Beruflich Dokumente
Kultur Dokumente
Instructions:
1. General overview of KSTC Financial Model
All business inputs for the financial model are located on the "Master Assumptions"
tab. There are cells that are meant to be changed and cells that are locked.
Only cells this color are meant to be changed. From the "Master Assumptions"
tab, the data is manipulated in the "Manipulations" tab. Changing the formulas in this
tab without having a high level of understanding of how the formulas work will make
the model not work correctly. That data then composes all of the summary and detail
statements. The outputs of this model are:
- Five year forcasted annual summarized income statement
- Five year forcasted annual balance sheet
- Five year forcasted annual statement of cash flows
- Five year forcasted monthly cash budget
- Detailed capitalization structure
- Quantitative pre money and exit business valuation valuation
- Summary employee hiring schedule
- Five year forcasted monthly detailed income statement
2. Master Assumptions - Service Related Inputs
Tell the model the selling price of each service, as well as the first month of expected
sales. Any section requiring a date, unless specifically requesting the year only, needs
to be input as mm/1/yyyy. The formating of the cell will report the date as mmm - yyyy.
Input the anticipated first month sales level in units, as well as the unit sales growth
rate for the following years. This, accompanied with the seasonality factors, will
project sales for the coming five years. The sum of the seasonality inputs should not
exceed 1.
3. Master Assumptions - Operational Inputs
The staffing plan is broken down by department. The title, start date, pay, and scale
of each position can be changed. If the position is an executive position, i.e. it does not
change with sales, then leave the column labeled "per sales dollars" blank. To make
a position scale with sales, insert a dollar amount in that column. If a cell in that
column has the input of "$500,000", the model will hire an additional person in that
position when sales are over an annual rate of $500,000.
The operation expenses are broken down by department as well, but also have a space
for startup related expenses. These are non-recurring expenses. Just input the expense
and the date, and the model will place that expense. For the departmental expenses,
the first input that must be made is the "department start date" reference. This allows
the user to start different departments at different times. Expenses can be inserted on
the basis of three different drivers - per year, per executive, or as a percent of sales.
Inserting a value in the "amount" column and having a driver of "year" will expense that
amount every year over the life of the model. A driver of "executive" will take the
expense amount, multiply that amount by the number of non-scaling positions in that
department, and expense that multiple over the coming years. A driver of "sales"
assumes that the amount is not a dollar amount, but rather a %. Therefore, if the
driver is "sales", the amount input should be less than 1. Expenses with this driver will
scale with sales as the business grows.
4. Master Assumptions - Capital Investments
Capital assets are seperated by PP&E assets, and administrative assets. The model is
fully flexible to depreciate any investment over any number of years.
5. Master Assumptions - Financing Inputs
The financing section includes "free money" such as grants, equity investments from
founders, seed investors, round A, and round B venture capital, and interest bearing
debt. Any input in the grant section will not pay interest and will not be reflected on
the capitalization structure. In order for the capitalization structure tab to calculate
ownership, any outside equity investment needs to be accompanied by an expected
pre - money value for that round. For the model to forcast expected investors IRR and
cash-on-cash returns, it is also necessary to input the expected exit value and year of
exit.
In the debt financing section, the term of the loan can be any number between 1 & 10.
6. Master Assumptions - Other Business Inputs
This section covers other business items such as anticipated bad debt, benefits and
taxes, etc.
7. Master Assumptions - Valuation Inputs
In the "Quantitative Exit Valuation" section, the inputs required are the expected year
of exit, as well as the expected revenue, EBITDA, and net income multiples that the
company would be able to receive.
The below sections are all based on calculating a pre-money value.
The First Chicago valuation method takes the models expectations, and counts that as
the median. This method then asks, 'how much better could this company be if it was a
home run?' On the other side, it also asks, 'what slash of projections is appropriate if
some things do not go right?' This scenario is called a "single" These three potential
outcomes (single, double, and homerun) are then applied probability ratios to arrive
at an anticipated end amount. The discount rate is the rate that future cash flows will
be discounted back to the present. Most startups in the pre-venture phase have a
discount rate of 50-70%.
The next two sections are expected multiples that the company could receive at the time
of an exit, as well as the appropriate discount rate.
Wrap-up
To print the model, go to the tab desired to be print, and hit print. The page should
be formatted correctly to print the proper headings and columns for each year.
Enjoy the model!
Company Name
Financial Model Assumptions
Company Name:Company Name
First Year of Operation:..
