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FINANCIAL MODEL FOR

TRANSACTION BASED REVENUE BUSINESSES

ASSUMPTIONS IN THIS MODEL DIRECTIONS


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- Revise Revenues
-- Growth Rate Costs
Revise Startup
-- Valuation
Add SG&A
Company Name: BundlIt
Jesse Ankney, Kristian Spencer,
Team Member Names:
Lilliana Burton, Haley Ocampo

Period: 3B

Last Updated: 1-9-19

Description of Your Sport accessory that eliminates


Business Idea: the need for an extra bag

Notes/Updates/Questions:
Use this space to make notes, jot down questions, to dos, etc.
Revenue
DIRECTIONS
Input your revenue assumptions into the Transaction-Based Revenue section below. If you offer advertising revenue, input those revenue assumptions as well. Within each revenue model, only use the lines for the type you will offer. For example, in Transaction, if you offer one product/service, do
not use the lines for the other transaction types. Specific instructions for each revenue model are provided.
Transaction-Based Revenue:
1. Input the Unit Price for each type of transaction revenue you will offer.
2. Input the number of units that will be sold in each month of Year 1 for each transaction type.
3. Input the Annual Growth Rate in Units Sold for Year 2 and Year 3 for each transaction type.
Year 1 Monthly Units Sold Year 1 Year 2 Year 3
Transaction Type Unit Price
3/19 4/19 5/19 6/19 7/19 8/19 9/19 10/19 11/19 12/19 1/20 2/20 Total Total Growth Units Revenue Growth Units Revenue
BundlIt ($ 20.00) 5 7 9 11 13 15 17 19 21 23 25 27 Units
192Sold ($Revenue Rate
3,840.00) 0.0% Sold
192 Rate
($ 3,840.00) 0.0% Sold
192 ($ 3,840.00)
[Transaction Revenue 2] ($ -  ) 0 0 0 0 0 0 0 0 0 0 0 0 0 ($ -  ) 0.0% 0 ($ -  ) 0.0% 0 ($ -  )
[Transaction Revenue 3] ($ -  ) 0 0 0 0 0 0 0 0 0 0 0 0 0 ($ -  ) 0.0% 0 ($ -  ) 0.0% 0 ($ -  )
[Transaction Revenue 4] ($ -  ) 0 0 0 0 0 0 0 0 0 0 0 0 0 ($ -  ) 0.0% 0 ($ -  ) 0.0% 0 ($ -  )
Total of all Transaction Types 5 7 9 11 13 15 17 19 21 23 25 27 192 ($3,840.00) 192 ($3,840.00) 192 ($3,840.00)

Advertising-Based Revenue:
1. Input the Revenue per Thousand Impressions (or some other advertising-related metric, be sure to adjust your decimals accordingly) for each type of advertising revenue you will offer.
2. Input the number of impressions for each month of Year 1 for each type of advertising revenue.
3. Input the Annual Growth Rate in impressions (or some other advertising-related metric) for Year 2 and Year 3 for each type of advertising revenue.
Revenue Year 1 Monthly Impressions (in thousands) Year 1 Year 2 Year 3
Advertising Type (per 1K
Impress.) Month Month Month Month Month Month Month Month Month Month Month Month Total Total Growth Impress. Revenue Growth Impress. Revenue
[Advertising Revenue 1] ($ -  ) 1
0 2
0 3
0 4
0 5
0 6
0 7
0 8
0 9
0 10
0 11
0 12
0 Impress.
0 ($Revenue Rate
-  ) 0.0% 0 ($ Rate
-  ) 0.0% 0 ($ -  )
[Advertising Revenue 2] ($ -  ) 0 0 0 0 0 0 0 0 0 0 0 0 0 ($ -  ) 0.0% 0 ($ -  ) 0.0% 0 ($ -  )
[Advertising Revenue 3] ($ -  ) 0 0 0 0 0 0 0 0 0 0 0 0 0 ($ -  ) 0.0% 0 ($ -  ) 0.0% 0 ($ -  )
[Advertising Revenue 4] ($ -  ) 0 0 0 0 0 0 0 0 0 0 0 0 0 ($ -  ) 0.0% 0 ($ -  ) 0.0% 0 ($ -  )
Total of all Advertising Types 0 0 0 0 0 0 0 0 0 0 0 0 0 ($ -  ) 0 ($ -  ) 0 ($ -  )
Cost of Goods Sold
(aka COGS)
DIRECTIONS
Input the costs (materials, packaging, labor, etc) to produce one unit of your product or deliver one unit of your service for each type of transaction revenue you will offer.

