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KSTC Financial Model

For ICC/IC client use, funded by CED

Model Built By:

Patrick Just - 502.419.4003


MBA, Entrepreneurial Studies
patrickajust@gmail.com

Instructions:
1. General overview of KSTC Financial Model
All business inputs for the financial model are located on the "Master Assumptions"
tab. There are cells that are meant to be changed and cells that are locked.
Only cells this color are meant to be changed. From the "Master Assumptions"
tab, the data is manipulated in the "Manipulations" tab. Changing the formulas in this
tab without having a high level of understanding of how the formulas work will make
the model not work correctly. That data then composes all of the summary and detail
statements. The outputs of this model are:
- Five year forcasted annual summarized income statement
- Five year forcasted annual balance sheet
- Five year forcasted annual statement of cash flows
- Five year forcasted monthly cash budget
- Detailed capitalization structure
- Quantitative pre money and exit business valuation valuation
- Summary employee hiring schedule
- Five year forcasted monthly detailed income statement
2. Master Assumptions - Service Related Inputs
Tell the model the selling price of each service, as well as the first month of expected
sales. Any section requiring a date, unless specifically requesting the year only, needs
to be input as mm/1/yyyy. The formating of the cell will report the date as mmm - yyyy.
Input the anticipated first month sales level in units, as well as the unit sales growth
rate for the following years. This, accompanied with the seasonality factors, will
project sales for the coming five years. The sum of the seasonality inputs should not
exceed 1.
3. Master Assumptions - Operational Inputs
The staffing plan is broken down by department. The title, start date, pay, and scale
of each position can be changed. If the position is an executive position, i.e. it does not
change with sales, then leave the column labeled "per sales dollars" blank. To make
a position scale with sales, insert a dollar amount in that column. If a cell in that
column has the input of "$500,000", the model will hire an additional person in that
position when sales are over an annual rate of $500,000.
The operation expenses are broken down by department as well, but also have a space
for startup related expenses. These are non-recurring expenses. Just input the expense
and the date, and the model will place that expense. For the departmental expenses,
the first input that must be made is the "department start date" reference. This allows
the user to start different departments at different times. Expenses can be inserted on
the basis of three different drivers - per year, per executive, or as a percent of sales.
Inserting a value in the "amount" column and having a driver of "year" will expense that
amount every year over the life of the model. A driver of "executive" will take the
expense amount, multiply that amount by the number of non-scaling positions in that
department, and expense that multiple over the coming years. A driver of "sales"
assumes that the amount is not a dollar amount, but rather a %. Therefore, if the
driver is "sales", the amount input should be less than 1. Expenses with this driver will
scale with sales as the business grows.
4. Master Assumptions - Capital Investments
Capital assets are seperated by PP&E assets, and administrative assets. The model is
fully flexible to depreciate any investment over any number of years.
5. Master Assumptions - Financing Inputs
The financing section includes "free money" such as grants, equity investments from

founders, seed investors, round A, and round B venture capital, and interest bearing
debt. Any input in the grant section will not pay interest and will not be reflected on
the capitalization structure. In order for the capitalization structure tab to calculate
ownership, any outside equity investment needs to be accompanied by an expected
pre - money value for that round. For the model to forcast expected investors IRR and
cash-on-cash returns, it is also necessary to input the expected exit value and year of
exit.
In the debt financing section, the term of the loan can be any number between 1 & 10.
6. Master Assumptions - Other Business Inputs
This section covers other business items such as anticipated bad debt, benefits and
taxes, etc.
7. Master Assumptions - Valuation Inputs
In the "Quantitative Exit Valuation" section, the inputs required are the expected year
of exit, as well as the expected revenue, EBITDA, and net income multiples that the
company would be able to receive.
The below sections are all based on calculating a pre-money value.
The First Chicago valuation method takes the models expectations, and counts that as
the median. This method then asks, 'how much better could this company be if it was a
home run?' On the other side, it also asks, 'what slash of projections is appropriate if
some things do not go right?' This scenario is called a "single" These three potential
outcomes (single, double, and homerun) are then applied probability ratios to arrive
at an anticipated end amount. The discount rate is the rate that future cash flows will
be discounted back to the present. Most startups in the pre-venture phase have a
discount rate of 50-70%.
The next two sections are expected multiples that the company could receive at the time
of an exit, as well as the appropriate discount rate.
Wrap-up
To print the model, go to the tab desired to be print, and hit print. The page should
be formatted correctly to print the proper headings and columns for each year.
Enjoy the model!

