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scott@ExcelModels.

com
(x $1,000) 1 2 3 4 5 6 7 8 9 10 11 12 Year 1 Year 2 Year 3 Year 4
0 0 0 0
Incremental Debt
Short-Term 189 (11) (12) (13) (14) (15) (17) (18) (20) (21) (23) (25) (25) (42) 0 0
Long-Term 896 (4) (5) (5) (5) (6) (6) (7) (8) (8) (9) (10) (10) (37) (89) (178)
Total New Debt 1,086 (16) (17) (18) (20) (21) (23) (25) (27) (29) (32) (34) 823 1,480 541 108
Invested Incremental Equity
Capital Common Stock 1,000 0 0 0 0 0 0 500 0 0 0 1,000 1,000 0 0 0
Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Additional Paid-in-Capital 0 0 1,000 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 (800) (1,200) (1,600)
Total New Equity 1,000 0 1,000 0 0 0 0 500 0 0 0 1,000 3,500 (50) (450) (1,600)
0 0 0 0
Total Invested Capital 2,086 (16) 983 (18) (20) (21) (23) 475 (27) (29) (32) 966 4,323 1,430 91 (1,492)

Forecasted Sales 715 925 1,179 1,427 1,747 2,149 2,595 3,174 3,933 4,697 5,253 5,975 33,769 252,257 1,393,019 4,410,213
Cash Collections
Cash 45.0% 322 416 531 642 786 967 1,168 1,428 1,770 2,114 2,364 2,689 15,196 113,516 626,859 1,984,596
30 Days 40.0% 286 370 472 571 699 860 1,038 1,270 1,573 1,879 2,101 11,118 83,374 501,579 1,604,533
Collections 60 Days 10.0% 72 93 118 143 175 215 260 317 393 470 2,254 17,349 112,281 364,969
& Purchases 90 Days 5.0% 36 46 59 71 87 107 130 159 197 892 7,274 49,986 166,033
Total Cash Collections 322 702 972 1,242 1,521 1,867 2,273 2,769 3,406 4,134 4,795 5,456 29,460 221,512 1,290,704 4,120,131
0 0 0 0
COGS as % Next Mo. Rev 50.0% 463 590 713 873 1,074 1,298 1,587 1,966 2,349 2,626 2,988 3,412 19,938 152,104 770,667 2,420,280
Cash Purchases
Cash 45.0% 208 265 321 393 484 584 714 885 1,057 1,182 1,344 1,535 8,972 68,447 346,800 1,089,126
30 Days 40.0% 185 236 285 349 430 519 635 787 939 1,051 1,195 6,611 50,451 278,604 882,043
60 Days 10.0% 46 59 71 87 107 130 159 197 235 263 1,354 12,074 74,969 267,279
90 Days 5.0% 23 29 36 44 54 65 79 98 117 546 5,185 34,430 125,054
Total Cash Payments 208 450 603 761 934 1,137 1,384 1,703 2,067 2,397 2,728 3,110 17,483 136,157 734,803 2,363,501

Capital + Collections 2,407 687 1,955 1,224 1,501 1,846 2,250 3,244 3,379 4,105 4,763 6,422 33,783 222,942 1,290,795 4,118,640
Disbursements
Inventory 208 450 603 761 934 1,137 1,384 1,703 2,067 2,397 2,728 3,110 17,483 136,157 734,803 2,363,501
OpEx Wages 389 721 721 1,241 1,241 1,475 1,475 1,553 1,553 1,553 1,553 1,553 15,023 19,941 21,345 22,848
OpEx Overhead 63 63 63 63 63 63 63 63 63 63 63 63 750 788 827 868
OpEx Sales & Marketing 56 56 56 56 56 56 56 56 56 56 56 56 666 699 734 771
Payments OpEx Technology 48 48 48 48 48 48 48 48 48 48 48 48 570 599 628 660
Interest on Loan Debt 97 96 95 93 92 90 88 86 84 82 80 77 1,059 2,623 3,607 4,129
Interest/(Income) on LoC 0 (1) 2 0 17 29 44 50 52 56 57 57 364 217 (6,947) (37,555)
Taxes 0 0 0 0 0 0 0 0 0 51 129 250 431 29,366 240,164 798,586
Capital Outlays (PPE + Intangs) 250 400 30 1,450 915 1,250 0 0 0 0 0 0 4,295 2,500 0 0
Total Disbursements 1,110 1,831 1,616 3,710 3,363 4,146 3,157 3,558 3,922 4,305 4,712 5,212 40,641 192,890 995,163 3,153,809

