-	-
Statement of Projected Cash Flow
Statement of Projected Cash Flow
	Confidence level																																													10%
						Year 1												Year 2												Year 3												Year 4												Year 5
		Period				1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12
Cash Revenues																		Basic period
	New Domains Registered - basic period	150,000
	Weighted Avg. Initial/basic Subscription Term 1	2.1 Years
	Sunrise Period Subscription Term (Only)	3.2 Years
	Renewal Rate	75%
	Weighted Avg. Renewal Term Following Initial Registration Period	1.5 Years
	Registration Fee Per Domain Name Year	$5.45
	Registry back end Fee per Name	$2.00
	Registration Period											Sunrise IP Period	Sunrise IP Period	Quiet Period	Initial Rollout	Initial Rollout	Initial Rollout	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic	Basic
	Year											1	1	1	1	1	1	2	2	2	2	2	2	2	2	2	2	2	2	3	3	3	3	3	3	3	3	3	3	3	3	4	4	4	4	4	4	4	4	4	4	4	4	5	5	5	5	5	5	5	5	5	5	5	5
	Month											7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12
	Monthly Growth %											-	-	-	-	-	-	-	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01
	New Registrations											337,500	225,113	0	450,000	337,500	281,250	225,000	234,000	243,360	253,094	263,218	273,747	283,328	293,245	303,508	314,131	325,125	336,505	348,283	360,472	373,089	386,147	399,662	413,650	426,060	438,842	452,007	465,567	479,534	493,920	508,738	524,000	539,720	555,912	572,589	589,767	604,511	619,623	635,114	650,992	667,267	683,948	701,047	718,573	736,538	754,951	773,825	793,170	801,102	809,113	817,204	825,376	833,630	841,966
	1st Renewal Period[1]											0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	337,500	253,125	210,938	168,750	175,500	182,520	189,821	197,414	205,310	465,621	388,768	227,631	235,598	243,844	252,379	261,212	270,354	279,817	289,610	299,747	310,238	319,545	329,131	339,005	349,175	359,651	370,440
	2ed Renewal Period											0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	253,125	189,844	158,203	126,563	131,625	136,890	142,366	148,060	153,983
	Sales + Renewals											337,500	225,113	0	450,000	337,500	281,250	225,000	234,000	243,360	253,094	263,218	273,747	283,328	293,245	303,508	314,131	325,125	336,505	348,283	360,472	373,089	386,147	399,662	413,650	426,060	438,842	452,007	803,067	732,659	704,858	677,488	699,500	722,240	745,732	770,002	795,077	1,070,132	1,008,391	862,745	886,590	911,111	936,327	962,259	988,928	1,016,354	1,297,686	1,263,415	1,261,611	1,247,210	1,269,869	1,293,099	1,316,917	1,341,341	1,366,389
	Cummulative Under Management											337,500	562,613	0	1,012,613	1,350,113	1,631,363	1,856,363	2,090,363	2,333,723	2,586,817	2,850,035	3,123,782	3,407,110	3,700,355	4,003,863	4,317,994	4,643,119	4,979,624	5,327,906	5,688,379	6,061,468	6,447,615	6,847,277	7,260,927	7,686,987	8,125,829	8,577,836	9,380,903	10,113,562	10,818,420	11,495,907	12,195,407	12,917,647	13,663,380	14,433,382	15,228,459	16,298,590	17,306,982	18,169,727	19,056,317	19,967,427	20,903,754	21,866,013	22,854,941	23,871,295	25,168,981	26,432,397	27,694,008	28,941,217	30,211,087	31,504,186	32,821,103	34,162,444	35,528,833
