2005

2006

2007

2008

2009

Stability Services ISS

Commercial Space Station
Commercial Lunar Space Services
Catapulta

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

Sales
Discounts & Returns

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

Sales (Net)
Personnel

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

Cost of Goods Sold Command and Control ops

0.00

0.00

0.00

0.00

0.00

Gross Profit

0.00

0.00

0.00

0.00

0.00

0.63
0.11
0.12
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

1.98
0.34
1.04
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

2.45
0.30
1.41
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

2.65
0.33
1.58
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

2.22
0.26
1.13
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

General op expenses
Ground Equipment
Commercial Space Station
Fuel Stability Services ISS
Fuel Commercial Space Station
Fuel Commercial Space Tug Services

Payroll expense
Professional Fees
Other general and administrative expense
General operating expenses
General operating expenses
Personnel costs
Laboratory supplies
RF sub system
Magnet sub system
Structural sub system
Thermal management sub system
Cryo cooler sub system
Sub system integration & controls
VF200-01 Development
RF sub system
Magnet sub system
Structural sub system
Thermal management sub system
Cryo cooler sub system
Sub system integration & controls

VF200-02 Development
Propulsion Test Platform
System Integration
Solar Array Stability Services ISS
Solar Array
Space Tug Development
Space Tug Launch
Royalties expenses

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

SG & A Expense
Royalties expenses

0.86
0.00

3.36
0.00

4.16
0.00

4.56
0.00

3.61
0.00

Amortisation Expense
Depreciation Expense
Operating Gain/Loss due to Exchange

0.00
0.01
0.00

0.00
0.11
0.00

0.00
0.50
0.00

0.00
1.25
0.00

0.00
1.12
0.00

-0.87

-3.47

-4.66

-5.81

-4.73

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

-0.87

-3.47

-4.66

-5.81

-4.73

Interest on Marketable Securities

Interest on Excess Mkt. Securities
Interest on L-T Funding Asset
Other Interest Income

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.10
0.00
0.00
0.00

0.00
0.00
0.00
0.00

Total Interest Income

0.00

0.00

0.00

0.10

0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

Operating Profit
Monetary Correction
Other Revenues & Gains
Monetary Adj: Income Statement
Financial Gain/Loss due to Exchange
Gain on Sale of Assets
Other Expenses & Losses
Dividends from Investments: Cost
Earnings Before Interest & Taxes

Interest
Interest
Interest
Interest

on Line of Credit
- LOC
on Notes Payable Non bank account
on Notes Payable

Interest on Notes Payable

Interest on L-T Debt: Debentures
Long-Term Deb Bank #1: Mezzanine
Interest on L-T Debt Bank #2: Convertible
Interest on L-T Debt BID: I.I.C

Interest on L-T Debt

0.01

0.02

0.05

0.00

0.23

Interest on L-T Debt: Scheduled

Non-Cash Int. on L-T Debt: Debentures
Long-Term Deb Bank #1: Mezzanine
Non-Cash Int. on L-T Debt Bank #2: Convertible
Non-Cash Int. on L-T Debt BID: I.I.C
Non-Cash Int. on L-T Debt Bank #3: Revolving

0.01
0.00
0.00
0.00
0.00
0.00

0.02
0.00
0.00
0.00
0.00
0.00

0.05
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.23
0.00
0.00
0.00
0.00
0.00

Non-Cash Int. on L-T Debt: Scheduled

Interest on Long-Term Debt: Excess

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

Other non operating expenses

Capital raise commision: Equity
Capital raise commision: Debt

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

N/A

0.00

0.00

0.00

0.00

Other non operating expenses

0.00

0.00

0.00

0.00

0.00

Interest Expense
Interest Capitalized

0.01
0.00

0.02
0.00

0.05
0.00

0.00
0.00

0.23
0.00

Total Interest Expense

0.01

0.02

0.05

0.00

0.23

Earnings Before Taxes

(0.88)

(3.49)

(4.71)

(5.71)

(4.96)