Company Name
Financial Model Assumptions
Company Name:Company Name
First Year of Operation:..
2010
Name of 1st Service:
Service One
Name of 2nd Service:
Service Two
Name of 3rd Service:
Service Three
Name of 4th Service:
Service Four
Name of 5th Service:
Service Five
Name of Department Direct Cost of Sales: Service
Name of 1st Department:
Sales and Marketing
Name of 2nd Department:
Administration
Name of 3rd Department:.
Engineering
Name of 4th Department: Other

.....Service Related Inputs..


Service One
Sales Related Assumptions
Selling Price
Rollout Sales Date
1st Month Sales Volume
1st Year Growth Rate
2nd Year Growth Rate
3rd Year Growth Rate
4th Year Growth Rate
5th Year Growth Rate
Long Term Growth Rate
1st Year Total Sales
2nd Year Total Sales
3rd Year Total Sales
4th Year Total Sales
5th Year Total Sales

0
0
0
0
0

Production/Cost Related Assumptions


Service Material Cost
Direct Labor
Direct Laborer Salary
Seasonality Factor of Sales
January
February
March
April
May
June
July
August
September
October
November
December
Sum

8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%

Sales growth
compounded monthly Yearly sales numbers
do not account for
seasonality

of Selling Price
of Sales
per Year

Service / technology
businesses typically
have no - minimal
direct product costs.

Sum should equal


100 %

Service Two
Sales Related Assumptions
Selling Price
Rollout Sales Date
1st Month Sales Volume
1st Year Growth Rate
2nd Year Growth Rate
3rd Year Growth Rate
4th Year Growth Rate
5th Year Growth Rate
Long Term Growth Rate
1st Year Total Sales
2nd Year Total Sales
3rd Year Total Sales
4th Year Total Sales
5th Year Total Sales

0
0
0
0
0

Production/Cost Related Assumptions


Unit Material Cost
Direct Labor
Direct Laborer Salary
Seasonality Factor of Sales
January
February
March
April
May
June
July
August
September
October
November
December
Sum

Sales growth
compounded monthly Yearly sales numbers
do not account for
seasonality

of Selling Price
of Sales
per Year

8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%

Service / technology
businesses typically
have no - minimal
direct product costs.

Sum should equal


100 %

Service Three
Sales Related Assumptions
Selling Price
Rollout Sales Date
1st Month Sales Volume
1st Year Growth Rate
2nd Year Growth Rate
3rd Year Growth Rate
4th Year Growth Rate
5th Year Growth Rate
Long Term Growth Rate
1st Year Total Sales
2nd Year Total Sales
3rd Year Total Sales
4th Year Total Sales
5th Year Total Sales
Production/Cost Related Assumptions
Material Cost
Direct Labor
Direct Laborer Salary

0
0
0
0
0

Sales growth
compounded monthly Yearly sales numbers
do not account for
seasonality

of Selling Price
of Sales
per Year

Service / technology
businesses typically
have no - minimal
direct product costs.

