All values in $ unless specified

Assumptions

Quarterly seasonality of sales

CY Q1 CY Q2 CY Q3 CY Q4
20% 15% 30% 35%
* assume months within each quarter have equal sales irrespective of
the number of days in each month
Widget Sales

CY 2013 CY 2014 CY 2015 CY 2016

Units Sold 350,000 364000 407680 456602
Sales Growth 4% 12% 12%
* assume escalation in sales takes effect instantly from 1 January
Current Sales Price and Margin:

30-Sep-13
Sale Price per unit $ 29.99
Contribution Margin 25% Contrib margin ratio = contribution margin per unit / Sales pri
Variable Cost per unit $ 22.49
Contrib margin 7.50 Contrib margin = sales price/unit - total variable cost/unit

Indirect Costs

CY 2013 CY 2014 CY 2015 CY 2016

Indirect Costs $ 2,400,000 2496000 2595840 2699673.6
Indirect Cost Growth 4% 4% 4%
*Indirect Costs are fixed and occur monthy irrespective of sales.
Debt amortisation schedule $ 200,000

Date $
31-Dec-13 $ 100,000
28-Feb-14 $ 100,000
30-Apr-14 $ 120,000
30-Jun-14 $ 120,000
31-Aug-14 $ 120,000
30-Sep-14 $ 180,000
30-Nov-14 $ 120,000
31-Dec-14 $ 300,000
31-Mar-15 $ 120,000
30-Jun-15 $ 300,000
30-Sep-15 $ 120,000
31-Dec-15 $ 300,000

Cash Receipts Timing

Sale Month +1 Month +2 Month +3

Cash Receipts on Sales - 60% 25% 15%

Oct-13 Nov-13 Dec-13

Cash Receipts on Opening Receivables 30% 60% 10%

Cash Payments Timing

Purchase Month +1 Month +2 Month +3

Cash Payments on Purchases - 85% 10% 5%

Oct-13 Nov-13 Dec-13

Cash Payments on Opening Payables 30% 60% 10%
The above schedule is applicable to both direct and indirect costs

Assets and Liabilities

Assets Opening
Cash $ 36,000
Accounts Receivable $ 1,200,000
Property Plant and Equipment $ 1,000,000
Total Assets $ 2,236,000

Liabilities Opening Interest

Accounts Payable $ 700,000
Debt Facility A $ 4,000,000 7.0% *Simple interest p.a with interest paid at month end
Total Liabilities $ 4,700,000

Depreciation and Capex

Depreciation $ 20,000 per month

*No capital expenditure is forecast over the next 3 years

Taxation

Tricky Widgets has substantial historic tax losses. Assume that no tax will be payable for the period of analysis.

Q1 Q1
Forecast
Total cost $ 684,825 $ 684,825

Sales $ 699,767 $ 699,767

Counter 1 2
Start of Period 1-Oct-13 1-Nov-13
End of Period 30-Sep-13 31-Oct-13 30-Nov-13

Cash $ 36,000

M 419,860
M+1
M+2
Cash receipts - 419,860
$ 100,000 31-Dec-13 ok
$ 100,000 28-Feb-14 ok
$ 120,000 30-Apr-14 ok Cash receipts ON OPENING RECEIVABLES $ 360,000 $ 720,000
$ 120,000 30-Jun-14 ok
$ 120,000 31-Aug-14 ok TOTAL cash in $ 360,000 $ 1,139,860
$ 180,000 30-Sep-14 ok
$ 120,000 30-Nov-14 ok M 582,101
$ 300,000 31-Dec-14 ok M+1
$ 120,000 31-Mar-15 ok M+2
$ 300,000 30-Jun-15 ok Total cost - 582,101
$ 120,000 30-Sep-15 ok
$ 300,000 31-Dec-15 ok
Cash payment on opening payables $ 210,000 $ 420,000

TOTAL cost payments $ 210,000 $ 1,002,101

Debt anortisation
Debt facility $ 23,333 $ 23,333 $ 23,333

TOTAL payments $ 233,333 $ 1,025,435

Available month end cash $ 139,333 $ 253,759

bution margin per unit / Sales price per unit * 100 https://www.myaccountingcourse.com/financial-ratios/contribution-margin

unit - total variable cost/unit

erest paid at month end $ 23,333.33

Q1 q2 q2 q2 q3 q3 q3

$ 684,825 $ 513,619 $ 513,619 $ 513,619 $ 1,027,238 $ 1,027,238 $ 1,027,238

$ 699,767 $ 524,825 $ 524,825 $ 524,825 $ 1,049,650 $ 1,049,650 $ 1,049,650

3 4 5 6 7 8 9
1-Dec-13 1-Jan-14 1-Feb-14 1-Mar-14 1-Apr-14 1-May-14 1-Jun-14
31-Dec-13 31-Jan-14 28-Feb-14 31-Mar-14 30-Apr-14 31-May-14 30-Jun-14