2010
Name of 1st Service:
Service One
Name of 2nd Service:
Service Two
Name of 3rd Service:
Service Three
Name of 4th Service:
Service Four
Name of 5th Service:
Service Five
Name of Department Direct Cost of Sales: Service
Name of 1st Department:
Sales and Marketing
Name of 2nd Department:
Administration
Name of 3rd Department:.
Engineering
Name of 4th Department: Other
0
0
0
0
0
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%
Sales growth
compounded monthly Yearly sales numbers
do not account for
seasonality
of Selling Price
of Sales
per Year
Service / technology
businesses typically
have no - minimal
direct product costs.
Service Two
Sales Related Assumptions
Selling Price
Rollout Sales Date
1st Month Sales Volume
1st Year Growth Rate
2nd Year Growth Rate
3rd Year Growth Rate
4th Year Growth Rate
5th Year Growth Rate
Long Term Growth Rate
1st Year Total Sales
2nd Year Total Sales
3rd Year Total Sales
4th Year Total Sales
5th Year Total Sales
0
0
0
0
0
Sales growth
compounded monthly Yearly sales numbers
do not account for
seasonality
of Selling Price
of Sales
per Year
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%
Service / technology
businesses typically
have no - minimal
direct product costs.
Service Three
Sales Related Assumptions
Selling Price
Rollout Sales Date
1st Month Sales Volume
1st Year Growth Rate
2nd Year Growth Rate
3rd Year Growth Rate
4th Year Growth Rate
5th Year Growth Rate
Long Term Growth Rate
1st Year Total Sales
2nd Year Total Sales
3rd Year Total Sales
4th Year Total Sales
5th Year Total Sales
Production/Cost Related Assumptions
Material Cost
Direct Labor
Direct Laborer Salary
0
0
0
0
0
Sales growth
compounded monthly Yearly sales numbers
do not account for
seasonality
of Selling Price
of Sales
per Year
Service / technology
businesses typically
have no - minimal
direct product costs.
businesses typically
have no - minimal
direct product costs.
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%
Service Four
Sales Related Assumptions
Selling Price
Rollout Sales Date
1st Month Sales Volume
1st Year Growth Rate
2nd Year Growth Rate
3rd Year Growth Rate
4th Year Growth Rate
5th Year Growth Rate
Long Term Growth Rate
1st Year Total Sales
2nd Year Total Sales
3rd Year Total Sales
4th Year Total Sales
5th Year Total Sales
0
0
0
0
0
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%
Sales growth
compounded monthly
- Yearly sales numbers
do not account for
seasonality
of Selling Price
of Sales
per Year
Service / technology
businesses typically
have no - minimal
direct product costs.
Service Five
Sales Related Assumptions
Selling Price
Rollout Sales Date
1st Month Sales Volume
1st Year Growth Rate
2nd Year Growth Rate
3rd Year Growth Rate
4th Year Growth Rate
5th Year Growth Rate
Long Term Growth Rate
Sales growth
compounded monthly
- Yearly sales numbers
do not account for
seasonality
0
0
0
0
0
Sales growth
compounded monthly
- Yearly sales numbers
do not account for
seasonality
Service / technology
businesses typically
have no - minimal
direct product costs.
of Selling Price
of Sales
per Year
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
100.00%
.....Operational Inputs..
Staffing Plan
Service
Position
Senior Engineer
Inventory Manager
Technical Support Manager
Floor Manager
Other
Other
Position
VP Marketing
VP Sales
VP Advertising
Marketing Manager
Sales Representative
Other
Other
Position
CEO
CMO
CFO
COO
HR Manager
Administration Assistant
Other
Other
Position
CTO
System Administration
Project Manager
Salary
Number Employed
1
1 Person will be 1
hired for every 1
dollar in sales input1
1
on the right
1
Number Employed
1
1
1 Person will be
1
hired for every 1
dollar in sales input 1
on the right
1
1
Administration
Salary
Number Employed
1
1
1 Person will be 1
hired for every 1
dollar in sales input 1
1
on the right
1
1
Engineering
Salary
Number Employed
1 Person will be
hired for every
dollar in sales input
on the right
1 Person will be
hired for every 1
dollar in sales input 1
on the right
1
Programming
Quality Assurance
Other
Other
Other
Position
Other
Other
Other
Other
Other
Salary
Number Employed
1
1 Person will be hired 1
for every dollar in sales1
input on the right 1
1
Operational Expense
Startup Expenses
Expense
Initial Outreach
Patent Filing
Website Development
Item 4
Other
Amount
Date
Service
Department Start Date
Expense
Office Supplies
Telephone/Postage
Plant Rent
Utilities
Auto Allowance
Other
Other
Other
Jan - 2010
Amount
Per Driver
Mar - 2010
Amount
Per Driver
Administration
Department Start Date
Expense
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
executive
Mar - 2010
Amount
Per Driver
Engineering
Department Start Date
Expense
Research Expense
Rent
Utilities
Telephone/Postage
Auto Allowance
Travel & Meals
Other
Other
Other
Amount
Per Driver
Other
Department Start Date
Expense
Office Supplies
Telephone/Postage
Rent
Utilities
Auto Allowance
Travel & Meals
Other
Other
Other
Amount
Per Driver
.....Capital Expenditures..
