Template Startup Financial Model

ff Venture Capital

ffvc.com
@ffvc
teten.com
@dteten

About

We developed this model as a simple end-to-end financial model for an early-stage startup, although
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.
Credits

This model was developed by Rodi Blokh in association with ff Venture Capital (www.ffvc.com) based o
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.
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.
Most recently updated November 4, 2011.

Instructions

Click on the "Model", "Valuation" and "Funding Rounds" tabs and input relevant data. All input cells a
highlighted yellow with blue-colored text.

To add personnel, add additional rows in the Personnel Assumptions section. Select the columns wher
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.

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.
Model Logic

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 separa
row labeled "Other Revenues" may be more relevant for modeling revenue projections for your
particular company.

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 balanc
sheet cash balance. You can manually make assumptions about dividends as you wish, but we assum
dividends are zero in perpetuity.
Any discrepancy in assets vs. liabilities and stockholder's equity at day 1 is applied to the revolver
account.

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 rat
calculation should be adjusted to (1 + Rate) ^ (1/12) - 1.
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).

This model assumes standard taxation for a C-Corporation using net operating loss carryforwards and
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
still applicable even if the entity is an LLC.
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.

early-stage startup, although it

standard financial statements
highly customizable and

Capital (www.ffvc.com) based on

.teten.com) for the startups he
porate banker at Bank of
ure Capital, Chair of Harvard
nvestment banker
r some initial input on this

ery interested in suggested

not provide you with user

relevant data. All input cells are

ction. Select the columns where

ds" tab is independent of the

n the "Model" tab acts as a

is broken. This error message

employee headcount.
d in fact as venture capitalists
evenues is very low. A separate
nue projections for your

ccount. For most early-stage

ipal's credit cards as a de facto

ends and minimum cash

l cash is applied to the balance
nds as you wish, but we assume

1 is applied to the revolver

given this is typically the

eurs for revolvers (credit cards)
nthly interest rate using the
t rate, the monthly interest rate

ning balances for the period

erating loss carryforwards and a

o not pay corporate tax unless
combined with the underlying
nal corporation, so this model is

ff Venture Capital StartupCo Financial Model

(in whole USD; assumes no inflation)
Model logic correctly functioning.
Background Assumptions
Company Name
Annual Nominal Interest Rate earned on Cash
Annual Nominal Interest Rate on Short-Term Debt
Annual Nominal Interest Rate on Long-Term Debt
Principal Payments on LTD as a % of LTD

StartupCo
0.5%
3.5%
5.5%

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

Investment and Revolver Assumptions

Starting Capital
Subsequent Investments
Minimum # Months Payroll Needed in Cash
Minimum Cash

Personnel Assumptions
Senior Management Compensation
CEO
CTO
Other
Other
Other
Other
Other
Total Senior Management Salaries & Benefits
Total Senior Management Headcount

Base Annual Salary

175,000
150,000
-

Business Development Compensation

Manager
Associate
Associate
Associate

Base Annual Salary

75,000
35,000
35,000
35,000

Associate
Other
Other
Total Business Development Salaries & Benefits
Total Business Development Headcount

35,000
-

Sales Compensation
Manager
Salesperson
Salesperson
Other
Other
Other
Other
Total Salesperson Salaries & Benefits
Total Salesperson Headcount

Base Annual Salary

60,000
30,000
30,000
-

Marketing Compensation
Manager
Associate
Other
Other
Other
Other
Other
Total Marketing Salaries & Benefits
Total Marketing Headcount

Base Annual Salary

75,000
50,000
-

IT Compensation
Manager
Developer
Developer
Other
Other
Other
Other
Total IT Salaries & Benefits
Total IT Headcount

Base Annual Salary

80,000
70,000
70,000
-

Other Compensation
Legal Support
Finance Associate
HR Associate
Compliance Associate
Administrator
Other
Other
Total Other Salaries & Benefits

Base Annual Salary

125,000
45,000
45,000
45,000
40,000
-

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
Long-Term Debt Issuance / (Repayment)
Cash Flow available for Revolver Repayment
Long-Term Debt Beginning Balance
Long-Term Debt Issuance / (Repayment)

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
NPV based on terminal year 5
Total Headcount
Total Salaries & Benefits

(133,517)
7,650,351

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

50,000

85,458

85,458

85,458

85,458

25.0%
25.0%
0.0%
0.0%
0.0%
0.0%
0.0%

18,229
18,229
1

18,229
18,229
1

18,229
18,229
1

18,229
18,229
1

25.0%
10.0%
10.0%
10.0%

7,813
-

7,813
-

7,813
-

7,813
-

Benefits %

Benefits %

10.0%
0.0%
0.0%

7,813
1

7,813
1

7,813
1

7,813
1

Benefits %
25.0%
15.0%
15.0%
0.0%
0.0%
0.0%
0.0%

25.0%
10.0%
0.0%
0.0%
0.0%
0.0%
0.0%

25.0%
10.0%
10.0%
0.0%
0.0%
0.0%
0.0%

Benefits %

Benefits %

Benefits %
25.0%
15.0%
10.0%
10.0%
10.0%
0.0%
0.0%

13,021
3,667
16,688

13,021
3,667
16,688

13,021
3,667
16,688

13,021
3,667
16,688

42,729
4

42,729
4

42,729
4

42,729
4

1,000
-

1,000
-

1,000
-

1,000
-

1,000

1,000

1,000

1,000

(7,813)
(1,500)
(9,313)
931.3%

(7,813)
(1,500)
(9,313)
931.3%

(7,813)
(1,500)
(9,313)
931.3%

(7,813)
(1,500)
(9,313)
931.3%

(8,313)
(831.3%)

(8,313)
(831.3%)

(8,313)
(831.3%)

(8,313)
(831.3%)

(250)
(500)
(250)
(1,000)
100.0%

(250)
(500)
(250)
(1,000)
100.0%

(250)
(500)
(250)
(1,000)
100.0%

(250)
(500)
(250)
(1,000)
100.0%

(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%

(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%

(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%

(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%

(1,075)

(1,133)

(1,192)

(1,250)

(39,242)

(39,300)

(39,358)

(39,417)

(47,554)
(4,755.4%)

(47,613)
(4,761.3%)

(47,671)
(4,767.1%)

(47,729)
(4,772.9%)

(46,479)
(4,647.9%)

(46,479)
(4,647.9%)

(46,479)
(4,647.9%)

(46,479)
(4,647.9%)

(264)
38
(47,781)
(4,778.1%)

(430)
61
(47,981)
(4,798.1%)

(577)
82
(48,165)
(4,816.5%)

(724)
103
(48,350)
(4,835.0%)

47,781
(47,781)
(4,778.1%)

100,000
500
100,500
50,000
50,000
-

47,981
(47,981)
(4,798.1%)

48,165
(48,165)
(4,816.5%)

48,350
(48,350)
(4,835.0%)

85,458
500
9,313
95,271

85,458
500
9,313
95,271

85,458
500
9,313
95,271

85,458
500
9,313
95,271

64,500
(1,075)
63,425

68,000
(2,208)
65,792

71,500
(3,400)
68,100

75,000
(4,650)
70,350

150,500

158,696

161,063

163,371

165,621

90,500
10,000
100,500

147,164
9,313
156,477

197,512
9,313
206,824

247,986
9,313
257,298

298,586
9,313
307,898

100,500

156,477

206,824

257,298

307,898

50,000
(95,762)
(45,762)

50,000
(143,927)
(93,927)

50,000
(192,277)
(142,277)

50,000
50,000

50,000
(47,781)
2,219

150,500
Ok

158,696
Ok

100,000

161,063
Ok

47,781

95,762

163,371

165,621

Ok

Ok

143,927

192,277

(47,781)
1,075
(500)
(688)
(8,813)
(56,706)

(47,981)
1,133
(46,848)

(48,165)
1,192
(46,974)

(48,350)
1,250
(47,100)

(6,000)
(5,000)
(3,500)
(14,500)

(3,500)
(3,500)

(3,500)
(3,500)

(3,500)
(3,500)

56,664
56,664

50,348
50,348

50,474
50,474

50,600
50,600

100,000
(14,542)
85,458

85,458
85,458

85,458
85,458

85,458
85,458

(71,206)
100,000
(85,458)
(56,664)
(56,664)

(50,348)
85,458
(85,458)
(50,348)
(50,348)

(50,474)
85,458
(85,458)
(50,474)
(50,474)

(50,600)
85,458
(85,458)
(50,600)
(50,600)

90,500

90,500
56,664
147,164
264

147,164
50,348
197,512
430

197,512
50,474
247,986
577

247,986
50,600
298,586
724

1,000
(9,313)
(39,242)
(46,479)
(264)
(47,781)

1,000
(9,313)
(39,300)
(46,479)
(430)
(47,981)

1,000
(9,313)
(39,358)
(46,479)
(577)
(48,165)

1,000
(9,313)
(39,417)
(46,479)
(724)
(48,350)

85,458
158,696
147,164
2,219

85,458
161,063
197,512
(45,762)

85,458
163,371
247,986
(93,927)

85,458
165,621
298,586
(142,277)

4
42,729

4
42,729

4
42,729

4
42,729

May-12

Jun-12

Jul-12

Aug-12

Sep-12

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

400,000

15
30
30

15
30
30

85,458

129,896

174,333

174,333

174,333

18,229
18,229
1

18,229
18,229
1

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
-

7,813
-

7,813
-

7,813
-

7,813
-

7,813
1

7,813
1

7,813
1

7,813
1

7,813
1

6,250
6,250
1

6,250
6,250
1

6,250
6,250
1

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

13,021
3,667
16,688

13,021
3,667
16,688

13,021
3,667
16,688

13,021
3,667
16,688

13,021
3,667
16,688

42,729
4

42,729
4

87,167
9

87,167
9

87,167
9

1,000
-

10,000
5,000
5,000

10,000
5,000
5,000

10,000
5,000
5,000

10,000
5,000
5,000

1,000

15,000

20,000

20,000

20,000

(7,813)
(1,500)
(9,313)
931.3%

(7,813)
(1,500)
(9,313)
62.1%

(7,813)
(1,500)
(9,313)
46.6%

(7,813)
(1,500)
(9,313)
46.6%

(7,813)
(1,500)
(9,313)
46.6%

(8,313)
(831.3%)

5,688
37.9%

10,688
53.4%

10,688
53.4%

10,688
53.4%

(250)
(500)
(250)
(1,000)
100.0%

(250)
(500)
(250)
(1,000)
6.7%

(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
75.3%

(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
75.3%

(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
75.3%

(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%

(18,229)
(16,688)
(1,500)
(750)
(37,167)
247.8%

(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
337.7%

(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
337.7%

(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
337.7%

(1,308)

(1,367)

(1,550)

(1,608)

(1,667)

(39,475)

(39,533)

(84,154)

(84,213)

(84,271)

(47,788)
(4,778.8%)

(33,846)
(225.6%)

(73,467)
(367.3%)

(73,525)
(367.6%)

(73,583)
(367.9%)

(46,479)
(4,647.9%)

(32,479)
(216.5%)

(71,917)
(359.6%)

(71,917)
(359.6%)

(71,917)
(359.6%)