	Cash from New Registrations + Renewals											5,886,000	3,925,962	0	5,150,250	3,862,688	3,218,906	2,575,125	2,678,130	2,785,255	2,896,665	3,012,532	3,133,033	3,242,689	3,356,184	3,473,650	3,595,228	3,721,061	3,851,298	3,986,093	4,125,607	4,270,003	4,419,453	4,574,134	4,734,228	4,876,255	5,022,543	5,173,219	8,087,478	7,557,565	7,377,330	7,202,035	7,431,891	7,669,195	7,914,192	8,167,136	8,428,288	10,725,077	10,269,767	9,129,764	9,376,617	9,630,292	9,890,984	10,158,891	10,434,217	10,717,174	13,077,275	12,858,826	12,907,339	12,815,542	13,026,982	13,243,346	13,464,779	13,691,432	13,923,461
	Registry Cash Expenses- Based on fees paid to outsouced service providers and internal expenses											2,160,000	1,440,720	0	1,890,000	1,417,500	1,181,250	945,000	982,800	1,022,112	1,062,996	1,105,516	1,149,737	1,189,978	1,231,627	1,274,734	1,319,350	1,365,527	1,413,320	1,462,787	1,513,984	1,566,974	1,621,818	1,678,581	1,737,332	1,789,451	1,843,135	1,898,429	3,372,882	3,077,168	2,960,402	2,845,449	2,937,900	3,033,408	3,132,076	3,234,010	3,339,322	4,494,553	4,235,243	3,623,529	3,723,678	3,826,665	3,932,573	4,041,488	4,153,496	4,268,688	5,450,282	5,306,344	5,298,767	5,238,280	5,333,451	5,431,018	5,531,052	5,633,632	5,738,834
Total Registry Operational Cash												3,726,000	2,485,242	0	3,260,250	2,445,188	2,037,656	1,630,125	1,695,330	1,763,143	1,833,669	1,907,016	1,983,296	2,052,712	2,124,557	2,198,916	2,275,878	2,355,534	2,437,978	2,523,307	2,611,623	2,703,029	2,797,635	2,895,553	2,996,897	3,086,804	3,179,408	3,274,790	4,714,596	4,480,397	4,416,928	4,356,586	4,493,992	4,635,788	4,782,117	4,933,125	5,088,966	6,230,523	6,034,524	5,506,235	5,652,939	5,803,627	5,958,411	6,117,403	6,280,721	6,448,486	7,626,993	7,552,482	7,608,572	7,577,262	7,693,531	7,812,328	7,933,726	8,057,800	8,184,627
						Year 1												Year 2												Year 3												Year 4												Year 5
						1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12
Expenses
Systems Development & Support
	Office outfitting including computers and networking					6,000	10,000	16,000	12,000	8,000	2,000	-	6,000	-	-	6,000	-	-	-	-	-	-	2,000	-	-	-	-	-	-	-	-	-	-	-	2,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Total Office outfitting including computers and networking					6,000	10,000	16,000	12,000	8,000	2,000	-	6,000	-	-	6,000	-	-	-	-	-	-	2,000	-	-	-	-	-	-	-	-	-	-	-	2,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer Service
	Labor					-	-	3,646	21,771	33,333	36,042	36,042	42,396	42,396	42,396	48,750	112,813	50,944	50,944	50,944	50,944	50,944	50,944	50,944	50,944	50,944	50,944	50,944	115,006	53,236	53,236	53,236	53,236	53,236	53,236	53,236	53,236	53,236	53,236	53,236	117,299	55,632	55,632	55,632	55,632	55,632	55,632	55,632	55,632	55,632	55,632	55,632	119,694	58,135	58,135	58,135	58,135	58,135	58,135	58,135	58,135	58,135	58,135	58,135	122,198
	Other Customer Service
