Startup year Terminal year

2022 2023 2024 2025 2026 2027 2028

Balance Sheet Check OK OK OK OK OK OK OK

Assumptions

Customer Traffic (Avg monthly visits)

Workshop 50 50 75 75 100 100 100
Online Meeting 750 1,000 1,000 1,500 1,500 1,500 1,750
Marketplace 400 600 900 1,350 2,025 3,038 4,556
Websites 1,000 1,500 2,250 3,375 5,063 7,594 11,391
Total Monthly Visits 2,200 3,150 4,225 6,300 8,688 12,231 17,797
Growth Rate 43.2% 34.1% 49.1% 37.9% 40.8% 45.5%

Customer Traffic (Annual) 12

Workshop 600 600 900 900 1,200 1,200 1,200
Online Meeting 9,000 12,000 12,000 18,000 18,000 18,000 21,000
Marketplace 4,800 7,200 10,800 16,200 24,300 36,450 54,675
Websites 12,000 18,000 27,000 40,500 60,750 91,125 136,688
Total Annual Visits 26,400 37,800 50,700 75,600 104,250 146,775 213,563

Conversion Rates
Workshop 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Online Meeting 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Marketplace 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Websites 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Total Monthly Visits 2.7% 2.6% 2.6% 2.5% 2.5% 2.4% 2.4%

Orders Placed
Workshop 60 60 90 90 120 120 120
Online Meeting 270 360 360 540 540 540 630
Marketplace 144 216 324 486 729 1,094 1,640
Websites 240 360 540 810 1,215 1,823 2,734
Total Orders Placed 714 996 1,314 1,926 2,604 3,576 5,124

Order Details
Average item value (gross) 202 202 202 202 202 202 202
# of items per order 1.1 1.2 1.3 1.4 1.5 1.6 1.7
Average markdown 0% 0% 0% 0% 0% 0% 0%
Average promotion/discount 65% 40% 25% 10% 0% 0% 0%
Cost of Goods Sold (Gross Product Margin) 66% 66% 66% 66% 66% 66% 66%

Average Gross order value 222 242 263 283 303 323 343
Average Net order value 78 121 158 212 227 242 275

Customers
Churn Rate 40% 25% 25% 25% 25% 25% 25%
Opening active customer base 0 491 1,070 1,720 2,667 3,863 5,490
Plus new customers 654 936 1,224 1,836 2,484 3,456 5,004
Subtotal 654 1,427 2,294 3,556 5,151 7,319 10,494
Less churned customers 164 357 573 889 1,288 1,830 2,623
Closing customer base 491 1,070 1,720 2,667 3,863 5,490 7,870

Marketing Expenses
Variable
Workshop 9.33 9.33 9.33 9.33 9.33 9.33 9.33
Online Meeting 2.00 2.00 2.00 2.00 2.00 2.00 2.00
Marketplace (cost per click) 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Websites (cost per click) 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Average 0.89 0.78 0.64 0.59 0.45 0.32 0.25

Order Fulfilment
Variable
Freight/shipping per order 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Labor/handling per order 5.00 5.00 5.00 5.00 5.00 5.00 5.00
Total 5.00 5.00 5.00 5.00 5.00 5.00 5.00

Fixed
Marketplace Fee 400 400 400 400 400 400 400

General & Administrative

Fixed
Office rent 1,200 1,200 1,200 1,200 1,200 1,200 1,200
Salaries, wages & Benefits 4,000 4,100 3,410 3,833 1,066 4,166 4,166
Professional fees
Other
Total 5,200 5,300 4,610 5,033 2,266 5,366 5,366

Balance Sheet Items

Current Assets
Accounts Receivable Days 11 11 11 11 11 11 11
Inventory Days 10 10 10 10 10 10 10
Inventory Turns 365 36.5 36.5 36.5 36.5 36.5 36.5 36.5

Current Liabilities
Accounts Payable Days 0 0 0 0 0 0 0

Capital Expenditures
Research & Development 667 667 667 667 667 667 667
Office Equipment 334 334 334 334 334 334 334
Acquisitions 0 0 0 0 0 0 0

Depreciation
Technology - Straight-line Years 5 5 5 5 5 5 5
Office Equipment - Straight-line Years 5 5 5 5 5 5 5

Financing
Interest Rate 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Debt Issued (Repaid) 0 0 0 0 0 0 0
Equity Raised (Repurchased) 35,000 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0

