Startup Financial Model

Template Startup Financial Model
teten.com
About
Credits
Most recently updated November 4, 2011.
Instructions
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.
This model was developed by Rodi Blokh in association with ff Venture Capital (www.ffvc.com) 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 student (Haas MBA '13) and former corporate banker at
Bank of America Merrill Lynch (rblokh@gmail.com). David is a Partner at ff Venture Capital, Chair of
Harvard Business School Angels of Greater New York, and former Bear Stearns investment banker
(info@teten.com). Thank you to Adam Kalamchi (Columbia MBA 13) for some initial input on this
model.
ffvc.com
@ffvc
@dteten
ff Venture Capital
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.
To add personnel, add additional rows in the Personnel Assumptions section. Select the columns
where an employee starts to correspond with personnel hiring timing.
Click on the "Model", "Valuation" and "Funding Rounds" tabs and input relevant data. All input cells
are highlighted yellow with blue-colored text.
Model Logic
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.
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).
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.
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.
Any discrepancy in assets vs. liabilities and stockholder's equity at day 1 is applied to the revolver
account.
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.
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.
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.
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.
ff Venture Capital StartupCo Financial Model
(in whole USD; assumes no inflation)
Model logic correctly functioning.
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
Subsequent Investments
Minimum # Months Payroll Needed in Cash 2
Minimum Cash
Personnel Assumptions
Senior Management Compensation Base Annual Salary
CEO 175,000
CTO 150,000
Other -
Other -
Other -
Other -
Other -
Total Senior Management Salaries & Benefits
Total Senior Management Headcount
Business Development Compensation Base Annual Salary
Manager 75,000
Associate 35,000
Associate 35,000
Associate 35,000
Associate 35,000
Other -
Other -
Total Business Development Salaries & Benefits
Total Business Development Headcount
Sales Compensation Base Annual Salary
Manager 60,000
Salesperson 30,000
Salesperson 30,000
Other -
Other -
Other -
Other -
Total Salesperson Salaries & Benefits
Total Salesperson Headcount
Marketing Compensation Base Annual Salary
Manager 75,000
Associate 50,000
Other -
Other -
Other -
Other -
Other -
Total Marketing Salaries & Benefits
Total Marketing Headcount
IT Compensation Base Annual Salary
Manager 80,000
Developer 70,000
Developer 70,000
Other -
Other -
Other -
Other -
Total IT Salaries & Benefits
Total IT Headcount
Other Compensation Base Annual Salary
Legal Support 125,000
Finance Associate 45,000
HR Associate 45,000
Compliance Associate 45,000
Administrator 40,000
Other -
Other -
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
Accounts Receivable
Inventory
Gross PP&E
Accumulated Depreciation
Net PP&E
Intangibles
Total Assets
Liabilities & Shareholder's Equity
Revolver (Short-Term Debt)
Accounts Payable
Total Current Liabilities
Long-Term Debt
Total Liabilities
Paid-in Capital
Retained Earnings
Total Shareholder's Equity
Total Liabilities & Shareholder's Equity
Balance Sheet Check
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
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
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
Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12
0.0% 0.0% 0.0% 0.0% 0.0%
0.3% 0.3% 0.3% 0.3% 0.3%
0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0%
35.0% 35.0% 35.0% 35.0% 35.0%
5.0% 5.0% 5.0% 5.0% 5.0%
15 15 15 15 15
30 30 30 30 30
30 30 30 30 30
50,000
- - - - -
85,458 85,458 85,458 85,458 85,458
Benefits %
25.0% 18,229 18,229 18,229 18,229 18,229
25.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
18,229 18,229 18,229 18,229 18,229
1 1 1 1 1
Benefits %
25.0% 7,813 7,813 7,813 7,813 7,813
10.0% - - - - -
10.0% - - - - -
10.0% - - - - -
10.0% - - - - -
0.0% - - - - -
0.0% - - - - -
7,813 7,813 7,813 7,813 7,813
1 1 1 1 1
Benefits %
25.0% - - - - -
15.0% - - - - -
15.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
- - - - -
- - - - -
Benefits %
25.0% - - - - -
10.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
- - - - -
- - - - -
Benefits %
25.0% - - - - -
10.0% - - - - -
10.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
0.0% - - - - -
- - - - -
- - - - -
Benefits %
25.0% 13,021 13,021 13,021 13,021 13,021
15.0% - - - - -
10.0% - - - - -
10.0% - - - - -
10.0% 3,667 3,667 3,667 3,667 3,667
0.0% - - - - -
0.0% - - - - -
16,688 16,688 16,688 16,688 16,688
2 2 2 2 2
42,729 42,729 42,729 42,729 42,729
4 4 4 4 4
1,000 1,000 1,000 1,000 1,000
- - - - -
- - - - -
1,000 1,000 1,000 1,000 1,000
(7,813) (7,813) (7,813) (7,813) (7,813)
(1,500) (1,500) (1,500) (1,500) (1,500)
(9,313) (9,313) (9,313) (9,313) (9,313)
931.3% 931.3% 931.3% 931.3% 931.3%
(8,313) (8,313) (8,313) (8,313) (8,313)
(831.3%) (831.3%) (831.3%) (831.3%) (831.3%)
- - - - -
- - - - -
(250) (250) (250) (250) (250)
(500) (500) (500) (500) (500)
(250) (250) (250) (250) (250)
(1,000) (1,000) (1,000) (1,000) (1,000)
100.0% 100.0% 100.0% 100.0% 100.0%
(18,229) (18,229) (18,229) (18,229) (18,229)
- - - - -
(16,688) (16,688) (16,688) (16,688) (16,688)
(1,500) (1,500) (1,500) (1,500) (1,500)
(750) (750) (750) (750) (750)
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
(37,167) (37,167) (37,167) (37,167) (37,167)
3,716.7% 3,716.7% 3,716.7% 3,716.7% 3,716.7%
(1,075) (1,133) (1,192) (1,250) (1,308)
(39,242) (39,300) (39,358) (39,417) (39,475)
(47,554) (47,613) (47,671) (47,729) (47,788)
(4,755.4%) (4,761.3%) (4,767.1%) (4,772.9%) (4,778.8%)
(46,479) (46,479) (46,479) (46,479) (46,479)
(4,647.9%) (4,647.9%) (4,647.9%) (4,647.9%) (4,647.9%)
(264) (430) (577) (724) (872)
38 61 82 103 124
(47,781) (47,981) (48,165) (48,350) (48,535)
(4,778.1%) (4,798.1%) (4,816.5%) (4,835.0%) (4,853.5%)
47,781 47,981 48,165 48,350 48,535
- - - - -
- - - - -
(47,781) (47,981) (48,165) (48,350) (48,535)
(4,778.1%) (4,798.1%) (4,816.5%) (4,835.0%) (4,853.5%)
100,000 85,458 85,458 85,458 85,458 85,458
- 500 500 500 500 500
500 9,313 9,313 9,313 9,313 9,313
100,500 95,271 95,271 95,271 95,271 95,271
50,000 64,500 68,000 71,500 75,000 78,500
- (1,075) (2,208) (3,400) (4,650) (5,958)
50,000 63,425 65,792 68,100 70,350 72,542
- - - - - -
150,500 158,696 161,063 163,371 165,621 167,813
90,500 147,164 197,512 247,986 298,586 349,313
10,000 9,313 9,313 9,313 9,313 9,313
100,500 156,477 206,824 257,298 307,898 358,625
- - - - - -
100,500 156,477 206,824 257,298 307,898 358,625
50,000 50,000 50,000 50,000 50,000 50,000
- (47,781) (95,762) (143,927) (192,277) (240,813)
50,000 2,219 (45,762) (93,927) (142,277) (190,813)
150,500 158,696 161,063 163,371 165,621 167,813
Ok Ok Ok Ok Ok Ok
- 47,781 95,762 143,927 192,277 240,813
(47,781) (47,981) (48,165) (48,350) (48,535)
1,075 1,133 1,192 1,250 1,308
(500) - - - -
(688) - - - -
(8,813) - - - -
- - - - -
(56,706) (46,848) (46,974) (47,100) (47,227)
(6,000) - - - -
(5,000) - - - -
(3,500) (3,500) (3,500) (3,500) (3,500)
(14,500) (3,500) (3,500) (3,500) (3,500)
56,664 50,348 50,474 50,600 50,727
- - - - -
- - - - -
- - - - -
56,664 50,348 50,474 50,600 50,727
100,000 85,458 85,458 85,458 85,458
(14,542) - - - -
100,000 85,458 85,458 85,458 85,458 85,458
(71,206) (50,348) (50,474) (50,600) (50,727)
- - - - -
- - - - -
100,000 85,458 85,458 85,458 85,458
(85,458) (85,458) (85,458) (85,458) (85,458)
(56,664) (50,348) (50,474) (50,600) (50,727)
- - - - -
(56,664) (50,348) (50,474) (50,600) (50,727)
- - - - -
- - - - -
- - - - - -
- - - - -
90,500 147,164 197,512 247,986 298,586
56,664 50,348 50,474 50,600 50,727
90,500 147,164 197,512 247,986 298,586 349,313
264 430 577 724 872
1,000 1,000 1,000 1,000 1,000
(9,313) (9,313) (9,313) (9,313) (9,313)
(39,242) (39,300) (39,358) (39,417) (39,475)
(46,479) (46,479) (46,479) (46,479) (46,479)
(264) (430) (577) (724) (872)
(47,781) (47,981) (48,165) (48,350) (48,535)
85,458 85,458 85,458 85,458 85,458
158,696 161,063 163,371 165,621 167,813
147,164 197,512 247,986 298,586 349,313
- - - - -
2,219 (45,762) (93,927) (142,277) (190,813)
4 4 4 4 4
42,729 42,729 42,729 42,729 42,729
Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-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 - - - - -
129,896 174,333 174,333 174,333 174,333 174,333 195,854
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
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
18,229 33,854 33,854 33,854 33,854 33,854 33,854