(872)
124
(48,535)
(4,853.5%)

(1,020)
146
(34,721)
(231.5%)

(1,278)
182
(74,563)
(372.8%)

(492)
70
(73,947)
(369.7%)

(714)
102
(74,195)
(371.0%)

48,535
(48,535)
(4,853.5%)

85,458
500
9,313
95,271
78,500
(5,958)
72,542
-

34,721
-

74,563
-

73,947
-

74,195
-

(34,721)
(231.5%)

(74,563)
(372.8%)

(73,947)
(369.7%)

(74,195)
(371.0%)

129,896
7,500
9,313
146,708

174,333
10,000
9,313
193,646

174,333
10,000
9,313
193,646

174,333
10,000
9,313
193,646

82,000
(7,325)
74,675
-

93,000
(8,875)
84,125
-

96,500
(10,483)
86,017
-

100,000
(12,150)
87,850
-

167,813

221,383

277,771

279,663

281,496

349,313
9,313
358,625

437,604
9,313
446,917

168,554
9,313
177,867

244,393
9,313
253,705

320,421
9,313
329,734

358,625

446,917

177,867

253,705

329,734

50,000
(240,813)
(190,813)

50,000
(275,533)
(225,533)

450,000
(350,096)
99,904

450,000
(424,043)
25,957

450,000
(498,238)
(48,238)

167,813

221,383

277,771

279,663

281,496

Ok

Ok

Ok

Ok

Ok

240,813

275,533

350,096

424,043

498,238

(48,535)
1,308
(47,227)

(34,721)
1,367
(7,000)
(40,354)

(74,563)
1,550
(2,500)
(75,513)

(73,947)
1,608
(72,339)

(74,195)
1,667
(72,529)

(3,500)
(3,500)

(3,500)
(3,500)

(7,500)
(3,500)
(11,000)

(3,500)
(3,500)

(3,500)
(3,500)

50,727
50,727

88,291
88,291

(269,050)
400,000
130,950

75,839
75,839

76,029
76,029

85,458
85,458

85,458
44,438
129,896

129,896
44,438
174,333

174,333
174,333

174,333
174,333

(50,727)
85,458
(85,458)
(50,727)
(50,727)

(43,854)
85,458
(129,896)
(88,291)
(88,291)

(86,513)
400,000
129,896
(174,333)
269,050
269,050

(75,839)
174,333
(174,333)
(75,839)
(75,839)

(76,029)
174,333
(174,333)
(76,029)
(76,029)

298,586
50,727
349,313
872

349,313
88,291
437,604
1,020

1,000
(9,313)
(39,475)
(46,479)
(872)
(48,535)

15,000
(9,313)
(39,533)
(32,479)
(1,020)
(34,721)

85,458
167,813
349,313
(190,813)

129,896
221,383
437,604
(225,533)

4
42,729

4
42,729

437,604
(269,050)
168,554
1,278

168,554
75,839
244,393
492

244,393
76,029
320,421
714

20,000
(9,313)
(84,154)
(71,917)
(1,278)
(74,563)

20,000
(9,313)
(84,213)
(71,917)
(492)
(73,947)

20,000
(9,313)
(84,271)
(71,917)
(714)
(74,195)

174,333
277,771
168,554
99,904

174,333
279,663
244,393
25,957

174,333
281,496
320,421
(48,238)

9
87,167

9
87,167

9
87,167

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

174,333

174,333

195,854

217,375

217,375

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
-

7,813
-

7,813
-

7,813
3,208
-

7,813
3,208
-

7,813
1

7,813
1

7,813
1

11,021
2

11,021
2

6,250
6,250
1

6,250
6,250
1

6,250
6,250
1

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

13,021
3,667
16,688

13,021
3,667
16,688

13,021
3,667
16,688

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

87,167
9

87,167
9

87,167
9

108,688
15

108,688
15

10,000
5,000
10,000

10,000
5,000
10,000

10,000
5,000
10,000

10,000
5,000
20,000

10,000
5,000
20,000

25,000

25,000

25,000

55,000

55,000

(7,813)
(1,500)
(9,313)
37.3%

(7,813)
(1,500)
(9,313)
37.3%

(7,813)
(1,500)
(9,313)
37.3%

(11,021)
(1,500)
(12,521)
22.8%

(11,021)
(1,500)
(12,521)
22.8%

15,688
62.8%

15,688
62.8%

15,688
62.8%

42,479
77.2%

42,479
77.2%

(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
60.3%

(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
60.3%

(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
60.3%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%

(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
270.2%

(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
270.2%

(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
270.2%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%

(1,725)

(1,783)

(1,842)

(2,125)

(2,175)

(84,329)

(84,388)

(84,446)

(103,292)

(103,342)

(68,642)
(274.6%)

(68,700)
(274.8%)

(68,758)
(275.0%)

(60,813)
(110.6%)

(60,863)
(110.7%)

(66,917)
(267.7%)

(66,917)
(267.7%)

(66,917)
(267.7%)

(58,688)
(106.7%)

(58,688)
(106.7%)

(936)
134
(69,444)
(277.8%)

(1,151)
164
(69,687)
(278.7%)

(1,360)
194
(69,924)
(279.7%)

(1,632)
233
(62,211)
(113.1%)

(1,964)
280
(62,546)
(113.7%)

69,444
-

69,687
-

69,924
-

62,211
-

62,546
-

(69,444)
(277.8%)

(69,687)
(278.7%)

(69,924)
(279.7%)

(62,211)
(113.1%)

(62,546)
(113.7%)

174,333
12,500
9,313
196,146

174,333
12,500
9,313
196,146

195,854
12,500
9,313
217,667

217,375
27,500
12,521
257,396

217,375
27,500
12,521
257,396

127,500
(19,625)
107,875

130,500
(21,800)
108,700

103,500
(13,875)
89,625
-

107,000
(15,658)
91,342
-

110,500
(17,500)
93,000
-

285,771

287,488

310,667

365,271

366,096

394,141
9,313
403,453

465,544
9,313
474,857

558,647
9,313
567,960

672,255
12,521
684,776

735,626
12,521
748,147

403,453

474,857

567,960

684,776

748,147

450,000
(567,682)
(117,682)

450,000
(637,369)
(187,369)

450,000
(707,293)
(257,293)

450,000
(769,505)
(319,505)

450,000
(832,051)
(382,051)

285,771

287,488

310,667

365,271

366,096

Ok

Ok

Ok

Ok

Ok

567,682

637,369

707,293

769,505

832,051

(69,444)
1,725
(2,500)
(70,219)

(69,687)
1,783
(67,904)

(69,924)
1,842
(68,082)

(62,211)
2,125
(15,000)
3,208
(3,208)
(75,086)

(62,546)
2,175
(60,371)

(3,500)
(3,500)

(3,500)
(3,500)

(3,500)
(3,500)

(9,000)
(5,000)
(3,000)
(17,000)

(3,000)
(3,000)

73,719
73,719

71,404
71,404

93,103
93,103

113,607
113,607

63,371
63,371

174,333
174,333

174,333
174,333

174,333
21,521
195,854

195,854
21,521
217,375

217,375
217,375

(73,719)
174,333
(174,333)
(73,719)
(73,719)

(71,404)
174,333
(174,333)
(71,404)
(71,404)

(71,582)
174,333
(195,854)
(93,103)
(93,103)

(92,086)
195,854
(217,375)
(113,607)
(113,607)

(63,371)
217,375
(217,375)
(63,371)
(63,371)

320,421
73,719
394,141
936

394,141
71,404
465,544
1,151

465,544
93,103
558,647
1,360

558,647
113,607
672,255
1,632

672,255
63,371
735,626
1,964

25,000
(9,313)
(84,329)
(66,917)
(936)
(69,444)

25,000
(9,313)
(84,388)
(66,917)
(1,151)
(69,687)

25,000
(9,313)
(84,446)
(66,917)
(1,360)
(69,924)

55,000
(12,521)
(103,292)
(58,688)
(1,632)
(62,211)

55,000
(12,521)
(103,342)
(58,688)
(1,964)
(62,546)

174,333
285,771
394,141
(117,682)

174,333
287,488
465,544
(187,369)

195,854
310,667
558,647
(257,293)

217,375
365,271
672,255
(319,505)

217,375
366,096
735,626
(382,051)

15
108,688

15
108,688

9
87,167

9
87,167

9
87,167

Mar-13

Apr-13

May-13

Jun-13

Jul-13

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

1,000,000

15
30
30

15
30
30

15
30
30

217,375

217,375

217,375

220,583

223,792

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
3,208
-

7,813
3,208
-

7,813
3,208
-

7,813
3,208
-

7,813
3,208
3,208
-

11,021
2

11,021
2

11,021
2

11,021
2

14,229
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

108,688
15

108,688
15

108,688
15

108,688
15

111,896
16

10,000
5,000
20,000

10,000
5,000
20,000

10,000
5,000
20,000

10,000
5,000
20,000

10,000
5,000
35,000

55,000

55,000

55,000

55,000

80,000

(11,021)
(1,500)
(12,521)
22.8%

(11,021)
(1,500)
(12,521)
22.8%

(11,021)
(1,500)
(12,521)
22.8%

(11,021)
(1,500)
(12,521)
22.8%

(14,229)
(1,500)
(15,729)
19.7%

42,479
77.2%

42,479
77.2%

42,479
77.2%

42,479
77.2%

64,271
80.3%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%

(2,225)

(2,275)

(2,325)

(2,375)

(2,450)

(103,392)

(103,442)

(103,492)

(103,542)

(103,617)

(60,913)
(110.8%)

(60,963)
(110.8%)

(61,013)
(110.9%)

(61,063)
(111.0%)

(39,346)
(49.2%)

(58,688)
(106.7%)

(58,688)
(106.7%)

(58,688)
(106.7%)

(58,688)
(106.7%)

(36,896)
(46.1%)

(2,149)
307
(62,755)
(114.1%)

(2,334)
333
(62,964)
(114.5%)

(61,013)
(110.9%)

(61,063)
(111.0%)

(39,346)
(49.2%)

62,755
-

62,964
-

61,013
-

61,063
-

39,346
-

(62,755)
(114.1%)

(62,964)
(114.5%)

(61,013)
(110.9%)

(61,063)
(111.0%)

(39,346)
(49.2%)

217,375
27,500
12,521
257,396

354,531
27,500
12,521
394,552

292,843
27,500
12,521
332,864

231,156
27,500
12,521
271,177

223,792
40,000
15,729
279,521

133,500
(24,025)
109,475

136,500
(26,300)
110,200

139,500
(28,625)
110,875

142,500
(31,000)
111,500

147,000
(33,450)
113,550

366,871

504,752

443,739

382,677

393,071

799,155
12,521
811,676

12,521
12,521

12,521
12,521

12,521
12,521

46,532
15,729
62,261

811,676

12,521

12,521

12,521

62,261

450,000
(894,805)
(444,805)

1,450,000
(957,769)
492,231

1,450,000
(1,018,782)
431,218

1,450,000
(1,079,844)
370,156

1,450,000
(1,119,190)
330,810

366,871

504,752

443,739

Ok

894,805

957,769

(62,755)
2,225
(60,530)

(62,964)
2,275
(60,689)

