Tucows Inc. Registry Operations
Pro Forma Income Statement
Jan 2001 - Dec 2004
Month Total Total Total Total
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004
Registrations
New 93,800 93,800 140,600 140,600 187,500 187,500 140,600 140,600 187,500 187,500 140,600 234,400 1,875,000 107,800 107,800 161,700 161,700 215,600 215,600 161,700 161,700 215,600 215,600 161,700 269,500 2,156,000 124,000 124,000 186,000 186,000 248,000 248,000 186,000 186,000 248,000 248,000 186,000 310,000 2,480,000 142,600 142,600 213,900 213,900 285,200 285,200 213,900 213,900 285,200 285,200 213,900 356,500 2,852,000 1,875,000 2,156,000 2,480,000 2,852,000
Renewals & Transfers - - - - - - - - - - - - -   82,500 82,500 123,700 123,700 165,000 165,000 123,700 123,700 165,000 165,000 123,700 206,300 1,649,800   167,500 167,500 251,200 251,200 334,900 334,900 251,200 251,200 334,900 334,900 251,200 418,700 3,349,300   256,500 256,500 384,700 384,700 513,000 513,000 384,700 384,700 513,000 513,000 384,700 641,300 5,129,800   - 1,649,800 3,349,300 5,129,800
Total Registrations 93,800 93,800 140,600 140,600 187,500 187,500 140,600 140,600 187,500 187,500 140,600 234,400 1,875,000 190,300 190,300 285,400 285,400 380,600 380,600 285,400 285,400 380,600 380,600 285,400 475,800 3,805,800 291,500 291,500 437,200 437,200 582,900 582,900 437,200 437,200 582,900 582,900 437,200 728,700 5,829,300 399,100 399,100 598,600 598,600 798,200 798,200 598,600 598,600 798,200 798,200 598,600 997,800 7,981,800 1,875,000 3,805,800 5,829,300 7,981,800
Revenue
New Registrations 562,800 562,800 843,600 843,600 1,125,000 1,125,000 843,600 843,600 1,125,000 1,125,000 843,600 1,406,400 11,250,000 592,900 592,900 889,350 889,350 1,185,800 1,185,800 889,350 889,350 1,185,800 1,185,800 889,350 1,482,250 11,858,000 620,000 620,000 930,000 930,000 1,240,000 1,240,000 930,000 930,000 1,240,000 1,240,000 930,000 1,550,000 12,400,000 641,700 641,700 962,550 962,550 1,283,400 1,283,400 962,550 962,550 1,283,400 1,283,400 962,550 1,604,250 12,834,000 11,250,000 11,858,000 12,400,000 12,834,000
Renewals and Transfers - - - - - - - - - - - - - 453,750 453,750 680,350 680,350 907,500 907,500 680,350 680,350 907,500 907,500 680,350 1,134,650 9,073,900 837,500 837,500 1,256,000 1,256,000 1,674,500 1,674,500 1,256,000 1,256,000 1,674,500 1,674,500 1,256,000 2,093,500 16,746,500 1,154,250 1,154,250 1,731,150 1,731,150 2,308,500 2,308,500 1,731,150 1,731,150 2,308,500 2,308,500 1,731,150 2,885,850 23,084,100 - 9,073,900 16,746,500 23,084,100
Registrar Fees 45,000 30,000 15,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 117,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   117,000 93,000 93,000 93,000
607,800 592,800 858,600 846,600 1,128,000 1,128,000 846,600 846,600 1,128,000 1,128,000 846,600 1,409,400 11,367,000 1,055,650 1,055,650 1,578,700 1,578,700 2,102,300 2,102,300 1,578,700 1,575,700 2,099,300 2,099,300 1,575,700 2,622,900 21,024,900 1,466,500 1,466,500 2,195,000 2,195,000 2,923,500 2,923,500 2,195,000 2,192,000 2,920,500 2,920,500 2,192,000 3,649,500 29,239,500 1,804,950 1,804,950 2,702,700 2,702,700 3,600,900 3,600,900 2,702,700 2,699,700 3,597,900 3,597,900 2,699,700 4,496,100 36,011,100 11,367,000 21,024,900 29,239,500 36,011,100
Cost of Goods Sold
