INTRODUCTION

The following spreadsheets present the detailed financial

analysis of company. Left click only with mouse to go to
each of the following spreadsheets:

Proforma Income Statement (P&L) and Cash Flow

Revenue Summary
Revenue Model
Revenue Model's Assumptions
Expenses Summary
Expenses
Outsourcing
Personnel

Return to Introduction

PROFORMA INCOME STATEMENT (Profit & Loss)

2015

Year
NET company REVENUES
COGS (Cost of Goods Sold)
Operations
GROSS PROFITS
Sales & Marketing
Product Development
General & Administrative

2017

2018

$0
$0
$176,470

$464,916
$215,201
$760,000

$1,725,668
$862,116
$1,236,105

$5,388,180
$2,691,847
$1,579,887

$13,979,334
$6,983,847
$2,126,589

($176,470)
$384,500
$266,250
$178,600

($510,285)
$1,181,458
$651,006
$561,500

($372,553)
$1,745,507
$953,890
$739,500

$1,116,446
$2,586,544
$1,459,669
$856,328

$4,868,898
$3,600,369
$2,005,803
$935,674

$0

$13,947

$51,770

$161,645

$419,380

$829,350

$2,407,912

$3,490,667

$5,064,186

$6,961,226

$(1,005,820)

$(2,918,197)

$(3,863,220)

$(3,947,740)

$(2,092,329)

Unexpected (3% of Revenues)

TOTAL OTHER EXPENSES
NET INCOME (BEFORE TAXES)

2016

2019

PROFORMA CASH FLOW

2015

Year
ACTUAL CASH REVENUES

2016

2017

2018

2019

$0

$418,424

$1,599,593

$5,021,929

$13,120,218

$176,470

$760,000

$1,236,105

$1,579,887

$2,126,589

$829,350

$2,407,912

$3,490,667

$5,064,186

$6,961,226

NET CASH (BEFORE TAXES)

$(1,005,820)

$(2,749,488)

$(3,127,179)

$(1,622,144)

$4,032,403

Cumulative Cash

$(1,005,820)

$(3,755,308)

$(6,882,487)

$(8,504,632)

$(4,472,229)

Operations
TOTAL OTHER EXPENSES

The proforma cash flow above does not include depreciation, which is a tax shield, since taxes were not calculated.

Profitability Analysis
2015

Year

2016

2017

2018

2019

Gross Profit Margin

N/A

-109.8%

-21.6%

20.7%

34.8%

Net Profit Margin

N/A

N/A

N/A

N/A

N/A

Expense Analysis (% of Revenue)

2015

Year

2016

2017

2018

2019

Sales & Marketing

N/A

254.1%

101.1%

48.0%

25.8%

Product Development

N/A

140.0%

55.3%

27.1%

14.3%

General & Administrative

N/A

120.8%

42.9%

15.9%

6.7%

Assumptions
% of Revenues Collected Following Year
Sales Commission

10.0%
5.0%

Return to Introduction

REVENUE SUMMARY
Year

2015
$0

Total Revenues
Net company Revenues

$0

2016

2017

2018

2019

$658,461
$464,916

$1,725,668
$1,725,668

$5,388,180
$5,388,180

$13,979,334
$13,979,334

Net Ticksa Revenues

$16,000,000
$14,000,000

$13,979,334

$12,000,000
$10,000,000
$8,000,000
$6,000,000

$5,388,180

$4,000,000
$2,000,000
$0
2014

$1,725,668
$0

2015

$464,916

2016

2017

2018

2019

2020
Year

Return to Introduction

REVENUE MODEL
Year

2016

Quarter

Q1

Q2

2017
Q3

Q4

Q1

Q2

Q3

Q4

Q1

Initial
New Users

50,000

65,000

84,500

109,850

142,805

185,647

241,340

313,743

407,865

530,225

Total Users
Ticks on Content

50,000

115,000
20,700,000

199,500
0

309,350
0

452,155
0

637,802
0

879,142
0

1,192,885
0

1,600,750
0

2,130,975
0

Income from Ticks on Content

Content per User per Quarter
Income per Content Uploads
Comment per User per Quarter
Income per Content Uploads
Other Revenues
Advertisments
Total Revenues per Quarter