(61,013)
2,325
(58,688)

(61,063)
2,375
(58,688)

(39,346)
2,450
(12,500)
3,208
(3,208)
(49,396)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(1,500)
(3,000)
(4,500)

(799,155)
1,000,000
200,845

Ok

393,071

Ok

63,530
63,530

Ok

382,677

1,018,782

Ok

1,079,844

1,119,190

46,532
46,532

217,375
217,375

217,375
137,156
354,531

354,531
(61,688)
292,843

292,843
(61,688)
231,156

231,156
(7,364)
223,792

(63,530)
217,375
(217,375)
(63,530)
(63,530)

(63,689)
1,000,000
217,375
(217,375)
936,311
936,311

(61,688)
354,531
(217,375)
75,468
75,468

(61,688)
292,843
(220,583)
10,573
10,573

(53,896)
231,156
(223,792)
(46,532)
(46,532)

735,626
63,530
799,155
2,149

799,155
(799,155)
2,334

46,532
46,532
-

55,000
(12,521)
(103,392)
(58,688)
(2,149)
(62,755)

55,000
(12,521)
(103,442)
(58,688)
(2,334)
(62,964)

55,000
(12,521)
(103,492)
(58,688)
(61,013)

55,000
(12,521)
(103,542)
(58,688)
(61,063)

80,000
(15,729)
(103,617)
(36,896)
(39,346)

217,375
366,871
799,155
(444,805)

354,531
504,752
492,231

292,843
443,739
431,218

231,156
382,677
370,156

223,792
393,071
46,532
330,810

15
108,688

15
108,688

15
108,688

15
108,688

16
111,896

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

223,792

223,792

223,792

223,792

234,792

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
-

14,229
3

14,229
3

14,229
3

14,229
3

14,229
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

7,813
7,813
1

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

8,333
6,417
14,750
2

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

111,896
16

111,896
16

111,896
16

111,896
16

111,896
16

10,000
5,000
35,000

10,000
5,000
35,000

10,000
5,000
35,000

10,000
5,000
35,000

10,000
5,000
35,000

80,000

80,000

80,000

80,000

80,000

(14,229)
(1,500)
(15,729)
19.7%

(14,229)
(1,500)
(15,729)
19.7%

(14,229)
(1,500)
(15,729)
19.7%

(14,229)
(1,500)
(15,729)
19.7%

(14,229)
(1,500)
(15,729)
19.7%

64,271
80.3%

64,271
80.3%

64,271
80.3%

64,271
80.3%

64,271
80.3%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%

(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%

(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%

(2,500)

(2,550)

(2,600)

(2,650)

(2,700)

(103,667)

(103,717)

(103,767)

(103,817)

(103,867)

(39,396)
(49.2%)

(39,446)
(49.3%)

(39,496)
(49.4%)

(39,546)
(49.4%)

(39,596)
(49.5%)

(36,896)
(46.1%)

(36,896)
(46.1%)

(36,896)
(46.1%)

(36,896)
(46.1%)

(36,896)
(46.1%)

(136)
19
(39,512)
(49.4%)

(253)
36
(39,663)
(49.6%)

(370)
53
(39,813)
(49.8%)

(487)
70
(39,964)
(50.0%)

(605)
86
(40,115)
(50.1%)

39,512
-

39,663
-

39,813
-

39,964
-

40,115
-

(39,512)
(49.4%)

(39,663)
(49.6%)

(39,813)
(49.8%)

(39,964)
(50.0%)

(40,115)
(50.1%)

223,792
40,000
15,729
279,521

223,792
40,000
15,729
279,521

223,792
40,000
15,729
279,521

223,792
40,000
15,729
279,521

234,792
40,000
15,729
290,521

150,000
(35,950)
114,050

153,000
(38,500)
114,500

156,000
(41,100)
114,900

159,000
(43,750)
115,250

162,000
(46,450)
115,550

393,571

394,021

394,421

394,771

406,071

86,544
15,729
102,273

126,656
15,729
142,386

166,869
15,729
182,599

207,183
15,729
222,912

258,598
15,729
274,327

102,273

142,386

182,599

222,912

274,327

1,450,000
(1,158,702)
291,298

1,450,000
(1,198,365)
251,635

1,450,000
(1,238,178)
211,822

1,450,000
(1,278,142)
171,858

1,450,000
(1,318,256)
131,744

393,571
Ok

394,021
Ok

1,158,702

394,421
Ok

1,198,365

394,771
Ok

1,238,178

406,071
Ok

1,278,142

1,318,256

(39,512)
2,500
(37,012)

(39,663)
2,550
(37,113)

(39,813)
2,600
(37,213)

(39,964)
2,650
(37,314)

(40,115)
2,700
(37,415)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

40,012
40,012

40,113
40,113

40,213
40,213

40,314
40,314

51,415
51,415

223,792
223,792

223,792
223,792

223,792
223,792

223,792
223,792

223,792
11,000
234,792

(40,012)
223,792
(223,792)
(40,012)
(40,012)

(40,113)
223,792
(223,792)
(40,113)
(40,113)

(40,213)
223,792
(223,792)
(40,213)
(40,213)

(40,314)
223,792
(223,792)
(40,314)
(40,314)

(40,415)
223,792
(234,792)
(51,415)
(51,415)

46,532
40,012
86,544
136

86,544
40,113
126,656
253

126,656
40,213
166,869
370

166,869
40,314
207,183
487

207,183
51,415
258,598
605

80,000
(15,729)
(103,667)
(36,896)
(136)
(39,512)

80,000
(15,729)
(103,717)
(36,896)
(253)
(39,663)

80,000
(15,729)
(103,767)
(36,896)
(370)
(39,813)

80,000
(15,729)
(103,817)
(36,896)
(487)
(39,964)

80,000
(15,729)
(103,867)
(36,896)
(605)
(40,115)

223,792
393,571
86,544
291,298

223,792
394,021
126,656
251,635

223,792
394,421
166,869
211,822

223,792
394,771
207,183
171,858

234,792
406,071
258,598
131,744

16
111,896

16
111,896

16
111,896

16
111,896

16
111,896

Jan-14

Feb-14

Mar-14

Apr-14

May-14

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

245,792

245,792

245,792

245,792

245,792

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
-

14,229
3

14,229
3

14,229
3

14,229
3

14,229
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

122,896
18

122,896
18

122,896
18

122,896
18

122,896
18

12,500
7,500
70,000

12,500
7,500
70,000

12,500
7,500
70,000

12,500
7,500
70,000

12,500
7,500
70,000

130,000

130,000

130,000

130,000

130,000

(14,229)
(1,500)
(15,729)
12.1%

(14,229)
(1,500)
(15,729)
12.1%

(14,229)
(1,500)
(15,729)
12.1%

(14,229)
(1,500)
(15,729)
12.1%

(14,229)
(1,500)
(15,729)
12.1%

114,271
87.9%

114,271
87.9%

114,271
87.9%

114,271
87.9%

114,271
87.9%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%

(2,883)

(2,933)

(2,983)

(3,033)

(3,083)

(118,300)

(118,350)

(118,400)

(118,450)

(118,500)

(4,029)
(3.1%)

(4,079)
(3.1%)

(4,129)
(3.2%)

(4,179)
(3.2%)

(4,229)
(3.3%)

(1,146)
(0.9%)

(1,146)
(0.9%)

(1,146)
(0.9%)

(1,146)
(0.9%)

(1,146)
(0.9%)

(755)
108
(4,677)
(3.6%)

(898)
128
(4,849)
(3.7%)

(912)
130
(4,911)
(3.8%)

(927)
132
(4,974)
(3.8%)

(941)
134
(5,036)
(3.9%)

4,677
-

4,849
-

4,911
-

4,974
-

5,036
-

(4,677)
(3.6%)

(4,849)
(3.7%)

(4,911)
(3.8%)

(4,974)
(3.8%)

(5,036)
(3.9%)

245,792
65,000
15,729
326,521

245,792
65,000
15,729
326,521

245,792
65,000
15,729
326,521

245,792
65,000
15,729
326,521

245,792
65,000
15,729
326,521

173,000
(49,333)
123,667

176,000
(52,267)
123,733

179,000
(55,250)
123,750

182,000
(58,283)
123,717

185,000
(61,367)
123,633

450,188

450,254

450,271

450,238

450,154

307,391
15,729
323,120

312,307
15,729
328,036

317,235
15,729
332,964

322,175
15,729
337,904

327,128
15,729
342,857

323,120

328,036

332,964

337,904

342,857

1,450,000
(1,322,933)
127,067

1,450,000
(1,327,782)
122,218

1,450,000
(1,332,693)
117,307

1,450,000
(1,337,667)
112,333

1,450,000
(1,342,703)
107,297

450,188
Ok

450,254
Ok

1,322,933

450,271
Ok

1,327,782

450,238
Ok

1,332,693

450,154
Ok

1,337,667

1,342,703

(4,677)
2,883
(25,000)
(26,793)

(4,849)
2,933
(1,916)

(4,911)
2,983
(1,928)

(4,974)
3,033
(1,940)

(5,036)
3,083
(1,953)

(3,000)
(5,000)
(3,000)
(11,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

48,793
48,793

4,916
4,916

4,928
4,928

4,940
4,940

4,953
4,953

234,792
11,000
245,792

245,792
245,792

245,792
245,792

245,792
245,792

245,792
245,792

(37,793)
234,792
(245,792)
(48,793)
(48,793)

(4,916)
245,792
(245,792)
(4,916)
(4,916)

(4,928)
245,792
(245,792)
(4,928)
(4,928)

(4,940)
245,792
(245,792)
(4,940)
(4,940)

(4,953)
245,792
(245,792)
(4,953)
(4,953)

258,598
48,793
307,391
755

307,391
4,916
312,307
898

312,307
4,928
317,235
912

317,235
4,940
322,175
927

322,175
4,953
327,128
941

130,000
(15,729)
(118,300)
(1,146)
(755)
(4,677)

130,000
(15,729)
(118,350)
(1,146)
(898)
(4,849)

130,000
(15,729)
(118,400)
(1,146)
(912)
(4,911)

130,000
(15,729)
(118,450)
(1,146)
(927)
(4,974)

130,000
(15,729)
(118,500)
(1,146)
(941)
(5,036)

245,792
450,188
307,391
127,067

245,792
450,254
312,307
122,218

245,792
450,271
317,235
117,307

245,792
450,238
322,175
112,333

245,792
450,154
327,128
107,297

18
122,896

18
122,896

18
122,896

18
122,896

18
122,896

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

245,792

245,792

245,792

245,792

245,792

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
-

14,229
3

14,229
3

14,229
3

14,229
3

14,229
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

122,896
18

122,896
18

122,896
18

122,896
18

122,896
18

12,500
7,500
70,000

12,500
7,500
100,000

12,500
7,500
100,000

12,500
7,500
100,000

12,500
7,500
100,000

130,000

160,000

160,000

160,000

160,000

(14,229)
(1,500)
(15,729)
12.1%

(14,229)
(1,500)
(15,729)
9.8%

(14,229)
(1,500)
(15,729)
9.8%

(14,229)
(1,500)
(15,729)
9.8%

(14,229)
(1,500)
(15,729)
9.8%

114,271
87.9%

144,271
90.2%

144,271
90.2%

144,271
90.2%

144,271
90.2%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%

(3,133)