419,860 419,860 314,895 314,895 314,895 629,790 629,790

174,942 174,942 174,942 131,206 131,206 131,206 262,413
104,965 104,965 104,965 78,724 78,724 78,724
594,802 699,767 594,802 551,066 524,825 839,720 970,926

$ 120,000

$ 714,802 $ 699,767 $ 594,802 $ 551,066 $ 524,825 $ 839,720 $ 970,926

582,101 582,101 436,576 436,576 436,576 873,152 873,152

68,483 68,483 68,483 51,362 51,362 51,362 102,724
34,241 34,241 34,241 25,681 25,681 25,681
650,584 684,825 539,300 522,179 513,619 950,195 1,001,557

$ 70,000

$ 720,584 $ 684,825 $ 539,300 $ 522,179 $ 513,619 $ 950,195 $ 1,001,557

$ 100,000 $ 100,000 $ 120,000 $ 120,000

$ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333

$ 843,917 $ 708,158 $ 662,633 $ 545,512 $ 656,952 $ 973,528 $ 1,144,890

$ 124,643 $ 116,252 $ 48,420 $ 53,974 -$ 78,153 -$ 211,961 -$ 385,925

 CY 2013 CY 2014
Q1 Q2 Q3 Q4 Q1 Q2
Units sold 70000 52500 105000 122500 72800 54600
Sales M1 $ 699,767 $ 524,825 $ 1,049,650 $ 1,224,592 $ 727,757 $ 545,818
Sales M2 $ 699,767 $ 524,825 $ 1,049,650 $ 1,224,592 $ 727,757 $ 545,818
Sales M3 $ 699,767 $ 524,825 $ 1,049,650 $ 1,224,592 $ 727,757 $ 545,818

CY 2013 CY 2014
Variable cost Q1 Q2 Q3 Q4 Q1 Q2
CV M1 $ 524,825 $ 393,619 $ 787,238 $ 918,444 $ 545,818 $ 409,364
CV M2 $ 524,825 $ 393,619 $ 787,238 $ 918,444 $ 545,818 $ 409,364
CV M3 $ 524,825 $ 393,619 $ 787,238 $ 918,444 $ 545,818 $ 409,364

CY 2013 CY 2014
Total cost Q1 Q2 Q3 Q4 Q1 Q2
ontribution-margin Total cost M1 $ 684,825 $ 513,619 $ 1,027,238 $ 1,198,444 $ 712,218 $ 534,164
Total cost M2 $ 684,825 $ 513,619 $ 1,027,238 $ 1,198,444 $ 712,218 $ 534,164
Total cost M3 $ 684,825 $ 513,619 $ 1,027,238 $ 1,198,444 $ 712,218 $ 534,164

CY 2013 CY 2014
Q1 Q2 Q3 Q4 Q1 Q2
Indirect costs $ 480,000 $ 360,000 $ 720,000 $ 840,000 $ 499,200 $ 374,400
Cost M1 $ 160,000 $ 120,000 $ 240,000 $ 280,000 $ 166,400 $ 124,800
Cost M2 $ 160,000 $ 120,000 $ 240,000 $ 280,000 $ 166,400 $ 124,800
Cost M3 $ 160,000 $ 120,000 $ 240,000 $ 280,000 $ 166,400 $ 124,800
q4 q4 q4 Q1 Q1 Q1 q2 q2

$ 1,198,444 $ 1,198,444 $ 1,198,444 $ 712,218 $ 712,218 $ 712,218 $ 534,164 $ 534,164

$ 1,224,592 $ 1,224,592 $ 1,224,592 $ 727,757 $ 727,757 $ 727,757 $ 545,818 $ 545,818

10 11 12 13 14 15 16 17
1-Jul-14 1-Aug-14 1-Sep-14 1-Oct-14 1-Nov-14 1-Dec-14 1-Jan-15 1-Feb-15
31-Jul-14 31-Aug-14 30-Sep-14 31-Oct-14 30-Nov-14 31-Dec-14 31-Jan-15 28-Feb-15

629,790 734,755 734,755 734,755 436,654 436,654 436,654 327,491

262,413 262,413 306,148 306,148 306,148 181,939 181,939 181,939
157,448 157,448 157,448 183,689 183,689 183,689 109,164 109,164
1,049,650 1,154,615 1,198,350 1,224,592 926,491 802,282 727,757 618,594

$ 1,049,650 $ 1,154,615 $ 1,198,350 $ 1,224,592 $ 926,491 $ 802,282 $ 727,757 $ 618,594