Valuation
Tax Rate 15% 15% 15% 15% 15% 15% 15%
Cost of Capital / Discount Rate 20% 20% 20% 20% 20% 20% 20% 20%
Terminal Value Exit Multiple 6.0x

Income Statement

Gross Revenue 158,651 241,430 345,056 544,673 789,012 1,155,763 1,759,582

Discounts, Promotions, Markdowns (103,123) (120,715) (138,023) (136,168) (197,253) (288,941) (351,916)
Net Revenue 55,528 120,715 207,034 408,505 591,759 866,822 1,407,665

Cost of Goods Sold 104,710 159,344 227,737 359,484 520,748 762,804 1,161,324
Gross Profit (49,182) (38,629) (20,703) 49,021 71,011 104,019 246,341
Gross Margin -88.6% -32.0% -10.0% 12.0% 12.0% 12.0% 17.5%

Variable Operating Expenses

Marketing 23,600 29,600 32,400 44,400 47,200 47,200 53,200
Fulfilment 3,570 4,980 6,570 9,630 13,020 17,880 25,620
Total Variable Costs 27,170 34,580 38,970 54,030 60,220 65,080 78,820
Contribution Margin (76,352) (73,209) (59,673) (5,009) 10,791 38,939 167,521
Margin -137.5% -60.6% -28.8% -1.2% 1.8% 4.5% 11.9%

Fixed Operating Expenses

Fulfilment 400 400 400 400 400 400 400
General & Administrative 5,200 5,300 4,610 5,033 2,266 5,366 5,366
Total 5,600 5,700 5,010 5,433 2,666 5,766 5,766
EBITDA (81,952) (78,909) (64,683) (10,443) 8,125 33,172 161,755
Margin -147.6% -65.4% -31.2% -2.6% 1.4% 3.8% 11.5%

Depreciation 200 400 601 801 1,001 1,001 1,001

Interest 0 0 0 0 0 0 0
Earnings Before Tax (82,152) (79,309) (65,284) (11,244) 7,124 32,171 160,754

Taxes 0 0 0 0 1,069 4,826 24,113

Net Income (82,152) (79,309) (65,284) (11,244) 6,055 27,346 136,641

Dividends Paid 0 0 0 0 0 0 0

Balance Sheet

ASSETS
Current
Cash (52,455) (135,866) (206,026) (227,150) (231,036) (218,612) (109,188)
Accounts Receivable 1,633 3,638 6,239 12,311 17,834 26,123 42,423
Inventory 2,869 4,366 6,239 9,849 14,267 20,899 31,817
Total (47,953) (127,863) (193,547) (204,990) (198,935) (171,589) (34,948)
Technology 534 934 1,201 1,334 1,334 1,334 1,334
Property & Equipment 267 468 601 668 668 668 668
Total Assets (47,152) (126,461) (191,745) (202,988) (196,933) (169,587) (32,946)
LIABILITIES & SHAREHOLDER EQUITY
Liabilities
Current
Revolver
Accounts Payable 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0
Debt 0 0 0 0 0 0 0
Total Liabilities 0 0 0 0 0 0 0
Shareholder Equity
Share Capital 35,000 35,000 35,000 35,000 35,000 35,000 35,000
Retained Earnings (82,152) (161,461) (226,745) (237,988) (231,933) (204,587) (67,946)
Total Shareholder Equity (47,152) (126,461) (191,745) (202,988) (196,933) (169,587) (32,946)
Total Liabilities & Shareholder Equity (47,152) (126,461) (191,745) (202,988) (196,933) (169,587) (32,946)

Check 0.000 0.000 0.000 0.000 0.000 0.000 0.000

Cash Flow Statement

Cash from Operations

Net Income (82,152) (79,309) (65,284) (11,244) 6,055 27,346 136,641
Depreciation 200 400 601 801 1,001 1,001 1,001
Changes in non cash working capital
Accounts Receivable 1,633 2,005 2,601 6,072 5,523 8,290 16,299
Inventory 2,869 1,497 1,874 3,610 4,418 6,632 10,918
Accounts Payable 0 0 0 0 0 0 0
Total (86,454) (82,410) (69,158) (20,124) (2,885) 13,426 110,424

Cash Invested
Capital Expenditures 1,001 1,001 1,001 1,001 1,001 1,001 1,001
Acquisitions 0 0 0 0 0 0 0
Total 1,001 1,001 1,001 1,001 1,001 1,001 1,001