Current Provision for Income Taxes (Excl. NOL)

Tax Refund

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

Current Provision for Income Taxes

Deferred Provision for Income Taxes

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

Provision for Income Taxes

Other Taxes

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

Total Taxes

0.00

0.00

0.00

0.00

0.00

(0.88)

(3.49)

(4.71)

(5.71)

(4.96)

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

-0.88

-3.49

-4.71

-5.71

-4.96

Capital raise commision Debt Convertible

Income After Taxes

Earnings from Invests: Equity
Minority Interest in Income
Extraordinary Items
Net Income

2010

2011

2012

2013

2014

2015

2016

2017

2018

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

80.00 160.00
0.00
0.00
0.00
0.00
0.00
0.00

160.00
80.00
0.00
0.00

160.00
160.00
0.00
0.00

160.00
160.00
152.40
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

80.00 160.00
0.00
0.00

240.00
0.00

320.00
0.00

472.40
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

80.00 160.00
0.25
0.75

240.00
0.75

320.00
0.75

472.40
0.50

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.75
2.00
0.00
0.00
0.00
0.00

1.25
2.50
0.00
13.52
0.00
0.00

1.25
0.00
0.00
13.11
0.00
0.00

1.25
0.00
0.00
12.72
13.52
0.00

2.50
7.00
0.00
12.33
13.11
23.32

0.00

0.00

0.00

0.00

3.00

18.02

15.11

28.23

58.76

0.00

0.00

0.00

0.00

77.00 141.99

224.89

291.77

413.64

0.00
0.00
0.00
1.47
1.47
2.28
0.20
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
1.52
1.52
3.65
1.03
6.25
4.24
0.15
2.25
4.00
1.05
17.94
2.50
0.50
0.05
0.13
0.38
0.23

0.00
0.00
0.00
1.56
1.56
3.19
0.53
0.60
0.60
0.10
0.10
0.50
0.20
2.10
0.30
0.80
0.02
0.06
0.80
0.20

0.00
0.00
0.00
1.61
1.61
3.35
0.59
0.50
0.25
0.02
0.10
0.40
0.10
1.37
0.30
0.40
0.05
0.04
0.40
0.20

0.00
0.00
0.00
1.76
1.76
3.88
0.77
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
1.81
1.81
4.07
0.84
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
1.87
1.87
4.28
0.92
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
1.66
1.66
3.52
0.64
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
1.71
1.71
3.70
0.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

3.78
2.35
0.00
0.00
0.00
0.00
0.00
0.00

2.18
0.90
0.00
0.00
0.00
0.00
0.00
0.00

1.39
0.90
0.00
0.00
0.00
0.00
0.00
0.00

3.96
0.00

30.26
0.00

10.47
0.00

0.00
1.21
0.00

0.00
1.21
0.00

-5.17

0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00

0.00
0.00
0.00
0.00
25.00
75.00
0.00
8.00

0.00
0.00
0.00
0.00
0.00
75.00
38.00
12.00

0.00
0.00
0.00
0.00
0.00
45.00
0.00
16.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
23.62

9.20
0.00

9.82 114.11
0.00
0.00

131.41
0.00

67.73
0.00

30.69
0.00

0.00
1.25
0.00

0.00
1.27
0.00

0.00
1.29
0.00

0.00
8.59
0.00

0.00
24.91
0.00

0.00
30.44
0.00

0.00
30.46
0.00

-31.47

-11.72

-10.47

65.89

19.29

68.57

193.60

352.49

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

-5.17

-31.47

-11.72

-10.47

65.89

19.29

68.57

193.60

352.49

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.85
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.05
0.00
0.00
0.00

8.08
0.00
0.00
0.00

0.00

0.00

0.00

0.00

0.85

0.00

0.00

0.05

8.08

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00

0.86

1.59

1.96

0.00

0.11

8.55

0.00

0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.86
0.00
0.00
0.00
0.00
0.00