Beginning Balance 1,000 500 500 500 500 500 500 500 500 500 500 500 1,000 1,000 1,000
Collect - Disburse Work'g 1,298 (1,144) 339 (2,486) (1,862) (2,300) (907) (314) (543) (200) 50 1,209 (6,858) 30,052 295,633 964,831
Cash Unadjust Cash Balance rate Capital 1,298 (144) 839 (1,986) (1,362) (1,800) (407) 186 (43) 300 550 1,709 (6,358) 31,052 296,633 965,831
Balance LoC Borrow @ 8.0% Min req'd 500 0 346 (339) 2,486 1,862 2,300 907 314 543 200 (50) (1,209) 6,858 0 0 0
& LOC Money Mkt Lend @ 6.0% Max req'd 1,000 298 (298) 0 0 0 0 0 0 0 0 0 0 0 30,052 295,633 964,831
Adj. Cash Balance 1,000 500 500 500 500 500 500 500 500 500 500 500 500 1,000 1,000 1,000

LOC Balance (298) 346 7 2,493 4,354 6,654 7,561 7,875 8,417 8,617 8,567 7,358 7,358 (22,194) (317,827) (1,282,658)
Year 5
0

0
(250)
(449)

0
0
0
(2,000)
(2,000)
0
(2,449)

11,470,673

5,161,803
4,289,779
1,001,030
466,235
10,918,847
0
6,083,607

2,737,623
2,294,135
746,379
356,578
6,134,714

10,916,398

6,134,714
24,458
912
810
693
4,021
(131,788)
2,194,969
0
8,228,788

1,000
2,687,610
2,688,610
0
2,687,610
1,000

(3,970,268)
(x $1,000) 1 2 3 4 5 6 7 8 9 10 11 12 Year 1 Year 2
Line of Credit
LoC Borrow @ 10.0% 0 346 (339) 2,486 1,862 2,300 907 314 543 200 (50) (1,209) 6,858 0
Money Mkt Lend @ 5.0% 298 (298) 0 0 0 0 0 0 0 0 0 0 0 30,052
LOC Balance 0 (298) 346 7 2,493 4,354 6,654 7,561 7,875 8,417 8,617 8,567 7,358 7,358 (22,194)
0 0
Short-Term Debt 200 200 500
Avg. Mos. in Term 12 12 11 10 9 8 7 6 5 4 3 2 1 6.5 6
Beginning Balance 200 189 178 166 153 138 123 106 88 68 47 25 200 0
Monthly Payment 27 27 27 27 27 27 27 27 27 27 27 27 318 464
Interest Payme 8% 16 15 14 13 12 11 10 8 7 5 4 2 118 229
Debt Principal Payment 11 11 12 13 14 15 17 18 20 21 23 25 200 235
Financing Ending Balance. S/T Debt 189 178 166 153 138 123 106 88 68 47 25 0 0 (235)
0 0
Long-Term Debt 900 900 1,500
Avg. Mos. in Term 36 36 35 34 33 32 31 30 29 28 27 26 25 30.5 21
Beginning Balance 900 896 892 888 883 877 871 865 858 850 842 833 900 2,323
Monthly Payment 85 85 85 85 85 85 85 85 85 85 85 85 1,018 2,679
Interest Payment 9% 81 81 80 80 79 79 78 78 77 77 76 75 941 2,394
Principal Payment 4 4 5 5 5 6 6 7 8 8 9 10 77 285
Ending Balance, L/T Debt 896 892 888 883 877 871 865 858 850 842 833 823 823 2,038
0 0
Total Debt 788 1,416 1,060 3,528 5,370 7,648 8,532 8,821 9,336 9,507 9,425 8,181 73,611 25,106

Series B Com Month 1 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Series C Com Month 8 500 0 0 0 0 0 0 0 500 500 500 500 500 500 500
Series D Com Month 12 1,000 0 0 0 0 0 0 0 0 0 0 0 1,000 1,000 1,000
Equity Preferred Month 3 1,000 0 0 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Financing Add'l PiC 1 Month 13 750 0 0 0 0 0 0 0 0 0 0 0 0 0 750
Add'l PiC 2 Month 25 750 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add'l PiC 3 Month 37 1,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings (410) (1,072) (1,607) (2,600) (3,507) (4,501) (5,353) (6,086) (6,443) (6,366) (6,172) (5,797) (5,797) 37,451
Total Equity ($ MIL) 590 (72) 393 (600) (1,507) (2,501) (3,353) (3,586) (3,943) (3,866) (3,672) (2,297) (2,297) 41,701

