5,489 $ 9,749 $ 11,847 $ 14,524 $ 15,930 $ 58,649



Revenue 0 0 300 4,444 7,946 14,085 24,822 43,914 77,990 94,776 116,191 143,372 527,839 Company Stage Pre Launch Pre Launch Pre Launch Pre Launch Pre Launch Pre Launch 1.0 1.0 1.0 1.0 1.0 1.0 1.0

SALARY EXPENSEExecutive Avg. Sal

CEO $ 60,000 - - - - - - 5,000 5,000 5,000 5,000 5,000 5,000 30,000 CFO $ 20,000 - - - - - - 1,667 1,667 1,667 1,667 1,667 1,667 10,000 COO $ 50,000 - - - - - - 4,167 4,167 4,167 4,167 4,167 4,167 25,000 CIO $ 50,000 - - - - - - - - - - - - - CMO $ 50,000 - - - - - - - - - - - - -

Total Executive - - - - - - 10,833 10,833 10,833 10,833 10,833 10,833 65,000 Administrative

Admin Asst $ 30,000 - - - - - - - - - - - - - Accounting $ 45,000 - - - - - - - - - - - - - HR $ 35,000 - - - - - - - - - - - - -

Total Admin - - - - - - - - - - - - - Sales - Biz Dev

Director $ 40,000 - - - - - - - - - - - - - Acct Execs $ 35,000 - - - - - - - 2,917 2,917 2,917 2,917 2,917 14,583

Total Sales - Biz Dev - - - - - - - 2,917 2,917 2,917 2,917 2,917 14,583 Operations

Manager $ 45,000 - - - - - - - - - - - - - Call Center $ 40,000 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 6,667 43,333 Cust Srvc $ 40,000 - - - - - - - - - - - - - Field Ops $ 40,000 - - - - - - - - - - - - - Trainers $ 40,000 - - - - - - - - - - - - - QA $ 40,000 - - - - - - - - - - - - -

Total Operations 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 6,667 43,333 Marketing

Marketing Mgr $ 30,000 - - - - - - - - - - - - - Acct Exec $ 25,000 - - - - - - - - - - - - -

Total Mkting - - - - - - - - - - - - - IT

Technicians $ 40,000 - - - - - - - 3,333 3,333 3,333 3,333 3,333 16,667 Total IT - - - - - - - 3,333 3,333 3,333 3,333 3,333 16,667 Sales - Field Reps

City Manager $ 24,000 - - - - - - 2,000 4,000 4,000 4,000 4,000 4,000 22,000 Support $ 10,000 - - - - - - - - - - - - -

Total Field Reps - - - - - - 2,000 4,000 4,000 4,000 4,000 4,000 22,000 Total Comp. - Employees 3,333 3,333 3,333 3,333 3,333 3,333 16,167 24,417 24,417 24,417 24,417 27,750 161,583


RevenueCompany Stage

HEAD COUNTExecutive

CEO CFO COOCIOCMO

Total ExecutiveAdministrative

Admin Asst AccountingHR

Total AdminSales - Biz Dev

DirectorAcct Execs

Total Sales - Biz DevOperations

ManagerCall CenterCust Srvc Field OpsTrainersQA

Total OperationsMarketing

Marketing MgrAcct Exec

Total MktingIT

TechniciansTotal ITSales - Field Reps

City ManagerSupport

Total Field RepsTOTAL EMPLOYEESNew Employees

Revenue per employee


186,582 226,675 244,782 270,813 304,170 334,760 376,914 409,241 453,764 508,644 542,796 588,244 4,447,383 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5

1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3

1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 7 7 7 7 7 8 8 8 8 8

1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2

1 1 1 2 2 2 2 2 2 2 2 2 2 1 1 1 2 2 2 2 2 2 2 2 2 2

2 2 2 2 2 2 3 3 3 3 3 3 3 0 0 0 1 1 1 1 1 1 1 1 1 1 2 2 2 3 3 3 4 4 4 4 4 4 4

19 19 19 25 25 25 26 26 27 27 27 27 27 19 0 0 6 0 0 1 0 1 0 0 0 8

$ 9,820 $ 11,930 $ 12,883 $ 10,833 $ 12,167 $ 13,390 $ 14,497 $ 15,740 $ 16,806 $ 18,839 $ 20,104 $ 21,787 $ 164,718