1 2 2 2 2 2 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 6,250 6,250 6,250 6,250
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 6,250 6,250 6,250 6,250 6,250 6,250
- 1 1 1 1 1 1
- 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
- 8,333 8,333 8,333 8,333 8,333 8,333
- 6,417 6,417 6,417 6,417 6,417 6,417
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 14,750 14,750 14,750 14,750 14,750 14,750
- 2 2 2 2 2 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 87,167 87,167 87,167 87,167 87,167 87,167
4 9 9 9 9 9 9
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 5,000 5,000 10,000 10,000 10,000
15,000 20,000 20,000 20,000 25,000 25,000 25,000
(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)
62.1% 46.6% 46.6% 46.6% 37.3% 37.3% 37.3%
5,688 10,688 10,688 10,688 15,688 15,688 15,688
37.9% 53.4% 53.4% 53.4% 62.8% 62.8% 62.8%
- (6,250) (6,250) (6,250) (6,250) (6,250) (6,250)
- (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)
(1,000) (15,063) (15,063) (15,063) (15,063) (15,063) (15,063)
6.7% 75.3% 75.3% 75.3% 60.3% 60.3% 60.3%
(18,229) (33,854) (33,854) (33,854) (33,854) (33,854) (33,854)
- (14,750) (14,750) (14,750) (14,750) (14,750) (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) (67,542) (67,542) (67,542) (67,542) (67,542) (67,542)
247.8% 337.7% 337.7% 337.7% 270.2% 270.2% 270.2%
(1,367) (1,550) (1,608) (1,667) (1,725) (1,783) (1,842)
(39,533) (84,154) (84,213) (84,271) (84,329) (84,388) (84,446)
(33,846) (73,467) (73,525) (73,583) (68,642) (68,700) (68,758)
(225.6%) (367.3%) (367.6%) (367.9%) (274.6%) (274.8%) (275.0%)
(32,479) (71,917) (71,917) (71,917) (66,917) (66,917) (66,917)
(216.5%) (359.6%) (359.6%) (359.6%) (267.7%) (267.7%) (267.7%)
(1,020) (1,278) (492) (714) (936) (1,151) (1,360)
146 182 70 102 134 164 194
(34,721) (74,563) (73,947) (74,195) (69,444) (69,687) (69,924)
(231.5%) (372.8%) (369.7%) (371.0%) (277.8%) (278.7%) (279.7%)
34,721 74,563 73,947 74,195 69,444 69,687 69,924
- - - - - - -
- - - - - - -
(34,721) (74,563) (73,947) (74,195) (69,444) (69,687) (69,924)
(231.5%) (372.8%) (369.7%) (371.0%) (277.8%) (278.7%) (279.7%)
129,896 174,333 174,333 174,333 174,333 174,333 195,854
7,500 10,000 10,000 10,000 12,500 12,500 12,500
9,313 9,313 9,313 9,313 9,313 9,313 9,313
146,708 193,646 193,646 193,646 196,146 196,146 217,667
82,000 93,000 96,500 100,000 103,500 107,000 110,500
(7,325) (8,875) (10,483) (12,150) (13,875) (15,658) (17,500)
74,675 84,125 86,017 87,850 89,625 91,342 93,000
- - - - - - -
221,383 277,771 279,663 281,496 285,771 287,488 310,667
437,604 168,554 244,393 320,421 394,141 465,544 558,647
9,313 9,313 9,313 9,313 9,313 9,313 9,313
446,917 177,867 253,705 329,734 403,453 474,857 567,960
- - - - - - -
446,917 177,867 253,705 329,734 403,453 474,857 567,960
50,000 450,000 450,000 450,000 450,000 450,000 450,000
(275,533) (350,096) (424,043) (498,238) (567,682) (637,369) (707,293)
(225,533) 99,904 25,957 (48,238) (117,682) (187,369) (257,293)
221,383 277,771 279,663 281,496 285,771 287,488 310,667
Ok Ok Ok Ok Ok Ok Ok
275,533 350,096 424,043 498,238 567,682 637,369 707,293
(34,721) (74,563) (73,947) (74,195) (69,444) (69,687) (69,924)
1,367 1,550 1,608 1,667 1,725 1,783 1,842
(7,000) (2,500) - - (2,500) - -
- - - - - - -
- - - - - - -
- - - - - - -
(40,354) (75,513) (72,339) (72,529) (70,219) (67,904) (68,082)
- (7,500) - - - - -
- - - - - - -
(3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500)
(3,500) (11,000) (3,500) (3,500) (3,500) (3,500) (3,500)
88,291 (269,050) 75,839 76,029 73,719 71,404 93,103
- - - - - - -
- 400,000 - - - - -
- - - - - - -
88,291 130,950 75,839 76,029 73,719 71,404 93,103
85,458 129,896 174,333 174,333 174,333 174,333 174,333
44,438 44,438 - - - - 21,521
129,896 174,333 174,333 174,333 174,333 174,333 195,854
(43,854) (86,513) (75,839) (76,029) (73,719) (71,404) (71,582)
- 400,000 - - - - -
- - - - - - -
85,458 129,896 174,333 174,333 174,333 174,333 174,333
(129,896) (174,333) (174,333) (174,333) (174,333) (174,333) (195,854)
(88,291) 269,050 (75,839) (76,029) (73,719) (71,404) (93,103)
- - - - - - -
(88,291) 269,050 (75,839) (76,029) (73,719) (71,404) (93,103)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
349,313 437,604 168,554 244,393 320,421 394,141 465,544
88,291 (269,050) 75,839 76,029 73,719 71,404 93,103
437,604 168,554 244,393 320,421 394,141 465,544 558,647
1,020 1,278 492 714 936 1,151 1,360
15,000 20,000 20,000 20,000 25,000 25,000 25,000
(9,313) (9,313) (9,313) (9,313) (9,313) (9,313) (9,313)
(39,533) (84,154) (84,213) (84,271) (84,329) (84,388) (84,446)
(32,479) (71,917) (71,917) (71,917) (66,917) (66,917) (66,917)
(1,020) (1,278) (492) (714) (936) (1,151) (1,360)
(34,721) (74,563) (73,947) (74,195) (69,444) (69,687) (69,924)
129,896 174,333 174,333 174,333 174,333 174,333 195,854
221,383 277,771 279,663 281,496 285,771 287,488 310,667
437,604 168,554 244,393 320,421 394,141 465,544 558,647
- - - - - - -
(225,533) 99,904 25,957 (48,238) (117,682) (187,369) (257,293)
4 9 9 9 9 9 9
42,729 87,167 87,167 87,167 87,167 87,167 87,167
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-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 - - -
217,375 217,375 217,375 217,375 217,375 220,583 223,792
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
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
11,021 11,021 11,021 11,021 11,021 11,021 14,229
2 2 2 2 2 2 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
108,688 108,688 108,688 108,688 108,688 108,688 111,896
15 15 15 15 15 15 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 20,000 20,000 35,000
55,000 55,000 55,000 55,000 55,000 55,000 80,000
(11,021) (11,021) (11,021) (11,021) (11,021) (11,021) (14,229)
(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(12,521) (12,521) (12,521) (12,521) (12,521) (12,521) (15,729)
22.8% 22.8% 22.8% 22.8% 22.8% 22.8% 19.7%
42,479 42,479 42,479 42,479 42,479 42,479 64,271
77.2% 77.2% 77.2% 77.2% 77.2% 77.2% 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% 37.8% 37.8% 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% 146.1% 146.1% 100.4%
(2,125) (2,175) (2,225) (2,275) (2,325) (2,375) (2,450)
(103,292) (103,342) (103,392) (103,442) (103,492) (103,542) (103,617)
(60,813) (60,863) (60,913) (60,963) (61,013) (61,063) (39,346)
(110.6%) (110.7%) (110.8%) (110.8%) (110.9%) (111.0%) (49.2%)
(58,688) (58,688) (58,688) (58,688) (58,688) (58,688) (36,896)
(106.7%) (106.7%) (106.7%) (106.7%) (106.7%) (106.7%) (46.1%)
(1,632) (1,964) (2,149) (2,334) - - -
233 280 307 333 - - -
(62,211) (62,546) (62,755) (62,964) (61,013) (61,063) (39,346)
(113.1%) (113.7%) (114.1%) (114.5%) (110.9%) (111.0%) (49.2%)
62,211 62,546 62,755 62,964 61,013 61,063 39,346
- - - - - - -
- - - - - - -
(62,211) (62,546) (62,755) (62,964) (61,013) (61,063) (39,346)
(113.1%) (113.7%) (114.1%) (114.5%) (110.9%) (111.0%) (49.2%)
217,375 217,375 217,375 354,531 292,843 231,156 223,792
27,500 27,500 27,500 27,500 27,500 27,500 40,000
12,521 12,521 12,521 12,521 12,521 12,521 15,729
257,396 257,396 257,396 394,552 332,864 271,177 279,521
127,500 130,500 133,500 136,500 139,500 142,500 147,000
(19,625) (21,800) (24,025) (26,300) (28,625) (31,000) (33,450)
107,875 108,700 109,475 110,200 110,875 111,500 113,550
- - - - - - -
365,271 366,096 366,871 504,752 443,739 382,677 393,071
672,255 735,626 799,155 - - - 46,532
12,521 12,521 12,521 12,521 12,521 12,521 15,729
684,776 748,147 811,676 12,521 12,521 12,521 62,261
- - - - - - -
684,776 748,147 811,676 12,521 12,521 12,521 62,261
450,000 450,000 450,000 1,450,000 1,450,000 1,450,000 1,450,000
(769,505) (832,051) (894,805) (957,769) (1,018,782) (1,079,844) (1,119,190)
(319,505) (382,051) (444,805) 492,231 431,218 370,156 330,810
365,271 366,096 366,871 504,752 443,739 382,677 393,071
769,505 832,051 894,805 957,769 1,018,782 1,079,844 1,119,190
(62,211) (62,546) (62,755) (62,964) (61,013) (61,063) (39,346)
2,125 2,175 2,225 2,275 2,325 2,375 2,450
(15,000) - - - - - (12,500)
3,208 - - - - - 3,208
(3,208) - - - - - (3,208)
- - - - - - -
(75,086) (60,371) (60,530) (60,689) (58,688) (58,688) (49,396)
(9,000) - - - - - (1,500)
(5,000) - - - - - -
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(17,000) (3,000) (3,000) (3,000) (3,000) (3,000) (4,500)
113,607 63,371 63,530 (799,155) - - 46,532
- - - - - - -
- - - 1,000,000 - - -
- - - - - - -
113,607 63,371 63,530 200,845 - - 46,532
195,854 217,375 217,375 217,375 354,531 292,843 231,156
21,521 - - 137,156 (61,688) (61,688) (7,364)
217,375 217,375 217,375 354,531 292,843 231,156 223,792
(92,086) (63,371) (63,530) (63,689) (61,688) (61,688) (53,896)
- - - 1,000,000 - - -
- - - - - - -
195,854 217,375 217,375 217,375 354,531 292,843 231,156
(217,375) (217,375) (217,375) (217,375) (217,375) (220,583) (223,792)
(113,607) (63,371) (63,530) 936,311 75,468 10,573 (46,532)