$207,000
920,000
$46,000

$0

$0

$0

$0

$0

$0

$0

1,596,000

2,474,800

3,617,240

5,102,412

7,033,136

9,543,076

12,805,999

17,047,799

$79,800

$123,740

$180,862

$255,121

$351,657

$477,154

$640,300

$852,390

3,833

6,650

10,312

15,072

21,260

29,305

39,763

53,358

71,032

$38

$67

$103

$151

$213

$293

$398

$534

$710

$20,700

$0

$0

$0

$0

$0

$0

$0

$0

$273,738

$79,867

$123,843

$181,013

$255,333

$351,950

$477,551

$640,834

$853,100

Total Revenues per Year

Revenue Sharing from Ticks on Content

$0

$658,461

$1,725,668

$175,950

$0

$0

$0

$0

$0

$0

$0

$0

Revenue Sharing from Ads

$17,595

$0

$0

$0

$0

$0

$0

$0

$0

Net company Revenues (w/o 3rd Party)

$80,193

$79,867

$123,843

$181,013

$255,333

$351,950

$477,551

$640,834

$853,100

$238,577

$320,150

$426,195

Net company Revenues per Year

COGS per Quarter
COGS per Year

$464,916
$23,000

$39,900

$61,870

$215,201

$1,725,668
$90,431

$127,560

$175,828
$862,116

2018

2019

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Total

689,292

896,080

1,075,296

1,290,355

1,548,427

1,858,112

2,229,734

11,668,272

2,820,267
0

3,716,348
0

4,791,644
0

6,081,999
0

7,630,426
0

9,488,538
0

11,718,272
0

20,700,000

$0

$0

22,562,139

29,730,780

$1,128,107

$1,486,539

$0
38,333,150
$1,916,658

$0
48,655,994
$2,432,800

$0

$0

61,043,407

75,908,302

$3,052,170

$3,795,415

$0

$207,000

93,746,176
$4,687,309

$21,506,020

94,009

123,878

159,721

202,733

254,348

316,285

390,609

$940

$1,239

$1,597

$2,027

$2,543

$3,163

$3,906

$17,922

$0

$0

$0

$0

$0

$0

$0

$20,700

$1,129,047

$1,487,778

$1,918,255

$2,434,827

$3,054,714

$3,798,578

$4,691,215

$21,751,642

$5,388,180

$13,979,334

$0

$0

$0

$0

$0

$0

$0

$175,950

$0

$0

$0

$0

$0

$0

$0

$17,595

$1,129,047

$1,487,778

$1,918,255

$2,434,827

$3,054,714

$3,798,578

$4,691,215

$21,558,097

$5,388,180
$564,053
$2,691,847

$13,979,334
$743,270

$958,329

$1,216,400

$1,526,085
$6,983,847

$1,897,708

$2,343,654

Return to Introduction

REVENUE MODEL'S ASSUMPTIONS

No. of Contents per Quarter
No. of Comments per Quarter
No. of Ticks Bought per User per Quarter
Avg. Price per Tick
Cost of Uploading One Content (in Ticks)
Cost of Uploading One Comment (in Ticks)
Income per User per Quarter
Clicks on Content per User per Quarter
Growth (2016-2018)
Growth (2019+)
Initial Number of Customers
Revenue per Advertising RPM
Cost of Revenue Sharing of Advertising
Cost for Revenue Sharing of Content
Operational Cost per User per Quarter

8
30
250
$0.01
5
1
$2.50
180
1.3
1.2
50,000
$1.00
85%
85%
$0.20

Return to Introduction

EXPENSES SUMMARY
Year

2015

2016

2017

2018

2019

Sales & Marketing

Product Development

$
$

384,500
266,250

$
$

1,158,213
651,006

$
$

1,659,223
953,890

$
$

2,317,135
1,459,669

$
$

2,901,402
2,005,803

General & Administrative

Operations

$
$

178,600
176,470

$
$

561,500
760,000

$
$

739,500
1,236,105

$
$

856,328
1,579,887

$
$

935,674
2,126,589

Total

1,005,820

3,130,719

4,588,719

6,213,019

7,969,469

Expenses Analysis (% )
Year
Sales & Marketing
Product Development
General & Administrative
Operations
Total

