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2014A
Historical
2015 March
2015 June
Assets
Current assets
Cash
Account receivables
Other contingent asset
Other current assets
Total current assets
Property and equipment, net
Other assets
Intangible assets, net
Goodwill
Total assets
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
Accrued Expenses
Convertible debt
Derivative Libility
Related party payables
Contingent liabilities
Notes payable - related parties, current portion
Promissory note payable
New Debt
Total current liabilities
Long-Term Debt
Existing Debt
New Debt
Total Liabilities
Stockholders' equity
Common stock, $0.0001 par value
Additional paid-in capital
Other Comprehensive income
Accumulated deficit
Total stockholders' equity
Total liabilities and stockholders' equity
Does Model Balance?
If Model does not Balance, by how much is it off?
5,349
159,296
112,000
117,349
38,011
393,146
13,528
525,541
159,296
21,582
174,387
421,774
13,528
18,566
203,390
418,052
149,848
237,311
912,700
31,885
240,636
1,425,728
548,506
777,039
653,536
2,610,949
50,510
150,228
137,833
625,600
16,175
60,200
90,650
224,615
48,417
243,887
291,300
258,845
472,370
5,891,487
16,062
1,731,878
16,354
2,897,261
16,456
3,069,993
17,329
3,897,688
(1,490,734)
257,206
548,506
yes
$0.0
67,918
4,530,375
83,838
149,848
234,190
199,718
(2,395,421) (2,905,283)
518,194
181,166
653,536
777,039
yes
$0.0
yes
$0.0
(7,195,555)
(3,280,538)
2,610,949
yes
$0.0
2015 Sept.
2015E
Forward Estimates
2016E
2017E
2018E
2,986,338
23,320
87,941
816,186
3,913,784
90,712
320,998
1,694,687
28,353
6,048,534
88,343
663,144
87,941
707,353
1,546,781
2,901,982
320,998
#REF!
28,353
#REF!
#REF!
2,776,424
87,941
3,146,614
#REF!
3,802,345
320,998
#REF!
28,353
#REF!
#REF!
6,096,105
87,941
7,315,326
#REF!
6,293,132
320,998
#REF!
28,353
#REF!
2,914,950
262,158
###
127,320
###
150,000
151,902
2,904,263
33,113,181
442,096
486,305
26,514,647
87,941
-
4,064,070
5,283,291
26,514,647
27,530,989
1,850,949
2,221,139
26,514,647
87,941
30,674,677
33,113,181
3,500,000
31,030,989
3,500,000
34,174,677
3,500,000
39,449,949
17,830
10,121,329
154,670
(35,077,467)
(24,783,638)
3,345,449
17,830
10,121,329
154,670
(37,358,476)
(27,064,647)
6,048,534
18,830
20,120,329
154,670
(44,832,017)
(24,538,188)
6,492,802
19,330
25,119,829
154,670
(42,321,001)
(17,027,172)
17,147,504
19,330
25,119,829
154,670
(28,510,842)
(3,217,013)
36,232,936
yes
$0
yes
$0
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
576,897
87,941
546,503
1,211,341
90,070
320,998
1,694,687
28,353
3,345,449
835,119
262,158
26,514,647
127,320
87,941
150,000
151,902
28,129,087
2016E
2017E
$ 10,000,000 $ 5,000,000
$
0.40
$
1,000 $
500
25,000,000
87,941
35,949,949
Acquirer
Consolidated Income Statement
Fiscal Year
Complete ID
Gateway
Kiosks
PayONE
2015E
- $
108,455
8,143
116,598
Forward Estimates
2016E
2017E
500,000 $
4,250,000
383,172
712,700
912,786
1,734,293
2,625,000
11,812,500
4,420,958
18,509,493
37,800
3,025,808
980,350
212,500
78,397
1,318,063
4,134,375
116,598
377,000
12,766,158
30,788,345
3,817,906
51,878
34,658,129
(34,541,531)
421,524
(34,963,055)