	Total Customer Service					-	-	3,646	21,771	33,333	36,042	36,042	42,396	42,396	42,396	48,750	112,813	50,944	50,944	50,944	50,944	50,944	50,944	50,944	50,944	50,944	50,944	50,944	115,006	53,236	53,236	53,236	53,236	53,236	53,236	53,236	53,236	53,236	53,236	53,236	117,299	55,632	55,632	55,632	55,632	55,632	55,632	55,632	55,632	55,632	55,632	55,632	119,694	58,135	58,135	58,135	58,135	58,135	58,135	58,135	58,135	58,135	58,135	58,135	122,198
Marketing & Sales
	Labor					-	-	20,625	20,625	20,625	20,625	20,625	28,438	28,438	28,438	36,250	85,688	37,881	37,881	37,881	37,881	37,881	37,881	37,881	37,881	37,881	37,881	37,881	87,319	39,586	39,586	39,586	39,586	39,586	39,586	39,586	39,586	39,586	39,586	39,586	89,023	41,367	41,367	41,367	41,367	41,367	41,367	41,367	41,367	41,367	41,367	41,367	90,805	43,229	43,229	43,229	43,229	43,229	43,229	43,229	43,229	43,229	43,229	43,229	92,666
	Media					-	-	-	-	-	-	337,500	225,113	-	450,000	337,500	281,250	225,000	234,000	243,360	253,094	263,218	273,747	283,328	293,245	303,508	314,131	325,125	336,505	348,283	360,472	373,089	386,147	399,662	413,650	426,060	438,842	452,007	803,067	732,659	704,858	677,488	699,500	722,240	745,732	770,002	795,077	1,070,132	1,008,391	862,745	886,590	911,111	936,327	962,259	988,928	1,016,354	1,297,686	1,263,415	1,261,611	1,247,210	1,269,869	1,293,099	1,316,917	1,341,341	1,366,389
	Co-op Advertising					-	-	-	-	-	-	84,375	56,278	-	112,500	84,375	70,313	56,250	58,500	60,840	63,274	65,805	68,437	70,832	73,311	75,877	78,533	81,281	84,126	87,071	90,118	93,272	96,537	99,916	103,413	106,515	109,710	113,002	200,767	183,165	176,214	169,372	174,875	180,560	186,433	192,501	198,769	267,533	252,098	215,686	221,648	227,778	234,082	240,565	247,232	254,089	324,422	315,854	315,403	311,802	317,467	323,275	329,229	335,335	341,597
	Production					-	-	-	-	-	-	67,500	45,023	-	90,000	67,500	56,250	45,000	46,800	48,672	50,619	52,644	54,749	56,666	58,649	60,702	62,826	65,025	67,301	69,657	72,094	74,618	77,229	79,932	82,730	85,212	87,768	90,401	160,613	146,532	140,972	135,498	139,900	144,448	149,146	154,000	159,015	214,026	201,678	172,549	177,318	182,222	187,265	192,452	197,786	203,271	259,537	252,683	252,322	249,442	253,974	258,620	263,383	268,268	273,278
	Research					-	-	-	-	-	-	33,750	22,511	-	45,000	33,750	28,125	22,500	23,400	24,336	25,309	26,322	27,375	28,333	29,324	30,351	31,413	32,513	33,650	34,828	36,047	37,309	38,615	39,966	41,365	42,606	43,884	45,201	80,307	73,266	70,486	67,749	69,950	72,224	74,573	77,000	79,508	107,013	100,839	86,275	88,659	91,111	93,633	96,226	98,893	101,635	129,769	126,342	126,161	124,721	126,987	129,310	131,692	134,134	136,639
	Agency Fee					-	-	-	-	25,000	50,000	67,500	45,023	-	90,000	67,500	56,250	45,000	46,800	48,672	50,619	52,644	54,749	56,666	58,649	60,702	62,826	65,025	67,301	69,657	72,094	74,618	77,229	79,932	82,730	85,212	87,768	90,401	160,613	146,532	140,972	135,498	139,900	144,448	149,146	154,000	159,015	214,026	201,678	172,549	177,318	182,222	187,265	192,452	197,786	203,271	259,537	252,683	252,322	249,442	253,974	258,620	263,383	268,268	273,278