Investment
Plant Purchase
Machine
Machine
Machine
Truck
Truck
Other
Investment
Computers
Furniture
Software
Hardware
Fax, Copiers, Etc.
Other
Other
Depreciation Years
Depreciation Years
.....Financing..
Investment
Grant 1
Grant 2
Grant 3
Date
Equity Financing
Round
Amount
Date
Founders
Seed
Round A
Round B
Estimated Exit Value
Debt Financing
Loan Amount
Percent
Term (years)
Payment
#VALUE!
Start Date
Pre-Money Value
.....Other Items..
Item
Benefits and Taxes
Business Insurance
Anticipated Bad Debt
Tax Rate
Accounts Payable
Accounts Receivable
Amount
Per
Total Salary & Wages
of Total Sales
of Total Sales
of Net Income less Loss Carried Forward
Total Days worth of Purchases
Total Days worth of Sales
.....Valuation..
Quantitative Exit Valuation
Year of Exit
Revenue Multiple
EBITDA Multiple
Net Income
2014
2
6
12
50%
N/A
3
40%
40%
20%
8
60%
60%
yes
yes
no
1/1/2010
3
5
7
10
30
4
5
6
7
8
9
10
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Jan - 2010
$0
Feb - 2010
$0
Mar - 2010
$0
Apr - 2010
$0
May - 2010
$0
Jun - 2010
$0
Jul - 2010
$0
Aug - 2010
$0
Sep - 2010
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
$0
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0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Oct - 2010
$0
Nov - 2010
$0
Dec - 2010
$0
2010
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
$0
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Jan - 2011
$0
Feb - 2011
$0
Mar - 2011
$0
Apr - 2011
$0
May - 2011
$0
Jun - 2011
$0
Jul - 2011
$0
Aug - 2011
$0
Sep - 2011
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
$0
0
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0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Oct - 2011
$0
Nov - 2011
$0
Dec - 2011
$0
2011
0
0
0
0
0
0
0
0
0
0
0
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$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
$0
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Jan - 2012
$0
Feb - 2012
$0
Mar - 2012
$0
Apr - 2012
$0
May - 2012
$0
Jun - 2012
$0
Jul - 2012
$0
Aug - 2012
$0
Sep - 2012
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Oct - 2012
$0
Nov - 2012
$0
Dec - 2012
$0
2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
$0
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Jan - 2013
$0
Feb - 2013
$0
Mar - 2013
$0
Apr - 2013
$0
May - 2013
$0
Jun - 2013
$0
Jul - 2013
$0
Aug - 2013
$0
Sep - 2013
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Oct - 2013
$0
Nov - 2013
$0
Dec - 2013
$0
2013
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
$0
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Jan - 2014
$0
Feb - 2014
$0
Mar - 2014
$0
Apr - 2014
$0
May - 2014
$0
Jun - 2014
$0
Jul - 2014
$0
Aug - 2014
$0
Sep - 2014
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
Cash Budget
Beginning Cash Balance
Cash Inflows
Total Grants and Awards
Capital Investments
Founders
Seed Capital
Round A Capital
Round B Capital
Total Inflows from Capital Investments
Debt Financing
Bank Loan
Total Cash Flows from Debt Financing
Operations
Service One Sales
Service Two Sales
Service Three Sales
Service Four Sales
Service Five Sales
Less increase in Accounts Receivable
Total Inflows from Operations
Total Cash Inflows
Cash Outflows
Capital Expenditures
PP&E Capital Expenditures
Administrative Capital Expenditures
Total Capital Expenditures
Product Costs
Direct Labor
Materials
Service Department
Less Increase in Accounts Payable
Total Product Costs
Operational Outflows
Startup Costs
Total Sales and Marketing
Total Administration
Total Engineering
Total Other
Actual Taxes Paid
Total Operational Outflows
Financing Outflows
Principle Payment
Interest Expense
Total Financing Outflows
Total Cash Outflows
Net Change in Cash
Ending Cash Balance
Oct - 2014
$0
Nov - 2014
$0
Dec - 2014
$0
2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
$0
Company Name
Annual Income Statement
For Year Ending
Revenue
Service One
Service Two
Service Three
Service Four
Service Five
Total Revenue
Cost of Sales
Service One Cost of Sales
Service Two Cost of Sales
Service Three Cost of Sales
Service Four Cost of Sales
Service Five Cost of Sales
Total Cost of Sales
Gross Margin
Gross Margin %
Operating Expenses
Startup Expenses
Sales and Marketing
Administration
Engineering
Other
Total Operating Expenses
Operating Profit (EBITDA)
Operating Margin
Depreciation
Property, Plant & Equipment
Administrative Capital Assets
Total Depreciation
Earnings Before Interest & Taxes
Interest Expense
Earnings Before Taxes
Tax Expense
Net Income
Net Margin
2010
2011
2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
$0
#DIV/0!