(4,500,000)
6,705,045
725,496
7,430,541
(7,053,541)
420,000
(7,473,541)
(11,973,541)
(34,963,055)
(7,473,541)
8,884,557
950,586
9,835,143
2,931,015
420,000
2,511,015
(9,462,525)
2,511,015
2015A
2016E
Assumptions:
Net Sales Growth Rate
Complete ID
Gateway
Kiosks
PayONE
Cost of Sales (Variable)/Sales %
Complete ID
Gateway
Kiosks
PayONE
SG&A Expenses/ Sales
Total Depreciation & Amortization
2017E
750%
86%
90%
350%
5.0%
11.0%
76.0%
35.0%
48%
28.0%
Profit Margin
Gross Profit
EBIT Margin
Net Profit
Marginal Tax Rate
69.0%
15.8%
14%
30.0%
mates
$
2018E
19,125,000
955,018
2,133,181
18,427,500
40,640,699
1,147,500
124,152
1,087,922
6,633,900
31,647,224
13,005,024
1,573,283
14,578,307
17,068,918
420,000
16,648,918
7,186,392
2,838,758
13,810,160
2018E
350%
34%
23%
56%
6.0%
13.0%
51.0%
36.0%
32%
20.0%
77.9%
42.0%
34%
30.0%
Acquirer
Cash Flow Statement
2013
2014
2015
March
Operating Activities
Net loss
Depreciation and amortization expense
Loss on sale of property and equipment
Derivative Expense
Share-based compensation
Due to related parties
Contingent liabilities
Other contingent asset
Changes in operating assets and liabilities:
Accounts receivable
Other current assets
Accounts payable and accrued expenses
Accrued Expenses
Net cash used in operating activities
Investing Activities
Purchase of property and equipment
Sale of property and equipment
Increase in other assets
Cash Acquired upon acquisition of subsidiary
Investment in intangibles
Goodwill
Net cash used in investing activities
Financing Activities
Proceeds from issuance of common stock
Proceeds from issuance of notes payable
Issuance of common stock to settle liabilities
Advance from related parties
Issuance of convertible debt
Payments of notes payable
Debt forgiven by related parties
Shares issued upon reverse merger
Promissory Note
Other comprehensive income (Loss)
(976,238.00)
44,530.00
64,730.00
(904,687.00)
148,841.00
71,616.00
(509,862)
11,271
172,834
44,025.00
30,450
June
(4,800,135)
22,740
67,918
3,680,374
391,250
117,924.00
(112,000.00)
(39,538.00)
112,000.00
165,393.00
-12,393
109,495
-151,511
(900,592.00)
(362,812.00)
-307,700
-679,869
(419,580.00)
240,000.00
(174,387.00)
-4,535
(231,860.00)
(53,076.00)
-29,003
37,876
(231,860.00)
(407,043.00)
-33,538
-13,244
515,000.00
162,500.00
115,097.00
1,148,417.00
197,095
-1,625
185,773
-51,120
23,638
850,000
128,456.00
199,180.00
(224,615.00)
-
1,120,233.00
(12,219.00)
17,568.00
5,349.00
923,802.00
153,947.00
5,349.00
159,296.00
#REF!
Net cash provided by financing activities
Net change in cash
Cash, beginning of the year
Cash, end of the year
195,470
-145,768
159,296
13,528
1,059,411
366,298
159,296
525,594
2015
(34,963,055)
22,678
Forwaard Esitmates
2016E
(7,473,541)
725,496
2017E
2018E
2,511,015
950,586
13,810,160
1,573,283
26,514,647
-
87,941
(87,941)
(23,320)
(816,186)
2,764,722
(6,500,514)
(639,824)
108,833
(2,472,854)
486,305
(9,265,585)
(2,113,280)
(2,439,261)
1,408,854
1,734,834
2,052,748
(3,319,681)
(4,168,712)
2,213,121
3,062,152
13,170,322
(23,320)
(68,488)
(146,611)
(3,536,766)
(1,850,949)
(4,064,070)
(1,272,913)
(28,353)
(1,539,685)
#REF!