2015
38.2%

2016
37.0%

2017
36.2%

2018
37.3%

26.5%
17.8%

20.8%
17.9%

20.8%
16.1%

23.5%
13.8%

25.2%
11.7%

17.5%

24.3%

26.9%

25.4%

26.7%

100.0%

100.0%

100.0%

100.0%

$9,000,000
$8,000,000

Sales & Marketing

$7,000,000

Product Development

$6,000,000

General &
Administrative
Operations

$5,000,000

Total

$4,000,000
$3,000,000
$2,000,000
$1,000,000
$2015

36.4%

100.0%

Annual Expenses (in $)

2014

2019

2016

2017

2018

2019

2020

Return to Introduction

SALES & MARKETING, OPERATIONS, ENGINEERING, AND G&A EXPENSES

Year

2015

Sales & Marketing

$384,500

No. of Employees (Average for Year)

2016

2017

$1,158,213

2018

$1,659,223

2019

$2,317,135

$2,901,402

1.3

5.0

7.5

10.5

13.5

$105,000

$409,500

$578,813

$816,126

$1,075,723

Offices

$4,050

$16,200

$24,300

$34,020

$43,740

Overall Equipment (See Table Below)

$3,000

$12,000

$18,000

$25,200

$32,400

Travel

$45,000

$180,000

$270,000

$378,000

$486,000

Marketing Budget (including Online Marketing)

$50,000

$350,000

$500,000

$700,000

$800,000

50,000

$2.80

$2.80

$2.80

$2.80

$2.80

Annual Sales & Marketing Salaries

No. of New Users for the Launch

The Cost to Bring 1 User
Cost of Building the Initial Userbase
Sales & Marketing Outsourcing
Miscellaneous (See 2015 Base Below)
Product Development

$140,000

$0

$0

$0

$0

$10,000

$80,713

$103,411

$133,209

$167,079

$27,450

$109,800

$164,700

$230,580

$296,460

$266,250

$651,006

$953,890

$1,459,669

$2,005,803

No. of Employees (Average for Year)

1.5

4.5

6.5

9.5

12.5

$150,000

$456,750

$678,038

$1,059,227

$1,476,840

Offices

$4,860

$14,580

$21,060

$30,780

$40,500

Overall Equipment (See Table Below)

$3,600

$10,800

$15,600

$22,800

$30,000

Overall Annual Software Licenses

$3,600

$10,800

$15,600

$22,800

$30,000

$71,250

$59,256

$80,853

$115,442

$153,963

Annual Product Development Salaries

Product Development Outsourcing

Miscellaneous (See 2015 Base Below)
General & Administrative

$32,940

$98,820

$142,740

$208,620

$274,500

$178,600

$561,500

$739,500

$856,328

$935,674

No. of Employees (Average for Year)

1.0

4.5

6.0

7.0

7.0

$78,000

$301,800

$396,900

$444,528

$466,754

Offices

$3,240

$14,580

$19,440

$22,680

$22,680

Overall Hardware

$2,400

$10,800

$14,400

$16,800

$16,800

Travel

$9,000

$40,500

$54,000

$63,000

$63,000

$50,000

$60,000

$72,000

$86,400

$103,680

Accounting & Auditing

$5,000

$10,000

$17,000

$20,400

$24,480

Insurance

$5,000

$20,000

$24,000

$28,800

$34,560

Office Equipment

$4,000

$5,000

$10,000

$20,000

$50,000

$21,960

$98,820

$131,760

$153,720

$153,720

$176,470

$760,000

$1,236,105

$1,579,887

$2,126,589

0.8

7.0

11.5

14.5

19.0

Annual Operations Salaries

$63,000

$548,100

$906,255

$1,173,832

$1,604,468

Offices

$70,000

$22,680

$37,260

$46,980

$61,560

CRM

$10,000

$10,000

$10,000

$10,000

$10,000

$5,000

$5,500

$6,050

$6,655

$7,321

$12,000

$20,000

$24,000

$24,000

$26,000

Annual G&A Salaries

Legal Expenses (including IP and Distributors)

Miscellaneous (See 2014 Base Below)

Operations
No. of Employees (Average for Year)

Electricity
Operations Outsourcing
Miscellaneous (See 2015 Base Below)
Total Expenses

$16,470

$153,720

$252,540

$318,420

$417,240

$1,005,820

$3,130,719

$4,588,719

$6,213,019

$7,969,469

21

32

42

52

Total Employees
Miscellaneous - Year 2015, per Employee

Monthly

Annual

Cellular
Telephones

$
$

50
20

$
$

600
240

Internet
Petty Cash

$
$

25
50

$
$

300
600

Bank Fees & Interest Rates

Subscriptions (e.g. to Professional Journals and Databases)