Cash from Financing

Increase (decrease) in Debt 0 0 0 0 0 0 0
Equity Issued (repurchased) 35,000 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0
Total 35,000 0 0 0 0 0 0

Total Cash (52,455) (83,411) (70,159) (21,125) (3,886) 12,425 109,423

Opening balance 0 (52,455) (135,866) (206,026) (227,150) (231,036) (218,612)

Increase (Decrease) (52,455) (83,411) (70,159) (21,125) (3,886) 12,425 109,423
Closing balance (52,455) (135,866) (206,026) (227,150) (231,036) (218,612) (109,188)

Supporting Schedules

Capital Assets

Opening Balance
Technology 0 534 934 1,201 1,334 1,334 1,334
Property & Equipment 0 267 468 601 668 668 668
Total 0 801 1,401 1,802 2,002 2,002 2,002

Additions
Technology 667 667 667 667 667 667 667
Property & Equipment 334 334 334 334 334 334 334
Total 1,001 1,001 1,001 1,001 1,001 1,001 1,001

Subtotal
Technology 667 1,201 1,601 1,868 2,001 2,001 2,001
Property & Equipment 334 601 802 935 1,002 1,002 1,002
Total 1,001 1,802 2,402 2,803 3,003 3,003 3,003

Depreciation
Technology
2022 133 133 133 133 133 0 0
2023 133 133 133 133 133 0
2024 133 133 133 133 133
2025 133 133 133 133
2026 133 133 133
2027 133 133
2028 133
Subtotal 133 267 400 534 667 667 667

Property & Equipment

2022 67 67 67 67 67 0 0
2023 67 67 67 67 67 0
2024 67 67 67 67 67
2025 67 67 67 67
2026 67 67 67
2027 67 67
2028 67
Subtotal 67 134 200 267 334 334 334

Total 200 400 601 801 1,001 1,001 1,001

Closing Balance
Technology 534 934 1,201 1,334 1,334 1,334 1,334
Property & Equipment 267 468 601 668 668 668 668
Total 801 1,401 1,802 2,002 2,002 2,002 2,002

Debt Schedule
Opening Balance 0 0 0 0 0 0 0
Debt Issued (Repaid) 0 0 0 0 0 0 0
Closing Balance 0 0 0 0 0 0 0

Interest on Debt 0 0 0 0 0 0 0

Customer Metrics

Customer Acquisition Cost (CAC) 72 70 72 70 72 72 71

Contribution Margin Per Order (74) (44) (21) 20 22 24 43

Customer Lifetime Value (LTV) (185) (175) (83) 82 89 96 172

LTV/CAC Ratio -2.6x -2.5x -1.2x 1.2x 1.2x 1.3x 2.4x

Payback (# of orders) (1.0) (1.6) (3.5) 3.4 3.2 3.0 1.6

Valuation

EBIT (82,152) (79,309) (65,284) (11,244) 7,124 32,171 160,754

Net Operating Loss

Opening Balance 0 82,152 161,461 226,745 237,988 230,865 198,693
Current Loss 82,152 79,309 65,284 11,244 0 0 0
Sub Total 82,152 161,461 226,745 237,988 237,988 230,865 198,693
Loss Used 0 0 0 0 7,124 32,171 160,754
Closing Balance 82,152 161,461 226,745 237,988 230,865 198,693 37,939

Free Cash Flow

Earning Before Tax (82,152) (79,309) (65,284) (11,244) 7,124 32,171 160,754
Interest 0 0 0 0 0 0 0
EBIT (82,152) (79,309) (65,284) (11,244) 7,124 32,171 160,754
Less Taxes 0 0 0 0 0 0 0
Less Capex 1,001 1,001 1,001 1,001 1,001 1,001 1,001
Plus Depreciation 200 400 601 801 1,001 1,001 1,001
Less Changes in Working Capital 4,502 3,501 4,475 9,681 9,941 14,921 27,218
Unlevered Free Cash Flow (87,455) (83,411) (70,159) (21,125) (2,817) 17,250 133,536

DCF Valuation
NPV of Forecast 20% (139,680)
Terminal Value (EBITDA multiple) 6.0x 970,531
NPV of Terminal Value 270,857
Total Enterprise Value $ 131,177.37

EV/Revenue (2017E) 0.5x

% of Business Retained after raise 79%

Charts & Graphs

Revenue 158,651 241,430 345,056 544,673 789,012 1,155,763 1,759,582

Gross Margin -88.6% -32.0% -10.0% 12.0% 12.0% 12.0% 17.5%
EBITDA Margin -147.6% -65.4% -31.2% -2.6% 1.4% 3.8% 11.5%
Customer Acquisition Cost 72 70 72 70 72 72 71
Life Time Value (185) (175) (83) 82 89 96 172
LTV/CAC -2.6x -2.5x -1.2x 1.2x 1.2x 1.3x 2.4x