Notes:
Transaction-Based Revenue Costs of Goods Sold
For businesses
1. Complete using an Advertising-based
the appropriate revenue
costs per unit section model
below or selling
for each type an app, this worksheet
of transaction is not
revenue you needed
will offer. as most costs associated with digital marketing are fixed.
You may not need all the rows below, but if you need additional rows, insert a row above the last expense line in each category and check the equations in total cells.
Bundlit 1st prototype 3 Prototypes
Types of Costs Description Unit Cost Types of Costs Description Unit Cost
Home Depot spine ($ 2.00) fabric.com netted bag / cloth bag ($ 36.24)
Owned Material bag ($ -  ) 3D printed spine
Walmart caribeaners (2) ($ 6.00) amazon nylon strapping (50 yards) 13¨
Owned Material straps ($ -  ) 3D printed button
[Type 5] protective outside material ? owned tough pla ($ -  )
https://www.amazon. loop holder? ($ 1.01) amazon zippers ($ 1.24)
[Type 7]
com/SmartStraps-110- [detailed description of type 7] ($ -  ) amazon round elastic cord ($ 0.30)
Bungee-Cord- Total COGS per Unit ($ 9.01) Total COGS per Unit ($ 37.78)
Piece/dp/B001DZOMY6/ref= Unit Price ($ 20.00) Unit Price ($ -  )
sr_1_4? Less: COGS per Unit ($ 9.01) Less: COGS per Unit ($ 37.78)
Equals Gross Margin per Unit ($ 10.99) Equals Gross Margin per Unit ($ (37.78)
ie=UTF8&qid=1551111005&
Gross Margin % (Gross Margin/Price) 54.95% Gross Margin % (Gross Margin/Price) #DIV/0!
sr=8-
4&keywords=cinch+cord
[Transaction Revenue 3] Costs per Unit [Transaction Revenue 4] Costs per Unit
Types of Costs Description Unit Cost Types of Costs Description Unit Cost
[Type 1] [detailed description of type 1] ($ -  ) [Type 1] [detailed description of type 1] ($ -  )
[Type 2] [detailed description of type 2] ($ -  ) [Type 2] [detailed description of type 2] ($ -  )
[Type 3] [detailed description of type 3] ($ -  ) [Type 3] [detailed description of type 3] ($ -  )
[Type 4] [detailed description of type 4] ($ -  ) [Type 4] [detailed description of type 4] ($ -  )
[Type 5] [detailed description of type 5] ($ -  ) [Type 5] [detailed description of type 5] ($ -  )
[Type 6] [detailed description of type 6] ($ -  ) [Type 6] [detailed description of type 6] ($ -  )
[Type 7] [detailed description of type 7] ($ -  ) [Type 7] [detailed description of type 7] ($ -  )
Total COGS per Unit ($ -  ) Total COGS per Unit ($ -  )
Unit Price ($ -  ) Unit Price ($ -  )
Less: COGS per Unit ($ -  ) Less: COGS per Unit ($ -  )
Equals Gross Margin per Unit ($ -  ) Equals Gross Margin per Unit ($ -  )
Gross Margin % (Gross Margin/Price) #DIV/0! Gross Margin % (Gross Margin/Price) #DIV/0!

Transaction-Based Revenue COGS:


Year 1 Year 2 Year 3
Transaction Type COGS per Unit
Units Sold Total COGS Units Sold Total Units Total
BundlIt ($ 9.01) 192 ($ 1,729.92) 192 ($COGS
1,729.92) Sold
192 ($COGS
1,729.92)
[Transaction Revenue 2] ($ 37.78) 0 ($ -  ) 0 ($ -  ) 0 ($ -  )
[Transaction Revenue 3] ($ -  ) 0 ($ -  ) 0 ($ -  ) 0 ($ -  )
[Transaction Revenue 4] ($ -  ) 0 ($ -  ) 0 ($ -  ) 0 ($ -  )
Total Transaction-Based COGS ($ 1,729.92) ($ 1,729.92) ($ 1,729.92)

Subscription-Based Revenue COGS:


Year 1 Year 2 Year 3
Transaction Type COGS per Unit
Units Served Total COGS Units Served Total Units Total
Total Transaction-Based COGS ($ -  ) 0 ($ -  ) 0 ($COGS
-  ) Served
0 ($COGS
-  )
Startup Costs
DIRECTIONS
1. Take your list of startup costs and determine which of the categories below each fits into. Input each item into the appropriate category.
a. Administrative Costs - Filing fees (LLC agreements, articles of incorporation), permits, patents, legal costs
b. Plant, Property and Equipment - land, buildings, equipment (including computers), machinery, molds
c. Development Costs - Costs associated with an investment in an initial prototype (i.e. material and labor)
d. Marketing Costs - Marketing expenses required prior to revenue generation, samples, such as trade shows, initial vendor relationships, etc.
e. Salaries or Consulting Fees - Includes salaries paid to third parties or members of the team, as well as consulting fees to third party contractors
f. Start-Up Inventory - An estimate of the amount of inventory that the business will require when it commences operations
2. Input your estimated amount for each item.
Notes:
You may not need all of the rows below, but if you need additional rows, insert a row above the last expense line in each category.