(3,183)

(3,233)

(3,283)

(3,333)

(118,550)

(118,600)

(118,650)

(118,700)

(118,750)

(4,279)
(3.3%)

25,671
16.0%

25,621
16.0%

25,571
16.0%

25,521
16.0%

(1,146)
(0.9%)

28,854
18.0%

28,854
18.0%

28,854
18.0%

28,854
18.0%

(956)
136
(5,098)
(3.9%)

(970)
138
24,839
15.5%

(941)
134
24,814
15.5%

(868)
124
24,827
15.5%

(794)
113
24,840
15.5%

5,098
-

(24,839)
-

(24,814)
-

(24,827)
-

(24,840)
-

(5,098)
(3.9%)

24,839
15.5%

24,814
15.5%

24,827
15.5%

24,840
15.5%

245,792
65,000
15,729
326,521

245,792
80,000
15,729
341,521

245,792
80,000
15,729
341,521

245,792
80,000
15,729
341,521

245,792
80,000
15,729
341,521

188,000
(64,500)
123,500

191,000
(67,683)
123,317

194,000
(70,917)
123,083

197,000
(74,200)
122,800

200,000
(77,533)
122,467

450,021

464,838

464,604

464,321

463,988

332,093
15,729
347,822

322,070
15,729
337,799

297,022
15,729
312,752

271,912
15,729
287,641

246,739
15,729
262,468

347,822

337,799

312,752

287,641

262,468

1,450,000
(1,347,801)
102,199

1,450,000
(1,322,962)
127,038

1,450,000
(1,298,147)
151,853

1,450,000
(1,273,320)
176,680

1,450,000
(1,248,480)
201,520

450,021
Ok

464,838
Ok

1,347,801

464,604
Ok

1,322,962

464,321
Ok

463,988
Ok

1,298,147

1,273,320

1,248,480

(5,098)
3,133
(1,965)

24,839
3,183
(15,000)
13,023

24,814
3,233
28,048

24,827
3,283
28,110

24,840
3,333
28,173

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(10,023)
(10,023)

(25,048)
(25,048)

(25,110)
(25,110)

(25,173)
(25,173)

245,792
245,792

245,792
245,792

245,792
245,792

245,792
245,792

245,792
245,792

(4,965)
245,792
(245,792)
(4,965)
(4,965)

10,023
245,792
(245,792)
10,023
10,023

25,048
245,792
(245,792)
25,048
25,048

25,110
245,792
(245,792)
25,110
25,110

25,173
245,792
(245,792)
25,173
25,173

4,965
4,965

327,128
4,965
332,093
956

332,093
(10,023)
322,070
970

322,070
(25,048)
297,022
941

297,022
(25,110)
271,912
868

271,912
(25,173)
246,739
794

130,000
(15,729)
(118,550)
(1,146)
(956)
(5,098)

160,000
(15,729)
(118,600)
28,854
(970)
24,839

160,000
(15,729)
(118,650)
28,854
(941)
24,814

160,000
(15,729)
(118,700)
28,854
(868)
24,827

160,000
(15,729)
(118,750)
28,854
(794)
24,840

245,792
450,021
332,093
102,199

245,792
464,838
322,070
127,038

245,792
464,604
297,022
151,853

245,792
464,321
271,912
176,680

245,792
463,988
246,739
201,520

18
122,896

18
122,896

18
122,896

18
122,896

18
122,896

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

245,792

252,208

258,625

258,625

258,625

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
3,208
3,208
-

7,813
3,208
3,208
-

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

14,229
3

14,229
3

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

122,896
18

122,896
18

129,313
20

129,313
20

129,313
20

12,500
7,500
100,000

12,500
7,500
100,000

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

160,000

160,000

235,000

235,000

235,000

(14,229)
(1,500)
(15,729)
9.8%

(14,229)
(1,500)
(15,729)
9.8%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

144,271
90.2%

144,271
90.2%

212,854
90.6%

212,854
90.6%

212,854
90.6%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%

(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(3,383)

(3,433)

(3,617)

(3,667)

(3,717)

(118,800)

(118,850)

(119,283)

(119,333)

(119,383)

25,471
15.9%

25,421
15.9%

93,571
39.8%

93,521
39.8%

93,471
39.8%

28,854
18.0%

28,854
18.0%

97,188
41.4%

97,188
41.4%

97,188
41.4%

(721)
103
24,853
15.5%

(647)
92
24,866
15.5%

(592)
84
93,063
39.6%

(470)
67
93,118
39.6%

(196)
28
93,303
39.7%

(24,853)
-

(24,866)
-

(93,063)
-

(93,118)
-

(93,303)
-

24,853
15.5%

24,866
15.5%

93,063
39.6%

93,118
39.6%

93,303
39.7%

245,792
80,000
15,729
341,521

252,208
80,000
15,729
347,938

258,625
117,500
22,146
398,271

258,625
117,500
22,146
398,271

285,573
117,500
22,146
425,219

203,000
(80,917)
122,083

206,000
(84,350)
121,650

217,000
(87,967)
129,033

220,000
(91,633)
128,367

223,000
(95,350)
127,650

463,604

469,588

527,304

526,638

552,869

221,503
15,729
237,232

202,620
15,729
218,349

160,856
22,146
183,002

67,072
22,146
89,217

22,146
22,146

237,232

218,349

183,002

89,217

22,146

1,450,000
(1,223,628)
226,372

1,450,000
(1,198,761)
251,239

1,450,000
(1,105,698)
344,302

1,450,000
(1,012,580)
437,420

1,450,000
(919,277)
530,723

463,604
Ok

469,588
Ok

527,304
Ok

1,223,628

1,198,761

24,853
3,383
28,236

24,866
3,433
28,299

(3,000)
(3,000)

526,638
Ok

Ok

1,012,580

919,277

93,063
3,617
(37,500)
6,417
(6,417)
59,180

93,118
3,667
96,785

93,303
3,717
97,020

(3,000)
(3,000)

(3,000)
(5,000)
(3,000)
(11,000)

(3,000)
(3,000)

(3,000)
(3,000)

(25,236)
(25,236)

(18,883)
(18,883)

(41,763)
(41,763)

(93,785)
(93,785)

(67,072)
(67,072)

245,792
245,792

245,792
6,417
252,208

252,208
6,417
258,625

258,625
258,625

258,625
26,948
285,573

25,236
245,792
(245,792)
25,236
25,236

25,299
245,792
(252,208)
18,883
18,883

48,180
252,208
(258,625)
41,763
41,763

93,785
258,625
(258,625)
93,785
93,785

94,020
258,625
(258,625)
94,020
94,020

1,105,698

552,869

246,739
(25,236)
221,503
721

221,503
(18,883)
202,620
647

202,620
(41,763)
160,856
592

160,856
(93,785)
67,072
470

67,072
(67,072)
196

160,000
(15,729)
(118,800)
28,854
(721)
24,853

160,000
(15,729)
(118,850)
28,854
(647)
24,866

235,000
(22,146)
(119,283)
97,188
(592)
93,063

235,000
(22,146)
(119,333)
97,188
(470)
93,118

235,000
(22,146)
(119,383)
97,188
(196)
93,303

245,792
463,604
221,503
226,372

252,208
469,588
202,620
251,239

258,625
527,304
160,856
344,302

258,625
526,638
67,072
437,420

285,573
552,869
530,723

18
122,896

18
122,896

20
129,313

20
129,313

20
129,313

Apr-15

May-15

Jun-15

Jul-15

Aug-15

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

258,625

258,625

258,625

258,625

258,625

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

129,313
20

129,313
20

129,313
20

129,313
20

129,313
20

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

235,000

235,000

235,000

235,000

235,000

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

212,854
90.6%

212,854
90.6%

212,854
90.6%

212,854
90.6%

212,854
90.6%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(3,767)

(3,817)

(3,867)

(3,917)

(3,967)

(119,433)

(119,483)

(119,533)

(119,583)

(119,633)

93,421
39.8%

93,371
39.7%

93,321
39.7%

93,271
39.7%

93,221
39.7%

97,188
41.4%

97,188
41.4%

97,188
41.4%

97,188
41.4%

97,188
41.4%

93,421
39.8%

93,371
39.7%

93,321
39.7%

93,271
39.7%

93,221
39.7%

(93,421)
-

(93,371)
-

(93,321)
-

(93,271)
-

(93,221)
-

93,421
39.8%

93,371
39.7%

93,321
39.7%

93,271
39.7%

93,221
39.7%

379,760
117,500
22,146
519,406

473,948
117,500
22,146
613,594

568,135
117,500
22,146
707,781

662,323
117,500
22,146
801,969

756,510
117,500
22,146
896,156

226,000
(99,117)
126,883

229,000
(102,933)
126,067

232,000
(106,800)
125,200

235,000
(110,717)
124,283

238,000
(114,683)
123,317

646,290

739,660

832,981

926,252

1,019,473

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
(825,856)
624,144

1,450,000
(732,485)
717,515

1,450,000
(639,165)
810,835

1,450,000
(545,894)
904,106

1,450,000
(452,673)
997,327

646,290

739,660

832,981

926,252

1,019,473

Ok

Ok

Ok

Ok

Ok

825,856

732,485

639,165

545,894

452,673

93,421
3,767
97,188

93,371
3,817
97,188

93,321
3,867
97,188

93,271
3,917
97,188

93,221
3,967
97,188

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

285,573
94,188
379,760

379,760
94,188
473,948

473,948
94,188
568,135

568,135
94,188
662,323

662,323
94,188
756,510

94,188
285,573
(258,625)
121,135
121,135

94,188
379,760
(258,625)
215,323
215,323

94,188
473,948
(258,625)
309,510
309,510

94,188
568,135
(258,625)
403,698
403,698

94,188
662,323
(258,625)
497,885
497,885

235,000
(22,146)
(119,433)
97,188
93,421

235,000
(22,146)
(119,483)
97,188
93,371

235,000
(22,146)
(119,533)
97,188
93,321

235,000
(22,146)
(119,583)
97,188
93,271

235,000
(22,146)
(119,633)
97,188
93,221

379,760
646,290
624,144

473,948
739,660
717,515

568,135
832,981
810,835

662,323
926,252
904,106

756,510
1,019,473
997,327

20
129,313

20
129,313

20
129,313

20
129,313

20
129,313

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
100.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

258,625

258,625

258,625

258,625

258,625

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

129,313
20

129,313
20

129,313
20

129,313
20

129,313
20

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

235,000

235,000

235,000

235,000

235,000

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

212,854
90.6%

212,854
90.6%

212,854
90.6%

212,854
90.6%

212,854
90.6%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(4,017)

(4,067)

(4,117)

(4,167)

(4,300)

(119,683)

(119,733)

(119,783)

(119,833)

(120,217)

93,171
39.6%

93,121
39.6%

93,071
39.6%

93,021
39.6%

92,638
39.4%

97,188
41.4%

97,188
41.4%

97,188
41.4%

97,188
41.4%

96,938
41.3%

93,171
39.6%

93,121
39.6%

93,071
39.6%

93,021
39.6%

92,638
39.4%

(93,171)
-

(93,121)
-

(93,071)
-

(93,021)
-

(80,290)
12,348
(4,939)

