Startup Financial Model

Template Startup Financial Model
teten.com
@dteten
About
We developed this model as a simple end-to-end financial model for an early-stage startup, although
it 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 based on 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 (Haas MBA '13)
and former corporate banker at Bank of America Merrill Lynch (rblokh@gmail.com). David is a New
York-based VC (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
are highlighted yellow with blue-colored text.
To add personnel, add additional rows in the Personnel Assumptions section. Select the columns
where 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.
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
separate 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
balance sheet cash balance. You can manually make assumptions about dividends as you wish, but
we assume 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
rate 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
a 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 is still applicable even if the entity is an LLC.
Straight-line depreciation is based on the average useful life of fixed assets.

Accounts receivable is based on an assumption of days sales outstanding.
Accounts payable is based on an assumption of days payables outsanding.
We have built in an automatic carryforward for tax losses.

Teten.com StartupCo Financial Model
(in whole USD; assumes no inflation)
Model logic correctly functioning. Dec-11

Background Assumptions
Company Name StartupCo
Annual Nominal Interest Rate earned on Cash 0.5%

Annual Nominal Interest Rate on Short-Term Debt 3.5%
Annual Nominal Interest Rate on Long-Term Debt 5.5%
Principal Payments on LTD as a % of LTD
Federal Tax Rate

State Tax Rate
# of Days Sales Outstanding

# of Days Payables Outstanding
# of Days Inventory Outstanding
Average Useful Life of Gross PP&E in Years 5
Investment and Revolver Assumptions
Starting Capital 50,000

Subsequent Investments
Minimum # Months Payroll Needed in Cash 2

Minimum Cash
Personnel Assumptions
Senior Management Compensation Base Annual Salary Benefits %

CEO 175,000 25.0%
CTO 150,000 25.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Total Senior Management Salaries & Benefits
Total Senior Management Headcount
Business Development Compensation Base Annual Salary Benefits %
Manager 75,000 25.0%
Associate 35,000 10.0%
Other - 0.0%
Other - 0.0%
Total Business Development Salaries & Benefits
Total Business Development Headcount
Sales Compensation Base Annual Salary Benefits %

Manager 60,000 25.0%
Salesperson 30,000 15.0%
Salesperson 30,000 15.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Total Salesperson Salaries & Benefits
Total Salesperson Headcount
Marketing Compensation Base Annual Salary Benefits %

Manager 75,000 25.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Total Marketing Salaries & Benefits
Total Marketing Headcount
IT Compensation Base Annual Salary Benefits %

Manager 80,000 25.0%
Developer 70,000 10.0%
Developer 70,000 10.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Other - 0.0%
Total IT Salaries & Benefits
Total IT Headcount
Other Compensation Base Annual Salary Benefits %
Legal Support 125,000 25.0%
Finance Associate 45,000 15.0%
HR Associate 45,000 10.0%
Compliance Associate 45,000 10.0%
Administrator 40,000 10.0%
Other - 0.0%
Other - 0.0%
Total Other Salaries & Benefits
Total Other Headcount
Total Salaries & Benefits

Total Headcount
Income Statement
Revenues per Bus Dev Employee

Revenues per Salesperson
Other Revenues
Total Revenues
Cost of Goods Sold

Total Business Development Salaries & Benefits
Other Costs of Goods Sold
Total Cost of Goods Sold
% of Revenues
Gross Income
% of Revenues
Sales & Marketing Expenses

Total Salesperson Salaries & Benefits
Total Marketing Salaries & Benefits
Public Relations
Advertising
Other Sales & Marketing Expenses
Total Sales & Marketing Expenses
% of Revenues
General & Administrative Expenses

Total Senior Management Salaries & Benefits
Total IT Salaries & Benefits
Total Other Salaries & Benefits
Rent Expenses
Utilities Expenses
Other
Other
Other
Other
Other
Total General & Administrative Expenses
% of Revenues
Depreciation Expense
Total Operating Expenses

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 100,000
Accounts Receivable -
Inventory 500
100,500
Gross PP&E 50,000

Accumulated Depreciation -
Net PP&E 50,000
Intangibles -
Total Assets 150,500
Liabilities & Shareholder's Equity
Revolver (Short-Term Debt) 90,500

Accounts Payable 10,000
Total Current Liabilities 100,500
Long-Term Debt -
Total Liabilities 100,500
Paid-in Capital 50,000

Retained Earnings -
Total Shareholder's Equity 50,000
Total Liabilities & Shareholder's Equity 150,500
Balance Sheet Check Ok
Off-Balance Sheet Items

Tax Loss Carryforward -
Cash Flow Statement
Cash Flow from (to) Operations

Net Income
Depreciation Expense
Change in A/R
Change in A/P
Change in Inventory
Change in Intangibles
Total Cash Flow from (to) Operations
Cash Flow from (to) Investing

Workstations (Computers & Desks)
Technology Equipment
Other Miscellaneous Items
Total Cash Flow from (to) Investing
Cash Flow from (to) Financing
Revolver Issuance / (Repayment)
Long-Term Debt Issuance / (Repayment)
New Equity Investments
Dividends
Total Cash Flow from (to) Financing
Beginning Cash
Change in Cash
Ending Cash 100,000
Debt
Cash Flow available for Financing

New Equity Investments
Dividends
Beginning Cash
Minimum Cash
Cash Flow available for Debt Repayment
Cash Flow available for Revolver Repayment
Long-Term Debt Beginning Balance

Long-Term Debt Ending Balance -
Long-Term Debt Interest Expense
Revolver Beginning Balance

Revolver Issuance / (Repayment)
Revolver Ending Balance 90,500
Revolver Interest Expense
Summary
Total Revenues
Total Cost of Goods Sold
Total Operating Expenses
EBITDA
Interest Expense
Net Income
Cash
Total Assets
Revolver (Short-Term Debt)
Long-Term Debt
Total Shareholder's Equity
NPV based on terminal year 3 (133,517)

NPV based on terminal year 5 7,650,351
Total Headcount
Total Salaries & Benefits
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - - - - 400,000
85,458 85,458 85,458 85,458 85,458 129,896 174,333
18,229 18,229 18,229 18,229 18,229 18,229 18,229

- - - - - - 15,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
18,229 18,229 18,229 18,229 18,229 18,229 33,854
1 1 1 1 1 1 2
7,813 7,813 7,813 7,813 7,813 7,813 7,813
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
7,813 7,813 7,813 7,813 7,813 7,813 7,813
1 1 1 1 1 1 1
- - - - - - 6,250
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - 6,250
- - - - - - 1
- - - - - - 7,813
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - 7,813
- - - - - - 1
- - - - - - 8,333
- - - - - - 6,417
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - 14,750
- - - - - - 2
13,021 13,021 13,021 13,021 13,021 13,021 13,021
- - - - - - -
- - - - - - -
- - - - - - -
3,667 3,667 3,667 3,667 3,667 3,667 3,667
- - - - - - -
- - - - - - -
16,688 16,688 16,688 16,688 16,688 16,688 16,688
2 2 2 2 2 2 2
42,729 42,729 42,729 42,729 42,729 42,729 87,167

4 4 4 4 4 4 9
1,000 1,000 1,000 1,000 1,000 10,000 10,000

- - - - - 5,000 5,000
- - - - - 5,000 5,000
1,000 1,000 1,000 1,000 1,000 15,000 20,000
(7,813) (7,813) (7,813) (7,813) (7,813) (7,813) (7,813)

(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(9,313) (9,313) (9,313) (9,313) (9,313) (9,313) (9,313)
931.3% 931.3% 931.3% 931.3% 931.3% 62.1% 46.6%
(8,313) (8,313) (8,313) (8,313) (8,313) 5,688 10,688

(831.3%) (831.3%) (831.3%) (831.3%) (831.3%) 37.9% 53.4%
- - - - - - (6,250)
- - - - - - (7,813)
(250) (250) (250) (250) (250) (250) (250)
(500) (500) (500) (500) (500) (500) (500)
(250) (250) (250) (250) (250) (250) (250)
(1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (15,063)
100.0% 100.0% 100.0% 100.0% 100.0% 6.7% 75.3%
(18,229) (18,229) (18,229) (18,229) (18,229) (18,229) (33,854)

- - - - - - (14,750)
(16,688) (16,688) (16,688) (16,688) (16,688) (16,688) (16,688)
(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(750) (750) (750) (750) (750) (750) (750)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(37,167) (37,167) (37,167) (37,167) (37,167) (37,167) (67,542)
3,716.7% 3,716.7% 3,716.7% 3,716.7% 3,716.7% 247.8% 337.7%
(1,075) (1,133) (1,192) (1,250) (1,308) (1,367) (1,550)
(39,242) (39,300) (39,358) (39,417) (39,475) (39,533) (84,154)

(47,554) (47,613) (47,671) (47,729) (47,788) (33,846) (73,467)
(4,755.4%) (4,761.3%) (4,767.1%) (4,772.9%) (4,778.8%) (225.6%) (367.3%)
(46,479) (46,479) (46,479) (46,479) (46,479) (32,479) (71,917)

(4,647.9%) (4,647.9%) (4,647.9%) (4,647.9%) (4,647.9%) (216.5%) (359.6%)
(264) (430) (577) (724) (872) (1,020) (1,278)

38 61 82 103 124 146 182
(47,781) (47,981) (48,165) (48,350) (48,535) (34,721) (74,563)
(4,778.1%) (4,798.1%) (4,816.5%) (4,835.0%) (4,853.5%) (231.5%) (372.8%)
47,781 47,981 48,165 48,350 48,535 34,721 74,563

- - - - - - -
- - - - - - -
(47,781) (47,981) (48,165) (48,350) (48,535) (34,721) (74,563)

(4,778.1%) (4,798.1%) (4,816.5%) (4,835.0%) (4,853.5%) (231.5%) (372.8%)
85,458 85,458 85,458 85,458 85,458 129,896 174,333

500 500 500 500 500 7,500 10,000
9,313 9,313 9,313 9,313 9,313 9,313 9,313
95,271 95,271 95,271 95,271 95,271 146,708 193,646
64,500 68,000 71,500 75,000 78,500 82,000 93,000

(1,075) (2,208) (3,400) (4,650) (5,958) (7,325) (8,875)
63,425 65,792 68,100 70,350 72,542 74,675 84,125
- - - - - - -
158,696 161,063 163,371 165,621 167,813 221,383 277,771
147,164 197,512 247,986 298,586 349,313 437,604 168,554

9,313 9,313 9,313 9,313 9,313 9,313 9,313
156,477 206,824 257,298 307,898 358,625 446,917 177,867
- - - - - - -
156,477 206,824 257,298 307,898 358,625 446,917 177,867
50,000 50,000 50,000 50,000 50,000 50,000 450,000

(47,781) (95,762) (143,927) (192,277) (240,813) (275,533) (350,096)
2,219 (45,762) (93,927) (142,277) (190,813) (225,533) 99,904
158,696 161,063 163,371 165,621 167,813 221,383 277,771
Ok Ok Ok Ok Ok Ok Ok
47,781 95,762 143,927 192,277 240,813 275,533 350,096
(47,781) (47,981) (48,165) (48,350) (48,535) (34,721) (74,563)

1,075 1,133 1,192 1,250 1,308 1,367 1,550
(500) - - - - (7,000) (2,500)
(688) - - - - - -
(8,813) - - - - - -
- - - - - - -
(56,706) (46,848) (46,974) (47,100) (47,227) (40,354) (75,513)
(6,000) - - - - - (7,500)
(5,000) - - - - - -
(3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500)
(14,500) (3,500) (3,500) (3,500) (3,500) (3,500) (11,000)
56,664 50,348 50,474 50,600 50,727 88,291 (269,050)
- - - - - - -
- - - - - - 400,000
- - - - - - -
56,664 50,348 50,474 50,600 50,727 88,291 130,950
100,000 85,458 85,458 85,458 85,458 85,458 129,896

(14,542) - - - - 44,438 44,438
85,458 85,458 85,458 85,458 85,458 129,896 174,333
(71,206) (50,348) (50,474) (50,600) (50,727) (43,854) (86,513)

- - - - - - 400,000
- - - - - - -
100,000 85,458 85,458 85,458 85,458 85,458 129,896
(85,458) (85,458) (85,458) (85,458) (85,458) (129,896) (174,333)
(56,664) (50,348) (50,474) (50,600) (50,727) (88,291) 269,050
- - - - - - -
(56,664) (50,348) (50,474) (50,600) (50,727) (88,291) 269,050
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
90,500 147,164 197,512 247,986 298,586 349,313 437,604

56,664 50,348 50,474 50,600 50,727 88,291 (269,050)
147,164 197,512 247,986 298,586 349,313 437,604 168,554
264 430 577 724 872 1,020 1,278
1,000 1,000 1,000 1,000 1,000 15,000 20,000

(9,313) (9,313) (9,313) (9,313) (9,313) (9,313) (9,313)
(39,242) (39,300) (39,358) (39,417) (39,475) (39,533) (84,154)
(46,479) (46,479) (46,479) (46,479) (46,479) (32,479) (71,917)
(264) (430) (577) (724) (872) (1,020) (1,278)
(47,781) (47,981) (48,165) (48,350) (48,535) (34,721) (74,563)
85,458 85,458 85,458 85,458 85,458 129,896 174,333

158,696 161,063 163,371 165,621 167,813 221,383 277,771
147,164 197,512 247,986 298,586 349,313 437,604 168,554
- - - - - - -
2,219 (45,762) (93,927) (142,277) (190,813) (225,533) 99,904
4 4 4 4 4 4 9
42,729 42,729 42,729 42,729 42,729 42,729 87,167
Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - - - - -
174,333 174,333 174,333 174,333 195,854 217,375 217,375
18,229 18,229 18,229 18,229 18,229 18,229 18,229

15,625 15,625 15,625 15,625 15,625 15,625 15,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
33,854 33,854 33,854 33,854 33,854 33,854 33,854
2 2 2 2 2 2 2
7,813 7,813 7,813 7,813 7,813 7,813 7,813
- - - - - 3,208 3,208
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
7,813 7,813 7,813 7,813 7,813 11,021 11,021
1 1 1 1 1 2 2
6,250 6,250 6,250 6,250 6,250 6,250 6,250

- - - - - 2,875 2,875
- - - - - 2,875 2,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
6,250 6,250 6,250 6,250 6,250 12,000 12,000
1 1 1 1 1 3 3
7,813 7,813 7,813 7,813 7,813 7,813 7,813