SALARY EXPENSEExecutive

CEO CFO COOCIOCMO




DirectorAcct Execs





Total MktingIT


City ManagerSupport

Total Field RepsTotal Comp. - Employees


186,582 226,675 244,782 270,813 304,170 334,760 376,914 409,241 453,764 508,644 542,796 588,244 4,447,383 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Avg. Sal $ 100,000 8,333 8,333 8,333 8,333 8,333 8,333 8,333 8,333 8,333 8,333 8,333 8,333 100,000 $ 80,000 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 80,000 $ 80,000 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 80,000 $ 80,000 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 80,000 $ 80,000 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 80,000

35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 420,000

$ 35,000 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 35,000 $ 50,000 - - - 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 37,500 $ 45,000 - - - 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 33,750

2,917 2,917 2,917 10,833 10,833 10,833 10,833 10,833 10,833 10,833 10,833 10,833 106,250

$ 50,000 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 50,000 $ 45,000 3,750 3,750 3,750 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 78,750

7,917 7,917 7,917 11,667 11,667 11,667 11,667 11,667 11,667 11,667 11,667 11,667 128,750

$ 60,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 $ 50,000 8,333 8,333 8,333 8,333 8,333 8,333 8,333 8,333 12,500 12,500 12,500 12,500 116,667 $ 50,000 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 50,000 $ 50,000 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 50,000 $ 50,000 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 50,000 $ 50,000 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 50,000

30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 34,167 34,167 34,167 34,167 376,667

$ 55,000 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 55,000 $ 45,000 - - - 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 33,750

4,583 4,583 4,583 8,333 8,333 8,333 8,333 8,333 8,333 8,333 8,333 8,333 88,750

$ 55,000 4,583 4,583 4,583 9,167 9,167 9,167 9,167 9,167 9,167 9,167 9,167 9,167 96,250 4,583 4,583 4,583 9,167 9,167 9,167 9,167 9,167 9,167 9,167 9,167 9,167 96,250

$ 36,000 6,000 6,000 6,000 6,000 6,000 6,000 9,000 9,000 9,000 9,000 9,000 9,000 90,000 $ 25,000 - - - 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 18,750

6,000 6,000 6,000 8,083 8,083 8,083 11,083 11,083 11,083 11,083 11,083 11,083 108,750 91,000 91,000 91,000 113,083 113,083 113,083 116,083 116,083 120,250 120,250 120,250 120,250 1,325,417



HEAD COUNTExecutive

CEO CFO COOCIOCMO




DirectorAcct Execs





Total MktingIT


City ManagerSupport




643,549 678,950 724,299 780,278 815,505 861,454 918,258 953,160 1,000,258 1,057,738 1,093,715 1,140,913 10,668,076 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5

1 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 4 4 4 4 4 4 4 4 4 4 4

2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 4 4 4 4 4 5 5 5 5 5 5 5 5 6 6 6 6 6

2 2 2 2 2 2 2 2 2 2 2 2 2 6 6 6 6 6 7 7 7 7 7 7 7 7 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

16 16 16 16 16 17 17 17 17 17 17 17 17

1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3

3 3 3 3 3 3 3 3 4 4 4 4 4 3 3 3 3 3 3 3 3 4 4 4 4 4

2 2 2 2 2 2 2 2 2 3 3 3 3 1 2 2 2 2 2 2 2 2 2 2 2 2 3 4 4 4 4 4 4 4 4 5 5 5 5

37 40 40 40 40 41 41 41 43 44 44 44 44 37 3 0 0 0 1 0 0 2 1 0 0 7

$ 17,393 $ 16,974 $ 18,107 $ 19,507 $ 20,388 $ 21,011 $ 22,397 $ 23,248 $ 23,262 $ 24,039 $ 24,857 $ 25,930 $ 242,456




CEO CFO COOCIOCMO




DirectorAcct Execs





Total MktingIT


City ManagerSupport



643,549 678,950 724,299 780,278 815,505 861,454 918,258 953,160 1,000,258 1,057,738 1,093,715 1,140,913 10,668,076 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Avg. Sal $ 150,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 150,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000

54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 650,000

$ 40,000 3,333 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 76,667 $ 60,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 $ 60,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000

13,333 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 196,667

$ 100,000 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 200,000 $ 65,000 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 21,667 21,667 21,667 21,667 216,667

32,917 32,917 32,917 32,917 32,917 32,917 32,917 32,917 38,333 38,333 38,333 38,333 416,667

$ 85,000 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 170,000 $ 60,000 30,000 30,000 30,000 30,000 30,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 395,000 $ 60,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 $ 60,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 $ 60,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 $ 60,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000

84,167 84,167 84,167 84,167 84,167 89,167 89,167 89,167 89,167 89,167 89,167 89,167 1,045,000

$ 75,000 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 75,000 $ 60,000 5,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 115,000