$
$

100
75

$
$

1,200
900

Vehicles Leased

1,000

12,000

Fuel
Graphics (e.g. Business Cards, Personal Folders)

$
$

500
10

$
$

6,000
120

Totals

1,830

21,960

Cost per Employee for Equipment (e.g. Laptop, Software)

Average Cost of Travel per Employee

$
$

200
1,500

$
$

2,400
18,000

Number of Travels per Salesperson

Number of Travels per G&A Person
Cost of Software Licenses per Development Employee
Cost of Office Space per Employee (including Supplies)

2.0
0.5
$
$

200
270

24
6
$
$

2,400
3,240

###

Return to Introduction

OUTSOURCING EXPENSES
Year
Sales & Marketing
Independent Sales Contractors
Sales & Marketing Consulting
Product Development
External Product Development
Product Development Consulting
Operations
IT/Website Maintenance
Overall Outsourcing

2015
$10,000
$0
$10,000
$71,250
$60,000
$11,250
$12,000

2016
$80,713
$50,000
$30,713
$59,256
$25,000
$34,256
$20,000

2017
$103,411
$60,000
$43,411
$80,853
$30,000
$50,853
$22,000

2018
$133,209
$72,000
$61,209
$115,442
$36,000
$79,442
$24,000

2019
$167,079
$86,400
$80,679
$153,963
$43,200
$110,763
$26,000

$12,000

$20,000

$22,000

$24,000

$26,000

$93,250

$159,969

$206,264

$272,651

$347,042

2018
48.9%
54.1%
45.9%
42.3%
31.2%
68.8%
8.8%

2019
48.1%
51.7%
48.3%
44.4%
28.1%
71.9%
7.5%

Outsourcing Expenses Analysis (% )

Year
Sales & Marketing
Independent Sales Contractors
Sales & Marketing Consulting
Product Development
External Product Development
Product Development Consulting
Operations

2015
10.7%
N/A
N/A
76.4%
84.2%
15.8%
12.9%

2016
50.5%
61.9%
38.1%
37.0%
42.2%
57.8%
12.5%

2017
50.1%
58.0%
42.0%
39.2%
37.1%
62.9%
10.7%

Return to Introduction
PERSONNEL EXPENSES
Positions
Sales & Marketing

Annual

Annual Loaded

Monthly Base ($)

Monthly Loaded

Q1/15
0.0

Q2/15
0.0

Q3/15
1.0

Q4/15
4.0

$100,000

$120,000

$8,333

$10,000

0.0

0.0

1.0

1.0

$75,000

$90,000

$6,250

$7,500

0.0

0.0

0.0

2.0

$60,000

$72,000

$5,000

$6,000

0.0
0.0

0.0
0.0

0.0
2.0

$100,000

$120,000

$8,333

$10,000

0.0

0.0

$75,000
$60,000

$90,000
$72,000

$6,250
$5,000

$7,500
$6,000

0.0
0.0

0.0
0.0

0.0

CEO

$120,000

$144,000

$10,000

$12,000

0.0

CFO
BOD/Advisory Board Members

$100,000
$24,000

$120,000
$24,000

$8,333
$2,000

$10,000
$2,000

$100,000

$120,000

$8,333

$10,000

CSRs/Content Managers

$60,000

$72,000

$5,000

Office Personnel

$50,000

$60,000

$4,167

VP Sales & Marketing

Sales/Channel Managers
Marketing Manager
Product Development
CTO
Development Personnel
QA Personnel