Customer Acquisition Cost 72 70 72 70 72 72 71

Contribution Margin (74) (44) (21) 20 22 24 43
Payback (# of orders) (1.0) (1.6) (3.5) 3.4 3.2 3.0 1.6

Burn Rate (87,455) (83,411) (70,159) (21,125) (3,886) 12,425 109,423

Cash Balance 35,000 (52,455) (135,866) (206,026) (227,150) (231,036) (218,612) (109,188)
DCF Valuation
NPV of Forecast 20% $ (139,680.08)
Terminal Value (EBITDA multiple) 6 $ 970,531.24
NPV of Terminal Value $ 270,857.46
Total Enterprise Value $ 131,177.37
COGS/Item Selling Assumption
BankSand Filter $ 16.45 $ 16.45
Eco-Toilet $ 248.98 $ 82.99
Waste Disposal Construction $ 465.21 $ 51.69
Average Item Value $ 151.13

2022 2023 2024

No of Communities 12 12 18
No of Family / Month - 1 community 50 50 50
No of Family / Year 350 400 450
Customer Traffic 50 50 75

N o o f O n lin e M eetin g s
No of Online Meetings / Month 15 20 20
No of Online Meetings / Year 180 240 240
No of People in each session 50 50 50
No of People / month 750 1000 1000

E -co m m erce P latfo rm - S h o p ee

No of Visitors to Website - Month 150.00 250.00 350.00
E -co m m erce P latfo rm - To ko p ed ia
No of Visitors to Website - Month 150.00 250.00 350.00
E -co m m erce P latfo rm - B u kalap ak
No of Visitors to Website - Month 100.00 100.00 200.00
400.00 600.00 900.00

E -co m m erce P latfo rm - AiK ite W eb site

No of Visitors to Website - Month 1000.0 1500.0 2250.0

No of Communities 12 12 18
No of Family / Month - 1 community 50 50 50
No of Family / Year 350 400 450
cost per visit 466.67 466.67 466.67
Variable expense 9.33 9.33 9.33

Online Meeting per month 15 20 20

No of Online Meetings / Year 180 240 240
No of People in each session 50 50 50
cost per online meeting 100 100 100
Variable expense 2.00 2.00 2.00
Price/Item Selling Assumption
BankSand Filter $ 25 $ 25
Eco-Toilet $ 330 $ 110
Waste Disposal C$ 600 $ 67
Average Item Value $ 202

2025 2026 2027 2028

18 24 24 24
50 50 50 50
500 500 500
75 100 100 100

30 30 30 35
360 360 360 420
50 50 50 50
1500 1500 1500 1750

540.00 810.00 1215.00 1822.50

540.00 810.00 1215.00 1822.50

270.00 405.00 607.50 911.25

1350.00 2025.00 3037.50 4556.25

3375.0 5062.5 7593.8 11390.6

18 24 24 24
50 50 50 50
500 500 500 501
466.67 466.67 466.67 466.67
9.33 9.33 9.33 9.33

30 30 30 35
360 360 360 420
50 50 50 50
100 100 100 100
2.00 2.00 2.00 2.00
 2022 2023 2024
Revenue 55,528 120,715 207,034
Fixed Capital Investment $ 5,600 $ 5,700 $ 5,010
Working Capital Investment $ 104,710 $ 159,344 $ 227,737
Capex 2022 $ 1,001 $ 1,802 $ 2,402
Fund Deficit $ -
Required Capital Invested $ 111,310.53
In Rupiah $ 1,669,657,920.00

Assume there is no salvage value and book value involved

2022 2023 2024
Revenue 55,528 120,715 207,034
Gross Profit/Year (49,182) (38,629) (20,703)
Growth % 0% 117% 72%
 2025 2026 2027 2028
408,505 591,759 866,822 1,407,665
$ 5,433 $ 2,666 $ 5,766 $ 5,766
$ 359,484 $ 520,748 $ 762,804 $ 1,161,324
$ 2,803 $ 3,003 $ 3,003 $ 3,003

2025 2026 2027 2028

408,505 591,759 866,822 1,407,665
49,021 71,011 104,019 246,341
97% 45% 46% 62%