Total Capitalization ($ Mil) 1,378 1,345 1,453 2,928 3,863 5,147 5,179 5,235 5,393 5,640 5,752 5,883 5,883 21,810
(totals x1,000) 1 2 3 4 5 6 7 8 9 10 11 12 Year 1 Year 2 Year 3 Year 4 Year 5
M/M subs. growth, yrs. 1-2 (SUBS) 30% 10 13 17 22 29 37 48 63 82 106 138 179 743 17,317 0 0 0
M/M subs. growth, yr. 3 (SUBS) 10% 0 0 98,217 0 0
Online M/M subs. growth, yr. 4 (SUBS) 10% 0 0 0 308,245 0
Subscribes M/M subs. growth, yr. 5 (SUBS) 5% 0 0 0 0 687,346
Monthly churn -25% (3) (5) (8) (12) (16) (21) (28) (37) (48) (62) (81) (320) (7,871) (67,004) (220,076) (558,563)
Cumulative subscribers 10 21 32 46 63 85 112 146 191 250 325 423 423 9,446 31,212 88,170 128,784
Monthly subscription fee (TOTAL Rev) $2.50 $25 $51 $81 $115 $158 $211 $279 $366 $479 $624 $813 $1,058 $4,260 $102,322 $748,072 $2,421,180 $5,907,584

M/M customers growth, yrs. 1-2 (CUSTS) 20% 5 6 7 9 10 12 15 18 21 26 31 37 198 1,765 0 0 0


M/M customers growth, yr. 3 (CUSTS) 10% 0 0 7,792 0 0
Online M/M customers growth, yr. 4 (CUSTS) 10% 0 0 0 24,453 0
Sales M/M customers growth, yr. 5 (CUSTS) 8% 0 0 0 0 66,868
Monthly churn -25% (1) (2) (4) (5) (6) (8) (10) (12) (14) (17) (21) (99) (980) (5,413) (17,462) (50,247)
Cumulative customers 5 10 15 20 25 31 38 47 56 68 82 99 99 785 2,379 6,992 16,621
Average active customer days/month 5
Average daily customer yield (Rev) $5.00 $125 $244 $363 $488 $625 $780 $958 $1,167 $1,412 $1,704 $2,052 $2,468 $2,468 $22,082 $81,555 $256,343 $671,864

Banner impressions/month x1000 30,000


Online Skyscraper impressions/month x1,000 20,000
Ads M/M growth in fill rate (% FILLED) 30.0% 10% 13% 17% 22% 29% 37% 48% 63% 82% 100% 100% 100% 100% 100% 100% 100% 100%
Banner CPM (and Rev) $15.00 $45 $59 $76 $99 $129 $167 $217 $282 $367 $450 $450 $450 $2,791 $5,400 $5,400 $5,400 $5,400
Skyscraper CPM (and Rev) $70.00 $140 $182 $237 $308 $400 $520 $676 $878 $1,142 $1,400 $1,400 $1,400 $8,682 $16,800 $16,800 $16,800 $16,800
Total Rev, Online Advertising $185 $241 $313 $406 $528 $687 $893 $1,161 $1,509 $1,850 $1,850 $1,850 $11,473 $22,200 $22,200 $22,200 $22,200

Q/Q event growth (# EVENTS) 30.0% 2 3 3 4 12 35 95 257 726


Offline Year 1 Rev per event x1,000 (Rev) $10 $20 $20 $30 $40 $110 $0 $0 $0 $0
Events Year 2-3 Rev per event x1,000 (Rev) $15 $0 $495 $1,425 $0 $0
Year 4-5 Rev per event x1,000 (Rev) $20 $0 $0 $0 $5,140 $14,520
Total Rev, Offline Events $0 $0 $20 $0 $0 $20 $0 $0 $30 $0 $0 $40 $110 $495 $1,425 $5,140 $14,520

Annual sponosr growth (in # SPONSORS) 100% 3 3 4 4 4 4 5 5 6 6 7 7 7 19 49 129 337


Offline Year 1 monthly spon. fee x1,000 (Rev) $5 $15 $16 $18 $19 $21 $22 $24 $26 $28 $31 $33 $36 $290 $0 $0 $0 $0
Spnsors Year 2 monthly spon. fee x1,000 (Rev) $10 $0 $1,517 $0 $0 $0
Year 3-5 monthly spon. fee x1,000 (Rev) $20 $0 $0 $7,930 $20,721 $54,145
Total Rev, Offline Sponsorships $15 $16 $18 $19 $21 $22 $24 $26 $28 $31 $33 $36 $290 $1,517 $7,930 $20,721 $54,145

Offline Q/Q product line growth (PRODUCT LINES) 10% 10 10 11 11 11 11 12 12 12 12 13 13 138 186 250 336 451
Product Y/Y growth in license fee (FEE x$1,000) 20% $5.00 $5.08 $5.17 $5.25 $5.34 $5.43 $5.52 $5.61 $5.71 $5.80 $5.90 $6.00 $5.48 $6.69 $8.16 $9.94 $12.13
Licensing Total Rev, Product Licensing $50 $50 $50 $50 $55 $55 $55 $55 $60 $60 $60 $65 $665 $1,124 $1,859 $3,138 $5,241