11,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 190,000

$ 75,000 18,750 18,750 18,750 18,750 18,750 18,750 18,750 18,750 25,000 25,000 25,000 25,000 250,000 18,750 18,750 18,750 18,750 18,750 18,750 18,750 18,750 25,000 25,000 25,000 25,000 250,000

$ 55,000 9,167 9,167 9,167 9,167 9,167 9,167 9,167 9,167 9,167 13,750 13,750 13,750 123,750 $ 35,000 2,917 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 67,083

12,083 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 19,583 19,583 19,583 190,833 226,667 237,917 237,917 237,917 237,917 242,917 242,917 242,917 254,583 259,167 259,167 259,167 2,939,167



HEAD COUNTExecutive

CEO CFO COOCIOCMO




DirectorAcct Execs





Total MktingIT


City ManagerSupport




1,198,043 1,235,369 1,282,643 1,340,447 1,377,424 1,424,873 1,483,252 1,520,079 1,568,927 1,628,232 1,665,884 1,714,157 17,439,329 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5

2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 5 5 5 5 5 5 5 5 5

2 2 2 2 2 2 2 2 2 2 2 2 2 4 4 4 4 4 4 4 4 4 4 4 4 4 6 6 6 6 6 6 6 6 6 6 6 6 6

2 2 2 2 2 2 2 2 2 2 2 2 2 8 8 8 8 8 8 8 8 8 9 9 9 9 2 2 2 2 3 3 3 3 3 3 3 3 3 2 2 2 2 3 3 3 3 3 3 3 3 3 2 2 2 2 3 3 3 3 3 3 3 3 3 2 2 2 2 3 3 3 3 3 3 3 3 3

18 18 18 18 22 22 22 22 22 23 23 23 23

1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3

4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

3 3 3 3 3 3 3 3 3 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 6 6 6 6

45 45 45 45 50 50 50 50 50 52 52 52 52 45 0 0 0 5 0 0 0 0 2 0 0 7

$ 26,623 $ 27,453 $ 28,503 $ 29,788 $ 27,548 $ 28,497 $ 29,665 $ 30,402 $ 31,379 $ 31,312 $ 32,036 $ 32,965 $ 335,372




CEO CFO COOCIOCMO




DirectorAcct Execs





Total MktingIT


City ManagerSupport



1,198,043 1,235,369 1,282,643 1,340,447 1,377,424 1,424,873 1,483,252 1,520,079 1,568,927 1,628,232 1,665,884 1,714,157 17,439,329 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Avg. Sal $ 150,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 150,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000

54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 650,000

$ 40,000 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 80,000 $ 60,000 5,000 5,000 5,000 5,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 100,000 $ 60,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000

16,667 16,667 16,667 16,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 240,000

$ 100,000 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 200,000 $ 65,000 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 260,000

38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 460,000

$ 85,000 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 170,000 $ 60,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 45,000 45,000 45,000 495,000 $ 60,000 10,000 10,000 10,000 10,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 160,000 $ 60,000 10,000 10,000 10,000 10,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 160,000 $ 60,000 10,000 10,000 10,000 10,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 160,000 $ 60,000 10,000 10,000 10,000 10,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 160,000

94,167 94,167 94,167 94,167 114,167 114,167 114,167 114,167 114,167 119,167 119,167 119,167 1,305,000

$ 75,000 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 75,000 $ 60,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000

16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 195,000

$ 75,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 300,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 300,000

$ 55,000 13,750 13,750 13,750 13,750 13,750 13,750 13,750 13,750 13,750 18,333 18,333 18,333 178,750 $ 35,000 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 70,000

19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 19,583 24,167 24,167 24,167 248,750 264,167 264,167 264,167 264,167 289,167 289,167 289,167 289,167 289,167 298,750 298,750 298,750 3,398,750



HEAD COUNTExecutive

CEO CFO COOCIOCMO




DirectorAcct Execs





Total MktingIT


City ManagerSupport




1,773,387 1,812,538 1,861,137 1,920,941 1,959,593 2,008,367 2,069,096 2,107,323 2,157,596 2,219,401 2,258,803 2,308,501 24,456,682 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5

2 2 2 2 2 2 2 2 2 2 2 2 2 4 4 5 5 5 5 5 5 5 5 5 5 5 6 6 7 7 7 7 7 7 7 7 7 7 7

2 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 10 10 10 10 10 10 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