Administrative Costs
LLC agreement ($ 2,500.00)
design patent (provisional for year) ($ 200.00)
trademark agreement ($ 275.00)
website design ($ 500.00)
equipment(ex: cameras for photography) ($ 1,250.00)
($ -  )
($ -  )
($ -  )
[Administrative Cost 9] ($ -  )
[Administrative Cost 10] ($ -  )
Subtotal: ($ 4,725.00)

Plant, Property and Equipment

Molds/set plans for prototype ($ -  )


[Plant, Property, & Equip. Cost 3] ($ -  )
Subtotal: ($ -  )

Development Costs (i.e. Prototype) If your business is a digitally product, your version 1.0 will be captured here. All bug fixes and future versions will be captured in SG&A.
[Development Costs 1] ($ -  )
[Development Costs 2] ($ -  )
[Development Costs 3] ($ -  )
Subtotal: ($ -  )

Marketing Costs
website ($ 179.88)
trade show ($ 150.00)
domain name ($ 17.99)
[Marketing Costs 4] ($ -  )
[Marketing Costs 5] ($ -  )
Subtotal: ($ 347.87)

Salaries or Consulting Fees


lawyer for operation agreement ($ 1,000.00)
($ -  )
[Salaries or Consulting Fees 3] ($ -  )
Subtotal: ($ 1,000.00)

Inventory
Startup Inventory ($ -  )

Total Startup Costs ($ 6,072.87)