Seasonality Factor of Sales


January
February
March
April
May
June
July
August
September
October
November
December
Sum

businesses typically
have no - minimal
direct product costs.
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%

Sum should equal


100 %

Service Four
Sales Related Assumptions
Selling Price
Rollout Sales Date
1st Month Sales Volume
1st Year Growth Rate
2nd Year Growth Rate
3rd Year Growth Rate
4th Year Growth Rate
5th Year Growth Rate
Long Term Growth Rate
1st Year Total Sales
2nd Year Total Sales
3rd Year Total Sales
4th Year Total Sales
5th Year Total Sales

0
0
0
0
0

Production/Cost Related Assumptions


Material Cost
Direct Labor
Direct Laborer Salary
Seasonality Factor of Sales
January
February
March
April
May
June
July
August
September
October
November
December
Sum

8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%

Sales growth
compounded monthly
- Yearly sales numbers
do not account for
seasonality

of Selling Price
of Sales
per Year

Service / technology
businesses typically
have no - minimal
direct product costs.

Sum should equal


100 %

Service Five
Sales Related Assumptions
Selling Price
Rollout Sales Date
1st Month Sales Volume
1st Year Growth Rate
2nd Year Growth Rate
3rd Year Growth Rate
4th Year Growth Rate
5th Year Growth Rate
Long Term Growth Rate

Sales growth
compounded monthly
- Yearly sales numbers
do not account for
seasonality

1st Year Total Sales


2nd Year Total Sales
3rd Year Total Sales
4th Year Total Sales
5th Year Total Sales

0
0
0
0
0

Production/Cost Related Assumptions


Material Cost
Direct Labor
Direct Laborer Salary
Seasonality Factor of Sales
January
February
March
April
May
June
July
August
September
October
November
December
Sum

Sales growth
compounded monthly
- Yearly sales numbers
do not account for
seasonality

Service / technology
businesses typically
have no - minimal
direct product costs.

of Selling Price
of Sales
per Year

8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%

Sum should equal


100 %

.....Operational Inputs..
Staffing Plan
Service
Position
Senior Engineer
Inventory Manager
Technical Support Manager
Floor Manager
Other
Other

Pay Start Date

Position
VP Marketing
VP Sales
VP Advertising
Marketing Manager
Sales Representative
Other
Other

Pay Start Date

Position
CEO
CMO
CFO
COO
HR Manager
Administration Assistant
Other
Other

Pay Start Date

Position
CTO
System Administration
Project Manager

Pay Start Date

Salary

Number Employed

Per Sales Dollars

1
1 Person will be 1
hired for every 1
dollar in sales input1
1
on the right
1

Sales and Marketing


Salary

Number Employed

Per Sales Dollars

1
1
1 Person will be
1
hired for every 1
dollar in sales input 1
on the right
1
1

Administration
Salary

Number Employed

Per Annual Sales of

1
1
1 Person will be 1
hired for every 1
dollar in sales input 1
1
on the right
1
1

Engineering
Salary

Number Employed

1 Person will be
hired for every
dollar in sales input
on the right

Per Sales Dollars


1
1
1

1 Person will be
hired for every 1
dollar in sales input 1
on the right
1

Programming
Quality Assurance
Other
Other

Other
Position
Other
Other
Other
Other
Other

Pay Start Date

Salary

Number Employed
1
1 Person will be hired 1
for every dollar in sales1
input on the right 1
1

Per Sales Dollars

Operational Expense
Startup Expenses
Expense
Initial Outreach
Patent Filing
Website Development
Item 4
Other

Amount

Date

Service
Department Start Date
Expense
Office Supplies
Telephone/Postage
Plant Rent
Utilities
Auto Allowance
Other
Other
Other

Jan - 2010
Amount
Per Driver

Mar - 2010
Amount
Per Driver

Administration
Department Start Date
Expense
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other

executive

In this case, the cell


year should be
"amount" cell shouldsales
be formatted as
'percent'.
The model will allocate the input
percent of sales as the expense for
that line item.

Sales and Marketing


Department Start Date
Expense
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other

Expenses that use "sales" as the


driver should have an "amount" less
than 1.

