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Model
Initial Market Size $25,000,000.00
Initial Market Share 4.00%
Market Size Growth Rate -5.00% of total market per year
Market Share Growth Rate 6.00% of total market per year
Years to Exit 3

Market Size Model Linear By Year

Market Share Model Random Positive Increase

Operating Margin 60.00%

Initial Fixed Costs $400,000.00 per year
Fixed Costs Growth Rate 11.00% per year

Fixed Costs Model Compounding Quarterly

Tax Rate 27%

Initial Cash Reserves $150,000.00
Risk Free Interest Rate 3.50% per year
Discount Rate 12.00% per year
Valuation
Desired Investment $1,000,000.00
Currently Issued Shares 333333
Desired IRR 40%
Compareable PE Ratio 7.5
Capitalization Rate 18%
Cells Of Data 36 Market Size Market SharePV Fixed Costs Net Income
Rows In WorkArea 36 $25,000,000.00 4.18% $407.90 $34,250.00 $411.98
$25,000,000.00 4.35% $1,429.78 $34,250.00 $1,458.52
Market Size Model Selection $25,000,000.00 5.17% $6,249.00 $34,250.00 $6,438.35
Linear By Year 1 $25,000,000.00 5.76% $9,654.86 $34,250.00 $10,046.89
Linear By Quarter $25,000,000.00 5.95% $9,973.88 $35,191.88 $10,482.65
Linear By Month $25,000,000.00 6.51% $13,102.35 $35,191.88 $13,908.41
$25,000,000.00 7.28% $17,343.04 $35,191.88 $18,594.08
Market Share Model Selection $25,000,000.00 7.43% $18,007.96 $35,191.88 $19,500.04
Linear By Year 4 $25,000,000.00 8.13% $21,079.88 $36,159.65 $23,054.76
Linear By Quarter $25,000,000.00 8.26% $21,590.48 $36,159.65 $23,849.33
Linear By Month $25,000,000.00 9.01% $25,495.66 $36,159.65 $28,444.70
Random Positive Increase $25,000,000.00 9.84% $29,686.09 $36,159.65 $33,451.03
Concave $23,750,000.00 10.23% $28,118.92 $37,154.04 $32,001.96
Convex $23,750,000.00 10.43% $28,830.58 $37,154.04 $33,140.00
$23,750,000.00 10.58% $29,314.77 $37,154.04 $34,033.54
Fixed Costs Model Selection $23,750,000.00 10.64% $29,290.19 $37,154.04 $34,345.05
Linear By Year 4 $23,750,000.00 10.99% $30,107.76 $38,175.78 $35,656.75
Linear By Quarter $23,750,000.00 11.30% $31,291.90 $38,175.78 $37,429.73
Linear By Month $23,750,000.00 11.98% $34,245.29 $38,175.78 $41,372.04
Compounding Quarterly $23,750,000.00 12.17% $34,785.03 $38,175.78 $42,444.35
Compounding Monthly $23,750,000.00 12.76% $36,588.34 $39,225.61 $45,091.18
$23,750,000.00 13.45% $39,419.73 $39,225.61 $49,066.37
DCF Required Ownership 17.56% $23,750,000.00 14.07% $41,896.86 $39,225.61 $52,671.18
VC Required Ownership 19.65% $23,750,000.00 14.88% $45,196.15 $39,225.61 $57,387.12
VC Terminal Net Income $1,861,915.36 $22,562,500.00 14.90% $40,830.41 $40,304.32 $52,362.22
VC Terminal Value $13,964,365.23 $22,562,500.00 15.15% $41,508.38 $40,304.32 $53,764.00
$22,562,500.00 15.76% $43,652.87 $40,304.32 $57,107.08
$22,562,500.00 16.39% $45,850.55 $40,304.32 $60,581.92
$22,562,500.00 17.03% $47,414.58 $41,412.69 $63,274.95
$22,562,500.00 17.83% $50,205.68 $41,412.69 $67,669.67