(3,536,766)
#REF!
7,225,544
10,000,000
5,000,000
101,583
262,158
67,120
(150,000)
(262,158)
(127,320)
151,902
154,670
2,904,263
(151,902)
595,737
10,867,240
2,827,042
159,296
2,986,338
9,904,357
(2,897,995)
2,986,338
88,343
5,000,000
#REF!
88,343
#REF!
(4,064,070)
-
9,106,253
#REF!
#REF!
Acquirer
Working Capital Schedule
Fiscal Year
2014
Accounts receivable, net
Inventories
Other contingent assets
Other current assets
Total Cur. Assets (ex. Cash and Def. Taxes)
Accounts payable
Accrued expenses
Total Cur. Liabilities (ex. Current Debt)
Net WC (Current Assets Less Current Liab.)
Net Change in WC - Cash Inflow/(Outflow)
Primary Working Capital Drivers
Net sales
Account receivable as % of Sales
Other assets as % sales
Accounts Payable as % of sales
Accrued Expenses as % of Sales
0.00
150,228
2015
23,320
0.00
87,941
816,186
927,447
Forward Estimates
2016E
2017E
663,144
2,776,424
0.00
0.00
87,941
87,941
707,353
3,146,614
1,458,438
6,010,979
2,914,950
0
2,914,950
442,096
486,305
928,401
1,850,949
2,221,139
4,072,089
(150,228) (1,987,503)
1,837,275
530,037
(2,517,540)
1,938,890
(1,408,854)
$116,598
20%
700%
2500%
$4,420,958
15%
16%
10.00%
11%
$18,509,493
15%
17%
10.00%
12%
150,228
Estimates
2018E
6,096,105
0.00
87,941
7,315,326
13,499,372
4,064,070
5,283,291
9,347,361
4,152,011
(2,213,121)
$40,640,699
15%
18%
10.00%
13%
Acquirer
Depreciation Schedule
Fiscal Year
Beginning PP&E
CapX - Additions to PP&E
Depreciation
Other (Plug)
Ending Net PP&E
Total Depreciation Expense
Assumptions
Sales
Capex as % of sale
Depreciation Schedule
(Straight line)
Sept
2015
21,582
68,488
90,070
2015
Forward Estimates
2016
2017
2018
90,070
23,320
(22,678)
0
90,712
90,712
3,536,766
(725,496)
0
2,901,982
2,901,982
1,850,949
(950,586)
0
3,802,345
3,802,345
4,064,070
(1,573,283)
0
6,293,132
22,678
725,496
950,586
1,573,283
116,598
20%
4,420,958
80%
18,509,493
10%
40,640,699
10%
Acquirer
Goodwill & Intangible Analyis
Combination
Goodwill calculation
Beginning Goodwill, net
Additions to Goodwill
Goodwill Amortization
Goodwill, Net
2015E
28,353
28,353
2016E
28,353
#REF!
#REF!
1,694,687
1,723,040
1,694,687
1,694,687
#REF!
2017E
#REF!
#REF!
1,694,687
1,694,687
#REF!
Pre- Acqusition
Goodwill calculation
Beginning Goodwill, net
Additions to Goodwill
Goodwill Amortization
Goodwill, Net
Intangible assets calculation
Beginning Intangible Assets
Additions to intangible assets
Intangible Amortization Expense
Intangible Assets, net
421,774
Sept 2015 A
28,353
28,353.0
2015E
28,353
28,353.0
2016E
28,353
2017E
28,353
28,353
28,353
421,774
1,272,913
1,694,687
1,694,687
1,694,687
#REF!
#REF!
#REF!
1,694,687
#REF!
#REF!
#REF!
#REF!
2018E
#REF!
#REF!
1,694,687
1,694,687
#REF!
2018E
28,353
28,353
#REF!
#REF!
#REF!
#REF!