873,152 1,018,677 1,018,677 1,018,677 605,385 605,385 605,385 454,039

102,724 102,724 119,844 119,844 119,844 71,222 71,222 71,222
51,362 51,362 51,362 59,922 59,922 59,922 35,611 35,611
1,027,238 1,172,763 1,189,883 1,198,444 785,152 736,529 712,218 560,872

$ 1,027,238 $ 1,172,763 $ 1,189,883 $ 1,198,444 $ 785,152 $ 736,529 $ 712,218 $ 560,872

$ 120,000 $ 180,000 $ 120,000 $ 300,000

$ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333

$ 1,050,571 $ 1,316,096 $ 1,393,217 $ 1,221,777 $ 928,485 $ 1,059,863 $ 735,551 $ 584,205

-$ 386,845 -$ 548,327 -$ 743,193 -$ 740,378 -$ 742,372 -$ 999,953 -$ 1,007,747 -$ 973,358

CY 2014 CY 2015 CY 2016
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
109200 127400 81536 61152 122304 142688 91320 68490
$ 1,091,636 $ 1,273,575 $ 815,088 $ 611,316 $ 1,222,632 $ 1,426,404 $ 912,899 $ 684,674
$ 1,091,636 $ 1,273,575 $ 815,088 $ 611,316 $ 1,222,632 $ 1,426,404 $ 912,899 $ 684,674
$ 1,091,636 $ 1,273,575 $ 815,088 $ 611,316 $ 1,222,632 $ 1,426,404 $ 912,899 $ 684,674

CY 2014 CY 2015 CY 2016

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$ 818,727 $ 955,182 $ 611,316 $ 458,487 $ 916,974 $ 1,069,803 $ 684,674 $ 513,506
$ 818,727 $ 955,182 $ 611,316 $ 458,487 $ 916,974 $ 1,069,803 $ 684,674 $ 513,506
$ 818,727 $ 955,182 $ 611,316 $ 458,487 $ 916,974 $ 1,069,803 $ 684,674 $ 513,506

CY 2014 CY 2015 CY 2016

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$ 1,068,327 $ 1,246,382 $ 784,372 $ 588,279 $ 1,176,558 $ 1,372,651 $ 864,652 $ 648,489
$ 1,068,327 $ 1,246,382 $ 784,372 $ 588,279 $ 1,176,558 $ 1,372,651 $ 864,652 $ 648,489
$ 1,068,327 $ 1,246,382 $ 784,372 $ 588,279 $ 1,176,558 $ 1,372,651 $ 864,652 $ 648,489

CY 2014 CY 2015 CY 2016

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$ 748,800 $ 873,600 $ 519,168 $ 389,376 $ 778,752 $ 908,544 $ 539,935 $ 404,951
$ 249,600 $ 291,200 $ 173,056 $ 129,792 $ 259,584 $ 302,848 $ 179,978 $ 134,984
$ 249,600 $ 291,200 $ 173,056 $ 129,792 $ 259,584 $ 302,848 $ 179,978 $ 134,984
$ 249,600 $ 291,200 $ 173,056 $ 129,792 $ 259,584 $ 302,848 $ 179,978 $ 134,984
q2 q3 q3 q3 q4 q4 q4 Q1

$ 534,164 $ 1,068,327 $ 1,068,327 $ 1,068,327 $ 1,246,382 $ 1,246,382 $ 1,246,382 $ 784,372

$ 545,818 $ 1,091,636 $ 1,091,636 $ 1,091,636 $ 1,273,575 $ 1,273,575 $ 1,273,575 $ 815,088

18 19 20 21 22 23 24 25
1-Mar-15 1-Apr-15 1-May-15 1-Jun-15 1-Jul-15 1-Aug-15 1-Sep-15 1-Oct-15
31-Mar-15 30-Apr-15 31-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 31-Oct-15

327,491 327,491 654,982 654,982 654,982 764,145 764,145 764,145

136,455 136,455 136,455 272,909 272,909 272,909 318,394 318,394
109,164 81,873 81,873 81,873 163,745 163,745 163,745 191,036
573,109 545,818 873,309 1,009,763 1,091,636 1,200,800 1,246,284 1,273,575

$ 573,109 $ 545,818 $ 873,309 $ 1,009,763 $ 1,091,636 $ 1,200,800 $ 1,246,284 $ 1,273,575

454,039 454,039 908,078 908,078 908,078 1,059,424 1,059,424 1,059,424

53,416 53,416 53,416 106,833 106,833 106,833 124,638 124,638
35,611 26,708 26,708 26,708 53,416 53,416 53,416 62,319
543,066 534,164 988,202 1,041,619 1,068,327 1,219,673 1,237,479 1,246,382