Offline Q/Q attendance growth (ATTENDANCE) 20% 50 53 55 58 61 64 67 70 74 78 81 86 796 1,429 2,567 4,609 8,278
Seminars Q/Q growth in ticket price (PRICE x $1.00) 5% $200 $203 $205 $208 $210 $213 $215 $218 $221 $224 $226 $229 $214 $249 $289 $335 $389
Total Rev x$1,000, Offline Seminars $10 $11 $11 $12 $13 $13 $14 $15 $16 $17 $18 $19 $170 $356 $744 $1,552 $3,240

Y/Y growth in publication ads sold (SPOTS) 25% 2,000 2,042 2,084 2,128 2,172 2,217 2,263 2,311 2,359 2,408 2,458 2,509 26,950 34,516 44,206 56,616 72,510
Y/Y growth in television ad type A (SPOTS) 25% 30 31 31 32 33 33 34 35 35 36 37 38 404 518 663 849 1,088
Offline Y/Y growth in television ad type B (SPOTS) 25% 45 46 47 48 49 50 51 52 53 54 55 56 606 777 995 1,274 1,631
Ads Y/Y gr. in pub. ad rates (RATES x$1,000) 10% $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0 $0 $0 $0
Y/Y gr. in TV ad type A rates (RATES x$1,000) 30% $2.0 $2.1 $2.1 $2.2 $2.2 $2.3 $2.3 $2.4 $2.4 $2.5 $2.6 $2.6 $2.3 $3 $4 $6 $8
Y/Y gr. in TV ad type B rates (RATES x$1,000) 20% $1.0 $1.0 $1.0 $1.1 $1.1 $1.1 $1.1 $1.1 $1.1 $1.2 $1.2 $1.2 $1.1 $1 $2 $2 $2
Total Rev, Offline Advertising $305 $313 $324 $336 $347 $360 $371 $384 $398 $411 $426 $439 $4,414 $6,634 $10,049 $15,311 $23,521

Total Revenue, Online Products 335 536 756 1,010 1,312 1,678 2,130 2,694 3,400 4,178 4,715 5,375 28,119 242,131 1,371,013 4,364,352 11,370,006
Payroll Start Beg. Annual Year 1 Year 2
Month Sal. % Incr.
(x $1,000) 1 2 3 4 5 6 7 8 9 10 11 12 Year 1 Year 2
1 2 3 4 5 6 7 8 9 10 11 11 11 11
CEO Month 1 $90 7% 90 90 90 90 90 90 90 90 90 90 90 90 1,080 1,156
President Month 2 $85 7% 0 85 85 85 85 85 85 85 85 85 85 85 935 1,091
CFO Month 4 $80 7% 0 0 0 80 80 80 80 80 80 80 80 80 720 1,027
COO Month 4 $80 7% 0 0 0 80 80 80 80 80 80 80 80 80 720 1,027
General VP Finance Month 6 $80 7% 0 0 0 0 0 80 80 80 80 80 80 80 560 1,027
& 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Admin. 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
Total G&A Heads 1 2 2 4 4 5 5 5 5 5 5 5 5 5
Total G&A Salary ($000) 90 175 175 335 335 415 415 415 415 415 415 415 4,015 5,329

SVP Marketing Month 1 $90 7% 90 90 90 90 90 90 90 90 90 90 90 90 1,080 1,156


VP Sales Month 2 $85 7% 0 85 85 85 85 85 85 85 85 85 85 85 935 1,091
Ad Sales Month 4 $85 7% 0 0 0 85 85 85 85 85 85 85 85 85 765 1,091
Sales Media Buyer Month 8 $60 7% 0 0 0 0 0 0 0 60 60 60 60 60 300 770
& Public Rel Mgr Month 6 $40 7% 0 0 0 0 0 40 40 40 40 40 40 40 280 514
Marketing 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0
Total S&M Heads 1 2 2 3 3 4 4 5 5 5 5 5 5 5
Total S&M Salary ($000) 90 175 175 260 260 300 300 360 360 360 360 360 3,360 4,622

CTO Month 1 $105 7% 105 105 105 105 105 105 105 105 105 105 105 105 1,260 1,348
Tech Director, Technology Month 2 $85 7% 0 85 85 85 85 85 85 85 85 85 85 85 935 1,091
and R&D Lead Programmer Month 4 $100 7% 0 0 0 100 100 100 100 100 100 100 100 100 900 1,284
Database Admin Month 6 $60 7% 0 0 0 0 0 60 60 60 60 60 60 60 420 770
Systems Analyst Month 4 $55 7% 0 0 0 55 55 55 55 55 55 55 55 55 495 706
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
Total R&D Heads 1 2 2 4 4 5 5 5 5 5 5 5 5 5
Total R&D Salary ($000) 105 190 190 345 345 405 405 405 405 405 405 405 4,010 5,200

