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Startup Financial Model
Startup Financial Model
ff Venture Capital
ffvc.com
@ffvc
teten.com
@dteten
About
We developed this model as a simple end-to-end financial model for an early-stage startup, although
is useful to anyone building a model for a company. The model outputs standard financial statements
and key operating metrics based on a wide range of user inputs, and is highly customizable and
entirely transparent.
Credits
This model was developed by Rodi Blokh in association with ff Venture Capital (www.ffvc.com) based o
a sanitized version of a financial model developed by David Teten (www.teten.com) for the startups he
has run. Rodi is a Berkeley MBA student (Haas MBA '13) and former corporate banker at Bank of
America Merrill Lynch (rblokh@gmail.com). David is a Partner at ff Venture Capital, Chair of Harvard
Business School Angels of Greater New York, and former Bear Stearns investment banker
(info@teten.com). Thank you to Adam Kalamchi (Columbia MBA 13) for some initial input on this
model.
If you have feedback on the model, contact info@teten.com . We are very interested in suggested
additional improvements and will try to reflect them. However, we cannot provide you with user
support.
Most recently updated November 4, 2011.
Instructions
Click on the "Model", "Valuation" and "Funding Rounds" tabs and input relevant data. All input cells a
highlighted yellow with blue-colored text.
To add personnel, add additional rows in the Personnel Assumptions section. Select the columns wher
an employee starts to correspond with personnel hiring timing.
The WACC section on the "Valuation" tab and the entire "Funding Rounds" tab is independent of the
"Model" and requires independent inputs.
Non-input cells should not be altered by inexperienced users. Cell A4 on the "Model" tab acts as a
check of the model and will display an error message if the model logic is broken. This error message
tests for most, but definitely not all possible errors.
Model Logic
Revenues in the model are arbitrarily assumed to be based primarily on employee headcount.
However, this is certainly not an accurate approach for all ventures, and in fact as venture capitalists
we prefer companies in which the correlation between headcount and revenues is very low. A separa
row labeled "Other Revenues" may be more relevant for modeling revenue projections for your
particular company.
The default approach to cash shortfalls is a draw-down of the revolver account. For most early-stage
startups, the company doesn't have a bank revolver, but uses the principal's credit cards as a de facto
revolver. This account has no max limit in the model.
The model utilizes a cash flow sweep. Any excess cash flow after dividends and minimum cash
balance is applied to repayment of the revolver account. Any additional cash is applied to the balanc
sheet cash balance. You can manually make assumptions about dividends as you wish, but we assum
dividends are zero in perpetuity.
Any discrepancy in assets vs. liabilities and stockholder's equity at day 1 is applied to the revolver
account.
The model treats all interest rate assumptions as nominal interest rates given this is typically the
interest rate quoted by lending institutions to small business entrepreneurs for revolvers (credit cards
and bank loans. As such, we convert the annual interest rate into a monthly interest rate using the
formula Rate / 12. If the interest rate being used is an effective interest rate, the monthly interest rat
calculation should be adjusted to (1 + Rate) ^ (1/12) - 1.
The model calculates interest income and interest expense using beginning balances for the period
only. The formula applied is (2 x Beginning Balance x Rate) / (2 - Rate).
This model assumes standard taxation for a C-Corporation using net operating loss carryforwards and
40% tax rate. If you structure the company as an LLC, note that LLCs do not pay corporate tax unless
they elect to (which is unlikely).However, the owners of the LLC (when combined with the underlying
asset) would face a similar financial environment to that of a conventional corporation, so this model
still applicable even if the entity is an LLC.
Straight-line depreciation is based on the average useful life of fixed assets.
employee headcount.
d in fact as venture capitalists
evenues is very low. A separate
nue projections for your
StartupCo
0.5%
3.5%
5.5%
Personnel Assumptions
Senior Management Compensation
CEO
CTO
Other
Other
Other
Other
Other
Total Senior Management Salaries & Benefits
Total Senior Management Headcount
Associate
Other
Other
Total Business Development Salaries & Benefits
Total Business Development Headcount
35,000
-
Sales Compensation
Manager
Salesperson
Salesperson
Other
Other
Other
Other
Total Salesperson Salaries & Benefits
Total Salesperson Headcount
Marketing Compensation
Manager
Associate
Other
Other
Other
Other
Other
Total Marketing Salaries & Benefits
Total Marketing Headcount
IT Compensation
Manager
Developer
Developer
Other
Other
Other
Other
Total IT Salaries & Benefits
Total IT Headcount
Other Compensation
Legal Support
Finance Associate
HR Associate
Compliance Associate
Administrator
Other
Other
Total Other Salaries & Benefits
Operating Income
% of Revenues
EBITDA
% of Revenues
Interest Expense
Interest Income
Pre-Tax Profit (Loss)
% of Revenues
Add (Subtract) to Tax Loss Carryforward
Taxable Income (Loss)
Tax Expense
Net Income
% of Revenues
Balance Sheet
Assets
Cash
Accounts Receivable
Inventory
Gross PP&E
Accumulated Depreciation
Net PP&E
Intangibles
Total Assets
Liabilities & Shareholder's Equity
Revolver (Short-Term Debt)
Accounts Payable
Total Current Liabilities
Long-Term Debt
Total Liabilities
Paid-in Capital
Retained Earnings
Total Shareholder's Equity
(133,517)
7,650,351
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
50,000
85,458
85,458
85,458
85,458
25.0%
25.0%
0.0%
0.0%
0.0%
0.0%
0.0%
18,229
18,229
1
18,229
18,229
1
18,229
18,229
1
18,229
18,229
1
25.0%
10.0%
10.0%
10.0%
7,813
-
7,813
-
7,813
-
7,813
-
Benefits %
Benefits %
10.0%
0.0%
0.0%
7,813
1
7,813
1
7,813
1
7,813
1
Benefits %
25.0%
15.0%
15.0%
0.0%
0.0%
0.0%
0.0%
25.0%
10.0%
0.0%
0.0%
0.0%
0.0%
0.0%
25.0%
10.0%
10.0%
0.0%
0.0%
0.0%
0.0%
Benefits %
Benefits %
Benefits %
25.0%
15.0%
10.0%
10.0%
10.0%
0.0%
0.0%
13,021
3,667
16,688
13,021
3,667
16,688
13,021
3,667
16,688
13,021
3,667
16,688
42,729
4
42,729
4
42,729
4
42,729
4
1,000
-
1,000
-
1,000
-
1,000
-
1,000
1,000
1,000
1,000
(7,813)
(1,500)
(9,313)
931.3%
(7,813)
(1,500)
(9,313)
931.3%
(7,813)
(1,500)
(9,313)
931.3%
(7,813)
(1,500)
(9,313)
931.3%
(8,313)
(831.3%)
(8,313)
(831.3%)
(8,313)
(831.3%)
(8,313)
(831.3%)
(250)
(500)
(250)
(1,000)
100.0%
(250)
(500)
(250)
(1,000)
100.0%
(250)
(500)
(250)
(1,000)
100.0%
(250)
(500)
(250)
(1,000)
100.0%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(1,075)
(1,133)
(1,192)
(1,250)
(39,242)
(39,300)
(39,358)
(39,417)
(47,554)
(4,755.4%)
(47,613)
(4,761.3%)
(47,671)
(4,767.1%)
(47,729)
(4,772.9%)
(46,479)
(4,647.9%)
(46,479)
(4,647.9%)
(46,479)
(4,647.9%)
(46,479)
(4,647.9%)
(264)
38
(47,781)
(4,778.1%)
(430)
61
(47,981)
(4,798.1%)
(577)
82
(48,165)
(4,816.5%)
(724)
103
(48,350)
(4,835.0%)
47,781
(47,781)
(4,778.1%)
100,000
500
100,500
50,000
50,000
-
47,981
(47,981)
(4,798.1%)
48,165
(48,165)
(4,816.5%)
48,350
(48,350)
(4,835.0%)
85,458
500
9,313
95,271
85,458
500
9,313
95,271
85,458
500
9,313
95,271
85,458
500
9,313
95,271
64,500
(1,075)
63,425
68,000
(2,208)
65,792
71,500
(3,400)
68,100
75,000
(4,650)
70,350
150,500
158,696
161,063
163,371
165,621
90,500
10,000
100,500
147,164
9,313
156,477
197,512
9,313
206,824
247,986
9,313
257,298
298,586
9,313
307,898
100,500
156,477
206,824
257,298
307,898
50,000
(95,762)
(45,762)
50,000
(143,927)
(93,927)
50,000
(192,277)
(142,277)
50,000
50,000
50,000
(47,781)
2,219
150,500
Ok
158,696
Ok
100,000
161,063
Ok
47,781
95,762
163,371
165,621
Ok
Ok
143,927
192,277
(47,781)
1,075
(500)
(688)
(8,813)
(56,706)
(47,981)
1,133
(46,848)
(48,165)
1,192
(46,974)
(48,350)
1,250
(47,100)
(6,000)
(5,000)
(3,500)
(14,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
56,664
56,664
50,348
50,348
50,474
50,474
50,600
50,600
100,000
(14,542)
85,458
85,458
85,458
85,458
85,458
85,458
85,458
(71,206)
100,000
(85,458)
(56,664)
(56,664)
(50,348)
85,458
(85,458)
(50,348)
(50,348)