Acquirer
Debt and Interest Schedule
Fiscal Year
Free Cash Flow (inc. ALL investing CF)
Cash & equivalents at beginning of year
Minimum cash balance (estimate)
Total FCF available for financing acitivites
Cash flows from financing activities
Proceeds from exercise of stock options
Proceeds from issuance of common stock
Convertioble note isued
Staright debt issued
Asset Backed loan
2015E
Forward Estimates
2016E
2017E
(8,040,198)
159,296
(12,802,352)
2,986,338
#REF!
88,343
(7,880,902)
(9,816,014)
#REF!
7,225,544
691,380
2,904,263
10,000,000
5,000,000
3,500,000
10,821,187
2,940,285
13,500,000
3,683,986
5,000,000
#REF!
691,380
2,904,263
3,595,643
3,500,000
3,500,000
3,500,000
3,500,000
3,595,643
0.00
0.00
3,500,000
3,500,000
0.00
0.00
0.00
0.00
0.00
0.00
(691,380)
(2,904,263)
(3,595,643)
2,940,285
0.00
2,940,285
88,343
0.00
88,343
#REF!
0.00
#REF!
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
82,966
348,512
0.00
0.00
0.00
431,477
24.00%
52
52
420,000
420,000
11.84%
52
52
420,000
420,000
12.00%
52
52
mates
2018E
9,106,253
#REF!
#REF!
#REF!
3,500,000
3,500,000
3,500,000
#REF!
0.00
#REF!
12.00%
12.00%
12.00%
12.00%
12.00%
420,000
420,000
12.00%
52
52
Target Co
Consolidated- Balance Sheet Standard
As of November 30, 2015
2015 A
ASSETS
Current Assets
Cash and cash equivalents
Total Accounts Receivable
Total Other Current Assets
Total Current Assets
Total Fixed Assets
TOTAL ASSETS
LIABILITIES & EQUITY
Current Liabilities
Accounts Payable
Payroll liabilities
Total Current Liabilities
Long term Liabilities
Total Liabilities
Equity
Capital Stock
Opening Bal Equity
Retained Earnings
Net Income
Total Equity
TOTAL LIABILITIES & EQUITY
Does Model Balance?
If Model does not Balance, by how much is it off?
1,506,383
268,189
443,398
2,217,970
1,746,038
3,964,008
47,548.00
342,278.00
389,826
8,808
398,634
589,306
(39,583)
2,485,301
411,859
3,446,883
3,845,517
2016E
2017E
2018E
4,141,312
671,058
1,006,588
5,818,958
7,536,853
858,955
1,288,432
9,684,240
11,814,915
1,116,641
1,674,962
14,606,518
1,556,830
7,375,788
1,485,464
11,169,704
1,468,371
16,074,889
167,765
771,717
939,482
8,808
948,290
214,739
987,798
1,202,537
8,808
1,211,345
279,160
1,284,137
1,563,298
8,808
1,572,106
Target Co.
Consolidated Income Statements
Jan - Nov 15
ACTUAL
Reimbursed Expenses
Sales Income
Hardware Products
Service & Labor
Software Licenses
Software Maintenance
Card Manufacturung
Other sales
Jan - Dec 16
Forward Estimates
Jan - Dec 17
Jan - Dec 18
31.88
38.26
48.97
63.66
558,326
29,503
597,400
834,340
683,523
92,985
669,991
35,403
716,880
1,001,208
820,228
111,582
857,589
45,316
917,606
1,281,546
1,049,891
142,825
1,114,865
58,911
1,192,888
1,666,010
1,364,859
185,672
Total Revenues
2,796,077
3,355,292
4,294,774
5,583,206
Total COGS
Gross Profit
Total SG&A Expense
Depreciation & Amortization Expense
EBIT
Interest earned
Interest Expense
EBT
Taxes (30%)
Net Income
646,580
2,149,497
1,147,659
436,509
565,328
24,321
1,280.00
588,369
176,511
411,859
771,717
2,583,575
1,308,564
389,208
598,584
1,052,220
3,242,554
1,717,910
371,366
923,376
1,451,634
4,131,572
2,344,947
367,093
1,235,563
621,688