- - - - - - -
(113,607) (63,371) (63,530) 936,311 75,468 10,573 (46,532)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
558,647 672,255 735,626 799,155 - - -
113,607 63,371 63,530 (799,155) - - 46,532
672,255 735,626 799,155 - - - 46,532
1,632 1,964 2,149 2,334 - - -
55,000 55,000 55,000 55,000 55,000 55,000 80,000
(12,521) (12,521) (12,521) (12,521) (12,521) (12,521) (15,729)
(103,292) (103,342) (103,392) (103,442) (103,492) (103,542) (103,617)
(58,688) (58,688) (58,688) (58,688) (58,688) (58,688) (36,896)
(1,632) (1,964) (2,149) (2,334) - - -
(62,211) (62,546) (62,755) (62,964) (61,013) (61,063) (39,346)
217,375 217,375 217,375 354,531 292,843 231,156 223,792
365,271 366,096 366,871 504,752 443,739 382,677 393,071
672,255 735,626 799,155 - - - 46,532
- - - - - - -
(319,505) (382,051) (444,805) 492,231 431,218 370,156 330,810
15 15 15 15 15 15 16
108,688 108,688 108,688 108,688 108,688 108,688 111,896
Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-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
- - - - - - -
223,792 223,792 223,792 223,792 234,792 245,792 245,792
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
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
7,813 7,813 7,813 7,813 7,813 12,396 12,396
1 1 1 1 1 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
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
14,750 14,750 14,750 14,750 14,750 21,167 21,167
2 2 2 2 2 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
111,896 111,896 111,896 111,896 111,896 122,896 122,896
16 16 16 16 16 18 18
10,000 10,000 10,000 10,000 10,000 12,500 12,500
5,000 5,000 5,000 5,000 5,000 7,500 7,500
35,000 35,000 35,000 35,000 35,000 70,000 70,000
80,000 80,000 80,000 80,000 80,000 130,000 130,000
(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% 19.7% 19.7% 12.1% 12.1%
64,271 64,271 64,271 64,271 64,271 114,271 114,271
80.3% 80.3% 80.3% 80.3% 80.3% 87.9% 87.9%
(12,000) (12,000) (12,000) (12,000) (12,000) (12,000) (12,000)
(7,813) (7,813) (7,813) (7,813) (7,813) (12,396) (12,396)
(250) (250) (250) (250) (250) (750) (750)
(500) (500) (500) (500) (500) (1,000) (1,000)
(250) (250) (250) (250) (250) (750) (750)
(20,813) (20,813) (20,813) (20,813) (20,813) (26,896) (26,896)
26.0% 26.0% 26.0% 26.0% 26.0% 20.7% 20.7%
(33,854) (33,854) (33,854) (33,854) (33,854) (33,854) (33,854)
(14,750) (14,750) (14,750) (14,750) (14,750) (21,167) (21,167)
(29,250) (29,250) (29,250) (29,250) (29,250) (29,250) (29,250)
(1,500) (1,500) (1,500) (1,500) (1,500) (3,000) (3,000)
(1,000) (1,000) (1,000) (1,000) (1,000) (1,250) (1,250)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(80,354) (80,354) (80,354) (80,354) (80,354) (88,521) (88,521)
100.4% 100.4% 100.4% 100.4% 100.4% 68.1% 68.1%
(2,500) (2,550) (2,600) (2,650) (2,700) (2,883) (2,933)
(103,667) (103,717) (103,767) (103,817) (103,867) (118,300) (118,350)
(39,396) (39,446) (39,496) (39,546) (39,596) (4,029) (4,079)
(49.2%) (49.3%) (49.4%) (49.4%) (49.5%) (3.1%) (3.1%)
(36,896) (36,896) (36,896) (36,896) (36,896) (1,146) (1,146)
(46.1%) (46.1%) (46.1%) (46.1%) (46.1%) (0.9%) (0.9%)
(136) (253) (370) (487) (605) (755) (898)
19 36 53 70 86 108 128
(39,512) (39,663) (39,813) (39,964) (40,115) (4,677) (4,849)
(49.4%) (49.6%) (49.8%) (50.0%) (50.1%) (3.6%) (3.7%)
39,512 39,663 39,813 39,964 40,115 4,677 4,849
- - - - - - -
- - - - - - -
(39,512) (39,663) (39,813) (39,964) (40,115) (4,677) (4,849)
(49.4%) (49.6%) (49.8%) (50.0%) (50.1%) (3.6%) (3.7%)
223,792 223,792 223,792 223,792 234,792 245,792 245,792
40,000 40,000 40,000 40,000 40,000 65,000 65,000
15,729 15,729 15,729 15,729 15,729 15,729 15,729
279,521 279,521 279,521 279,521 290,521 326,521 326,521
150,000 153,000 156,000 159,000 162,000 173,000 176,000
(35,950) (38,500) (41,100) (43,750) (46,450) (49,333) (52,267)
114,050 114,500 114,900 115,250 115,550 123,667 123,733
- - - - - - -
393,571 394,021 394,421 394,771 406,071 450,188 450,254
86,544 126,656 166,869 207,183 258,598 307,391 312,307
15,729 15,729 15,729 15,729 15,729 15,729 15,729
102,273 142,386 182,599 222,912 274,327 323,120 328,036
- - - - - - -
102,273 142,386 182,599 222,912 274,327 323,120 328,036
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000
(1,158,702) (1,198,365) (1,238,178) (1,278,142) (1,318,256) (1,322,933) (1,327,782)
291,298 251,635 211,822 171,858 131,744 127,067 122,218
393,571 394,021 394,421 394,771 406,071 450,188 450,254
1,158,702 1,198,365 1,238,178 1,278,142 1,318,256 1,322,933 1,327,782
(39,512) (39,663) (39,813) (39,964) (40,115) (4,677) (4,849)
2,500 2,550 2,600 2,650 2,700 2,883 2,933
- - - - - (25,000) -
- - - - - - -
- - - - - - -
- - - - - - -
(37,012) (37,113) (37,213) (37,314) (37,415) (26,793) (1,916)
- - - - - (3,000) -
- - - - - (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) (11,000) (3,000)
40,012 40,113 40,213 40,314 51,415 48,793 4,916
- - - - - - -
- - - - - - -
- - - - - - -
40,012 40,113 40,213 40,314 51,415 48,793 4,916
223,792 223,792 223,792 223,792 223,792 234,792 245,792
- - - - 11,000 11,000 (0)
223,792 223,792 223,792 223,792 234,792 245,792 245,792
(40,012) (40,113) (40,213) (40,314) (40,415) (37,793) (4,916)
- - - - - - -
- - - - - - -
223,792 223,792 223,792 223,792 223,792 234,792 245,792
(223,792) (223,792) (223,792) (223,792) (234,792) (245,792) (245,792)
(40,012) (40,113) (40,213) (40,314) (51,415) (48,793) (4,916)
- - - - - - -
(40,012) (40,113) (40,213) (40,314) (51,415) (48,793) (4,916)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
46,532 86,544 126,656 166,869 207,183 258,598 307,391
40,012 40,113 40,213 40,314 51,415 48,793 4,916
86,544 126,656 166,869 207,183 258,598 307,391 312,307
136 253 370 487 605 755 898
80,000 80,000 80,000 80,000 80,000 130,000 130,000
(15,729) (15,729) (15,729) (15,729) (15,729) (15,729) (15,729)
(103,667) (103,717) (103,767) (103,817) (103,867) (118,300) (118,350)
(36,896) (36,896) (36,896) (36,896) (36,896) (1,146) (1,146)
(136) (253) (370) (487) (605) (755) (898)
(39,512) (39,663) (39,813) (39,964) (40,115) (4,677) (4,849)
223,792 223,792 223,792 223,792 234,792 245,792 245,792
393,571 394,021 394,421 394,771 406,071 450,188 450,254
86,544 126,656 166,869 207,183 258,598 307,391 312,307
- - - - - - -
291,298 251,635 211,822 171,858 131,744 127,067 122,218
16 16 16 16 16 18 18
111,896 111,896 111,896 111,896 111,896 122,896 122,896
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-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 70,000 70,000 100,000 100,000 100,000
130,000 130,000 130,000 130,000 160,000 160,000 160,000
(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% 12.1% 12.1% 9.8% 9.8% 9.8%
114,271 114,271 114,271 114,271 144,271 144,271 144,271
87.9% 87.9% 87.9% 87.9% 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% 20.7% 20.7% 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% 68.1% 68.1% 55.3% 55.3% 55.3%
(2,983) (3,033) (3,083) (3,133) (3,183) (3,233) (3,283)
(118,400) (118,450) (118,500) (118,550) (118,600) (118,650) (118,700)
(4,129) (4,179) (4,229) (4,279) 25,671 25,621 25,571
(3.2%) (3.2%) (3.3%) (3.3%) 16.0% 16.0% 16.0%
(1,146) (1,146) (1,146) (1,146) 28,854 28,854 28,854
(0.9%) (0.9%) (0.9%) (0.9%) 18.0% 18.0% 18.0%
(912) (927) (941) (956) (970) (941) (868)
130 132 134 136 138 134 124
(4,911) (4,974) (5,036) (5,098) 24,839 24,814 24,827
(3.8%) (3.8%) (3.9%) (3.9%) 15.5% 15.5% 15.5%
4,911 4,974 5,036 5,098 (24,839) (24,814) (24,827)
- - - - - - -
- - - - - - -
(4,911) (4,974) (5,036) (5,098) 24,839 24,814 24,827
(3.8%) (3.8%) (3.9%) (3.9%) 15.5% 15.5% 15.5%
245,792 245,792 245,792 245,792 245,792 245,792 245,792
65,000 65,000 65,000 65,000 80,000 80,000 80,000
15,729 15,729 15,729 15,729 15,729 15,729 15,729
326,521 326,521 326,521 326,521 341,521 341,521 341,521
179,000 182,000 185,000 188,000 191,000 194,000 197,000
(55,250) (58,283) (61,367) (64,500) (67,683) (70,917) (74,200)
123,750 123,717 123,633 123,500 123,317 123,083 122,800
- - - - - - -
450,271 450,238 450,154 450,021 464,838 464,604 464,321
317,235 322,175 327,128 332,093 322,070 297,022 271,912
15,729 15,729 15,729 15,729 15,729 15,729 15,729
332,964 337,904 342,857 347,822 337,799 312,752 287,641
- - - - - - -
332,964 337,904 342,857 347,822 337,799 312,752 287,641
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000
(1,332,693) (1,337,667) (1,342,703) (1,347,801) (1,322,962) (1,298,147) (1,273,320)
117,307 112,333 107,297 102,199 127,038 151,853 176,680
450,271 450,238 450,154 450,021 464,838 464,604 464,321
1,332,693 1,337,667 1,342,703 1,347,801 1,322,962 1,298,147 1,273,320
(4,911) (4,974) (5,036) (5,098) 24,839 24,814 24,827
2,983 3,033 3,083 3,133 3,183 3,233 3,283
- - - - (15,000) - -
- - - - - - -
- - - - - - -
- - - - - - -
(1,928) (1,940) (1,953) (1,965) 13,023 28,048 28,110
- - - - - - -
- - - - - - -