	Public Relations					-	-	-	-	25,000	50,000	168,750	112,556	300,000	225,000	168,750	140,625	112,500	117,000	121,680	126,547	131,609	136,873	141,664	146,622	151,754	157,065	162,563	168,252	174,141	180,236	186,544	193,074	199,831	206,825	213,030	219,421	226,003	401,534	366,330	352,429	338,744	349,750	361,120	372,866	385,001	397,538	535,066	504,196	431,373	443,295	455,555	468,163	481,129	494,464	508,177	648,843	631,708	630,806	623,605	634,935	646,550	658,459	670,670	683,195
	Total Marketing & Sales					-	-	20,625	20,625	70,625	120,625	780,000	534,941	328,438	1,040,938	795,625	718,500	544,131	564,381	585,441	607,344	630,122	653,812	675,369	697,681	720,774	744,676	769,414	844,455	823,222	850,649	879,036	908,417	938,826	970,299	998,221	1,026,980	1,056,601	1,846,487	1,688,069	1,674,953	1,565,715	1,615,242	1,666,407	1,719,265	1,773,873	1,830,290	2,449,164	2,310,247	1,982,544	2,036,195	2,091,366	2,197,540	2,208,311	2,268,316	2,330,026	2,963,023	2,885,913	2,881,854	2,849,450	2,900,435	2,952,703	3,006,293	3,061,246	3,167,042
General & Administrative
	Labor					28,125	38,229	55,313	64,896	68,438	68,438	68,438	68,438	68,438	68,438	68,438	164,313	71,517	71,517	71,517	71,517	71,517	71,517	71,517	71,517	71,517	71,517	71,517	167,392	74,735	74,735	74,735	74,735	74,735	74,735	74,735	74,735	74,735	74,735	74,735	170,610	78,099	78,099	78,099	78,099	78,099	78,099	78,099	78,099	78,099	78,099	78,099	173,974	81,613	81,613	81,613	81,613	81,613	81,613	81,613	81,613	81,613	81,613	81,613	177,488
	Rent					1,407	3,752	7,504	10,318	12,194	12,663	12,663	14,070	14,070	14,070	15,477	15,477	15,477	15,477	15,477	15,477	15,477	15,946	15,946	15,946	15,946	15,946	15,946	15,946	15,946	15,946	15,946	15,946	15,946	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415	16,415
	Telecommunications					12,125	12,334	12,669	12,920	13,087	13,129	13,129	13,254	13,254	13,254	13,379	13,379	13,379	13,379	13,379	13,379	13,379	13,421	13,421	13,421	13,421	13,421	13,421	13,421	13,421	13,421	13,421	13,421	13,421	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463	13,463
	Materials & Supplies					570	1,520	3,040	4,180	4,940	5,130	5,130	5,700	5,700	5,700	6,270	6,270	6,521	6,521	6,521	6,521	6,521	6,718	6,718	6,718	6,718	6,718	6,718	6,718	6,987	6,987	6,987	6,987	6,987	7,193	7,193	7,193	7,193	7,193	7,193	7,193	7,480	7,480	7,480	7,480	7,480	7,480	7,480	7,480	7,480	7,480	7,480	7,480	7,780	7,780	7,780	7,780	7,780	7,780	7,780	7,780	7,780	7,780	7,780	7,780
	Travel & Entertainment					50,000	50,000	50,000	50,000	50,000	50,000	50,000	50,000	50,000	50,000	50,000	50,000	52,500	52,500	52,500	52,500	52,500	52,500	52,500	52,500	52,500	52,500	52,500	52,500	55,125	55,125	55,125	55,125	55,125	55,125	55,125	55,125	55,125	55,125	55,125	55,125	57,881	57,881	57,881	57,881	57,881	57,881	57,881	57,881	57,881	57,881	57,881	57,881	60,775	60,775	60,775	60,775	60,775	60,775	60,775	60,775	60,775	60,775	60,775	60,775
	Seminars & Conferences					12,800	12,800	12,800	12,800	12,800	12,800	12,800	12,800	12,800	12,800	12,800	12,800	13,312	13,312	13,312	13,312	13,312	13,312	13,312	13,312	13,312	13,312	13,312	13,312	13,844	13,844	13,844	13,844	13,844	13,844	13,844	13,844	13,844	13,844	13,844	13,844	14,398	14,398	14,398	14,398	14,398	14,398	14,398	14,398	14,398	14,398	14,398	14,398	14,974	14,974	14,974	14,974	14,974	14,974	14,974	14,974	14,974	14,974	14,974	14,974