$ 543,066 $ 534,164 $ 988,202 $ 1,041,619 $ 1,068,327 $ 1,219,673 $ 1,237,479 $ 1,246,382

$ 120,000 $ 300,000 $ 120,000

$ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333

$ 686,400 $ 557,497 $ 1,011,536 $ 1,364,952 $ 1,091,660 $ 1,243,007 $ 1,380,812 $ 1,269,715

-$ 1,086,649 -$ 1,098,327 -$ 1,236,554 -$ 1,591,743 -$ 1,591,768 -$ 1,633,975 -$ 1,768,502 -$ 1,764,642

CY 2016
Q3 Q4
136980 159811
$ 1,369,348 $ 1,597,573
$ 1,369,348 $ 1,597,573
$ 1,369,348 $ 1,597,573

CY 2016
Q3 Q4
$ 1,027,011 $ 1,198,180
$ 1,027,011 $ 1,198,180
$ 1,027,011 $ 1,198,180

CY 2016
Q3 Q4
$ 1,296,979 $ 1,513,142
$ 1,296,979 $ 1,513,142
$ 1,296,979 $ 1,513,142

CY 2016
Q3 Q4
$ 809,902 $ 944,886
$ 269,967 $ 314,962
$ 269,967 $ 314,962
$ 269,967 $ 314,962
Q1 Q1 q2 q2 q2 q3 q3 q3

$ 784,372 $ 784,372 $ 588,279 $ 588,279 $ 588,279 $ 1,176,558 $ 1,176,558 $ 1,176,558

$ 815,088 $ 815,088 $ 611,316 $ 611,316 $ 611,316 $ 1,222,632 $ 1,222,632 $ 1,222,632

26 27 28 29 30 31 32 33
1-Nov-15 1-Dec-15 1-Jan-16 1-Feb-16 1-Mar-16 1-Apr-16 1-May-16 1-Jun-16
30-Nov-15 31-Dec-15 31-Jan-16 29-Feb-16 31-Mar-16 30-Apr-16 31-May-16 30-Jun-16

489,053 489,053 489,053 366,790 366,790 366,790 733,579 733,579

318,394 203,772 203,772 203,772 152,829 152,829 152,829 305,658
191,036 191,036 122,263 122,263 122,263 91,697 91,697 91,697
998,483 883,861 815,088 692,825 641,882 611,316 978,106 1,130,935

$ 998,483 $ 883,861 $ 815,088 $ 692,825 $ 641,882 $ 611,316 $ 978,106 $ 1,130,935

666,716 666,716 666,716 500,037 500,037 500,037 1,000,075 1,000,075

124,638 78,437 78,437 78,437 58,828 58,828 58,828 117,656
62,319 62,319 39,219 39,219 39,219 29,414 29,414 29,414
853,674 807,473 784,372 617,693 598,084 588,279 1,088,316 1,147,144

$ 853,674 $ 807,473 $ 784,372 $ 617,693 $ 598,084 $ 588,279 $ 1,088,316 $ 1,147,144

$ 300,000
$ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333

$ 877,007 $ 1,130,806 $ 807,705 $ 641,026 $ 621,417 $ 611,612 $ 1,111,650 $ 1,170,478

-$ 1,643,166 -$ 1,890,110 -$ 1,882,728 -$ 1,830,929 -$ 1,810,464 -$ 1,810,760 -$ 1,944,304 -$ 1,983,847

q4 q4 q4

$ 1,372,651 $ 1,372,651 $ 1,372,651 $ 31,348,576 $ 29,975,925 $ 28,603,274

$ 1,426,404 $ 1,426,404 $ 1,426,404 $ 32,212,779 $ 30,786,374 $ 29,359,970

34 35 36
1-Jul-16 1-Aug-16 1-Sep-16
31-Jul-16 31-Aug-16 30-Sep-16

733,579 855,843 855,843 $ 19,327,667 $ 19,327,667.30

305,658 305,658 356,601 $ 7,696,594 $ 7,696,593.61
183,395 183,395 183,395 $ 4,403,996 $ 4,403,995.51
1,222,632 1,344,896 1,395,839 $ 31,428,256 $ 31,428,256.42

$ 1,200,000

$ 1,222,632 $ 1,344,896 $ 1,395,839 $ 32,628,256

$ -
1,000,075 1,166,754 1,166,754 $ 26,646,290 $ 26,646,289.70
117,656 117,656 137,265 $ 2,997,592 $ 2,997,592.48
58,828 58,828 58,828 $ 1,430,164 $ 1,430,163.68
1,176,558 1,343,237 1,362,847 $ 31,074,046 $ 31,074,046