0
0
0
0
0
0
0
$0
#DIV/0!
0
0
0
0
0
0
0
$0
#DIV/0!
2013
2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
0
$0
#DIV/0!
0
0
0
0
0
0
0
$0
#DIV/0!
Company Name
Fiscal Year Balance Sheet
For Year End
Assets
Current Assets
Cash
Deferred Tax Asset
Accounts Receivable
Total Current Assets
Fixed Assets
Property, Plant & Equipment
Administrative Capital Assets
Gross Fixed Assets
PP&E Accumulated Depreciation
Administrative Acc Depreciation
Net Fixed Assets
Total Assets
Liabilities & Equity
Accounts Payable
Current Portion of LT Debt
Long Term Debt
Total Liabilities
Equity
Paid In Capital
Retained Earnings
Total Equity
Total Liabilities & Equity
2010
2011
2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
0
0
0
$0
0
0
0
0
0
0
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
$0
0
0
0
$0
e
2013
2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
0
0
0
$0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
0
$0
Company Name
Statement of Cash Flows
For Year Ending
Cash Flows From Operations
Net Income (Loss)
+ Depreciation
(Inc.)/Dec. of Accounts Receivable
Inc./(Dec.) of Accounts Payable
(Inc.)/Dec. of Deferred Tax Asset
Inc./(Dec). of Current Liabilities
Total Cash Flow From Operations
Cash Flows From Investing
Property, Plant & Equipment
Administrative Capital Assets
Total Cash Flow From Investing
Free Cash Flows
Cash Flows From Financing
Grants & Awards
Founders
Seed Capital
Round A
Round B
Long Term Debt
Total Cash Flows From Financing
Total Cash Flow
Beginning Cash Balance
Ending Cash Balance
2010
2011
2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2013
2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Company Name
Capitalization Structure and Expected Returns
Investor Data
Seed Capital
Round A
Round B
Seed Investment Round
Founders
Seed Capital
Total Shares Outstanding
Pre-Money Valuation
Outside Capital
Post-Money Valuation
Series A Round
Founders
Seed Capital
Round A
Total Shares Outstanding
Pre-Money Valuation
Invested Capital
Post-Money Valuation
Series B Round
Founders
Seed Capital
Round A
Round B
Total Shares Outstanding
Pre-Money Valuation
Invested Capital
Post-Money Valuation
Investment Amount
Invested
Pre-Money Value
Share Price
0
#VALUE!
# of Shares
% of Company
100,000
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Invested
Share Price
0
#VALUE!
#VALUE!
# of Shares
% of Company
100,000
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Invested
Share Price
0
#VALUE!
#VALUE!
N/A
# of Shares
% of Company
100,000
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
$
Exit Data
Exit Value
Year of Exit
Multiple of Revenue
Multiple of EBITDA
Multiple of Income
Return on Investment
Founders
Seed Capital
Round A
Round B
Date
$0
0
#N/A
#N/A
#N/A
Investment
IRR
$0
Cash on Cash
Equity
Years Invested Net Cash Flows
100%
Company Name
Valuation Estimates
Quantitative Exit Valuation - Year 2014
Method
Multiple
Value
Revenue Multiple
2x
EBITDA Multiple
6x
Net Income
12x
Average Exit Valuation
$0
$0
$0
$0
Company Name
Fiscal Year Balance Sheet
For Year End
Sales and Marketing
VP Marketing
VP Sales
VP Advertising
Marketing Manager
Sales Representative
Other
Other
Administration
CEO
CMO
CFO
COO
HR Manager
Administration Assistant
Other
Other
Engineering
CTO
System Administration
Project Manager
Programming
Quality Assurance
Other
Other
Other
Other
Other
Other
Other
Other
Service
Direct Labor
Senior Engineer
Inventory Manager
Technical Support Manager
Floor Manager
Other
Other
Total
Salary
2010
2011
2012
$0
$0
$0
$0
$0
$0
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
$0
$0
$0
$0
$0
$0
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
$0
$0
$0
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
$0
$0
$0
$0
$0
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
#DIV/0!