(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)
4,928 4,940 4,953 4,965 (10,023) (25,048) (25,110)
- - - - - - -
- - - - - - -
- - - - - - -
4,928 4,940 4,953 4,965 (10,023) (25,048) (25,110)
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
(4,928) (4,940) (4,953) (4,965) 10,023 25,048 25,110
- - - - - - -
- - - - - - -
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)
(4,928) (4,940) (4,953) (4,965) 10,023 25,048 25,110
- - - - - - -
(4,928) (4,940) (4,953) (4,965) 10,023 25,048 25,110
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
312,307 317,235 322,175 327,128 332,093 322,070 297,022
4,928 4,940 4,953 4,965 (10,023) (25,048) (25,110)
317,235 322,175 327,128 332,093 322,070 297,022 271,912
912 927 941 956 970 941 868
130,000 130,000 130,000 130,000 160,000 160,000 160,000
(15,729) (15,729) (15,729) (15,729) (15,729) (15,729) (15,729)
(118,400) (118,450) (118,500) (118,550) (118,600) (118,650) (118,700)
(1,146) (1,146) (1,146) (1,146) 28,854 28,854 28,854
(912) (927) (941) (956) (970) (941) (868)
(4,911) (4,974) (5,036) (5,098) 24,839 24,814 24,827
245,792 245,792 245,792 245,792 245,792 245,792 245,792
450,271 450,238 450,154 450,021 464,838 464,604 464,321
317,235 322,175 327,128 332,093 322,070 297,022 271,912
- - - - - - -
117,307 112,333 107,297 102,199 127,038 151,853 176,680
18 18 18 18 18 18 18
122,896 122,896 122,896 122,896 122,896 122,896 122,896
Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-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
- - - - - -
245,792 245,792 252,208 258,625 258,625 258,625 258,625
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
- - - - - - -
- - - - - - -
14,229 14,229 14,229 20,646 20,646 20,646 20,646
3 3 3 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
122,896 122,896 122,896 129,313 129,313 129,313 129,313
18 18 18 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
100,000 100,000 100,000 150,000 150,000 150,000 150,000
160,000 160,000 160,000 235,000 235,000 235,000 235,000
(14,229) (14,229) (14,229) (20,646) (20,646) (20,646) (20,646)
(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(15,729) (15,729) (15,729) (22,146) (22,146) (22,146) (22,146)
9.8% 9.8% 9.8% 9.4% 9.4% 9.4% 9.4%
144,271 144,271 144,271 212,854 212,854 212,854 212,854
90.2% 90.2% 90.2% 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% 16.8% 16.8% 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) (1,250) (1,250) (1,500) (1,500) (1,500) (1,500)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(88,521) (88,521) (88,521) (88,771) (88,771) (88,771) (88,771)
55.3% 55.3% 55.3% 37.8% 37.8% 37.8% 37.8%
(3,333) (3,383) (3,433) (3,617) (3,667) (3,717) (3,767)
(118,750) (118,800) (118,850) (119,283) (119,333) (119,383) (119,433)
25,521 25,471 25,421 93,571 93,521 93,471 93,421
16.0% 15.9% 15.9% 39.8% 39.8% 39.8% 39.8%
28,854 28,854 28,854 97,188 97,188 97,188 97,188
18.0% 18.0% 18.0% 41.4% 41.4% 41.4% 41.4%
(794) (721) (647) (592) (470) (196) -
113 103 92 84 67 28 -
24,840 24,853 24,866 93,063 93,118 93,303 93,421
15.5% 15.5% 15.5% 39.6% 39.6% 39.7% 39.8%
(24,840) (24,853) (24,866) (93,063) (93,118) (93,303) (93,421)
- - - - - - -
- - - - - - -
24,840 24,853 24,866 93,063 93,118 93,303 93,421
15.5% 15.5% 15.5% 39.6% 39.6% 39.7% 39.8%
245,792 245,792 252,208 258,625 258,625 285,573 379,760
80,000 80,000 80,000 117,500 117,500 117,500 117,500
15,729 15,729 15,729 22,146 22,146 22,146 22,146
341,521 341,521 347,938 398,271 398,271 425,219 519,406
200,000 203,000 206,000 217,000 220,000 223,000 226,000
(77,533) (80,917) (84,350) (87,967) (91,633) (95,350) (99,117)
122,467 122,083 121,650 129,033 128,367 127,650 126,883
- - - - - - -
463,988 463,604 469,588 527,304 526,638 552,869 646,290
246,739 221,503 202,620 160,856 67,072 - -
15,729 15,729 15,729 22,146 22,146 22,146 22,146
262,468 237,232 218,349 183,002 89,217 22,146 22,146
- - - - - - -
262,468 237,232 218,349 183,002 89,217 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
(1,248,480) (1,223,628) (1,198,761) (1,105,698) (1,012,580) (919,277) (825,856)
201,520 226,372 251,239 344,302 437,420 530,723 624,144
463,988 463,604 469,588 527,304 526,638 552,869 646,290
1,248,480 1,223,628 1,198,761 1,105,698 1,012,580 919,277 825,856
24,840 24,853 24,866 93,063 93,118 93,303 93,421
3,333 3,383 3,433 3,617 3,667 3,717 3,767
- - - (37,500) - - -
- - - 6,417 - - -
- - - (6,417) - - -
- - - - - - -
28,173 28,236 28,299 59,180 96,785 97,020 97,188
- - - (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)
(25,173) (25,236) (18,883) (41,763) (93,785) (67,072) -
- - - - - - -
- - - - - - -
- - - - - - -
(25,173) (25,236) (18,883) (41,763) (93,785) (67,072) -
245,792 245,792 245,792 252,208 258,625 258,625 285,573
- - 6,417 6,417 - 26,948 94,188
245,792 245,792 252,208 258,625 258,625 285,573 379,760
25,173 25,236 25,299 48,180 93,785 94,020 94,188
- - - - - - -
- - - - - - -
245,792 245,792 245,792 252,208 258,625 258,625 285,573
(245,792) (245,792) (252,208) (258,625) (258,625) (258,625) (258,625)
25,173 25,236 18,883 41,763 93,785 94,020 121,135
- - - - - - -
25,173 25,236 18,883 41,763 93,785 94,020 121,135
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
271,912 246,739 221,503 202,620 160,856 67,072 -
(25,173) (25,236) (18,883) (41,763) (93,785) (67,072) -
246,739 221,503 202,620 160,856 67,072 - -
794 721 647 592 470 196 -
160,000 160,000 160,000 235,000 235,000 235,000 235,000
(15,729) (15,729) (15,729) (22,146) (22,146) (22,146) (22,146)
(118,750) (118,800) (118,850) (119,283) (119,333) (119,383) (119,433)
28,854 28,854 28,854 97,188 97,188 97,188 97,188
(794) (721) (647) (592) (470) (196) -
24,840 24,853 24,866 93,063 93,118 93,303 93,421
245,792 245,792 252,208 258,625 258,625 285,573 379,760
463,988 463,604 469,588 527,304 526,638 552,869 646,290
246,739 221,503 202,620 160,856 67,072 - -
- - - - - - -
201,520 226,372 251,239 344,302 437,420 530,723 624,144
18 18 18 20 20 20 20
122,896 122,896 122,896 129,313 129,313 129,313 129,313
May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-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
- - - - - - -
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) (1,500)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(88,771) (88,771) (88,771) (88,771) (88,771) (88,771) (88,771)
37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8%
(3,817) (3,867) (3,917) (3,967) (4,017) (4,067) (4,117)
(119,483) (119,533) (119,583) (119,633) (119,683) (119,733) (119,783)
93,371 93,321 93,271 93,221 93,171 93,121 93,071
39.7% 39.7% 39.7% 39.7% 39.6% 39.6% 39.6%
97,188 97,188 97,188 97,188 97,188 97,188 97,188
41.4% 41.4% 41.4% 41.4% 41.4% 41.4% 41.4%
- - - - - - -
- - - - - - -
93,371 93,321 93,271 93,221 93,171 93,121 93,071
39.7% 39.7% 39.7% 39.7% 39.6% 39.6% 39.6%
(93,371) (93,321) (93,271) (93,221) (93,171) (93,121) (93,071)
- - - - - - -
- - - - - - -
93,371 93,321 93,271 93,221 93,171 93,121 93,071
39.7% 39.7% 39.7% 39.7% 39.6% 39.6% 39.6%
473,948 568,135 662,323 756,510 850,698 944,885 1,039,073
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
613,594 707,781 801,969 896,156 990,344 1,084,531 1,178,719
229,000 232,000 235,000 238,000 241,000 244,000 247,000
(102,933) (106,800) (110,717) (114,683) (118,700) (122,767) (126,883)
126,067 125,200 124,283 123,317 122,300 121,233 120,117
- - - - - - -
739,660 832,981 926,252 1,019,473 1,112,644 1,205,765 1,298,835
- - - - - - -
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
(732,485) (639,165) (545,894) (452,673) (359,502) (266,381) (173,310)
717,515 810,835 904,106 997,327 1,090,498 1,183,619 1,276,690
739,660 832,981 926,252 1,019,473 1,112,644 1,205,765 1,298,835
732,485 639,165 545,894 452,673 359,502 266,381 173,310
93,371 93,321 93,271 93,221 93,171 93,121 93,071
3,817 3,867 3,917 3,967 4,017 4,067 4,117
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
97,188 97,188 97,188 97,188 97,188 97,188 97,188
- - - - - - -
- - - - - - -
(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)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
379,760 473,948 568,135 662,323 756,510 850,698 944,885
94,188 94,188 94,188 94,188 94,188 94,188 94,188
473,948 568,135 662,323 756,510 850,698 944,885 1,039,073
94,188 94,188 94,188 94,188 94,188 94,188 94,188
- - - - - - -
- - - - - - -
379,760 473,948 568,135 662,323 756,510 850,698 944,885
(258,625) (258,625) (258,625) (258,625) (258,625) (258,625) (258,625)
215,323 309,510 403,698 497,885 592,073 686,260 780,448
- - - - - - -
215,323 309,510 403,698 497,885 592,073 686,260 780,448
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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)
(119,483) (119,533) (119,583) (119,633) (119,683) (119,733) (119,783)
97,188 97,188 97,188 97,188 97,188 97,188 97,188
- - - - - - -
93,371 93,321 93,271 93,221 93,171 93,121 93,071
