Balance Sheet Year 1 Year 2 Year 3 Year 4 Year 5

ASSETS
Current assets:
Cash 459,540 677,144 1,184,398 835,546 1,550,861
Accounts receivable 347,139 612,811 1,249,381 2,269,845 2,800,115
Inventories 134,523 255,907 396,267 682,400 621,611
Prepaid expenses 948,532 700,945 1,175,103 1,349,467 1,051,289
Other current assets 139,824 63,321 226,599 371,129 479,455
2,029,558 2,310,128 4,231,748 5,508,387 6,503,331
Non-current assets
Property, plant and equipment 139,824 487,579 705,955 1,334,648 1,956,581
Goodwill and intangible assets 114,955 248,114 584,443 1,204,099 1,476,924
Other non-current assets 0 8,339 4,546 404 0
2,284,337 3,054,160 5,526,692 8,047,538 9,936,836

LIABILITIES & SHAREHOLDERS' EQUITY

Current liabilities
Accounts payable 94,954 130,270 271,076 448,339 615,620
Accrued liabilities 144,912 287,629 690,442 1,238,602 1,438,260
Debt 17,846 271 349 0 0
Other short term liabilities 0 99,958 475,328 374,576 110,324
257,712 518,128 1,437,195 2,061,517 2,164,204
Non-current liabilities
Other long term liabilities 27,858 52,532 95,931 111,893 169,969
285,570 570,660 1,533,126 2,173,410 2,334,173
Shareholders' equity:
Total shareholders equity 1,998,767 2,483,500 3,993,566 5,874,128 7,602,663
2,284,337 3,054,160 5,526,692 8,047,538 9,936,836

# Shares 100,000 100,000 100,000 100,000 100,000

Market Price 6.47 13.32 30.36 43.54 67.14

Income Statement Year 1 Year 2 Year 3 Year 4 Year 5

Revenue 2,065,845 3,037,103 6,009,395 11,065,186 14,953,224
Total Revenue 2,065,845 3,037,103 6,009,395 11,065,186 14,953,224
Cost of Revenue, Total 925,598 1,379,301 2,928,814 5,967,888 8,368,961
Gross Profit 1,140,247 1,657,802 3,080,581 5,097,298 6,584,263
Selling/General/Administrative Expenses, Tot 515,625 537,428 880,964 1,495,195 1,849,000
Research & Development 158,887 236,173 359,828 684,702 964,842
Depreciation/Amortization 49,951 76,879 108,112 194,803 310,357
Unusual Expenses (Income) 0 0 0 0 163,800
Other Operating Expenses, Total 0 0 0 0 0
Operating Income 415,784 807,322 1,731,677 2,722,598 3,296,264
Interest Expense 483 494 518 502 100
Income Before Tax 415,301 806,828 1,731,159 2,722,096 3,296,164
Income Tax - Total 106,863 227,373 516,653 907,747 809,366
Income After Tax 308,438 579,455 1,214,506 1,814,349 2,486,798
Total Extraordinary Items 0 0 0 0 0
Net Income 308,438 579,455 1,214,506 1,814,349 2,486,798

Cash Flow Statement Year 1 Year 2 Year 3 Year 4 Year 5

Operating activities
Net income 308,438 579,455 1,214,506 1,814,349 2,486,798
Depreciation and amortization 49,951 76,879 108,112 194,803 310,357
Net change in operating working capital (190,650) 197,450 (495,299) (1,001,169) (176,942)
Other operating cash flow adjustments 80,212 (10,548) (57,625) (225,870) (58,970)
247,951 843,236 769,694 782,113 2,561,243
Investing activities
Capital asset acquisitions (178,732) (424,634) (326,488) (823,496) (932,290)
Capital asset disposal
Other investing cash flows 246,056 (110,536) (202,023) (490,002) (806,711)
67,324 (535,170) (528,511) (1,313,498) (1,739,001)
Financing activities
Increase (decrease) in debt 4,231 (17,575) 78 (349) 0
Increase (decrease) in equity (345,212) (94,722) 295,560 66,213 (758,263)
Dividends paid
Other financing cash flows 35,246 21,835 (29,567) 116,669 651,336
(305,735) (90,462) 266,071 182,533 (106,927)

Change in cash 9,540 217,604 507,254 (348,852) 715,315

Cash at beginning of year 450,000 459,540 677,144 1,184,398 835,546
Cash at end of year 459,540 677,144 1,184,398 835,546 1,550,861

Liquidity Ratios Year 1 Year 2 Year 3 Year 4 Year 5

Current Ratio 7.88 4.46 2.94 2.67 3.00
Quick Ratio 3.13 2.49 1.69 1.51 2.01

Activity Ratios Year 1 Year 2 Year 3 Year 4 Year 5

Inventory Turnover 6.88 5.39 7.39 8.75 13.46
Average Age of Inventory 53.05 67.72 49.38 41.74 27.11
Average Collection Period 61.33 73.65 75.89 74.87 68.35
Average Payment Period 53.49 49.25 48.26 39.17 38.36
Total Asset Turnover 0.90 0.99 1.09 1.37 1.50

Profitability Ratios Year 1 Year 2 Year 3 Year 4 Year 5

Gross Profit Margin 55% 55% 51% 46% 44%
Operating Profit Margin 20% 27% 29% 25% 22%
Net Profit Margin 15% 19% 20% 16% 17%
Return on Assets 14% 19% 22% 23% 25%
Return on Equity 15% 23% 30% 31% 33%

Debt Ratios Year 1 Year 2 Year 3 Year 4 Year 5

Debt Ratio 13% 19% 28% 27% 23%
Debt to Equity Ratio 14% 23% 38% 37% 31%
Times Interest Earned Ratio 860.84 1634.26 3343.01 5423.50 32962.64

Market Ratios Year 1 Year 2 Year 3 Year 4 Year 5

Price Earning Ratio 2.10 2.30 2.50 2.40 2.70
Price to Book Value 0.32 0.54 0.76 0.74 0.88