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
7,813 7,813 7,813 7,813 7,813 7,813 7,813
1 1 1 1 1 1 1
8,333 8,333 8,333 8,333 8,333 8,333 8,333

6,417 6,417 6,417 6,417 6,417 6,417 6,417
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
14,750 14,750 14,750 14,750 14,750 14,750 14,750
2 2 2 2 2 2 2
13,021 13,021 13,021 13,021 13,021 13,021 13,021
- - - - - 4,313 4,313
- - - - - 4,125 4,125
- - - - - 4,125 4,125
3,667 3,667 3,667 3,667 3,667 3,667 3,667
- - - - - - -
- - - - - - -
16,688 16,688 16,688 16,688 16,688 29,250 29,250
2 2 2 2 2 5 5
87,167 87,167 87,167 87,167 87,167 108,688 108,688

9 9 9 9 9 15 15
10,000 10,000 10,000 10,000 10,000 10,000 10,000

5,000 5,000 5,000 5,000 5,000 5,000 5,000
5,000 5,000 10,000 10,000 10,000 20,000 20,000
20,000 20,000 25,000 25,000 25,000 55,000 55,000
(7,813) (7,813) (7,813) (7,813) (7,813) (11,021) (11,021)

(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(9,313) (9,313) (9,313) (9,313) (9,313) (12,521) (12,521)
46.6% 46.6% 37.3% 37.3% 37.3% 22.8% 22.8%
10,688 10,688 15,688 15,688 15,688 42,479 42,479

53.4% 53.4% 62.8% 62.8% 62.8% 77.2% 77.2%
(6,250) (6,250) (6,250) (6,250) (6,250) (12,000) (12,000)

(7,813) (7,813) (7,813) (7,813) (7,813) (7,813) (7,813)
(250) (250) (250) (250) (250) (250) (250)
(500) (500) (500) (500) (500) (500) (500)
(250) (250) (250) (250) (250) (250) (250)
(15,063) (15,063) (15,063) (15,063) (15,063) (20,813) (20,813)
75.3% 75.3% 60.3% 60.3% 60.3% 37.8% 37.8%
(33,854) (33,854) (33,854) (33,854) (33,854) (33,854) (33,854)

(14,750) (14,750) (14,750) (14,750) (14,750) (14,750) (14,750)
(16,688) (16,688) (16,688) (16,688) (16,688) (29,250) (29,250)
(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(750) (750) (750) (750) (750) (1,000) (1,000)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(67,542) (67,542) (67,542) (67,542) (67,542) (80,354) (80,354)
337.7% 337.7% 270.2% 270.2% 270.2% 146.1% 146.1%
(1,608) (1,667) (1,725) (1,783) (1,842) (2,125) (2,175)
(84,213) (84,271) (84,329) (84,388) (84,446) (103,292) (103,342)

(73,525) (73,583) (68,642) (68,700) (68,758) (60,813) (60,863)
(367.6%) (367.9%) (274.6%) (274.8%) (275.0%) (110.6%) (110.7%)
(71,917) (71,917) (66,917) (66,917) (66,917) (58,688) (58,688)

(359.6%) (359.6%) (267.7%) (267.7%) (267.7%) (106.7%) (106.7%)
(492) (714) (936) (1,151) (1,360) (1,632) (1,964)

70 102 134 164 194 233 280
(73,947) (74,195) (69,444) (69,687) (69,924) (62,211) (62,546)
(369.7%) (371.0%) (277.8%) (278.7%) (279.7%) (113.1%) (113.7%)
73,947 74,195 69,444 69,687 69,924 62,211 62,546

- - - - - - -
- - - - - - -
(73,947) (74,195) (69,444) (69,687) (69,924) (62,211) (62,546)

(369.7%) (371.0%) (277.8%) (278.7%) (279.7%) (113.1%) (113.7%)
174,333 174,333 174,333 174,333 195,854 217,375 217,375

10,000 10,000 12,500 12,500 12,500 27,500 27,500
9,313 9,313 9,313 9,313 9,313 12,521 12,521
193,646 193,646 196,146 196,146 217,667 257,396 257,396
96,500 100,000 103,500 107,000 110,500 127,500 130,500

(10,483) (12,150) (13,875) (15,658) (17,500) (19,625) (21,800)
86,017 87,850 89,625 91,342 93,000 107,875 108,700
- - - - - - -
279,663 281,496 285,771 287,488 310,667 365,271 366,096
244,393 320,421 394,141 465,544 558,647 672,255 735,626

9,313 9,313 9,313 9,313 9,313 12,521 12,521
253,705 329,734 403,453 474,857 567,960 684,776 748,147
- - - - - - -
253,705 329,734 403,453 474,857 567,960 684,776 748,147
450,000 450,000 450,000 450,000 450,000 450,000 450,000

(424,043) (498,238) (567,682) (637,369) (707,293) (769,505) (832,051)
25,957 (48,238) (117,682) (187,369) (257,293) (319,505) (382,051)
279,663 281,496 285,771 287,488 310,667 365,271 366,096
424,043 498,238 567,682 637,369 707,293 769,505 832,051
(73,947) (74,195) (69,444) (69,687) (69,924) (62,211) (62,546)

1,608 1,667 1,725 1,783 1,842 2,125 2,175
- - (2,500) - - (15,000) -
- - - - - 3,208 -
- - - - - (3,208) -
- - - - - - -
(72,339) (72,529) (70,219) (67,904) (68,082) (75,086) (60,371)
- - - - - (9,000) -
- - - - - (5,000) -
(3,500) (3,500) (3,500) (3,500) (3,500) (3,000) (3,000)
(3,500) (3,500) (3,500) (3,500) (3,500) (17,000) (3,000)
75,839 76,029 73,719 71,404 93,103 113,607 63,371
- - - - - - -
- - - - - - -
- - - - - - -
75,839 76,029 73,719 71,404 93,103 113,607 63,371
174,333 174,333 174,333 174,333 174,333 195,854 217,375

- - - - 21,521 21,521 -
174,333 174,333 174,333 174,333 195,854 217,375 217,375
(75,839) (76,029) (73,719) (71,404) (71,582) (92,086) (63,371)

- - - - - - -
- - - - - - -
174,333 174,333 174,333 174,333 174,333 195,854 217,375
(174,333) (174,333) (174,333) (174,333) (195,854) (217,375) (217,375)
(75,839) (76,029) (73,719) (71,404) (93,103) (113,607) (63,371)
- - - - - - -
(75,839) (76,029) (73,719) (71,404) (93,103) (113,607) (63,371)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
168,554 244,393 320,421 394,141 465,544 558,647 672,255

75,839 76,029 73,719 71,404 93,103 113,607 63,371
244,393 320,421 394,141 465,544 558,647 672,255 735,626
492 714 936 1,151 1,360 1,632 1,964
20,000 20,000 25,000 25,000 25,000 55,000 55,000

(9,313) (9,313) (9,313) (9,313) (9,313) (12,521) (12,521)
(84,213) (84,271) (84,329) (84,388) (84,446) (103,292) (103,342)
(71,917) (71,917) (66,917) (66,917) (66,917) (58,688) (58,688)
(492) (714) (936) (1,151) (1,360) (1,632) (1,964)
(73,947) (74,195) (69,444) (69,687) (69,924) (62,211) (62,546)
174,333 174,333 174,333 174,333 195,854 217,375 217,375

279,663 281,496 285,771 287,488 310,667 365,271 366,096
244,393 320,421 394,141 465,544 558,647 672,255 735,626
- - - - - - -
25,957 (48,238) (117,682) (187,369) (257,293) (319,505) (382,051)
9 9 9 9 9 15 15
87,167 87,167 87,167 87,167 87,167 108,688 108,688
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- 1,000,000 - - - - -
217,375 217,375 217,375 220,583 223,792 223,792 223,792
18,229 18,229 18,229 18,229 18,229 18,229 18,229

15,625 15,625 15,625 15,625 15,625 15,625 15,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
33,854 33,854 33,854 33,854 33,854 33,854 33,854
2 2 2 2 2 2 2
7,813 7,813 7,813 7,813 7,813 7,813 7,813
3,208 3,208 3,208 3,208 3,208 3,208 3,208
- - - - 3,208 3,208 3,208
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
11,021 11,021 11,021 11,021 14,229 14,229 14,229
2 2 2 2 3 3 3
6,250 6,250 6,250 6,250 6,250 6,250 6,250

2,875 2,875 2,875 2,875 2,875 2,875 2,875
2,875 2,875 2,875 2,875 2,875 2,875 2,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,000 12,000 12,000 12,000 12,000 12,000 12,000
3 3 3 3 3 3 3
7,813 7,813 7,813 7,813 7,813 7,813 7,813

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
7,813 7,813 7,813 7,813 7,813 7,813 7,813
1 1 1 1 1 1 1
8,333 8,333 8,333 8,333 8,333 8,333 8,333

6,417 6,417 6,417 6,417 6,417 6,417 6,417
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
14,750 14,750 14,750 14,750 14,750 14,750 14,750
2 2 2 2 2 2 2
13,021 13,021 13,021 13,021 13,021 13,021 13,021
4,313 4,313 4,313 4,313 4,313 4,313 4,313
4,125 4,125 4,125 4,125 4,125 4,125 4,125
4,125 4,125 4,125 4,125 4,125 4,125 4,125
3,667 3,667 3,667 3,667 3,667 3,667 3,667
- - - - - - -
- - - - - - -
29,250 29,250 29,250 29,250 29,250 29,250 29,250
5 5 5 5 5 5 5
108,688 108,688 108,688 108,688 111,896 111,896 111,896

15 15 15 15 16 16 16
10,000 10,000 10,000 10,000 10,000 10,000 10,000

5,000 5,000 5,000 5,000 5,000 5,000 5,000
20,000 20,000 20,000 20,000 35,000 35,000 35,000
55,000 55,000 55,000 55,000 80,000 80,000 80,000
(11,021) (11,021) (11,021) (11,021) (14,229) (14,229) (14,229)

(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(12,521) (12,521) (12,521) (12,521) (15,729) (15,729) (15,729)
22.8% 22.8% 22.8% 22.8% 19.7% 19.7% 19.7%
42,479 42,479 42,479 42,479 64,271 64,271 64,271

77.2% 77.2% 77.2% 77.2% 80.3% 80.3% 80.3%
(12,000) (12,000) (12,000) (12,000) (12,000) (12,000) (12,000)

(7,813) (7,813) (7,813) (7,813) (7,813) (7,813) (7,813)
(250) (250) (250) (250) (250) (250) (250)
(500) (500) (500) (500) (500) (500) (500)
(250) (250) (250) (250) (250) (250) (250)
(20,813) (20,813) (20,813) (20,813) (20,813) (20,813) (20,813)
37.8% 37.8% 37.8% 37.8% 26.0% 26.0% 26.0%
(33,854) (33,854) (33,854) (33,854) (33,854) (33,854) (33,854)

(14,750) (14,750) (14,750) (14,750) (14,750) (14,750) (14,750)
(29,250) (29,250) (29,250) (29,250) (29,250) (29,250) (29,250)
(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(80,354) (80,354) (80,354) (80,354) (80,354) (80,354) (80,354)
146.1% 146.1% 146.1% 146.1% 100.4% 100.4% 100.4%
(2,225) (2,275) (2,325) (2,375) (2,450) (2,500) (2,550)
(103,392) (103,442) (103,492) (103,542) (103,617) (103,667) (103,717)

(60,913) (60,963) (61,013) (61,063) (39,346) (39,396) (39,446)
(110.8%) (110.8%) (110.9%) (111.0%) (49.2%) (49.2%) (49.3%)
(58,688) (58,688) (58,688) (58,688) (36,896) (36,896) (36,896)

(106.7%) (106.7%) (106.7%) (106.7%) (46.1%) (46.1%) (46.1%)
(2,149) (2,334) - - - (136) (253)

307 333 - - - 19 36
(62,755) (62,964) (61,013) (61,063) (39,346) (39,512) (39,663)
(114.1%) (114.5%) (110.9%) (111.0%) (49.2%) (49.4%) (49.6%)
62,755 62,964 61,013 61,063 39,346 39,512 39,663

- - - - - - -
- - - - - - -
(62,755) (62,964) (61,013) (61,063) (39,346) (39,512) (39,663)

(114.1%) (114.5%) (110.9%) (111.0%) (49.2%) (49.4%) (49.6%)
217,375 354,531 292,843 231,156 223,792 223,792 223,792

27,500 27,500 27,500 27,500 40,000 40,000 40,000
12,521 12,521 12,521 12,521 15,729 15,729 15,729
257,396 394,552 332,864 271,177 279,521 279,521 279,521
133,500 136,500 139,500 142,500 147,000 150,000 153,000

(24,025) (26,300) (28,625) (31,000) (33,450) (35,950) (38,500)
109,475 110,200 110,875 111,500 113,550 114,050 114,500
- - - - - - -
366,871 504,752 443,739 382,677 393,071 393,571 394,021
799,155 - - - 46,532 86,544 126,656

12,521 12,521 12,521 12,521 15,729 15,729 15,729
811,676 12,521 12,521 12,521 62,261 102,273 142,386
- - - - - - -
811,676 12,521 12,521 12,521 62,261 102,273 142,386
450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000

(894,805) (957,769) (1,018,782) (1,079,844) (1,119,190) (1,158,702) (1,198,365)
(444,805) 492,231 431,218 370,156 330,810 291,298 251,635
366,871 504,752 443,739 382,677 393,071 393,571 394,021
894,805 957,769 1,018,782 1,079,844 1,119,190 1,158,702 1,198,365
(62,755) (62,964) (61,013) (61,063) (39,346) (39,512) (39,663)

2,225 2,275 2,325 2,375 2,450 2,500 2,550
- - - - (12,500) - -
- - - - 3,208 - -
- - - - (3,208) - -
- - - - - - -
(60,530) (60,689) (58,688) (58,688) (49,396) (37,012) (37,113)
- - - - (1,500) - -
- - - - - - -
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(3,000) (3,000) (3,000) (3,000) (4,500) (3,000) (3,000)
63,530 (799,155) - - 46,532 40,012 40,113
- - - - - - -
- 1,000,000 - - - - -
- - - - - - -
63,530 200,845 - - 46,532 40,012 40,113
217,375 217,375 354,531 292,843 231,156 223,792 223,792

- 137,156 (61,688) (61,688) (7,364) - -
217,375 354,531 292,843 231,156 223,792 223,792 223,792
(63,530) (63,689) (61,688) (61,688) (53,896) (40,012) (40,113)