Total Headcount 3 6 6 11 11 14 14 15 15 15 15 15 15 15
Total Salaries 285 540 540 940 940 1,120 1,120 1,180 1,180 1,180 1,180 1,180 11,385 15,151
(x $1,000) Growth 1 2 3 4 5 6 7 8 9 10 11 12 Year 1
Salaries 285 540 540 940 940 1,120 1,120 1,180 1,180 1,180 1,180 1,180 11,385
Payroll Taxes Load: 15% 43 81 81 141 141 168 168 177 177 177 177 177 1,708
Benefits Load: 15% 43 81 81 141 141 168 168 177 177 177 177 177 1,708
0
Travel/Entertainment 10% 3 3 3 3 3 3 3 3 3 3 3 3 30
Outsourced Tech 10% 5 5 5 5 5 5 5 5 5 5 5 5 60
Outsourced Customer Service 10% 3 3 3 3 3 3 3 3 3 3 3 3 30
Outsourced Developers 10% 5 5 5 5 5 5 5 5 5 5 5 5 60
Staff- Outsourced Accounting 10% 1 1 1 1 1 1 1 1 1 1 1 1 6
Related Temps/Contractors 10% 2 2 2 2 2 2 2 2 2 2 2 2 24
Other Professional Fees 15% 1 1 1 1 1 1 1 1 1 1 1 1 12
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
Total Staff-Related 389 721 721 1,241 1,241 1,475 1,475 1,553 1,553 1,553 1,553 1,553 15,023

Rent 5% 3 3 3 3 3 3 3 3 3 3 3 3 30
Utilities 5% 4 4 4 4 4 4 4 4 4 4 4 4 42
Phone/Communications 5% 5 5 5 5 5 5 5 5 5 5 5 5 60
Office Supplies/Equipment 5% 4 4 4 4 4 4 4 4 4 4 4 4 48
Insurance 5% 10 10 10 10 10 10 10 10 10 10 10 10 120
Dues & Subscriptions 5% 5 5 5 5 5 5 5 5 5 5 5 5 60
Copy Services/Printing 5% 3 3 3 3 3 3 3 3 3 3 3 3 30
Equipment Lease/Rent 5% 5 5 5 5 5 5 5 5 5 5 5 5 60
Non-Capitalized Equipment 5% 4 4 4 4 4 4 4 4 4 4 4 4 42
Overhead Repairs & Maintenance 5% 3 3 3 3 3 3 3 3 3 3 3 3 30
Security 5% 6 6 6 6 6 6 6 6 6 6 6 6 72
Telecommunications 5% 12 12 12 12 12 12 12 12 12 12 12 12 144
Retail Banking 5% 1 1 1 1 1 1 1 1 1 1 1 1 6
Bad Debt Expense 5% 1 1 1 1 1 1 1 1 1 1 1 1 6
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0
Total Overhead 63 63 63 63 63 63 63 63 63 63 63 63 750

Advertising 5% 10 10 10 10 10 10 10 10 10 10 10 10 120
Sales 5% 5 5 5 5 5 5 5 5 5 5 5 5 60
Promotions 5% 5 5 5 5 5 5 5 5 5 5 5 5 60
Public Relations 5% 8 8 8 8 8 8 8 8 8 8 8 8 90
Trade Shows/Seminars 5% 5 5 5 5 5 5 5 5 5 5 5 5 60
Market Research 5% 3 3 3 3 3 3 3 3 3 3 3 3 30
Member Acquisition Costs 5% 10 10 10 10 10 10 10 10 10 10 10 10 120
Sales & Media & Agency 5% 6 6 6 6 6 6 6 6 6 6 6 6 72
Marketing Postage & Delivery 5% 1 1 1 1 1 1 1 1 1 1 1 1 12
Investor Relations 5% 1 1 1 1 1 1 1 1 1 1 1 1 12
Customer Relations 5% 3 3 3 3 3 3 3 3 3 3 3 3 30
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
Total Sales & Marketing 56 56 56 56 56 56 56 56 56 56 56 56 666