$22,562,500.00 18.55% $52,590.55 $41,412.69 $71,592.96
$22,562,500.00 18.89% $53,438.25 $41,412.69 $73,474.42
$22,562,500.00 19.49% $54,687.61 $42,551.53 $75,944.14
$22,562,500.00 19.54% $54,354.34 $42,551.53 $76,236.15
$22,562,500.00 19.93% $55,308.31 $42,551.53 $78,349.90
$22,562,500.00 20.63% $57,454.36 $42,551.53 $82,203.90
Year 1 1 1 1 1 1 1 1
Month 1 2 3 4 5 6 7 8
Total Market Size $25,000,000.00 $25,000,000.00 $25,000,000.00 $25,000,000.00 $25,000,000.00 $25,000,000.00 $25,000,000.00 $25,000,000.00
Market Share 4.18% 4.35% 5.17% 5.76% 5.95% 6.51% 7.28% 7.43%
Revenue $87,035.88 $90,619.93 $107,674.14 $120,032.14 $123,879.16 $135,611.23 $151,658.05 $154,760.64
COGS $52,221.53 $54,371.96 $64,604.49 $72,019.28 $74,327.50 $81,366.74 $90,994.83 $92,856.38
Gross Income $34,814.35 $36,247.97 $43,069.66 $48,012.86 $49,551.66 $54,244.49 $60,663.22 $61,904.26
Fixed Costs $34,250.00 $34,250.00 $34,250.00 $34,250.00 $35,191.88 $35,191.88 $35,191.88 $35,191.88
Pre Tax Income $564.35 $1,997.97 $8,819.66 $13,762.86 $14,359.79 $19,052.62 $25,471.34 $26,712.38
Taxes $152.38 $539.45 $2,381.31 $3,715.97 $3,877.14 $5,144.21 $6,877.26 $7,212.34
Interest Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Net Income $411.98 $1,458.52 $6,438.35 $10,046.89 $10,482.65 $13,908.41 $18,594.08 $19,500.04
PV $407.90 $1,429.78 $6,249.00 $9,654.86 $9,973.88 $13,102.35 $17,343.04 $18,007.96
 1 1 1 1 2 2 2 2 2 2
9 10 11 12 1 2 3 4 5 6
$25,000,000.00 $25,000,000.00 $25,000,000.00 $25,000,000.00 $23,750,000.00 $23,750,000.00 $23,750,000.00 $23,750,000.00 $23,750,000.00 $23,750,000.00
8.13% 8.26% 9.01% 9.84% 10.23% 10.43% 10.58% 10.64% 10.99% 11.30%
$169,353.78 $172,074.90 $187,812.47 $204,957.45 $202,480.85 $206,378.27 $209,438.31 $210,505.14 $217,551.61 $223,623.44
$101,612.27 $103,244.94 $112,687.48 $122,974.47 $121,488.51 $123,826.96 $125,662.99 $126,303.08 $130,530.96 $134,174.07
$67,741.51 $68,829.96 $75,124.99 $81,982.98 $80,992.34 $82,551.31 $83,775.32 $84,202.06 $87,020.64 $89,449.38
$36,159.65 $36,159.65 $36,159.65 $36,159.65 $37,154.04 $37,154.04 $37,154.04 $37,154.04 $38,175.78 $38,175.78
$31,581.86 $32,670.31 $38,965.34 $45,823.33 $43,838.30 $45,397.27 $46,621.28 $47,048.01 $48,844.86 $51,273.60
$8,527.10 $8,820.98 $10,520.64 $12,372.30 $11,836.34 $12,257.26 $12,587.75 $12,702.96 $13,188.11 $13,843.87
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$23,054.76 $23,849.33 $28,444.70 $33,451.03 $32,001.96 $33,140.00 $34,033.54 $34,345.05 $35,656.75 $37,429.73
$21,079.88 $21,590.48 $25,495.66 $29,686.09 $28,118.92 $28,830.58 $29,314.77 $29,290.19 $30,107.76 $31,291.90
 2 2 2 2 2 2 3 3 3 3
7 8 9 10 11 12 1 2 3 4
$23,750,000.00 $23,750,000.00 $23,750,000.00 $23,750,000.00 $23,750,000.00 $23,750,000.00 $22,562,500.00 $22,562,500.00 $22,562,500.00 $22,562,500.00
11.98% 12.17% 12.76% 13.45% 14.07% 14.88% 14.90% 15.15% 15.76% 16.39%