Selling, General, & Administrative
(aka SG&A)
DIRECTIONS
1. List out your SG&A costs.
2. Categorize each SG&A cost using the categories below. Some guiding examples:
a. Administrative Costs - legal expenses, accounting fees, technology fees, rent, insurance, and other
b. Bug Fixes & Market Relevance - maintaining your product based on trends and what customers need
c. Marketing Costs - promotional materials, marketing research, website maintenance expenses, ads, and other
d. Salaries or Consulting Fees - salaries for your team, salaries for your development team (if necessary), consulting fees paid to advisors
e. Selling Costs* - commissions for sales team, travel expenses, merchant fees
3. Input your estimated amount for each item for the first year. All costs are on a yearly basis; if your estimate is per month, simply multiply by 12.
4. Override the amounts for Years 2-5, as needed. Some expenses will change with: increased sales, expanded marketing plans, or overall growth.
Input these changing costs appropriately as you move from years 2 through 5.
Notes:
You may not need all of the rows below; enter zeros for unnecessary expenses. If you need additional rows, insert a row above the last expense line
in each category.
*Selling costs include an ability to calculate commissions payable to sales people based on projected revenue. For Transaction and Advertising
Revenue, Selling cost is calculated with annual revenue. If the revenue model includes a sales commission component, put the applicable
commission percentage in cell C46. Otherwise, set the commission percentageYear 1 in cell C46 to 0%. Year 2 Year 3
Administrative Costs
general liability insurance ($ 428.00) ($ 428.00) ($ 428.00)
manufactoring tbd tbd tbd
[Administrative Costs 3] ($ -  ) ($ -  ) ($ -  )
[Administrative Costs 4] ($ -  ) ($ -  ) ($ -  )
[Administrative Costs 5] ($ -  ) ($ -  ) ($ -  )
[Administrative Costs 6] ($ -  ) ($ -  ) ($ -  )
[Administrative Costs 7] ($ -  ) ($ -  ) ($ -  )
[Administrative Costs 8] ($ -  ) ($ -  ) ($ -  )
[Administrative Costs 9] ($ -  ) ($ -  ) ($ -  )
[Administrative Costs 10] ($ -  ) ($ -  ) ($ -  )
Total Administrative Costs ($ 428.00) ($ 428.00) ($ 428.00)
Bug Fixes & Market Relevance (for digital-based products and transaction based-revenue)
Bug Fixes ($ -  ) ($ -  ) ($ -  )
Market Relevance ($ -  ) ($ -  ) ($ -  )
Total Bug Fixes & Market Relevance Costs ($ -  ) ($ -  ) ($ -  )
Marketing Costs
Ads ($ -  ) ($ -  ) ($ -  )
Website Hosting ($ 600.00) ($ 600.00) ($ 600.00)
[Marketing Costs 3] ($ -  ) ($ -  ) ($ -  )
[Marketing Costs 4] ($ -  ) ($ -  ) ($ -  )
[Marketing Costs 5] ($ -  ) ($ -  ) ($ -  )
Total Marketing Costs ($ 600.00) ($ 600.00) ($ 600.00)
Salaries or Consulting Fees
Accountant/Finacial Manager ($ 2,400.00) ($ 2,400.00) ($ 2,400.00)
[Salaries or Consulting Fees 2] ($ -  ) ($ -  ) ($ -  )
[Salaries or Consulting Fees 3] ($ -  ) ($ -  ) ($ -  )
Total Salaries or Consulting Fees ($ 2,400.00) ($ 2,400.00) ($ 2,400.00)
Selling Costs
[Selling Costs 1 (or % of Revenue)] 0.0% ($ -  ) ($ -  ) ($ -  )
[Selling Costs 2] ($ -  ) ($ -  ) ($ -  )
[Selling Costs 3] ($ -  ) ($ -  ) ($ -  )
[Selling Costs 4] ($ -  ) ($ -  ) ($ -  )
Total Selling Costs ($ -  ) ($ -  ) ($ -  )
Total SG&A ($ 3,428.00) ($ 3,428.00) ($ 3,428.00)
Market Sizing
DIRECTIONS
Input your Market Sizing data into the appropriate category(ies) below. The inputs can be found in your Market Size Model
from the
Total Market Sizing
Addressable lesson. Open this file to locate this information. As you enter the information, double-check your
Market:
work and
Follow themake sure it continues
appropriate instructionsto below
accurately represent
depending your you
on how market.
choose to estimate your total buyers. Input sources/notes
for each assumption.
Top-Down Approach: Note: Yellow shaded cells should notBottom-Up be edited. Pinkish shaded cells are for inputs. Empty input figure
Approach:
cells
1. should
Input yourhave
first adata
value of 1.in Starting Figure.
point 1. Input your first data point in Starting Figure.
2. Wittle down your Starting Figure by entering your 2. Build-up to your estimated total buyers by entering additional
Assumptions (in percentages), i.e. when starting with assumptions.
Note: Thisyou
If, instead, model
are assumes
adding you youareareadding
multiplying your to
assumptions
the entire population of the U.S. enter "0.5" to get assumptions
estimate yourbytotal
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Starting Figurethe
change (for* example, # daycares
in the formula for in U.
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Serviceable U.S.
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Estimated Totalin#each daycare
of Buyers x ...).
to +. Also, empty Assumption cells
Follow the steps below to estimate your Serviceable Addressable should then haveNote:
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Yellow
Pinkish
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Note: If you enter
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assumption.
Transaction-Based Revenue
TAM: Total Addressable Market
High School Students In the United States ( 15,100,000)
High School Student Athletes in the United States ( 1.00)
[Assumption 2] ( 1.00)
[Assumption 3] ( 1.00)
[Assumption 4] ( 1.00)
Estimated TOTAL # of Buyers ( 15,100,000)
Frequency of Purchase ( 1)
TAM (# of Units) ( 15,100,000)
Average Unit Price ($ 20.00)
TAM ($ Revenue) ($ 302,000,000.00)
SAM: Serviceable Addressable Market
Total # Buyers ( 15,100,000) [1]
[Assumption 1] ( 1.00)
[Assumption 2] ( 1.00)
[Assumption 3] ( 1.00)
[Assumption 4] ( 1.00)
Estimated TOTAL # of Customers ( 15,100,000)
SAM (# of Units) ( 15,100,000)
SAM ($ Revenue) ($ 302,000,000)
MS: Market Share
Our Year 1 Revenue (from 3 Year Summary) ($ 3,840)
Market Share Percent 0.00%

Advertising-Based Revenue
TAM: Total Addressable Market
[Starting Figure] ( 1)
[Assumption 1] ( 1.00)
[Assumption 2] ( 1.00)
[Assumption 3] ( 1.00)
[Assumption 4] ( 1.00)
Estimated TOTAL # of Buyers ( 1)
Frequency of Purchase ( 1)
TAM (# of Units) ( 1)
Average Unit Price ($ -  )
Factor in Revenue as per thousand impressions ( 0.001)
TAM ($ Revenue) ($ -  )
SAM: Serviceable Addressable Market
Total # Buyers ( 1) [2]
[Assumption 1] ( 1.00)
[Assumption 2] ( 1.00)
[Assumption 3] ( 1.00)
[Assumption 4] ( 1.00)
Estimated TOTAL # of Customers ( 1)
SAM (# of Units) ( 1)
SAM ($ Revenue) ($ -  )
MS: Market Share
Our Year 1 Revenue (from 3 Year Summary) ($ -  )
Market Share Percent #DIV/0!
3 Year Summary
Notes:
1. Cell B32 calculates how much cash you will need to invest upfront to avoid running out of cash in the future.
2. Cell B32 cannot be negative. If it is negative, enter the absolute value of Cell B32 into Cell C26 (follow the arrow).
3. Cell B22 represents your assumed tax rate for calculating your tax provision; it is the only other cell in this model that you should manually input.