- 1,000,000 - - - - -
- - - - - - -
217,375 217,375 354,531 292,843 231,156 223,792 223,792
(217,375) (217,375) (217,375) (220,583) (223,792) (223,792) (223,792)
(63,530) 936,311 75,468 10,573 (46,532) (40,012) (40,113)
- - - - - - -
(63,530) 936,311 75,468 10,573 (46,532) (40,012) (40,113)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
735,626 799,155 - - - 46,532 86,544

63,530 (799,155) - - 46,532 40,012 40,113
799,155 - - - 46,532 86,544 126,656
2,149 2,334 - - - 136 253
55,000 55,000 55,000 55,000 80,000 80,000 80,000

(12,521) (12,521) (12,521) (12,521) (15,729) (15,729) (15,729)
(103,392) (103,442) (103,492) (103,542) (103,617) (103,667) (103,717)
(58,688) (58,688) (58,688) (58,688) (36,896) (36,896) (36,896)
(2,149) (2,334) - - - (136) (253)
(62,755) (62,964) (61,013) (61,063) (39,346) (39,512) (39,663)
217,375 354,531 292,843 231,156 223,792 223,792 223,792

366,871 504,752 443,739 382,677 393,071 393,571 394,021
799,155 - - - 46,532 86,544 126,656
- - - - - - -
(444,805) 492,231 431,218 370,156 330,810 291,298 251,635
15 15 15 15 16 16 16
108,688 108,688 108,688 108,688 111,896 111,896 111,896
Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - - - - -
223,792 223,792 234,792 245,792 245,792 245,792 245,792
18,229 18,229 18,229 18,229 18,229 18,229 18,229

15,625 15,625 15,625 15,625 15,625 15,625 15,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
33,854 33,854 33,854 33,854 33,854 33,854 33,854
2 2 2 2 2 2 2
7,813 7,813 7,813 7,813 7,813 7,813 7,813
3,208 3,208 3,208 3,208 3,208 3,208 3,208
3,208 3,208 3,208 3,208 3,208 3,208 3,208
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
14,229 14,229 14,229 14,229 14,229 14,229 14,229
3 3 3 3 3 3 3
6,250 6,250 6,250 6,250 6,250 6,250 6,250

2,875 2,875 2,875 2,875 2,875 2,875 2,875
2,875 2,875 2,875 2,875 2,875 2,875 2,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,000 12,000 12,000 12,000 12,000 12,000 12,000
3 3 3 3 3 3 3
7,813 7,813 7,813 7,813 7,813 7,813 7,813

- - - 4,583 4,583 4,583 4,583
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
7,813 7,813 7,813 12,396 12,396 12,396 12,396
1 1 1 2 2 2 2
8,333 8,333 8,333 8,333 8,333 8,333 8,333

6,417 6,417 6,417 6,417 6,417 6,417 6,417
- - - 6,417 6,417 6,417 6,417
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
14,750 14,750 14,750 21,167 21,167 21,167 21,167
2 2 2 3 3 3 3
13,021 13,021 13,021 13,021 13,021 13,021 13,021
4,313 4,313 4,313 4,313 4,313 4,313 4,313
4,125 4,125 4,125 4,125 4,125 4,125 4,125
4,125 4,125 4,125 4,125 4,125 4,125 4,125
3,667 3,667 3,667 3,667 3,667 3,667 3,667
- - - - - - -
- - - - - - -
29,250 29,250 29,250 29,250 29,250 29,250 29,250
5 5 5 5 5 5 5
111,896 111,896 111,896 122,896 122,896 122,896 122,896

16 16 16 18 18 18 18
10,000 10,000 10,000 12,500 12,500 12,500 12,500

5,000 5,000 5,000 7,500 7,500 7,500 7,500
35,000 35,000 35,000 70,000 70,000 70,000 70,000
80,000 80,000 80,000 130,000 130,000 130,000 130,000
(14,229) (14,229) (14,229) (14,229) (14,229) (14,229) (14,229)

(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(15,729) (15,729) (15,729) (15,729) (15,729) (15,729) (15,729)
19.7% 19.7% 19.7% 12.1% 12.1% 12.1% 12.1%
64,271 64,271 64,271 114,271 114,271 114,271 114,271

80.3% 80.3% 80.3% 87.9% 87.9% 87.9% 87.9%
(12,000) (12,000) (12,000) (12,000) (12,000) (12,000) (12,000)

(7,813) (7,813) (7,813) (12,396) (12,396) (12,396) (12,396)
(250) (250) (250) (750) (750) (750) (750)
(500) (500) (500) (1,000) (1,000) (1,000) (1,000)
(250) (250) (250) (750) (750) (750) (750)
(20,813) (20,813) (20,813) (26,896) (26,896) (26,896) (26,896)
26.0% 26.0% 26.0% 20.7% 20.7% 20.7% 20.7%
(33,854) (33,854) (33,854) (33,854) (33,854) (33,854) (33,854)

(14,750) (14,750) (14,750) (21,167) (21,167) (21,167) (21,167)
(29,250) (29,250) (29,250) (29,250) (29,250) (29,250) (29,250)
(1,500) (1,500) (1,500) (3,000) (3,000) (3,000) (3,000)
(1,000) (1,000) (1,000) (1,250) (1,250) (1,250) (1,250)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(80,354) (80,354) (80,354) (88,521) (88,521) (88,521) (88,521)
100.4% 100.4% 100.4% 68.1% 68.1% 68.1% 68.1%
(2,600) (2,650) (2,700) (2,883) (2,933) (2,983) (3,033)
(103,767) (103,817) (103,867) (118,300) (118,350) (118,400) (118,450)

(39,496) (39,546) (39,596) (4,029) (4,079) (4,129) (4,179)
(49.4%) (49.4%) (49.5%) (3.1%) (3.1%) (3.2%) (3.2%)
(36,896) (36,896) (36,896) (1,146) (1,146) (1,146) (1,146)

(46.1%) (46.1%) (46.1%) (0.9%) (0.9%) (0.9%) (0.9%)
(370) (487) (605) (755) (898) (912) (927)

53 70 86 108 128 130 132
(39,813) (39,964) (40,115) (4,677) (4,849) (4,911) (4,974)
(49.8%) (50.0%) (50.1%) (3.6%) (3.7%) (3.8%) (3.8%)
39,813 39,964 40,115 4,677 4,849 4,911 4,974

- - - - - - -
- - - - - - -
(39,813) (39,964) (40,115) (4,677) (4,849) (4,911) (4,974)

(49.8%) (50.0%) (50.1%) (3.6%) (3.7%) (3.8%) (3.8%)
223,792 223,792 234,792 245,792 245,792 245,792 245,792

40,000 40,000 40,000 65,000 65,000 65,000 65,000
15,729 15,729 15,729 15,729 15,729 15,729 15,729
279,521 279,521 290,521 326,521 326,521 326,521 326,521
156,000 159,000 162,000 173,000 176,000 179,000 182,000

(41,100) (43,750) (46,450) (49,333) (52,267) (55,250) (58,283)
114,900 115,250 115,550 123,667 123,733 123,750 123,717
- - - - - - -
394,421 394,771 406,071 450,188 450,254 450,271 450,238
166,869 207,183 258,598 307,391 312,307 317,235 322,175

15,729 15,729 15,729 15,729 15,729 15,729 15,729
182,599 222,912 274,327 323,120 328,036 332,964 337,904
- - - - - - -
182,599 222,912 274,327 323,120 328,036 332,964 337,904
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000

(1,238,178) (1,278,142) (1,318,256) (1,322,933) (1,327,782) (1,332,693) (1,337,667)
211,822 171,858 131,744 127,067 122,218 117,307 112,333
394,421 394,771 406,071 450,188 450,254 450,271 450,238
1,238,178 1,278,142 1,318,256 1,322,933 1,327,782 1,332,693 1,337,667
(39,813) (39,964) (40,115) (4,677) (4,849) (4,911) (4,974)

2,600 2,650 2,700 2,883 2,933 2,983 3,033
- - - (25,000) - - -
- - - - - - -
- - - - - - -
- - - - - - -
(37,213) (37,314) (37,415) (26,793) (1,916) (1,928) (1,940)
- - - (3,000) - - -
- - - (5,000) - - -
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(3,000) (3,000) (3,000) (11,000) (3,000) (3,000) (3,000)
40,213 40,314 51,415 48,793 4,916 4,928 4,940
- - - - - - -
- - - - - - -
- - - - - - -
40,213 40,314 51,415 48,793 4,916 4,928 4,940
223,792 223,792 223,792 234,792 245,792 245,792 245,792

- - 11,000 11,000 - - -
223,792 223,792 234,792 245,792 245,792 245,792 245,792
(40,213) (40,314) (40,415) (37,793) (4,916) (4,928) (4,940)

- - - - - - -
- - - - - - -
223,792 223,792 223,792 234,792 245,792 245,792 245,792
(223,792) (223,792) (234,792) (245,792) (245,792) (245,792) (245,792)
(40,213) (40,314) (51,415) (48,793) (4,916) (4,928) (4,940)
- - - - - - -
(40,213) (40,314) (51,415) (48,793) (4,916) (4,928) (4,940)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
126,656 166,869 207,183 258,598 307,391 312,307 317,235

40,213 40,314 51,415 48,793 4,916 4,928 4,940
166,869 207,183 258,598 307,391 312,307 317,235 322,175
370 487 605 755 898 912 927
80,000 80,000 80,000 130,000 130,000 130,000 130,000

(15,729) (15,729) (15,729) (15,729) (15,729) (15,729) (15,729)
(103,767) (103,817) (103,867) (118,300) (118,350) (118,400) (118,450)
(36,896) (36,896) (36,896) (1,146) (1,146) (1,146) (1,146)
(370) (487) (605) (755) (898) (912) (927)
(39,813) (39,964) (40,115) (4,677) (4,849) (4,911) (4,974)
223,792 223,792 234,792 245,792 245,792 245,792 245,792

394,421 394,771 406,071 450,188 450,254 450,271 450,238
166,869 207,183 258,598 307,391 312,307 317,235 322,175
- - - - - - -
211,822 171,858 131,744 127,067 122,218 117,307 112,333
16 16 16 18 18 18 18
111,896 111,896 111,896 122,896 122,896 122,896 122,896
May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - - - - -
245,792 245,792 245,792 245,792 245,792 245,792 245,792
18,229 18,229 18,229 18,229 18,229 18,229 18,229

15,625 15,625 15,625 15,625 15,625 15,625 15,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
33,854 33,854 33,854 33,854 33,854 33,854 33,854
2 2 2 2 2 2 2
7,813 7,813 7,813 7,813 7,813 7,813 7,813
3,208 3,208 3,208 3,208 3,208 3,208 3,208
3,208 3,208 3,208 3,208 3,208 3,208 3,208
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
14,229 14,229 14,229 14,229 14,229 14,229 14,229
3 3 3 3 3 3 3
6,250 6,250 6,250 6,250 6,250 6,250 6,250

2,875 2,875 2,875 2,875 2,875 2,875 2,875
2,875 2,875 2,875 2,875 2,875 2,875 2,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,000 12,000 12,000 12,000 12,000 12,000 12,000
3 3 3 3 3 3 3
7,813 7,813 7,813 7,813 7,813 7,813 7,813

4,583 4,583 4,583 4,583 4,583 4,583 4,583
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,396 12,396 12,396 12,396 12,396 12,396 12,396
2 2 2 2 2 2 2
8,333 8,333 8,333 8,333 8,333 8,333 8,333

6,417 6,417 6,417 6,417 6,417 6,417 6,417
6,417 6,417 6,417 6,417 6,417 6,417 6,417
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
21,167 21,167 21,167 21,167 21,167 21,167 21,167
3 3 3 3 3 3 3
13,021 13,021 13,021 13,021 13,021 13,021 13,021
4,313 4,313 4,313 4,313 4,313 4,313 4,313
4,125 4,125 4,125 4,125 4,125 4,125 4,125
4,125 4,125 4,125 4,125 4,125 4,125 4,125
3,667 3,667 3,667 3,667 3,667 3,667 3,667
- - - - - - -
- - - - - - -
29,250 29,250 29,250 29,250 29,250 29,250 29,250
5 5 5 5 5 5 5
122,896 122,896 122,896 122,896 122,896 122,896 122,896

18 18 18 18 18 18 18
12,500 12,500 12,500 12,500 12,500 12,500 12,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
70,000 70,000 100,000 100,000 100,000 100,000 100,000
130,000 130,000 160,000 160,000 160,000 160,000 160,000
(14,229) (14,229) (14,229) (14,229) (14,229) (14,229) (14,229)

(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(15,729) (15,729) (15,729) (15,729) (15,729) (15,729) (15,729)
12.1% 12.1% 9.8% 9.8% 9.8% 9.8% 9.8%
114,271 114,271 144,271 144,271 144,271 144,271 144,271

87.9% 87.9% 90.2% 90.2% 90.2% 90.2% 90.2%
(12,000) (12,000) (12,000) (12,000) (12,000) (12,000) (12,000)

(12,396) (12,396) (12,396) (12,396) (12,396) (12,396) (12,396)
(750) (750) (750) (750) (750) (750) (750)
(1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000)
(750) (750) (750) (750) (750) (750) (750)
(26,896) (26,896) (26,896) (26,896) (26,896) (26,896) (26,896)
20.7% 20.7% 16.8% 16.8% 16.8% 16.8% 16.8%
(33,854) (33,854) (33,854) (33,854) (33,854) (33,854) (33,854)

(21,167) (21,167) (21,167) (21,167) (21,167) (21,167) (21,167)
(29,250) (29,250) (29,250) (29,250) (29,250) (29,250) (29,250)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,250)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(88,521) (88,521) (88,521) (88,521) (88,521) (88,521) (88,521)
68.1% 68.1% 55.3% 55.3% 55.3% 55.3% 55.3%
(3,083) (3,133) (3,183) (3,233) (3,283) (3,333) (3,383)
(118,500) (118,550) (118,600) (118,650) (118,700) (118,750) (118,800)

(4,229) (4,279) 25,671 25,621 25,571 25,521 25,471
(3.3%) (3.3%) 16.0% 16.0% 16.0% 16.0% 15.9%
(1,146) (1,146) 28,854 28,854 28,854 28,854 28,854

(0.9%) (0.9%) 18.0% 18.0% 18.0% 18.0% 18.0%
(941) (956) (970) (941) (868) (794) (721)