(50,474)
85,458
(85,458)
(50,474)
(50,474)
(50,600)
85,458
(85,458)
(50,600)
(50,600)
90,500
90,500
56,664
147,164
264
147,164
50,348
197,512
430
197,512
50,474
247,986
577
247,986
50,600
298,586
724
1,000
(9,313)
(39,242)
(46,479)
(264)
(47,781)
1,000
(9,313)
(39,300)
(46,479)
(430)
(47,981)
1,000
(9,313)
(39,358)
(46,479)
(577)
(48,165)
1,000
(9,313)
(39,417)
(46,479)
(724)
(48,350)
85,458
158,696
147,164
2,219
85,458
161,063
197,512
(45,762)
85,458
163,371
247,986
(93,927)
85,458
165,621
298,586
(142,277)
4
42,729
4
42,729
4
42,729
4
42,729
May-12
Jun-12
Jul-12
Aug-12
Sep-12
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
400,000
15
30
30
15
30
30
85,458
129,896
174,333
174,333
174,333
18,229
18,229
1
18,229
18,229
1
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
-
7,813
-
7,813
-
7,813
-
7,813
-
7,813
1
7,813
1
7,813
1
7,813
1
7,813
1
6,250
6,250
1
6,250
6,250
1
6,250
6,250
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
13,021
3,667
16,688
13,021
3,667
16,688
13,021
3,667
16,688
13,021
3,667
16,688
13,021
3,667
16,688
42,729
4
42,729
4
87,167
9
87,167
9
87,167
9
1,000
-
10,000
5,000
5,000
10,000
5,000
5,000
10,000
5,000
5,000
10,000
5,000
5,000
1,000
15,000
20,000
20,000
20,000
(7,813)
(1,500)
(9,313)
931.3%
(7,813)
(1,500)
(9,313)
62.1%
(7,813)
(1,500)
(9,313)
46.6%
(7,813)
(1,500)
(9,313)
46.6%
(7,813)
(1,500)
(9,313)
46.6%
(8,313)
(831.3%)
5,688
37.9%
10,688
53.4%
10,688
53.4%
10,688
53.4%
(250)
(500)
(250)
(1,000)
100.0%
(250)
(500)
(250)
(1,000)
6.7%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
75.3%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
75.3%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
75.3%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
247.8%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
337.7%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
337.7%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
337.7%
(1,308)
(1,367)
(1,550)
(1,608)
(1,667)
(39,475)
(39,533)
(84,154)
(84,213)
(84,271)
(47,788)
(4,778.8%)
(33,846)
(225.6%)
(73,467)
(367.3%)
(73,525)
(367.6%)
(73,583)
(367.9%)
(46,479)
(4,647.9%)
(32,479)
(216.5%)
(71,917)
(359.6%)
(71,917)
(359.6%)
(71,917)
(359.6%)
(872)
124
(48,535)
(4,853.5%)
(1,020)
146
(34,721)
(231.5%)
(1,278)
182
(74,563)
(372.8%)
(492)
70
(73,947)
(369.7%)
(714)
102
(74,195)
(371.0%)
48,535
(48,535)
(4,853.5%)
85,458
500
9,313
95,271
78,500
(5,958)
72,542
-
34,721
-
74,563
-
73,947
-
74,195
-
(34,721)
(231.5%)
(74,563)
(372.8%)
(73,947)
(369.7%)
(74,195)
(371.0%)
129,896
7,500
9,313
146,708
174,333
10,000
9,313
193,646
174,333
10,000
9,313
193,646
174,333
10,000
9,313
193,646
82,000
(7,325)
74,675
-
93,000
(8,875)
84,125
-
96,500
(10,483)
86,017
-
100,000
(12,150)
87,850
-
167,813
221,383
277,771
279,663
281,496
349,313
9,313
358,625
437,604
9,313
446,917
168,554
9,313
177,867
244,393
9,313
253,705
320,421
9,313
329,734
358,625
446,917
177,867
253,705
329,734
50,000
(240,813)
(190,813)
50,000
(275,533)
(225,533)
450,000
(350,096)
99,904
450,000
(424,043)
25,957
450,000
(498,238)
(48,238)
167,813
221,383
277,771
279,663
281,496
Ok
Ok
Ok
Ok
Ok
240,813
275,533
350,096
424,043
498,238
(48,535)
1,308
(47,227)
(34,721)
1,367
(7,000)
(40,354)
(74,563)
1,550
(2,500)
(75,513)
(73,947)
1,608
(72,339)
(74,195)
1,667
(72,529)
(3,500)
(3,500)
(3,500)
(3,500)
(7,500)
(3,500)
(11,000)
(3,500)
(3,500)
(3,500)
(3,500)
50,727
50,727
88,291
88,291
(269,050)
400,000
130,950
75,839
75,839
76,029
76,029
85,458
85,458
85,458
44,438
129,896
129,896
44,438
174,333
174,333
174,333
174,333
174,333
(50,727)
85,458
(85,458)
(50,727)
(50,727)
(43,854)
85,458
(129,896)
(88,291)
(88,291)
(86,513)
400,000
129,896
(174,333)
269,050
269,050
(75,839)
174,333
(174,333)
(75,839)
(75,839)
(76,029)
174,333
(174,333)
(76,029)
(76,029)
298,586
50,727
349,313
872
349,313
88,291
437,604
1,020
1,000
(9,313)
(39,475)
(46,479)
(872)
(48,535)
15,000
(9,313)
(39,533)
(32,479)
(1,020)
(34,721)
85,458
167,813
349,313
(190,813)
129,896
221,383
437,604
(225,533)
4
42,729
4
42,729
437,604
(269,050)
168,554
1,278
168,554
75,839
244,393
492
244,393
76,029
320,421
714
20,000
(9,313)
(84,154)
(71,917)
(1,278)
(74,563)
20,000
(9,313)
(84,213)
(71,917)
(492)
(73,947)
20,000
(9,313)
(84,271)
(71,917)
(714)
(74,195)
174,333
277,771
168,554
99,904
174,333
279,663
244,393
25,957
174,333
281,496
320,421
(48,238)
9
87,167
9
87,167
9
87,167
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
174,333
174,333
195,854
217,375
217,375
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
-
7,813
-
7,813
-
7,813
3,208
-
7,813
3,208
-
7,813
1
7,813
1
7,813
1
11,021
2
11,021
2
6,250
6,250
1
6,250
6,250
1
6,250
6,250
1
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
13,021
3,667
16,688
13,021
3,667
16,688
13,021
3,667
16,688
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
87,167
9
87,167
9
87,167
9
108,688
15
108,688
15
10,000
5,000
10,000
10,000
5,000
10,000
10,000
5,000
10,000
10,000
5,000
20,000
10,000
5,000
20,000
25,000
25,000
25,000
55,000
55,000
(7,813)
(1,500)
(9,313)
37.3%
(7,813)
(1,500)
(9,313)
37.3%
(7,813)
(1,500)
(9,313)
37.3%
(11,021)
(1,500)
(12,521)
22.8%
(11,021)
(1,500)
(12,521)
22.8%
15,688
62.8%
15,688
62.8%
15,688
62.8%
42,479
77.2%
42,479
77.2%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
60.3%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
60.3%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
60.3%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
270.2%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
270.2%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
270.2%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(1,725)
(1,783)
(1,842)
(2,125)
(2,175)
(84,329)
(84,388)
(84,446)
(103,292)
(103,342)
(68,642)
(274.6%)
(68,700)
(274.8%)
(68,758)
(275.0%)
(60,813)
(110.6%)
(60,863)
(110.7%)
(66,917)
(267.7%)
(66,917)
(267.7%)
(66,917)
(267.7%)
(58,688)
(106.7%)
(58,688)
(106.7%)
(936)
134
(69,444)
(277.8%)
(1,151)
164
(69,687)
(278.7%)
(1,360)
194
(69,924)
(279.7%)
(1,632)
233
(62,211)
(113.1%)
(1,964)
280
(62,546)
(113.7%)
69,444
-
69,687
-
69,924
-
62,211
-
62,546
-
(69,444)
(277.8%)
(69,687)
(278.7%)
(69,924)
(279.7%)
(62,211)
(113.1%)
(62,546)
(113.7%)
174,333
12,500
9,313
196,146
174,333
12,500
9,313
196,146
195,854
12,500
9,313
217,667
217,375
27,500
12,521
257,396
217,375
27,500
12,521
257,396
127,500
(19,625)
107,875
130,500
(21,800)
108,700
103,500
(13,875)
89,625
-
107,000
(15,658)
91,342
-
110,500
(17,500)
93,000
-
285,771
287,488
310,667
365,271
366,096
394,141
9,313
403,453
465,544
9,313
474,857
558,647
9,313
567,960
672,255
12,521
684,776
735,626
12,521
748,147
403,453
474,857
567,960
684,776
748,147
450,000
(567,682)
(117,682)
450,000
(637,369)
(187,369)
450,000
(707,293)
(257,293)
450,000
(769,505)
(319,505)
450,000
(832,051)
(382,051)
285,771
287,488
310,667
365,271
366,096
Ok
Ok
Ok
Ok
Ok
567,682
637,369
707,293
769,505
832,051
(69,444)
1,725
(2,500)
(70,219)
(69,687)
1,783
(67,904)
(69,924)
1,842
(68,082)
(62,211)
2,125
(15,000)
3,208
(3,208)
(75,086)
(62,546)
2,175
(60,371)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(9,000)
(5,000)
(3,000)
(17,000)
(3,000)
(3,000)
73,719
73,719
71,404
71,404
93,103
93,103
113,607
113,607
63,371
63,371
174,333
174,333
174,333
174,333
174,333
21,521
195,854
195,854
21,521
217,375
217,375
217,375
(73,719)
174,333
(174,333)
(73,719)
(73,719)
(71,404)
174,333
(174,333)
(71,404)
(71,404)
(71,582)
174,333
(195,854)
(93,103)
(93,103)
(92,086)
195,854
(217,375)
(113,607)
(113,607)
(63,371)
217,375
(217,375)
(63,371)
(63,371)
320,421
73,719
394,141
936
394,141
71,404
465,544
1,151
465,544
93,103
558,647
1,360
558,647
113,607
672,255
1,632
672,255
63,371
735,626
1,964
25,000
(9,313)
(84,329)
(66,917)
(936)
(69,444)
25,000
(9,313)
(84,388)
(66,917)
(1,151)
(69,687)
25,000
(9,313)
(84,446)
(66,917)
(1,360)
(69,924)
55,000
(12,521)
(103,292)
(58,688)
(1,632)
(62,211)
55,000
(12,521)
(103,342)
(58,688)
(1,964)
(62,546)
174,333
285,771
394,141
(117,682)
174,333
287,488
465,544
(187,369)
195,854
310,667
558,647
(257,293)
217,375
365,271
672,255
(319,505)
217,375
366,096
735,626
(382,051)
15
108,688
15
108,688
9
87,167
9
87,167
9
87,167
Mar-13
Apr-13
May-13
Jun-13
Jul-13
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
1,000,000
15
30
30
15
30
30
15
30
30
217,375
217,375
217,375
220,583
223,792
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
-
7,813