Hosting 5% 3 3 3 3 3 3 3 3 3 3 3 3 30
Servers 5% 10 10 10 10 10 10 10 10 10 10 10 10 120
Hardware 5% 5 5 5 5 5 5 5 5 5 5 5 5 60
Software 5% 8 8 8 8 8 8 8 8 8 8 8 8 90
Software Licenses 5% 13 13 13 13 13 13 13 13 13 13 13 13 150
Technology Laboratory 5% 3 3 3 3 3 3 3 3 3 3 3 3 30
Research & Deveopment 5% 8 8 8 8 8 8 8 8 8 8 8 8 90
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
Total Technology 48 48 48 48 48 48 48 48 48 48 48 48 570
Year 2
15,151
2,273
2,273
0
33
66
33
66
7
26
14
0
0
0
0
0
0
19,941

32
44
63
50
126
63
32
63
44
32
76
151
6
6
0
0
0
0
0
0
788

126
63
63
95
63
32
126
76
13
13
32
0
0
0
0
0
699

32
126
63
95
158
32
95
0
0
0
0
0
599
Capital Expenditures Month of Purch. Life Year 1 Year 2
(x $1,000) Outlay Price (Mos.) 1 2 3 4 5 6 7 8 9 10 11 12 Year 1 Year 2
Equipment
Hardware/Software Month 1 $250 24 10 10 10 10 10 10 10 10 10 10 10 10 125 125
Phones/Communication Month 2 $75 48 0 2 2 2 2 2 2 2 2 2 2 2 18 19
Equipment Month 4 $1,200 48 0 0 0 25 25 25 25 25 25 25 25 25 225 300
Furniture Month 4 $250 60 0 0 0 4 4 4 4 4 4 4 4 4 38 50
Vehicles Month 13 $2,500 36 0 0 0 0 0 0 0 0 0 0 0 0 0 833
a 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Fixed b 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Assets c 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(Deprec) d 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
Leasehold Improvements 0 0 0 0 0 0 0 0 0 0 0 0
Construction Month 5 $750 48 0 0 0 0 16 16 16 16 16 16 16 16 125 187
Security System Month 5 $150 54 0 0 0 0 3 3 3 3 3 3 3 3 22 34
Fixtures Month 3 $30 60 0 0 1 1 1 1 1 1 1 1 1 1 5 6
w 0 0 0 0 0 0 0 0 0 0 0 0 0 0
x 0 0 0 0 0 0 0 0 0 0 0 0 0 0
y 0 0 0 0 0 0 0 0 0 0 0 0 0 0
z 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation Expense 10 12 13 42 60 60 60 60 60 60 60 60 557 1,554
Accumulated Depreciation 10 22 35 77 137 197 257 317 377 437 497 557 2,921 16,790

Patent Month 2 $50 60 0 1 1 1 1 1 1 1 1 1 1 1 9 10


Copyrights/Trademarks Month 2 $275 60 0 5 5 5 5 5 5 5 5 5 5 5 51 55
IP and Trade Secrets Month 6 $1,250 60 0 0 0 0 0 21 21 21 21 21 21 21 146 250
Intangible Goodwill Month 5 $15 48 0 0 0 0 0 0 0 0 0 0 0 0 2 4
Assets e 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(Amort) f 0 0 0 0 0 0 0 0 0 0 0 0 0 0
g 0 0 0 0 0 0 0 0 0 0 0 0 0 0
h 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Amortization Expense 0 5 5 5 6 27 27 27 27 27 27 27 207 318
Accumulated Amortization 0 5 11 16 22 48 75 101 128 154 181 207 207 525
(x $1,000) 1 2 3 4 5 6 7 8 9 10 11 12 Year 1 Year 2 Year 3 Year 4 Year 5
Online Subscribes 25 51 81 115 158 211 279 366 479 624 813 1,058 4,260 102,322 748,072 2,421,180 5,907,584
Online Sales 125 244 363 488 625 780 958 1,167 1,412 1,704 2,052 2,468 12,387 117,609 600,740 1,920,971 5,440,222
Online Ads 185 241 313 406 528 687 893 1,161 1,509 1,850 1,850 1,850 11,473 22,200 22,200 22,200 22,200
Offline Events 0 0 20 0 0 20 0 0 30 0 0 40 110 495 1,425 5,140 14,520
Revenue Offline Spnsors 15 16 18 19 21 22 24 26 28 31 33 36 290 1,517 7,930 20,721 54,145
Offline Product Licensing 50 50 50 50 55 55 55 55 60 60 60 65 665 1,124 1,859 3,138 5,241
Offline Seminars 10 11 11 12 13 13 14 15 16 17 18 19 170 356 744 1,552 3,240
Offline Ads 305 313 324 336 347 360 371 384 398 411 426 439 4,414 6,634 10,049 15,311 23,521
Total Revenue 715 925 1,179 1,427 1,747 2,149 2,595 3,174 3,933 4,697 5,253 5,975 33,769 252,257 1,393,019 4,410,213 11,470,673