Mar - 2010
Amount
Per Driver

Engineering
Department Start Date
Expense
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other

Amount

Per Driver

Other
Department Start Date
Expense
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other

Amount

Per Driver

.....Capital Expenditures..
Investment
Plant Purchase
Machine
Machine
Machine
Truck
Truck
Other
Investment
Computers
Furniture
Software
Hardware
Fax, Copiers, Etc.
Other
Other

Property, Plant & Equipment


Amount
Date

Depreciation Years

Administrative Capital Expenses


Amount
Date

Depreciation Years

.....Financing..
Investment
Grant 1
Grant 2
Grant 3

Grants and Awards


Amount

Date

Equity Financing
Round
Amount
Date
Founders
Seed
Round A
Round B
Estimated Exit Value
Debt Financing
Loan Amount
Percent
Term (years)
Payment
#VALUE!
Start Date

Pre-Money Value

Model will estimate pre-money busine


for a given date. But, Capitalization S
will be based on the inserted estimate
here. Model starts with a base number
of 100,000.

Model will estimate exit value for a given


date. This input is your personal estimate
value and exit date. The date input is only
the year. Model assumes year end.

.....Other Items..
Item
Benefits and Taxes
Business Insurance
Anticipated Bad Debt
Tax Rate
Accounts Payable
Accounts Receivable

Amount

Per
Total Salary & Wages
of Total Sales
of Total Sales
of Net Income less Loss Carried Forward
Total Days worth of Purchases
Total Days worth of Sales

.....Valuation..
Quantitative Exit Valuation
Year of Exit
Revenue Multiple
EBITDA Multiple
Net Income

2014
2
6
12

First Chicago Pre Money Valuation


Single - EBITDA Slash
Double (Model Projection)
Home Run Multiple
Single Probability
Double Probability
Home Run Probability
EBITDA Multiple
Discount Rate

50%
N/A
3
40%
40%
20%
8
60%

Present Value of Future Profits


Discount Rate
User Estimated Exit Value?

60%
yes

Discounted Multiple of EBITDA Method


EBITDA Multiple
8
Discount Rate
60%
Discounted Multiple of Revenue Method
Revenue Multiple
2
Discount Rate
60%

For calculating pre


money value, model
assumes an exit in
year 5

yes
no

If input is 'yes', the model will assume the


exit value is from cell B353, if input is 'no',
model will use estimate from valuation tab.

1/1/2010

To create a non-scaling position


(model assumes all non-scaling
positions are executives), leave the
"Per Sales Dollars" cell empty. To
scale a position with sales, input the
sales dollars in the given cell. For
example, if you you will need to hire a
new direct sales rep to support each
additional $1M in sales, input their
salary, start date, and $1,000,000 into
the "Per Sales Dollars" cell.

3
5
7
10
30

timate pre-money business value


ate. But, Capitalization Structure
on the inserted estimated values
1
tarts with a base number of shares
of 100,000. 2
3

4
5
6
7
8
9
10

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Jan - 2010
$0

Feb - 2010
$0

Mar - 2010
$0

Apr - 2010
$0

May - 2010
$0

Jun - 2010
$0

Jul - 2010
$0

Aug - 2010
$0

Sep - 2010
$0

0
0
0
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0

0
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0
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0
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0
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0
0

0
0
0
0
0

0
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0
0

0
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0
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0
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0
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0
0
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0
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0
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0
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0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Oct - 2010
$0

Nov - 2010
$0

Dec - 2010
$0

2010

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
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0
0

0
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0
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0
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0
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0
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0
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0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

$0

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Jan - 2011
$0

Feb - 2011
$0

Mar - 2011
$0

Apr - 2011
$0

May - 2011
$0

Jun - 2011
$0

Jul - 2011
$0

Aug - 2011
$0

Sep - 2011
$0

0
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0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Oct - 2011
$0