473,948 568,135 662,323 756,510 850,698 944,885 1,039,073
739,660 832,981 926,252 1,019,473 1,112,644 1,205,765 1,298,835
- - - - - - -
- - - - - - -
717,515 810,835 904,106 997,327 1,090,498 1,183,619 1,276,690
20 20 20 20 20 20 20
129,313 129,313 129,313 129,313 129,313 129,313 129,313
Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-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%
100.0% 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)
(1,500) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(88,771) (89,021) (89,021) (89,021) (89,021) (89,021) (89,021)
37.8% 37.9% 37.9% 37.9% 37.9% 37.9% 37.9%
(4,167) (4,300) (4,350) (4,400) (4,450) (4,500) (4,550)
(119,833) (120,217) (120,267) (120,317) (120,367) (120,417) (120,467)
93,021 92,638 92,588 92,538 92,488 92,438 92,388
39.6% 39.4% 39.4% 39.4% 39.4% 39.3% 39.3%
97,188 96,938 96,938 96,938 96,938 96,938 96,938
41.4% 41.3% 41.3% 41.3% 41.3% 41.3% 41.3%
- - - - - - -
- - - - - - -
93,021 92,638 92,588 92,538 92,488 92,438 92,388
39.6% 39.4% 39.4% 39.4% 39.4% 39.3% 39.3%
(93,021) (80,290) - - - - -
- 12,348 92,588 92,538 92,488 92,438 92,388
- (4,939) (37,035) (37,015) (36,995) (36,975) (36,955)
93,021 87,698 55,553 55,523 55,493 55,463 55,433
39.6% 37.3% 23.6% 23.6% 23.6% 23.6% 23.6%
1,133,260 1,217,259 1,274,161 1,331,084 1,388,026 1,444,989 1,501,971
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
1,272,906 1,356,905 1,413,807 1,470,730 1,527,672 1,584,635 1,641,617
250,000 258,000 261,000 264,000 267,000 270,000 273,000
(131,050) (135,350) (139,700) (144,100) (148,550) (153,050) (157,600)
118,950 122,650 121,300 119,900 118,450 116,950 115,400
- - - - - - -
1,391,856 1,479,555 1,535,107 1,590,630 1,646,122 1,701,585 1,757,017
- - - - - - -
22,146 22,146 22,146 22,146 22,146 22,146 22,146
22,146 22,146 22,146 22,146 22,146 22,146 22,146
- - - - - - -
22,146 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
(80,290) 7,409 62,961 118,484 173,976 229,439 284,871
1,369,710 1,457,409 1,512,961 1,568,484 1,623,976 1,679,439 1,734,871
1,391,856 1,479,555 1,535,107 1,590,630 1,646,122 1,701,585 1,757,017
80,290 - - - - - -
93,021 87,698 55,553 55,523 55,493 55,463 55,433
4,167 4,300 4,350 4,400 4,450 4,500 4,550
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
97,188 91,998 59,903 59,923 59,943 59,963 59,983
- - - - - - -
- (5,000) - - - - -
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000)
(3,000) (8,000) (3,000) (3,000) (3,000) (3,000) (3,000)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
1,039,073 1,133,260 1,217,259 1,274,161 1,331,084 1,388,026 1,444,989
94,188 83,998 56,903 56,923 56,943 56,963 56,983
1,133,260 1,217,259 1,274,161 1,331,084 1,388,026 1,444,989 1,501,971
94,188 83,998 56,903 56,923 56,943 56,963 56,983
- - - - - - -
- - - - - - -
1,039,073 1,133,260 1,217,259 1,274,161 1,331,084 1,388,026 1,444,989
(258,625) (258,625) (258,625) (258,625) (258,625) (258,625) (258,625)
874,635 958,634 1,015,536 1,072,459 1,129,401 1,186,364 1,243,346
- - - - - - -
874,635 958,634 1,015,536 1,072,459 1,129,401 1,186,364 1,243,346
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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)
(119,833) (120,217) (120,267) (120,317) (120,367) (120,417) (120,467)
97,188 96,938 96,938 96,938 96,938 96,938 96,938
- - - - - - -
93,021 87,698 55,553 55,523 55,493 55,463 55,433
1,133,260 1,217,259 1,274,161 1,331,084 1,388,026 1,444,989 1,501,971
1,391,856 1,479,555 1,535,107 1,590,630 1,646,122 1,701,585 1,757,017
- - - - - - -
- - - - - - -
1,369,710 1,457,409 1,512,961 1,568,484 1,623,976 1,679,439 1,734,871
20 20 20 20 20 20 20
129,313 129,313 129,313 129,313 129,313 129,313 129,313
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Q1 2012
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.9%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 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
- - - - - - -
258,625 258,625 258,625 258,625 258,625 258,625 85,458
18,229 18,229 18,229 18,229 18,229 18,229 54,688
15,625 15,625 15,625 15,625 15,625 15,625 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
33,854 33,854 33,854 33,854 33,854 33,854 54,688
2 2 2 2 2 2 1
7,813 7,813 7,813 7,813 7,813 7,813 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 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 23,438
5 5 5 5 5 5 1
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 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,000 12,000 12,000 12,000 12,000 12,000 -
3 3 3 3 3 3 -
7,813 7,813 7,813 7,813 7,813 7,813 -
4,583 4,583 4,583 4,583 4,583 4,583 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,396 12,396 12,396 12,396 12,396 12,396 -
2 2 2 2 2 2 -
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 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
21,167 21,167 21,167 21,167 21,167 21,167 -
3 3 3 3 3 3 -
13,021 13,021 13,021 13,021 13,021 13,021 39,063
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 -
3,667 3,667 3,667 3,667 3,667 3,667 11,000
- - - - - - -
- - - - - - -
29,250 29,250 29,250 29,250 29,250 29,250 50,063
5 5 5 5 5 5 2
129,313 129,313 129,313 129,313 129,313 129,313 128,188
20 20 20 20 20 20 4
12,500 12,500 12,500 12,500 12,500 12,500 3,000
7,500 7,500 7,500 7,500 7,500 7,500 -
150,000 150,000 150,000 150,000 150,000 150,000 -
235,000 235,000 235,000 235,000 235,000 235,000 3,000
(20,646) (20,646) (20,646) (20,646) (20,646) (20,646) (23,438)
(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (4,500)
(22,146) (22,146) (22,146) (22,146) (22,146) (22,146) (27,938)
9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 931.3%
212,854 212,854 212,854 212,854 212,854 212,854 (24,938)
90.6% 90.6% 90.6% 90.6% 90.6% 90.6% (831.3%)
(12,000) (12,000) (12,000) (12,000) (12,000) (12,000) -
(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) (1,500)
(750) (750) (750) (750) (750) (750) (750)
(26,896) (26,896) (26,896) (26,896) (26,896) (26,896) (3,000)
11.4% 11.4% 11.4% 11.4% 11.4% 11.4% 100.0%
(33,854) (33,854) (33,854) (33,854) (33,854) (33,854) (54,688)
(21,167) (21,167) (21,167) (21,167) (21,167) (21,167) -
(29,250) (29,250) (29,250) (29,250) (29,250) (29,250) (50,063)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (4,500)
(1,750) (1,750) (1,750) (1,750) (1,750) (1,750) (2,250)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(89,021) (89,021) (89,021) (89,021) (89,021) (89,021) (111,500)
37.9% 37.9% 37.9% 37.9% 37.9% 37.9% 3,716.7%
(4,600) (4,650) (4,700) (4,750) (4,800) (4,850) (3,400)
(120,517) (120,567) (120,617) (120,667) (120,717) (120,767) (117,900)
92,338 92,288 92,238 92,188 92,138 92,088 (142,838)
39.3% 39.3% 39.3% 39.2% 39.2% 39.2% (4,761.3%)
96,938 96,938 96,938 96,938 96,938 96,938 (139,438)
41.3% 41.3% 41.3% 41.3% 41.3% 41.3% (4,647.9%)
- - - - - - (1,271)
- - - - - - 181
92,338 92,288 92,238 92,188 92,138 92,088 (143,927)
39.3% 39.3% 39.3% 39.2% 39.2% 39.2% (4,797.6%)
- - - - - - 143,927
92,338 92,288 92,238 92,188 92,138 92,088 -
(36,935) (36,915) (36,895) (36,875) (36,855) (36,835) -
55,403 55,373 55,343 55,313 55,283 55,253 (143,927)
23.6% 23.6% 23.6% 23.5% 23.5% 23.5% (4,797.6%)
1,558,974 1,615,996 1,673,039 1,730,101 1,787,184 1,844,286 85,458
117,500 117,500 117,500 117,500 117,500 117,500 500
22,146 22,146 22,146 22,146 22,146 22,146 9,313
1,698,620 1,755,642 1,812,685 1,869,747 1,926,830 1,983,932 95,271
276,000 279,000 282,000 285,000 288,000 291,000 71,500
(162,200) (166,850) (171,550) (176,300) (181,100) (185,950) (3,400)
113,800 112,150 110,450 108,700 106,900 105,050 68,100
- - - - - - -
1,812,420 1,867,792 1,923,135 1,978,447 2,033,730 2,088,982 163,371
- - - - - - 247,986
22,146 22,146 22,146 22,146 22,146 22,146 9,313
22,146 22,146 22,146 22,146 22,146 22,146 257,298
- - - - - - -
22,146 22,146 22,146 22,146 22,146 22,146 257,298
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 50,000
340,274 395,646 450,989 506,301 561,584 616,836 (143,927)
1,790,274 1,845,646 1,900,989 1,956,301 2,011,584 2,066,836 (93,927)
1,812,420 1,867,792 1,923,135 1,978,447 2,033,730 2,088,982 163,371
- - - - - - 143,927
55,403 55,373 55,343 55,313 55,283 55,253 (143,927)
4,600 4,650 4,700 4,750 4,800 4,850 3,400
- - - - - - (500)
- - - - - - (688)
- - - - - - (8,813)
- - - - - - -
60,003 60,023 60,043 60,063 60,083 60,103 (150,527)
- - - - - - (6,000)
- - - - - - (5,000)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (10,500)
(3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (21,500)
- - - - - - 157,486
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - 157,486
1,501,971 1,558,974 1,615,996 1,673,039 1,730,101 1,787,184 100,000
57,003 57,023 57,043 57,063 57,083 57,103 (14,542)
1,558,974 1,615,996 1,673,039 1,730,101 1,787,184 1,844,286 85,458
57,003 57,023 57,043 57,063 57,083 57,103 (172,027)
- - - - - - -