Cost of Goods Sold 463 590 713 873 1,074 1,298 1,587 1,966 2,349 2,626 2,988 3,412 19,938 152,104 770,667 2,420,280 6,083,607

Operating Expenses
Expense Staff- Related 389 721 721 1,241 1,241 1,475 1,475 1,553 1,553 1,553 1,553 1,553 15,023 19,941 21,345 22,848 24,458
Overhead 63 63 63 63 63 63 63 63 63 63 63 63 750 788 827 868 912
Sales & Marketing 56 56 56 56 56 56 56 56 56 56 56 56 666 699 734 771 810
Technology 48 48 48 48 48 48 48 48 48 48 48 48 570 599 628 660 693
Total Expenses 1,017 1,476 1,599 2,279 2,480 2,938 3,227 3,684 4,067 4,344 4,706 5,130 36,947 174,131 794,202 2,445,427 6,110,479

EBITDA (302) (550) (420) (853) (734) (789) (632) (510) (134) 353 547 846 (3,178) 78,127 598,817 1,964,786 5,360,194

Depreciation Expense 10 12 13 42 60 60 60 60 60 60 60 60 557 1,554 1,429 1,429 223


D&A Amortization Expense 0 5 5 5 6 27 27 27 27 27 27 27 207 318 318 318 316
Total D&A Expense 10 17 18 47 66 87 87 87 87 87 87 87 765 1,872 1,747 1,747 539

EBIT (313) (568) (438) (900) (799) (875) (719) (597) (221) 266 460 759 (3,943) 76,255 597,070 1,963,039 5,359,655

Interest Expense/(Income)
Line of Credit 0 (1) 2 0 17 29 44 50 52 56 57 57 364 217 (6,947) (37,555) (131,788)
Interest Short-Term Debt 16 15 14 13 12 11 10 8 7 5 4 2 118 229 67 0 0
& Long-Term Debt 81 81 80 80 79 79 78 78 77 77 76 75 941 2,394 3,541 4,129 4,021
Taxes Total Int Expense/(Income) 97 94 97 93 108 119 133 137 137 138 137 134 1,424 2,840 (3,339) (33,426) (127,767)
Income Taxes 40% 0 0 0 0 0 0 0 0 0 51 129 250 431 29,366 240,164 798,586 2,194,969
Net Interest & Taxes 97 94 97 93 108 119 133 137 137 189 266 384 1,855 32,206 236,825 765,160 2,067,202

Net Income (410) (662) (535) (993) (908) (994) (851) (733) (357) 77 194 375 (5,797) 44,049 360,246 1,197,879 3,292,453
Balance Sheet Year 1
(x $1,000) 1 2 3 4 5 6 7 8 9 10 11 12 Year 1
Current Assets
Cash & Equivalents 792 50 (103) (261) (434) (637) (884) (1,203) (1,567) (1,897) (2,228) (2,610) (2,610)
Accounts Receivable 393 616 823 1,008 1,234 1,515 1,837 2,243 2,769 3,332 3,790 4,309 4,309
Assets Inventory 208 450 603 761 934 1,137 1,384 1,703 2,067 2,397 2,728 3,110 3,110
Total Current Assets 1,393 1,116 1,323 1,508 1,734 2,015 2,337 2,743 3,269 3,832 4,290 4,809 4,809
Long-Term Assets
Equipment 250 325 355 1,805 2,705 2,705 2,705 2,705 2,705 2,705 2,705 2,705 2,705
Less: Accumulated Depret'n 10 22 35 77 137 197 257 317 377 437 497 557 557
Net Fixed Assets 240 303 320 1,728 2,568 2,508 2,448 2,388 2,328 2,268 2,208 2,148 2,148
Intangibles 0 325 325 325 340 1,590 1,590 1,590 1,590 1,590 1,590 1,590 1,590
Less: Accumulated Amort. 0 5 11 16 22 48 75 101 128 154 181 207 207
Net Intangibles 0 320 314 309 318 1,542 1,515 1,489 1,462 1,436 1,409 1,383 1,383
Total Long-Term Assets 240 622 634 2,037 2,886 4,050 3,963 3,877 3,790 3,703 3,617 3,530 3,530

Total Assets 1,633 1,738 1,957 3,545 4,620 6,065 6,300 6,619 7,059 7,536 7,907 8,339 8,339

Current Liabilities
Accounts Payable 254 394 504 617 758 918 1,121 1,384 1,666 1,895 2,155 2,456 2,456
Line of Credit (298) 346 7 2,493 4,354 6,654 7,561 7,875 8,417 8,617 8,567 7,358 7,358
Liabilities Short-Term Debt 189 178 166 153 138 123 106 88 68 47 25 0 0
Total Current Liabilities 146 918 676 3,262 5,250 7,695 8,788 9,347 10,152 10,560 10,746 9,813 9,813
Long-Term Debt 896 892 888 883 877 871 865 858 850 842 833 823 823
Total Liabilities 1,042 1,810 1,564 4,145 6,127 8,566 9,653 10,205 11,002 11,402 11,579 10,637 10,637