Nov - 2011
$0

Dec - 2011
$0

2011

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

$0

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Jan - 2012
$0

Feb - 2012
$0

Mar - 2012
$0

Apr - 2012
$0

May - 2012
$0

Jun - 2012
$0

Jul - 2012
$0

Aug - 2012
$0

Sep - 2012
$0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Oct - 2012
$0

Nov - 2012
$0

Dec - 2012
$0

2012

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

$0

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Jan - 2013
$0

Feb - 2013
$0

Mar - 2013
$0

Apr - 2013
$0

May - 2013
$0

Jun - 2013
$0

Jul - 2013
$0

Aug - 2013
$0

Sep - 2013
$0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Oct - 2013
$0

Nov - 2013
$0

Dec - 2013
$0

2013

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

$0

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Jan - 2014
$0

Feb - 2014
$0

Mar - 2014
$0

Apr - 2014
$0

May - 2014
$0

Jun - 2014
$0

Jul - 2014
$0

Aug - 2014
$0

Sep - 2014
$0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance

Oct - 2014
$0

Nov - 2014
$0

Dec - 2014
$0

2014

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

0
0
0
0
0
$0

$0

Company Name
Annual Income Statement
For Year Ending
Revenue
Service One
Service Two
Service Three
Service Four
Service Five
Total Revenue
Cost of Sales
Service One Cost of Sales
Service Two Cost of Sales
Service Three Cost of Sales
Service Four Cost of Sales
Service Five Cost of Sales
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Startup Expenses
Sales and Marketing
Administration
Engineering
Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

2010

2011

2012

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
$0
#DIV/0!

0
0
0
0
0
0
0
$0
#DIV/0!

0
0
0
0
0
0
0
$0
#DIV/0!

2013

2014
0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
0
$0
#DIV/0!

0
0
0
0
0
0
0
$0
#DIV/0!

Company Name
Fiscal Year Balance Sheet
For Year End
Assets
Current Assets
Cash
Deferred Tax Asset
Accounts Receivable
Total Current Assets
Fixed Assets
Property, Plant & Equipment
Administrative Capital Assets
Gross Fixed Assets
PP&E Accumulated Depreciation
Administrative Acc Depreciation
Net Fixed Assets
Total Assets
Liabilities & Equity
Accounts Payable
Current Portion of LT Debt
Long Term Debt
Total Liabilities
Equity
Paid In Capital
Retained Earnings
Total Equity
Total Liabilities & Equity

2010

2011

2012

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
$0

0
0
0
0
0
0
$0

0
0
0
0
0
0
$0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
$0

0
0
0
$0

0
0
0
$0

e
2013

2014

0
0
0
0

0
0
0
0

0
0
0
0
0
0
$0

0
0
0
0
0
0
$0

0
0
0
0

0
0
0
0

0
0
0
$0

0
0
0
$0

Company Name
Statement of Cash Flows
For Year Ending
Cash Flows From Operations
Net Income (Loss)
+ Depreciation
(Inc.)/Dec. of Accounts Receivable
Inc./(Dec.) of Accounts Payable
(Inc.)/Dec. of Deferred Tax Asset
Inc./(Dec). of Current Liabilities
Total Cash Flow From Operations
Cash Flows From Investing
Property, Plant & Equipment
Administrative Capital Assets
Total Cash Flow From Investing
Free Cash Flows
Cash Flows From Financing
Grants & Awards
Founders
Seed Capital
Round A
Round B
Long Term Debt
Total Cash Flows From Financing
Total Cash Flow
Beginning Cash Balance
Ending Cash Balance

2010

2011

2012

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

2013

2014
0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

Company Name
Capitalization Structure and Expected Returns
Investor Data
Seed Capital
Round A
Round B
Seed Investment Round
Founders
Seed Capital
Total Shares Outstanding
Pre-Money Valuation
Outside Capital
Post-Money Valuation
Series A Round
Founders
Seed Capital
Round A
Total Shares Outstanding
Pre-Money Valuation
Invested Capital
Post-Money Valuation
Series B Round
Founders
Seed Capital
Round A
Round B
Total Shares Outstanding
Pre-Money Valuation
Invested Capital
Post-Money Valuation

Investment Amount

Invested

Pre-Money Value

Share Price
0
#VALUE!