- - - - - - -
1,501,971 1,558,974 1,615,996 1,673,039 1,730,101 1,787,184 100,000
(258,625) (258,625) (258,625) (258,625) (258,625) (258,625) (85,458)
1,300,349 1,357,371 1,414,414 1,471,476 1,528,559 1,585,661 (157,486)
- - - - - - -
1,300,349 1,357,371 1,414,414 1,471,476 1,528,559 1,585,661 (157,486)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - 90,500
- - - - - - 157,486
- - - - - - 247,986
- - - - - - 1,271
235,000 235,000 235,000 235,000 235,000 235,000 3,000
(22,146) (22,146) (22,146) (22,146) (22,146) (22,146) (27,938)
(120,517) (120,567) (120,617) (120,667) (120,717) (120,767) (117,900)
96,938 96,938 96,938 96,938 96,938 96,938 (139,438)
- - - - - - (1,271)
55,403 55,373 55,343 55,313 55,283 55,253 (143,927)
1,558,974 1,615,996 1,673,039 1,730,101 1,787,184 1,844,286 85,458
1,812,420 1,867,792 1,923,135 1,978,447 2,033,730 2,088,982 163,371
- - - - - - 247,986
- - - - - - -
1,790,274 1,845,646 1,900,989 1,956,301 2,011,584 2,066,836 (93,927)
20 20 20 20 20 20 4
129,313 129,313 129,313 129,313 129,313 129,313 42,729
Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
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
- 400,000 - - 1,000,000 - -
100,271 174,333 181,507 217,375 218,444 223,792 227,458
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
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
54,688 101,563 101,563 101,563 101,563 101,563 101,563
1 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
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
23,438 23,438 23,438 33,063 33,063 42,688 42,688
1 1 1 2 2 3 3
- 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
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 18,750 18,750 36,000 36,000 36,000 36,000
- 1 1 3 3 3 3
- 23,438 23,438 23,438 23,438 23,438 23,438
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 23,438 23,438 23,438 23,438 23,438 23,438
- 1 1 1 1 1 1
- 25,000 25,000 25,000 25,000 25,000 25,000
- 19,250 19,250 19,250 19,250 19,250 19,250
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 44,250 44,250 44,250 44,250 44,250 44,250
- 2 2 2 2 2 2
39,063 39,063 39,063 39,063 39,063 39,063 39,063
- - - 12,938 12,938 12,938 12,938
- - - 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 50,063 50,063 87,750 87,750 87,750 87,750
2 2 2 5 5 5 5
128,188 261,500 261,500 326,063 326,063 335,688 335,688
4 9 9 15 15 16 16
12,000 30,000 30,000 30,000 30,000 30,000 30,000
5,000 15,000 15,000 15,000 15,000 15,000 15,000
5,000 15,000 30,000 60,000 60,000 105,000 105,000
17,000 60,000 75,000 165,000 165,000 240,000 240,000
(23,438) (23,438) (23,438) (33,063) (33,063) (42,688) (42,688)
(4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500)
(27,938) (27,938) (27,938) (37,563) (37,563) (47,188) (47,188)
164.3% 46.6% 37.3% 22.8% 22.8% 19.7% 19.7%
(10,938) 32,063 47,063 127,438 127,438 192,813 192,813
(64.3%) 53.4% 62.8% 77.2% 77.2% 80.3% 80.3%
- (18,750) (18,750) (36,000) (36,000) (36,000) (36,000)
- (23,438) (23,438) (23,438) (23,438) (23,438) (23,438)
(750) (750) (750) (750) (750) (750) (750)
(1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500)
(750) (750) (750) (750) (750) (750) (750)
(3,000) (45,188) (45,188) (62,438) (62,438) (62,438) (62,438)
17.6% 75.3% 60.3% 37.8% 37.8% 26.0% 26.0%
(54,688) (101,563) (101,563) (101,563) (101,563) (101,563) (101,563)
- (44,250) (44,250) (44,250) (44,250) (44,250) (44,250)
(50,063) (50,063) (50,063) (87,750) (87,750) (87,750) (87,750)
(4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500)
(2,250) (2,250) (2,250) (3,000) (3,000) (3,000) (3,000)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(111,500) (202,625) (202,625) (241,063) (241,063) (241,063) (241,063)
655.9% 337.7% 270.2% 146.1% 146.1% 100.4% 100.4%
(3,925) (4,825) (5,350) (6,525) (6,975) (7,500) (7,950)
(118,425) (252,638) (253,163) (310,025) (310,475) (311,000) (311,450)
(129,363) (220,575) (206,100) (182,588) (183,038) (118,188) (118,638)
(761.0%) (367.6%) (274.8%) (110.7%) (110.9%) (49.2%) (49.4%)
(125,438) (215,750) (200,750) (176,063) (176,063) (110,688) (110,688)
(737.9%) (359.6%) (267.7%) (106.7%) (106.7%) (46.1%) (46.1%)
(2,617) (2,484) (3,447) (5,744) (2,334) (389) (1,463)
373 354 492 820 333 55 209
(131,606) (222,705) (209,055) (187,512) (185,039) (118,521) (119,891)
(774.2%) (371.2%) (278.7%) (113.6%) (112.1%) (49.4%) (50.0%)
131,606 222,705 209,055 187,512 185,039 118,521 119,891
- - - - - - -
- - - - - - -
(131,606) (222,705) (209,055) (187,512) (185,039) (118,521) (119,891)
(774.2%) (371.2%) (278.7%) (113.6%) (112.1%) (49.4%) (50.0%)
129,896 174,333 195,854 217,375 231,156 223,792 234,792
7,500 10,000 12,500 27,500 27,500 40,000 40,000
9,313 9,313 9,313 12,521 12,521 15,729 15,729
146,708 193,646 217,667 257,396 271,177 279,521 290,521
82,000 100,000 110,500 133,500 142,500 153,000 162,000
(7,325) (12,150) (17,500) (24,025) (31,000) (38,500) (46,450)
74,675 87,850 93,000 109,475 111,500 114,500 115,550
- - - - - - -
221,383 281,496 310,667 366,871 382,677 394,021 406,071
437,604 320,421 558,647 799,155 - 126,656 258,598
9,313 9,313 9,313 12,521 12,521 15,729 15,729
446,917 329,734 567,960 811,676 12,521 142,386 274,327
- - - - - - -
446,917 329,734 567,960 811,676 12,521 142,386 274,327
50,000 450,000 450,000 450,000 1,450,000 1,450,000 1,450,000
(275,533) (498,238) (707,293) (894,805) (1,079,844) (1,198,365) (1,318,256)
(225,533) (48,238) (257,293) (444,805) 370,156 251,635 131,744
221,383 281,496 310,667 366,871 382,677 394,021 406,071
275,533 498,238 707,293 894,805 1,079,844 1,198,365 1,318,256
(131,606) (222,705) (209,055) (187,512) (185,039) (118,521) (119,891)
3,925 4,825 5,350 6,525 6,975 7,500 7,950
(7,000) (2,500) (2,500) (15,000) - (12,500) -
- - - 3,208 - 3,208 -
- - - (3,208) - (3,208) -
- - - - - - -
(134,681) (220,380) (206,205) (195,987) (178,064) (123,521) (111,941)
- (7,500) - (9,000) - (1,500) -
- - - (5,000) - - -
(10,500) (10,500) (10,500) (9,000) (9,000) (9,000) (9,000)
(10,500) (18,000) (10,500) (23,000) (9,000) (10,500) (9,000)
189,618 (117,183) 238,226 240,508 (799,155) 126,656 131,941
- - - - - - -
- 400,000 - - 1,000,000 - -
- - - - - - -
189,618 282,817 238,226 240,508 200,845 126,656 131,941
85,458 129,896 174,333 195,854 217,375 231,156 223,792
44,438 44,438 21,521 21,521 13,781 (7,364) 11,000
129,896 174,333 195,854 217,375 231,156 223,792 234,792
(145,181) (238,380) (216,705) (218,987) (187,064) (134,021) (120,941)
- 400,000 - - 1,000,000 - -
- - - - - - -
85,458 129,896 174,333 195,854 217,375 231,156 223,792
(100,271) (174,333) (181,507) (217,375) (218,444) (223,792) (227,458)
(159,993) 117,183 (223,879) (240,508) 811,867 (126,656) (124,608)
- - - - - - -
(159,993) 117,183 (223,879) (240,508) 811,867 (126,656) (124,608)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
247,986 437,604 320,421 558,647 799,155 - 126,656
189,618 (117,183) 238,226 240,508 (799,155) 126,656 131,941
437,604 320,421 558,647 799,155 - 126,656 258,598
2,617 2,484 3,447 5,744 2,334 389 1,463
17,000 60,000 75,000 165,000 165,000 240,000 240,000
(27,938) (27,938) (27,938) (37,563) (37,563) (47,188) (47,188)
(118,425) (252,638) (253,163) (310,025) (310,475) (311,000) (311,450)
(125,438) (215,750) (200,750) (176,063) (176,063) (110,688) (110,688)
(2,617) (2,484) (3,447) (5,744) (2,334) (389) (1,463)
(131,606) (222,705) (209,055) (187,512) (185,039) (118,521) (119,891)
129,896 174,333 195,854 217,375 231,156 223,792 234,792
221,383 281,496 310,667 366,871 382,677 394,021 406,071
437,604 320,421 558,647 799,155 - 126,656 258,598
- - - - - - -
(225,533) (48,238) (257,293) (444,805) 370,156 251,635 131,744
4 9 9 15 15 16 16
42,729 87,167 87,167 108,688 108,688 111,896 111,896
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
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
- - - - - - -
245,792 245,792 245,792 247,931 258,625 258,625 258,625
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
- - - - - - -
- - - - - - -
42,688 42,688 42,688 42,688 61,938 61,938 61,938
3 3 3 3 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
368,688 368,688 368,688 368,688 387,938 387,938 387,938
18 18 18 18 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
210,000 210,000 300,000 300,000 450,000 450,000 450,000
390,000 390,000 480,000 480,000 705,000 705,000 705,000
(42,688) (42,688) (42,688) (42,688) (61,938) (61,938) (61,938)
(4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500)
(47,188) (47,188) (47,188) (47,188) (66,438) (66,438) (66,438)
12.1% 12.1% 9.8% 9.8% 9.4% 9.4% 9.4%
342,813 342,813 432,813 432,813 638,563 638,563 638,563
87.9% 87.9% 90.2% 90.2% 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)
20.7% 20.7% 16.8% 16.8% 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) (3,750) (3,750) (4,500) (4,500) (4,500)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(265,563) (265,563) (265,563) (265,563) (266,313) (266,313) (266,313)