Common Stock 0 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,500 1,500 1,500 1,500 2,500 2,500
Equity Preferred Stock 0 0 0 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Owners Additional Paid-in-Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings (410) (1,072) (1,607) (2,600) (3,507) (4,501) (5,353) (6,086) (6,443) (6,366) (6,172) (5,797) (5,797)
Total Shareholders Equity 590 (72) 393 (600) (1,507) (2,501) (3,353) (3,586) (3,943) (3,866) (3,672) (2,297) (2,297)
Balance Sheet Year 2
(x $1,000) Year 2
Current Assets
Cash & Equivalents (25,011)
Accounts Receivable 35,054
Assets Inventory 26,011
Total Current Assets 36,054
Long-Term Assets
Equipment 5,205
Less: Accumulated
2,111
Depret'n
Net Fixed Assets 3,094
Intangibles 1,590
Less: Accumulated525
Amort.
Net Intangibles 1,065
Total Long-Term Assets 4,158

Total Assets 40,212

Current Liabilities
Accounts Payable 18,402
Line of Credit (22,194)
Liabilities Short-Term Debt 265
Total Current Liabilities (3,527)
Long-Term Debt 2,038
Total Liabilities (1,489)

Common Stock 2,500


Equity Preferred Stock 1,000
Owners Additional Paid-in-Capital 750
Retained Earnings 37,451
Total Shareholders Equity 41,701
Cash Flow Statement Year 1 Year 2
(x $1,000) 1 2 3 4 5 6 7 8 9 10 11 12 Year 1 Year 2
Net Income (410) (662) (535) (993) (908) (994) (851) (733) (357) 77 194 375 (5,797) 44,049
Noncash Addbacks
Depreciation Expense 10 12 13 42 60 60 60 60 60 60 60 60 557 1,554
Operating Amortization Expense 0 5 5 5 6 27 27 27 27 27 27 27 207 318
Activities Changes in Current Accounts
Accounts Receivable (393) (223) (207) (185) (226) (282) (322) (406) (526) (563) (458) (519) (4,309) (30,745)
Inventory (208) (242) (153) (157) (173) (203) (248) (319) (364) (330) (331) (382) (3,110) (22,901)
Accounts Payable 254 139 110 113 141 161 203 263 282 229 259 301 2,456 15,946
Net Cash, Operations (746) (970) (767) (1,175) (1,100) (1,231) (1,131) (1,108) (879) (501) (249) (138) (9,996) 8,221

Changes in Long-Term Assets


Investing Equipment (250) (75) (30) (1,450) (900) 0 0 0 0 0 0 0 (2,705) (2,500)
Activities Intangibles 0 (325) 0 0 (15) (1,250) 0 0 0 0 0 0 (1,590) 0
Net Cash, Investing (250) (400) (30) (1,450) (915) (1,250) 0 0 0 0 0 0 (4,295) (2,500)

Changes in Short-Term Borrowing


Line of Credit (298) 644 (339) 2,486 1,862 2,300 907 314 543 200 (50) (1,209) 7,358 (29,552)
Short-Term Loans 189 (11) (12) (13) (14) (15) (17) (18) (20) (21) (23) (25) 0 265
Changes in Long-Term Borrowing 896 (4) (5) (5) (5) (6) (6) (7) (8) (8) (9) (10) 823 1,215
Financing Changes in Equity
Activities Common Stock 1,000 0 0 0 0 0 0 500 0 0 0 1,000 2,500 0
Additional Paid-in-Capital 0 0 1,000 0 0 0 0 0 0 0 0 0 1,000 0
Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 750
Cash Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 (800)
Net Cash, Financing 1,788 628 644 2,468 1,842 2,278 884 789 515 171 (82) (244) 11,681 (28,122)
Financial Analysis Year 1
Measure Numerator Denominator 1 2 3 4 5 6 7 8 9 10 11
Liquidity Current Ratio Curr. Asset Curr. Liab 9.5 1.2 2.0 0.5 0.3 0.3 0.3 0.3 0.3 0.4 0.4
Ratios Quick Ratio C.Ass.- Inven. Curr. Liab 8.1 0.7 1.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1
Year 1 Financial Analysis Year 2 Year 3
Measure 12 Year 1 Year 2 Year 3###
Liquidity Current Ratio 0.5 0.5 (10.2) (0.5)
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Ratios Quick Ratio 0.2 0.2 (2.8) (0.2)
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