Year 1 Year 2 Year 3


INCOME STATEMENT
Revenue:
Transaction-Based Revenue ($ 3,840.00) ($ 3,840.00) ($ 3,840.00)
Advertising-Based Revenue ($ -  ) ($ -  ) ($ -  )
Total Revenue ($ 3,840.00) ($ 3,840.00) ($ 3,840.00)
Cost of Goods Sold:
Transaction-Based COGS ($ 1,729.92) ($ 1,729.92) ($ 1,729.92)
Cost of Goods Sold ($ 1,729.92) ($ 1,729.92) ($ 1,729.92)
Gross Profit ($ 2,110.08) ($ 2,110.08) ($ 2,110.08)
Gross Profit Margin 55.0% 55.0% 55.0%
SG&A ($ 3,428.00) ($ 3,428.00) ($ 3,428.00)
Operating Profit ($ (1,317.92) ($ (1,317.92) ($ (1,317.92)
Tax provision 20.0% ($ (263.58) ($ (263.58) ($ (263.58)
Net Income / Net Loss ($ (1,054.34) ($ (1,054.34) ($ (1,054.34)
CASH FLOW STATEMENT
Beginning Cash ($ -  ) ($ (1,054.34) ($ (2,108.67)
Cash from Operations:
Add/Subtract: Net Income/Net Loss ($ (1,054.34) ($ (1,054.34) ($ (1,054.34)
Cash from Financing:
Add/Subtract: Equity Investments Made/Repaid ($ -  ) ($ -  ) ($ -  )
Ending Cash period ($ (1,054.34) ($ (2,108.67) ($ (3,163.01)
Cash Shortfall ($ (3,163.01) Input the cash shortfall value (if any) into Beginning Cash cell above
(cell C26). This cell feeds into the Max. Cumulative Loss in Sources and
Uses of Capital table on the Valuation tab.
Valuation
DIRECTIONS
Valuation requires you to work through the sections below. Each section has specific directions. Use what you've learned from the presentation to help guide you.

Section 1: Sources and Uses of Capital


DIRECTIONS
1 Start-Up Costs are calculated.
2 Maximum Cumulative Loss is calculated.
3 Liquidity Cushion should be input based on an estimate of the liquidity needs of the business.
4 Debt should be input based on how much debt is obtained to fund the business.
5 Founder Equity should be input based on how much Founder Equity is obtained to fund the business.
6 Investor Cash Equity is calculated.

Uses Sources
Start-Up Costs ( 6,073) Debt ( -  )
Maximum Cumulative Loss ( -  ) Founder Cash Equity ( -  )
Liquidity Cushion ( -  ) Investor Cash Equity ( 6,073)
Total Uses of Capital $6,073) Total Sources of Capital $6,073)

Section 2: Valuation Model


DIRECTIONS
1 Determine if the Exit Multiple Type is Revenue or Net Income using the Exit Multiple Type drop-down box.
2 If the Exit Multiple Type is Revenue, choose the Revenue Multiple using the drop-down menu.
3 If the Exit Multiple Type is Net Income, choose the Net Income Multiple using the drop-down menu.
4 Determine the Discount Rate using the drop-down menu.
5 Determine the Exit Year using the drop-down menu (the year in which the business is sold). DO NOT EDIT OR DELETE