23 23 23 23 23 23 23 24 24 24 24 24 24

1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3

4 4 5 5 5 5 5 5 5 5 5 5 5 4 4 5 5 5 5 5 5 5 5 5 5 5

4 4 4 4 4 4 4 4 4 5 5 5 5 2 2 2 2 2 2 2 2 2 2 2 2 2 6 6 6 6 6 6 6 6 6 7 7 7 7

52 52 54 54 54 54 54 55 55 56 56 56 56 52 0 2 0 0 0 0 1 0 1 0 0 4

$ 34,104 $ 34,857 $ 34,465 $ 35,573 $ 36,289 $ 37,192 $ 38,317 $ 38,315 $ 39,229 $ 39,632 $ 40,336 $ 41,223 $ 436,726




CEO CFO COOCIOCMO




DirectorAcct Execs





Total MktingIT


City ManagerSupport



1,773,387 1,812,538 1,861,137 1,920,941 1,959,593 2,008,367 2,069,096 2,107,323 2,157,596 2,219,401 2,258,803 2,308,501 24,456,682 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Avg. Sal $ 150,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 150,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000 $ 125,000 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 10,417 125,000

54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 54,167 650,000

$ 40,000 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 6,667 80,000 $ 60,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 $ 60,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000

21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 21,667 260,000

$ 100,000 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 16,667 200,000 $ 65,000 21,667 21,667 27,083 27,083 27,083 27,083 27,083 27,083 27,083 27,083 27,083 27,083 314,167

38,333 38,333 43,750 43,750 43,750 43,750 43,750 43,750 43,750 43,750 43,750 43,750 514,167

$ 85,000 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 14,167 170,000 $ 60,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 50,000 50,000 50,000 50,000 50,000 565,000 $ 60,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 $ 60,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 $ 60,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 $ 60,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000

119,167 119,167 119,167 119,167 119,167 119,167 119,167 124,167 124,167 124,167 124,167 124,167 1,455,000

$ 75,000 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 75,000 $ 60,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000

16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 16,250 195,000

$ 75,000 25,000 25,000 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 362,500 25,000 25,000 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 362,500

$ 55,000 18,333 18,333 18,333 18,333 18,333 18,333 18,333 18,333 18,333 22,917 22,917 22,917 233,750 $ 35,000 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 70,000

24,167 24,167 24,167 24,167 24,167 24,167 24,167 24,167 24,167 28,750 28,750 28,750 303,750 298,750 298,750 310,417 310,417 310,417 310,417 310,417 315,417 315,417 320,000 320,000 320,000 3,740,417

Bill Snow Financial ModelTransaction Calculator

Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 20041 2 3 4 5 6 7 8 9 10 11 12 Totals

Number of TransactionsNumber of trial users - - 200 350 613 1,073 1,878 3,487 4,130 4,960 6,072 6,877 29,640

New Subscribers - - - 150 263 460 805 1,409 2,615 3,098 3,720 4,554 17,072 Total Number of Subscribers - - - 150 413 872 1,677 3,086 5,701 8,798 12,518 17,072 17,072

New Markets - - 1 - - - - 1 - - - - 2 Total Number of Markets - - 1 1 1 1 1 2 2 2 2 2 2

New Companies - - 20 10 15 23 34 71 25 32 42 44 316 Total Number of Companies - - 20 30 45 68 102 173 198 230 272 316 316

Companies enrolled in Company Mkti - - - - - - - - - - - - -

No. of Trans. (trial) - - 200 350 613 1,073 1,878 3,487 4,130 4,960 6,072 6,877 29,640 No. of Trans.(subscriber) - - - 113 309 654 1,258 2,314 4,276 6,599 9,389 12,804 12,804

No. of Company Trans. (trial) - - 1,000 1,500 2,250 3,400 5,100 8,650 9,900 11,500 13,600 15,800 72,700 No. of Company Trans. (subscriber) - - 1,000 1,500 2,250 3,400 5,100 8,650 9,900 11,500 13,600 15,800 72,700

Trail Transactions (lower est.) - - 200 350 613 1,073 1,878 3,487 4,130 4,960 6,072 6,877 29,640 Subscriber Transactions (lower est.) - - - 113 309 654 1,258 2,314 4,276 6,599 9,389 12,804 37,715

Transaction per rest. - - 10 15 20 25 31 34 42 50 57 62 213


Number of TransactionsNumber of trial users

New SubscribersTotal Number of Subscribers

New MarketsTotal Number of Markets

New CompaniesTotal Number of Companies

Companies enrolled in Company Mkti

No. of Trans. (trial)No. of Trans.(subscriber)

No. of Company Trans. (trial)No. of Company Trans. (subscriber)

Trail Transactions (lower est.)Subscriber Transactions (lower est.)

Transaction per rest.