134 136 138 134 124 113 103
(5,036) (5,098) 24,839 24,814 24,827 24,840 24,853
(3.9%) (3.9%) 15.5% 15.5% 15.5% 15.5% 15.5%
5,036 5,098 (24,839) (24,814) (24,827) (24,840) (24,853)

- - - - - - -
- - - - - - -
(5,036) (5,098) 24,839 24,814 24,827 24,840 24,853

(3.9%) (3.9%) 15.5% 15.5% 15.5% 15.5% 15.5%
245,792 245,792 245,792 245,792 245,792 245,792 245,792

65,000 65,000 80,000 80,000 80,000 80,000 80,000
15,729 15,729 15,729 15,729 15,729 15,729 15,729
326,521 326,521 341,521 341,521 341,521 341,521 341,521
185,000 188,000 191,000 194,000 197,000 200,000 203,000

(61,367) (64,500) (67,683) (70,917) (74,200) (77,533) (80,917)
123,633 123,500 123,317 123,083 122,800 122,467 122,083
- - - - - - -
450,154 450,021 464,838 464,604 464,321 463,988 463,604
327,128 332,093 322,070 297,022 271,912 246,739 221,503

15,729 15,729 15,729 15,729 15,729 15,729 15,729
342,857 347,822 337,799 312,752 287,641 262,468 237,232
- - - - - - -
342,857 347,822 337,799 312,752 287,641 262,468 237,232
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000

(1,342,703) (1,347,801) (1,322,962) (1,298,147) (1,273,320) (1,248,480) (1,223,628)
107,297 102,199 127,038 151,853 176,680 201,520 226,372
450,154 450,021 464,838 464,604 464,321 463,988 463,604
1,342,703 1,347,801 1,322,962 1,298,147 1,273,320 1,248,480 1,223,628
(5,036) (5,098) 24,839 24,814 24,827 24,840 24,853

3,083 3,133 3,183 3,233 3,283 3,333 3,383
- - (15,000) - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(1,953) (1,965) 13,023 28,048 28,110 28,173 28,236
- - - - - - -
- - - - - - -
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
4,953 4,965 (10,023) (25,048) (25,110) (25,173) (25,236)
- - - - - - -
- - - - - - -
- - - - - - -
4,953 4,965 (10,023) (25,048) (25,110) (25,173) (25,236)
245,792 245,792 245,792 245,792 245,792 245,792 245,792

- - - - - - -
245,792 245,792 245,792 245,792 245,792 245,792 245,792
(4,953) (4,965) 10,023 25,048 25,110 25,173 25,236

- - - - - - -
- - - - - - -
245,792 245,792 245,792 245,792 245,792 245,792 245,792
(245,792) (245,792) (245,792) (245,792) (245,792) (245,792) (245,792)
(4,953) (4,965) 10,023 25,048 25,110 25,173 25,236
- - - - - - -
(4,953) (4,965) 10,023 25,048 25,110 25,173 25,236
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
322,175 327,128 332,093 322,070 297,022 271,912 246,739

4,953 4,965 (10,023) (25,048) (25,110) (25,173) (25,236)
327,128 332,093 322,070 297,022 271,912 246,739 221,503
941 956 970 941 868 794 721
130,000 130,000 160,000 160,000 160,000 160,000 160,000

(15,729) (15,729) (15,729) (15,729) (15,729) (15,729) (15,729)
(118,500) (118,550) (118,600) (118,650) (118,700) (118,750) (118,800)
(1,146) (1,146) 28,854 28,854 28,854 28,854 28,854
(941) (956) (970) (941) (868) (794) (721)
(5,036) (5,098) 24,839 24,814 24,827 24,840 24,853
245,792 245,792 245,792 245,792 245,792 245,792 245,792

450,154 450,021 464,838 464,604 464,321 463,988 463,604
327,128 332,093 322,070 297,022 271,912 246,739 221,503
- - - - - - -
107,297 102,199 127,038 151,853 176,680 201,520 226,372
18 18 18 18 18 18 18
122,896 122,896 122,896 122,896 122,896 122,896 122,896
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - - - -
252,208 258,625 258,625 258,625 258,625 258,625 258,625
18,229 18,229 18,229 18,229 18,229 18,229 18,229

15,625 15,625 15,625 15,625 15,625 15,625 15,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
33,854 33,854 33,854 33,854 33,854 33,854 33,854
2 2 2 2 2 2 2
7,813 7,813 7,813 7,813 7,813 7,813 7,813
3,208 3,208 3,208 3,208 3,208 3,208 3,208
3,208 3,208 3,208 3,208 3,208 3,208 3,208
- 3,208 3,208 3,208 3,208 3,208 3,208
- 3,208 3,208 3,208 3,208 3,208 3,208
- - - - - - -
- - - - - - -
14,229 20,646 20,646 20,646 20,646 20,646 20,646
3 5 5 5 5 5 5
6,250 6,250 6,250 6,250 6,250 6,250 6,250

2,875 2,875 2,875 2,875 2,875 2,875 2,875
2,875 2,875 2,875 2,875 2,875 2,875 2,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,000 12,000 12,000 12,000 12,000 12,000 12,000
3 3 3 3 3 3 3
7,813 7,813 7,813 7,813 7,813 7,813 7,813

4,583 4,583 4,583 4,583 4,583 4,583 4,583
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,396 12,396 12,396 12,396 12,396 12,396 12,396
2 2 2 2 2 2 2
8,333 8,333 8,333 8,333 8,333 8,333 8,333

6,417 6,417 6,417 6,417 6,417 6,417 6,417
6,417 6,417 6,417 6,417 6,417 6,417 6,417
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
21,167 21,167 21,167 21,167 21,167 21,167 21,167
3 3 3 3 3 3 3
13,021 13,021 13,021 13,021 13,021 13,021 13,021
4,313 4,313 4,313 4,313 4,313 4,313 4,313
4,125 4,125 4,125 4,125 4,125 4,125 4,125
4,125 4,125 4,125 4,125 4,125 4,125 4,125
3,667 3,667 3,667 3,667 3,667 3,667 3,667
- - - - - - -
- - - - - - -
29,250 29,250 29,250 29,250 29,250 29,250 29,250
5 5 5 5 5 5 5
122,896 129,313 129,313 129,313 129,313 129,313 129,313

18 20 20 20 20 20 20
12,500 12,500 12,500 12,500 12,500 12,500 12,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
100,000 150,000 150,000 150,000 150,000 150,000 150,000
160,000 235,000 235,000 235,000 235,000 235,000 235,000
(14,229) (20,646) (20,646) (20,646) (20,646) (20,646) (20,646)

(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(15,729) (22,146) (22,146) (22,146) (22,146) (22,146) (22,146)
9.8% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4%
144,271 212,854 212,854 212,854 212,854 212,854 212,854

90.2% 90.6% 90.6% 90.6% 90.6% 90.6% 90.6%
(12,000) (12,000) (12,000) (12,000) (12,000) (12,000) (12,000)

(12,396) (12,396) (12,396) (12,396) (12,396) (12,396) (12,396)
(750) (750) (750) (750) (750) (750) (750)
(1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000)
(750) (750) (750) (750) (750) (750) (750)
(26,896) (26,896) (26,896) (26,896) (26,896) (26,896) (26,896)
16.8% 11.4% 11.4% 11.4% 11.4% 11.4% 11.4%
(33,854) (33,854) (33,854) (33,854) (33,854) (33,854) (33,854)

(21,167) (21,167) (21,167) (21,167) (21,167) (21,167) (21,167)
(29,250) (29,250) (29,250) (29,250) (29,250) (29,250) (29,250)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(1,250) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(88,521) (88,771) (88,771) (88,771) (88,771) (88,771) (88,771)
55.3% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8%
(3,433) (3,617) (3,667) (3,717) (3,767) (3,817) (3,867)
(118,850) (119,283) (119,333) (119,383) (119,433) (119,483) (119,533)

25,421 93,571 93,521 93,471 93,421 93,371 93,321
15.9% 39.8% 39.8% 39.8% 39.8% 39.7% 39.7%
28,854 97,188 97,188 97,188 97,188 97,188 97,188

18.0% 41.4% 41.4% 41.4% 41.4% 41.4% 41.4%
(647) (592) (470) (196) - - -

92 84 67 28 - - -
24,866 93,063 93,118 93,303 93,421 93,371 93,321
15.5% 39.6% 39.6% 39.7% 39.8% 39.7% 39.7%
(24,866) (93,063) (93,118) (93,303) (93,421) (93,371) (93,321)

- - - - - - -
- - - - - - -
24,866 93,063 93,118 93,303 93,421 93,371 93,321

15.5% 39.6% 39.6% 39.7% 39.8% 39.7% 39.7%
252,208 258,625 258,625 285,573 379,760 473,948 568,135

80,000 117,500 117,500 117,500 117,500 117,500 117,500
15,729 22,146 22,146 22,146 22,146 22,146 22,146
347,938 398,271 398,271 425,219 519,406 613,594 707,781
206,000 217,000 220,000 223,000 226,000 229,000 232,000

(84,350) (87,967) (91,633) (95,350) (99,117) (102,933) (106,800)
121,650 129,033 128,367 127,650 126,883 126,067 125,200
- - - - - - -
469,588 527,304 526,638 552,869 646,290 739,660 832,981
202,620 160,856 67,072 - - - -

15,729 22,146 22,146 22,146 22,146 22,146 22,146
218,349 183,002 89,217 22,146 22,146 22,146 22,146
- - - - - - -
218,349 183,002 89,217 22,146 22,146 22,146 22,146
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000

(1,198,761) (1,105,698) (1,012,580) (919,277) (825,856) (732,485) (639,165)
251,239 344,302 437,420 530,723 624,144 717,515 810,835
469,588 527,304 526,638 552,869 646,290 739,660 832,981
1,198,761 1,105,698 1,012,580 919,277 825,856 732,485 639,165
24,866 93,063 93,118 93,303 93,421 93,371 93,321

3,433 3,617 3,667 3,717 3,767 3,817 3,867
- (37,500) - - - - -
- 6,417 - - - - -
- (6,417) - - - - -
- - - - - - -
28,299 59,180 96,785 97,020 97,188 97,188 97,188
- (3,000) - - - - -
- (5,000) - - - - -
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(3,000) (11,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(18,883) (41,763) (93,785) (67,072) - - -
- - - - - - -
- - - - - - -
- - - - - - -
(18,883) (41,763) (93,785) (67,072) - - -
245,792 252,208 258,625 258,625 285,573 379,760 473,948

6,417 6,417 - 26,948 94,188 94,188 94,188
252,208 258,625 258,625 285,573 379,760 473,948 568,135
25,299 48,180 93,785 94,020 94,188 94,188 94,188

- - - - - - -
- - - - - - -
245,792 252,208 258,625 258,625 285,573 379,760 473,948
(252,208) (258,625) (258,625) (258,625) (258,625) (258,625) (258,625)
18,883 41,763 93,785 94,020 121,135 215,323 309,510
- - - - - - -
18,883 41,763 93,785 94,020 121,135 215,323 309,510
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
221,503 202,620 160,856 67,072 - - -

(18,883) (41,763) (93,785) (67,072) - - -
202,620 160,856 67,072 - - - -
647 592 470 196 - - -
160,000 235,000 235,000 235,000 235,000 235,000 235,000

(15,729) (22,146) (22,146) (22,146) (22,146) (22,146) (22,146)
(118,850) (119,283) (119,333) (119,383) (119,433) (119,483) (119,533)
28,854 97,188 97,188 97,188 97,188 97,188 97,188
(647) (592) (470) (196) - - -
24,866 93,063 93,118 93,303 93,421 93,371 93,321
252,208 258,625 258,625 285,573 379,760 473,948 568,135

469,588 527,304 526,638 552,869 646,290 739,660 832,981
202,620 160,856 67,072 - - - -
- - - - - - -
251,239 344,302 437,420 530,723 624,144 717,515 810,835
18 20 20 20 20 20 20
122,896 129,313 129,313 129,313 129,313 129,313 129,313
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - - - - -
258,625 258,625 258,625 258,625 258,625 258,625 258,625
18,229 18,229 18,229 18,229 18,229 18,229 18,229

15,625 15,625 15,625 15,625 15,625 15,625 15,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
33,854 33,854 33,854 33,854 33,854 33,854 33,854
2 2 2 2 2 2 2
7,813 7,813 7,813 7,813 7,813 7,813 7,813
3,208 3,208 3,208 3,208 3,208 3,208 3,208
3,208 3,208 3,208 3,208 3,208 3,208 3,208
3,208 3,208 3,208 3,208 3,208 3,208 3,208
3,208 3,208 3,208 3,208 3,208 3,208 3,208
- - - - - - -
- - - - - - -
20,646 20,646 20,646 20,646 20,646 20,646 20,646
5 5 5 5 5 5 5
6,250 6,250 6,250 6,250 6,250 6,250 6,250

2,875 2,875 2,875 2,875 2,875 2,875 2,875
2,875 2,875 2,875 2,875 2,875 2,875 2,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,000 12,000 12,000 12,000 12,000 12,000 12,000
3 3 3 3 3 3 3
7,813 7,813 7,813 7,813 7,813 7,813 7,813

4,583 4,583 4,583 4,583 4,583 4,583 4,583
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,396 12,396 12,396 12,396 12,396 12,396 12,396
2 2 2 2 2 2 2
8,333 8,333 8,333 8,333 8,333 8,333 8,333

6,417 6,417 6,417 6,417 6,417 6,417 6,417
6,417 6,417 6,417 6,417 6,417 6,417 6,417
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
21,167 21,167 21,167 21,167 21,167 21,167 21,167
3 3 3 3 3 3 3
13,021 13,021 13,021 13,021 13,021 13,021 13,021
4,313 4,313 4,313 4,313 4,313 4,313 4,313
4,125 4,125 4,125 4,125 4,125 4,125 4,125
4,125 4,125 4,125 4,125 4,125 4,125 4,125
3,667 3,667 3,667 3,667 3,667 3,667 3,667
- - - - - - -
- - - - - - -
29,250 29,250 29,250 29,250 29,250 29,250 29,250
5 5 5 5 5 5 5
129,313 129,313 129,313 129,313 129,313 129,313 129,313

20 20 20 20 20 20 20
12,500 12,500 12,500 12,500 12,500 12,500 12,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
150,000 150,000 150,000 150,000 150,000 150,000 150,000
235,000 235,000 235,000 235,000 235,000 235,000 235,000
(20,646) (20,646) (20,646) (20,646) (20,646) (20,646) (20,646)