1.59
0.00
0.00
0.00
0.00
0.00

1.96
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.11
0.00
0.00
0.00
0.00
0.00

8.55
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.60
0.00

0.00
3.60
0.14

0.00
2.20
0.12

0.00
1.30
0.06

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.60

3.74

2.32

1.36

0.00

0.00

0.00

0.00

0.00

0.60
0.00

4.60
0.00

3.91
0.00

3.32
0.00

0.00
0.00

0.11
0.00

8.55
0.00

0.00
0.00

0.00
0.00

0.60

4.60

3.91

3.32

0.00

0.11

8.55

0.00

0.00

(5.77)

(36.07)

(15.63)

(13.79)

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

22.69
0.00

6.52
0.00

20.41
0.00

65.84
0.00

122.59
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

22.69
0.00

6.52
0.00

20.41
0.00

65.84
0.00

122.59
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

22.69
0.00

6.52
0.00

20.41
0.00

65.84
0.00

122.59
0.00

0.00

0.00

0.00

0.00

22.69

6.52

20.41

65.84

122.59

(5.77)

(36.07)

(15.63)

(13.79)

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

-5.77

-36.07

-15.63

-13.79

44.04

12.66

39.61

127.81

237.98

66.73

44.04

19.18

12.66

60.02

39.61

193.66

127.81

360.57

237.98

2019

2020

160.00
160.00
390.40
0.00

160.00
160.00
348.00
0.00

710.40
0.00

668.00
0.00

710.40
0.53

668.00
0.55

2.63
0.00
0.00
11.96
12.72
46.64

2.76
0.00
0.00
11.61
12.33
44.30

74.47

71.55

635.93

596.45

0.00
0.00
0.00
1.92
1.92
4.49
1.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
1.98
1.98
4.72
1.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
35.52

0.00
0.00
0.00
0.00
0.00
0.00
0.00
33.40

42.94
0.00

41.20
0.00

0.00
30.49
0.00

0.00
30.51
0.00

562.50

524.74

0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

562.50

524.74

20.51
0.00
0.00
0.00

32.43
0.00
0.00
0.00

20.51

32.43

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00

0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00

0.00

0.00

0.00

0.00
0.00

0.00
0.00

0.00

0.00

583.01

557.17

198.22
0.00

189.44
0.00

198.22
0.00

189.44
0.00

198.22
0.00

189.44
0.00

198.22

189.44

384.79

367.73

0.00
0.00
0.00

0.00
0.00
0.00

384.79

367.73

Balance Sheet for Ad Adstra Rocket

December 31
Millions of Dollars
2007

2008

2009

Pre Operating Period

2010
2011
2012

2013

2014

2015

ASSETS
Cash
Marketable Securities
Net Accounts Receivable
Prepaid Expenses
Other Current Assets
Total Current Assets

2.10
0.01
0.03
0.23
2.37

0.21
0.06
0.13
0.41

0.08
0.00
0.02
0.07
0.17

0.38
0.02
0.01
0.42

0.40
1.39
1.79

0.40
0.40

0.40
0.40

Gross Fixed Assets

Actual Assets
Laboratories
VF200-01 Development
VF200-02 Development
Propulsion Test Platform
System Integration
Solar Array
Space Tug Development
Space Tug Launch
Sub total
Accumulated Depreciation
Net Fixed Assets
Other non-current assets
Total Non-Current Assets

5.53
5.53
0.62
4.91
0.12
5.03

5.86
5.86
1.83
4.03
0.10
4.13

6.04
6.04
2.95
3.09
0.11
3.19

6.26
6.26
4.12
2.14
0.07
2.22

6.04
0.47
0.20
6.71
5.37
1.34
0.16
1.50

6.04
1.66
0.20
5.00
1.95
14.85
6.59
8.26
0.16
8.42

6.04
2.39
7.10
5.08
5.35
2.61
28.57
7.85
20.72
0.16
20.88

6.04
3.13
8.11
6.31
5.45
3.06
32.10
9.13
22.97
0.16
23.13

6.04
3.89
8.11
6.31
5.45
3.06
32.86
12.72
20.14
20.14

TOTAL ASSETS

7.40

4.54

3.36

2.63

3.29

8.82

21.28

23.53

98.90

LIABILITIES
Accounts Payable
Line of Credit
Notes Payable - Debentures
Interest Payable
Other current liabilites
Total Current Liabilities