8,486 9,129 9,959 11,271 12,226 13,898 15,051 16,573 18,897 20,050 21,572 23,896 23,896

5,158 6,365 6,847 7,469 8,453 9,170 10,424 11,288 12,430 14,173 15,038 16,179 122,992 22,230 28,595 35,441 42,873 51,261 60,315 70,538 81,474 93,250 106,648 120,755 135,796 135,796

1 - - 1 - - 1 - - 1 - - 4 3 3 3 4 4 4 5 5 5 6 6 6 6

82 36 35 68 59 81 73 67 100 77 82 107 867 398 434 469 537 596 677 750 817 917 994 1,076 1,183 1,183

199 217 235 269 298 339 375 409 459 497 538 592 592

8,486 9,129 9,959 11,271 12,226 13,898 15,051 16,573 18,897 20,050 21,572 23,896 23,896 16,673 21,446 26,581 32,155 38,445 45,236 52,903 61,105 69,937 79,986 90,567 101,847 101,847

19,900 21,700 23,450 26,850 29,800 33,850 37,500 40,850 45,850 49,700 53,800 59,150 442,400 19,900 21,700 23,450 26,850 29,800 33,850 37,500 40,850 45,850 49,700 53,800 59,150 442,400

8,486 9,129 9,959 11,271 12,226 13,898 15,051 16,573 18,897 20,050 21,572 23,896 181,008 16,673 21,446 23,450 26,850 29,800 33,850 37,500 40,850 45,850 49,700 53,800 59,150 438,918

63 70 71 71 71 71 70 70 71 70 70 70 524












25,049 26,571 28,895 30,048 31,570 33,894 35,047 36,569 38,893 40,046 41,568 43,892 43,892

17,922 18,787 19,928 21,671 22,536 23,678 25,421 26,285 27,427 29,170 30,035 31,176 294,035 152,429 169,624 187,841 207,600 227,944 249,191 271,764 294,805 318,339 343,037 368,196 393,961 393,961

1 - - 1 - - 1 - - 1 - - 4 7 7 7 8 8 8 9 9 9 10 10 10 10

80 92 107 85 91 111 92 88 121 97 97 121 1,182 1,263 1,355 1,462 1,547 1,638 1,749 1,841 1,929 2,050 2,147 2,244 2,365 2,365

632 678 731 774 819 875 921 965 1,025 1,074 1,122 1,183 1,183

25,049 26,571 28,895 30,048 31,570 33,894 35,047 36,569 38,893 40,046 41,568 43,892 43,892 114,321 127,218 140,881 155,700 170,958 186,893 203,823 221,103 238,755 257,277 276,147 295,471 295,471

63,150 67,750 73,100 77,350 81,900 87,450 92,050 96,450 102,500 107,350 112,200 118,250 1,079,500 63,150 67,750 73,100 77,350 81,900 87,450 92,050 96,450 102,500 107,350 112,200 118,250 1,079,500

25,049 26,571 28,895 30,048 31,570 33,894 35,047 36,569 38,893 40,046 41,568 43,892 412,042 63,150 67,750 73,100 77,350 81,900 87,450 92,050 96,450 102,500 107,350 112,200 118,250 1,079,500

70 70 70 69 69 69 69 69 69 69 69 69 631












45,045 46,567 48,891 50,044 51,566 53,890 55,043 56,565 58,889 60,042 61,564 63,888 63,888

32,919 33,784 34,925 36,668 37,533 38,675 40,418 41,282 42,424 44,167 45,032 46,173 473,999 420,852 448,030 475,919 504,876 534,147 563,991 594,644 625,476 656,399 687,937 719,646 751,578 751,578

1 - - 1 - - 1 - - 1 - - 4 11 11 11 12 12 12 13 13 13 14 14 14 14

95 107 122 100 105 123 105 103 135 112 110 130 1,347 2,460 2,567 2,689 2,789 2,894 3,017 3,122 3,225 3,360 3,472 3,582 3,712 3,712

1,230 1,284 1,345 1,395 1,447 1,509 1,561 1,613 1,680 1,736 1,791 1,856 1,856

45,045 46,567 48,891 50,044 51,566 53,890 55,043 56,565 58,889 60,042 61,564 63,888 63,888 315,639 336,022 356,939 378,657 400,610 422,993 445,983 469,107 492,299 515,953 539,735 563,683 563,683

123,000 128,350 134,450 139,450 144,700 150,850 156,100 161,250 168,000 173,600 179,100 185,600 1,844,450 123,000 128,350 134,450 139,450 144,700 150,850 156,100 161,250 168,000 173,600 179,100 185,600 1,844,450