(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(22,146) (22,146) (22,146) (22,146) (22,146) (22,146) (22,146)
9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4%
212,854 212,854 212,854 212,854 212,854 212,854 212,854

90.6% 90.6% 90.6% 90.6% 90.6% 90.6% 90.6%
(12,000) (12,000) (12,000) (12,000) (12,000) (12,000) (12,000)

(12,396) (12,396) (12,396) (12,396) (12,396) (12,396) (12,396)
(750) (750) (750) (750) (750) (750) (750)
(1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000)
(750) (750) (750) (750) (750) (750) (750)
(26,896) (26,896) (26,896) (26,896) (26,896) (26,896) (26,896)
11.4% 11.4% 11.4% 11.4% 11.4% 11.4% 11.4%
(33,854) (33,854) (33,854) (33,854) (33,854) (33,854) (33,854)

(21,167) (21,167) (21,167) (21,167) (21,167) (21,167) (21,167)
(29,250) (29,250) (29,250) (29,250) (29,250) (29,250) (29,250)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,750)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(88,771) (88,771) (88,771) (88,771) (88,771) (88,771) (89,021)
37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.9%
(3,917) (3,967) (4,017) (4,067) (4,117) (4,167) (4,300)
(119,583) (119,633) (119,683) (119,733) (119,783) (119,833) (120,217)

93,271 93,221 93,171 93,121 93,071 93,021 92,638
39.7% 39.7% 39.6% 39.6% 39.6% 39.6% 39.4%
97,188 97,188 97,188 97,188 97,188 97,188 96,938

41.4% 41.4% 41.4% 41.4% 41.4% 41.4% 41.3%
- - - - - - -
- - - - - - -
93,271 93,221 93,171 93,121 93,071 93,021 92,638
39.7% 39.7% 39.6% 39.6% 39.6% 39.6% 39.4%
(93,271) (93,221) (93,171) (93,121) (93,071) (93,021) (80,290)

- - - - - - 12,348
- - - - - - (4,939)
93,271 93,221 93,171 93,121 93,071 93,021 87,698

39.7% 39.7% 39.6% 39.6% 39.6% 39.6% 37.3%
662,323 756,510 850,698 944,885 1,039,073 1,133,260 1,217,259

117,500 117,500 117,500 117,500 117,500 117,500 117,500
22,146 22,146 22,146 22,146 22,146 22,146 22,146
801,969 896,156 990,344 1,084,531 1,178,719 1,272,906 1,356,905
235,000 238,000 241,000 244,000 247,000 250,000 258,000

(110,717) (114,683) (118,700) (122,767) (126,883) (131,050) (135,350)
124,283 123,317 122,300 121,233 120,117 118,950 122,650
- - - - - - -
926,252 1,019,473 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 22,146 22,146 22,146 22,146 22,146 22,146
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000

(545,894) (452,673) (359,502) (266,381) (173,310) (80,290) 7,409
904,106 997,327 1,090,498 1,183,619 1,276,690 1,369,710 1,457,409
926,252 1,019,473 1,112,644 1,205,765 1,298,835 1,391,856 1,479,555
545,894 452,673 359,502 266,381 173,310 80,290 -
93,271 93,221 93,171 93,121 93,071 93,021 87,698

3,917 3,967 4,017 4,067 4,117 4,167 4,300
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
97,188 97,188 97,188 97,188 97,188 97,188 91,998
- - - - - - -
- - - - - - (5,000)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (8,000)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
568,135 662,323 756,510 850,698 944,885 1,039,073 1,133,260

94,188 94,188 94,188 94,188 94,188 94,188 83,998
662,323 756,510 850,698 944,885 1,039,073 1,133,260 1,217,259
94,188 94,188 94,188 94,188 94,188 94,188 83,998

- - - - - - -
- - - - - - -
568,135 662,323 756,510 850,698 944,885 1,039,073 1,133,260
(258,625) (258,625) (258,625) (258,625) (258,625) (258,625) (258,625)
403,698 497,885 592,073 686,260 780,448 874,635 958,634
- - - - - - -
403,698 497,885 592,073 686,260 780,448 874,635 958,634
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
235,000 235,000 235,000 235,000 235,000 235,000 235,000

(22,146) (22,146) (22,146) (22,146) (22,146) (22,146) (22,146)
(119,583) (119,633) (119,683) (119,733) (119,783) (119,833) (120,217)
97,188 97,188 97,188 97,188 97,188 97,188 96,938
- - - - - - -
93,271 93,221 93,171 93,121 93,071 93,021 87,698
662,323 756,510 850,698 944,885 1,039,073 1,133,260 1,217,259

926,252 1,019,473 1,112,644 1,205,765 1,298,835 1,391,856 1,479,555
- - - - - - -
- - - - - - -
904,106 997,327 1,090,498 1,183,619 1,276,690 1,369,710 1,457,409
20 20 20 20 20 20 20
129,313 129,313 129,313 129,313 129,313 129,313 129,313
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - - - - -
258,625 258,625 258,625 258,625 258,625 258,625 258,625
18,229 18,229 18,229 18,229 18,229 18,229 18,229

15,625 15,625 15,625 15,625 15,625 15,625 15,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
33,854 33,854 33,854 33,854 33,854 33,854 33,854
2 2 2 2 2 2 2
7,813 7,813 7,813 7,813 7,813 7,813 7,813
3,208 3,208 3,208 3,208 3,208 3,208 3,208
3,208 3,208 3,208 3,208 3,208 3,208 3,208
3,208 3,208 3,208 3,208 3,208 3,208 3,208
3,208 3,208 3,208 3,208 3,208 3,208 3,208
- - - - - - -
- - - - - - -
20,646 20,646 20,646 20,646 20,646 20,646 20,646
5 5 5 5 5 5 5
6,250 6,250 6,250 6,250 6,250 6,250 6,250

2,875 2,875 2,875 2,875 2,875 2,875 2,875
2,875 2,875 2,875 2,875 2,875 2,875 2,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,000 12,000 12,000 12,000 12,000 12,000 12,000
3 3 3 3 3 3 3
7,813 7,813 7,813 7,813 7,813 7,813 7,813

4,583 4,583 4,583 4,583 4,583 4,583 4,583
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,396 12,396 12,396 12,396 12,396 12,396 12,396
2 2 2 2 2 2 2
8,333 8,333 8,333 8,333 8,333 8,333 8,333

6,417 6,417 6,417 6,417 6,417 6,417 6,417
6,417 6,417 6,417 6,417 6,417 6,417 6,417
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
21,167 21,167 21,167 21,167 21,167 21,167 21,167
3 3 3 3 3 3 3
13,021 13,021 13,021 13,021 13,021 13,021 13,021
4,313 4,313 4,313 4,313 4,313 4,313 4,313
4,125 4,125 4,125 4,125 4,125 4,125 4,125
4,125 4,125 4,125 4,125 4,125 4,125 4,125
3,667 3,667 3,667 3,667 3,667 3,667 3,667
- - - - - - -
- - - - - - -
29,250 29,250 29,250 29,250 29,250 29,250 29,250
5 5 5 5 5 5 5
129,313 129,313 129,313 129,313 129,313 129,313 129,313

20 20 20 20 20 20 20
12,500 12,500 12,500 12,500 12,500 12,500 12,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
150,000 150,000 150,000 150,000 150,000 150,000 150,000
235,000 235,000 235,000 235,000 235,000 235,000 235,000
(20,646) (20,646) (20,646) (20,646) (20,646) (20,646) (20,646)

(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(22,146) (22,146) (22,146) (22,146) (22,146) (22,146) (22,146)
9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4%
212,854 212,854 212,854 212,854 212,854 212,854 212,854

90.6% 90.6% 90.6% 90.6% 90.6% 90.6% 90.6%
(12,000) (12,000) (12,000) (12,000) (12,000) (12,000) (12,000)

(12,396) (12,396) (12,396) (12,396) (12,396) (12,396) (12,396)
(750) (750) (750) (750) (750) (750) (750)
(1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000)
(750) (750) (750) (750) (750) (750) (750)
(26,896) (26,896) (26,896) (26,896) (26,896) (26,896) (26,896)
11.4% 11.4% 11.4% 11.4% 11.4% 11.4% 11.4%
(33,854) (33,854) (33,854) (33,854) (33,854) (33,854) (33,854)

(21,167) (21,167) (21,167) (21,167) (21,167) (21,167) (21,167)
(29,250) (29,250) (29,250) (29,250) (29,250) (29,250) (29,250)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(1,750) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(89,021) (89,021) (89,021) (89,021) (89,021) (89,021) (89,021)
37.9% 37.9% 37.9% 37.9% 37.9% 37.9% 37.9%
(4,350) (4,400) (4,450) (4,500) (4,550) (4,600) (4,650)
(120,267) (120,317) (120,367) (120,417) (120,467) (120,517) (120,567)

92,588 92,538 92,488 92,438 92,388 92,338 92,288
39.4% 39.4% 39.4% 39.3% 39.3% 39.3% 39.3%
96,938 96,938 96,938 96,938 96,938 96,938 96,938

41.3% 41.3% 41.3% 41.3% 41.3% 41.3% 41.3%
- - - - - - -
- - - - - - -
92,588 92,538 92,488 92,438 92,388 92,338 92,288
39.4% 39.4% 39.4% 39.3% 39.3% 39.3% 39.3%
- - - - - - -
92,588 92,538 92,488 92,438 92,388 92,338 92,288
(37,035) (37,015) (36,995) (36,975) (36,955) (36,935) (36,915)
55,553 55,523 55,493 55,463 55,433 55,403 55,373

23.6% 23.6% 23.6% 23.6% 23.6% 23.6% 23.6%
1,274,161 1,331,084 1,388,026 1,444,989 1,501,971 1,558,974 1,615,996

117,500 117,500 117,500 117,500 117,500 117,500 117,500
22,146 22,146 22,146 22,146 22,146 22,146 22,146
1,413,807 1,470,730 1,527,672 1,584,635 1,641,617 1,698,620 1,755,642
261,000 264,000 267,000 270,000 273,000 276,000 279,000

(139,700) (144,100) (148,550) (153,050) (157,600) (162,200) (166,850)
121,300 119,900 118,450 116,950 115,400 113,800 112,150
- - - - - - -
1,535,107 1,590,630 1,646,122 1,701,585 1,757,017 1,812,420 1,867,792
- - - - - - -
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 22,146 22,146 22,146 22,146 22,146 22,146
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000

62,961 118,484 173,976 229,439 284,871 340,274 395,646
1,512,961 1,568,484 1,623,976 1,679,439 1,734,871 1,790,274 1,845,646
1,535,107 1,590,630 1,646,122 1,701,585 1,757,017 1,812,420 1,867,792
- - - - - - -
55,553 55,523 55,493 55,463 55,433 55,403 55,373

4,350 4,400 4,450 4,500 4,550 4,600 4,650
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
59,903 59,923 59,943 59,963 59,983 60,003 60,023
- - - - - - -
- - - - - - -
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
1,217,259 1,274,161 1,331,084 1,388,026 1,444,989 1,501,971 1,558,974

56,903 56,923 56,943 56,963 56,983 57,003 57,023
1,274,161 1,331,084 1,388,026 1,444,989 1,501,971 1,558,974 1,615,996
56,903 56,923 56,943 56,963 56,983 57,003 57,023

- - - - - - -
- - - - - - -
1,217,259 1,274,161 1,331,084 1,388,026 1,444,989 1,501,971 1,558,974
(258,625) (258,625) (258,625) (258,625) (258,625) (258,625) (258,625)
1,015,536 1,072,459 1,129,401 1,186,364 1,243,346 1,300,349 1,357,371
- - - - - - -
1,015,536 1,072,459 1,129,401 1,186,364 1,243,346 1,300,349 1,357,371
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
235,000 235,000 235,000 235,000 235,000 235,000 235,000

(22,146) (22,146) (22,146) (22,146) (22,146) (22,146) (22,146)
(120,267) (120,317) (120,367) (120,417) (120,467) (120,517) (120,567)
96,938 96,938 96,938 96,938 96,938 96,938 96,938
- - - - - - -
55,553 55,523 55,493 55,463 55,433 55,403 55,373
1,274,161 1,331,084 1,388,026 1,444,989 1,501,971 1,558,974 1,615,996

1,535,107 1,590,630 1,646,122 1,701,585 1,757,017 1,812,420 1,867,792
- - - - - - -
- - - - - - -
1,512,961 1,568,484 1,623,976 1,679,439 1,734,871 1,790,274 1,845,646
20 20 20 20 20 20 20
129,313 129,313 129,313 129,313 129,313 129,313 129,313
Sep-16 Oct-16 Nov-16 Dec-16 Q1 2012 Q2 2012 Q3 2012
0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1%

0.3% 0.3% 0.3% 0.3% 0.9% 0.9% 0.9%
0.5% 0.5% 0.5% 0.5% 1.4% 1.4% 1.4%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - - - - 400,000
258,625 258,625 258,625 258,625 85,458 100,271 174,333
18,229 18,229 18,229 18,229 54,688 54,688 54,688

15,625 15,625 15,625 15,625 - - 46,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
33,854 33,854 33,854 33,854 54,688 54,688 101,563
2 2 2 2 1 1 2
7,813 7,813 7,813 7,813 23,438 23,438 23,438
3,208 3,208 3,208 3,208 - - -
3,208 3,208 3,208 3,208 - - -
3,208 3,208 3,208 3,208 - - -
3,208 3,208 3,208 3,208 - - -
- - - - - - -
- - - - - - -
20,646 20,646 20,646 20,646 23,438 23,438 23,438
5 5 5 5 1 1 1
6,250 6,250 6,250 6,250 - - 18,750

2,875 2,875 2,875 2,875 - - -
2,875 2,875 2,875 2,875 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,000 12,000 12,000 12,000 - - 18,750
3 3 3 3 - - 1
7,813 7,813 7,813 7,813 - - 23,438

4,583 4,583 4,583 4,583 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,396 12,396 12,396 12,396 - - 23,438
2 2 2 2 - - 1
8,333 8,333 8,333 8,333 - - 25,000

6,417 6,417 6,417 6,417 - - 19,250
6,417 6,417 6,417 6,417 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
21,167 21,167 21,167 21,167 - - 44,250
3 3 3 3 - - 2
13,021 13,021 13,021 13,021 39,063 39,063 39,063
4,313 4,313 4,313 4,313 - - -
4,125 4,125 4,125 4,125 - - -
4,125 4,125 4,125 4,125 - - -
3,667 3,667 3,667 3,667 11,000 11,000 11,000
- - - - - - -
- - - - - - -
29,250 29,250 29,250 29,250 50,063 50,063 50,063
5 5 5 5 2 2 2
129,313 129,313 129,313 129,313 128,188 128,188 261,500