$237,124.53 $240,796.80 $252,485.87 $266,099.53 $278,444.79 $294,595.27 $280,083.48 $284,884.07 $296,332.97 $308,233.10
$142,274.72 $144,478.08 $151,491.52 $159,659.72 $167,066.87 $176,757.16 $168,050.09 $170,930.44 $177,799.78 $184,939.86
$94,849.81 $96,318.72 $100,994.35 $106,439.81 $111,377.92 $117,838.11 $112,033.39 $113,953.63 $118,533.19 $123,293.24
$38,175.78 $38,175.78 $39,225.61 $39,225.61 $39,225.61 $39,225.61 $40,304.32 $40,304.32 $40,304.32 $40,304.32
$56,674.03 $58,142.94 $61,768.74 $67,214.20 $72,152.30 $78,612.49 $71,729.07 $73,649.31 $78,228.87 $82,988.93
$15,301.99 $15,698.59 $16,677.56 $18,147.83 $19,481.12 $21,225.37 $19,366.85 $19,885.31 $21,121.80 $22,407.01
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$41,372.04 $42,444.35 $45,091.18 $49,066.37 $52,671.18 $57,387.12 $52,362.22 $53,764.00 $57,107.08 $60,581.92
$34,245.29 $34,785.03 $36,588.34 $39,419.73 $41,896.86 $45,196.15 $40,830.41 $41,508.38 $43,652.87 $45,850.55
 3 3 3 3 3 3 3 3
5 6 7 8 9 10 11 12
$22,562,500.00 $22,562,500.00 $22,562,500.00 $22,562,500.00 $22,562,500.00 $22,562,500.00 $22,562,500.00 $22,562,500.00
17.03% 17.83% 18.55% 18.89% 19.49% 19.54% 19.93% 20.63%
$320,226.73 $335,277.14 $348,713.09 $355,156.45 $366,461.51 $367,461.55 $374,700.42 $387,899.03
$192,136.04 $201,166.29 $209,227.86 $213,093.87 $219,876.91 $220,476.93 $224,820.25 $232,739.42
$128,090.69 $134,110.86 $139,485.24 $142,062.58 $146,584.61 $146,984.62 $149,880.17 $155,159.61
$41,412.69 $41,412.69 $41,412.69 $41,412.69 $42,551.53 $42,551.53 $42,551.53 $42,551.53
$86,678.01 $92,698.17 $98,072.55 $100,649.89 $104,033.07 $104,433.08 $107,328.63 $112,608.08
$23,403.06 $25,028.51 $26,479.59 $27,175.47 $28,088.93 $28,196.93 $28,978.73 $30,404.18
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$63,274.95 $67,669.67 $71,592.96 $73,474.42 $75,944.14 $76,236.15 $78,349.90 $82,203.90
$47,414.58 $50,205.68 $52,590.55 $53,438.25 $54,687.61 $54,354.34 $55,308.31 $57,454.36
 Monthly Market Share
25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Months
 Market Size

$25,500,000.00

$25,000,000.00

$24,500,000.00

$24,000,000.00

$23,500,000.00

$23,000,000.00

$22,500,000.00

$22,000,000.00

$21,500,000.00

$21,000,000.00

Months
 PV, Fixed Costs, and Net Income
$90,000.00

$80,000.00

$70,000.00

$60,000.00

PV
$50,000.00 Fixed Costs
Net Income
$40,000.00

$30,000.00

$20,000.00

$10,000.00

$0.00
 Yearly Cash Positions
$1,800,000.00

$1,600,000.00

$1,400,000.00

$1,200,000.00

Cash
$1,000,000.00
Fixed Costs
Net Income
$800,000.00

$600,000.00

$400,000.00

$200,000.00

$0.00
1 2 3
 Classic VC Discount Cash Flow
Estimated Present Value $5,089,054.38 $5,694,631.77
Shares to Issue to VC 81518 71003
Share Price $12.27 $14.08

Positive Cash Flow Mont 1

Out Of Cash Month

Year Cash On Hand Fixed Costs Net Income Residual Value

1 $339,640.72 $422,406.11 $189,640.72
2 $834,279.98 $458,221.73 $494,639.26
3 $1,646,841.29 $497,074.14 $812,561.31 $4,514,229.48