$ 700,000

$ 1,176,558 $ 1,343,237 $ 1,362,847 $ 31,774,046

$ -
$ 2,000,000
$ 23,333 $ 23,333 $ 23,333 $ 840,000

$ 1,199,892 $ 1,366,571 $ 1,386,180 $ 34,614,046

$ -

-$ 1,961,106 -$ 1,982,781 -$ 1,973,123

All values in $ unless specified

Assumptions

Quarterly seasonality of sales

CY Q1 CY Q2 CY Q3 CY Q4
20% 15% 30% 35%
* assume months within each quarter have equal sales irrespective of
the number of days in each month
Widget Sales

CY 2013 CY 2014 CY 2015 CY 2016

Units Sold 350,000 345800 387296 433772
Sales Growth 4% 12% 12%
* assume escalation in sales takes effect instantly from 1 January
Current Sales Price and Margin:

30-Sep-13
Sale Price per unit $ 33.59
Contribution Margin 25%
Variable Cost per unit $ 25.19
Contrib margin 8.40

Indirect Costs

CY 2013 CY 2014 CY 2015 CY 2016

Indirect Costs $ 2,400,000 2496000 2595840 2699673.6
Indirect Cost Growth 4% 4% 4%
*Indirect Costs are fixed and occur monthy irrespective of sales.
Debt amortisation schedule

Date $
31-Dec-13 $ 100,000
28-Feb-14 $ 100,000
30-Apr-14 $ 120,000
30-Jun-14 $ 120,000
31-Aug-14 $ 120,000
30-Sep-14 $ 180,000
30-Nov-14 $ 120,000
31-Dec-14 $ 300,000
31-Mar-15 $ 120,000
30-Jun-15 $ 300,000
30-Sep-15 $ 120,000
31-Dec-15 $ 300,000

Cash Receipts Timing

Sale Month +1 Month +2 Month +3

Cash Receipts on Sales - 60% 25% 15%

Oct-13 Nov-13 Dec-13

Cash Receipts on Opening Receivables 30% 60% 10%

Cash Payments Timing

Purchase Month +1 Month +2 Month +3

Cash Payments on Purchases - 85% 10% 5%

Oct-13 Nov-13 Dec-13

Cash Payments on Opening Payables 30% 60% 10%
The above schedule is applicable to both direct and indirect costs

Assets and Liabilities

Assets Opening
Cash $ 36,000
Accounts Receivable $ 1,200,000
Property Plant and Equipment $ 1,000,000
Total Assets $ 2,236,000

Liabilities Opening Interest

Accounts Payable $ 700,000
Debt Facility A $ 4,000,000 7.0% *Simple interest p.a with interest paid at month end
Total Liabilities $ 4,700,000

Depreciation and Capex

Depreciation $ 20,000 per month

*No capital expenditure is forecast over the next 3 years

Taxation

Tricky Widgets has substantial historic tax losses. Assume that no tax will be payable for the period of analysis.

Q1 Q1
Forecast
Total cost $ 684,825 $ 684,825

Sales $ 699,767 $ 699,767

Counter 1 2
Start of Period 1-Oct-13 1-Nov-13
End of Period 30-Sep-13 31-Oct-13 30-Nov-13

Cash $ 36,000

M 419,860
M+1
M+2

Cash receipts - 419,860

Cash receipts on opening receivables $ 360,000 $ 720,000

TOTAL cash in $ 360,000 $ 1,139,860

M 582,101
M+1
M+2
Total cost - 582,101

Cash payment on opening payables $ 210,000 $ 420,000

TOTAL cost payments $ 210,000 $ 1,002,101

Debt anortisation
Debt facility $ 23,333 $ 23,333 $ 23,333

TOTAL payments $ 233,333 $ 1,025,435

Available month end cash $ 139,333 $ 253,759

 CY 2014 CY 2015 CY 2016
Lowered forecast Lowered forecast Lowered forecast
-18200
erest paid at month end $ 23,333.33

Q1 q2 q2 q2 q3 q3 q3

$ 684,825 $ 560,853 $ 560,853 $ 560,853 $ 1,121,706 $ 1,121,706 $ 1,121,706

$ 699,767 $ 587,804 $ 587,804 $ 587,804 $ 1,175,608 $ 1,175,608 $ 1,175,608

3 4 5 6 7 8 9
1-Dec-13 1-Jan-14 1-Feb-14 1-Mar-14 1-Apr-14 1-May-14 1-Jun-14
31-Dec-13 31-Jan-14 28-Feb-14 31-Mar-14 30-Apr-14 31-May-14 30-Jun-14

419,860 419,860 352,682 352,682 352,682 705,365 705,365

174,942 174,942 174,942 146,951 146,951 146,951 293,902
104,965 104,965 104,965 88,171 88,171 88,171