45,045 46,567 48,891 50,044 51,566 53,890 55,043 56,565 58,889 60,042 61,564 63,888 651,994 123,000 128,350 134,450 139,450 144,700 150,850 156,100 161,250 168,000 173,600 179,100 185,600 1,844,450

68 68 68 68 68 68 68 68 68 67 67 67 673












65,041 66,563 68,887 70,040 71,562 73,886 75,039 76,561 78,885 80,038 81,560 83,884 83,884

47,916 48,781 49,922 51,665 52,530 53,672 55,415 56,279 57,421 59,164 60,029 61,170 653,963 784,082 816,554 849,370 882,692 916,015 949,521 983,235 1,016,794 1,049,984 1,083,156 1,116,165 1,148,954 1,148,954

1 - - 1 - - 1 - - 1 - - 4 15 15 15 16 16 16 17 17 17 18 18 18 18

111 122 133 116 118 134 123 115 146 132 124 141 1,515 3,823 3,945 4,078 4,194 4,312 4,446 4,569 4,684 4,830 4,962 5,086 5,227 5,227

1,912 1,973 2,039 2,097 2,156 2,223 2,285 2,342 2,415 2,481 2,543 2,614 2,614

65,041 66,563 68,887 70,040 71,562 73,886 75,039 76,561 78,885 80,038 81,560 83,884 83,884 588,062 612,415 637,027 662,019 687,011 712,141 737,426 762,595 787,488 812,367 837,124 861,716 861,716

191,150 197,250 203,900 209,700 215,600 222,300 228,450 234,200 241,500 248,100 254,300 261,350 2,707,800 191,150 197,250 203,900 209,700 215,600 222,300 228,450 234,200 241,500 248,100 254,300 261,350 2,707,800

65,041 66,563 68,887 70,040 71,562 73,886 75,039 76,561 78,885 80,038 81,560 83,884 891,946 191,150 197,250 203,900 209,700 215,600 222,300 228,450 234,200 241,500 248,100 254,300 261,350 2,707,800

67 67 67 67 67 67 66 66 66 66 66 66 689

Bill Snow Financial ModelLT Note

Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-041 2 3 4 5 6 7 8 9 10 11 12 Totals

Debt added to dat 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 New debt 250,000.00 - - - - - - - - - - - 250,000.00 Beg Bal - 250,000.00 249,285.71 248,571.42 247,857.13 247,142.84 246,428.55 245,714.26 244,999.97 244,285.68 243,571.39 242,857.10 - Payment - (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (35,357.19)Interest - (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (27,500.00)Principle - (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (7,857.19)Ending Bal 250,000.00 249,285.71 248,571.42 247,857.13 247,142.84 246,428.55 245,714.26 244,999.97 244,285.68 243,571.39 242,857.10 242,142.81 242,142.81

Interest rate12%

Termyears

10months

120


Debt added to datNew debtBeg BalPaymentInterestPrincipleEnding Bal

Interest rate12%

Termyears

10months

120


250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 - - - - - - - - - - - - - 242,142.81 241,428.52 240,714.23 239,999.94 239,285.65 238,571.36 237,857.08 237,142.79 236,428.50 235,714.21 234,999.92 234,285.63 242,142.81 (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (38,571.48) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (30,000.00) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (8,571.48) 241,428.52 240,714.23 239,999.94 239,285.65 238,571.36 237,857.08 237,142.79 236,428.50 235,714.21 234,999.92 234,285.63 233,571.34 233,571.34



Interest rate12%

Termyears

10months

120


250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 - - - - - - - - - - - - - 233,571.34 232,857.05 232,142.76 231,428.47 230,714.18 229,999.89 229,285.60 228,571.31 227,857.02 227,142.73 226,428.44 225,714.15 233,571.34 (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (38,571.48) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (30,000.00) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (8,571.48) 232,857.05 232,142.76 231,428.47 230,714.18 229,999.89 229,285.60 228,571.31 227,857.02 227,142.73 226,428.44 225,714.15 224,999.86 224,999.86



Interest rate12%

Termyears

10months

120


250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 - - - - - - - - - - - - - 224,999.86 224,285.57 223,571.28 222,856.99 222,142.70 221,428.41 220,714.12 219,999.83 219,285.54 218,571.25 217,856.96 217,142.67 224,999.86 (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (38,571.48) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (30,000.00) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (8,571.48) 224,285.57 223,571.28 222,856.99 222,142.70 221,428.41 220,714.12 219,999.83 219,285.54 218,571.25 217,856.96 217,142.67 216,428.38 216,428.38