0.41
6.00
0.37
6.78

0.53
6.00
0.08
6.61

1.06
0.60
6.00
1.00
0.06
8.72

1.15
0.69
0.07
0.03
1.94

Long-Term Debt Bank

Other non-current liabilities
Total Non-Current Liabilities

0.63
0.63

0.86
0.86

0.14
0.14

0.12
0.12

0.12
0.12

3.00
0.12
3.12

15.10
0.12
15.22

18.19
0.12
18.31

Total Liabilities

7.41

7.47

8.86

2.06

0.12

3.12

15.22

18.31

0.02

0.02

0.20

0.20

0.20

0.20

EQUITY
Common Stock (Par Value)

0.40
0.40###
###

###

0.50
78.26
78.76

0.20

Additional Paid in Capital

Retained Earnings
Total Equity
TOTAL LIABILITIES & EQUITY

9.08
(9.08)
(0.00)
(

7.40

11.84
14.24
(14.79) (19.75)
(2.93) (5.50)

0) (

4.54

0) (

3.36
0)

24.94
(24.57)
0.56
2.63

42.65
(39.68)
3.17
3.29

82.65
(77.15)
5.70
8.82

98.65
(92.79)
6.06
21.28

111.65
(106.62)
5.23
(

111.65
(12.94)
98.91

23.54
98.91
0)
###
###
(
0)

2016

Operating Period
2018
2019

2017

2020

0.50
161.24
161.74

0.50
145.45
145.95

0.50
252.58
253.08

0.50
524.96
525.46

0.50
944.26
944.76

6.04
4.68
8.11
6.31
5.45
3.06
25.00
###
83.65
21.34
62.31
62.31

6.04
5.49
8.11
6.31
5.45
3.06
25.00
150.00
38.00
247.46
46.28
201.18
201.18

6.04
6.33
8.11
6.31
5.45
3.06
25.00
205.00
38.00
303.30
76.74
226.56
226.56

6.04
7.19
8.11
6.31
5.45
3.06
25.00
205.00
38.00
304.16
107.23
196.93
196.93

6.04
8.08
8.11
6.31
5.45
3.06
25.00
205.00
38.00
305.05
137.75
167.30
167.30

224.05

347.13

479.64

722.39

1,112.06

0.20

0.20

0.20

0.20

0.20

###
###
###
###
###

111.65
112.20
224.05
224.05
-

111.65
235.29
347.14

111.65
367.78
479.63

111.65
610.54
722.39

111.65
1,000.21
1,112.06

347.14

479.63

722.39
-

1,112.06
-

0)

Income Statement for Ad Adstra Rocket

Year ended December 31
Millions of Dollars

Sales
Stability Services ISS
Commercial Space Station
Commercial Space Tug Services
Sub total
Cost of Goods Sold
Personnel
General Operating Costs
Ground Equipment
Fuel Stability Services ISS
Fuel Commercial Space Station
Fuel Commercial Space Tug Services
Sub total
Gross Profit
General & Admnistrative Expenses
Payroll expense
Professional Fees
Other general and administrative expense
General operating expenses
Personnel costs
Laboratory supplies
VF200-01 Development
VF200-02 Development
Propulsion Test Platform
System Integration
Solar Array
Space Tug Development
Space Tug Launch
Royalties expenses
Sub total
Depreciation Expense
Operating Profit

Pre Operating Period

2010
2011
2012

2007

2008

2009

2013

2014

2.45
0.30
1.92
4.66
-

2.65
0.33
2.83
5.81
-

2.22
0.26
2.25
4.73
-

2.29
0.12
2.66
5.07
-

160.00
160.00

0.25
0.75
2.00
3.00

157.00

(4.66)