68.1% 68.1% 55.3% 55.3% 37.8% 37.8% 37.8%
(8,800) (9,250) (9,700) (10,150) (11,000) (11,450) (11,900)
(355,050) (355,500) (355,950) (356,400) (358,000) (358,450) (358,900)
(12,238) (12,688) 76,863 76,413 280,563 280,113 279,663
(3.1%) (3.3%) 16.0% 15.9% 39.8% 39.7% 39.7%
(3,438) (3,438) 86,563 86,563 291,563 291,563 291,563
(0.9%) (0.9%) 18.0% 18.0% 41.4% 41.4% 41.4%
(2,565) (2,823) (2,778) (2,162) (1,258) - -
366 403 396 308 179 - -
(14,437) (15,108) 74,481 74,559 279,484 280,113 279,663
(3.7%) (3.9%) 15.5% 15.5% 39.6% 39.7% 39.7%
14,437 15,108 (74,481) (74,559) (279,484) (280,113) (279,663)
- - - - - - -
- - - - - - -
(14,437) (15,108) 74,481 74,559 279,484 280,113 279,663
(3.7%) (3.9%) 15.5% 15.5% 39.6% 39.7% 39.7%
245,792 245,792 245,792 252,208 285,573 568,135 850,698
65,000 65,000 80,000 80,000 117,500 117,500 117,500
15,729 15,729 15,729 15,729 22,146 22,146 22,146
326,521 326,521 341,521 347,938 425,219 707,781 990,344
179,000 188,000 197,000 206,000 223,000 232,000 241,000
(55,250) (64,500) (74,200) (84,350) (95,350) (106,800) (118,700)
123,750 123,500 122,800 121,650 127,650 125,200 122,300
- - - - - - -
450,271 450,021 464,321 469,588 552,869 832,981 1,112,644
317,235 332,093 271,912 202,620 - - -
15,729 15,729 15,729 15,729 22,146 22,146 22,146
332,964 347,822 287,641 218,349 22,146 22,146 22,146
- - - - - - -
332,964 347,822 287,641 218,349 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
(1,332,693) (1,347,801) (1,273,320) (1,198,761) (919,277) (639,165) (359,502)
117,307 102,199 176,680 251,239 530,723 810,835 1,090,498
450,271 450,021 464,321 469,588 552,869 832,981 1,112,644
1,332,693 1,347,801 1,273,320 1,198,761 919,277 639,165 359,502
(14,437) (15,108) 74,481 74,559 279,484 280,113 279,663
8,800 9,250 9,700 10,150 11,000 11,450 11,900
(25,000) - (15,000) - (37,500) - -
- - - - 6,417 - -
- - - - (6,417) - -
- - - - - - -
(30,637) (5,858) 69,181 84,709 252,984 291,563 291,563
(3,000) - - - (3,000) - -
(5,000) - - - (5,000) - -
(9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000)
(17,000) (9,000) (9,000) (9,000) (17,000) (9,000) (9,000)
58,637 14,858 (60,181) (69,292) (202,620) - -
- - - - - - -
- - - - - - -
- - - - - - -
58,637 14,858 (60,181) (69,292) (202,620) - -
234,792 245,792 245,792 245,792 252,208 285,573 568,135
11,000 - - 6,417 33,365 282,563 282,563
245,792 245,792 245,792 252,208 285,573 568,135 850,698
(47,637) (14,858) 60,181 75,709 235,984 282,563 282,563
- - - - - - -
- - - - - - -
234,792 245,792 245,792 245,792 252,208 285,573 568,135
(245,792) (245,792) (245,792) (247,931) (258,625) (258,625) (258,625)
(58,637) (14,858) 60,181 73,570 229,568 309,510 592,073
- - - - - - -
(58,637) (14,858) 60,181 73,570 229,568 309,510 592,073
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
258,598 317,235 332,093 271,912 202,620 - -
58,637 14,858 (60,181) (69,292) (202,620) - -
317,235 332,093 271,912 202,620 - - -
2,565 2,823 2,778 2,162 1,258 - -
390,000 390,000 480,000 480,000 705,000 705,000 705,000
(47,188) (47,188) (47,188) (47,188) (66,438) (66,438) (66,438)
(355,050) (355,500) (355,950) (356,400) (358,000) (358,450) (358,900)
(3,438) (3,438) 86,563 86,563 291,563 291,563 291,563
(2,565) (2,823) (2,778) (2,162) (1,258) - -
(14,437) (15,108) 74,481 74,559 279,484 280,113 279,663
245,792 245,792 245,792 252,208 285,573 568,135 850,698
450,271 450,021 464,321 469,588 552,869 832,981 1,112,644
317,235 332,093 271,912 202,620 - - -
- - - - - - -
117,307 102,199 176,680 251,239 530,723 810,835 1,090,498
18 18 18 18 20 20 20
122,896 122,896 122,896 122,896 129,313 129,313 129,313
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 2012 2013
0.1% 0.1% 0.1% 0.1% 0.1% 0.5% 0.5%
0.9% 0.9% 0.9% 0.9% 0.9% 3.5% 3.5%
1.4% 1.4% 1.4% 1.4% 1.4% 5.5% 5.5%
100.0% 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 1,000,000
258,625 258,625 258,625 258,625 258,625 135,392 221,767
54,688 54,688 54,688 54,688 54,688 218,750 218,750
46,875 46,875 46,875 46,875 46,875 93,750 187,500
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
101,563 101,563 101,563 101,563 101,563 312,500 406,250
2 2 2 2 2 2 2
23,438 23,438 23,438 23,438 23,438 93,750 93,750
9,625 9,625 9,625 9,625 9,625 - 38,500
9,625 9,625 9,625 9,625 9,625 - 19,250
9,625 9,625 9,625 9,625 9,625 - -
9,625 9,625 9,625 9,625 9,625 - -
- - - - - - -
- - - - - - -
61,938 61,938 61,938 61,938 61,938 93,750 151,500
5 5 5 5 5 1 3
18,750 18,750 18,750 18,750 18,750 37,500 75,000
8,625 8,625 8,625 8,625 8,625 - 34,500
8,625 8,625 8,625 8,625 8,625 - 34,500
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
36,000 36,000 36,000 36,000 36,000 37,500 144,000
3 3 3 3 3 1 3
23,438 23,438 23,438 23,438 23,438 46,875 93,750
13,750 13,750 13,750 13,750 13,750 - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
37,188 37,188 37,188 37,188 37,188 46,875 93,750
2 2 2 2 2 1 1
25,000 25,000 25,000 25,000 25,000 50,000 100,000
19,250 19,250 19,250 19,250 19,250 38,500 77,000
19,250 19,250 19,250 19,250 19,250 - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
63,500 63,500 63,500 63,500 63,500 88,500 177,000
3 3 3 3 3 1 2
39,063 39,063 39,063 39,063 39,063 156,250 156,250
12,938 12,938 12,938 12,938 12,938 - 51,750
12,375 12,375 12,375 12,375 12,375 - 49,500
12,375 12,375 12,375 12,375 12,375 - 49,500
11,000 11,000 11,000 11,000 11,000 44,000 44,000
- - - - - - -
- - - - - - -
87,750 87,750 87,750 87,750 87,750 200,250 351,000
5 5 5 5 5 2 5
387,938 387,938 387,938 387,938 387,938 779,375 1,323,500
20 20 20 20 20 7 16
37,500 37,500 37,500 37,500 37,500 75,000 120,000
22,500 22,500 22,500 22,500 22,500 35,000 60,000
450,000 450,000 450,000 450,000 450,000 50,000 330,000
705,000 705,000 705,000 705,000 705,000 155,000 810,000
(61,938) (61,938) (61,938) (61,938) (61,938) (93,750) (151,500)
(4,500) (4,500) (4,500) (4,500) (4,500) (18,000) (18,000)
(66,438) (66,438) (66,438) (66,438) (66,438) (111,750) (169,500)
9.4% 9.4% 9.4% 9.4% 9.4% 72.1% 20.9%
638,563 638,563 638,563 638,563 638,563 43,250 640,500
90.6% 90.6% 90.6% 90.6% 90.6% 27.9% 79.1%
(36,000) (36,000) (36,000) (36,000) (36,000) (37,500) (144,000)
(37,188) (37,188) (37,188) (37,188) (37,188) (46,875) (93,750)
(2,250) (2,250) (2,250) (2,250) (2,250) (3,000) (3,000)
(3,000) (3,000) (3,000) (3,000) (3,000) (6,000) (6,000)
(2,250) (2,250) (2,250) (2,250) (2,250) (3,000) (3,000)
(80,688) (80,688) (80,688) (80,688) (80,688) (96,375) (249,750)
11.4% 11.4% 11.4% 11.4% 11.4% 62.2% 30.8%
(101,563) (101,563) (101,563) (101,563) (101,563) (312,500) (406,250)
(63,500) (63,500) (63,500) (63,500) (63,500) (88,500) (177,000)
(87,750) (87,750) (87,750) (87,750) (87,750) (200,250) (351,000)
(9,000) (9,000) (9,000) (9,000) (9,000) (18,000) (18,000)
(4,500) (5,250) (5,250) (5,250) (5,250) (9,000) (12,000)
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(266,313) (267,063) (267,063) (267,063) (267,063) (628,250) (964,250)
37.8% 37.9% 37.9% 37.9% 37.9% 405.3% 119.0%
(12,350) (13,050) (13,500) (13,950) (14,400) (17,500) (28,950)
(359,350) (360,800) (361,250) (361,700) (362,150) (742,125) (1,242,950)
279,213 277,763 277,313 276,863 276,413 (698,875) (602,450)
39.6% 39.4% 39.3% 39.3% 39.2% (450.9%) (74.4%)
291,563 290,813 290,813 290,813 290,813 (681,375) (573,500)
41.4% 41.3% 41.3% 41.3% 41.3% (439.6%) (70.8%)
- - - - - (9,819) (9,930)
- - - - - 1,401 1,417
279,213 277,763 277,313 276,863 276,413 (707,293) (610,963)
39.6% 39.4% 39.3% 39.3% 39.2% (456.3%) (75.4%)
(279,213) (80,290) - - - 707,293 610,963
- 197,473 277,313 276,863 276,413 - -
- (78,989) (110,925) (110,745) (110,565) - -
279,213 198,773 166,388 166,118 165,848 (707,293) (610,963)
39.6% 28.2% 23.6% 23.6% 23.5% (456.3%) (75.4%)
1,133,260 1,331,084 1,501,971 1,673,039 1,844,286 195,854 234,792
117,500 117,500 117,500 117,500 117,500 12,500 40,000
22,146 22,146 22,146 22,146 22,146 9,313 15,729
1,272,906 1,470,730 1,641,617 1,812,685 1,983,932 217,667 290,521
250,000 264,000 273,000 282,000 291,000 110,500 162,000
(131,050) (144,100) (157,600) (171,550) (185,950) (17,500) (46,450)
118,950 119,900 115,400 110,450 105,050 93,000 115,550
- - - - - - -
1,391,856 1,590,630 1,757,017 1,923,135 2,088,982 310,667 406,071
- - - - - 558,647 258,598
22,146 22,146 22,146 22,146 22,146 9,313 15,729
22,146 22,146 22,146 22,146 22,146 567,960 274,327
- - - - - - -
22,146 22,146 22,146 22,146 22,146 567,960 274,327
1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 450,000 1,450,000
(80,290) 118,484 284,871 450,989 616,836 (707,293) (1,318,256)
1,369,710 1,568,484 1,734,871 1,900,989 2,066,836 (257,293) 131,744
1,391,856 1,590,630 1,757,017 1,923,135 2,088,982 310,667 406,071
80,290 - - - - 707,293 1,318,256
279,213 198,773 166,388 166,118 165,848 (707,293) (610,963)
12,350 13,050 13,500 13,950 14,400 17,500 28,950