20 20 20 20 4 4 9
12,500 12,500 12,500 12,500 3,000 12,000 30,000

7,500 7,500 7,500 7,500 - 5,000 15,000
150,000 150,000 150,000 150,000 - 5,000 15,000
235,000 235,000 235,000 235,000 3,000 17,000 60,000
(20,646) (20,646) (20,646) (20,646) (23,438) (23,438) (23,438)

(1,500) (1,500) (1,500) (1,500) (4,500) (4,500) (4,500)
(22,146) (22,146) (22,146) (22,146) (27,938) (27,938) (27,938)
9.4% 9.4% 9.4% 9.4% 931.3% 164.3% 46.6%
212,854 212,854 212,854 212,854 (24,938) (10,938) 32,063

90.6% 90.6% 90.6% 90.6% (831.3%) (64.3%) 53.4%
(12,000) (12,000) (12,000) (12,000) - - (18,750)

(12,396) (12,396) (12,396) (12,396) - - (23,438)
(750) (750) (750) (750) (750) (750) (750)
(1,000) (1,000) (1,000) (1,000) (1,500) (1,500) (1,500)
(750) (750) (750) (750) (750) (750) (750)
(26,896) (26,896) (26,896) (26,896) (3,000) (3,000) (45,188)
11.4% 11.4% 11.4% 11.4% 100.0% 17.6% 75.3%
(33,854) (33,854) (33,854) (33,854) (54,688) (54,688) (101,563)

(21,167) (21,167) (21,167) (21,167) - - (44,250)
(29,250) (29,250) (29,250) (29,250) (50,063) (50,063) (50,063)
(3,000) (3,000) (3,000) (3,000) (4,500) (4,500) (4,500)
(1,750) (1,750) (1,750) (1,750) (2,250) (2,250) (2,250)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(89,021) (89,021) (89,021) (89,021) (111,500) (111,500) (202,625)
37.9% 37.9% 37.9% 37.9% 3,716.7% 655.9% 337.7%
(4,700) (4,750) (4,800) (4,850) (3,400) (3,925) (4,825)
(120,617) (120,667) (120,717) (120,767) (117,900) (118,425) (252,638)

92,238 92,188 92,138 92,088 (142,838) (129,363) (220,575)
39.3% 39.2% 39.2% 39.2% (4,761.3%) (761.0%) (367.6%)
96,938 96,938 96,938 96,938 (139,438) (125,438) (215,750)

41.3% 41.3% 41.3% 41.3% (4,647.9%) (737.9%) (359.6%)
- - - - (1,271) (2,617) (2,484)

- - - - 181 373 354
92,238 92,188 92,138 92,088 (143,927) (131,606) (222,705)
39.3% 39.2% 39.2% 39.2% (4,797.6%) (774.2%) (371.2%)
- - - - 143,927 131,606 222,705

92,238 92,188 92,138 92,088 - - -
(36,895) (36,875) (36,855) (36,835) - - -
55,343 55,313 55,283 55,253 (143,927) (131,606) (222,705)

23.6% 23.5% 23.5% 23.5% (4,797.6%) (774.2%) (371.2%)
1,673,039 1,730,101 1,787,184 1,844,286 85,458 129,896 174,333

117,500 117,500 117,500 117,500 500 7,500 10,000
22,146 22,146 22,146 22,146 9,313 9,313 9,313
1,812,685 1,869,747 1,926,830 1,983,932 95,271 146,708 193,646
282,000 285,000 288,000 291,000 71,500 82,000 100,000

(171,550) (176,300) (181,100) (185,950) (3,400) (7,325) (12,150)
110,450 108,700 106,900 105,050 68,100 74,675 87,850
- - - - - - -
1,923,135 1,978,447 2,033,730 2,088,982 163,371 221,383 281,496
- - - - 247,986 437,604 320,421

22,146 22,146 22,146 22,146 9,313 9,313 9,313
22,146 22,146 22,146 22,146 257,298 446,917 329,734
- - - - - - -
22,146 22,146 22,146 22,146 257,298 446,917 329,734
1,450,000 1,450,000 1,450,000 1,450,000 50,000 50,000 450,000

450,989 506,301 561,584 616,836 (143,927) (275,533) (498,238)
1,900,989 1,956,301 2,011,584 2,066,836 (93,927) (225,533) (48,238)
1,923,135 1,978,447 2,033,730 2,088,982 163,371 221,383 281,496
- - - - 143,927 275,533 498,238
55,343 55,313 55,283 55,253 (143,927) (131,606) (222,705)

4,700 4,750 4,800 4,850 3,400 3,925 4,825
- - - - (500) (7,000) (2,500)
- - - - (688) - -
- - - - (8,813) - -
- - - - - - -
60,043 60,063 60,083 60,103 (150,527) (134,681) (220,380)
- - - - (6,000) - (7,500)
- - - - (5,000) - -
(3,000) (3,000) (3,000) (3,000) (10,500) (10,500) (10,500)
(3,000) (3,000) (3,000) (3,000) (21,500) (10,500) (18,000)
- - - - 157,486 189,618 (117,183)
- - - - - - -
- - - - - - 400,000
- - - - - - -
- - - - 157,486 189,618 282,817
1,615,996 1,673,039 1,730,101 1,787,184 100,000 85,458 129,896

57,043 57,063 57,083 57,103 (14,542) 44,438 44,438
1,673,039 1,730,101 1,787,184 1,844,286 85,458 129,896 174,333
57,043 57,063 57,083 57,103 (172,027) (145,181) (238,380)

- - - - - - 400,000
- - - - - - -
1,615,996 1,673,039 1,730,101 1,787,184 100,000 85,458 129,896
(258,625) (258,625) (258,625) (258,625) (85,458) (100,271) (174,333)
1,414,414 1,471,476 1,528,559 1,585,661 (157,486) (159,993) 117,183
- - - - - - -
1,414,414 1,471,476 1,528,559 1,585,661 (157,486) (159,993) 117,183
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - 90,500 247,986 437,604

- - - - 157,486 189,618 (117,183)
- - - - 247,986 437,604 320,421
- - - - 1,271 2,617 2,484
235,000 235,000 235,000 235,000 3,000 17,000 60,000

(22,146) (22,146) (22,146) (22,146) (27,938) (27,938) (27,938)
(120,617) (120,667) (120,717) (120,767) (117,900) (118,425) (252,638)
96,938 96,938 96,938 96,938 (139,438) (125,438) (215,750)
- - - - (1,271) (2,617) (2,484)
55,343 55,313 55,283 55,253 (143,927) (131,606) (222,705)
1,673,039 1,730,101 1,787,184 1,844,286 85,458 129,896 174,333

1,923,135 1,978,447 2,033,730 2,088,982 163,371 221,383 281,496
- - - - 247,986 437,604 320,421
- - - - - - -
1,900,989 1,956,301 2,011,584 2,066,836 (93,927) (225,533) (48,238)
20 20 20 20 4 4 9
129,313 129,313 129,313 129,313 42,729 42,729 87,167
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%

0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9%
1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - 1,000,000 - - - -
181,507 217,375 218,444 223,792 227,458 245,792 245,792
54,688 54,688 54,688 54,688 54,688 54,688 54,688

46,875 46,875 46,875 46,875 46,875 46,875 46,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
101,563 101,563 101,563 101,563 101,563 101,563 101,563
2 2 2 2 2 2 2
23,438 23,438 23,438 23,438 23,438 23,438 23,438
- 9,625 9,625 9,625 9,625 9,625 9,625
- - - 9,625 9,625 9,625 9,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
23,438 33,063 33,063 42,688 42,688 42,688 42,688
1 2 2 3 3 3 3
18,750 18,750 18,750 18,750 18,750 18,750 18,750

- 8,625 8,625 8,625 8,625 8,625 8,625
- 8,625 8,625 8,625 8,625 8,625 8,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
18,750 36,000 36,000 36,000 36,000 36,000 36,000
1 3 3 3 3 3 3
23,438 23,438 23,438 23,438 23,438 23,438 23,438

- - - - - 13,750 13,750
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
23,438 23,438 23,438 23,438 23,438 37,188 37,188
1 1 1 1 1 2 2
25,000 25,000 25,000 25,000 25,000 25,000 25,000

19,250 19,250 19,250 19,250 19,250 19,250 19,250
- - - - - 19,250 19,250
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
44,250 44,250 44,250 44,250 44,250 63,500 63,500
2 2 2 2 2 3 3
39,063 39,063 39,063 39,063 39,063 39,063 39,063
- 12,938 12,938 12,938 12,938 12,938 12,938
- 12,375 12,375 12,375 12,375 12,375 12,375
- 12,375 12,375 12,375 12,375 12,375 12,375
11,000 11,000 11,000 11,000 11,000 11,000 11,000
- - - - - - -
- - - - - - -
50,063 87,750 87,750 87,750 87,750 87,750 87,750
2 5 5 5 5 5 5
261,500 326,063 326,063 335,688 335,688 368,688 368,688

9 15 15 16 16 18 18
30,000 30,000 30,000 30,000 30,000 37,500 37,500

15,000 15,000 15,000 15,000 15,000 22,500 22,500
30,000 60,000 60,000 105,000 105,000 210,000 210,000
75,000 165,000 165,000 240,000 240,000 390,000 390,000
(23,438) (33,063) (33,063) (42,688) (42,688) (42,688) (42,688)

(4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500)
(27,938) (37,563) (37,563) (47,188) (47,188) (47,188) (47,188)
37.3% 22.8% 22.8% 19.7% 19.7% 12.1% 12.1%
47,063 127,438 127,438 192,813 192,813 342,813 342,813

62.8% 77.2% 77.2% 80.3% 80.3% 87.9% 87.9%
(18,750) (36,000) (36,000) (36,000) (36,000) (36,000) (36,000)

(23,438) (23,438) (23,438) (23,438) (23,438) (37,188) (37,188)
(750) (750) (750) (750) (750) (2,250) (2,250)
(1,500) (1,500) (1,500) (1,500) (1,500) (3,000) (3,000)
(750) (750) (750) (750) (750) (2,250) (2,250)
(45,188) (62,438) (62,438) (62,438) (62,438) (80,688) (80,688)
60.3% 37.8% 37.8% 26.0% 26.0% 20.7% 20.7%
(101,563) (101,563) (101,563) (101,563) (101,563) (101,563) (101,563)

(44,250) (44,250) (44,250) (44,250) (44,250) (63,500) (63,500)
(50,063) (87,750) (87,750) (87,750) (87,750) (87,750) (87,750)
(4,500) (4,500) (4,500) (4,500) (4,500) (9,000) (9,000)
(2,250) (3,000) (3,000) (3,000) (3,000) (3,750) (3,750)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(202,625) (241,063) (241,063) (241,063) (241,063) (265,563) (265,563)
270.2% 146.1% 146.1% 100.4% 100.4% 68.1% 68.1%
(5,350) (6,525) (6,975) (7,500) (7,950) (8,800) (9,250)
(253,163) (310,025) (310,475) (311,000) (311,450) (355,050) (355,500)

(206,100) (182,588) (183,038) (118,188) (118,638) (12,238) (12,688)
(274.8%) (110.7%) (110.9%) (49.2%) (49.4%) (3.1%) (3.3%)
(200,750) (176,063) (176,063) (110,688) (110,688) (3,438) (3,438)

(267.7%) (106.7%) (106.7%) (46.1%) (46.1%) (0.9%) (0.9%)
(3,447) (5,744) (2,334) (389) (1,463) (2,565) (2,823)

492 820 333 55 209 366 403
(209,055) (187,512) (185,039) (118,521) (119,891) (14,437) (15,108)
(278.7%) (113.6%) (112.1%) (49.4%) (50.0%) (3.7%) (3.9%)
209,055 187,512 185,039 118,521 119,891 14,437 15,108

- - - - - - -
- - - - - - -
(209,055) (187,512) (185,039) (118,521) (119,891) (14,437) (15,108)

(278.7%) (113.6%) (112.1%) (49.4%) (50.0%) (3.7%) (3.9%)
195,854 217,375 231,156 223,792 234,792 245,792 245,792

12,500 27,500 27,500 40,000 40,000 65,000 65,000
9,313 12,521 12,521 15,729 15,729 15,729 15,729
217,667 257,396 271,177 279,521 290,521 326,521 326,521
110,500 133,500 142,500 153,000 162,000 179,000 188,000

(17,500) (24,025) (31,000) (38,500) (46,450) (55,250) (64,500)
93,000 109,475 111,500 114,500 115,550 123,750 123,500
- - - - - - -
310,667 366,871 382,677 394,021 406,071 450,271 450,021
558,647 799,155 - 126,656 258,598 317,235 332,093

9,313 12,521 12,521 15,729 15,729 15,729 15,729
567,960 811,676 12,521 142,386 274,327 332,964 347,822
- - - - - - -
567,960 811,676 12,521 142,386 274,327 332,964 347,822
450,000 450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000

(707,293) (894,805) (1,079,844) (1,198,365) (1,318,256) (1,332,693) (1,347,801)
(257,293) (444,805) 370,156 251,635 131,744 117,307 102,199
310,667 366,871 382,677 394,021 406,071 450,271 450,021
707,293 894,805 1,079,844 1,198,365 1,318,256 1,332,693 1,347,801
(209,055) (187,512) (185,039) (118,521) (119,891) (14,437) (15,108)

5,350 6,525 6,975 7,500 7,950 8,800 9,250
(2,500) (15,000) - (12,500) - (25,000) -
- 3,208 - 3,208 - - -
- (3,208) - (3,208) - - -
- - - - - - -
(206,205) (195,987) (178,064) (123,521) (111,941) (30,637) (5,858)
- (9,000) - (1,500) - (3,000) -

- (5,000) - - - (5,000) -
(10,500) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000)
(10,500) (23,000) (9,000) (10,500) (9,000) (17,000) (9,000)
238,226 240,508 (799,155) 126,656 131,941 58,637 14,858
- - - - - - -
- - 1,000,000 - - - -
- - - - - - -
238,226 240,508 200,845 126,656 131,941 58,637 14,858
174,333 195,854 217,375 231,156 223,792 234,792 245,792

21,521 21,521 13,781 (7,364) 11,000 11,000 -
195,854 217,375 231,156 223,792 234,792 245,792 245,792
(216,705) (218,987) (187,064) (134,021) (120,941) (47,637) (14,858)