# of Shares
% of Company
100,000
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!

Invested

Share Price
0
#VALUE!
#VALUE!

# of Shares
% of Company
100,000
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!

Invested

Share Price
0
#VALUE!
#VALUE!
N/A

# of Shares
% of Company
100,000
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!

0
$

Exit Data
Exit Value
Year of Exit
Multiple of Revenue
Multiple of EBITDA
Multiple of Income
Return on Investment
Founders
Seed Capital
Round A
Round B

Date

$0
0
#N/A
#N/A
#N/A
Investment

IRR
$0

Cash on Cash

Equity
Years Invested Net Cash Flows
100%

Company Name
Valuation Estimates
Quantitative Exit Valuation - Year 2014
Method
Multiple
Value
Revenue Multiple
2x
EBITDA Multiple
6x
Net Income
12x
Average Exit Valuation

$0
$0
$0
$0

Quantitative Pre Money Valuation


First Chicago Method
Single
Double
Home Run
EBITDA 2014
$0
$0
$0
EBITDA Multiple
8x
8x
8x
Future Value
$0.00
$0.00
$0.00
Discount Factor
10.49
10.49
10.49
Present Value
$0.00
$0.00
$0.00
Weight
40%
40%
20%
Pre Money Value
$0.00
Present Value of Future Profits
Year
After Tax Income
PV Factor
PV of Earnings
2010
$0
1.60
$0.00
2011
$0
2.56
$0.00
2012
$0
4.10
$0.00
2013
$0
6.55
$0.00
Terminal Value
$0
10.49
$0.00
Pre Money Value
$0.00
Discounted Multiple of EBITDA
2014 EBITDA
$0
Multiple
8x
Future Value
$0.00
Discount Factor
10.49
Pre Money Value
$0.00
Discounted Multiple of Revenue
2014 Revenue
$0
Multiple
2x
Future Value
$0
Discount Factor
10.49
Pre Money Value
$0.00
Average of All Pre Money Valuations
Pre Money Value
$0.00

Company Name
Fiscal Year Balance Sheet
For Year End
Sales and Marketing
VP Marketing
VP Sales
VP Advertising
Marketing Manager
Sales Representative
Other
Other
Administration
CEO
CMO
CFO
COO
HR Manager
Administration Assistant
Other
Other
Engineering
CTO
System Administration
Project Manager
Programming
Quality Assurance
Other
Other
Other
Other
Other
Other
Other
Other
Service
Direct Labor
Senior Engineer
Inventory Manager
Technical Support Manager
Floor Manager
Other
Other
Total

Salary

2010

2011

2012

$0
$0
$0
$0
$0
$0
$0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

$0
$0
$0
$0
$0
$0
$0
$0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

$0
$0
$0
$0
$0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

$0
$0
$0
$0
$0
$0
$0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

#DIV/0!
$0
$0
$0
$0
$0
$0

#DIV/0!
0
0
0
0
0
0
#DIV/0!

#DIV/0!
0
0
0
0
0
0
#DIV/0!

#DIV/0!
0
0
0
0
0
0
#DIV/0!

Revenue / Employee

#DIV/0!

#DIV/0!

#DIV/0!

2013

2014
0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

#DIV/0!
0
0
0
0
0
0
#DIV/0!

#DIV/0!
0
0
0
0
0
0
#DIV/0!

#DIV/0!

#DIV/0!