Interest rate12%

Termyears

10months

120


250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 - - - - - - - - - - - - - 216,428.38 215,714.09 214,999.80 214,285.51 213,571.23 212,856.94 212,142.65 211,428.36 210,714.07 209,999.78 209,285.49 208,571.20 216,428.38 (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (3,214.29) (38,571.48) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (2,500.00) (30,000.00) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (714.29) (8,571.48) 215,714.09 214,999.80 214,285.51 213,571.23 212,856.94 212,142.65 211,428.36 210,714.07 209,999.78 209,285.49 208,571.20 207,856.91 207,856.91

Bill Snow Financial ModelCapitalization Table

Exit ScenariosIdea FF Angel VC - A IPO Year 3 Year 4 Year 5

EBITDA 2,256,011 6,157,476 10,398,011 5X 5 11,280,055 30,787,382 51,990,057

pre money $ - $ 750,000 75.0% $ 2,000,000 80.0% $5,000,000 71.4% $ 75,000,000 69.4%investment $ - $ 250,000 25.0% $ 500,000 20.0% $2,000,000 28.6% $ 33,000,000 30.6%post money $ - $1,000,000 100.0% $ 2,500,000 100.0% $7,000,000 100.0% $108,000,000 100.0%Share price 0 $ 0.17 $ 0.33 $ 0.67 $ 7.14 $ 1.07 $ 2.93 $ 4.95

Authorized SharesCommon 10,000,000 10,000,000 10,000,000 20,000,000 50,000,000

Shares ownedCEO 1,000,000 40.0% 1,000,000 16.7% 1,000,000 13.3% 1,000,000 9.5% 1,000,000 6.6% 1,000,000 9.5% 1,000,000 9.5% 1,000,000 9.5%CFO 750,000 30.0% 750,000 12.5% 750,000 10.0% 750,000 7.1% 750,000 5.0% 750,000 7.1% 750,000 7.1% 750,000 7.1%COO 750,000 30.0% 750,000 12.5% 750,000 10.0% 750,000 7.1% 750,000 5.0% 750,000 7.1% 750,000 7.1% 750,000 7.1%CIO - 0.0% 500,000 8.3% 500,000 6.7% 500,000 4.8% 500,000 3.3% 500,000 4.8% 500,000 4.8% 500,000 4.8%CMO - 0.0% 500,000 8.3% 500,000 6.7% 500,000 4.8% 500,000 3.3% 500,000 4.8% 500,000 4.8% 500,000 4.8%Director of Biz Dev - 0.0% 100,000 1.7% 100,000 1.3% 100,000 1.0% 100,000 0.7% 100,000 1.0% 100,000 1.0% 100,000 1.0%Director of Ops - 0.0% 100,000 1.7% 100,000 1.3% 100,000 1.0% 100,000 0.7% 100,000 1.0% 100,000 1.0% 100,000 1.0%Director of Marketin - 0.0% 100,000 1.7% 100,000 1.3% 100,000 1.0% 100,000 0.7% 100,000 1.0% 100,000 1.0% 100,000 1.0%Employee 8 0.0% 50,000 0.8% 50,000 0.7% 50,000 0.5% 50,000 0.3% 50,000 0.5% 50,000 0.5% 50,000 0.5%Other employees - 0.0% 150,000 2.5% 150,000 2.0% 150,000 1.4% 150,000 1.0% 150,000 1.4% 150,000 1.4% 150,000 1.4%Option plan 0.0% 500,000 8.3% 500,000 6.7% 500,000 4.8% 500,000 3.3% 500,000 4.8% 500,000 4.8% 500,000 4.8%FF - 0.0% 1,500,000 25.0% 1,500,000 20.0% 1,500,000 14.3% 1,500,000 9.9% 1,500,000 14.3% 1,500,000 14.3% 1,500,000 14.3%Angel - 0.0% - 0.0% 1,500,000 20.0% 1,500,000 14.3% 1,500,000 9.9% 1,500,000 14.3% 1,500,000 14.3% 1,500,000 14.3%VC - A - 0.0% - 0.0% - 0.0% 3,000,000 28.6% 3,000,000 19.8% 3,000,000 28.6% 3,000,000 28.6% 3,000,000 28.6%VC - B - 0.0% - 0.0% - 0.0% - 0.0% - 0.0% - 0.0% - 0.0% - 0.0%IPO - 0.0% - 0.0% - 0.0% - 0.0% 4,620,000 30.6% - 0.0% - 0.0% - 0.0%Total 2,500,000 100.0% 6,000,000 100.0% 7,500,000 100.0% 10,500,000 100.0% 15,120,000 100.0% 10,500,000 ### 10,500,000 ### 10,500,000 ###