3,208
-
7,813
3,208
-
7,813
3,208
-
7,813
3,208
3,208
-
11,021
2
11,021
2
11,021
2
11,021
2
14,229
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
108,688
15
108,688
15
108,688
15
108,688
15
111,896
16
10,000
5,000
20,000
10,000
5,000
20,000
10,000
5,000
20,000
10,000
5,000
20,000
10,000
5,000
35,000
55,000
55,000
55,000
55,000
80,000
(11,021)
(1,500)
(12,521)
22.8%
(11,021)
(1,500)
(12,521)
22.8%
(11,021)
(1,500)
(12,521)
22.8%
(11,021)
(1,500)
(12,521)
22.8%
(14,229)
(1,500)
(15,729)
19.7%
42,479
77.2%
42,479
77.2%
42,479
77.2%
42,479
77.2%
64,271
80.3%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(2,225)
(2,275)
(2,325)
(2,375)
(2,450)
(103,392)
(103,442)
(103,492)
(103,542)
(103,617)
(60,913)
(110.8%)
(60,963)
(110.8%)
(61,013)
(110.9%)
(61,063)
(111.0%)
(39,346)
(49.2%)
(58,688)
(106.7%)
(58,688)
(106.7%)
(58,688)
(106.7%)
(58,688)
(106.7%)
(36,896)
(46.1%)
(2,149)
307
(62,755)
(114.1%)
(2,334)
333
(62,964)
(114.5%)
(61,013)
(110.9%)
(61,063)
(111.0%)
(39,346)
(49.2%)
62,755
-
62,964
-
61,013
-
61,063
-
39,346
-
(62,755)
(114.1%)
(62,964)
(114.5%)
(61,013)
(110.9%)
(61,063)
(111.0%)
(39,346)
(49.2%)
217,375
27,500
12,521
257,396
354,531
27,500
12,521
394,552
292,843
27,500
12,521
332,864
231,156
27,500
12,521
271,177
223,792
40,000
15,729
279,521
133,500
(24,025)
109,475
136,500
(26,300)
110,200
139,500
(28,625)
110,875
142,500
(31,000)
111,500
147,000
(33,450)
113,550
366,871
504,752
443,739
382,677
393,071
799,155
12,521
811,676
12,521
12,521
12,521
12,521
12,521
12,521
46,532
15,729
62,261
811,676
12,521
12,521
12,521
62,261
450,000
(894,805)
(444,805)
1,450,000
(957,769)
492,231
1,450,000
(1,018,782)
431,218
1,450,000
(1,079,844)
370,156
1,450,000
(1,119,190)
330,810
366,871
504,752
443,739
Ok
894,805
957,769
(62,755)
2,225
(60,530)
(62,964)
2,275
(60,689)
(61,013)
2,325
(58,688)
(61,063)
2,375
(58,688)
(39,346)
2,450
(12,500)
3,208
(3,208)
(49,396)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(1,500)
(3,000)
(4,500)
(799,155)
1,000,000
200,845
Ok
393,071
Ok
63,530
63,530
Ok
382,677
1,018,782
Ok
1,079,844
1,119,190
46,532
46,532
217,375
217,375
217,375
137,156
354,531
354,531
(61,688)
292,843
292,843
(61,688)
231,156
231,156
(7,364)
223,792
(63,530)
217,375
(217,375)
(63,530)
(63,530)
(63,689)
1,000,000
217,375
(217,375)
936,311
936,311
(61,688)
354,531
(217,375)
75,468
75,468
(61,688)
292,843
(220,583)
10,573
10,573
(53,896)
231,156
(223,792)
(46,532)
(46,532)
735,626
63,530
799,155
2,149
799,155
(799,155)
2,334
46,532
46,532
-
55,000
(12,521)
(103,392)
(58,688)
(2,149)
(62,755)
55,000
(12,521)
(103,442)
(58,688)
(2,334)
(62,964)
55,000
(12,521)
(103,492)
(58,688)
(61,013)
55,000
(12,521)
(103,542)
(58,688)
(61,063)
80,000
(15,729)
(103,617)
(36,896)
(39,346)
217,375
366,871
799,155
(444,805)
354,531
504,752
492,231
292,843
443,739
431,218
231,156
382,677
370,156
223,792
393,071
46,532
330,810
15
108,688
15
108,688
15
108,688
15
108,688
16
111,896
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
223,792
223,792
223,792
223,792
234,792
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
-
14,229
3
14,229
3
14,229
3
14,229
3
14,229
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
111,896
16
111,896
16
111,896
16
111,896
16
111,896
16
10,000
5,000
35,000
10,000
5,000
35,000
10,000
5,000
35,000
10,000
5,000
35,000
10,000
5,000
35,000
80,000
80,000
80,000
80,000
80,000
(14,229)
(1,500)
(15,729)
19.7%
(14,229)
(1,500)
(15,729)
19.7%
(14,229)
(1,500)
(15,729)
19.7%
(14,229)
(1,500)
(15,729)
19.7%
(14,229)
(1,500)
(15,729)
19.7%
64,271
80.3%
64,271
80.3%
64,271
80.3%
64,271
80.3%
64,271
80.3%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(2,500)
(2,550)
(2,600)
(2,650)
(2,700)
(103,667)
(103,717)
(103,767)
(103,817)
(103,867)
(39,396)
(49.2%)
(39,446)
(49.3%)
(39,496)
(49.4%)
(39,546)
(49.4%)
(39,596)
(49.5%)
(36,896)
(46.1%)
(36,896)
(46.1%)
(36,896)
(46.1%)
(36,896)
(46.1%)
(36,896)
(46.1%)
(136)
19
(39,512)
(49.4%)
(253)
36
(39,663)
(49.6%)
(370)
53
(39,813)
(49.8%)
(487)
70
(39,964)
(50.0%)
(605)
86
(40,115)
(50.1%)
39,512
-
39,663
-
39,813
-
39,964
-
40,115
-
(39,512)
(49.4%)
(39,663)
(49.6%)
(39,813)
(49.8%)
(39,964)
(50.0%)
(40,115)
(50.1%)
223,792
40,000
15,729
279,521
223,792
40,000
15,729
279,521
223,792
40,000
15,729
279,521
223,792
40,000
15,729
279,521
234,792
40,000
15,729
290,521
150,000
(35,950)
114,050
153,000
(38,500)
114,500
156,000
(41,100)
114,900
159,000
(43,750)
115,250
162,000
(46,450)
115,550
393,571
394,021
394,421
394,771
406,071
86,544
15,729
102,273
126,656
15,729
142,386
166,869
15,729
182,599
207,183
15,729
222,912
258,598
15,729
274,327
102,273
142,386
182,599
222,912
274,327
1,450,000
(1,158,702)
291,298
1,450,000
(1,198,365)
251,635
1,450,000
(1,238,178)
211,822
1,450,000
(1,278,142)
171,858
1,450,000
(1,318,256)
131,744
393,571
Ok
394,021
Ok
1,158,702
394,421
Ok
1,198,365
394,771
Ok
1,238,178
406,071
Ok
1,278,142
1,318,256
(39,512)
2,500
(37,012)
(39,663)
2,550
(37,113)
(39,813)
2,600
(37,213)
(39,964)
2,650
(37,314)
(40,115)
2,700
(37,415)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
40,012
40,012
40,113
40,113
40,213
40,213
40,314
40,314
51,415
51,415
223,792
223,792
223,792
223,792
223,792
223,792
223,792
223,792
223,792
11,000
234,792
(40,012)
223,792
(223,792)
(40,012)
(40,012)
(40,113)
223,792
(223,792)
(40,113)
(40,113)
(40,213)
223,792
(223,792)
(40,213)
(40,213)
(40,314)
223,792
(223,792)
(40,314)
(40,314)
(40,415)
223,792
(234,792)
(51,415)
(51,415)
46,532
40,012
86,544
136
86,544
40,113
126,656
253
126,656
40,213
166,869
370
166,869
40,314
207,183
487
207,183
51,415
258,598
605
80,000
(15,729)
(103,667)
(36,896)
(136)
(39,512)
80,000
(15,729)
(103,717)
(36,896)
(253)
(39,663)
80,000
(15,729)
(103,767)
(36,896)
(370)
(39,813)
80,000
(15,729)
(103,817)
(36,896)
(487)
(39,964)
80,000
(15,729)
(103,867)
(36,896)
(605)
(40,115)
223,792
393,571
86,544
291,298
223,792
394,021
126,656
251,635
223,792
394,421
166,869
211,822
223,792
394,771
207,183
171,858
234,792
406,071
258,598
131,744
16
111,896
16
111,896
16
111,896
16
111,896
16
111,896
Jan-14
Feb-14
Mar-14
Apr-14
May-14
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
245,792
245,792
245,792
245,792
245,792
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
-
14,229
3
14,229
3
14,229
3
14,229
3
14,229
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
122,896
18
122,896
18
122,896
18
122,896
18
122,896
18
12,500
7,500
70,000
12,500
7,500
70,000
12,500
7,500
70,000
12,500
7,500
70,000
12,500
7,500
70,000
130,000
130,000
130,000
130,000
130,000
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
12.1%
114,271
87.9%
114,271
87.9%
114,271
87.9%
114,271
87.9%
114,271
87.9%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(2,883)
(2,933)
(2,983)
(3,033)
(3,083)
(118,300)
(118,350)
(118,400)
(118,450)
(118,500)
(4,029)
(3.1%)
(4,079)
(3.1%)
(4,129)
(3.2%)
(4,179)
(3.2%)
(4,229)
(3.3%)
(1,146)
(0.9%)
(1,146)
(0.9%)
(1,146)
(0.9%)
(1,146)
(0.9%)
(1,146)
(0.9%)
(755)
108
(4,677)
(3.6%)
(898)
128
(4,849)
(3.7%)
(912)
130
(4,911)
(3.8%)
(927)
132
(4,974)
(3.8%)
(941)
134
(5,036)
(3.9%)
4,677
-
4,849
-
4,911
-
4,974
-
5,036
-
(4,677)
(3.6%)
(4,849)
(3.7%)
(4,911)
(3.8%)
(4,974)
(3.8%)
(5,036)
(3.9%)
245,792
65,000
15,729
326,521
245,792
65,000
15,729
326,521
245,792
65,000
15,729
326,521
245,792
65,000
15,729
326,521
245,792
65,000
15,729
326,521
173,000
(49,333)
123,667
176,000
(52,267)
123,733
179,000
(55,250)
123,750
182,000
(58,283)
123,717
185,000
(61,367)
123,633
450,188
450,254
450,271
450,238
450,154
307,391
15,729
323,120
312,307
15,729
328,036
317,235
15,729
332,964
322,175
15,729
337,904
327,128
15,729
342,857
323,120
328,036
332,964
337,904
342,857
1,450,000
(1,322,933)
127,067
1,450,000
(1,327,782)
122,218
1,450,000
(1,332,693)
117,307
1,450,000
(1,337,667)
112,333
1,450,000
(1,342,703)
107,297
450,188
Ok
450,254
Ok
1,322,933
450,271
Ok
1,327,782
450,238
Ok
1,332,693
450,154
Ok
1,337,667
1,342,703
(4,677)
2,883
(25,000)
(26,793)
(4,849)
2,933
(1,916)
(4,911)
2,983
(1,928)
(4,974)
3,033
(1,940)
(5,036)
3,083
(1,953)
(3,000)
(5,000)
(3,000)
(11,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
48,793
48,793
4,916
4,916
4,928
4,928
4,940
4,940
4,953
4,953
234,792
11,000
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
(37,793)
234,792
(245,792)
(48,793)
(48,793)
(4,916)
245,792
(245,792)
(4,916)
(4,916)
(4,928)
245,792
(245,792)
(4,928)
(4,928)