93,171
39.6%

93,121
39.6%

93,071
39.6%

93,021
39.6%

87,698
37.3%

850,698
117,500
22,146
990,344

944,885
117,500
22,146
1,084,531

1,039,073
117,500
22,146
1,178,719

1,133,260
117,500
22,146
1,272,906

1,217,259
117,500
22,146
1,356,905

241,000
(118,700)
122,300
-

244,000
(122,767)
121,233
-

247,000
(126,883)
120,117
-

250,000
(131,050)
118,950
-

258,000
(135,350)
122,650
-

1,112,644

1,205,765

1,298,835

1,391,856

1,479,555

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
(359,502)
1,090,498

1,450,000
(266,381)
1,183,619

1,450,000
(173,310)
1,276,690

1,450,000
(80,290)
1,369,710

1,450,000
7,409
1,457,409

1,112,644

1,205,765

1,298,835

1,391,856

Ok

Ok

Ok

359,502

266,381

173,310

80,290

93,171
4,017
97,188

93,121
4,067
97,188

93,071
4,117
97,188

93,021
4,167
97,188

87,698
4,300
91,998

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(5,000)
(3,000)
(8,000)

756,510
94,188
850,698

850,698
94,188
944,885

94,188
756,510
(258,625)
592,073
592,073

94,188
850,698
(258,625)
686,260
686,260

Ok

1,479,555

944,885
94,188
1,039,073

94,188
944,885
(258,625)
780,448
780,448
-

Ok

1,039,073
94,188
1,133,260

94,188
1,039,073
(258,625)
874,635
874,635
-

1,133,260
83,998
1,217,259

83,998
1,133,260
(258,625)
958,634
958,634
-

235,000
(22,146)
(119,683)
97,188
93,171

235,000
(22,146)
(119,733)
97,188
93,121

235,000
(22,146)
(119,783)
97,188
93,071

235,000
(22,146)
(119,833)
97,188
93,021

235,000
(22,146)
(120,217)
96,938
87,698

850,698
1,112,644
1,090,498

944,885
1,205,765
1,183,619

1,039,073
1,298,835
1,276,690

1,133,260
1,391,856
1,369,710

1,217,259
1,479,555
1,457,409

20
129,313

20
129,313

20
129,313

20
129,313

20
129,313

Feb-16

Mar-16

Apr-16

May-16

Jun-16

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

258,625

258,625

258,625

258,625

258,625

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

129,313
20

129,313
20

129,313
20

129,313
20

129,313
20

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

235,000

235,000

235,000

235,000

235,000

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

212,854
90.6%

212,854
90.6%

212,854
90.6%

212,854
90.6%

212,854
90.6%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(4,350)

(4,400)

(4,450)

(4,500)

(4,550)

(120,267)

(120,317)

(120,367)

(120,417)

(120,467)

92,588
39.4%

92,538
39.4%

92,488
39.4%

92,438
39.3%

92,388
39.3%

96,938
41.3%

96,938
41.3%

96,938
41.3%

96,938
41.3%

96,938
41.3%

92,588
39.4%

92,538
39.4%

92,488
39.4%

92,438
39.3%

92,388
39.3%

92,588
(37,035)

92,538
(37,015)

92,488
(36,995)

92,438
(36,975)

92,388
(36,955)

55,553
23.6%

55,523
23.6%

55,493
23.6%

55,463
23.6%

55,433
23.6%

1,274,161
117,500
22,146
1,413,807

1,331,084
117,500
22,146
1,470,730

1,388,026
117,500
22,146
1,527,672

1,444,989
117,500
22,146
1,584,635

1,501,971
117,500
22,146
1,641,617

261,000
(139,700)
121,300
-

264,000
(144,100)
119,900
-

267,000
(148,550)
118,450
-

270,000
(153,050)
116,950
-

273,000
(157,600)
115,400
-

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

1,450,000
62,961
1,512,961

1,450,000
118,484
1,568,484

1,450,000
173,976
1,623,976

1,450,000
229,439
1,679,439

1,450,000
284,871
1,734,871

1,535,107
Ok

1,590,630
Ok

1,646,122
Ok

1,701,585
Ok

1,757,017
Ok

55,553
4,350
59,903

55,523
4,400
59,923

55,493
4,450
59,943

55,463
4,500
59,963

55,433
4,550
59,983

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

1,217,259
56,903
1,274,161

1,274,161
56,923
1,331,084

1,331,084
56,943
1,388,026

1,388,026
56,963
1,444,989

1,444,989
56,983
1,501,971

56,903
1,217,259
(258,625)
1,015,536
1,015,536

56,923
1,274,161
(258,625)
1,072,459
1,072,459

56,943
1,331,084
(258,625)
1,129,401
1,129,401

56,963
1,388,026
(258,625)
1,186,364
1,186,364

56,983
1,444,989
(258,625)
1,243,346
1,243,346

235,000
(22,146)
(120,267)
96,938
55,553

235,000
(22,146)
(120,317)
96,938
55,523

235,000
(22,146)
(120,367)
96,938
55,493

235,000
(22,146)
(120,417)
96,938
55,463

235,000
(22,146)
(120,467)
96,938
55,433

1,274,161
1,535,107
1,512,961

1,331,084
1,590,630
1,568,484

1,388,026
1,646,122
1,623,976

1,444,989
1,701,585
1,679,439

1,501,971
1,757,017
1,734,871

20
129,313

20
129,313

20
129,313

20
129,313

20
129,313

Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

0.0%
0.3%
0.5%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

258,625

258,625

258,625

258,625

258,625

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

18,229
15,625
33,854
2

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

7,813
3,208
3,208
3,208

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

3,208
20,646
5

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

6,250
2,875
2,875
12,000
3

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

7,813
4,583
12,396
2

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

8,333
6,417
6,417
21,167
3

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

13,021
4,313
4,125
4,125
3,667
29,250

129,313
20

129,313
20

129,313
20

129,313
20

129,313
20

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

12,500
7,500
150,000

235,000

235,000

235,000

235,000

235,000

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

(20,646)
(1,500)
(22,146)
9.4%

212,854
90.6%

212,854
90.6%

212,854
90.6%

212,854
90.6%

212,854
90.6%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(4,600)

(4,650)

(4,700)

(4,750)

(4,800)

(120,517)

(120,567)

(120,617)

(120,667)

(120,717)

92,338
39.3%

92,288
39.3%

92,238
39.3%

92,188
39.2%

92,138
39.2%

96,938
41.3%

96,938
41.3%

96,938
41.3%

96,938
41.3%

96,938
41.3%

92,338
39.3%

92,288
39.3%

92,238
39.3%

92,188
39.2%

92,138
39.2%

92,338
(36,935)

92,288
(36,915)

92,238
(36,895)

92,188
(36,875)

92,138
(36,855)

55,403
23.6%

55,373
23.6%

55,343
23.6%

55,313
23.5%

55,283
23.5%

1,558,974
117,500
22,146
1,698,620

1,615,996
117,500
22,146
1,755,642

1,673,039
117,500
22,146
1,812,685

1,730,101
117,500
22,146
1,869,747

1,787,184
117,500
22,146
1,926,830

276,000
(162,200)
113,800
-

279,000
(166,850)
112,150
-

282,000
(171,550)
110,450
-

285,000
(176,300)
108,700
-

288,000
(181,100)
106,900
-

1,812,420

1,867,792

1,923,135

1,978,447

2,033,730

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
340,274
1,790,274

1,450,000
395,646
1,845,646

1,450,000
450,989
1,900,989

1,450,000
506,301
1,956,301

1,450,000
561,584
2,011,584

1,812,420
Ok

1,867,792
Ok

1,923,135
Ok

1,978,447
Ok

2,033,730
Ok

55,403
4,600
60,003

55,373
4,650
60,023

55,343
4,700
60,043

55,313
4,750
60,063

55,283
4,800
60,083

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

(3,000)
(3,000)

1,501,971
57,003
1,558,974

1,558,974
57,023
1,615,996

1,615,996
57,043
1,673,039

1,673,039
57,063
1,730,101

1,730,101
57,083
1,787,184

57,003
1,501,971
(258,625)
1,300,349
1,300,349

57,023
1,558,974
(258,625)
1,357,371
1,357,371

57,043
1,615,996
(258,625)
1,414,414
1,414,414

57,063
1,673,039
(258,625)
1,471,476
1,471,476

57,083
1,730,101
(258,625)
1,528,559
1,528,559

235,000
(22,146)
(120,517)
96,938
55,403

235,000
(22,146)
(120,567)
96,938
55,373

235,000
(22,146)
(120,617)
96,938
55,343

235,000
(22,146)
(120,667)
96,938
55,313

235,000
(22,146)
(120,717)
96,938
55,283

1,558,974
1,812,420
1,790,274

1,615,996
1,867,792
1,845,646

1,673,039
1,923,135
1,900,989

1,730,101
1,978,447
1,956,301

1,787,184
2,033,730
2,011,584

20
129,313

20
129,313

20
129,313

20
129,313

20
129,313

Dec-16

Q1 2012

Q2 2012

Q3 2012

Q4 2012

0.0%
0.3%
0.5%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

400,000

15
30
30

258,625

85,458

100,271

174,333

181,507

18,229
15,625
33,854
2

54,688
54,688
1

54,688
54,688
1

54,688
46,875
101,563
2

54,688
46,875
101,563
2

7,813
3,208
3,208
3,208

23,438
-

23,438
-

23,438
-

23,438
-

3,208
20,646
5

23,438
1

23,438
1

23,438
1

23,438
1

6,250
2,875
2,875
12,000
3

18,750
18,750
1

18,750
18,750
1

7,813
4,583
12,396
2

23,438
23,438
1

23,438
23,438
1

8,333
6,417
6,417
21,167
3

25,000
19,250
44,250
2

25,000
19,250
44,250
2

39,063
11,000
50,063

39,063
11,000
50,063

13,021
4,313
4,125
4,125
3,667
29,250

39,063
11,000
50,063

39,063
11,000
50,063

129,313
20

128,188
4

128,188
4

261,500
9

261,500
9

12,500
7,500
150,000

3,000
-

12,000
5,000
5,000

30,000
15,000
15,000

30,000
15,000
30,000

235,000

3,000

17,000

60,000

75,000

(20,646)
(1,500)
(22,146)
9.4%

(23,438)
(4,500)
(27,938)
931.3%

(23,438)
(4,500)
(27,938)
164.3%

(23,438)
(4,500)
(27,938)
46.6%

(23,438)
(4,500)
(27,938)
37.3%

212,854
90.6%

(24,938)
(831.3%)

(10,938)
(64.3%)

32,063
53.4%

47,063
62.8%

(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%

(750)
(1,500)
(750)
(3,000)
100.0%

(750)
(1,500)
(750)
(3,000)
17.6%

(18,750)
(23,438)
(750)
(1,500)
(750)
(45,188)
75.3%

(18,750)
(23,438)
(750)
(1,500)
(750)
(45,188)
60.3%

(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%

(54,688)
(50,063)
(4,500)
(2,250)
(111,500)
3,716.7%

(54,688)
(50,063)
(4,500)
(2,250)
(111,500)
655.9%

(101,563)
(44,250)
(50,063)
(4,500)
(2,250)
(202,625)
337.7%

(101,563)
(44,250)
(50,063)
(4,500)
(2,250)
(202,625)
270.2%

(4,850)