Q1/16
4.0

Q2/16
5.0

Q3/16
6.0

Q4/16
5.0

Q1/17
7.0

Q2/17
7.0

Q3/17
8.0

Q4/17
8.0

Q1/18
10.0

Q2/18
10.0

$60,000

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

$45,000

2.0

3.0

4.0

3.0

4.0

4.0

5.0

5.0

6.0

6.0

1.0
4.0

$18,000
$150,000

1.0
4.0

1.0
4.0

1.0
5.0

1.0
5.0

2.0
6.0

2.0
6.0

2.0
7.0

2.0
7.0

3.0
9.0

3.0
9.0

1.0

1.0

$60,000

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

2.0

2.0

1.0
0.0

3.0
1.0

$90,000
$18,000

3.0
1.0

3.0
1.0

4.0
1.0

4.0
1.0

5.0
2.0

5.0
2.0

6.0
2.0

6.0
2.0

7.0
3.0

7.0
3.0

0.0

0.0

4.0

4.0

4.0

5.0

5.0

6.0

6.0

6.0

6.0

7.0

7.0

0.0

0.0

1.0

$36,000

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

0.0
0.0

0.0
0.0

0.0
0.0

1.0
2.0

$30,000
$12,000

1.0
2.0

1.0
2.0

1.0
3.0

1.0
3.0

1.0
4.0

1.0
4.0

1.0
4.0

1.0
4.0

1.0
5.0

1.0
5.0

0.0

0.0

0.0

3.0

5.0

6.0

8.0

9.0

11.0

11.0

12.0

12.0

14.0

14.0

0.0

0.0

0.0

1.0

$30,000

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

$6,000

0.0

0.0

0.0

1.0

$18,000

2.0

3.0

4.0

5.0

6.0

6.0

6.0

6.0

7.0

7.0

$5,000

0.0

0.0

0.0

1.0

$15,000

2.0

2.0

3.0

3.0

4.0

4.0

5.0

5.0

6.0

6.0

0.0

0.0

3.0

15.0

17.0

19.0

24.0

24.0

30.0

30.0

33.0

33.0

40.0

40.0

General & Administrative

Operations
COO

Total Personnel

2015
$105,000

$78,000

$63,000

$396,000

Salaries (Quarterly)
Total Salaries (Annually)
Salary Loading
Salary Increase

$396,000
20%
5%

2.0

Q3/18
11.0

Q4/18
11.0

Q1/19
13.0

Q2/19
13.0

Q3/19
14.0

Q4/19
14.0

2015
1

2016
5

2017
8

2018
11

2019
14

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

$0

$0

$30,000

$30,000

$31,500

$31,500

$31,500

$31,500

$33,075

7.0

7.0

8.0

8.0

9.0

9.0

$0

$0

$0

$45,000

$47,250

$70,875

$94,500

$70,875

$99,225

3.0
10.0

3.0
10.0

4.0
12.0

4.0
12.0

4.0
13.0

4.0
13.0

0
2

1
5

2
7

3
10

4
13

$0

$0

$0
$52,500

$18,000
$97,500

$18,900
$102,375

$18,900
$102,375

$18,900
$126,000

$18,900
$126,000

$39,690
$157,106

2.0

2.0

3.0

3.0

3.0

3.0

$0

$0

$30,000

$30,000

$31,500

$31,500

$31,500

$31,500

$33,075

8.0
3.0

8.0
3.0

9.0
4.0

9.0
4.0

10.0
4.0

10.0
4.0

1
0

1
0

6
2

8
3

10
4

$0
$0

$0
$0

$22,500
$0

$67,500
$18,000

$70,875
$18,900

$70,875
$18,900

$94,500
$18,900

$94,500
$18,900

$124,031
$39,690

7.0

7.0

7.0

7.0

7.0

7.0

1.0

4.5

6.0

7.0

7.0

1.0

1.0

1.0

1.0

1.0

1.0

0.3

1.0

1.0

1.0

1.0

$0

$0

$0

$36,000

$37,800

$37,800

$37,800

$37,800

$39,690

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

0.3
1

1.0
3

1.0
4

1.0
5

1.0
5

$0
$0

$0
$0

$0
$0

$30,000
$12,000

$31,500
$12,600

$31,500
$12,600

$31,500
$18,900

$31,500
$18,900

$33,075
$26,460

15.0

15.0

19.0

19.0

19.0

19.0

0.8

7.0

11.5

14.5

19.0

1.0

1.0

1.0

1.0

1.0

1.0

$0

$0

$0

$30,000

$31,500

$31,500

$31,500

$31,500

$33,075

7.0

7.0

10.0

10.0

10.0

10.0

10

$0

$0

$0

$18,000

$37,800

$56,700

$75,600

$94,500

$119,070

7.0

7.0

8.0

8.0

8.0

8.0

43.0

43.0

51.0

51.0

53.0

53.0

4.5

21.0

31.5

41.5

52.0

Q1/15
$0

Q2/15
$0

$0

Q3/15
$30,000

$0

$0

$0

$0

$0

$0

$0
$0