(4,940)
245,792
(245,792)
(4,940)
(4,940)
(4,953)
245,792
(245,792)
(4,953)
(4,953)
258,598
48,793
307,391
755
307,391
4,916
312,307
898
312,307
4,928
317,235
912
317,235
4,940
322,175
927
322,175
4,953
327,128
941
130,000
(15,729)
(118,300)
(1,146)
(755)
(4,677)
130,000
(15,729)
(118,350)
(1,146)
(898)
(4,849)
130,000
(15,729)
(118,400)
(1,146)
(912)
(4,911)
130,000
(15,729)
(118,450)
(1,146)
(927)
(4,974)
130,000
(15,729)
(118,500)
(1,146)
(941)
(5,036)
245,792
450,188
307,391
127,067
245,792
450,254
312,307
122,218
245,792
450,271
317,235
117,307
245,792
450,238
322,175
112,333
245,792
450,154
327,128
107,297
18
122,896
18
122,896
18
122,896
18
122,896
18
122,896
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
245,792
245,792
245,792
245,792
245,792
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
-
14,229
3
14,229
3
14,229
3
14,229
3
14,229
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
122,896
18
122,896
18
122,896
18
122,896
18
122,896
18
12,500
7,500
70,000
12,500
7,500
100,000
12,500
7,500
100,000
12,500
7,500
100,000
12,500
7,500
100,000
130,000
160,000
160,000
160,000
160,000
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
9.8%
(14,229)
(1,500)
(15,729)
9.8%
(14,229)
(1,500)
(15,729)
9.8%
(14,229)
(1,500)
(15,729)
9.8%
114,271
87.9%
144,271
90.2%
144,271
90.2%
144,271
90.2%
144,271
90.2%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(3,133)
(3,183)
(3,233)
(3,283)
(3,333)
(118,550)
(118,600)
(118,650)
(118,700)
(118,750)
(4,279)
(3.3%)
25,671
16.0%
25,621
16.0%
25,571
16.0%
25,521
16.0%
(1,146)
(0.9%)
28,854
18.0%
28,854
18.0%
28,854
18.0%
28,854
18.0%
(956)
136
(5,098)
(3.9%)
(970)
138
24,839
15.5%
(941)
134
24,814
15.5%
(868)
124
24,827
15.5%
(794)
113
24,840
15.5%
5,098
-
(24,839)
-
(24,814)
-
(24,827)
-
(24,840)
-
(5,098)
(3.9%)
24,839
15.5%
24,814
15.5%
24,827
15.5%
24,840
15.5%
245,792
65,000
15,729
326,521
245,792
80,000
15,729
341,521
245,792
80,000
15,729
341,521
245,792
80,000
15,729
341,521
245,792
80,000
15,729
341,521
188,000
(64,500)
123,500
191,000
(67,683)
123,317
194,000
(70,917)
123,083
197,000
(74,200)
122,800
200,000
(77,533)
122,467
450,021
464,838
464,604
464,321
463,988
332,093
15,729
347,822
322,070
15,729
337,799
297,022
15,729
312,752
271,912
15,729
287,641
246,739
15,729
262,468
347,822
337,799
312,752
287,641
262,468
1,450,000
(1,347,801)
102,199
1,450,000
(1,322,962)
127,038
1,450,000
(1,298,147)
151,853
1,450,000
(1,273,320)
176,680
1,450,000
(1,248,480)
201,520
450,021
Ok
464,838
Ok
1,347,801
464,604
Ok
1,322,962
464,321
Ok
463,988
Ok
1,298,147
1,273,320
1,248,480
(5,098)
3,133
(1,965)
24,839
3,183
(15,000)
13,023
24,814
3,233
28,048
24,827
3,283
28,110
24,840
3,333
28,173
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(10,023)
(10,023)
(25,048)
(25,048)
(25,110)
(25,110)
(25,173)
(25,173)
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
(4,965)
245,792
(245,792)
(4,965)
(4,965)
10,023
245,792
(245,792)
10,023
10,023
25,048
245,792
(245,792)
25,048
25,048
25,110
245,792
(245,792)
25,110
25,110
25,173
245,792
(245,792)
25,173
25,173
4,965
4,965
327,128
4,965
332,093
956
332,093
(10,023)
322,070
970
322,070
(25,048)
297,022
941
297,022
(25,110)
271,912
868
271,912
(25,173)
246,739
794
130,000
(15,729)
(118,550)
(1,146)
(956)
(5,098)
160,000
(15,729)
(118,600)
28,854
(970)
24,839
160,000
(15,729)
(118,650)
28,854
(941)
24,814
160,000
(15,729)
(118,700)
28,854
(868)
24,827
160,000
(15,729)
(118,750)
28,854
(794)
24,840
245,792
450,021
332,093
102,199
245,792
464,838
322,070
127,038
245,792
464,604
297,022
151,853
245,792
464,321
271,912
176,680
245,792
463,988
246,739
201,520
18
122,896
18
122,896
18
122,896
18
122,896
18
122,896
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
245,792
252,208
258,625
258,625
258,625
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
-
7,813
3,208
3,208
-
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
14,229
3
14,229
3
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
122,896
18
122,896
18
129,313
20
129,313
20
129,313
20
12,500
7,500
100,000
12,500
7,500
100,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
160,000
160,000
235,000
235,000
235,000
(14,229)
(1,500)
(15,729)
9.8%
(14,229)
(1,500)
(15,729)
9.8%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
144,271
90.2%
144,271
90.2%
212,854
90.6%
212,854
90.6%
212,854
90.6%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(3,383)
(3,433)
(3,617)
(3,667)
(3,717)
(118,800)
(118,850)
(119,283)
(119,333)
(119,383)
25,471
15.9%
25,421
15.9%
93,571
39.8%
93,521
39.8%
93,471
39.8%
28,854
18.0%
28,854
18.0%
97,188
41.4%
97,188
41.4%
97,188
41.4%
(721)
103
24,853
15.5%
(647)
92
24,866
15.5%
(592)
84
93,063
39.6%
(470)
67
93,118
39.6%
(196)
28
93,303
39.7%
(24,853)
-
(24,866)
-
(93,063)
-
(93,118)
-
(93,303)
-
24,853
15.5%
24,866
15.5%
93,063
39.6%
93,118
39.6%
93,303
39.7%
245,792
80,000
15,729
341,521
252,208
80,000
15,729
347,938
258,625
117,500
22,146
398,271
258,625
117,500
22,146
398,271
285,573
117,500
22,146
425,219
203,000
(80,917)
122,083
206,000
(84,350)
121,650
217,000
(87,967)
129,033
220,000
(91,633)
128,367
223,000
(95,350)
127,650
463,604
469,588
527,304
526,638
552,869
221,503
15,729
237,232
202,620
15,729
218,349
160,856
22,146
183,002
67,072
22,146
89,217
22,146
22,146
237,232
218,349
183,002
89,217
22,146
1,450,000
(1,223,628)
226,372
1,450,000
(1,198,761)
251,239
1,450,000
(1,105,698)
344,302
1,450,000
(1,012,580)
437,420
1,450,000
(919,277)
530,723
463,604
Ok
469,588
Ok
527,304
Ok
1,223,628
1,198,761
24,853
3,383
28,236
24,866
3,433
28,299
(3,000)
(3,000)
526,638
Ok
Ok
1,012,580
919,277
93,063
3,617
(37,500)
6,417
(6,417)
59,180
93,118
3,667
96,785
93,303
3,717
97,020
(3,000)
(3,000)
(3,000)
(5,000)
(3,000)
(11,000)
(3,000)
(3,000)
(3,000)
(3,000)
(25,236)
(25,236)
(18,883)
(18,883)
(41,763)
(41,763)
(93,785)
(93,785)
(67,072)
(67,072)
245,792
245,792
245,792
6,417
252,208
252,208
6,417
258,625
258,625
258,625
258,625
26,948
285,573
25,236
245,792
(245,792)
25,236
25,236
25,299
245,792
(252,208)
18,883
18,883
48,180
252,208
(258,625)
41,763
41,763
93,785
258,625
(258,625)
93,785
93,785
94,020
258,625
(258,625)
94,020
94,020
1,105,698
552,869
246,739
(25,236)
221,503
721
221,503
(18,883)
202,620
647
202,620
(41,763)
160,856
592
160,856
(93,785)
67,072
470
67,072
(67,072)
196
160,000
(15,729)
(118,800)
28,854
(721)
24,853
160,000
(15,729)
(118,850)
28,854
(647)
24,866
235,000
(22,146)
(119,283)
97,188
(592)
93,063
235,000
(22,146)
(119,333)
97,188
(470)
93,118
235,000
(22,146)
(119,383)
97,188
(196)
93,303
245,792
463,604
221,503
226,372
252,208
469,588
202,620
251,239
258,625
527,304
160,856
344,302
258,625
526,638
67,072
437,420
285,573
552,869
530,723
18
122,896
18
122,896
20
129,313
20
129,313
20
129,313
Apr-15
May-15
Jun-15
Jul-15
Aug-15
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
258,625
258,625
258,625
258,625
258,625
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
235,000
235,000
235,000
235,000
235,000
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(3,767)
(3,817)
(3,867)
(3,917)
(3,967)
(119,433)
(119,483)
(119,533)
(119,583)
(119,633)
93,421
39.8%
93,371
39.7%
93,321
39.7%
93,271
39.7%
93,221
39.7%
97,188
41.4%
97,188
41.4%
97,188
41.4%
97,188
41.4%
97,188
41.4%
93,421
39.8%
93,371
39.7%
93,321
39.7%
93,271
39.7%
93,221
39.7%
(93,421)
-
(93,371)
-
(93,321)
-
(93,271)
-
(93,221)
-
93,421
39.8%
93,371
39.7%
93,321
39.7%
93,271
39.7%
93,221
39.7%
379,760
117,500
22,146
519,406
473,948
117,500
22,146
613,594
568,135
117,500
22,146
707,781
662,323
117,500
22,146
801,969
756,510
117,500
22,146
896,156
226,000
(99,117)
126,883
229,000
(102,933)
126,067
232,000
(106,800)
125,200
235,000
(110,717)
124,283
238,000
(114,683)
123,317
646,290
739,660
832,981
926,252
1,019,473
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
1,450,000
(825,856)
624,144
1,450,000
(732,485)
717,515
1,450,000
(639,165)
810,835
1,450,000
(545,894)
904,106
1,450,000
(452,673)
997,327
646,290
739,660
832,981
926,252
1,019,473
Ok
Ok
Ok
Ok
Ok
825,856
732,485
639,165
545,894
452,673
93,421
3,767
97,188
93,371
3,817
97,188
93,321
3,867
97,188
93,271
3,917
97,188
93,221
3,967
97,188
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
285,573
94,188
379,760
379,760
94,188
473,948
473,948
94,188
568,135
568,135
94,188
662,323
662,323
94,188
756,510
94,188
285,573
(258,625)
121,135
121,135
94,188
379,760
(258,625)