	Insurance					5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,200	5,200	5,200	5,200	5,200	5,200	5,200	5,200	5,200	5,200	5,200	5,200	5,408	5,408	5,408	5,408	5,408	5,408	5,408	5,408	5,408	5,408	5,408	5,408	5,624	5,624	5,624	5,624	5,624	5,624	5,624	5,624	5,624	5,624	5,624	5,624	5,849	5,849	5,849	5,849	5,849	5,849	5,849	5,849	5,849	5,849	5,849	5,849
	Facility Maintenance & Other					-	4,200	4,200	4,200	4,200	4,200	4,200	4,200	4,200	4,200	4,200	4,200	4,368	4,368	4,368	4,368	4,368	4,368	4,368	4,368	4,368	4,368	4,368	4,368	4,543	4,543	4,543	4,543	4,543	4,543	4,543	4,543	4,543	4,543	4,543	4,543	4,724	4,724	4,724	4,724	4,724	4,724	4,724	4,724	4,724	4,724	4,724	4,724	4,913	4,913	4,913	4,913	4,913	4,913	4,913	4,913	4,913	4,913	4,913	4,913
	Legal Services					6,000	6,024	6,048	6,072	6,097	6,121	6,145	6,170	6,195	6,219	6,244	6,269	6,294	6,320	6,345	6,370	6,396	6,421	6,447	6,473	6,499	6,525	6,551	6,577	6,603	6,630	6,656	6,683	6,710	6,736	6,763	6,790	6,818	6,845	6,872	6,900	6,927	6,955	6,983	7,011	7,039	7,067	7,095	7,124	7,152	7,181	7,209	7,238	7,267	7,296	7,325	7,355	7,384	7,414	7,443	7,473	7,503	7,533	7,563	7,593
	Financial & Accounting Services					5,800	5,823	5,846	5,870	5,893	5,917	5,941	5,964	5,988	6,012	6,036	6,060	6,085	6,109	6,133	6,158	6,183	6,207	6,232	6,257	6,282	6,307	6,332	6,358	6,383	6,409	6,434	6,460	6,486	6,512	6,538	6,564	6,590	6,617	6,643	6,670	6,696	6,723	6,750	6,777	6,804	6,831	6,859	6,886	6,914	6,941	6,969	6,997	7,025	7,053	7,081	7,110	7,138	7,167	7,195	7,224	7,253	7,282	7,311	7,340
	Other Outside Services					2,700	2,711	2,722	2,733	2,743	2,754	2,765	2,777	2,788	2,799	2,810	2,821	2,832	2,844	2,855	2,867	2,878	2,890	2,901	2,913	2,924	2,936	2,948	2,960	2,971	2,983	2,995	3,007	3,019	3,031	3,044	3,056	3,068	3,080	3,093	3,105	3,117	3,130	3,142	3,155	3,167	3,180	3,193	3,206	3,218	3,231	3,244	3,257	3,270	3,283	3,296	3,310	3,323	3,336	3,350	3,363	3,376	3,390	3,403	3,417
	Trademark Review					-	-	-	-	-	-	7,875	5,253	-	10,500	7,875	6,563	5,250	5,408	5,570	5,737	5,909	6,086	6,238	6,394	6,554	6,718	6,886	7,058	7,235	7,415	7,601	7,791	7,986	8,185	8,349	8,516	8,686	16,735	14,943	14,140	13,340	13,646	13,959	14,280	14,609	14,946	21,122	19,430	15,771	16,056	16,348	16,644	16,947	17,256	17,570	23,797	22,647	22,242	21,688	21,965	22,246	22,534	22,827	23,126
	Site Hosting, Connectivity, and Devel. & Maint.					-	-	-	4,750	4,750	4,750	4,750	4,750	4,750	4,750	4,750	4,750	4,940	4,940	4,940	4,940	4,940	4,940	4,940	4,940	4,940	4,940	4,940	4,940	5,138	5,138	5,138	5,138	5,138	5,138	5,138	5,138	5,138	5,138	5,138	5,138	5,343	5,343	5,343	5,343	5,343	5,343	5,343	5,343	5,343	5,343	5,343	5,343	5,557	5,557	5,557	5,557	5,557	5,557	5,557	5,557	5,557	5,557	5,557	5,557
	Other General & Administrative					7,800	8,300	11,500	12,100	12,500	12,600	12,600	12,900	12,900	12,900	13,200	13,200	13,596	13,596	13,596	13,596	13,596	13,696	13,696	13,696	13,696	13,696	13,696	13,696	14,108	14,108	14,108	14,108	14,108	14,208	14,208	14,208	14,208	14,208	14,208	14,208	14,636	14,636	14,636	14,636	14,636	14,636	14,636	14,636	14,636	14,636	14,636	14,636	13,400	13,400	13,400	13,400	13,400	13,400	13,400	13,400	13,400	13,400	13,400	13,400