- - 1,000,000 - - - -
- - - - - - -
174,333 195,854 217,375 231,156 223,792 234,792 245,792
(181,507) (217,375) (218,444) (223,792) (227,458) (245,792) (245,792)
(223,879) (240,508) 811,867 (126,656) (124,608) (58,637) (14,858)
- - - - - - -
(223,879) (240,508) 811,867 (126,656) (124,608) (58,637) (14,858)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
320,421 558,647 799,155 - 126,656 258,598 317,235

238,226 240,508 (799,155) 126,656 131,941 58,637 14,858
558,647 799,155 - 126,656 258,598 317,235 332,093
3,447 5,744 2,334 389 1,463 2,565 2,823
75,000 165,000 165,000 240,000 240,000 390,000 390,000

(27,938) (37,563) (37,563) (47,188) (47,188) (47,188) (47,188)
(253,163) (310,025) (310,475) (311,000) (311,450) (355,050) (355,500)
(200,750) (176,063) (176,063) (110,688) (110,688) (3,438) (3,438)
(3,447) (5,744) (2,334) (389) (1,463) (2,565) (2,823)
(209,055) (187,512) (185,039) (118,521) (119,891) (14,437) (15,108)
195,854 217,375 231,156 223,792 234,792 245,792 245,792

310,667 366,871 382,677 394,021 406,071 450,271 450,021
558,647 799,155 - 126,656 258,598 317,235 332,093
- - - - - - -
(257,293) (444,805) 370,156 251,635 131,744 117,307 102,199
9 15 15 16 16 18 18
87,167 108,688 108,688 111,896 111,896 122,896 122,896
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%

0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9%
1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%
0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - - - - -
245,792 247,931 258,625 258,625 258,625 258,625 258,625
54,688 54,688 54,688 54,688 54,688 54,688 54,688

46,875 46,875 46,875 46,875 46,875 46,875 46,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
101,563 101,563 101,563 101,563 101,563 101,563 101,563
2 2 2 2 2 2 2
23,438 23,438 23,438 23,438 23,438 23,438 23,438
9,625 9,625 9,625 9,625 9,625 9,625 9,625
9,625 9,625 9,625 9,625 9,625 9,625 9,625
- - 9,625 9,625 9,625 9,625 9,625
- - 9,625 9,625 9,625 9,625 9,625
- - - - - - -
- - - - - - -
42,688 42,688 61,938 61,938 61,938 61,938 61,938
3 3 5 5 5 5 5
18,750 18,750 18,750 18,750 18,750 18,750 18,750

8,625 8,625 8,625 8,625 8,625 8,625 8,625
8,625 8,625 8,625 8,625 8,625 8,625 8,625
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
36,000 36,000 36,000 36,000 36,000 36,000 36,000
3 3 3 3 3 3 3
23,438 23,438 23,438 23,438 23,438 23,438 23,438

13,750 13,750 13,750 13,750 13,750 13,750 13,750
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
37,188 37,188 37,188 37,188 37,188 37,188 37,188
2 2 2 2 2 2 2
25,000 25,000 25,000 25,000 25,000 25,000 25,000

19,250 19,250 19,250 19,250 19,250 19,250 19,250
19,250 19,250 19,250 19,250 19,250 19,250 19,250
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
63,500 63,500 63,500 63,500 63,500 63,500 63,500
3 3 3 3 3 3 3
39,063 39,063 39,063 39,063 39,063 39,063 39,063
12,938 12,938 12,938 12,938 12,938 12,938 12,938
12,375 12,375 12,375 12,375 12,375 12,375 12,375
12,375 12,375 12,375 12,375 12,375 12,375 12,375
11,000 11,000 11,000 11,000 11,000 11,000 11,000
- - - - - - -
- - - - - - -
87,750 87,750 87,750 87,750 87,750 87,750 87,750
5 5 5 5 5 5 5
368,688 368,688 387,938 387,938 387,938 387,938 387,938

18 18 20 20 20 20 20
37,500 37,500 37,500 37,500 37,500 37,500 37,500

22,500 22,500 22,500 22,500 22,500 22,500 22,500
300,000 300,000 450,000 450,000 450,000 450,000 450,000
480,000 480,000 705,000 705,000 705,000 705,000 705,000
(42,688) (42,688) (61,938) (61,938) (61,938) (61,938) (61,938)

(4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500)
(47,188) (47,188) (66,438) (66,438) (66,438) (66,438) (66,438)
9.8% 9.8% 9.4% 9.4% 9.4% 9.4% 9.4%
432,813 432,813 638,563 638,563 638,563 638,563 638,563

90.2% 90.2% 90.6% 90.6% 90.6% 90.6% 90.6%
(36,000) (36,000) (36,000) (36,000) (36,000) (36,000) (36,000)

(37,188) (37,188) (37,188) (37,188) (37,188) (37,188) (37,188)
(2,250) (2,250) (2,250) (2,250) (2,250) (2,250) (2,250)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(2,250) (2,250) (2,250) (2,250) (2,250) (2,250) (2,250)
(80,688) (80,688) (80,688) (80,688) (80,688) (80,688) (80,688)
16.8% 16.8% 11.4% 11.4% 11.4% 11.4% 11.4%
(101,563) (101,563) (101,563) (101,563) (101,563) (101,563) (101,563)

(63,500) (63,500) (63,500) (63,500) (63,500) (63,500) (63,500)
(87,750) (87,750) (87,750) (87,750) (87,750) (87,750) (87,750)
(9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000)
(3,750) (3,750) (4,500) (4,500) (4,500) (4,500) (5,250)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(265,563) (265,563) (266,313) (266,313) (266,313) (266,313) (267,063)
55.3% 55.3% 37.8% 37.8% 37.8% 37.8% 37.9%
(9,700) (10,150) (11,000) (11,450) (11,900) (12,350) (13,050)
(355,950) (356,400) (358,000) (358,450) (358,900) (359,350) (360,800)

76,863 76,413 280,563 280,113 279,663 279,213 277,763
16.0% 15.9% 39.8% 39.7% 39.7% 39.6% 39.4%
86,563 86,563 291,563 291,563 291,563 291,563 290,813

18.0% 18.0% 41.4% 41.4% 41.4% 41.4% 41.3%
(2,778) (2,162) (1,258) - - - -

396 308 179 - - - -
74,481 74,559 279,484 280,113 279,663 279,213 277,763
15.5% 15.5% 39.6% 39.7% 39.7% 39.6% 39.4%
(74,481) (74,559) (279,484) (280,113) (279,663) (279,213) (80,290)

- - - - - - 197,473
- - - - - - (78,989)
74,481 74,559 279,484 280,113 279,663 279,213 198,773

15.5% 15.5% 39.6% 39.7% 39.7% 39.6% 28.2%
245,792 252,208 285,573 568,135 850,698 1,133,260 1,331,084

80,000 80,000 117,500 117,500 117,500 117,500 117,500
15,729 15,729 22,146 22,146 22,146 22,146 22,146
341,521 347,938 425,219 707,781 990,344 1,272,906 1,470,730
197,000 206,000 223,000 232,000 241,000 250,000 264,000

(74,200) (84,350) (95,350) (106,800) (118,700) (131,050) (144,100)
122,800 121,650 127,650 125,200 122,300 118,950 119,900
- - - - - - -
464,321 469,588 552,869 832,981 1,112,644 1,391,856 1,590,630
271,912 202,620 - - - - -
15,729 15,729 22,146 22,146 22,146 22,146 22,146
287,641 218,349 22,146 22,146 22,146 22,146 22,146
- - - - - - -
287,641 218,349 22,146 22,146 22,146 22,146 22,146
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000

(1,273,320) (1,198,761) (919,277) (639,165) (359,502) (80,290) 118,484
176,680 251,239 530,723 810,835 1,090,498 1,369,710 1,568,484
464,321 469,588 552,869 832,981 1,112,644 1,391,856 1,590,630
1,273,320 1,198,761 919,277 639,165 359,502 80,290 -
74,481 74,559 279,484 280,113 279,663 279,213 198,773

9,700 10,150 11,000 11,450 11,900 12,350 13,050
(15,000) - (37,500) - - - -
- - 6,417 - - - -
- - (6,417) - - - -
- - - - - - -
69,181 84,709 252,984 291,563 291,563 291,563 211,823
- - (3,000) - - - -
- - (5,000) - - - (5,000)
(9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000)
(9,000) (9,000) (17,000) (9,000) (9,000) (9,000) (14,000)
(60,181) (69,292) (202,620) - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(60,181) (69,292) (202,620) - - - -
245,792 245,792 252,208 285,573 568,135 850,698 1,133,260

- 6,417 33,365 282,563 282,563 282,563 197,823
245,792 252,208 285,573 568,135 850,698 1,133,260 1,331,084
60,181 75,709 235,984 282,563 282,563 282,563 197,823

- - - - - - -
- - - - - - -
245,792 245,792 252,208 285,573 568,135 850,698 1,133,260
(245,792) (247,931) (258,625) (258,625) (258,625) (258,625) (258,625)
60,181 73,570 229,568 309,510 592,073 874,635 1,072,459
- - - - - - -
60,181 73,570 229,568 309,510 592,073 874,635 1,072,459
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
332,093 271,912 202,620 - - - -

(60,181) (69,292) (202,620) - - - -
271,912 202,620 - - - - -
2,778 2,162 1,258 - - - -
480,000 480,000 705,000 705,000 705,000 705,000 705,000

(47,188) (47,188) (66,438) (66,438) (66,438) (66,438) (66,438)
(355,950) (356,400) (358,000) (358,450) (358,900) (359,350) (360,800)
86,563 86,563 291,563 291,563 291,563 291,563 290,813
(2,778) (2,162) (1,258) - - - -
74,481 74,559 279,484 280,113 279,663 279,213 198,773
245,792 252,208 285,573 568,135 850,698 1,133,260 1,331,084

464,321 469,588 552,869 832,981 1,112,644 1,391,856 1,590,630
271,912 202,620 - - - - -
- - - - - - -
176,680 251,239 530,723 810,835 1,090,498 1,369,710 1,568,484
18 18 20 20 20 20 20
122,896 122,896 129,313 129,313 129,313 129,313 129,313
Q2 2016 Q3 2016 Q4 2016 2012 2013 2014 2015
0.1% 0.1% 0.1% 0.5% 0.5% 0.5% 0.5%

0.9% 0.9% 0.9% 3.5% 3.5% 3.5% 3.5%
1.4% 1.4% 1.4% 5.5% 5.5% 5.5% 5.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15 15 15
30 30 30 30 30 30 30
30 30 30 30 30 30 30
- - - 400,000 1,000,000 - -
258,625 258,625 258,625 135,392 221,767 246,326 258,625
54,688 54,688 54,688 218,750 218,750 218,750 218,750

46,875 46,875 46,875 93,750 187,500 187,500 187,500
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
101,563 101,563 101,563 312,500 406,250 406,250 406,250
2 2 2 2 2 2 2
23,438 23,438 23,438 93,750 93,750 93,750 93,750
9,625 9,625 9,625 - 38,500 38,500 38,500
9,625 9,625 9,625 - 19,250 38,500 38,500
9,625 9,625 9,625 - - - 38,500
9,625 9,625 9,625 - - - 38,500
- - - - - - -
- - - - - - -
61,938 61,938 61,938 93,750 151,500 170,750 247,750
5 5 5 1 3 3 5
18,750 18,750 18,750 37,500 75,000 75,000 75,000

8,625 8,625 8,625 - 34,500 34,500 34,500
8,625 8,625 8,625 - 34,500 34,500 34,500
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
36,000 36,000 36,000 37,500 144,000 144,000 144,000
3 3 3 1 3 3 3
23,438 23,438 23,438 46,875 93,750 93,750 93,750

13,750 13,750 13,750 - - 55,000 55,000
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
37,188 37,188 37,188 46,875 93,750 148,750 148,750
2 2 2 1 1 2 2
25,000 25,000 25,000 50,000 100,000 100,000 100,000

19,250 19,250 19,250 38,500 77,000 77,000 77,000
19,250 19,250 19,250 - - 77,000 77,000
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
63,500 63,500 63,500 88,500 177,000 254,000 254,000
3 3 3 1 2 3 3
39,063 39,063 39,063 156,250 156,250 156,250 156,250
12,938 12,938 12,938 - 51,750 51,750 51,750
12,375 12,375 12,375 - 49,500 49,500 49,500
12,375 12,375 12,375 - 49,500 49,500 49,500
11,000 11,000 11,000 44,000 44,000 44,000 44,000
- - - - - - -
- - - - - - -
87,750 87,750 87,750 200,250 351,000 351,000 351,000
5 5 5 2 5 5 5
387,938 387,938 387,938 779,375 1,323,500 1,474,750 1,551,750

20 20 20 7 16 18 20
37,500 37,500 37,500 75,000 120,000 150,000 150,000

22,500 22,500 22,500 35,000 60,000 90,000 90,000
450,000 450,000 450,000 50,000 330,000 1,020,000 1,800,000
705,000 705,000 705,000 155,000 810,000 1,740,000 2,820,000
(61,938) (61,938) (61,938) (93,750) (151,500) (170,750) (247,750)

(4,500) (4,500) (4,500) (18,000) (18,000) (18,000) (18,000)
(66,438) (66,438) (66,438) (111,750) (169,500) (188,750) (265,750)
9.4% 9.4% 9.4% 72.1% 20.9% 10.8% 9.4%
638,563 638,563 638,563 43,250 640,500 1,551,250 2,554,250

90.6% 90.6% 90.6% 27.9% 79.1% 89.2% 90.6%
(36,000) (36,000) (36,000) (37,500) (144,000) (144,000) (144,000)

(37,188) (37,188) (37,188) (46,875) (93,750) (148,750) (148,750)
(2,250) (2,250) (2,250) (3,000) (3,000) (9,000) (9,000)
(3,000) (3,000) (3,000) (6,000) (6,000) (12,000) (12,000)
(2,250) (2,250) (2,250) (3,000) (3,000) (9,000) (9,000)
(80,688) (80,688) (80,688) (96,375) (249,750) (322,750) (322,750)
11.4% 11.4% 11.4% 62.2% 30.8% 18.5% 11.4%
(101,563) (101,563) (101,563) (312,500) (406,250) (406,250) (406,250)