594,802 699,767 632,589 604,598 587,804 940,486 1,087,437

$ 120,000

$ 714,802 $ 699,767 $ 632,589 $ 604,598 $ 587,804 $ 940,486 $ 1,087,437

582,101 582,101 476,725 476,725 476,725 953,450 953,450

68,483 68,483 68,483 56,085 56,085 56,085 112,171
34,241 34,241 34,241 28,043 28,043 28,043
650,584 684,825 579,449 567,052 560,853 1,037,578 1,093,663

$ 70,000

$ 720,584 $ 684,825 $ 579,449 $ 567,052 $ 560,853 $ 1,037,578 $ 1,093,663

$ 100,000 $ 100,000 $ 120,000 $ 120,000

$ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333

$ 843,917 $ 708,158 $ 702,782 $ 590,385 $ 704,186 $ 1,060,911 $ 1,236,997

$ 124,643 $ 116,252 $ 46,059 $ 60,272 -$ 56,110 -$ 176,535 -$ 326,095

 CY 2013 CY 2014
Q1 Q2 Q3 Q4 Q1 Q2
Units sold 70000 52500 105000 122500 69160 51870
Sales M1 $ 699,767 $ 587,804 $ 1,175,608 $ 1,371,543 $ 774,334 $ 580,750
Sales M2 $ 699,767 $ 587,804 $ 1,175,608 $ 1,371,543 $ 774,334 $ 580,750
Sales M3 $ 699,767 $ 587,804 $ 1,175,608 $ 1,371,543 $ 774,334 $ 580,750

CY 2013 CY 2014
Variable cost Q1 Q2 Q3 Q4 Q1 Q2
CV M1 $ 524,825 $ 440,853 $ 881,706 $ 1,028,657 $ 580,750 $ 435,563
CV M2 $ 524,825 $ 440,853 $ 881,706 $ 1,028,657 $ 580,750 $ 435,563
CV M3 $ 524,825 $ 440,853 $ 881,706 $ 1,028,657 $ 580,750 $ 435,563

CY 2013 CY 2014
Total cost Q1 Q2 Q3 Q4 Q1 Q2
Total cost M1 $ 684,825 $ 560,853 $ 1,121,706 $ 1,308,657 $ 747,150 $ 560,363
Total cost M2 $ 684,825 $ 560,853 $ 1,121,706 $ 1,308,657 $ 747,150 $ 560,363
Total cost M3 $ 684,825 $ 560,853 $ 1,121,706 $ 1,308,657 $ 747,150 $ 560,363

CY 2013 CY 2014
Q1 Q2 Q3 Q4 Q1 Q2
Indirect costs $ 480,000 $ 360,000 $ 720,000 $ 840,000 $ 499,200 $ 374,400
Cost M1 $ 160,000 $ 120,000 $ 240,000 $ 280,000 $ 166,400 $ 124,800
Cost M2 $ 160,000 $ 120,000 $ 240,000 $ 280,000 $ 166,400 $ 124,800
Cost M3 $ 160,000 $ 120,000 $ 240,000 $ 280,000 $ 166,400 $ 124,800
q4 q4 q4 Q1 Q1 Q1 q2 q2

$ 1,308,657 $ 1,308,657 $ 1,308,657 $ 747,150 $ 747,150 $ 747,150 $ 560,363 $ 560,363

$ 1,371,543 $ 1,371,543 $ 1,371,543 $ 774,334 $ 774,334 $ 774,334 $ 580,750 $ 580,750

10 11 12 13 14 15 16 17
1-Jul-14 1-Aug-14 1-Sep-14 1-Oct-14 1-Nov-14 1-Dec-14 1-Jan-15 1-Feb-15
31-Jul-14 31-Aug-14 30-Sep-14 31-Oct-14 30-Nov-14 31-Dec-14 31-Jan-15 28-Feb-15

705,365 822,926 822,926 822,926 464,600 464,600 464,600 348,450

293,902 293,902 342,886 342,886 342,886 193,583 193,583 193,583
176,341 176,341 176,341 205,731 205,731 205,731 116,150 116,150

1,175,608 1,293,169 1,342,152 1,371,543 1,013,217 863,915 774,334 658,184

$ 1,175,608 $ 1,293,169 $ 1,342,152 $ 1,371,543 $ 1,013,217 $ 863,915 $ 774,334 $ 658,184

953,450 1,112,358 1,112,358 1,112,358 635,078 635,078 635,078 476,308

112,171 112,171 130,866 130,866 130,866 74,715 74,715 74,715
56,085 56,085 56,085 65,433 65,433 65,433 37,358 37,358
1,121,706 1,280,614 1,299,309 1,308,657 831,376 775,226 747,150 588,381