	Total G&A					132,327	150,694	176,642	195,838	202,642	203,501	211,436	211,275	206,082	216,642	216,479	311,102	221,272	221,490	221,714	221,942	222,176	223,223	223,437	223,656	223,878	224,105	224,336	320,446	232,448	232,693	232,942	233,196	233,456	234,537	234,765	234,998	235,234	243,348	241,623	336,761	248,145	248,518	248,899	249,288	249,684	250,088	256,333	254,710	251,119	251,474	251,835	348,076	259,249	259,628	260,013	266,310	265,232	264,898	264,416	264,764	265,118	265,478	265,844	362,091
Total Expenses						138,327	160,694	216,912	250,234	314,600	362,168	1,027,477	794,611	576,915	1,299,975	1,066,854	1,142,415	816,347	836,815	858,099	880,229	903,242	929,979	949,750	972,281	995,596	1,019,724	1,044,693	1,279,907	1,108,906	1,136,578	1,165,214	1,194,849	1,225,518	1,260,072	1,286,222	1,315,214	1,345,072	2,143,072	1,982,928	2,129,013	1,869,492	1,919,392	1,970,938	2,024,184	2,079,189	2,136,010	2,761,128	2,620,589	2,289,295	2,343,301	2,398,833	2,665,311	2,525,696	2,586,079	2,648,174	3,287,469	3,209,280	3,204,888	3,172,002	3,223,335	3,275,956	3,329,906	3,385,225	3,651,331
						gTLD CONSORTIUM												gTLD CONSORTIUM												gTLD CONSORTIUM												gTLD CONSORTIUM												gTLD CONSORTIUM
						Cash												Cash												Cash												Cash												Cash
CASH
		Period				Year 1 Month 1	Year 1 Month 2	Year 1 Month 3	Year 1 Month 4	Year 1 Month 5	Year 1 Month 6	Year 1 Month 7	Year 1 Month 8	Year 1 Month 9	Year 1 Month 10	Year 1 Month 11	Year 1 Month 12	Year 2 Month 1	Year 2 Month 2	Year 2 Month 3	Year 2 Month 4	Year 2 Month 5	Year 2 Month 6	Year 2 Month 7	Year 2 Month 8	Year 2 Month 9	Year 2 Month 10	Year 2 Month 11	Year 2 Month 12	Year 3  Month 1	Year 3  Month 2	Year 3  Month 3	Year 3  Month 4	Year 3  Month 5	Year 3  Month 6	Year 3  Month 7	Year 3  Month 8	Year 3  Month 9	Year 3  Month 10	Year 3  Month 11	Year 3  Month 12	Year 4  Month 1	Year 4  Month 2	Year 4  Month 3	Year 4  Month 4	Year 4  Month 5	Year 4  Month 6	Year 4  Month 7	Year 4  Month 8	Year 4  Month 9	Year 4  Month 10	Year 4  Month 11	Year 4  Month 12	Year 5  Month 1	Year 5  Month 2	Year 5  Month 3	Year 5  Month 4	Year 5  Month 5	Year 5  Month 6	Year 5  Month 7	Year 5  Month 8	Year 5  Month 9	Year 5  Month 10	Year 5  Month 11	Year 5  Month 12
Cash Sales
	Registration Revenue (Cash)					#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
Cash Outlays
	Capital Expenditures					(185,000)	(334,000)	(74,000)	(28,000)	(28,000)	-	-	-	(21,000)	-	-	-	-	-	(3,500)	(17,000)	-	(50,000)	-	-	-	-	(300,000)	-	-	-	-	-	-	-	-	-	-	-	-	-	(100,000)	-	-	-	-	-	-	-	-	-	-	-	(100,000)	-	-	-	-	-	-	-	-	-	-	-
	Core Registry Fee (Cash)					-	-	-	-	-	-	(2,160,000)	(1,440,720)	-	(1,890,000)	(1,417,500)	(1,181,250)	(945,000)	(982,800)	(1,022,112)	(1,062,996)	(1,105,516)	(1,149,737)	(1,189,978)	(1,231,627)	(1,274,734)	(1,319,350)	(1,365,527)	(1,413,320)	(1,462,787)	(1,513,984)	(1,566,974)	(1,621,818)	(1,678,581)	(1,737,332)	(1,789,451)	(1,843,135)	(1,898,429)	(3,372,882)	(3,077,168)	(2,960,402)	(2,845,449)	(2,937,900)	(3,033,408)	(3,132,076)	(3,234,010)	(3,339,322)	(4,494,553)	(4,235,243)	(3,623,529)	(3,723,678)	(3,826,665)	(3,932,573)	(4,041,488)	(4,153,496)	(4,268,688)	(5,450,282)	(5,306,344)	(5,298,767)	(5,238,280)	(5,333,451)	(5,431,018)	(5,531,052)	(5,633,632)	(5,738,834)