(3,400)

(3,925)

(4,825)

(5,350)

(120,767)

(117,900)

(118,425)

(252,638)

(253,163)

92,088
39.2%

(142,838)
(4,761.3%)

(129,363)
(761.0%)

(220,575)
(367.6%)

(206,100)
(274.8%)

96,938
41.3%

(139,438)
(4,647.9%)

(125,438)
(737.9%)

(215,750)
(359.6%)

(200,750)
(267.7%)

92,088
39.2%

(1,271)
181
(143,927)
(4,797.6%)

(2,617)
373
(131,606)
(774.2%)

(2,484)
354
(222,705)
(371.2%)

(3,447)
492
(209,055)
(278.7%)

92,088
(36,835)
55,253
23.5%

1,844,286
117,500
22,146
1,983,932
291,000
(185,950)
105,050
-

143,927
(143,927)
(4,797.6%)

85,458
500
9,313
95,271
71,500
(3,400)
68,100
-

131,606
-

222,705
-

209,055
-

(131,606)
(774.2%)

(222,705)
(371.2%)

(209,055)
(278.7%)

129,896
7,500
9,313
146,708

174,333
10,000
9,313
193,646

195,854
12,500
9,313
217,667

82,000
(7,325)
74,675
-

100,000
(12,150)
87,850
-

110,500
(17,500)
93,000
-

2,088,982

163,371

221,383

281,496

310,667

22,146
22,146

247,986
9,313
257,298

437,604
9,313
446,917

320,421
9,313
329,734

558,647
9,313
567,960

22,146

257,298

446,917

329,734

567,960

50,000
(143,927)
(93,927)

50,000
(275,533)
(225,533)

450,000
(498,238)
(48,238)

450,000
(707,293)
(257,293)

1,450,000
616,836
2,066,836

2,088,982
Ok

55,253
4,850
60,103

163,371

221,383

281,496

310,667

Ok

Ok

Ok

Ok

143,927

275,533

498,238

707,293

(143,927)
3,400
(500)
(688)
(8,813)
(150,527)

(131,606)
3,925
(7,000)
(134,681)

(222,705)
4,825
(2,500)
(220,380)

(209,055)
5,350
(2,500)
(206,205)

(6,000)
(5,000)
(10,500)
(21,500)

(10,500)
(10,500)

(7,500)
(10,500)
(18,000)

(10,500)
(10,500)

157,486
157,486

189,618
189,618

(117,183)
400,000
282,817

238,226
238,226

1,787,184
57,103
1,844,286

100,000
(14,542)
85,458

85,458
44,438
129,896

129,896
44,438
174,333

174,333
21,521
195,854

57,103
1,787,184
(258,625)
1,585,661
1,585,661

(172,027)
100,000
(85,458)
(157,486)
(157,486)

(145,181)
85,458
(100,271)
(159,993)
(159,993)

(238,380)
400,000
129,896
(174,333)
117,183
117,183

(216,705)
174,333
(181,507)
(223,879)
(223,879)

(3,000)
(3,000)

235,000
(22,146)
(120,767)
96,938
55,253
1,844,286
2,088,982
2,066,836

20
129,313

90,500
157,486
247,986
1,271

247,986
189,618
437,604
2,617

437,604
(117,183)
320,421
2,484

320,421
238,226
558,647
3,447

3,000
(27,938)
(117,900)
(139,438)
(1,271)
(143,927)

17,000
(27,938)
(118,425)
(125,438)
(2,617)
(131,606)

60,000
(27,938)
(252,638)
(215,750)
(2,484)
(222,705)

75,000
(27,938)
(253,163)
(200,750)
(3,447)
(209,055)

85,458
163,371
247,986
(93,927)

129,896
221,383
437,604
(225,533)

174,333
281,496
320,421
(48,238)

195,854
310,667
558,647
(257,293)

4
42,729

4
42,729

9
87,167

9
87,167

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

1,000,000

15
30
30

15
30
30

15
30
30

217,375

218,444

223,792

227,458

245,792

54,688
46,875
101,563
2

54,688
46,875
101,563
2

54,688
46,875
101,563
2

54,688
46,875
101,563
2

54,688
46,875
101,563
2

23,438
9,625
-

23,438
9,625
-

23,438
9,625
9,625
-

23,438
9,625
9,625
-

23,438
9,625
9,625
-

33,063
2

33,063
2

42,688
3

42,688
3

42,688
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

23,438
23,438
1

23,438
23,438
1

23,438
23,438
1

23,438
23,438
1

23,438
13,750
37,188
2

25,000
19,250
44,250
2

25,000
19,250
44,250
2

25,000
19,250
44,250
2

25,000
19,250
44,250
2

25,000
19,250
19,250
63,500
3

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

326,063
15

326,063
15

335,688
16

335,688
16

368,688
18

30,000
15,000
60,000

30,000
15,000
60,000

30,000
15,000
105,000

30,000
15,000
105,000

37,500
22,500
210,000

165,000

165,000

240,000

240,000

390,000

(33,063)
(4,500)
(37,563)
22.8%

(33,063)
(4,500)
(37,563)
22.8%

(42,688)
(4,500)
(47,188)
19.7%

(42,688)
(4,500)
(47,188)
19.7%

(42,688)
(4,500)
(47,188)
12.1%

127,438
77.2%

127,438
77.2%

192,813
80.3%

192,813
80.3%

342,813
87.9%

(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
37.8%

(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
37.8%

(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
26.0%

(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
26.0%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
20.7%

(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
146.1%

(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
146.1%

(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
100.4%

(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
100.4%

(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
68.1%

(6,525)

(6,975)

(7,500)

(7,950)

(8,800)

(310,025)

(310,475)

(311,000)

(311,450)

(355,050)

(182,588)
(110.7%)

(183,038)
(110.9%)

(118,188)
(49.2%)

(118,638)
(49.4%)

(12,238)
(3.1%)

(176,063)
(106.7%)

(176,063)
(106.7%)

(110,688)
(46.1%)

(110,688)
(46.1%)

(3,438)
(0.9%)

(5,744)
820
(187,512)
(113.6%)

(2,334)
333
(185,039)
(112.1%)

(389)
55
(118,521)
(49.4%)

(1,463)
209
(119,891)
(50.0%)

(2,565)
366
(14,437)
(3.7%)

187,512
-

185,039
-

118,521
-

119,891
-

14,437
-

(187,512)
(113.6%)

(185,039)
(112.1%)

(118,521)
(49.4%)

(119,891)
(50.0%)

(14,437)
(3.7%)

217,375
27,500
12,521
257,396

231,156
27,500
12,521
271,177

223,792
40,000
15,729
279,521

234,792
40,000
15,729
290,521

245,792
65,000
15,729
326,521

133,500
(24,025)
109,475

142,500
(31,000)
111,500

153,000
(38,500)
114,500

162,000
(46,450)
115,550

179,000
(55,250)
123,750

366,871

382,677

394,021

406,071

450,271

799,155
12,521
811,676

12,521
12,521

126,656
15,729
142,386

258,598
15,729
274,327

317,235
15,729
332,964

811,676

12,521

142,386

274,327

332,964

450,000
(894,805)
(444,805)

1,450,000
(1,079,844)
370,156

1,450,000
(1,198,365)
251,635

1,450,000
(1,318,256)
131,744

1,450,000
(1,332,693)
117,307

366,871
Ok

382,677
Ok

894,805

394,021
Ok

406,071
Ok

450,271
Ok

1,079,844

1,198,365

1,318,256

1,332,693

(187,512)
6,525
(15,000)
3,208
(3,208)
(195,987)

(185,039)
6,975
(178,064)

(118,521)
7,500
(12,500)
3,208
(3,208)
(123,521)

(119,891)
7,950
(111,941)

(14,437)
8,800
(25,000)
(30,637)

(9,000)
(5,000)
(9,000)
(23,000)

(9,000)
(9,000)

(1,500)
(9,000)
(10,500)

(9,000)
(9,000)

(3,000)
(5,000)
(9,000)
(17,000)

240,508
240,508

(799,155)
1,000,000
200,845

126,656
126,656

131,941
131,941

58,637
58,637

195,854
21,521
217,375

217,375
13,781
231,156

231,156
(7,364)
223,792

223,792
11,000
234,792

234,792
11,000
245,792

(218,987)
195,854
(217,375)
(240,508)
(240,508)

(187,064)
1,000,000
217,375
(218,444)
811,867
811,867

(134,021)
231,156
(223,792)
(126,656)
(126,656)

(120,941)
223,792
(227,458)
(124,608)
(124,608)

(47,637)
234,792
(245,792)
(58,637)
(58,637)

558,647
240,508
799,155
5,744

799,155
(799,155)
2,334

126,656
126,656
389

126,656
131,941
258,598
1,463

258,598
58,637
317,235
2,565

165,000
(37,563)
(310,025)
(176,063)
(5,744)
(187,512)

165,000
(37,563)
(310,475)
(176,063)
(2,334)
(185,039)

240,000
(47,188)
(311,000)
(110,688)
(389)
(118,521)

240,000
(47,188)
(311,450)
(110,688)
(1,463)
(119,891)

390,000
(47,188)
(355,050)
(3,438)
(2,565)
(14,437)

217,375
366,871
799,155
(444,805)

231,156
382,677
370,156

223,792
394,021
126,656
251,635

234,792
406,071
258,598
131,744

245,792
450,271
317,235
117,307

15
108,688

15
108,688

16
111,896

16
111,896

18
122,896

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

245,792

245,792

247,931

258,625

258,625

54,688
46,875
101,563
2

54,688
46,875
101,563
2

54,688
46,875
101,563
2

54,688
46,875
101,563
2

54,688
46,875
101,563
2

23,438
9,625
9,625
-

23,438
9,625
9,625
-

23,438
9,625
9,625
-

23,438
9,625
9,625
9,625

23,438
9,625
9,625
9,625

42,688
3

42,688
3

42,688
3

9,625
61,938
5

9,625
61,938
5

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

23,438
13,750
37,188
2

23,438
13,750
37,188
2

23,438
13,750
37,188
2

23,438
13,750
37,188
2

23,438
13,750
37,188
2

25,000
19,250
19,250
63,500
3

25,000
19,250
19,250
63,500
3

25,000
19,250
19,250
63,500
3

25,000
19,250
19,250
63,500
3

25,000
19,250
19,250
63,500
3

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

368,688
18

368,688
18

368,688
18

387,938
20

387,938
20

37,500
22,500
210,000

37,500
22,500
300,000

37,500
22,500
300,000

37,500
22,500
450,000

37,500
22,500
450,000

390,000

480,000

480,000

705,000

705,000

(42,688)
(4,500)
(47,188)
12.1%

(42,688)
(4,500)
(47,188)
9.8%

(42,688)
(4,500)
(47,188)
9.8%

(61,938)
(4,500)
(66,438)
9.4%

(61,938)
(4,500)
(66,438)
9.4%

342,813
87.9%

432,813
90.2%

432,813
90.2%

638,563
90.6%

638,563
90.6%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
20.7%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
16.8%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
16.8%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%