186,506
435,181
946,691
284,007
662,684
1,258,614
377,584
881,030
EBITDA
1,001,838
987,792
1,294,742
1,602,656
2015A
2016E
20.00%
23.00%
39.00%
2017E
28.00%
24.50%
40.00%
2018E
30.00%
26.00%
42.00%
76.88%
20.22%
14.73%
35.83%
77.00%
17.84%
12.97%
38.00%
75.50%
21.50%
15.43%
35.50%
74.00%
22.13%
15.78%
32.00%
Assumptions
Total Revenue Growth
COGS
SG&A
Margins
Gross Margin
EBIT Margin
Profit Margin
EBITDA Margin
Target Co
Cash Flow Statements
Operating Activities
Net profit (loss)
Depreciation
Amortization
Changes in operating assets and liabilities:
Accounts receivable
Other current assets
Accounts payable and accrued expenses
Accrued Expenses
Net cash used in operating activities
Investing Activities
Existing
Purchase of property and equipment
Sale of property and equipment
Investment in intangibles
Net cash used in investing activities
Financing Activities
Proceeds from issuance of common stock
Proceeds from issuance of notes payable
Dividends
Net cash provided by financing activities
Net change in cash
Cash, beginning of the year
Cash, end of the year
2015 A
411,859
436,509
2016
435,181
389,208
2017
662,684
371,366
268,189
671,058
858,955
47,548
342,278
1,506,383
167,765
771,717
2,434,929
214,739
987,798
3,095,541
200,000
300,000
200,000
300,000
2,634,929.11
1,506,383
4,141,312
3,395,541.08
4,141,312
7,536,853
1,506,382.94
1,506,383
2018
881,030
367,093
1,116,641
279,160
1,284,137
3,928,062
350,000
350,000
4,278,061.62
7,536,853
11,814,915
Target Co
Equity
Capital Stock
Opening Bal Equity
Retained Earnings
Net Income
Equity
Target Co
Working Capital Schedule
Fiscal Year
In millions
Accounts receivable, net
Other current assets
Total Cur. Assets (ex. Cash and Def. Taxes)
Accounts payable
Accrued expenses
Total Cur. Liabilities (ex. Current Debt)
Net WC (Current Assets Less Current Liab.)
Change in WC - Cash Inflow/(Outflow)
Primary Working Capital Drivers
Net sales
Revenue Growth
Account receivable as % of Sales
Invetntores as % of Sales
Other assets as % sales
Accounts Payable as % of sales
Accrued Expenses as % of Sales
Forward Estimates
2015A
2016E
2017E
268,189
671,058
858,955
443,398 1,006,588 1,288,432
711,587 1,677,646 2,147,387
47,548
47,548
167,765
771,717
939,482
214,739
987,798
1,202,537
664,039
(664,039)
738,164
(74,125)
944,850
(206,686)
ward Estimates
2018E
1,116,641
1,674,962
2,791,603
279,160
1,284,137
1,563,298
1,228,305
(283,455)
$5,583,206
16%
20%
0%
30%
5.0%
23%
Target
Depreciation Schedule
Fiscal Year
Beginning PP&E
CapX - Additions to PP&E
Depreciation
Ending Net PP&E
Less Non-Depreciable Items:
Depreciable PP&E, Net
Total Depreciation Expense
Assumptions:
Capex additions
5 year stright-line
2015A
Forward Estimates
2016E
2017E
2018E
2,182,547
0
(436,509)
1,746,038
1,746,038
200,000
(389,208)
1,556,830
1,556,830
300,000
(371,366)
1,485,464
1,485,464
350,000
(367,093)
1,468,371
0
-
1,746,038
436,509
1,556,830
389,208
1,485,464
371,366
1,468,371
367,093
200,000
300,000
350,000
2182547
Depreciation Schedule
Fiscal Year
2015A
Forward Estimates
2016E
2017E
2018E
Depreciation Schedule
Fiscal Year
2015A
Forward Estimates
2016E
2017E
2018E