- - - - - (12,500) (27,500)
- - - - - (688) 6,417
- - - - - (8,813) (6,417)
- - - - - - -
291,563 211,823 179,888 180,068 180,248 (711,793) (609,513)
- - - - - (13,500) (10,500)
- (5,000) - - - (5,000) (5,000)
(9,000) (9,000) (9,000) (9,000) (9,000) (42,000) (36,000)
(9,000) (14,000) (9,000) (9,000) (9,000) (60,500) (51,500)
- - - - - 468,147 (300,050)
- - - - - - -
- - - - - 400,000 1,000,000
- - - - - - -
- - - - - 868,147 699,950
850,698 1,133,260 1,331,084 1,501,971 1,673,039 100,000 195,854
282,563 197,823 170,888 171,068 171,248 95,854 38,938
1,133,260 1,331,084 1,501,971 1,673,039 1,844,286 195,854 234,792
282,563 197,823 170,888 171,068 171,248 (772,293) (661,013)
- - - - - 400,000 1,000,000
- - - - - - -
850,698 1,133,260 1,331,084 1,501,971 1,673,039 100,000 195,854
(258,625) (258,625) (258,625) (258,625) (258,625) (135,392) (221,767)
874,635 1,072,459 1,243,346 1,414,414 1,585,661 (468,147) 523,247
- - - - - - -
874,635 1,072,459 1,243,346 1,414,414 1,585,661 (468,147) 523,247
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - 90,500 558,647
- - - - - 468,147 (300,050)
- - - - - 558,647 258,598
- - - - - 9,819 9,930
705,000 705,000 705,000 705,000 705,000 155,000 810,000
(66,438) (66,438) (66,438) (66,438) (66,438) (111,750) (169,500)
(359,350) (360,800) (361,250) (361,700) (362,150) (742,125) (1,242,950)
291,563 290,813 290,813 290,813 290,813 (681,375) (573,500)
- - - - - (9,819) (9,930)
279,213 198,773 166,388 166,118 165,848 (707,293) (610,963)
1,133,260 1,331,084 1,501,971 1,673,039 1,844,286 195,854 234,792
1,391,856 1,590,630 1,757,017 1,923,135 2,088,982 310,667 406,071
- - - - - 558,647 258,598
- - - - - - -
1,369,710 1,568,484 1,734,871 1,900,989 2,066,836 (257,293) 131,744
20 20 20 20 20 9 16
129,313 129,313 129,313 129,313 129,313 87,167 111,896
Checksum Checksum Checksum Checksum
Ok Ok Ok Ok
2014 2015 2016 2012 2013 2014 2015
0.5% 0.5% 0.5% Ok Ok Ok Ok
3.5% 3.5% 3.5% Ok Ok Ok Ok
5.5% 5.5% 5.5% Ok Ok Ok Ok
0.0% 100.0% 0.0% Ok Ok Ok Ok
35.0% 35.0% 35.0% Ok Ok Ok Ok
5.0% 5.0% 5.0% Ok Ok Ok Ok
15 15 15 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
246,326 258,625 258,625 Ok Ok Ok Ok
218,750 218,750 218,750 Ok Ok Ok Ok
187,500 187,500 187,500 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
406,250 406,250 406,250 Ok Ok Ok Ok
2 2 2 Ok Ok Ok Ok
93,750 93,750 93,750 Ok Ok Ok Ok
38,500 38,500 38,500 Ok Ok Ok Ok
38,500 38,500 38,500 Ok Ok Ok Ok
- 38,500 38,500 Ok Ok Ok Ok
- 38,500 38,500 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
170,750 247,750 247,750 Ok Ok Ok Ok
3 5 5 Ok Ok Ok Ok
75,000 75,000 75,000 Ok Ok Ok Ok
34,500 34,500 34,500 Ok Ok Ok Ok
34,500 34,500 34,500 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
144,000 144,000 144,000 Ok Ok Ok Ok
3 3 3 Ok Ok Ok Ok
93,750 93,750 93,750 Ok Ok Ok Ok
55,000 55,000 55,000 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
148,750 148,750 148,750 Ok Ok Ok Ok
2 2 2 Ok Ok Ok Ok
100,000 100,000 100,000 Ok Ok Ok Ok
77,000 77,000 77,000 Ok Ok Ok Ok
77,000 77,000 77,000 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
254,000 254,000 254,000 Ok Ok Ok Ok
3 3 3 Ok Ok Ok Ok
156,250 156,250 156,250 Ok Ok Ok Ok
51,750 51,750 51,750 Ok Ok Ok Ok
49,500 49,500 49,500 Ok Ok Ok Ok
49,500 49,500 49,500 Ok Ok Ok Ok
44,000 44,000 44,000 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
351,000 351,000 351,000 Ok Ok Ok Ok
5 5 5 Ok Ok Ok Ok
1,474,750 1,551,750 1,551,750 Ok Ok Ok Ok
150,000 150,000 150,000 Ok Ok Ok Ok
90,000 90,000 90,000 Ok Ok Ok Ok
1,020,000 1,800,000 1,800,000 Ok Ok Ok Ok
1,740,000 2,820,000 2,820,000 Ok Ok Ok Ok
(170,750) (247,750) (247,750) Ok Ok Ok Ok
(18,000) (18,000) (18,000) Ok Ok Ok Ok
(188,750) (265,750) (265,750) Ok Ok Ok Ok
10.8% 9.4% 9.4%
1,551,250 2,554,250 2,554,250 Ok Ok Ok Ok
89.2% 90.6% 90.6%
(144,000) (144,000) (144,000) Ok Ok Ok Ok
(148,750) (148,750) (148,750) Ok Ok Ok Ok
(9,000) (9,000) (9,000) Ok Ok Ok Ok
(12,000) (12,000) (12,000) Ok Ok Ok Ok
(9,000) (9,000) (9,000) Ok Ok Ok Ok
(322,750) (322,750) (322,750) Ok Ok Ok Ok
18.5% 11.4% 11.4%
(406,250) (406,250) (406,250) Ok Ok Ok Ok
(254,000) (254,000) (254,000) Ok Ok Ok Ok
(351,000) (351,000) (351,000) Ok Ok Ok Ok
(36,000) (36,000) (36,000) Ok Ok Ok Ok
(15,000) (18,000) (21,000) Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
(1,062,250) (1,065,250) (1,068,250) Ok Ok Ok Ok
61.0% 37.8% 37.9%
(37,900) (46,700) (54,900) Ok Ok Ok Ok
(1,422,900) (1,434,700) (1,445,900) Ok Ok Ok Ok
128,350 1,119,550 1,108,350 Ok Ok Ok Ok
7.4% 39.7% 39.3%
166,250 1,166,250 1,163,250 Ok Ok Ok Ok
9.6% 41.4% 41.3%
(10,329) (1,258) - Ok Ok Ok Ok
1,474 179 - Ok Ok Ok Ok
119,495 1,118,472 1,108,350 Ok Ok Ok Ok
6.9% 39.7% 39.3%
(119,495) (1,118,472) (80,290) Ok Ok Ok Ok
- - 1,028,060 Ok Ok Ok Ok
- - (411,224) Ok Ok Ok Ok
119,495 1,118,472 697,126 Ok Ok Ok Ok
6.9% 39.7% 24.7%
252,208 1,133,260 1,844,286 Ok Ok Ok Ok
80,000 117,500 117,500 Ok Ok Ok Ok
15,729 22,146 22,146 Ok Ok Ok Ok
347,938 1,272,906 1,983,932 Ok Ok Ok Ok
206,000 250,000 291,000 Ok Ok Ok Ok
(84,350) (131,050) (185,950) Ok Ok Ok Ok
121,650 118,950 105,050 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
469,588 1,391,856 2,088,982 Ok Ok Ok Ok
202,620 - - Ok Ok Ok Ok
15,729 22,146 22,146 Ok Ok Ok Ok
218,349 22,146 22,146 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
218,349 22,146 22,146 Ok Ok Ok Ok
1,450,000 1,450,000 1,450,000 Ok Ok Ok Ok
(1,198,761) (80,290) 616,836 Ok Ok Ok Ok
251,239 1,369,710 2,066,836 Ok Ok Ok Ok
469,588 1,391,856 2,088,982 Ok Ok Ok Ok
Ok Ok Ok
1,198,761 80,290 - Ok Ok Ok Ok
119,495 1,118,472 697,126 Ok Ok Ok Ok
37,900 46,700 54,900 Ok Ok Ok Ok
(40,000) (37,500) - Ok Ok Ok Ok
- 6,417 - Ok Ok Ok Ok
- (6,417) - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
117,395 1,127,672 752,026 Ok Ok Ok Ok
(3,000) (3,000) -
(5,000) (5,000) (5,000) Ok Ok Ok Ok
(36,000) (36,000) (36,000) Ok Ok Ok Ok
(44,000) (44,000) (41,000) Ok Ok Ok Ok
(55,978) (202,620) - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
(55,978) (202,620) - Ok Ok Ok Ok
234,792 252,208 1,133,260 Ok Ok Ok Ok
17,417 881,052 711,026 Ok Ok Ok Ok
252,208 1,133,260 1,844,286 Ok Ok Ok Ok
73,395 1,083,672 711,026 Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
234,792 252,208 1,133,260 Ok Ok Ok Ok
(246,326) (258,625) (258,625) Ok Ok Ok Ok
55,978 4,710,537 15,263,570
- - - Ok Ok Ok Ok
55,978 4,710,537 15,263,570
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
258,598 202,620 - Ok Ok Ok Ok
(55,978) (202,620) - Ok Ok Ok Ok
202,620 - - Ok Ok Ok Ok
10,329 1,258 - Ok Ok Ok Ok
1,740,000 2,820,000 2,820,000 Ok Ok Ok Ok
(188,750) (265,750) (265,750) Ok Ok Ok Ok
(1,422,900) (1,434,700) (1,445,900) Ok Ok Ok Ok
166,250 1,166,250 1,163,250 Ok Ok Ok Ok
(10,329) (1,258) - Ok Ok Ok Ok
119,495 1,118,472 697,126 Ok Ok Ok Ok
252,208 1,133,260 1,844,286 Ok Ok Ok Ok
469,588 1,391,856 2,088,982 Ok Ok Ok Ok
202,620 - - Ok Ok Ok Ok
- - - Ok Ok Ok Ok
251,239 1,369,710 2,066,836 Ok Ok Ok Ok
122,896 129,313 129,313 Ok Ok Ok Ok
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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
Firm 1
Comparable
Firm 2
Comparable
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%
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)
(1) Choosing WACC for an early-stage startup is a highly arbitrary exercise. A good baseline is to reflect the average IRR of angel investors. According to three studies of early-stage
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.
(4) Available on Yahoo! Finance under "Key Statistics" for publicly-traded companies .
(3) Initial placeholder based on the difference between the 1928-2010 arithmetic average return of stocks (Damodaran, January 2011) and the 10-Year Treasury Yield as of 9/9/2011.
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
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
(1) Choosing WACC for an early-stage startup is a highly arbitrary exercise. A good baseline is to reflect the average IRR of angel investors. According to three studies of early-stage
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.
(4) Available on Yahoo! Finance under "Key Statistics" for publicly-traded companies .
(3) Initial placeholder based on the difference between the 1928-2010 arithmetic average return of stocks (Damodaran, January 2011) and the 10-Year Treasury Yield as of 9/9/2011.
(547,224) 63,170 762,955 457,981
1,367,242 11,819,383
1,050,080 7,613,012
Founders
Friends /
Family
Angel / Seed
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
Series A Series B Series C Series D
Options
Available
Total Shares
Pre-Money
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
Price / Share
Total
Investment
Post-Money
Valuation
$0.42 400,000 900,000
$0.74 1,000,000 2,250,000
$0.00 - -
$0.00 - -

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