(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
68.1%

(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
55.3%

(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
55.3%

(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%

(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%

(9,250)

(9,700)

(10,150)

(11,000)

(11,450)

(355,500)

(355,950)

(356,400)

(358,000)

(358,450)

(12,688)
(3.3%)

76,863
16.0%

76,413
15.9%

280,563
39.8%

280,113
39.7%

(3,438)
(0.9%)

86,563
18.0%

86,563
18.0%

291,563
41.4%

291,563
41.4%

(2,778)
396
74,481
15.5%

(2,162)
308
74,559
15.5%

(1,258)
179
279,484
39.6%

280,113
39.7%

(74,481)
-

(74,559)
-

(279,484)
-

(280,113)
-

74,481
15.5%

74,559
15.5%

279,484
39.6%

280,113
39.7%

245,792
65,000
15,729
326,521

245,792
80,000
15,729
341,521

252,208
80,000
15,729
347,938

285,573
117,500
22,146
425,219

568,135
117,500
22,146
707,781

188,000
(64,500)
123,500

197,000
(74,200)
122,800

206,000
(84,350)
121,650

223,000
(95,350)
127,650

232,000
(106,800)
125,200

(2,823)
403
(15,108)
(3.9%)
15,108
(15,108)
(3.9%)

450,021

464,321

469,588

552,869

832,981

332,093
15,729
347,822

271,912
15,729
287,641

202,620
15,729
218,349

22,146
22,146

22,146
22,146

347,822

287,641

218,349

22,146

22,146

1,450,000
(1,347,801)
102,199

1,450,000
(1,273,320)
176,680

1,450,000
(1,198,761)
251,239

1,450,000
(919,277)
530,723

1,450,000
(639,165)
810,835

450,021
Ok

464,321
Ok

1,347,801

469,588
Ok

1,273,320

1,198,761

552,869

832,981

Ok

Ok

919,277

639,165

280,113
11,450
291,563

(15,108)
9,250
(5,858)

74,481
9,700
(15,000)
69,181

74,559
10,150
84,709

279,484
11,000
(37,500)
6,417
(6,417)
252,984

(9,000)
(9,000)

(9,000)
(9,000)

(9,000)
(9,000)

(3,000)
(5,000)
(9,000)
(17,000)

(60,181)
(60,181)

(69,292)
(69,292)

(202,620)
(202,620)

245,792
245,792

245,792
245,792

245,792
6,417
252,208

252,208
33,365
285,573

285,573
282,563
568,135

(14,858)
245,792
(245,792)
(14,858)
(14,858)

60,181
245,792
(245,792)
60,181
60,181

75,709
245,792
(247,931)
73,570
73,570

235,984
252,208
(258,625)
229,568
229,568

282,563
285,573
(258,625)
309,510
309,510

14,858
14,858

(9,000)
(9,000)

317,235
14,858
332,093
2,823

332,093
(60,181)
271,912
2,778

271,912
(69,292)
202,620
2,162

202,620
(202,620)
1,258

390,000
(47,188)
(355,500)
(3,438)
(2,823)
(15,108)

480,000
(47,188)
(355,950)
86,563
(2,778)
74,481

480,000
(47,188)
(356,400)
86,563
(2,162)
74,559

705,000
(66,438)
(358,000)
291,563
(1,258)
279,484

705,000
(66,438)
(358,450)
291,563
280,113

245,792
450,021
332,093
102,199

245,792
464,321
271,912
176,680

252,208
469,588
202,620
251,239

285,573
552,869
530,723

568,135
832,981
810,835

18
122,896

18
122,896

18
122,896

20
129,313

20
129,313

Q3 2015

Q4 2015

Q1 2016

Q2 2016

Q3 2016

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
100.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

0.1%
0.9%
1.4%
0.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

15
30
30

15
30
30

258,625

258,625

258,625

258,625

258,625

54,688
46,875
101,563
2

54,688
46,875
101,563
2

54,688
46,875
101,563
2

54,688
46,875
101,563
2

54,688
46,875
101,563
2

23,438
9,625
9,625
9,625

23,438
9,625
9,625
9,625

23,438
9,625
9,625
9,625

23,438
9,625
9,625
9,625

23,438
9,625
9,625
9,625

9,625
61,938
5

9,625
61,938
5

9,625
61,938
5

9,625
61,938
5

9,625
61,938
5

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

18,750
8,625
8,625
36,000
3

23,438
13,750
37,188
2

23,438
13,750
37,188
2

23,438
13,750
37,188
2

23,438
13,750
37,188
2

23,438
13,750
37,188
2

25,000
19,250
19,250
63,500
3

25,000
19,250
19,250
63,500
3

25,000
19,250
19,250
63,500
3

25,000
19,250
19,250
63,500
3

25,000
19,250
19,250
63,500
3

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

39,063
12,938
12,375
12,375
11,000
87,750

387,938
20

387,938
20

387,938
20

387,938
20

387,938
20

37,500
22,500
450,000

37,500
22,500
450,000

37,500
22,500
450,000

37,500
22,500
450,000

37,500
22,500
450,000

705,000

705,000

705,000

705,000

705,000

(61,938)
(4,500)
(66,438)
9.4%

(61,938)
(4,500)
(66,438)
9.4%

(61,938)
(4,500)
(66,438)
9.4%

(61,938)
(4,500)
(66,438)
9.4%

(61,938)
(4,500)
(66,438)
9.4%

638,563
90.6%

638,563
90.6%

638,563
90.6%

638,563
90.6%

638,563
90.6%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%

(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%

(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%

(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%

(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%

(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%

(11,900)

(12,350)

(13,050)

(13,500)

(13,950)

(358,900)

(359,350)

(360,800)

(361,250)

(361,700)

279,663
39.7%

279,213
39.6%

277,763
39.4%

277,313
39.3%

276,863
39.3%

291,563
41.4%

291,563
41.4%

290,813
41.3%

290,813
41.3%

290,813
41.3%

279,663
39.7%

279,213
39.6%

277,763
39.4%

277,313
39.3%

276,863
39.3%

(279,663)
-

(279,213)
-

277,313
(110,925)

276,863
(110,745)

279,663
39.7%

279,213
39.6%

198,773
28.2%

166,388
23.6%

166,118
23.6%

850,698
117,500
22,146
990,344

1,133,260
117,500
22,146
1,272,906

1,331,084
117,500
22,146
1,470,730

1,501,971
117,500
22,146
1,641,617

1,673,039
117,500
22,146
1,812,685

241,000
(118,700)
122,300
-

250,000
(131,050)
118,950
-

(80,290)
197,473
(78,989)

264,000
(144,100)
119,900
-

273,000
(157,600)
115,400
-

282,000
(171,550)
110,450
-

1,112,644

1,391,856

1,590,630

1,757,017

1,923,135

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
118,484
1,568,484

1,450,000
284,871
1,734,871

1,450,000
450,989
1,900,989

1,450,000
(359,502)
1,090,498

1,450,000
(80,290)
1,369,710

1,112,644
Ok

1,391,856
Ok

Ok

359,502

80,290

279,663
11,900
291,563

279,213
12,350
291,563

(9,000)
(9,000)

568,135
282,563
850,698

282,563
568,135
(258,625)
592,073
592,073
-

1,590,630

(9,000)
(9,000)

850,698
282,563
1,133,260

282,563
850,698
(258,625)
874,635
874,635
-

1,757,017
Ok

198,773
13,050
211,823

(5,000)
(9,000)
(14,000)

1,923,135
Ok

166,388
13,500
179,888

(9,000)
(9,000)

166,118
13,950
180,068

(9,000)
(9,000)

1,133,260
197,823
1,331,084

1,331,084
170,888
1,501,971

1,501,971
171,068
1,673,039

197,823
1,133,260
(258,625)
1,072,459
1,072,459

170,888
1,331,084
(258,625)
1,243,346
1,243,346

171,068
1,501,971
(258,625)
1,414,414
1,414,414

705,000
(66,438)
(358,900)
291,563
279,663

705,000
(66,438)
(359,350)
291,563
279,213

705,000
(66,438)
(360,800)
290,813
198,773

705,000
(66,438)
(361,250)
290,813
166,388

705,000
(66,438)
(361,700)
290,813
166,118

850,698
1,112,644
1,090,498

1,133,260
1,391,856
1,369,710

1,331,084
1,590,630
1,568,484

1,501,971
1,757,017
1,734,871

1,673,039
1,923,135
1,900,989

20
129,313

20
129,313

20
129,313

20
129,313

20
129,313

Q4 2016

2012

2013

2014

2015

0.1%
0.9%
1.4%
0.0%

0.5%
3.5%
5.5%
0.0%

0.5%
3.5%
5.5%
0.0%

0.5%
3.5%
5.5%
0.0%

0.5%
3.5%
5.5%
100.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

15
30
30

15
30
30

15
30
30

400,000

1,000,000

258,625

135,392

221,767

246,326

258,625

54,688
46,875
101,563
2

218,750
93,750
312,500
2

218,750
187,500
406,250
2

218,750
187,500
406,250
2

218,750
187,500
406,250
2

23,438
9,625
9,625
9,625

93,750
-

93,750
38,500
19,250
-

93,750
38,500
38,500
-

93,750
38,500
38,500
38,500

15
30
30

15
30
30

9,625
61,938
5

93,750
1

151,500
3

170,750
3

38,500
247,750
5

18,750
8,625
8,625
36,000
3

37,500
37,500
1

75,000
34,500
34,500
144,000
3

75,000
34,500
34,500
144,000
3

75,000
34,500
34,500
144,000
3

23,438
13,750
37,188
2

46,875
46,875
1

93,750
93,750
1

93,750
55,000
148,750
2

93,750
55,000
148,750
2

25,000
19,250
19,250
63,500
3

50,000
38,500
88,500
1

100,000
77,000
177,000
2

100,000
77,000
77,000
254,000
3

100,000
77,000
77,000
254,000
3

39,063
12,938
12,375
12,375
11,000
87,750

156,250
44,000
200,250

156,250
51,750
49,500
49,500
44,000
351,000

156,250
51,750
49,500
49,500
44,000
351,000

156,250
51,750
49,500
49,500
44,000
351,000

387,938
20

779,375
7

1,323,500
16

1,474,750
18

1,551,750
20

37,500
22,500
450,000

75,000
35,000
50,000

120,000
60,000
330,000

150,000
90,000
1,020,000

150,000
90,000
1,800,000

705,000

155,000

810,000

1,740,000

2,820,000

(61,938)
(4,500)
(66,438)
9.4%

(93,750)
(18,000)
(111,750)
72.1%

(151,500)
(18,000)
(169,500)
20.9%

638,563
90.6%

(170,750)
(18,000)
(188,750)
10.8%
1,551,250
89.2%

(247,750)
(18,000)
(265,750)
9.4%

43,250
27.9%

640,500
79.1%

2,554,250
90.6%

(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%

(37,500)
(46,875)
(3,000)
(6,000)
(3,000)
(96,375)
62.2%

(144,000)
(93,750)
(3,000)
(6,000)
(3,000)
(249,750)
30.8%

(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
18.5%

(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
11.4%

(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%

(312,500)
(88,500)
(200,250)
(18,000)
(9,000)
(628,250)
405.3%

(406,250)
(177,000)
(351,000)
(18,000)
(12,000)
(964,250)
119.0%

(406,250)
(254,000)
(351,000)
(36,000)
(15,000)
(1,062,250)
61.0%

(406,250)
(254,000)
(351,000)
(36,000)
(18,000)
(1,065,250)
37.8%

(14,400)