            0.30 ICANN 28,140 28,140 42,180 42,180 56,250 56,250 42,180 42,180 56,250 56,250 42,180 70,320 562,500 57,090 57,090 85,620 85,620 114,180 114,180 85,620 85,620 114,180 114,180 85,620 142,740 1,141,740 87,450 87,450 131,160 131,160 174,870 174,870 131,160 131,160 174,870 174,870 131,160 218,610 1,748,790 119,730 119,730 179,580 179,580 239,460 239,460 179,580 179,580 239,460 239,460 179,580 299,340 2,394,540 562,500 1,141,740 1,748,790 2,394,540
Sponsor 234,500 234,500 351,500 351,500 468,750 468,750 351,500 351,500 468,750 468,750 351,500 586,000 4,687,500   428,175 428,175 642,150 642,150 856,350 856,350 642,150 642,150 856,350 856,350 642,150 1,070,550 8,563,050   583,000 583,000 874,400 874,400 1,165,800 1,165,800 874,400 874,400 1,165,800 1,165,800 874,400 1,457,400 11,658,600   698,425 698,425 1,047,550 1,047,550 1,396,850 1,396,850 1,047,550 1,047,550 1,396,850 1,396,850 1,047,550 1,746,150 13,968,150   4,687,500 8,563,050 11,658,600 13,968,150
Total Cost of Goods Sold 262,640 262,640 393,680 393,680 525,000 525,000 393,680 393,680 525,000 525,000 393,680 656,320 5,250,000 485,265 485,265 727,770 727,770 970,530 970,530 727,770 727,770 970,530 970,530 727,770 1,213,290 9,704,790 670,450 670,450 1,005,560 1,005,560 1,340,670 1,340,670 1,005,560 1,005,560 1,340,670 1,340,670 1,005,560 1,676,010 13,407,390 818,155 818,155 1,227,130 1,227,130 1,636,310 1,636,310 1,227,130 1,227,130 1,636,310 1,636,310 1,227,130 2,045,490 16,362,690 5,250,000 9,704,790 13,407,390 16,362,690
Gross Profit 345,160 330,160 464,920 452,920 603,000 603,000 452,920 452,920 603,000 603,000 452,920 753,080 6,117,000 570,385 570,385 850,930 850,930 1,131,770 1,131,770 850,930 847,930 1,128,770 1,128,770 847,930 1,409,610 11,320,110 796,050 796,050 1,189,440 1,189,440 1,582,830 1,582,830 1,189,440 1,186,440 1,579,830 1,579,830 1,186,440 1,973,490 15,832,110 986,795 986,795 1,475,570 1,475,570 1,964,590 1,964,590 1,475,570 1,472,570 1,961,590 1,961,590 1,472,570 2,450,610 19,648,410 6,117,000 11,320,110 15,832,110 19,648,410
Gross Margin 57% 56% 54% 53% 53% 53% 53% 53% 53% 53% 53% 53% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 55% 55% 55% 55% 55% 55% 55% 55% 55% 55% 55% 55% 55% 54% 54% 54% 55%
Operating Expenses
Amortization 69,700 69,700 69,800 69,800 69,800 69,800 90,700 90,700 90,700 90,700 90,700 90,700 962,800 118,400 118,400 118,400 118,400 146,200 146,200 146,200 146,200 174,000 174,000 174,000 174,000 1,754,400 194,800 194,800 194,800 194,800 236,500 236,500 236,500 236,500 257,300 257,300 257,300 257,300 2,754,400 278,200 278,200 278,200 299,000 299,000 299,000 299,000 299,000 312,900 312,900 312,900 312,900 3,581,200 962,800 1,754,400 2,754,400 3,581,200
3.25% Bank Charges 19,800 19,300 27,900 27,500 36,700 36,700 27,500 27,500 36,700 36,700 27,500 45,800 369,600 34,300 34,300 51,300 51,300 68,300 68,300 51,300 51,200 68,200 68,200 51,200 85,200 683,100 47,700 47,700 71,300 71,300 95,000 95,000 71,300 71,200 94,900 94,900 71,200 118,600 950,100 58,700 58,700 87,800 87,800 117,000 117,000 87,800 87,700 116,900 116,900 87,700 146,100 1,170,100 369,600 683,100 950,100 1,170,100
Insurance 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 72,000 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 78,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 48,000 72,000 78,000 84,000