$ 1,121,706 $ 1,280,614 $ 1,299,309 $ 1,308,657 $ 831,376 $ 775,226 $ 747,150 $ 588,381

$ 120,000 $ 180,000 $ 120,000 $ 300,000

$ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333

$ 1,145,039 $ 1,423,948 $ 1,502,643 $ 1,331,990 $ 974,710 $ 1,098,559 $ 770,484 $ 611,714

-$ 295,526 -$ 426,305 -$ 586,795 -$ 547,243 -$ 508,735 -$ 743,379 -$ 739,529 -$ 693,059

CY 2014 CY 2015 CY 2016
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
103740 121030 77459.2 58094.4 116188.8 135553.6 86754 65066
$ 1,161,501 $ 1,355,084 $ 867,254 $ 650,440 $ 1,300,881 $ 1,517,694 $ 971,324 $ 728,493
$ 1,161,501 $ 1,355,084 $ 867,254 $ 650,440 $ 1,300,881 $ 1,517,694 $ 971,324 $ 728,493
$ 1,161,501 $ 1,355,084 $ 867,254 $ 650,440 $ 1,300,881 $ 1,517,694 $ 971,324 $ 728,493

CY 2014 CY 2015 CY 2016

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$ 871,126 $ 1,016,313 $ 650,440 $ 487,830 $ 975,661 $ 1,138,271 $ 728,493 $ 546,370
$ 871,126 $ 1,016,313 $ 650,440 $ 487,830 $ 975,661 $ 1,138,271 $ 728,493 $ 546,370
$ 871,126 $ 1,016,313 $ 650,440 $ 487,830 $ 975,661 $ 1,138,271 $ 728,493 $ 546,370

CY 2014 CY 2015 CY 2016

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$ 1,120,726 $ 1,307,513 $ 823,496 $ 617,622 $ 1,235,245 $ 1,441,119 $ 908,471 $ 681,354
$ 1,120,726 $ 1,307,513 $ 823,496 $ 617,622 $ 1,235,245 $ 1,441,119 $ 908,471 $ 681,354
$ 1,120,726 $ 1,307,513 $ 823,496 $ 617,622 $ 1,235,245 $ 1,441,119 $ 908,471 $ 681,354

CY 2014 CY 2015 CY 2016

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$ 748,800 $ 873,600 $ 519,168 $ 389,376 $ 778,752 $ 908,544 $ 539,935 $ 404,951
$ 249,600 $ 291,200 $ 173,056 $ 129,792 $ 259,584 $ 302,848 $ 179,978 $ 134,984
$ 249,600 $ 291,200 $ 173,056 $ 129,792 $ 259,584 $ 302,848 $ 179,978 $ 134,984
$ 249,600 $ 291,200 $ 173,056 $ 129,792 $ 259,584 $ 302,848 $ 179,978 $ 134,984
q2 q3 q3 q3 q4 q4 q4 Q1

$ 560,363 $ 1,120,726 $ 1,120,726 $ 1,120,726 $ 1,307,513 $ 1,307,513 $ 1,307,513 $ 823,496

$ 580,750 $ 1,161,501 $ 1,161,501 $ 1,161,501 $ 1,355,084 $ 1,355,084 $ 1,355,084 $ 867,254

18 19 20 21 22 23 24 25
1-Mar-15 1-Apr-15 1-May-15 1-Jun-15 1-Jul-15 1-Aug-15 1-Sep-15 1-Oct-15
31-Mar-15 30-Apr-15 31-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 31-Oct-15

348,450 348,450 696,900 696,900 696,900 813,050 813,050 813,050

145,188 145,188 145,188 290,375 290,375 290,375 338,771 338,771
116,150 87,113 87,113 87,113 174,225 174,225 174,225 203,263

609,788 580,750 929,201 1,074,388 1,161,501 1,277,651 1,326,047 1,355,084

$ 609,788 $ 580,750 $ 929,201 $ 1,074,388 $ 1,161,501 $ 1,277,651 $ 1,326,047 $ 1,355,084

476,308 476,308 952,617 952,617 952,617 1,111,386 1,111,386 1,111,386

56,036 56,036 56,036 112,073 112,073 112,073 130,751 130,751
37,358 28,018 28,018 28,018 56,036 56,036 56,036 65,376
569,702 560,363 1,036,671 1,092,707 1,120,726 1,279,495 1,298,174 1,307,513

$ 569,702 $ 560,363 $ 1,036,671 $ 1,092,707 $ 1,120,726 $ 1,279,495 $ 1,298,174 $ 1,307,513

$ 120,000 $ 300,000 $ 120,000

$ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333

$ 713,035 $ 583,696 $ 1,060,004 $ 1,416,041 $ 1,144,059 $ 1,302,828 $ 1,441,507 $ 1,330,846