(63,500) (63,500) (63,500) (88,500) (177,000) (254,000) (254,000)
(87,750) (87,750) (87,750) (200,250) (351,000) (351,000) (351,000)
(9,000) (9,000) (9,000) (18,000) (18,000) (36,000) (36,000)
(5,250) (5,250) (5,250) (9,000) (12,000) (15,000) (18,000)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(267,063) (267,063) (267,063) (628,250) (964,250) (1,062,250) (1,065,250)
37.9% 37.9% 37.9% 405.3% 119.0% 61.0% 37.8%
(13,500) (13,950) (14,400) (17,500) (28,950) (37,900) (46,700)
(361,250) (361,700) (362,150) (742,125) (1,242,950) (1,422,900) (1,434,700)

277,313 276,863 276,413 (698,875) (602,450) 128,350 1,119,550
39.3% 39.3% 39.2% (450.9%) (74.4%) 7.4% 39.7%
290,813 290,813 290,813 (681,375) (573,500) 166,250 1,166,250

41.3% 41.3% 41.3% (439.6%) (70.8%) 9.6% 41.4%
- - - (9,819) (9,930) (10,329) (1,258)

- - - 1,401 1,417 1,474 179
277,313 276,863 276,413 (707,293) (610,963) 119,495 1,118,472
39.3% 39.3% 39.2% (456.3%) (75.4%) 6.9% 39.7%
- - - 707,293 610,963 (119,495) (1,118,472)

277,313 276,863 276,413 - - - -
(110,925) (110,745) (110,565) - - - -
166,388 166,118 165,848 (707,293) (610,963) 119,495 1,118,472

23.6% 23.6% 23.5% (456.3%) (75.4%) 6.9% 39.7%
1,501,971 1,673,039 1,844,286 195,854 234,792 252,208 1,133,260

117,500 117,500 117,500 12,500 40,000 80,000 117,500
22,146 22,146 22,146 9,313 15,729 15,729 22,146
1,641,617 1,812,685 1,983,932 217,667 290,521 347,938 1,272,906
273,000 282,000 291,000 110,500 162,000 206,000 250,000

(157,600) (171,550) (185,950) (17,500) (46,450) (84,350) (131,050)
115,400 110,450 105,050 93,000 115,550 121,650 118,950
- - - - - - -
1,757,017 1,923,135 2,088,982 310,667 406,071 469,588 1,391,856
- - - 558,647 258,598 202,620 -

22,146 22,146 22,146 9,313 15,729 15,729 22,146
22,146 22,146 22,146 567,960 274,327 218,349 22,146
- - - - - - -
22,146 22,146 22,146 567,960 274,327 218,349 22,146
1,450,000 1,450,000 1,450,000 450,000 1,450,000 1,450,000 1,450,000

284,871 450,989 616,836 (707,293) (1,318,256) (1,198,761) (80,290)
1,734,871 1,900,989 2,066,836 (257,293) 131,744 251,239 1,369,710
1,757,017 1,923,135 2,088,982 310,667 406,071 469,588 1,391,856
- - - 707,293 1,318,256 1,198,761 80,290
166,388 166,118 165,848 (707,293) (610,963) 119,495 1,118,472

13,500 13,950 14,400 17,500 28,950 37,900 46,700
- - - (12,500) (27,500) (40,000) (37,500)
- - - (688) 6,417 - 6,417
- - - (8,813) (6,417) - (6,417)
- - - - - - -
179,888 180,068 180,248 (711,793) (609,513) 117,395 1,127,672
- - - (13,500) (10,500) (3,000) (3,000)

- - - (5,000) (5,000) (5,000) (5,000)
(9,000) (9,000) (9,000) (42,000) (36,000) (36,000) (36,000)
(9,000) (9,000) (9,000) (60,500) (51,500) (44,000) (44,000)
- - - 468,147 (300,050) (55,978) (202,620)
- - - - - - -
- - - 400,000 1,000,000 - -
- - - - - - -
- - - 868,147 699,950 (55,978) (202,620)
1,331,084 1,501,971 1,673,039 100,000 195,854 234,792 252,208

170,888 171,068 171,248 95,854 38,938 17,417 881,052
1,501,971 1,673,039 1,844,286 195,854 234,792 252,208 1,133,260
170,888 171,068 171,248 (772,293) (661,013) 73,395 1,083,672

- - - 400,000 1,000,000 - -
- - - - - - -
1,331,084 1,501,971 1,673,039 100,000 195,854 234,792 252,208
(258,625) (258,625) (258,625) (135,392) (221,767) (246,326) (258,625)
1,243,346 1,414,414 1,585,661 (468,147) 523,247 55,978 4,710,537
- - - - - - -
1,243,346 1,414,414 1,585,661 (468,147) 523,247 55,978 4,710,537
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - 90,500 558,647 258,598 202,620

- - - 468,147 (300,050) (55,978) (202,620)
- - - 558,647 258,598 202,620 -
- - - 9,819 9,930 10,329 1,258
705,000 705,000 705,000 155,000 810,000 1,740,000 2,820,000

(66,438) (66,438) (66,438) (111,750) (169,500) (188,750) (265,750)
(361,250) (361,700) (362,150) (742,125) (1,242,950) (1,422,900) (1,434,700)
290,813 290,813 290,813 (681,375) (573,500) 166,250 1,166,250
- - - (9,819) (9,930) (10,329) (1,258)
166,388 166,118 165,848 (707,293) (610,963) 119,495 1,118,472
1,501,971 1,673,039 1,844,286 195,854 234,792 252,208 1,133,260

1,757,017 1,923,135 2,088,982 310,667 406,071 469,588 1,391,856
- - - 558,647 258,598 202,620 -
- - - - - - -
1,734,871 1,900,989 2,066,836 (257,293) 131,744 251,239 1,369,710
20 20 20 9 16 18 20
129,313 129,313 129,313 87,167 111,896 122,896 129,313
Checksum Checksum Checksum Checksum Checksum
Ok Ok Ok Ok Ok
2016 2012 2013 2014 2015 2016
0.5% Ok Ok Ok Ok Ok
3.5% Ok Ok Ok Ok Ok
5.5% Ok Ok Ok Ok Ok
0.0% Ok Ok Ok Ok Ok
35.0% Ok Ok Ok Ok Ok
5.0% Ok Ok Ok Ok Ok
15 Ok Ok Ok Ok Ok
30 Ok Ok Ok Ok Ok
30 Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
258,625 Ok Ok Ok Ok Ok
- Ok 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 Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
5 Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
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
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
3 Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
5 Ok Ok Ok Ok Ok
1,551,750 Ok Ok Ok Ok Ok
20 Ok Ok Ok Ok Ok
(247,750) Ok Ok Ok Ok Ok
9.4%
90.6%
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 Ok
(1,068,250) Ok Ok Ok Ok Ok
37.9%
(1,445,900) Ok Ok Ok Ok Ok
39.3%
41.3%
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
39.3%
24.7%
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
-
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
15,263,570
- Ok Ok Ok Ok Ok
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
(1,445,900) Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
- Ok Ok Ok Ok Ok
20 Ok Ok Ok Ok Ok
WACC (SECTION INDEPENDENT OF PRIMARY MODEL; YELLOW CELLS BELOW REQUIRE INDIVIDUAL INPUTS) (1)
Risk-Free Rate (2) 1.9%

Market Risk Premium (3) 9.4%
Comparable Comparable Comparable

Firm 1 Firm 2 Firm 3
Equity 200,000 200,000 300,000
Debt 100,000 200,000 200,000
Tax Rate 40.0% 35.0% 38.0%
Levered Equity Beta (4) 1.1 1.3 0.9
Unlevered Equity Beta 0.8 0.8 0.6
Startup % Debt 40.0%

Startup % Equity 60.0%
Startup Tax Rate 40.0%
Levered Equity Beta 1.0
Equity Risk Premium 9.8%
Cost of Equity 11.7%

Cost of Debt 9.0%
Weighted Average Cost of Capital 9.2%
(1) Choosing WACC for an early-stage startup is a highly arbitrary exercise. A good baseline is to reflect the average IRR of ang
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 stocks (Damodaran, Janua
(4) Available on Yahoo! Finance under "Key Statistics" for publicly-traded companies .
Valuation
Weighted Average Cost of Capital 9.2%

Terminal Value Growth 3.0%
2012
Operating Income (698,875)
Tax Expense -
Tax-Effected EBIT (Earnings Before Interest) (698,875)
Plus: Depreciation Expense 17,500
Capital Expenditures (60,500)
Changes in Working Capital (22,000)
Changes in Other Assets & Liabilities -
Unlevered Free Cash Flow (763,875)
Present Value of Unlevered Free Cash Flow (699,543)
Terminal Value
Present Value of Terminal Value
NPV based on terminal year 3 (133,517)

NPV based on terminal year 5 7,650,351
Average
0.7
flect the average IRR of angel investors. According to three studies of early-stage
f stocks (Damodaran, January 2011) and the 10-Year Treasury Yield as of 9/9/2011.
2013 2014 2015 2016

(602,450) 128,350 1,119,550 1,108,350
- - - (411,224)
(602,450) 128,350 1,119,550 697,126
28,950 37,900 46,700 54,900
(51,500) (44,000) (44,000) (41,000)
(27,500) (40,000) (37,500) -
- - - -
(652,500) 82,250 1,084,750 711,026
(547,224) 63,170 762,955 457,981
1,367,242 11,819,383
1,050,080 7,613,012
Friends /
Founders Angel / Seed
Family
Funding Rounds (SECTION INDEPENDENT OF MODEL; REQUIRES INDIVIDUAL INPUTS)
Initial Funding
Existing Common Shares 1,000,000 - -
Existing Preferred Shares - - -
Existing Options Granted - - -
Total Cumulative Shares 1,000,000 - -
Round 1
Investment Dollar Amount - 200,000 200,000
Additional Common Shares - - -
Additional Preferred Shares - 240,000 240,000
Additional Options Granted - 10,000 10,000
Cumulative Common Shares 1,000,000 - -
Cumulative Preferred Shares - 240,000 240,000
Cumulative Options Granted - 10,000 10,000
Total Cumulative Shares 1,000,000 250,000 250,000
Round 2
Investment Dollar Amount - - -
Additional Preferred Shares - - -
Additional Options Granted - - -
Round 3
Round 4
Options Pre-Money
Series A Series B Series C Series D Total Shares
Available Valuation
- - - - 1,000,000
- - - - -
- - - - 200,000 200,000
- - - - 1,200,000
500,000
- - - -
- - - - -
- - - - 480,000
- - - - 20,000
- - - - 1,000,000
- - - - 480,000
- - - - 200,000 200,000
- - - - 1,680,000
1,250,000
1,000,000 - - -
- - - - -
336,000 - - - 336,000
30,000 - - - 30,000
- - - - 1,000,000
336,000 - - - 816,000
30,000 - - - 200,000 200,000
366,000 - - - 2,016,000
-
- - - -
- - - - -
- - - - -
- - - - -
- - - - 1,000,000
336,000 - - - 816,000
30,000 - - - 200,000 200,000
366,000 - - - 2,016,000
-
- - - -
- - - - -
- - - - -
- - - - -
- - - - 1,000,000
336,000 - - - 816,000
30,000 - - - 200,000 200,000
366,000 - - - 2,016,000
Total Post-Money
Price / Share Investment Valuation
$0.42 400,000 900,000
$0.74 1,000,000 2,250,000
$0.00 - -
$0.00 - -

Startup Financial Model

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Startup Financial Model

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Template Startup Financial Model

Most recently updated November 4, 2011.

Straight-line depreciation is based on the average useful life of fixed assets.

Accounts payable is based on an assumption of days payables outsanding.

We have built in an automatic carryforward for tax losses.

Model logic correctly functioning. Dec-11

Company Name StartupCo

Annual Nominal Interest Rate earned on Cash 0.5%

Federal Tax Rate

# of Days Sales Outstanding

Average Useful Life of Gross PP&E in Years 5

Investment and Revolver Assumptions

Starting Capital 50,000

Minimum # Months Payroll Needed in Cash 2

Senior Management Compensation Base Annual Salary Benefits %

Sales Compensation Base Annual Salary Benefits %

Marketing Compensation Base Annual Salary Benefits %

IT Compensation Base Annual Salary Benefits %

Total Salaries & Benefits

Revenues per Bus Dev Employee

Cost of Goods Sold

Sales & Marketing Expenses

General & Administrative Expenses

Total Operating Expenses

Add (Subtract) to Tax Loss Carryforward

Gross PP&E 50,000

Total Assets 150,500

Liabilities & Shareholder's Equity

Revolver (Short-Term Debt) 90,500

Paid-in Capital 50,000

Total Liabilities & Shareholder's Equity 150,500

Balance Sheet Check Ok

Off-Balance Sheet Items

Cash Flow Statement

Cash Flow from (to) Operations

Cash Flow from (to) Investing

Cash Flow available for Financing

Long-Term Debt Beginning Balance

Revolver Beginning Balance

NPV based on terminal year 3 (133,517)

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

85,458 85,458 85,458 85,458 85,458 129,896 174,333

18,229 18,229 18,229 18,229 18,229 18,229 18,229

42,729 42,729 42,729 42,729 42,729 42,729 87,167

1,000 1,000 1,000 1,000 1,000 10,000 10,000

1,000 1,000 1,000 1,000 1,000 15,000 20,000

(7,813) (7,813) (7,813) (7,813) (7,813) (7,813) (7,813)

(8,313) (8,313) (8,313) (8,313) (8,313) 5,688 10,688

(18,229) (18,229) (18,229) (18,229) (18,229) (18,229) (33,854)

(1,075) (1,133) (1,192) (1,250) (1,308) (1,367) (1,550)

(39,242) (39,300) (39,358) (39,417) (39,475) (39,533) (84,154)

(46,479) (46,479) (46,479) (46,479) (46,479) (32,479) (71,917)

(264) (430) (577) (724) (872) (1,020) (1,278)

47,781 47,981 48,165 48,350 48,535 34,721 74,563

(47,781) (47,981) (48,165) (48,350) (48,535) (34,721) (74,563)

85,458 85,458 85,458 85,458 85,458 129,896 174,333

64,500 68,000 71,500 75,000 78,500 82,000 93,000

158,696 161,063 163,371 165,621 167,813 221,383 277,771

147,164 197,512 247,986 298,586 349,313 437,604 168,554

50,000 50,000 50,000 50,000 50,000 50,000 450,000

158,696 161,063 163,371 165,621 167,813 221,383 277,771

47,781 95,762 143,927 192,277 240,813 275,533 350,096

(47,781) (47,981) (48,165) (48,350) (48,535) (34,721) (74,563)