Exit Multiple Type Revenue NI Rev


Revenue Exit Multiple ( 1.00x) ( 1.0x) Discount Multiple Multiple
Discount Rate 20.0% 12/31/2013 12/31/2014 12/31/2015 12/31/2016 20.0% ( 1.0x) ( 1.00x)
Exit Year Year 3 22.5% ( 2.0x) ( 1.25x)
25.0% ( 3.0x) ( 1.50x)
Today Year 1 Year 2 Year 3 27.5% ( 4.0x) ( 1.75x)
Revenue ($ -  ) ($ 3,840.0) ($ 3,840.0) ($ 3,840.0) 30.0% ( 5.0x) ( 2.00x)
Net Income (Cash Flow to Equity) ( -  ) ( (1,054.3) ( (1,054.3) ( (1,054.3) 32.5% ( 6.0x) ( 2.25x)
Terminal Cash Flow (1.0x Revenue Multiple) ( -  ) ( -  ) ( -  ) ( 3,840.0) 35.0% ( 7.0x) ( 2.50x)
Total Cash Flow to Equity ( -  ) ( (1,054.3) ( (1,054.3) ( 2,785.7) 37.5% ( 8.0x) ( 2.75x)
40.0% ( 9.0x) ( 3.00x)
Year 1 Present Value @ 20.0% Discount Rate ($ (878.6) 42.5% ( 10.0x) ( 3.25x)
Year 2 Present Value @ 20.0% Discount Rate ( (732.2) 45.0% ( 11.0x) ( 3.50x)
Year 3 Present Value @ 20.0% Discount Rate ( 1,612.1) 47.5% ( 12.0x) ( 3.75x)
Pre-Money Valuation ($ 1.3) 50.0% ( 13.0x) ( 4.00x)
52.5% ( 14.0x) ( 4.25x)
55.0% ( 15.0x) ( 4.50x)
57.5% ( 16.0x) ( 4.75x)
Section 3: Pre-Money Valuation Matrix 60.0% ( 17.0x) ( 5.00x)
DIRECTIONS ( 18.0x)
0 None. There's no need to do anything here. This is all calulated from the inputs in the sections above. ( 19.0x)
( 20.0x)
Revenue Exit Multiple ( 21.0x)
( 0.5x) ( 0.8x) ( 1.0x) ( 1.3x) ( 1.5x) ( 22.0x)
15.0% ( (1,144.9) ( (513.6) ( 117.6) ( 748.8) ( 1,380.0) ( 23.0x)
17.5% ( (1,127.3) ( (535.6) ( 56.2) ( 648.0) ( 1,239.8) ( 24.0x)
Discount Rate 20.0% ( (1,109.8) ( (554.3) ( 1.3) ( 556.8) ( 1,112.4) ( 25.0x)
22.5% ( (1,092.4) ( (570.1) ( (47.9) ( 474.3) ( 996.6) ( 26.0x)
25.0% ( (1,075.0) ( (583.5) ( (92.0) ( 399.5) ( 891.1) ( 27.0x)
( 28.0x)
( 29.0x)
( 30.0x)
Section 4: Equity Ownership Sizing
DIRECTIONS
0 None. There's no need to do anything here. This is all calulated from the inputs in the sections above.

Pre-Money Valuation ($ 1.3)


Plus: New Investment ( 6,072.9)
Post-Money Valuation $6,074.2

Pre-Money Valuation Ownership Post-Money Valuation Ownership


Dollar Value % Ownership Dollar Value % Ownership
Founder Sweat Equity ($ 1.3) 100.0% Founder Sweat Equity $1.3 0.0%
Founder Cash Equity ( -  ) 0.0% Founder Cash Equity ( -  ) 0.0%
Investor Cash Equity ( -  ) 0.0% Investor Cash Equity ( 6,072.9) 100.0%
Total ($ 1.3) 100.0% Total ($ 6,074.2) 100.0%

Section 5: Returns Analysis


DIRECTIONS
0 None. There's no need to do anything here. This is all calulated from the inputs in the sections above.

(a) (b) (c) (d)


Cash Cash Flows (from Section 2) Gross Return Net Return
Investment Year 1 Year 2 Year 3 (b)+(c)+(d) (a)+(b)+(c)+
Total Cash Flow to Equity ( (6,072.9) ( (1,054.3) ( (1,054.3) ( 2,785.7) ( 677.0) ( (5,395.9)
(d)
Founder Sweat Equity (0.0% of Total) n/a ($ (0.2) ($ (0.2) ($ 0.6) ( 0.1) ( 0.1)
Founder Cash Equity (0.0% of Total) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Investor Cash Equity (100.0% of Total) ( (6,072.9) ( (1,054.1) ( (1,054.1) ( 2,785.1) ( 676.8) ( (5,396.0)

Returns Summary
Founder Founder Cash Investor Cash
Sweat Equity Equity Equity
Cash Investment n/a ( -  ) ($ 6,072.9)
Gross Return ( 0.1) ( -  ) ( 676.8)
Net Return ( 0.1) ( -  ) ( (5,396.0)
IRR(1) ( 20.1%) n/a ( (35.1%)
MM(2) n/a n/a ( 11.1%)

(1) Internal Rate of Return ("IRR") is the annualized effective rate of return on the Cash Investment. It is the Discount Rate that would make the
(2) The Money
present value ofMultiple ("MM")
the future is equal
cash flows to Gross
equal Return
the Cash divided by Cash Investment.
Investment.