-$ 796,307 -$ 799,253 -$ 930,057 -$ 1,271,709 -$ 1,254,267 -$ 1,279,445 -$ 1,394,905 -$ 1,370,668

CY 2016
Q3 Q4
130131 151820
$ 1,456,986 $ 1,699,818
$ 1,456,986 $ 1,699,818
$ 1,456,986 $ 1,699,818

CY 2016
Q3 Q4
$ 1,092,740 $ 1,274,863
$ 1,092,740 $ 1,274,863
$ 1,092,740 $ 1,274,863

CY 2016
Q3 Q4
$ 1,362,707 $ 1,589,825
$ 1,362,707 $ 1,589,825
$ 1,362,707 $ 1,589,825

CY 2016
Q3 Q4
$ 809,902 $ 944,886
$ 269,967 $ 314,962
$ 269,967 $ 314,962
$ 269,967 $ 314,962
Q1 Q1 q2 q2 q2 q3 q3 q3

$ 823,496 $ 823,496 $ 617,622 $ 617,622 $ 617,622 $ 1,235,245 $ 1,235,245 $ 1,235,245

$ 867,254 $ 867,254 $ 650,440 $ 650,440 $ 650,440 $ 1,300,881 $ 1,300,881 $ 1,300,881

26 27 28 29 30 31 32 33
1-Nov-15 1-Dec-15 1-Jan-16 1-Feb-16 1-Mar-16 1-Apr-16 1-May-16 1-Jun-16
30-Nov-15 31-Dec-15 31-Jan-16 29-Feb-16 31-Mar-16 30-Apr-16 31-May-16 30-Jun-16

520,352 520,352 520,352 390,264 390,264 390,264 780,528 780,528

338,771 216,813 216,813 216,813 162,610 162,610 162,610 325,220
203,263 203,263 130,088 130,088 130,088 97,566 97,566 97,566

1,062,386 940,428 867,254 737,166 682,962 650,440 1,040,705 1,203,315

$ 1,062,386 $ 940,428 $ 867,254 $ 737,166 $ 682,962 $ 650,440 $ 1,040,705 $ 1,203,315

699,972 699,972 699,972 524,979 524,979 524,979 1,049,958 1,049,958

130,751 82,350 82,350 82,350 61,762 61,762 61,762 123,524
65,376 65,376 41,175 41,175 41,175 30,881 30,881 30,881
896,099 847,697 823,496 648,503 627,916 617,622 1,142,601 1,204,363

$ 896,099 $ 847,697 $ 823,496 $ 648,503 $ 627,916 $ 617,622 $ 1,142,601 $ 1,204,363

$ 300,000
$ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333 $ 23,333

$ 919,432 $ 1,171,031 $ 846,830 $ 671,837 $ 651,249 $ 640,956 $ 1,165,935 $ 1,227,697

-$ 1,227,714 -$ 1,458,316 -$ 1,437,892 -$ 1,372,563 -$ 1,340,850 -$ 1,331,365 -$ 1,456,595 -$ 1,480,977

q4 q4 q4

$ 1,441,119 $ 1,441,119 $ 1,441,119 $ 33,146,706 $ 31,705,587 $ 30,264,468

$ 1,517,694 $ 1,517,694 $ 1,517,694 $ 34,610,285 $ 33,092,590 $ 31,574,896

34 35 36
1-Jul-16 1-Aug-16 1-Sep-16
31-Jul-16 31-Aug-16 30-Sep-16

780,528 910,617 910,617 $ 20,766,171 $ 20,766,170.80

325,220 325,220 379,424 $ 8,273,148 $ 8,273,147.60
195,132 195,132 195,132 $ 4,736,234 $ 4,736,234.42

1,300,881 1,430,969 1,485,172 $ 33,775,553 $ 33,775,552.83

$ 1,200,000

$ 1,300,881 $ 1,430,969 $ 1,485,172 $ 34,975,553

$ -
1,049,958 1,224,951 1,224,951 $ 28,174,700 $ 28,174,699.68
123,524 123,524 144,112 $ 3,170,559 $ 3,170,558.68
61,762 61,762 61,762 $ 1,513,223 $ 1,513,223.41
1,235,245 1,410,238 1,430,825 $ 32,858,482 $ 32,858,482

$ 700,000

$ 1,235,245 $ 1,410,238 $ 1,430,825 $ 33,558,482

$ -
$ 2,000,000
$ 23,333 $ 23,333 $ 23,333 $ 840,000

$ 1,258,578 $ 1,433,571 $ 1,454,158 $ 36,398,482

$ -

-$ 1,438,674 -$ 1,441,276 -$ 1,410,262