$0
$0
$0
$0
$0
$0
#DIV/0!
0
0
0
0
0
0
#DIV/0!
#DIV/0!
0
0
0
0
0
0
#DIV/0!
#DIV/0!
0
0
0
0
0
0
#DIV/0!
Revenue / Employee
#DIV/0!
#DIV/0!
#DIV/0!
2013
2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
#DIV/0!
0
0
0
0
0
0
#DIV/0!
#DIV/0!
0
0
0
0
0
0
#DIV/0!
#DIV/0!
#DIV/0!
Jan - 2010
Feb - 2010
Mar - 2010
Apr - 2010
May - 2010
Jun - 2010
Jul - 2010
Aug - 2010
Sep - 2010
Oct - 2010
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jan - 2010
0
0
0
0
Feb - 2010
0
0
0
0
Mar - 2010
0
0
0
0
Apr - 2010
0
0
0
0
May - 2010
0
0
0
0
Jun - 2010
0
0
0
0
Jul - 2010
0
0
0
0
Aug - 2010
0
0
0
0
Sep - 2010
0
0
0
0
Oct - 2010
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
Nov - 2010
Dec - 2010
2010
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov - 2010
0
0
0
0
Dec - 2010
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2010
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
Jan - 2011
Feb - 2011
Mar - 2011
Apr - 2011
May - 2011
Jun - 2011
Jul - 2011
Aug - 2011
Sep - 2011
Oct - 2011
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jan - 2011
0
0
0
0
Feb - 2011
0
0
0
0
Mar - 2011
0
0
0
0
Apr - 2011
0
0
0
0
May - 2011
0
0
0
0
Jun - 2011
0
0
0
0
Jul - 2011
0
0
0
0
Aug - 2011
0
0
0
0
Sep - 2011
0
0
0
0
Oct - 2011
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
Nov - 2011
Dec - 2011
2011
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov - 2011
0
0
0
0
Dec - 2011
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2011
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
Jan - 2012
Feb - 2012
Mar - 2012
Apr - 2012
May - 2012
Jun - 2012
Jul - 2012
Aug - 2012
Sep - 2012
Oct - 2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jan - 2012
0
0
0
0
Feb - 2012
0
0
0
0
Mar - 2012
0
0
0
0
Apr - 2012
0
0
0
0
May - 2012
0
0
0
0
Jun - 2012
0
0
0
0
Jul - 2012
0
0
0
0
Aug - 2012
0
0
0
0
Sep - 2012
0
0
0
0
Oct - 2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
Nov - 2012
Dec - 2012
2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov - 2012
0
0
0
0
Dec - 2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
Jan - 2013
Feb - 2013
Mar - 2013
Apr - 2013
May - 2013
Jun - 2013
Jul - 2013
Aug - 2013
Sep - 2013
Oct - 2013
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jan - 2013
0
0
0
0
Feb - 2013
0
0
0
0
Mar - 2013
0
0
0
0
Apr - 2013
0
0
0
0
May - 2013
0
0
0
0
Jun - 2013
0
0
0
0
Jul - 2013
0
0
0
0
Aug - 2013
0
0
0
0
Sep - 2013
0
0
0
0
Oct - 2013
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
Nov - 2013
Dec - 2013
2013
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov - 2013
0
0
0
0
Dec - 2013
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2013
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
Jan - 2014
Feb - 2014
Mar - 2014
Apr - 2014
May - 2014
Jun - 2014
Jul - 2014
Aug - 2014
Sep - 2014
Oct - 2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jan - 2014
0
0
0
0
Feb - 2014
0
0
0
0
Mar - 2014
0
0
0
0
Apr - 2014
0
0
0
0
May - 2014
0
0
0
0
Jun - 2014
0
0
0
0
Jul - 2014
0
0
0
0
Aug - 2014
0
0
0
0
Sep - 2014
0
0
0
0
Oct - 2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
Nov - 2014
Dec - 2014
2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov - 2014
0
0
0
0
Dec - 2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%
0
0
0
0
0
0
0
$0
0.00%