Section 6: Equity Ownership Requirements

This section calculates the Post-Money Ownership Maximum Project IRR -35.13% DO NOT EDIT OR DELETE
Directions:
1 Percentage based on eitherthe IRR or MM requirements of Maximum Project MM ( 0.1x) Cash Cash Flows (from Section 2)
the Investor. Investment Year 1 Year 2 Year 3
2 Input the Investor Required IRR in cell I117 (NOTE: This Sizing Method 1: ( (6,072.9) ( (1,054.3) ( (1,054.3)( 2,785.7)
cannot exceed the Maximum Project IRR in cell I113). Investor Required IRR 50.0%
3 The Investor Ownership Percentage required to meet the
Investor Required IRR is calculated in cell I123. Post-Money Required Ownership Percentages needed to DO NOT EDIT OR DELETE
4 Input the Investor Required MM in cell I127 (NOTE: This % Ownership
meet Investor Required IRR Dollar Value Cash Flow to Investor, Assuming Required IRR
cannot exceed the Maximum Project MM in cell I114). Founder Sweat Equity 1854.6% ( 112,654.0) Year 1 Year 2 Year 3
5 The Investor Ownership Percentage required to meet the Founder Cash Equity 0.0% ( -  ) 50% ( (6,072.9) ( 18,499.9)( 18,499.9) ( (48,878.5)
Investor Required MM is calculated in cell I133. Investor Cash Equity -1754.6% ( (106,579.8) ( -  ) #VALUE! #VALUE! #VALUE! #VALUE!
Total 100.0% ( 6,074.2) ( (6,072.9) ( (702.9) ( (468.6) ( 825.4) ( (346.1)

Sizing Method 2:
Investor Required MM ( 10.0x) DO NOT EDIT OR DELETE
Cash Flow to Investor, Assuming Required MM
Post-Money Required Ownership Percentages needed to Year 1 Year 2 Year 3
% Ownership
meet Investor Required MM Dollar Value ( 10.0x) ( (6,072.9) ( (94,577.9)
( (94,577.9) ( 249,884.4)
Founder Sweat Equity -8870.4% ( (538,800.0) ( -  ) ( (1,054.3)( (1,054.3) ( 2,785.7) $677.0 #DIV/0!
Founder Cash Equity 0.0% ( -  ) ( (6,072.9) ( (1,054.3)( (1,054.3) ( 2,785.7) $677.0 -0.1114780985
Investor Cash Equity 8970.4% ( 544,874.1)
Total 100.0% ( 6,074.2)
Simple Graphs
Graphs provide a simple and easy visual of business trends

Financial Profile
Year 1 Year 2 Year 3
Revenue ($ 3,840) ($ 3,840) ($ 3,840)
Gross Profit ($ 2,110) ($ 2,110) ($ 2,110)
S,G&A Expenses ($ 3,428) ($ 3,428) ($ 3,428)
Taxes ($ (264) ($ (264) ($ (264)
Net Income / Net Loss ($ (1,054) ($ (1,054) ($ (1,054)

Start-Up Cost Mix


Administrative Costs ($ 4,725) 77.8%
Plant, Property and Equipment ($ -  ) 0.0%
Development Costs ($ -  ) 0.0%
Marketing Costs ($ 348) 5.7%
Salaries or Consulting Fees ($ 1,000) 16.5%
Start-Up Inventory ($ -  ) 0.0%
Total Start-Up Costs ($ 6,073) 100.0%

Year 1 Expense Mix


Administrative Costs ($ 428) 12.5%
Marketing Costs ($ 600) 17.5%
Salaries or Consulting Fees ($ 2,400) 70.0%
Selling Costs ($ -  ) 0.0%
Total S,G&A ($ 3,428) 100.0%
Subscription Calculations
The tables below calculate the number of contracts sold, as well as selling commission (if applicable), for each type of subscription.

Year 1 by Month
Revenue Events Year 1 Year 2 Year 3
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Total # of New Sub. Sold 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total New Sub. Revenue $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total # of Renewals 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Renewal Revenue $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Subscription Revenue $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Year 1 by Month
Subscriptions Served Year 1 Year 2 Year 3
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Total # of Prior Subscriptions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total # of New Sub. Sold 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less: Total # of Attritions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Active Sub. at End of Period 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Subscriptions Served this Year 0 0 0

Contract Value Year 1


Year 1 Total Year 2 Year 3
(used to calculate Selling Costs) Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