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Jan - 2010

Feb - 2010

Mar - 2010

Apr - 2010

May - 2010

Jun - 2010

Jul - 2010

Aug - 2010

Sep - 2010

Oct - 2010

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Jan - 2010
0
0
0
0

Feb - 2010
0
0
0
0

Mar - 2010
0
0
0
0

Apr - 2010
0
0
0
0

May - 2010
0
0
0
0

Jun - 2010
0
0
0
0

Jul - 2010
0
0
0
0

Aug - 2010
0
0
0
0

Sep - 2010
0
0
0
0

Oct - 2010
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Nov - 2010

Dec - 2010

2010

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Nov - 2010
0
0
0
0

Dec - 2010
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

2010
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Jan - 2011

Feb - 2011

Mar - 2011

Apr - 2011

May - 2011

Jun - 2011

Jul - 2011

Aug - 2011

Sep - 2011

Oct - 2011

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Jan - 2011
0
0
0
0

Feb - 2011
0
0
0
0

Mar - 2011
0
0
0
0

Apr - 2011
0
0
0
0

May - 2011
0
0
0
0

Jun - 2011
0
0
0
0

Jul - 2011
0
0
0
0

Aug - 2011
0
0
0
0

Sep - 2011
0
0
0
0

Oct - 2011
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Nov - 2011

Dec - 2011

2011

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Nov - 2011
0
0
0
0

Dec - 2011
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

2011
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Jan - 2012

Feb - 2012

Mar - 2012

Apr - 2012

May - 2012

Jun - 2012

Jul - 2012

Aug - 2012

Sep - 2012

Oct - 2012

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Jan - 2012
0
0
0
0

Feb - 2012
0
0
0
0

Mar - 2012
0
0
0
0

Apr - 2012
0
0
0
0

May - 2012
0
0
0
0

Jun - 2012
0
0
0
0

Jul - 2012
0
0
0
0

Aug - 2012
0
0
0
0

Sep - 2012
0
0
0
0

Oct - 2012
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Nov - 2012

Dec - 2012

2012

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Nov - 2012
0
0
0
0

Dec - 2012
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Jan - 2013

Feb - 2013

Mar - 2013

Apr - 2013

May - 2013

Jun - 2013

Jul - 2013

Aug - 2013

Sep - 2013

Oct - 2013

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Jan - 2013
0
0
0
0

Feb - 2013
0
0
0
0

Mar - 2013
0
0
0
0

Apr - 2013
0
0
0
0

May - 2013
0
0
0
0

Jun - 2013
0
0
0
0

Jul - 2013
0
0
0
0

Aug - 2013
0
0
0
0

Sep - 2013
0
0
0
0

Oct - 2013
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Nov - 2013

Dec - 2013

2013

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Nov - 2013
0
0
0
0

Dec - 2013
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

2013
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Jan - 2014

Feb - 2014

Mar - 2014

Apr - 2014

May - 2014

Jun - 2014

Jul - 2014

Aug - 2014

Sep - 2014

Oct - 2014

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Jan - 2014
0
0
0
0

Feb - 2014
0
0
0
0

Mar - 2014
0
0
0
0

Apr - 2014
0
0
0
0

May - 2014
0
0
0
0

Jun - 2014
0
0
0
0

Jul - 2014
0
0
0
0

Aug - 2014
0
0
0
0

Sep - 2014
0
0
0
0

Oct - 2014
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

Monthly Income Statemtent


Revenue
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Total Revenue
Direct Cost of Sales
Service One Material Cost
Service One Labor Cost
Service One Absorbed Service Dept. Cost
Service Two Material Cost
Service Two Labor Cost
Service Two Absorbed Service Dept. Cost
Service Three Material Cost
Service Three Labor Cost
Service Three Absorbed Service Dept. Cost
Service Four Material Cost
Service Four Labor Cost
Service Four Absorbed Service Dept. Cost
Service Five Material Cost
Service Five Labor Cost
Service Five Absorbed Service Dept. Cost
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Total Startup Related Expenses
Sales and Marketing
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Trade Shows
Advertising
Travel & Meals
Other
Other
Other
Total Sales and Marketing
Administration
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals

Nov - 2014

Dec - 2014

2014

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

Monthly Income Statemtent


Other
Other
Other
Total Administration
Engineering
Salaries
Benefits & Taxes
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Total Engineering
Other
Business Insurance
Anticipated Bad Debt
Salaries
Benefits & Taxes
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Total Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin

Nov - 2014
0
0
0
0

Dec - 2014
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0

2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%

0
0
0
0
0
0
0
$0
0.00%