(5.81)

(4.73)

(5.07)

2.30
2.99
0.97
3.93
0.28
0.99
11.46
1.21
(12.67)

1.52
3.65
1.03
17.94
3.78
2.35
1.75
32.02
1.22
(33.24)

1.56
3.19
0.53
2.10
2.18
0.90
0.65
11.11
1.26
(12.37) (

1.61
3.35
0.58
1.37
1.39
0.90
0.45
9.65
1.28
10.93)

2015

1.66
3.51
0.64
8.00
13.81
3.59
139.60

Interest Income
Interest Expenses
Other income
Capital raise commission (Equity)
Capital raise commision (Debt)
Sub total

0.21
-0.27
0.01
-0.05

0.02
-0.29
0.38
0.10

0.00
-0.31
0.07
-0.23

0.00
-0.05
0.30
0.25

1.50
1.50

0.19
4.00
0.05
4.24

1.43
1.60
0.24
3.27

1.55
1.30
0.06
2.91

2.35
-2.35

Earnings Before Taxes

Income Taxes

(4.61)
-

(5.91)
-

(4.50)
-

(5.32)
-

(14.17)
-

(37.48)
-

(15.64)
-

(13.84)
-

141.95
48.26

Net Income

(4.61)

(5.91)

(4.50)

(5.32)

(14.17)

(37.48)

(15.64)

(13.84)

93.69

Operating Period
2018
2019

2016

2017

2020

160.00
160.00
320.00

160.00
160.00
320.00

160.00
160.00
320.00

160.00
160.00
152.40
472.40

160.00
160.00
390.40
710.40

0.75
1.25
2.50
4.50

0.75
1.25
13.52
15.52

0.75
1.25
13.11
13.52
28.63

0.50
2.50
7.00
12.72
13.11
23.32
59.15

0.53
2.63
12.33
12.72
46.64
74.85

315.50

304.48

291.37

413.25

635.55

1.71
3.69
0.71
-

1.76
3.87
0.78
-

1.81
4.07
0.86
-

1.87
4.27
0.94
-

1.92
4.48
1.04
-

25.00
75.00
16.00
122.11
8.62

75.00
16.00
97.41
24.94

45.00
16.00
67.74
30.47

23.62
30.70
30.49

35.52
42.96
30.52

184.77

182.13

193.16

352.06

562.07

4.84
-4.84

4.36
-4.36

7.58
-7.58

15.75
-15.75

28.33
-28.33

189.61
64.47

186.49
63.41

200.74
68.26

367.81
125.06

590.40
200.74

125.14

123.08

132.48

242.75

389.66

Funds Flow for Ad Adstra Rocket

December 31
Millions of Dollars
2011

Incomes
Stability Services ISS
Commercial Space Station
Commercial Space Tug Services
Total incomes

Pre Operating Period

2012
2013
2014

0.00

0.00

0.00

0.00

Costs
Development costs
Operation costs
Miscellaneous cost
Royalties
Total Costs

0.00
12.67
0.00
0.00
12.67

0.00
33.24
0.00
0.00
33.24

0.00
12.37
0.00
0.00
12.37

0.00
10.93
0.00
0.00
10.93

Operating Profit

(12.67)

(33.24)

(12.37)

(10.93)

Income taxes
Net Operating Profit
CAPEX
Laboratories
VF200-01 Development
VF200-02 Development
Propulsion Test Platform
System Integration
Solar Array
Space Tug Development
Space Tug Launch
Total CAPEX
Cash Flow from Operations
Financial Expense
Interest Expense
Interest Income
Net Cash Provided
Funding Surplus / (Deficit)
Change in Line of Credit
Change in Long-Term Debt Bank
Change Additional Paid in Capital
Change in Common Stock
Change in Marketable Securities

(12.67)

0.32
0.20
0.52
(13.19)

(33.24)

1.19
5.00
0.20
6.39
(39.63)