1-Month Subscriptions $0.00 $0.00 $0.00 $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-Month Subscriptions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
6-Month Subscriptions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
12-Month Subscriptions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total All Subscriptions $0.00 $0.00 $0.00 $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-Month Subscriptions
Contract Length 1
Renewal Rate 0%
Subscription Price $0.00
Month New Sub. Sold Renewals Attrition Total Active New Sub. Renewal Total
1 0 Sub. 0 Sub. at 0 Revenue
$0.00 Revenue
$0.00 Revenue
$0.00
Events End of
2 0 0 0 0 0 $0.00 $0.00 $0.00
Period
3 0 0 0 0 0 $0.00 $0.00 $0.00
4 0 0 0 0 0 $0.00 $0.00 $0.00
5 0 0 0 0 0 $0.00 $0.00 $0.00
6 0 0 0 0 0 $0.00 $0.00 $0.00
7 0 0 0 0 0 $0.00 $0.00 $0.00
8 0 0 0 0 0 $0.00 $0.00 $0.00
9 0 0 0 0 0 $0.00 $0.00 $0.00
10 0 0 0 0 0 $0.00 $0.00 $0.00
11 0 0 0 0 0 $0.00 $0.00 $0.00
12 0 0 0 0 0 $0.00 $0.00 $0.00
13 0 0 0 0 0 $0.00 $0.00 $0.00
14 0 0 0 0 0 $0.00 $0.00 $0.00
15 0 0 0 0 0 $0.00 $0.00 $0.00
16 0 0 0 0 0 $0.00 $0.00 $0.00
17 0 0 0 0 0 $0.00 $0.00 $0.00
18 0 0 0 0 0 $0.00 $0.00 $0.00
19 0 0 0 0 0 $0.00 $0.00 $0.00
20 0 0 0 0 0 $0.00 $0.00 $0.00
21 0 0 0 0 0 $0.00 $0.00 $0.00
22 0 0 0 0 0 $0.00 $0.00 $0.00
23 0 0 0 0 0 $0.00 $0.00 $0.00
24 0 0 0 0 0 $0.00 $0.00 $0.00
25 0 0 0 0 0 $0.00 $0.00 $0.00
26 0 0 0 0 0 $0.00 $0.00 $0.00
27 0 0 0 0 0 $0.00 $0.00 $0.00
28 0 0 0 0 0 $0.00 $0.00 $0.00
29 0 0 0 0 0 $0.00 $0.00 $0.00
30 0 0 0 0 0 $0.00 $0.00 $0.00
31 0 0 0 0 0 $0.00 $0.00 $0.00
32 0 0 0 0 0 $0.00 $0.00 $0.00
33 0 0 0 0 0 $0.00 $0.00 $0.00
34 0 0 0 0 0 $0.00 $0.00 $0.00
35 0 0 0 0 0 $0.00 $0.00 $0.00
36 0 0 0 0 0 $0.00 $0.00 $0.00

3-Month Subscriptions
Contract Length 3
Renewal Rate 0%
Subscription Price $0.00 Active
Status of Current Subscriptions Total
Sub. at New Sub. Renewal Total
Month New Sub. Sold Renewals Attrition (Contract Month of Subscribers) Sub.
1st 2nd Last End of Revenue Revenue Revenue
Events
Month 0 Month Month Period
1 0 0 0 $0.00 $0.00 $0.00
2 0 0 0 0 0 $0.00 $0.00 $0.00
3 0 0 0 0 0 0 $0.00 $0.00 $0.00
4 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
5 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
6 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
7 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
8 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
9 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
10 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
11 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
12 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
13 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
14 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
15 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
16 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
17 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
18 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
19 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
20 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
21 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
22 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
23 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
24 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
25 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
26 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
27 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
28 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
29 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
30 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
31 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
32 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
33 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
34 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
35 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
36 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00

6-Month Subscriptions
Contract Length 6
Renewal Rate 0%
Subscription Price $0.00 Active
Status of Current Subscriptions Total
Sub. at New Sub. Renewal Total
Month New Sub. Sold Renewals Attrition Sub.
1st 2nd(Contract3rd
Month of 4th
Subscribers)
5th Last End of Revenue Revenue Revenue
Events
Month 0 Month Month Month Month Month Period
1 0 0 0 $0.00 $0.00 $0.00
2 0 0 0 0 0 $0.00 $0.00 $0.00
3 0 0 0 0 0 0 $0.00 $0.00 $0.00
4 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
5 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
6 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
7 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
8 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
9 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
10 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
11 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
12 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
13 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
14 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
15 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
16 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
17 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
18 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
19 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
20 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
21 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
22 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
23 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
24 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
25 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
26 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
27 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
28 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
29 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
30 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
31 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
32 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
33 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
34 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
35 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
36 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00

1-Year (12-Month) Subscriptions


Contract Length 12
Renewal Rate 0%
Subscription Price $0.00
Status of Current Subscriptions Active Sub.
Total Sub. New Sub. Renewal Total
Month New Sub. Sold Renewals Attrition at End of
1st 2nd 3rd 4th 5th (Contract
6thMonth of7th
Subscribers)
8th 9th 10th 11th Last Month Events Revenue Revenue Revenue
Period
1 0 Month 0 Month Month Month Month Month Month Month Month Month Month 0 0 $0.00 $0.00 $0.00
2 0 0 0 0 0 $0.00 $0.00 $0.00
3 0 0 0 0 0 0 $0.00 $0.00 $0.00
4 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
5 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
6 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
7 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
8 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
9 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
10 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
13 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
16 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
18 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
23 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
28 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
29 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
30 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
31 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
32 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
33 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
34 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0.00 $0.00
[1] Currently this pulls from above (total # buyers of TAM). You can override this with a sourced number.
Either method is an option. Depends on what data can be found.

[2] Currently this pulls from above (total # buyers of TAM). You can override this with a sourced number.
Either method is an option. Depends on what data can be found.

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