Marketing - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Office Supplies 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 24,000 48,000 54,000 60,000
Premises - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Accounting & Legal 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000 24,000 42,000 48,000 54,000
Salaries & Benefits 27,500 27,500 42,500 42,500 42,500 42,500 42,500 42,500 52,800 52,800 54,400 54,400 524,400 57,000 57,000 57,000 57,000 57,000 57,000 57,000 57,000 57,000 57,000 59,700 59,700 689,400 62,700 62,700 62,700 62,700 62,700 62,700 62,700 62,700 62,700 62,700 65,900 65,900 758,800 69,200 69,200 69,200 69,200 69,200 69,200 69,200 69,200 69,200 69,200 72,600 72,600 837,200 524,400 689,400 758,800 837,200
Telecommunications 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 150,000 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 210,000 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 270,000 90,000 150,000 210,000 270,000
System Maintenance 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 210,000 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 330,000 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 450,000 90,000 210,000 330,000 450,000
Research & Development 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 600,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 900,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,200,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 1,500,000 600,000 900,000 1,200,000 1,500,000
Miscellaneous 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000   3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000   4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000   4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000   24,000 36,000 48,000 54,000
Total Operating Expenses 192,000 191,500 215,200 214,800 224,000 224,000 235,700 235,700 255,200 255,200 247,600 265,900 2,756,800 331,200 331,200 348,200 348,200 393,000 393,000 376,000 375,900 420,700 420,700 406,400 440,400 4,584,900 469,200 469,200 492,800 492,800 558,200 558,200 534,500 534,400 578,900 578,900 558,400 605,800 6,431,300 612,100 612,100 641,200 662,000 691,200 691,200 662,000 661,900 705,000 705,000 679,200 737,600 8,060,500 2,756,800 4,584,900 6,431,300 8,060,500
Income Before Taxes 153,160 138,660 249,720 238,120 379,000 379,000 217,220 217,220 347,800 347,800 205,320 487,180 3,360,200 239,185 239,185 502,730 502,730 738,770 738,770 474,930 472,030 708,070 708,070 441,530 969,210 6,735,210 326,850 326,850 696,640 696,640 1,024,630 1,024,630 654,940 652,040 1,000,930 1,000,930 628,040 1,367,690 9,400,810 374,695 374,695 834,370 813,570 1,273,390 1,273,390 813,570 810,670 1,256,590 1,256,590 793,370 1,713,010 11,587,910 3,360,200 6,735,210 9,400,810 11,587,910
- Taxes - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income 153,160 138,660 249,720 238,120 379,000 379,000 217,220 217,220 347,800 347,800 205,320 487,180 3,360,200 239,185 239,185 502,730 502,730 738,770 738,770 474,930 472,030 708,070 708,070 441,530 969,210 6,735,210 326,850 326,850 696,640 696,640 1,024,630 1,024,630 654,940 652,040 1,000,930 1,000,930 628,040 1,367,690 9,400,810 374,695 374,695 834,370 813,570 1,273,390 1,273,390 813,570 810,670 1,256,590 1,256,590 793,370 1,713,010 11,587,910 3,360,200 6,735,210 9,400,810 11,587,910