	Systems Development & Support					(6,000)	(10,000)	(16,000)	(12,000)	(8,000)	(2,000)	-	(6,000)	-	-	(6,000)	-	-	-	-	-	-	(2,000)	-	-	-	-	-	-	-	-	-	-	-	(2,000)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Customer Service					-	-	(3,646)	(21,771)	(33,333)	(36,042)	(36,042)	(42,396)	(42,396)	(42,396)	(48,750)	(112,813)	(50,944)	(50,944)	(50,944)	(50,944)	(50,944)	(50,944)	(50,944)	(50,944)	(50,944)	(50,944)	(50,944)	(115,006)	(53,236)	(53,236)	(53,236)	(53,236)	(53,236)	(53,236)	(53,236)	(53,236)	(53,236)	(53,236)	(53,236)	(117,299)	(55,632)	(55,632)	(55,632)	(55,632)	(55,632)	(55,632)	(55,632)	(55,632)	(55,632)	(55,632)	(55,632)	(119,694)	(58,135)	(58,135)	(58,135)	(58,135)	(58,135)	(58,135)	(58,135)	(58,135)	(58,135)	(58,135)	(58,135)	(122,198)
	Marketing					-	-	(20,625)	(20,625)	(70,625)	(120,625)	(780,000)	(534,941)	(328,438)	(1,040,938)	(795,625)	(718,500)	(544,131)	(564,381)	(585,441)	(607,344)	(630,122)	(653,812)	(675,369)	(697,681)	(720,774)	(744,676)	(769,414)	(844,455)	(823,222)	(850,649)	(879,036)	(908,417)	(938,826)	(970,299)	(998,221)	(1,026,980)	(1,056,601)	(1,846,487)	(1,688,069)	(1,674,953)	(1,565,715)	(1,615,242)	(1,666,407)	(1,719,265)	(1,773,873)	(1,830,290)	(2,449,164)	(2,310,247)	(1,982,544)	(2,036,195)	(2,091,366)	(2,197,540)	(2,208,311)	(2,268,316)	(2,330,026)	(2,963,023)	(2,885,913)	(2,881,854)	(2,849,450)	(2,900,435)	(2,952,703)	(3,006,293)	(3,061,246)	(3,167,042)
	G&A					(132,327)	(150,694)	(176,642)	(195,838)	(202,642)	(203,501)	(211,436)	(211,275)	(206,082)	(216,642)	(216,479)	(311,102)	(221,272)	(221,490)	(221,714)	(221,942)	(222,176)	(223,223)	(223,437)	(223,656)	(223,878)	(224,105)	(224,336)	(320,446)	(232,448)	(232,693)	(232,942)	(233,196)	(233,456)	(234,537)	(234,765)	(234,998)	(235,234)	(243,348)	(241,623)	(336,761)	(248,145)	(248,518)	(248,899)	(249,288)	(249,684)	(250,088)	(256,333)	(254,710)	(251,119)	(251,474)	(251,835)	(348,076)	(259,249)	(259,628)	(260,013)	(266,310)	(265,232)	(264,898)	(264,416)	(264,764)	(265,118)	(265,478)	(265,844)	(362,091)
	R&D					#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
	Total					#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
Interest*		6%				-	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
Rebates						#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
Net Cash from Operating Before Taxes						#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
	Equity Financing (Enter Number as a Positive)
	Debt Financing (Enter Number as a Positive)					-
	Disbursements (Enter Number as a Negative)						#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
Cumulative Cash Balance After Disbursements						#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
	Debt Balance					-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
*Function as percent of previous period Cash Balance After Debt & Equity Financing and Disbursements Debt Balance.