(12.37)

0.72
6.90
5.08
0.35
13.05
(25.42)

(10.93)

0.74
1.01
1.23
0.10
0.01
3.09
(14.02)

1.50
(0.07)
1.43

4.24
4.24

3.27
3.27

2.91
2.91

1.43
(0.30)
15.01
15.01
16.14

4.24
3.00
39.99
39.99
47.23

3.27
12.10
15.99
15.99
31.36

2.91
3.09
6.00

2015

2016

2017

Operating Period
2018
2019

2020

2021

160.00
160.00
390.40
710.40

160.00
160.00
348.00
668.00

160.00

160.00
160.00

160.00
160.00

160.00
160.00

160.00

320.00

320.00

320.00

160.00
160.00
152.40
472.40

3.00
9.40
0.00
8.00
20.40

4.50
114.73
0.00
16.00
135.23

15.52
106.35
0.00
16.00
137.87

28.63
82.21
0.00
16.00
126.84

59.15
37.57
0.00
23.62
120.34

74.85
37.96
0.00
35.52
148.33

71.90
38.37
0.00
33.40
143.67

143.19

193.39

207.07

223.63

382.55

592.59

554.87

48.26

64.47

63.41

68.26

125.06

200.74

192.00

94.93

128.92

143.66

155.37

257.49

391.85

362.87

0.79
25.00
25.00

0.81
125.00
38.00

0.84
55.00
-

0.86
-

0.89
-

0.91
-

50.79
78.13

163.81
(20.15)

55.84
99.53

0.86
256.63

0.89
390.96

0.91
361.96

0.77
###
###
###
###
###
###
0.77
94.16
###
2.39
2.39

4.84
4.84

4.36
4.36

7.58
7.58

15.75
15.75

28.33
28.33

40.40
40.40

2.39
(18.19)
(15.80)

4.84
4.84

4.36
4.36

7.58
7.58

15.75
15.75

28.33
28.33

40.40
40.40

AD ASTRA ROCKET COMPANY

ENTERPRISE VALUE
(USD MILLION)
Free
Year Cash Flow

2015
2016
2017
2018
2019
2020

94.16
78.13
(20.15)
99.53
256.63
390.96
361.96

2021

Discounted
factor

Present Value
Cash Flow

0.86
0.73
0.63
0.54
0.46
0.39
0.34

80.64
57.30
(12.66)
53.54
118.23
154.26
122.31

Present Value at December 31, 2014

Free Cash Flows
Terminal Value
361.96
2,159.02

Operating Cash Flow 2021

Perpetuity Value

Enterprise Value

Summary valuation per year

Year
12/31/2014
12/31/2013
12/31/2012
12/31/2011

2014
2013
2012
2011

Corporate
Value
1,303.21
1,289.19
895.43
599.96

Annual
Cash Flows
(14.02)
(25.42)
(39.63)
(13.19)

Discount rate

Accumulated
Present Value

Tax
G

16.77%
40.0%
0.00%
7.0%

80.64
137.95
125.29
178.83
297.07
451.33
573.64

573.64
729.57

1,303.21 Como podrn notar los datos no son exactamente iguales, a los del documento
producto de diferencias en las sumas que se consignan en el prospecto, no
obstante la diferencia no es significativa.

Net
Present Value
1,289.19
895.43
599.96
415.36

el documento

CALCULO DEL COSTE DE LOS RECURSOS PROPIOS

Elementos o variables que se consideran para el clculo
Tasa libre de Riesgo:
Prima por riesgo pas
Rentabilidad del mercado
Beta de mercado
Prima por industria
Tasa de descuento

FORMULA UTILIZADA

Mtodo
CAPM
4.86%
0.00%
4.50%
1.09
7%
16.77%

Funds Flow for Ad Adstra Rocket

December 31
Millions of Dollars
Pre Operating Period
2012
2013
2014
Incomes
Aurora Research Operation on ISS
Demostration mission (VF 200-02)
Reboot Services to the ISS (VF 100-01)
LEO Space Tug (VF 200-03)
Total Incomes