30% 32% 32% 32%
Tucows Inc. Registry Operations
Pro Forma Cash Flow Statement
Jan 2001 - Dec 2004
Month
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004          
Cash Receipts
New Registrations - 562,800 562,800 843,600 843,600 1,125,000 1,125,000 843,600 843,600 1,125,000 1,125,000 843,600 9,843,600 1,406,400 592,900 592,900 889,350 889,350 1,185,800 1,185,800 889,350 889,350 1,185,800 1,185,800 889,350 11,782,150 1,482,250 620,000 620,000 930,000 930,000 1,240,000 1,240,000 930,000 930,000 1,240,000 1,240,000 930,000 12,332,250 1,550,000 641,700 641,700 962,550 962,550 1,283,400 1,283,400 962,550 962,550 1,283,400 1,283,400 962,550 12,779,750 9,843,600 11,782,150 12,332,250 12,779,750
Renewals and Transfers - - - - - - - - - - - - - - 453,750 453,750 680,350 680,350 907,500 907,500 680,350 680,350 907,500 907,500 680,350 7,939,250 1,134,650 837,500 837,500 1,256,000 1,256,000 1,674,500 1,674,500 1,256,000 1,256,000 1,674,500 1,674,500 1,256,000 15,787,650 2,093,500 1,154,250 1,154,250 1,731,150 1,731,150 2,308,500 2,308,500 1,731,150 1,731,150 2,308,500 2,308,500 1,731,150 22,291,750 - 7,939,250 15,787,650 22,291,750
Registrar Fees - 45,000 30,000 15,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 114,000   3,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 90,000   6,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 93,000   6,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 93,000   114,000 90,000 93,000 93,000  
Cash Receipts - 607,800 592,800 858,600 846,600 1,128,000 1,128,000 846,600 846,600 1,128,000 1,128,000 846,600 9,957,600 1,409,400 1,055,650 1,055,650 1,578,700 1,578,700 2,102,300 2,102,300 1,578,700 1,575,700 2,099,300 2,099,300 1,575,700 19,811,400 2,622,900 1,466,500 1,466,500 2,195,000 2,195,000 2,923,500 2,923,500 2,195,000 2,192,000 2,920,500 2,920,500 2,192,000 28,212,900 3,649,500 1,804,950 1,804,950 2,702,700 2,702,700 3,600,900 3,600,900 2,702,700 2,699,700 3,597,900 3,597,900 2,699,700 35,164,500 9,957,600 19,811,400 28,212,900 35,164,500  
Disbursements
ICANN - 28,140 28,140 42,180 42,180 56,250 56,250 42,180 42,180 56,250 56,250 42,180 492,180 70,320 57,090 57,090 85,620 85,620 114,180 114,180 85,620 85,620 114,180 114,180 85,620 1,069,320 142,740 87,450 87,450 131,160 131,160 174,870 174,870 131,160 131,160 174,870 174,870 131,160 1,672,920 218,610 119,730 119,730 179,580 179,580 239,460 239,460 179,580 179,580 239,460 239,460 179,580 2,313,810 492,180 1,069,320 1,672,920 2,313,810 -
Sponsor - 234,500 234,500 351,500 351,500 468,750 468,750 351,500 351,500 468,750 468,750 351,500 4,101,500 586,000 428,175 428,175 642,150 642,150 856,350 856,350 642,150 642,150 856,350 856,350 642,150 8,078,500 1,070,550 583,000 583,000 874,400 874,400 1,165,800 1,165,800 874,400 874,400 1,165,800 1,165,800 874,400 11,271,750 1,457,400 698,425 698,425 1,047,550 1,047,550 1,396,850 1,396,850 1,047,550 1,047,550 1,396,850 1,396,850 1,047,550 13,679,400 4,101,500 8,078,500 11,271,750 13,679,400 -
Bank Charges 19,800 19,300 27,900 27,500 36,700 36,700 27,500 27,500 36,700 36,700 27,500 45,800 369,600 34,300 34,300 51,300 51,300 68,300 68,300 51,300 51,200 68,200 68,200 51,200 85,200 683,100 47,700 47,700 71,300 71,300 95,000 95,000 71,300 71,200 94,900 94,900 71,200 118,600 950,100 58,700 58,700 87,800 87,800 117,000 117,000 87,800 87,700 116,900 116,900 87,700 146,100 1,170,100 369,600 683,100 950,100 1,170,100 -