215,323
215,323
94,188
473,948
(258,625)
309,510
309,510
94,188
568,135
(258,625)
403,698
403,698
94,188
662,323
(258,625)
497,885
497,885
235,000
(22,146)
(119,433)
97,188
93,421
235,000
(22,146)
(119,483)
97,188
93,371
235,000
(22,146)
(119,533)
97,188
93,321
235,000
(22,146)
(119,583)
97,188
93,271
235,000
(22,146)
(119,633)
97,188
93,221
379,760
646,290
624,144
473,948
739,660
717,515
568,135
832,981
810,835
662,323
926,252
904,106
756,510
1,019,473
997,327
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
100.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
258,625
258,625
258,625
258,625
258,625
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
235,000
235,000
235,000
235,000
235,000
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(4,017)
(4,067)
(4,117)
(4,167)
(4,300)
(119,683)
(119,733)
(119,783)
(119,833)
(120,217)
93,171
39.6%
93,121
39.6%
93,071
39.6%
93,021
39.6%
92,638
39.4%
97,188
41.4%
97,188
41.4%
97,188
41.4%
97,188
41.4%
96,938
41.3%
93,171
39.6%
93,121
39.6%
93,071
39.6%
93,021
39.6%
92,638
39.4%
(93,171)
-
(93,121)
-
(93,071)
-
(93,021)
-
(80,290)
12,348
(4,939)
93,171
39.6%
93,121
39.6%
93,071
39.6%
93,021
39.6%
87,698
37.3%
850,698
117,500
22,146
990,344
944,885
117,500
22,146
1,084,531
1,039,073
117,500
22,146
1,178,719
1,133,260
117,500
22,146
1,272,906
1,217,259
117,500
22,146
1,356,905
241,000
(118,700)
122,300
-
244,000
(122,767)
121,233
-
247,000
(126,883)
120,117
-
250,000
(131,050)
118,950
-
258,000
(135,350)
122,650
-
1,112,644
1,205,765
1,298,835
1,391,856
1,479,555
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
1,450,000
(359,502)
1,090,498
1,450,000
(266,381)
1,183,619
1,450,000
(173,310)
1,276,690
1,450,000
(80,290)
1,369,710
1,450,000
7,409
1,457,409
1,112,644
1,205,765
1,298,835
1,391,856
Ok
Ok
Ok
359,502
266,381
173,310
80,290
93,171
4,017
97,188
93,121
4,067
97,188
93,071
4,117
97,188
93,021
4,167
97,188
87,698
4,300
91,998
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(5,000)
(3,000)
(8,000)
756,510
94,188
850,698
850,698
94,188
944,885
94,188
756,510
(258,625)
592,073
592,073
94,188
850,698
(258,625)
686,260
686,260
Ok
1,479,555
944,885
94,188
1,039,073
94,188
944,885
(258,625)
780,448
780,448
-
Ok
1,039,073
94,188
1,133,260
94,188
1,039,073
(258,625)
874,635
874,635
-
1,133,260
83,998
1,217,259
83,998
1,133,260
(258,625)
958,634
958,634
-
235,000
(22,146)
(119,683)
97,188
93,171
235,000
(22,146)
(119,733)
97,188
93,121
235,000
(22,146)
(119,783)
97,188
93,071
235,000
(22,146)
(119,833)
97,188
93,021
235,000
(22,146)
(120,217)
96,938
87,698
850,698
1,112,644
1,090,498
944,885
1,205,765
1,183,619
1,039,073
1,298,835
1,276,690
1,133,260
1,391,856
1,369,710
1,217,259
1,479,555
1,457,409
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
Feb-16
Mar-16
Apr-16
May-16
Jun-16
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
258,625
258,625
258,625
258,625
258,625
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
235,000
235,000
235,000
235,000
235,000
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(4,350)
(4,400)
(4,450)
(4,500)
(4,550)
(120,267)
(120,317)
(120,367)
(120,417)
(120,467)
92,588
39.4%
92,538
39.4%
92,488
39.4%
92,438
39.3%
92,388
39.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
92,588
39.4%
92,538
39.4%
92,488
39.4%
92,438
39.3%
92,388
39.3%
92,588
(37,035)
92,538
(37,015)
92,488
(36,995)
92,438
(36,975)
92,388
(36,955)
55,553
23.6%
55,523
23.6%
55,493
23.6%
55,463
23.6%
55,433
23.6%
1,274,161
117,500
22,146
1,413,807
1,331,084
117,500
22,146
1,470,730
1,388,026
117,500
22,146
1,527,672
1,444,989
117,500
22,146
1,584,635
1,501,971
117,500
22,146
1,641,617
261,000
(139,700)
121,300
-
264,000
(144,100)
119,900
-
267,000
(148,550)
118,450
-
270,000
(153,050)
116,950
-
273,000
(157,600)
115,400
-
1,535,107
1,590,630
1,646,122
1,701,585
1,757,017
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
1,450,000
62,961
1,512,961
1,450,000
118,484
1,568,484
1,450,000
173,976
1,623,976
1,450,000
229,439
1,679,439
1,450,000
284,871
1,734,871
1,535,107
Ok
1,590,630
Ok
1,646,122
Ok
1,701,585
Ok
1,757,017
Ok
55,553
4,350
59,903
55,523
4,400
59,923
55,493
4,450
59,943
55,463
4,500
59,963
55,433
4,550
59,983
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
1,217,259
56,903
1,274,161
1,274,161
56,923
1,331,084
1,331,084
56,943
1,388,026
1,388,026
56,963
1,444,989
1,444,989
56,983
1,501,971
56,903
1,217,259
(258,625)
1,015,536
1,015,536
56,923
1,274,161
(258,625)
1,072,459
1,072,459
56,943
1,331,084
(258,625)
1,129,401
1,129,401
56,963
1,388,026
(258,625)
1,186,364
1,186,364
56,983
1,444,989
(258,625)
1,243,346
1,243,346
235,000
(22,146)
(120,267)
96,938
55,553
235,000
(22,146)
(120,317)
96,938
55,523
235,000
(22,146)
(120,367)
96,938
55,493
235,000
(22,146)
(120,417)
96,938
55,463
235,000
(22,146)
(120,467)
96,938
55,433
1,274,161
1,535,107
1,512,961
1,331,084
1,590,630
1,568,484
1,388,026
1,646,122
1,623,976
1,444,989
1,701,585
1,679,439
1,501,971
1,757,017
1,734,871
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
258,625
258,625
258,625
258,625
258,625
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
7,813
3,208
3,208
3,208
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
3,208
20,646
5
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
13,021
4,313
4,125
4,125
3,667
29,250
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
235,000
235,000
235,000
235,000
235,000
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(4,600)
(4,650)
(4,700)
(4,750)
(4,800)
(120,517)
(120,567)
(120,617)
(120,667)
(120,717)
92,338
39.3%
92,288
39.3%
92,238
39.3%
92,188
39.2%
92,138
39.2%
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
92,338
39.3%
92,288
39.3%
92,238
39.3%
92,188
39.2%
92,138
39.2%
92,338
(36,935)
92,288
(36,915)
92,238
(36,895)
92,188
(36,875)
92,138
(36,855)
55,403
23.6%
55,373
23.6%
55,343
23.6%
55,313
23.5%
55,283
23.5%
1,558,974
117,500
22,146
1,698,620
1,615,996
117,500
22,146
1,755,642
1,673,039
117,500
22,146
1,812,685
1,730,101
117,500
22,146
1,869,747
1,787,184
117,500
22,146
1,926,830
276,000
(162,200)
113,800
-
279,000
(166,850)
112,150
-
282,000
(171,550)
110,450
-
285,000
(176,300)
108,700
-
288,000
(181,100)
106,900
-
1,812,420
1,867,792
1,923,135
1,978,447
2,033,730
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
1,450,000
340,274
1,790,274
1,450,000
395,646
1,845,646
1,450,000
450,989
1,900,989
1,450,000
506,301
1,956,301
1,450,000
561,584
2,011,584
1,812,420
Ok
1,867,792
Ok
1,923,135
Ok
1,978,447
Ok
2,033,730
Ok
55,403
4,600
60,003
55,373
4,650
60,023
55,343
4,700
60,043
55,313
4,750
60,063
55,283
4,800
60,083
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
1,501,971
57,003
1,558,974
1,558,974
57,023
1,615,996
1,615,996
57,043
1,673,039
1,673,039
57,063
1,730,101
1,730,101
57,083
1,787,184
57,003
1,501,971
(258,625)
1,300,349
1,300,349
57,023
1,558,974
(258,625)
1,357,371
1,357,371
57,043
1,615,996
(258,625)
1,414,414
1,414,414
57,063
1,673,039
(258,625)
1,471,476
1,471,476
57,083
1,730,101
(258,625)
1,528,559
1,528,559
235,000
(22,146)
(120,517)
96,938
55,403
235,000
(22,146)
(120,567)
96,938
55,373
235,000
(22,146)
(120,617)
96,938
55,343
235,000
(22,146)
(120,667)
96,938
55,313
235,000
(22,146)
(120,717)
96,938
55,283
1,558,974
1,812,420
1,790,274
1,615,996
1,867,792
1,845,646
1,673,039
1,923,135
1,900,989
1,730,101
1,978,447
1,956,301
1,787,184
2,033,730
2,011,584
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
Dec-16
Q1 2012
Q2 2012
Q3 2012
Q4 2012
0.0%
0.3%
0.5%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
400,000
15
30
30
258,625
85,458
100,271
174,333
181,507
18,229
15,625
33,854
2
54,688
54,688
1
54,688
54,688
1
54,688
46,875
101,563
2
54,688
46,875
101,563
2
7,813
3,208
3,208
3,208
23,438
-
23,438
-
23,438
-
23,438
-
3,208
20,646
5
23,438
1
23,438
1
23,438
1
23,438
1
6,250
2,875
2,875
12,000
3
18,750
18,750
1
18,750
18,750
1
7,813
4,583
12,396
2
23,438
23,438
1
23,438
23,438
1
8,333
6,417
6,417
21,167
3
25,000
19,250
44,250
2
25,000
19,250
44,250
2
39,063
11,000
50,063
39,063
11,000
50,063
13,021
4,313
4,125
4,125
3,667
29,250
39,063
11,000
50,063
39,063
11,000
50,063
129,313
20
128,188
4
128,188
4
261,500
9
261,500
9
12,500
7,500
150,000
3,000
-
12,000
5,000
5,000
30,000
15,000
15,000
30,000
15,000
30,000
235,000
3,000
17,000
60,000
75,000
(20,646)
(1,500)
(22,146)
9.4%
(23,438)
(4,500)
(27,938)
931.3%
(23,438)
(4,500)
(27,938)