- ##

Costs
Development costs
Operation costs
Miscellaneous cost
Royalties
Total Costs

12.00

38.40

24.20

12.00

38.40

24.20

Operating Profit
Income taxes

(12.00)
-

(38.40)
-

(24.20)
##
-

Net Operating Profit

(12.00)

(38.40)

(24.20)
##

Total CAPEX
Cash Flow from Operations

(12.00)

(38.40)

-##
(24.20)#

Financial Expense
Interest Expense
Interest Income
Net Cash Provided

(12.00)

(38.40)

(24.20)#

(12.00)

(38.40)

(24.20)

CAPEX
Reboot Services to the ISS (VF 100-01)
LEO Space Tug (VF 200-03)
Laboratories
VF200-01 Development
VF200-02 Development
Propulsion Test Platform
System Integration
Space Tug Development
Space Tug Launch

Funding Surplus / (Deficit)

Change in Line of Credit
Change in Long-Term Debt Bank
Change Additional Paid in Capital
Change in Common Stock
Change in Marketable Securities

12.00) (

38.40)

(24.20)

2015

2016

2017

30.00
75.00

Operating Period
2018
2019

30.00
75.00

2020

2021

2022

30.00

30.00

30.00

30.00

30.00

160.00
125.00
315.00

160.00
125.00
315.00

160.00
125.00
315.00

160.00
125.00
315.00

54.00
7.50
14.30
75.80

21.00
7.50
14.30
42.80

21.00
7.50
14.30
42.80

21.00
7.50
14.30
42.80

105.00

105.00

30.00

3.00
6.00
3.00
3.80
15.80

3.00
6.00
3.00

12.70

3.00
6.00
3.00
3.80
15.80

12.00

(12.70)
-

89.20
21.80

89.20
21.80 (

18.00
0.30)

239.20
78.30

272.20
92.60

272.20
97.40

272.20
97.40

(12.70)

67.40

67.40

18.30

160.90

179.60

174.80

174.80

30.00
25.00

30.00
50.00

57.00
15.00

12.70

(12.70)

55.00
12.40

80.00
(12.60)

72.00
(53.70)

160.90

179.60

174.80

174.80

(12.70)

12.40

(12.60)

(53.70)

160.90

179.60

174.80

174.80

(12.70)

12.40

(12.60)

(53.70)

160.90

179.60

174.80

174.80

(12.70)

12.40

(12.60)

(53.70)

160.90

179.60

174.80

174.80

2023

30.00
160.00
125.00
315.00

21.00
7.50
14.30
42.80
272.20
97.40
174.80

174.80

174.80
174.80

174.80

AD ASTRA ROCKET COMPANY

ENTERPRISE VALUE
(USD MILLION)
Free
Year Cash Flow

2016
2017
2018
2019
2020
2021

12.40
(12.60)
(53.70)
160.90
179.60
174.80
174.80
174.80

2022
2022

Discounted
factor

Present Value
Cash Flow

0.83
0.69
0.58
0.48
0.40
0.33
0.28
0.23

10.33
(8.75)
(31.08)
77.59
72.18
58.54
48.78
40.65

Present Value at December 31, 2015

Free Cash Flows
Free Cash Flows 2015
Terminal Value
174.80
1,438.74

Operating Cash Flow 2022

Perpetuity Value

Enterprise Value

Summary valuation per year

Year
12/31/2015
12/31/2014
12/31/2013
12/31/2012

2015
2014
2013
2012

Corporate
Value
603.10
589.08
465.48
348.27

Annual
Cash Flows
(14.02)
(25.42)
(39.63)
(13.19)

Discount rate

Accumulated
Present Value

10.3
1.6
-29.5
48.1
120.3
178.8
227.6
268.3

268.3
-12.7
334.6

590.2

Net
Present Value
589.08
465.48
348.27
277.04

Tax
G

20.00%
40.0%
0.00%
7.0%