Insurance 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 72,000 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 78,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 48,000 72,000 78,000 84,000
Marketing - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Office Supplies 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 24,000 48,000 54,000 60,000
Premises - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Accounting & Legal 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000 24,000 42,000 48,000 54,000
Salaries & Benefits 27,500 27,500 42,500 42,500 42,500 42,500 42,500 42,500 52,800 52,800 54,400 54,400 524,400 57,000 57,000 57,000 57,000 57,000 57,000 57,000 57,000 57,000 57,000 59,700 59,700 689,400 62,700 62,700 62,700 62,700 62,700 62,700 62,700 62,700 62,700 62,700 65,900 65,900 758,800 69,200 69,200 69,200 69,200 69,200 69,200 69,200 69,200 69,200 69,200 72,600 72,600 837,200 524,400 689,400 758,800 837,200 -
Telecommunications 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 150,000 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 210,000 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 270,000 90,000 150,000 210,000 270,000
System Maintenance 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 210,000 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 330,000 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 450,000 90,000 210,000 330,000 450,000
Research & Development 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 600,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 900,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,200,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 1,500,000 600,000 900,000 1,200,000 1,500,000 -  
Miscellaneous 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000   3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000   4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000   4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000   24,000 36,000 48,000 54,000  
Total Operating Disbursements 122,300 384,440 408,040 538,680 547,880 679,200 670,000 538,680 558,180 689,500 681,900 568,880 6,387,680 869,120 698,065 715,065 957,570 974,570 1,217,330 1,200,330 957,470 974,470 1,217,230 1,202,930 994,170 11,978,320 1,487,690 944,850 968,450 1,303,560 1,327,260 1,662,370 1,638,670 1,303,460 1,327,160 1,662,270 1,641,770 1,354,060 16,621,570 2,009,910 1,152,055 1,181,155 1,590,130 1,619,330 2,028,510 1,999,310 1,590,030 1,619,230 2,028,410 2,002,610 1,651,830 20,472,510 6,387,680 11,978,320 16,621,570 20,472,510 - -
Cash Flow from Operations (122,300) 223,360 184,760 319,920 298,720 448,800 458,000 307,920 288,420 438,500 446,100 277,720 3,569,920 540,280 357,585 340,585 621,130 604,130 884,970 901,970 621,230 601,230 882,070 896,370 581,530 7,833,080 1,135,210 521,650 498,050 891,440 867,740 1,261,130 1,284,830 891,540 864,840 1,258,230 1,278,730 837,940 11,591,330 1,639,590 652,895 623,795 1,112,570 1,083,370 1,572,390 1,601,590 1,112,670 1,080,470 1,569,490 1,595,290 1,047,870 14,691,990 3,569,920 7,833,080 11,591,330 14,691,990