Value of holdingsCEO $ - $ 166,667 $ 333,333 $ 666,667 $ 7,142,857 $1,074,291 $ 2,932,132 $ 4,951,434 CFO $ - $ 125,000 $ 250,000 $ 500,000 $ 5,357,143 $ 805,718 $ 2,199,099 $ 3,713,576 COO $ - $ 125,000 $ 250,000 $ 500,000 $ 5,357,143 $ 805,718 $ 2,199,099 $ 3,713,576 CIO $ - $ 83,333 $ 166,667 $ 333,333 $ 3,571,429 $ 537,145 $ 1,466,066 $ 2,475,717 CMO $ - $ 83,333 $ 166,667 $ 333,333 $ 3,571,429 $ 537,145 $ 1,466,066 $ 2,475,717 Director of Biz Dev $ - $ 16,667 $ 33,333 $ 66,667 $ 714,286 $ 107,429 $ 293,213 $ 495,143 Director of Ops $ - $ 16,667 $ 33,333 $ 66,667 $ 714,286 $ 107,429 $ 293,213 $ 495,143 Director of Marketin $ - $ 16,667 $ 33,333 $ 66,667 $ 714,286 $ 107,429 $ 293,213 $ 495,143 Employee 8 $ - $ 8,333 $ 16,667 $ 33,333 $ 357,143 $ 53,715 $ 146,607 $ 247,572 Other employees $ - $ 25,000 $ 50,000 $ 100,000 $ 1,071,429 $ 161,144 $ 439,820 $ 742,715 Option plan $ - $ 83,333 $ 166,667 $ 333,333 $ 3,571,429 $ 537,145 $ 1,466,066 $ 2,475,717 FF $ - $ 250,000 $ 500,000 $1,000,000 $ 10,714,286 $1,611,436 $ 4,398,197 $ 7,427,151 Angel $ - $ - $ 500,000 $1,000,000 $ 10,714,286 $1,611,436 $ 4,398,197 $ 7,427,151 VC - A $ - $ - $ - $2,000,000 $ 21,428,571 $3,222,873 $ 8,796,395 $14,854,302 VC - B $ - $ - $ - $ - $ - $ - $ - $ - IPO $ - $ - $ - $ - $ 33,000,000 $ - $ - $ - Total Capitalization $ - $1,000,000 $ 2,500,000 $7,000,000 $108,000,000 ### $30,787,382 $51,990,057

Bill Snow Financial ModelDevelopment

Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 2004Company Stage Pre Launch Pre Launch Pre Launch Pre Launch Pre Launch Pre Launch 1.0 1.0 1.0 1.0 1.0 1.0

Development Costs Launch 1 2 3 4 5 6 7 8 9 10 11 12 Year 1

Website & Voice App 200,000 6 1 6 7 33,333 33,333 33,333 33,333 33,333 33,333 - - - - - - 200,000 Version 2.0 Development 450,000 6 7 12 13 - - - - - - 75,000 75,000 75,000 75,000 75,000 75,000 450,000 Version 3.0 Development 500,000 12 13 24 25 - - - - - - - - - - - - -

Total Development Costs 1,150,000 33,333 33,333 33,333 33,333 33,333 33,333 75,000 75,000 75,000 75,000 75,000 75,000 650,000

Website and Voice App developmentVersion 1.0 200,000 ENTER AMOUNT HERE

Version 2.0 450,000 ENTER AMOUNT HERE


Est. Project Cost

Dev. time

Start of Devel.

End of Devel.


Company Stage

Development Costs Launch

Website & Voice App 200,000 6 1 6 7Version 2.0 Development 450,000 6 7 12 13Version 3.0 Development 500,000 12 13 24 25

Total Development Costs 1,150,000




Est. Project Cost

Dev. time

Start of Devel.

End of Devel.

Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 20052.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

13 14 15 16 17 18 19 20 21 22 23 24 Year 2

- - - - - - - - - - - - - - - - - - - - - - - - - - 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 500,000 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 500,000


Company Stage







Est. Project Cost

Dev. time

Start of Devel.

End of Devel.


25 26 27 28 29 30 31 32 33 34 35 36 Year 3

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Company Stage







Est. Project Cost

Dev. time

Start of Devel.

End of Devel.


37 38 39 40 41 42 43 44 45 46 47 48 Year 4

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Company Stage







Est. Project Cost

Dev. time

Start of Devel.

End of Devel.


49 50 51 52 53 54 55 56 57 58 59 60 Year 5

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Documents

Bill Snow Financial Model 2004-03-09