164.3%
(23,438)
(4,500)
(27,938)
46.6%
(23,438)
(4,500)
(27,938)
37.3%
212,854
90.6%
(24,938)
(831.3%)
(10,938)
(64.3%)
32,063
53.4%
47,063
62.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(750)
(1,500)
(750)
(3,000)
100.0%
(750)
(1,500)
(750)
(3,000)
17.6%
(18,750)
(23,438)
(750)
(1,500)
(750)
(45,188)
75.3%
(18,750)
(23,438)
(750)
(1,500)
(750)
(45,188)
60.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(54,688)
(50,063)
(4,500)
(2,250)
(111,500)
3,716.7%
(54,688)
(50,063)
(4,500)
(2,250)
(111,500)
655.9%
(101,563)
(44,250)
(50,063)
(4,500)
(2,250)
(202,625)
337.7%
(101,563)
(44,250)
(50,063)
(4,500)
(2,250)
(202,625)
270.2%
(4,850)
(3,400)
(3,925)
(4,825)
(5,350)
(120,767)
(117,900)
(118,425)
(252,638)
(253,163)
92,088
39.2%
(142,838)
(4,761.3%)
(129,363)
(761.0%)
(220,575)
(367.6%)
(206,100)
(274.8%)
96,938
41.3%
(139,438)
(4,647.9%)
(125,438)
(737.9%)
(215,750)
(359.6%)
(200,750)
(267.7%)
92,088
39.2%
(1,271)
181
(143,927)
(4,797.6%)
(2,617)
373
(131,606)
(774.2%)
(2,484)
354
(222,705)
(371.2%)
(3,447)
492
(209,055)
(278.7%)
92,088
(36,835)
55,253
23.5%
1,844,286
117,500
22,146
1,983,932
291,000
(185,950)
105,050
-
143,927
(143,927)
(4,797.6%)
85,458
500
9,313
95,271
71,500
(3,400)
68,100
-
131,606
-
222,705
-
209,055
-
(131,606)
(774.2%)
(222,705)
(371.2%)
(209,055)
(278.7%)
129,896
7,500
9,313
146,708
174,333
10,000
9,313
193,646
195,854
12,500
9,313
217,667
82,000
(7,325)
74,675
-
100,000
(12,150)
87,850
-
110,500
(17,500)
93,000
-
2,088,982
163,371
221,383
281,496
310,667
22,146
22,146
247,986
9,313
257,298
437,604
9,313
446,917
320,421
9,313
329,734
558,647
9,313
567,960
22,146
257,298
446,917
329,734
567,960
50,000
(143,927)
(93,927)
50,000
(275,533)
(225,533)
450,000
(498,238)
(48,238)
450,000
(707,293)
(257,293)
1,450,000
616,836
2,066,836
2,088,982
Ok
55,253
4,850
60,103
163,371
221,383
281,496
310,667
Ok
Ok
Ok
Ok
143,927
275,533
498,238
707,293
(143,927)
3,400
(500)
(688)
(8,813)
(150,527)
(131,606)
3,925
(7,000)
(134,681)
(222,705)
4,825
(2,500)
(220,380)
(209,055)
5,350
(2,500)
(206,205)
(6,000)
(5,000)
(10,500)
(21,500)
(10,500)
(10,500)
(7,500)
(10,500)
(18,000)
(10,500)
(10,500)
157,486
157,486
189,618
189,618
(117,183)
400,000
282,817
238,226
238,226
1,787,184
57,103
1,844,286
100,000
(14,542)
85,458
85,458
44,438
129,896
129,896
44,438
174,333
174,333
21,521
195,854
57,103
1,787,184
(258,625)
1,585,661
1,585,661
(172,027)
100,000
(85,458)
(157,486)
(157,486)
(145,181)
85,458
(100,271)
(159,993)
(159,993)
(238,380)
400,000
129,896
(174,333)
117,183
117,183
(216,705)
174,333
(181,507)
(223,879)
(223,879)
(3,000)
(3,000)
235,000
(22,146)
(120,767)
96,938
55,253
1,844,286
2,088,982
2,066,836
20
129,313
90,500
157,486
247,986
1,271
247,986
189,618
437,604
2,617
437,604
(117,183)
320,421
2,484
320,421
238,226
558,647
3,447
3,000
(27,938)
(117,900)
(139,438)
(1,271)
(143,927)
17,000
(27,938)
(118,425)
(125,438)
(2,617)
(131,606)
60,000
(27,938)
(252,638)
(215,750)
(2,484)
(222,705)
75,000
(27,938)
(253,163)
(200,750)
(3,447)
(209,055)
85,458
163,371
247,986
(93,927)
129,896
221,383
437,604
(225,533)
174,333
281,496
320,421
(48,238)
195,854
310,667
558,647
(257,293)
4
42,729
4
42,729
9
87,167
9
87,167
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
1,000,000
15
30
30
15
30
30
15
30
30
217,375
218,444
223,792
227,458
245,792
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
23,438
9,625
-
23,438
9,625
-
23,438
9,625
9,625
-
23,438
9,625
9,625
-
23,438
9,625
9,625
-
33,063
2
33,063
2
42,688
3
42,688
3
42,688
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
23,438
23,438
1
23,438
23,438
1
23,438
23,438
1
23,438
23,438
1
23,438
13,750
37,188
2
25,000
19,250
44,250
2
25,000
19,250
44,250
2
25,000
19,250
44,250
2
25,000
19,250
44,250
2
25,000
19,250
19,250
63,500
3
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
326,063
15
326,063
15
335,688
16
335,688
16
368,688
18
30,000
15,000
60,000
30,000
15,000
60,000
30,000
15,000
105,000
30,000
15,000
105,000
37,500
22,500
210,000
165,000
165,000
240,000
240,000
390,000
(33,063)
(4,500)
(37,563)
22.8%
(33,063)
(4,500)
(37,563)
22.8%
(42,688)
(4,500)
(47,188)
19.7%
(42,688)
(4,500)
(47,188)
19.7%
(42,688)
(4,500)
(47,188)
12.1%
127,438
77.2%
127,438
77.2%
192,813
80.3%
192,813
80.3%
342,813
87.9%
(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
37.8%
(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
37.8%
(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
26.0%
(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
26.0%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
20.7%
(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
146.1%
(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
146.1%
(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
100.4%
(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
100.4%
(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
68.1%
(6,525)
(6,975)
(7,500)
(7,950)
(8,800)
(310,025)
(310,475)
(311,000)
(311,450)
(355,050)
(182,588)
(110.7%)
(183,038)
(110.9%)
(118,188)
(49.2%)
(118,638)
(49.4%)
(12,238)
(3.1%)
(176,063)
(106.7%)
(176,063)
(106.7%)
(110,688)
(46.1%)
(110,688)
(46.1%)
(3,438)
(0.9%)
(5,744)
820
(187,512)
(113.6%)
(2,334)
333
(185,039)
(112.1%)
(389)
55
(118,521)
(49.4%)
(1,463)
209
(119,891)
(50.0%)
(2,565)
366
(14,437)
(3.7%)
187,512
-
185,039
-
118,521
-
119,891
-
14,437
-
(187,512)
(113.6%)
(185,039)
(112.1%)
(118,521)
(49.4%)
(119,891)
(50.0%)
(14,437)
(3.7%)
217,375
27,500
12,521
257,396
231,156
27,500
12,521
271,177
223,792
40,000
15,729
279,521
234,792
40,000
15,729
290,521
245,792
65,000
15,729
326,521
133,500
(24,025)
109,475
142,500
(31,000)
111,500
153,000
(38,500)
114,500
162,000
(46,450)
115,550
179,000
(55,250)
123,750
366,871
382,677
394,021
406,071
450,271
799,155
12,521
811,676
12,521
12,521
126,656
15,729
142,386
258,598
15,729
274,327
317,235
15,729
332,964
811,676
12,521
142,386
274,327
332,964
450,000
(894,805)
(444,805)
1,450,000
(1,079,844)
370,156
1,450,000
(1,198,365)
251,635
1,450,000
(1,318,256)
131,744
1,450,000
(1,332,693)
117,307
366,871
Ok
382,677
Ok
894,805
394,021
Ok
406,071
Ok
450,271
Ok
1,079,844
1,198,365
1,318,256
1,332,693
(187,512)
6,525
(15,000)
3,208
(3,208)
(195,987)
(185,039)
6,975
(178,064)
(118,521)
7,500
(12,500)
3,208
(3,208)
(123,521)
(119,891)
7,950
(111,941)
(14,437)
8,800
(25,000)
(30,637)
(9,000)
(5,000)
(9,000)
(23,000)
(9,000)
(9,000)
(1,500)
(9,000)
(10,500)
(9,000)
(9,000)
(3,000)
(5,000)
(9,000)
(17,000)
240,508
240,508
(799,155)
1,000,000
200,845
126,656
126,656
131,941
131,941
58,637
58,637
195,854
21,521
217,375
217,375
13,781
231,156
231,156
(7,364)
223,792
223,792
11,000
234,792
234,792
11,000
245,792
(218,987)
195,854
(217,375)
(240,508)
(240,508)
(187,064)
1,000,000
217,375
(218,444)
811,867
811,867
(134,021)
231,156
(223,792)
(126,656)
(126,656)
(120,941)
223,792
(227,458)
(124,608)
(124,608)
(47,637)
234,792
(245,792)
(58,637)
(58,637)
558,647
240,508
799,155
5,744
799,155
(799,155)
2,334
126,656
126,656
389
126,656
131,941
258,598
1,463
258,598
58,637
317,235
2,565
165,000
(37,563)
(310,025)
(176,063)
(5,744)
(187,512)
165,000
(37,563)
(310,475)
(176,063)
(2,334)
(185,039)
240,000
(47,188)
(311,000)
(110,688)
(389)
(118,521)
240,000
(47,188)
(311,450)
(110,688)
(1,463)
(119,891)
390,000
(47,188)
(355,050)
(3,438)
(2,565)
(14,437)
217,375
366,871
799,155
(444,805)
231,156
382,677
370,156
223,792
394,021
126,656
251,635
234,792
406,071
258,598
131,744
245,792
450,271
317,235
117,307
15
108,688
15
108,688
16
111,896
16
111,896
18
122,896
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
245,792
245,792
247,931
258,625
258,625
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
23,438
9,625
9,625
-
23,438
9,625
9,625
-
23,438
9,625
9,625
-
23,438
9,625
9,625
9,625
23,438
9,625
9,625
9,625
42,688
3
42,688
3
42,688
3
9,625
61,938
5
9,625
61,938
5
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
368,688
18
368,688
18
368,688
18
387,938
20
387,938
20
37,500
22,500
210,000
37,500
22,500
300,000
37,500
22,500
300,000
37,500
22,500
450,000
37,500
22,500
450,000
390,000
480,000
480,000
705,000
705,000
(42,688)
(4,500)
(47,188)
12.1%
(42,688)
(4,500)
(47,188)
9.8%
(42,688)
(4,500)
(47,188)
9.8%
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
342,813
87.9%
432,813
90.2%
432,813
90.2%
638,563
90.6%
638,563
90.6%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