(17,500)

(28,950)

(37,900)

(46,700)

(362,150)

(742,125)

(1,242,950)

(1,422,900)

(1,434,700)

276,413
39.2%

(698,875)
(450.9%)

(602,450)
(74.4%)

128,350
7.4%

1,119,550
39.7%

290,813
41.3%

(681,375)
(439.6%)

(573,500)
(70.8%)

166,250
9.6%

1,166,250
41.4%

276,413
39.2%

(9,819)
1,401
(707,293)
(456.3%)

(9,930)
1,417
(610,963)
(75.4%)

(10,329)
1,474
119,495
6.9%

(1,258)
179
1,118,472
39.7%

(119,495)
-

(1,118,472)
-

276,413
(110,565)
165,848
23.5%

1,844,286
117,500
22,146
1,983,932
291,000
(185,950)
105,050
-

707,293
-

610,963
-

(707,293)
(456.3%)

(610,963)
(75.4%)

119,495
6.9%

1,118,472
39.7%

195,854
12,500
9,313
217,667

234,792
40,000
15,729
290,521

252,208
80,000
15,729
347,938

1,133,260
117,500
22,146
1,272,906

162,000
(46,450)
115,550

206,000
(84,350)
121,650

110,500
(17,500)
93,000
-

250,000
(131,050)
118,950
-

2,088,982

310,667

406,071

469,588

1,391,856

22,146
22,146

558,647
9,313
567,960

258,598
15,729
274,327

202,620
15,729
218,349

22,146
22,146

22,146

567,960

274,327

218,349

22,146

1,450,000
616,836
2,066,836

450,000
(707,293)
(257,293)

1,450,000
(1,318,256)
131,744

1,450,000
(1,198,761)
251,239

1,450,000
(80,290)
1,369,710

2,088,982
Ok

310,667
Ok

165,848
14,400
180,248

406,071
Ok

707,293

469,588
Ok

1,318,256

1,391,856
Ok

1,198,761

80,290

(707,293)
17,500
(12,500)
(688)
(8,813)
(711,793)

(610,963)
28,950
(27,500)
6,417
(6,417)
(609,513)

119,495
37,900
(40,000)
117,395

1,118,472
46,700
(37,500)
6,417
(6,417)
1,127,672

(13,500)
(5,000)
(42,000)
(60,500)

(10,500)
(5,000)
(36,000)
(51,500)

(3,000)
(5,000)
(36,000)
(44,000)

(3,000)
(5,000)
(36,000)
(44,000)

468,147
400,000
868,147

(300,050)
1,000,000
699,950

(55,978)
(55,978)

(202,620)
(202,620)

1,673,039
171,248
1,844,286

100,000
95,854
195,854

195,854
38,938
234,792

234,792
17,417
252,208

252,208
881,052
1,133,260

171,248
1,673,039
(258,625)
1,585,661
1,585,661

(772,293)
400,000
100,000
(135,392)
(468,147)
(468,147)

(661,013)
1,000,000
195,854
(221,767)
523,247
523,247

73,395
234,792
(246,326)
55,978
55,978

1,083,672
252,208
(258,625)
4,710,537
4,710,537

(9,000)
(9,000)

705,000
(66,438)
(362,150)
290,813
165,848
1,844,286
2,088,982
2,066,836

20
129,313

90,500
468,147
558,647
9,819

155,000
(111,750)
(742,125)
(681,375)
(9,819)
(707,293)
195,854
310,667
558,647
(257,293)

9
87,167

558,647
(300,050)
258,598
9,930

258,598
(55,978)
202,620
10,329

202,620
(202,620)
1,258

810,000
(169,500)
(1,242,950)
(573,500)
(9,930)
(610,963)

1,740,000
(188,750)
(1,422,900)
166,250
(10,329)
119,495

2,820,000
(265,750)
(1,434,700)
1,166,250
(1,258)
1,118,472

234,792
406,071
258,598
131,744

252,208
469,588
202,620
251,239

1,133,260
1,391,856
1,369,710

16
111,896

18
122,896

20
129,313

Checksum
Ok
2012

Checksum
Ok
2013

Checksum
Ok
2014

Checksum
Ok
2015

0.5%
3.5%
5.5%
0.0%

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

35.0%
5.0%

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok

15
30
30

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok

Ok

Ok

Ok

258,625

Ok

Ok

Ok

Ok

218,750
187,500
406,250
2

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

93,750
38,500
38,500
38,500

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

2016

38,500
247,750
5

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

75,000
34,500
34,500
144,000
3

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

93,750
55,000
148,750
2

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

100,000
77,000
77,000
254,000
3

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

156,250
51,750
49,500
49,500
44,000
351,000

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok

Ok

Ok

Ok

1,551,750
20

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok

150,000
90,000
1,800,000

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

2,820,000

Ok

Ok

Ok

Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok

Ok

Ok

Ok

(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
11.4%

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)
(254,000)
(351,000)
(36,000)
(21,000)
(1,068,250)
37.9%

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

(54,900)

Ok

Ok

Ok

Ok

(1,445,900)

Ok

Ok

Ok

Ok

(247,750)
(18,000)
(265,750)
9.4%
2,554,250
90.6%

1,108,350
39.3%

Ok

Ok

Ok

Ok

1,163,250
41.3%

Ok

Ok

Ok

Ok

1,108,350
39.3%

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

(80,290)
1,028,060
(411,224)

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

697,126
24.7%

Ok

Ok

Ok

Ok

1,844,286
117,500
22,146
1,983,932

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok

Ok

Ok

Ok

2,088,982

Ok

Ok

Ok

Ok

22,146
22,146

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

22,146

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok

1,450,000
616,836
2,066,836

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

291,000
(185,950)
105,050
-

2,088,982

Ok

Ok

Ok

Ok

Ok

Ok

Ok

Ok

697,126
54,900
752,026

Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok

(5,000)
(36,000)
(41,000)

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

1,133,260
711,026
1,844,286

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

711,026
1,133,260
(258,625)
15,263,570
15,263,570

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok

Ok

Ok

Ok

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok

Ok

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

2,820,000
(265,750)
(1,445,900)
1,163,250
697,126

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

1,844,286
2,088,982
2,066,836

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

20
129,313

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok

Checksum
Ok
2016

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok

Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok

Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok

Ok

Ok

Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok

Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok

ff Venture Capital StartupCo Financial Model

(in whole USD; assumes no inflation)

WACC (SECTION INDEPENDENT OF PRIMARY MODEL; YELLOW CELLS BELOW REQUIRE INDIVIDUAL INPU
Risk-Free Rate (2)
Market Risk Premium (3)

Equity
Debt
Tax Rate
Levered Equity Beta (4)
Unlevered Equity Beta

1.9%
9.4%
Comparable
Firm 1
200,000
100,000
40.0%
1.1
0.8

Startup % Debt
Startup % Equity
Startup Tax Rate
Levered Equity Beta
Equity Risk Premium

40.0%
60.0%
40.0%
1.0
9.8%

Cost of Equity
Cost of Debt
Weighted Average Cost of Capital

11.7%
9.0%
9.2%

(1) Choosing WACC for an early-stage startup is a highly arbitrary exercise. A good baseline is to refle
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.

(3) Initial placeholder based on the difference between the 1928-2010 arithmetic average return of st
(4) Available on Yahoo! Finance under "Key Statistics" for publicly-traded companies .
Valuation
Weighted Average Cost of Capital
Terminal Value Growth

Operating Income
Tax Expense
Tax-Effected EBIT (Earnings Before Interest)
Plus: Depreciation Expense
Capital Expenditures
Changes in Working Capital
Changes in Other Assets & Liabilities
Unlevered Free Cash Flow
Present Value of Unlevered Free Cash Flow

9.2%
3.0%

Terminal Value
Present Value of Terminal Value
NPV based on terminal year 3
NPV based on terminal year 5

(133,517)
7,650,351

OW REQUIRE INDIVIDUAL INPUTS) (1)

Comparable
Firm 2
200,000
200,000
35.0%
1.3
0.8

Comparable
Firm 3
300,000
200,000
38.0%
0.9
0.6

Average

0.7

se. A good baseline is to reflect the average IRR of angel investors. According to three studies of early-stage
% to 30%.
.

rithmetic average return of stocks (Damodaran, January 2011) and the 10-Year Treasury Yield as of 9/9/2011.
companies .

2012
(698,875)
(698,875)
17,500
(60,500)
(22,000)
(763,875)
(699,543)

2013
(602,450)
(602,450)
28,950
(51,500)
(27,500)
(652,500)
(547,224)

2014
128,350
128,350
37,900
(44,000)
(40,000)
82,250
63,170

2015
1,119,550
1,119,550
46,700
(44,000)
(37,500)
1,084,750
762,955

1,367,242
1,050,080

g to three studies of early-stage

Treasury Yield as of 9/9/2011.

2016
1,108,350
(411,224)
697,126
54,900
(41,000)
711,026
457,981

11,819,383
7,613,012

ff Venture Capital StartupCo Financial Model

(in whole USD; assumes no inflation)
Founders
Funding Rounds (SECTION INDEPENDENT OF MODEL; REQUIRES INDIVIDUAL INPUTS)
Initial Funding
Existing Common Shares
Existing Preferred Shares
Existing Options Granted
Total Cumulative Shares

1,000,000
1,000,000

Round 1
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares

1,000,000
1,000,000

Round 2
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares

1,000,000
1,000,000

Round 3
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares

1,000,000
1,000,000

Round 4
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares

1,000,000
1,000,000

Friends /
Family

Angel / Seed

Series A

Series B

Series C

UAL INPUTS)

200,000
240,000
10,000
240,000
10,000
250,000

200,000
240,000
10,000
240,000
10,000
250,000

240,000
10,000
250,000

240,000
10,000
250,000

1,000,000
336,000
30,000
336,000
30,000
366,000

240,000
10,000
250,000

240,000
10,000
250,000

336,000
30,000
366,000

240,000
10,000
250,000

240,000
10,000
250,000

336,000
30,000
366,000

Options
Available

Series D

200,000

200,000

200,000

200,000

200,000

Total Shares

Pre-Money
Valuation

Price / Share

1,000,000
200,000
1,200,000
500,000

$0.42

1,250,000

$0.74

480,000
20,000
1,000,000
480,000
200,000
1,680,000

336,000
30,000
1,000,000
816,000
200,000
2,016,000
-

$0.00

$0.00

1,000,000
816,000
200,000
2,016,000

1,000,000
816,000
200,000
2,016,000

Total
Investment

Post-Money
Valuation

400,000

900,000

1,000,000

2,250,000