$0

$78,000

$0

$0
$0

$63,000

$0
$82,500

$0

Q4/15
$75,000

$82,500

$15,000
$313,500
$313,500
$396,000

Q1/16
$78,750

$81,900

$100,800

$31,500
$363,825
$363,825

Q2/16
$102,375

$81,900

$119,700

$31,500
$406,350
$406,350

Q3/16
$126,000

$88,200

$154,350

$47,250
$494,550
$494,550

Q4/16
$102,375

$88,200

$173,250

$47,250
$489,825
$489,825
$1,754,550

Q1/17
$132,300

$99,225

$218,295

$66,150
$606,926
$606,926

Q2/17
$132,300

Q3/17
$157,106

Q4/17
$157,106

Q1/18
$191,008

Q2/18
$191,008

Q3/18
$217,055

Q4/18
$217,055

Q1/19
$255,256

Q2/19
$255,256

Q3/19
$282,605

Q4/19
$282,605

2016
$409,500

2017
$578,813

2018
$816,126

2019
$1,075,723

$33,075

$33,075

$33,075

$34,729

$34,729

$34,729

$34,729

$36,465

$36,465

$36,465

$36,465

$126,000

$132,300

$138,915

$145,861

$99,225

$124,031

$124,031

$156,279

$156,279

$182,326

$182,326

$218,791

$218,791

$246,140

$246,140

$283,500

$446,513

$677,211

$929,862

$39,690
$157,106

$39,690
$181,913

$39,690
$181,913

$62,512
$251,783

$62,512
$251,783

$62,512
$277,830

$62,512
$277,830

$87,516
$355,536

$87,516
$355,536

$87,516
$382,884

$87,516
$382,884

$75,600
$456,750

$158,760
$678,038

$250,047
$1,059,227

$350,066
$1,476,840

$33,075

$33,075

$33,075

$69,458

$69,458

$69,458

$69,458

$109,396

$109,396

$109,396

$109,396

$126,000

$132,300

$277,830

$437,582

$124,031
$39,690

$148,838
$39,690

$148,838
$39,690

$182,326
$62,512

$182,326
$62,512

$208,373
$62,512

$208,373
$62,512

$246,140
$87,516

$246,140
$87,516

$273,489
$87,516

$273,489
$87,516

$330,750
$75,600

$545,738
$158,760

$781,397
$250,047

$1,039,258
$350,066

$99,225

$99,225

$99,225

$111,132

$111,132

$111,132

$111,132

$116,689

$116,689

$116,689

$116,689

$301,800

$396,900

$444,528

$466,754

$39,690

$39,690

$39,690

$41,675

$41,675

$41,675

$41,675

$43,758

$43,758

$43,758

$43,758

$151,200

$158,760

$166,698

$175,033

$33,075
$26,460

$33,075
$26,460

$33,075
$26,460

$34,729
$34,729

$34,729
$34,729

$34,729
$34,729

$34,729
$34,729

$36,465
$36,465

$36,465
$36,465

$36,465
$36,465

$36,465
$36,465

$126,000
$24,600

$132,300
$105,840

$138,915
$138,915

$145,861
$145,861

$218,295

$234,833

$234,833

$284,776

$284,776

$302,140

$302,140

$401,117

$401,117

$401,117

$401,117

$548,100

$906,255

$1,173,832

$1,604,468

$33,075

$33,075

$33,075

$34,729

$34,729

$34,729

$34,729

$36,465

$36,465

$36,465

$36,465

$126,000

$132,300

$138,915

$145,861

$119,070

$119,070

$119,070

$145,861

$145,861

$145,861

$145,861

$218,791

$218,791

$218,791

$218,791

$264,600

$476,280

$583,443

$875,165

$66,150

$82,688

$82,688

$104,186

$104,186

$121,551

$121,551

$145,861

$145,861

$145,861

$145,861

$157,500

$297,675

$451,474

$606,926
$606,926

$673,076
$673,076

$673,076
$673,076
$2,560,005

$838,699
$838,699

$838,699
$838,699

$908,157
$908,157

$908,157
$908,157
$3,493,712

$1,128,598
$1,128,598

$1,128,598
$1,128,598

$1,183,295
$1,183,295

$1,183,295
$1,183,295
$4,623,786

$1,716,150
$1,716,150

$2,560,005
$2,560,005

$3,493,712
$3,493,712

$583,443
$4,623,786
$4,623,786
$12,393,653