20.7%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
16.8%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
16.8%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
68.1%
(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
55.3%
(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
55.3%
(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%
(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%
(9,250)
(9,700)
(10,150)
(11,000)
(11,450)
(355,500)
(355,950)
(356,400)
(358,000)
(358,450)
(12,688)
(3.3%)
76,863
16.0%
76,413
15.9%
280,563
39.8%
280,113
39.7%
(3,438)
(0.9%)
86,563
18.0%
86,563
18.0%
291,563
41.4%
291,563
41.4%
(2,778)
396
74,481
15.5%
(2,162)
308
74,559
15.5%
(1,258)
179
279,484
39.6%
280,113
39.7%
(74,481)
-
(74,559)
-
(279,484)
-
(280,113)
-
74,481
15.5%
74,559
15.5%
279,484
39.6%
280,113
39.7%
245,792
65,000
15,729
326,521
245,792
80,000
15,729
341,521
252,208
80,000
15,729
347,938
285,573
117,500
22,146
425,219
568,135
117,500
22,146
707,781
188,000
(64,500)
123,500
197,000
(74,200)
122,800
206,000
(84,350)
121,650
223,000
(95,350)
127,650
232,000
(106,800)
125,200
(2,823)
403
(15,108)
(3.9%)
15,108
(15,108)
(3.9%)
450,021
464,321
469,588
552,869
832,981
332,093
15,729
347,822
271,912
15,729
287,641
202,620
15,729
218,349
22,146
22,146
22,146
22,146
347,822
287,641
218,349
22,146
22,146
1,450,000
(1,347,801)
102,199
1,450,000
(1,273,320)
176,680
1,450,000
(1,198,761)
251,239
1,450,000
(919,277)
530,723
1,450,000
(639,165)
810,835
450,021
Ok
464,321
Ok
1,347,801
469,588
Ok
1,273,320
1,198,761
552,869
832,981
Ok
Ok
919,277
639,165
280,113
11,450
291,563
(15,108)
9,250
(5,858)
74,481
9,700
(15,000)
69,181
74,559
10,150
84,709
279,484
11,000
(37,500)
6,417
(6,417)
252,984
(9,000)
(9,000)
(9,000)
(9,000)
(9,000)
(9,000)
(3,000)
(5,000)
(9,000)
(17,000)
(60,181)
(60,181)
(69,292)
(69,292)
(202,620)
(202,620)
245,792
245,792
245,792
245,792
245,792
6,417
252,208
252,208
33,365
285,573
285,573
282,563
568,135
(14,858)
245,792
(245,792)
(14,858)
(14,858)
60,181
245,792
(245,792)
60,181
60,181
75,709
245,792
(247,931)
73,570
73,570
235,984
252,208
(258,625)
229,568
229,568
282,563
285,573
(258,625)
309,510
309,510
14,858
14,858
(9,000)
(9,000)
317,235
14,858
332,093
2,823
332,093
(60,181)
271,912
2,778
271,912
(69,292)
202,620
2,162
202,620
(202,620)
1,258
390,000
(47,188)
(355,500)
(3,438)
(2,823)
(15,108)
480,000
(47,188)
(355,950)
86,563
(2,778)
74,481
480,000
(47,188)
(356,400)
86,563
(2,162)
74,559
705,000
(66,438)
(358,000)
291,563
(1,258)
279,484
705,000
(66,438)
(358,450)
291,563
280,113
245,792
450,021
332,093
102,199
245,792
464,321
271,912
176,680
252,208
469,588
202,620
251,239
285,573
552,869
530,723
568,135
832,981
810,835
18
122,896
18
122,896
18
122,896
20
129,313
20
129,313
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
100.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
258,625
258,625
258,625
258,625
258,625
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
23,438
9,625
9,625
9,625
23,438
9,625
9,625
9,625
23,438
9,625
9,625
9,625
23,438
9,625
9,625
9,625
23,438
9,625
9,625
9,625
9,625
61,938
5
9,625
61,938
5
9,625
61,938
5
9,625
61,938
5
9,625
61,938
5
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
39,063
12,938
12,375
12,375
11,000
87,750
387,938
20
387,938
20
387,938
20
387,938
20
387,938
20
37,500
22,500
450,000
37,500
22,500
450,000
37,500
22,500
450,000
37,500
22,500
450,000
37,500
22,500
450,000
705,000
705,000
705,000
705,000
705,000
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
638,563
90.6%
638,563
90.6%
638,563
90.6%
638,563
90.6%
638,563
90.6%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%
(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%
(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%
(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%
(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%
(11,900)
(12,350)
(13,050)
(13,500)
(13,950)
(358,900)
(359,350)
(360,800)
(361,250)
(361,700)
279,663
39.7%
279,213
39.6%
277,763
39.4%
277,313
39.3%
276,863
39.3%
291,563
41.4%
291,563
41.4%
290,813
41.3%
290,813
41.3%
290,813
41.3%
279,663
39.7%
279,213
39.6%
277,763
39.4%
277,313
39.3%
276,863
39.3%
(279,663)
-
(279,213)
-
277,313
(110,925)
276,863
(110,745)
279,663
39.7%
279,213
39.6%
198,773
28.2%
166,388
23.6%
166,118
23.6%
850,698
117,500
22,146
990,344
1,133,260
117,500
22,146
1,272,906
1,331,084
117,500
22,146
1,470,730
1,501,971
117,500
22,146
1,641,617
1,673,039
117,500
22,146
1,812,685
241,000
(118,700)
122,300
-
250,000
(131,050)
118,950
-
(80,290)
197,473
(78,989)
264,000
(144,100)
119,900
-
273,000
(157,600)
115,400
-
282,000
(171,550)
110,450
-
1,112,644
1,391,856
1,590,630
1,757,017
1,923,135
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
1,450,000
118,484
1,568,484
1,450,000
284,871
1,734,871
1,450,000
450,989
1,900,989
1,450,000
(359,502)
1,090,498
1,450,000
(80,290)
1,369,710
1,112,644
Ok
1,391,856
Ok
Ok
359,502
80,290
279,663
11,900
291,563
279,213
12,350
291,563
(9,000)
(9,000)
568,135
282,563
850,698
282,563
568,135
(258,625)
592,073
592,073
-
1,590,630
(9,000)
(9,000)
850,698
282,563
1,133,260
282,563
850,698
(258,625)
874,635
874,635
-
1,757,017
Ok
198,773
13,050
211,823
(5,000)
(9,000)
(14,000)
1,923,135
Ok
166,388
13,500
179,888
(9,000)
(9,000)
166,118
13,950
180,068
(9,000)
(9,000)
1,133,260
197,823
1,331,084
1,331,084
170,888
1,501,971
1,501,971
171,068
1,673,039
197,823
1,133,260
(258,625)
1,072,459
1,072,459
170,888
1,331,084
(258,625)
1,243,346
1,243,346
171,068
1,501,971
(258,625)
1,414,414
1,414,414
705,000
(66,438)
(358,900)
291,563
279,663
705,000
(66,438)
(359,350)
291,563
279,213
705,000
(66,438)
(360,800)
290,813
198,773
705,000
(66,438)
(361,250)
290,813
166,388
705,000
(66,438)
(361,700)
290,813
166,118
850,698
1,112,644
1,090,498
1,133,260
1,391,856
1,369,710
1,331,084
1,590,630
1,568,484
1,501,971
1,757,017
1,734,871
1,673,039
1,923,135
1,900,989
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
Q4 2016
2012
2013
2014
2015
0.1%
0.9%
1.4%
0.0%
0.5%
3.5%
5.5%
0.0%
0.5%
3.5%
5.5%
0.0%
0.5%
3.5%
5.5%
0.0%
0.5%
3.5%
5.5%
100.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
400,000
1,000,000
258,625
135,392
221,767
246,326
258,625
54,688
46,875
101,563
2
218,750
93,750
312,500
2
218,750
187,500
406,250
2
218,750
187,500
406,250
2
218,750
187,500
406,250
2
23,438
9,625
9,625
9,625
93,750
-
93,750
38,500
19,250
-
93,750
38,500
38,500
-
93,750
38,500
38,500
38,500
15
30
30
15
30
30
9,625
61,938
5
93,750
1
151,500
3
170,750
3
38,500
247,750
5
18,750
8,625
8,625
36,000
3
37,500
37,500
1
75,000
34,500
34,500
144,000
3
75,000
34,500
34,500
144,000
3
75,000
34,500
34,500
144,000
3
23,438
13,750
37,188
2
46,875
46,875
1
93,750
93,750
1
93,750
55,000
148,750
2
93,750
55,000
148,750
2
25,000
19,250
19,250
63,500
3
50,000
38,500
88,500
1
100,000
77,000
177,000
2
100,000
77,000
77,000
254,000
3
100,000
77,000
77,000
254,000
3
39,063
12,938
12,375
12,375
11,000
87,750
156,250
44,000
200,250
156,250
51,750
49,500
49,500
44,000
351,000
156,250
51,750
49,500
49,500
44,000
351,000
156,250
51,750
49,500
49,500
44,000
351,000
387,938
20
779,375
7
1,323,500
16
1,474,750
18
1,551,750
20
37,500
22,500
450,000
75,000
35,000
50,000
120,000
60,000
330,000
150,000
90,000
1,020,000
150,000
90,000
1,800,000
705,000
155,000
810,000
1,740,000
2,820,000
(61,938)
(4,500)
(66,438)
9.4%
(93,750)
(18,000)
(111,750)
72.1%
(151,500)
(18,000)
(169,500)
20.9%
638,563
90.6%
(170,750)
(18,000)
(188,750)
10.8%
1,551,250
89.2%
(247,750)
(18,000)
(265,750)
9.4%
43,250
27.9%
640,500
79.1%
2,554,250
90.6%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(37,500)
(46,875)
(3,000)
(6,000)
(3,000)
(96,375)
62.2%
(144,000)
(93,750)
(3,000)
(6,000)
(3,000)
(249,750)
30.8%
(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
18.5%
(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
11.4%
(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%
(312,500)
(88,500)
(200,250)
(18,000)
(9,000)
(628,250)
405.3%
(406,250)
(177,000)
(351,000)
(18,000)
(12,000)
(964,250)
119.0%
(406,250)
(254,000)
(351,000)
(36,000)
(15,000)
(1,062,250)
61.0%
(406,250)
(254,000)
(351,000)
(36,000)
(18,000)
(1,065,250)
37.8%
(14,400)
(17,500)
(28,950)
(37,900)
(46,700)
(362,150)
(742,125)
(1,242,950)
(1,422,900)
(1,434,700)
276,413
39.2%
(698,875)
(450.9%)
(602,450)
(74.4%)
128,350
7.4%
1,119,550
39.7%
290,813
41.3%
(681,375)
(439.6%)
(573,500)