Capital Assets (2,508,250) - (5,500) - - - (750,000) - - - - - (3,263,750) (1,000,000) - - - (1,000,000) - - - (1,000,000) - - - (3,000,000) (750,000) - - - (1,500,000) - - - (750,000) - - - (3,000,000) (750,000) - - (750,000) - - - - (500,000) - - - (2,000,000) (3,263,750) (3,000,000) (3,000,000) (2,000,000) -
Capital Raised Through Equity - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - -
Taxes Paid - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Cash Flow - Period (2,630,550) 223,360 179,260 319,920 298,720 448,800 (292,000) 307,920 288,420 438,500 446,100 277,720 306,170 (459,720) 357,585 340,585 621,130 (395,870) 884,970 901,970 621,230 (398,770) 882,070 896,370 581,530 4,833,080 385,210 521,650 498,050 891,440 (632,260) 1,261,130 1,284,830 891,540 114,840 1,258,230 1,278,730 837,940 8,591,330 889,590 652,895 623,795 362,570 1,083,370 1,572,390 1,601,590 1,112,670 580,470 1,569,490 1,595,290 1,047,870 12,691,990 306,170 4,833,080 8,591,330 12,691,990
- Closing Cash Position (2,630,550) (2,407,190) (2,227,930) (1,908,010) (1,609,290) (1,160,490) (1,452,490) (1,144,570) (856,150) (417,650) 28,450 306,170 306,170 (153,550) 204,035 544,620 1,165,750 769,880 1,654,850 2,556,820 3,178,050 2,779,280 3,661,350 4,557,720 5,139,250 5,139,250 5,524,460 6,046,110 6,544,160 7,435,600 6,803,340 8,064,470 9,349,300 10,240,840 10,355,680 11,613,910 12,892,640 13,730,580 13,730,580 14,620,170 15,273,065 15,896,860 16,259,430 17,342,800 18,915,190 20,516,780 21,629,450 22,209,920 23,779,410 25,374,700 26,422,570 26,422,570 306,170 5,139,250 13,730,580 26,422,570
Tucows Inc. Registry Operations
Pro Forma Balance Sheet
Year Ending December 31st
Month
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004
Assets
Current Assets
Cash (2,630,550) (2,407,190) (2,227,930) (1,908,010) (1,609,290) (1,160,490) (1,452,490) (1,144,570) (856,150) (417,650) 28,450 306,170 306,170 (153,550) 204,035 544,620 1,165,750 769,880 1,654,850 2,556,820 3,178,050 2,779,280 3,661,350 4,557,720 5,139,250 5,139,250 5,524,460 6,046,110 6,544,160 7,435,600 6,803,340 8,064,470 9,349,300 10,240,840 10,355,680 11,613,910 12,892,640 13,730,580 13,730,580 14,620,170 15,273,065 15,896,860 16,259,430 17,342,800 18,915,190 20,516,780 21,629,450 22,209,920 23,779,410 25,374,700 26,422,570 26,422,570 306,170 5,139,250 13,730,580 26,422,570
Accounts Receivable 607,800 592,800 858,600 846,600 1,128,000 1,128,000 846,600 846,600 1,128,000 1,128,000 846,600 1,409,400 1,409,400 1,055,650 1,055,650 1,578,700 1,578,700 2,102,300 2,102,300 1,578,700 1,575,700 2,099,300 2,099,300 1,575,700 2,622,900 2,622,900 1,466,500 1,466,500 2,195,000 2,195,000 2,923,500 2,923,500 2,195,000 2,192,000 2,920,500 2,920,500 2,192,000 3,649,500 3,649,500 1,804,950 1,804,950 2,702,700 2,702,700 3,600,900 3,600,900 2,702,700 2,699,700 3,597,900 3,597,900 2,699,700 4,496,100 4,496,100 1,409,400 2,622,900 3,649,500 4,496,100
Prepaid Expenses - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - -
Total Current Assets (2,022,750) (1,814,390) (1,369,330) (1,061,410) (481,290) (32,490) (605,890) (297,970) 271,850 710,350 875,050 1,715,570 1,715,570 902,100 1,259,685 2,123,320 2,744,450 2,872,180 3,757,150 4,135,520 4,753,750 4,878,580 5,760,650 6,133,420 7,762,150 7,762,150 6,990,960 7,512,610 8,739,160 9,630,600 9,726,840 10,987,970 11,544,300 12,432,840 13,276,180 14,534,410 15,084,640 17,380,080 17,380,080 16,425,120 17,078,015 18,599,560 18,962,130 20,943,700 22,516,090 23,219,480 24,329,150 25,807,820 27,377,310 28,074,400 30,918,670 30,918,670 1,715,570 7,762,150 17,380,080 30,918,670