Financing
	Debt
	Equity
Cash Balance
	ST Investments
	Cash
						Year 1												Year 2												Year 3												Year 4												Year 5
		Period				1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12
Beginning Cash Balance & Additional Cash						1,003,111
Cash from Registrations less associated operational costs						-	-	-	-	-	-	3,726,000	2,485,242	-	3,260,250	2,445,188	2,037,656	1,630,125	1,695,330	1,763,143	1,833,669	1,907,016	1,983,296	2,052,712	2,124,557	2,198,916	2,275,878	2,355,534	2,437,978	2,523,307	2,611,623	2,703,029	2,797,635	2,895,553	2,996,897	3,086,804	3,179,408	3,274,790	4,714,596	4,480,397	4,416,928	4,356,586	4,493,992	4,635,788	4,782,117	4,933,125	5,088,966	6,230,523	6,034,524	5,506,235	5,652,939	5,803,627	5,958,411	6,117,403	6,280,721	6,448,486	7,626,993	7,552,482	7,608,572	7,577,262	7,693,531	7,812,328	7,933,726	8,057,800	8,184,627
Cash Expenses						138,327	160,694	216,912	250,234	314,600	362,168	1,027,477	794,611	576,915	1,299,975	1,066,854	1,142,415	816,347	836,815	858,099	880,229	903,242	929,979	949,750	972,281	995,596	1,019,724	1,044,693	1,279,907	1,108,906	1,136,578	1,165,214	1,194,849	1,225,518	1,260,072	1,286,222	1,315,214	1,345,072	2,143,072	1,982,928	2,129,013	1,869,492	1,919,392	1,970,938	2,024,184	2,079,189	2,136,010	2,761,128	2,620,589	2,289,295	2,343,301	2,398,833	2,665,311	2,525,696	2,586,079	2,648,174	3,287,469	3,209,280	3,204,888	3,172,002	3,223,335	3,275,956	3,329,906	3,385,225	3,651,331
Net Increase/(Decrease) in Cash						(138,327)	(160,694)	(216,912)	(250,234)	(314,600)	(362,168)	2,698,523	1,690,631	(576,915)	1,960,275	1,378,333	895,241	813,778	858,515	905,045	953,440	1,003,774	1,053,318	1,102,961	1,152,276	1,203,320	1,256,154	1,310,841	1,158,070	1,414,401	1,475,045	1,537,815	1,602,786	1,670,035	1,736,825	1,800,581	1,864,194	1,929,719	2,571,525	2,497,469	2,287,915	2,487,095	2,574,600	2,664,850	2,757,932	2,853,937	2,952,956	3,469,395	3,413,935	3,216,940	3,309,638	3,404,794	3,293,100	3,591,707	3,694,642	3,800,312	4,339,524	4,343,202	4,403,685	4,405,260	4,470,196	4,536,372	4,603,820	4,672,575	4,533,296
Ending Cash Balance						$864,784	$704,090	$487,178	$236,944	($77,656)	($439,824)	$2,258,698	$3,949,329	$3,372,413	$5,332,688	$6,711,021	$7,606,263	$8,420,041	$9,278,556	$10,183,600	$11,137,040	$12,140,814	$13,194,131	$14,297,093	$15,449,368	$16,652,688	$17,908,842	$19,219,683	$20,377,753	$21,792,154	$23,267,199	$24,805,014	$26,407,800	$28,077,835	$29,814,659	$31,615,241	$33,479,435	$35,409,154	$37,980,678	$40,478,147	$42,766,062	$45,253,157	$47,827,757	$50,492,606	$53,250,539	$56,104,475	$59,057,432	$62,526,827	$65,940,761	$69,157,701	$72,467,339	$75,872,133	$79,165,233	$82,756,940	$86,451,582	$90,251,894	$94,591,418	$98,934,621	$103,338,305	$107,743,565	$112,213,761	$116,750,133	$121,353,954	$126,026,529	$130,559,825

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[1]

starts 2 yrs. After initial rollout