(70.8%)
166,250
9.6%
1,166,250
41.4%
276,413
39.2%
(9,819)
1,401
(707,293)
(456.3%)
(9,930)
1,417
(610,963)
(75.4%)
(10,329)
1,474
119,495
6.9%
(1,258)
179
1,118,472
39.7%
(119,495)
-
(1,118,472)
-
276,413
(110,565)
165,848
23.5%
1,844,286
117,500
22,146
1,983,932
291,000
(185,950)
105,050
-
707,293
-
610,963
-
(707,293)
(456.3%)
(610,963)
(75.4%)
119,495
6.9%
1,118,472
39.7%
195,854
12,500
9,313
217,667
234,792
40,000
15,729
290,521
252,208
80,000
15,729
347,938
1,133,260
117,500
22,146
1,272,906
162,000
(46,450)
115,550
206,000
(84,350)
121,650
110,500
(17,500)
93,000
-
250,000
(131,050)
118,950
-
2,088,982
310,667
406,071
469,588
1,391,856
22,146
22,146
558,647
9,313
567,960
258,598
15,729
274,327
202,620
15,729
218,349
22,146
22,146
22,146
567,960
274,327
218,349
22,146
1,450,000
616,836
2,066,836
450,000
(707,293)
(257,293)
1,450,000
(1,318,256)
131,744
1,450,000
(1,198,761)
251,239
1,450,000
(80,290)
1,369,710
2,088,982
Ok
310,667
Ok
165,848
14,400
180,248
406,071
Ok
707,293
469,588
Ok
1,318,256
1,391,856
Ok
1,198,761
80,290
(707,293)
17,500
(12,500)
(688)
(8,813)
(711,793)
(610,963)
28,950
(27,500)
6,417
(6,417)
(609,513)
119,495
37,900
(40,000)
117,395
1,118,472
46,700
(37,500)
6,417
(6,417)
1,127,672
(13,500)
(5,000)
(42,000)
(60,500)
(10,500)
(5,000)
(36,000)
(51,500)
(3,000)
(5,000)
(36,000)
(44,000)
(3,000)
(5,000)
(36,000)
(44,000)
468,147
400,000
868,147
(300,050)
1,000,000
699,950
(55,978)
(55,978)
(202,620)
(202,620)
1,673,039
171,248
1,844,286
100,000
95,854
195,854
195,854
38,938
234,792
234,792
17,417
252,208
252,208
881,052
1,133,260
171,248
1,673,039
(258,625)
1,585,661
1,585,661
(772,293)
400,000
100,000
(135,392)
(468,147)
(468,147)
(661,013)
1,000,000
195,854
(221,767)
523,247
523,247
73,395
234,792
(246,326)
55,978
55,978
1,083,672
252,208
(258,625)
4,710,537
4,710,537
(9,000)
(9,000)
705,000
(66,438)
(362,150)
290,813
165,848
1,844,286
2,088,982
2,066,836
20
129,313
90,500
468,147
558,647
9,819
155,000
(111,750)
(742,125)
(681,375)
(9,819)
(707,293)
195,854
310,667
558,647
(257,293)
9
87,167
558,647
(300,050)
258,598
9,930
258,598
(55,978)
202,620
10,329
202,620
(202,620)
1,258
810,000
(169,500)
(1,242,950)
(573,500)
(9,930)
(610,963)
1,740,000
(188,750)
(1,422,900)
166,250
(10,329)
119,495
2,820,000
(265,750)
(1,434,700)
1,166,250
(1,258)
1,118,472
234,792
406,071
258,598
131,744
252,208
469,588
202,620
251,239
1,133,260
1,391,856
1,369,710
16
111,896
18
122,896
20
129,313
Checksum
Ok
2012
Checksum
Ok
2013
Checksum
Ok
2014
Checksum
Ok
2015
0.5%
3.5%
5.5%
0.0%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
35.0%
5.0%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
15
30
30
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
258,625
Ok
Ok
Ok
Ok
218,750
187,500
406,250
2
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
93,750
38,500
38,500
38,500
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
2016
38,500
247,750
5
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
75,000
34,500
34,500
144,000
3
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
93,750
55,000
148,750
2
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
100,000
77,000
77,000
254,000
3
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
156,250
51,750
49,500
49,500
44,000
351,000
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,551,750
20
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
150,000
90,000
1,800,000
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
2,820,000
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
11.4%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(406,250)
(254,000)
(351,000)
(36,000)
(21,000)
(1,068,250)
37.9%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(54,900)
Ok
Ok
Ok
Ok
(1,445,900)
Ok
Ok
Ok
Ok
(247,750)
(18,000)
(265,750)
9.4%
2,554,250
90.6%
1,108,350
39.3%
Ok
Ok
Ok
Ok
1,163,250
41.3%
Ok
Ok
Ok
Ok
1,108,350
39.3%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(80,290)
1,028,060
(411,224)
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
697,126
24.7%
Ok
Ok
Ok
Ok
1,844,286
117,500
22,146
1,983,932
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
2,088,982
Ok
Ok
Ok
Ok
22,146
22,146
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
22,146
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,450,000
616,836
2,066,836
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
291,000
(185,950)
105,050
-
2,088,982
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
697,126
54,900
752,026
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(5,000)
(36,000)
(41,000)
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,133,260
711,026
1,844,286
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
711,026
1,133,260
(258,625)
15,263,570
15,263,570
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
2,820,000
(265,750)
(1,445,900)
1,163,250
697,126
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,844,286
2,088,982
2,066,836
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
20
129,313
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Checksum
Ok
2016
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
WACC (SECTION INDEPENDENT OF PRIMARY MODEL; YELLOW CELLS BELOW REQUIRE INDIVIDUAL INPU
Risk-Free Rate (2)
Market Risk Premium (3)
Equity
Debt
Tax Rate
Levered Equity Beta (4)
Unlevered Equity Beta
1.9%
9.4%
Comparable
Firm 1
200,000
100,000
40.0%
1.1
0.8
Startup % Debt
Startup % Equity
Startup Tax Rate
Levered Equity Beta
Equity Risk Premium
40.0%
60.0%
40.0%
1.0
9.8%
Cost of Equity
Cost of Debt
Weighted Average Cost of Capital
11.7%
9.0%
9.2%
(1) Choosing WACC for an early-stage startup is a highly arbitrary exercise. A good baseline is to refle
investors (http://goo.gl/Wcoiw ) , these returns range from 18-37% to 27% to 30%.
(2) Initial placeholder based on the 10-Year Treasury Yield as of 9/9/2011.
(3) Initial placeholder based on the difference between the 1928-2010 arithmetic average return of st
(4) Available on Yahoo! Finance under "Key Statistics" for publicly-traded companies .
Valuation
Weighted Average Cost of Capital
Terminal Value Growth
Operating Income
Tax Expense
Tax-Effected EBIT (Earnings Before Interest)
Plus: Depreciation Expense
Capital Expenditures
Changes in Working Capital
Changes in Other Assets & Liabilities
Unlevered Free Cash Flow
Present Value of Unlevered Free Cash Flow
9.2%
3.0%
Terminal Value
Present Value of Terminal Value
NPV based on terminal year 3
NPV based on terminal year 5
(133,517)
7,650,351
Comparable
Firm 2
200,000
200,000
35.0%
1.3
0.8
Comparable
Firm 3
300,000
200,000
38.0%
0.9
0.6
Average
0.7
se. A good baseline is to reflect the average IRR of angel investors. According to three studies of early-stage
% to 30%.
.
rithmetic average return of stocks (Damodaran, January 2011) and the 10-Year Treasury Yield as of 9/9/2011.
companies .
2012
(698,875)
(698,875)
17,500
(60,500)
(22,000)
(763,875)
(699,543)
2013
(602,450)
(602,450)
28,950
(51,500)
(27,500)
(652,500)
(547,224)
2014
128,350
128,350
37,900
(44,000)
(40,000)
82,250
63,170
2015
1,119,550
1,119,550
46,700
(44,000)
(37,500)
1,084,750
762,955
1,367,242
1,050,080
2016
1,108,350
(411,224)
697,126
54,900
(41,000)
711,026
457,981
11,819,383
7,613,012
1,000,000
1,000,000
Round 1
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares
1,000,000
1,000,000
Round 2
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares
1,000,000
1,000,000
Round 3
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares
1,000,000
1,000,000
Round 4
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
1,000,000
1,000,000
Friends /
Family
Angel / Seed
Series A
Series B
Series C
UAL INPUTS)
200,000
240,000
10,000
240,000
10,000
250,000
200,000
240,000
10,000
240,000
10,000
250,000
240,000
10,000
250,000
240,000
10,000
250,000
1,000,000
336,000
30,000
336,000
30,000
366,000
240,000
10,000
250,000
240,000
10,000
250,000
336,000
30,000
366,000
240,000
10,000
250,000
240,000
10,000
250,000
336,000
30,000
366,000
Options
Available
Series D
200,000
200,000
200,000
200,000
Total Shares
Pre-Money
Valuation
Price / Share
1,000,000
200,000
1,200,000
500,000
$0.42
1,250,000
$0.74
480,000
20,000
1,000,000
480,000
200,000
1,680,000
336,000
30,000
1,000,000
816,000
200,000
2,016,000
-
$0.00
$0.00
1,000,000
816,000
200,000
2,016,000
200,000
1,000,000
816,000
200,000
2,016,000
Total
Investment
Post-Money
Valuation
400,000
900,000
1,000,000
2,250,000