Fixed Assets
Fixed Assets 2,508,250 2,508,250 2,513,750 2,513,750 2,513,750 2,513,750 3,263,750 3,263,750 3,263,750 3,263,750 3,263,750 3,263,750 3,263,750 4,263,750 4,263,750 4,263,750 4,263,750 5,263,750 5,263,750 5,263,750 5,263,750 6,263,750 6,263,750 6,263,750 6,263,750 6,263,750 7,013,750 7,013,750 7,013,750 7,013,750 8,513,750 8,513,750 8,513,750 8,513,750 9,263,750 9,263,750 9,263,750 9,263,750 9,263,750 10,013,750 10,013,750 10,013,750 10,763,750 10,763,750 10,763,750 10,763,750 10,763,750 11,263,750 11,263,750 11,263,750 11,263,750 11,263,750 3,263,750 6,263,750 9,263,750 11,263,750
  Cumulative Amortization (69,700) (139,400) (209,200) (279,000) (348,800) (418,600) (509,300) (600,000) (690,700) (781,400) (872,100) (962,800) (962,800)   (1,081,200) (1,199,600) (1,318,000) (1,436,400) (1,582,600) (1,728,800) (1,875,000) (2,021,200) (2,195,200) (2,369,200) (2,543,200) (2,717,200) (2,717,200)   (2,912,000) (3,106,800) (3,301,600) (3,496,400) (3,732,900) (3,969,400) (4,205,900) (4,442,400) (4,699,700) (4,957,000) (5,214,300) (5,471,600) (5,471,600)   (5,749,800) (6,028,000) (6,306,200) (6,605,200) (6,904,200) (7,203,200) (7,502,200) (7,801,200) (8,114,100) (8,427,000) (8,739,900) (9,052,800) (9,052,800)   (962,800) (2,717,200) (5,471,600) (9,052,800)
Total Fixed Assets 2,438,550 2,368,850 2,304,550 2,234,750 2,164,950 2,095,150 2,754,450 2,663,750 2,573,050 2,482,350 2,391,650 2,300,950 2,300,950 3,182,550 3,064,150 2,945,750 2,827,350 3,681,150 3,534,950 3,388,750 3,242,550 4,068,550 3,894,550 3,720,550 3,546,550 3,546,550 4,101,750 3,906,950 3,712,150 3,517,350 4,780,850 4,544,350 4,307,850 4,071,350 4,564,050 4,306,750 4,049,450 3,792,150 3,792,150 4,263,950 3,985,750 3,707,550 4,158,550 3,859,550 3,560,550 3,261,550 2,962,550 3,149,650 2,836,750 2,523,850 2,210,950 2,210,950 2,300,950 3,546,550 3,792,150 2,210,950
Total Assets 415,800 554,460 935,220 1,173,340 1,683,660 2,062,660 2,148,560 2,365,780 2,844,900 3,192,700 3,266,700 4,016,520 4,016,520 4,084,650 4,323,835 5,069,070 5,571,800 6,553,330 7,292,100 7,524,270 7,996,300 8,947,130 9,655,200 9,853,970 11,308,700 11,308,700 11,092,710 11,419,560 12,451,310 13,147,950 14,507,690 15,532,320 15,852,150 16,504,190 17,840,230 18,841,160 19,134,090 21,172,230 21,172,230 20,689,070 21,063,765 22,307,110 23,120,680 24,803,250 26,076,640 26,481,030 27,291,700 28,957,470 30,214,060 30,598,250 33,129,620 33,129,620 4,016,520 11,308,700 21,172,230 33,129,620
Liabilities & Shareholders' Equity
Current Liabilities
Accounts Payable 262,640 262,640 393,680 393,680 525,000 525,000 393,680 393,680 525,000 525,000 393,680 656,320 656,320 485,265 485,265 727,770 727,770 970,530 970,530 727,770 727,770 970,530 970,530 727,770 1,213,290 1,213,290 670,450 670,450 1,005,560 1,005,560 1,340,670 1,340,670 1,005,560 1,005,560 1,340,670 1,340,670 1,005,560 1,676,010 1,676,010 818,155 818,155 1,227,130 1,227,130 1,636,310 1,636,310 1,227,130 1,227,130 1,636,310 1,636,310 1,227,130 2,045,490 2,045,490 656,320 1,213,290 1,676,010 2,045,490
Advances from Shareholders - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - -
Total Current Liabilities 262,640 262,640 393,680 393,680 525,000 525,000 393,680 393,680 525,000 525,000 393,680 656,320 656,320 485,265 485,265 727,770 727,770 970,530 970,530 727,770 727,770 970,530 970,530 727,770 1,213,290 1,213,290 670,450 670,450 1,005,560 1,005,560 1,340,670 1,340,670 1,005,560 1,005,560 1,340,670 1,340,670 1,005,560 1,676,010 1,676,010 818,155 818,155 1,227,130 1,227,130 1,636,310 1,636,310 1,227,130 1,227,130 1,636,310 1,636,310 1,227,130 2,045,490 2,045,490 656,320 1,213,290 1,676,010 2,045,490
Shareholders  Equity
Capital Stock - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Retained Earnings (Deficit) 153,160 291,820 541,540 779,660 1,158,660 1,537,660 1,754,880 1,972,100 2,319,900 2,667,700 2,873,020 3,360,200 3,360,200   3,599,385 3,838,570 4,341,300 4,844,030 5,582,800 6,321,570 6,796,500 7,268,530 7,976,600 8,684,670 9,126,200 10,095,410 10,095,410   10,422,260 10,749,110 11,445,750 12,142,390 13,167,020 14,191,650 14,846,590 15,498,630 16,499,560 17,500,490 18,128,530 19,496,220 19,496,220   19,870,915 20,245,610 21,079,980 21,893,550 23,166,940 24,440,330 25,253,900 26,064,570 27,321,160 28,577,750 29,371,120 31,084,130 31,084,130   3,360,200 10,095,410 19,496,220 31,084,130
Total Shareholders' Equity 153,160 291,820 541,540 779,660 1,158,660 1,537,660 1,754,880 1,972,100 2,319,900 2,667,700 2,873,020 3,360,200 3,360,200 3,599,385 3,838,570 4,341,300 4,844,030 5,582,800 6,321,570 6,796,500 7,268,530 7,976,600 8,684,670 9,126,200 10,095,410 10,095,410 10,422,260 10,749,110 11,445,750 12,142,390 13,167,020 14,191,650 14,846,590 15,498,630 16,499,560 17,500,490 18,128,530 19,496,220 19,496,220 19,870,915 20,245,610 21,079,980 21,893,550 23,166,940 24,440,330 25,253,900 26,064,570 27,321,160 28,577,750 29,371,120 31,084,130 31,084,130 3,360,200 10,095,410 19,496,220 31,084,130
Total Liabilities & Equity 415,800 554,460 935,220 1,173,340 1,683,660 2,062,660 2,148,560 2,365,780 2,844,900 3,192,700 3,266,700 4,016,520 4,016,520 4,084,650 4,323,835 5,069,070 5,571,800 6,553,330 7,292,100 7,524,270 7,996,300 8,947,130 9,655,200 9,853,970 11,308,700 11,308,700 11,092,710 11,419,560 12,451,310 13,147,950 14,507,690 15,532,320 15,852,150 16,504,190 17,840,230 18,841,160 19,134,090 21,172,230 21,172,230 20,689,070 21,063,765 22,307,110 23,120,680 24,803,250 26,076,640 26,481,030 27,291,700 28,957,470 30,214,060 30,598,250 33,129,620 33,129,620 4,016,520 11,308,700 21,172,230 33,129,620
Net Tangible Assets (192,000) (38,340) 76,620 326,740 555,660 934,660 1,301,960 1,519,180 1,716,900 2,064,700 2,420,100 2,607,120 2,607,120   3,029,000 3,268,185 3,490,370 3,993,100 4,451,030 5,189,800 5,945,570 6,420,600 6,847,830 7,555,900 8,278,270 8,685,800 8,685,800   9,626,210 9,953,060 10,256,310 10,952,950 11,584,190 12,608,820 13,657,150 14,312,190 14,919,730 15,920,660 16,942,090 17,522,730 17,522,730   18,884,120 19,258,815 19,604,410 20,417,980 21,202,350 22,475,740 23,778,330 24,592,000 25,359,570 26,616,160 27,898,550 28,633,520 28,633,520   2,607,120 8,685,800 17,522,730 28,633,520
Balance Sheet Check Digit - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Income Statement check - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SCFP check - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - <