10% CONFIDENCE LEVEL
 CONSORTIUM gTLD  CONSORTIUM gTLD  CONSORTIUM gTLD  CONSORTIUM gTLD  CONSORTIUM gTLD  CONSORTIUM gTLD
 Summary P&L  Summary P&L  Summary P&L  Summary P&L  Summary P&L  Summary P&L
 Year 1  Year 2  Year 3  Year 4  Year 5
1 2 3 4 5 6 7 8 9 10 11 12 Year 1 1 2 3 4 5 6 7 8 9 10 11 12 Year 2 1 2 3 4 5 6 7 8 9 10 11 12 Year 3 1 2 3 4 5 6 7 8 9 10 11 12 Year 4 1 2 3 4 5 6 7 8 9 10 11 12 Year 5 Year 1 Year 2 Year 3 Year 4 Year 5 Total
<---------SUNRISE PERIOD---------->
New Registrations                   -                      -                      -                      -                      -                      -              571,429            428,571  QUIET         1,200,000            800,000            500,000         3,500,000            400,000            424,000            449,440            476,406            504,990            535,289            545,995            556,915            568,053            579,414            591,002            602,822          6,234,326            614,878            627,176            639,720            652,514            665,564            678,875            685,664            692,521            699,446            706,440            713,504            720,639          8,096,941            727,845            735,123            742,474            749,899            757,398            764,972            772,622            780,348            788,151            796,033            803,993            812,033         9,230,891              820,153            828,355            836,639              845,005              853,455              861,990              870,610              879,316              888,109              896,990              905,960              915,020         10,401,602         3,500,000          6,234,326          8,096,941           9,230,891         10,401,602        37,463,760
Revenue  $               -    $                -    $                -    $                -    $                 -    $                 -    $        279,286  $        488,750  $        488,750  $     1,075,250  $     1,466,250  $     1,710,625  $     5,508,911  $     1,900,649  $     2,103,772  $     2,323,435  $     2,544,779  $     2,783,926  $     3,040,757  $     3,303,779  $     3,571,908  $     3,845,236  $     4,123,859  $     4,407,872  $     4,697,371  $     38,647,343  $     4,992,661  $     5,293,856  $     5,601,075  $     5,914,439  $     6,234,069  $     6,560,092  $     6,889,318  $     7,221,777  $     7,557,501  $     7,896,520  $     8,813,867  $     8,967,907  $     81,943,082  $     9,173,320  $     9,478,058  $     9,845,739  $    10,217,672  $    10,593,934  $    10,974,604  $    11,359,766  $    11,739,247  $    12,122,573  $    12,509,784  $    12,900,921  $    13,296,024  $  134,211,642  $      13,695,133  $    14,098,290  $    14,505,537  $      14,916,915  $      15,217,467  $      15,560,569  $      15,936,681  $      16,323,428  $      16,712,126  $      17,102,679  $      17,494,984  $      17,888,929  $    189,452,739  $     5,508,911  $     38,647,343  $     81,943,082  $    134,211,642  $    189,452,739  $   449,763,717
Operating Expenses:
Registry Operator                   -                      -                      -                      -                      -                      -              143,286            250,750            250,750            551,650            752,250            877,625         2,826,311            975,115         1,079,326         1,192,023         1,305,582         1,428,275         1,560,041         1,835,458         2,078,377         2,218,607         2,361,552         2,507,263         2,655,789         21,197,410         2,554,771         2,447,800         2,334,520         2,214,554         2,087,505         1,952,949         1,537,773         1,190,151         1,050,504            613,065            271,110                    -           18,254,703                    -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                        -                        -                        -                        -                        -                        -                        -                        -                        -                        -           2,826,311         21,197,410         18,254,703                      -                        -          42,278,424
Systems Development & Support            18,229             37,500             43,229             43,229              43,229              43,229              43,229              43,229              43,229              43,229              43,229            121,042            565,833              45,391              45,391              45,391              45,391              45,391              45,391              45,391            111,621            111,621            269,707            748,229            858,854          2,417,767            798,295            802,889            807,483            807,483            807,483            807,483            807,483            807,483            807,483            807,483            807,483            885,295          9,753,824         3,034,745         3,041,981         3,041,981         3,041,981         3,041,981         3,041,981         3,041,981         3,041,981         3,041,981         3,041,981         3,041,981         3,119,793       36,574,345           3,217,481         3,217,481         3,217,481           3,217,481           3,217,481           3,217,481           3,217,481           3,217,481           3,217,481           3,217,481           3,217,481           3,295,293         38,687,582            565,833          2,417,767          9,753,824         36,574,345         38,687,582        87,999,350
Customer Service                   -                      -                 3,646             26,042              47,396              47,396              47,396              47,396              53,542              53,542              53,542            125,917            505,813              62,672              62,672              62,672              62,672              62,672              62,672              62,672              62,672              62,672              62,672              62,672            135,047             824,438              65,805              65,805              65,805              65,805              65,805              65,805              65,805              65,805              65,805              65,805              65,805            138,180             862,041              69,096              69,096              69,096              69,096              69,096              69,096              69,096              69,096              69,096              69,096              69,096            141,471            901,524                72,551              72,551              72,551                72,551                72,551                72,551                72,551                72,551                72,551                72,551                72,551              144,926              942,981            505,813             824,438             862,041              901,524              942,981          4,036,796
Sales & Marketing          300,000           319,271           339,583           439,583            639,583            739,583         1,489,583         1,489,583         2,497,396         4,997,396         4,897,396         4,863,646       23,012,604         1,699,277         1,699,277         1,699,277         1,699,277         1,699,277         1,699,277         1,699,277         1,699,277         1,699,277         1,699,277         1,699,277         1,765,527         20,457,572         1,470,015         1,470,015         1,470,015         1,470,015         1,470,015         1,470,015         1,470,015         1,470,015         1,470,015         1,470,015         1,470,015         1,536,265         17,706,430         1,317,540         1,317,540         1,317,540         1,317,540         1,317,540         1,317,540         1,317,540         1,317,540         1,317,540         1,317,540         1,317,540         1,383,790       15,876,725           1,252,745         1,252,745         1,252,745           1,252,745           1,252,745           1,252,745           1,252,745           1,252,745           1,252,745           1,252,745           1,252,745           1,318,995         15,099,191       23,012,604         20,457,572         17,706,430         15,876,725         15,099,191        92,152,521
General & Administrative          224,461           255,136           272,593           323,381            347,569            248,769            317,341            300,198            251,651            395,651            347,651            431,963         3,716,364            314,328            317,323            327,482            342,503            346,070            354,694            356,030            357,393            358,783            360,201            390,702            517,332          4,342,843            414,028            416,601            419,206            420,867            422,561            424,288            425,169            426,059            426,958            427,866            428,783            550,021          5,202,408            460,255            462,223            463,215            464,218            465,230            466,252            467,285            468,328            469,381            470,445            471,520            592,917         5,721,270              503,121            504,273            505,436              506,610              507,796              508,994              510,204              511,427              512,661              513,908              515,167              636,751           6,236,348         3,716,364          4,342,843          5,202,408           5,721,270           6,236,348        25,219,233
R&D                   -                      -                      -                      -                      -                      -                 2,738               4,792               4,792              10,542              14,375              16,771              54,009              18,688              20,719              22,873              36,093              38,513              80,453              83,069              85,737              88,459              91,236              94,068              96,956             756,863            102,418            105,423            108,489            111,615            114,804            118,057            121,343            124,661            128,013            131,398            140,567            142,103          1,448,891            146,794            149,838            153,510            157,226            160,984            164,786            168,634            172,424            176,253            180,121            184,028            187,974         2,002,573              194,734            198,761            202,829              206,938              209,939              213,365              217,121              220,984              224,866              228,767              232,685              236,619           2,587,609              54,009             756,863          1,448,891           2,002,573           2,587,609          6,849,944
Operating Expenses          542,690           611,907           659,051           832,235         1,077,778         1,078,978         2,043,573         2,135,948         3,101,359         6,052,009         6,108,443         6,436,963       30,680,933         3,115,470         3,224,708         3,349,718         3,491,518         3,620,198         3,802,527         4,081,897         4,395,078         4,539,419         4,844,645         5,502,211         6,029,505         49,996,893         5,405,333         5,308,534         5,205,518         5,090,339         4,968,173         4,838,598         4,427,588         4,084,174         3,948,778         3,515,632         3,183,763         3,251,865         53,228,297         5,028,431         5,040,677         5,045,342         5,050,059         5,054,830         5,059,655         5,064,535         5,069,368         5,074,250         5,079,182         5,084,163         5,425,945       61,076,436           5,240,632         5,245,810         5,251,041           5,256,324           5,260,511           5,265,136           5,270,102           5,275,187           5,280,303           5,285,451           5,290,628           5,632,584         63,553,710       30,680,933         49,996,893         53,228,297         61,076,436         63,553,710       258,536,269
                                                                                                                                             
EBITDA         (542,690)          (611,907)          (659,051)          (832,235)        (1,077,778)        (1,078,978)        (1,764,287)        (1,647,198)        (2,612,609)        (4,976,759)        (4,642,193)        (4,726,338)      (25,172,022)        (1,214,821)        (1,120,936)        (1,026,282)           (946,739)           (836,271)           (761,770)           (778,118)           (823,170)           (694,183)           (720,785)        (1,094,339)        (1,332,134)        (11,349,549)           (412,673)             (14,678)            395,558            824,099         1,265,896         1,721,494         2,461,730         3,137,603         3,608,723         4,380,888         5,630,104         5,716,042         28,714,785         4,144,889         4,437,381         4,800,397         5,167,613         5,539,104         5,914,950         6,295,232         6,669,879         7,048,322         7,430,602         7,816,758         7,870,079       73,135,206           8,454,501         8,852,480         9,254,496           9,660,591           9,956,955         10,295,433         10,666,579         11,048,241         11,431,823         11,817,228         12,204,356         12,256,345        125,899,028      (25,172,022)        (11,349,549)         28,714,785         73,135,206        125,899,028       191,227,448
Depreciation & Amortization                   -                 5,139             14,417             16,667              17,444              18,417              18,417              18,417              18,417              18,708              18,708              18,708            183,458              18,708              19,000              19,000              19,097              19,569              19,569              20,958              20,958              20,958              20,958              20,958              29,292             249,028              30,681              30,958              31,236              31,514              31,514              31,514              31,514              31,514              31,514              31,514              31,514              31,514             376,500              31,514              30,264              21,264              19,014              18,236              17,264              17,264              17,264              17,264              16,972              16,972              16,972            240,264                16,972              20,569              20,569                20,472                20,000                20,000                18,611                18,611                18,611                18,611                18,611                10,278              221,917            183,458             249,028             376,500              240,264              221,917          1,271,167
                                                                                                                                             
EBIT         (542,690)          (617,046)          (673,468)          (848,902)        (1,095,222)        (1,097,394)        (1,782,704)        (1,665,615)        (2,631,026)        (4,995,468)        (4,660,901)        (4,745,047)      (25,355,481)        (1,233,530)        (1,139,936)        (1,045,282)           (965,836)           (855,841)           (781,339)           (799,077)           (844,129)           (715,141)           (741,744)        (1,115,297)        (1,361,425)        (11,598,577)           (443,353)             (45,636)            364,321            792,585         1,234,382         1,689,980         2,430,216         3,106,089         3,577,209         4,349,374         5,598,590         5,684,528         28,338,285         4,113,376         4,407,117         4,779,133         5,148,599         5,520,868         5,897,686         6,277,968         6,652,615         7,031,058         7,413,630         7,799,786         7,853,107       72,894,942           8,437,529         8,831,910         9,233,927           9,640,119           9,936,955         10,275,433         10,647,968         11,029,630         11,413,212         11,798,617         12,185,745         12,246,067        125,677,112      (25,355,481)        (11,598,577)         28,338,285         72,894,942        125,677,112       189,956,281
                   -                        -                        -                      -                        -                      -                        -                        -                        -                        -                       -  
Interest                   -                 6,313               4,952               3,885               2,727               1,265                    -                20,279              33,318              28,865              41,350              43,177            186,130              41,043              40,593              43,118              45,961              49,109              52,644              56,453              57,947              57,638              59,931              61,399              60,196             626,032              60,520              64,487              71,304              78,084              84,747              91,275              97,662            103,564            109,036            114,242            118,943            137,839          1,131,702            151,373            159,437            166,471            173,639            180,950            188,422            196,074            203,925            211,735            219,505            227,235            234,926         2,313,693              242,474            249,691            257,182              264,638              272,062              291,623              307,183              319,728              331,183              342,800              354,593              366,577           3,599,735            186,130             626,032          1,131,702           2,313,693           3,599,735          7,857,292
                                                                                                                                                     -                        -                        -                        -                        -                       -  
Pretax Consortium Profit (Before Rebates)         (542,690)          (623,359)          (678,420)          (852,787)        (1,097,949)        (1,098,659)        (1,782,704)        (1,685,893)        (2,664,344)        (5,024,332)        (4,702,251)        (4,788,224)      (25,541,610)        (1,274,573)        (1,180,530)        (1,088,400)        (1,011,797)           (904,950)           (833,983)           (855,530)           (902,075)           (772,779)           (801,675)        (1,176,696)        (1,421,622)        (12,224,609)           (503,873)           (110,123)            293,017            714,501         1,149,635         1,598,705         2,332,554         3,002,525         3,468,173         4,235,133         5,479,647         5,546,689         27,206,583         3,962,002         4,247,681         4,612,662         4,974,960         5,339,918         5,709,263         6,081,894         6,448,689         6,819,323         7,194,125         7,572,551         7,618,180       70,581,249           8,195,055         8,582,219         8,976,745           9,375,480           9,664,893           9,983,810         10,340,785         10,709,903         11,082,028         11,455,817         11,831,152         11,879,490        122,077,377      (25,541,610)        (12,224,609)         27,206,583         70,581,249        122,077,377       182,098,989
Rebates                   -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                73,254            178,625            287,409            399,676            583,138            750,631            867,043         1,058,783         1,369,912         1,386,672          6,955,145            990,501         1,061,920         1,153,166         1,243,740         1,334,980         1,427,316         1,520,473         1,612,172         1,704,831         1,798,531         1,893,138         1,904,545       17,645,312           2,048,764         2,145,555         2,244,186           2,343,870           2,416,223           2,495,952           2,585,196           2,677,476           2,770,507           2,863,954           2,957,788           2,969,872         30,519,344                    -                        -            6,955,145         17,645,312         30,519,344        55,119,801
Pretax Consortium Profit         (542,690)          (623,359)          (678,420)          (852,787)        (1,097,949)        (1,098,659)        (1,782,704)        (1,685,893)        (2,664,344)        (5,024,332)        (4,702,251)        (4,788,224)      (25,541,610)        (1,274,573)        (1,180,530)        (1,088,400)        (1,011,797)           (904,950)           (833,983)           (855,530)           (902,075)           (772,779)           (801,675)        (1,176,696)        (1,421,622)        (12,224,609)           (503,873)           (110,123)            219,763            535,876            862,226         1,199,029         1,749,415         2,251,894         2,601,130         3,176,349         4,109,735         4,160,017         20,251,438         2,971,502         3,185,760         3,459,497         3,731,220         4,004,939         4,281,948         4,561,420         4,836,517         5,114,492         5,395,594         5,679,413         5,713,635       52,935,937           6,146,291         6,436,664         6,732,559           7,031,610           7,248,670           7,487,857           7,755,589           8,032,427           8,311,521           8,591,863           8,873,364           8,909,617         91,558,033      (25,541,610)        (12,224,609)         20,251,438         52,935,937         91,558,033       126,979,188
Estimated Stockholder Taxes                   -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                87,905            214,350            344,891            479,612            699,766            900,757         1,040,452         1,270,540         1,643,894         1,664,007          8,346,174         1,188,601         1,274,304         1,383,799         1,492,488         1,601,975         1,712,779         1,824,568         1,934,607         2,045,797         2,158,238         2,271,765         2,285,454       21,174,375           2,458,517         2,574,666         2,693,023           2,812,644           2,899,468           2,995,143           3,102,235           3,212,971           3,324,608           3,436,745           3,549,346           3,563,847         36,623,213                    -                        -            8,346,174         21,174,375         36,623,213        66,143,762
Estimated Consortium Net Income         (542,690)          (623,359)          (678,420)          (852,787)        (1,097,949)        (1,098,659)        (1,782,704)        (1,685,893)        (2,664,344)        (5,024,332)        (4,702,251)        (4,788,224)      (25,541,610)        (1,274,573)        (1,180,530)        (1,088,400)        (1,011,797)           (904,950)           (833,983)           (855,530)           (902,075)           (772,779)           (801,675)        (1,176,696)        (1,421,622)        (12,224,609)           (503,873)           (110,123)            131,858            321,526            517,336            719,417         1,049,649         1,351,136         1,560,678         1,905,810         2,465,841         2,496,010         11,905,264         1,782,901         1,911,456         2,075,698         2,238,732         2,402,963         2,569,169         2,736,852         2,901,910         3,068,695         3,237,356         3,407,648         3,428,181       31,761,562           3,687,775         3,861,999         4,039,535           4,218,966           4,349,202           4,492,714           4,653,353           4,819,456           4,986,913           5,155,118           5,324,018           5,345,770         54,934,820      (25,541,610)        (12,224,609)         11,905,264         31,761,562         54,934,820        60,835,427
Cumulative Net Income         (542,690)       (1,166,048)       (1,844,468)       (2,697,255)        (3,795,203)        (4,893,863)        (6,676,566)        (8,362,460)      (11,026,804)      (16,051,136)      (20,753,387)      (25,541,610)      (25,541,610)      (26,816,183)      (27,996,712)      (29,085,112)      (30,096,909)      (31,001,859)      (31,835,843)      (32,691,372)      (33,593,447)      (34,366,227)      (35,167,902)      (36,344,598)      (37,766,220)        (37,766,220)      (38,270,093)      (38,380,216)      (38,248,358)      (37,926,832)      (37,409,497)      (36,690,079)      (35,640,430)      (34,289,294)      (32,728,616)      (30,822,807)      (28,356,965)      (25,860,955)        (25,860,955)      (24,078,054)      (22,166,598)      (20,090,900)      (17,852,168)      (15,449,205)      (12,880,036)      (10,143,184)        (7,241,274)        (4,172,579)           (935,222)         2,472,426         5,900,607         5,900,607           9,588,382       13,450,380       17,489,916         21,708,882         26,058,084         30,550,798         35,204,151         40,023,608         45,010,520         50,165,638         55,489,656         60,835,427         60,835,427      (25,541,610)        (37,766,220)        (25,860,955)           5,900,607         60,835,427       (22,432,751)
Net Cash*        4,328,794          (933,306)          (731,570)          (794,195)        (1,002,316)        (1,079,643)       14,117,784         8,941,234        (3,053,908)         8,561,201         1,253,041        (1,463,563)       28,143,555           (308,223)         1,731,133         1,949,710         2,158,408         2,424,299         2,611,725         1,024,194           (211,589)         1,572,581         1,006,599           (824,974)            221,772         13,355,635         2,720,404         4,674,848         4,648,783         4,569,048         4,476,493         4,379,477         4,047,234         3,751,820         3,569,997         3,223,513       12,957,060         9,281,040         62,299,718         5,529,085         4,823,692         4,914,948         5,013,287         5,124,025         5,247,000         5,383,646         5,355,333         5,327,633         5,300,470         5,274,174         5,175,657       62,468,950           4,949,149         5,136,180         5,113,031           5,090,664         13,413,304         10,669,615           8,601,983           7,855,472           7,965,650           8,086,312           8,218,123           8,284,246         93,383,727       28,143,555         13,355,635         62,299,718         62,468,950         93,383,727       259,651,584
                   -                        -                        -                        -                        -  
Cumulative Cash Balance*        4,328,794        3,395,489        2,663,919        1,869,724            867,408           (212,235)       13,905,549       22,846,783       19,792,876       28,354,077       29,607,118       28,143,555       28,143,555       27,835,332       29,566,465       31,516,175       33,674,583       36,098,882       38,710,607       39,734,801       39,523,212       41,095,793       42,102,392       41,277,417       41,499,190         41,499,190       44,219,594       48,894,442       53,543,224       58,112,273       62,588,766       66,968,242       71,015,477       74,767,297       78,337,294       81,560,808       94,517,868      103,798,907       103,798,907      109,327,993      114,151,685      119,066,633      124,079,920      129,203,946      134,450,945      139,834,591      145,189,924      150,517,557      155,818,027      161,092,201      166,267,857      166,267,857        171,217,006      176,353,186      181,466,217        186,556,881        199,970,185        210,639,800        219,241,782        227,097,254        235,062,904        243,149,216        251,367,338        259,651,584        259,651,584       28,143,555         41,499,190       103,798,907        166,267,857        259,651,584       599,361,093
As Percent of Revenue (Accrual)
Cost of Revenue 0% 0% 0% 0% 0% 0% 51% 51% 51% 51% 51% 51% 51% 51% 51% 51% 51% 51% 51% 56% 58% 58% 57% 57% 57% 55% 51% 46% 42% 37% 33% 30% 22% 16% 14% 8% 3% 0% 22% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 51% 55% 22% 0% 0% 9%
Sales & Marketing 0% 0% 0% 0% 0% 0% 533% 305% 511% 465% 334% 284% 418% 89% 81% 73% 67% 61% 56% 51% 48% 44% 41% 39% 38% 53% 29% 28% 26% 25% 24% 22% 21% 20% 19% 19% 17% 17% 22% 14% 14% 13% 13% 12% 12% 12% 11% 11% 11% 10% 10% 12% 9% 9% 9% 8% 8% 8% 8% 8% 7% 7% 7% 7% 8% 418% 53% 22% 12% 8% 20%
G&A 0% 0% 0% 0% 0% 0% 114% 61% 51% 37% 24% 25% 67% 17% 15% 14% 13% 12% 12% 11% 10% 9% 9% 9% 11% 11% 8% 8% 7% 7% 7% 6% 6% 6% 6% 5% 5% 6% 6% 5% 5% 5% 5% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 3% 3% 3% 3% 3% 3% 3% 3% 3% 4% 3% 67% 11% 6% 4% 3% 6%
S,G&A 0% 0% 0% 0% 0% 0% 647% 366% 562% 502% 358% 310% 485% 106% 96% 87% 80% 73% 68% 62% 58% 54% 50% 47% 49% 64% 38% 36% 34% 32% 30% 29% 28% 26% 25% 24% 22% 23% 28% 19% 19% 18% 17% 17% 16% 16% 15% 15% 14% 14% 15% 16% 13% 12% 12% 12% 12% 11% 11% 11% 11% 10% 10% 11% 11% 485% 64% 28% 16% 11% 26%
R&D 0% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 3% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 2% 2% 1% 1% 2%
                   -                        -                        -                        -                        -  
Gross Margin Equivalent 0% 0% 0% 0% 0% 0% 33% 40% 40% 45% 46% 42% 38% 46% 47% 47% 47% 47% 47% 43% 39% 39% 36% 26% 25% 39% 33% 39% 44% 49% 54% 58% 66% 72% 75% 82% 88% 90% 66% 67% 68% 69% 70% 71% 72% 73% 74% 75% 76% 76% 77% 73% 77% 77% 78% 78% 79% 79% 80% 80% 81% 81% 82% 82% 80% 38% 39% 66% 73% 80% 29%
Net Income 0% 0% 0% 0% 0% 0% -638% -345% -545% -467% -321% -280% -464% -67% -56% -47% -40% -33% -27% -26% -25% -20% -19% -27% -30% -32% -10% -2% 2% 5% 8% 11% 15% 19% 21% 24% 28% 28% 15% 19% 20% 21% 22% 23% 23% 24% 25% 25% 26% 26% 26% 24% 27% 27% 28% 28% 29% 29% 29% 30% 30% 30% 30% 30% 29% -464% -32% 15% 24% 29% 14%
*Cash flows include financing flows.
gTLD CONSORTIUM gTLD CONSORTIUM gTLD CONSORTIUM gTLD CONSORTIUM
Balance Sheet Balance Sheet Balance Sheet Balance Sheet gTLD CONSORTIUM gTLD CONSORTIUM
Balance Sheet Balance Sheet
 gTLD BALANCE SHEET                                
 Year 1  Year 2  Year 3  Year 4  Year 5
1 2 3 4 5 6 7 8 9 10 11 12 Year 1 1 2 3 4 5 6 7 8 9 10 11 12 Year 2 1 2 3 4 5 6 7 8 9 10 11 12 Year 3 1 2 3 4 5 6 7 8 9 10 11 12 Year 4 1 2 3 4 5 6 7 8 9 10 11 12 Year 5 Year 1 Year 2 Year 3 Year 4 Year 5 Total
 Current Assets:
 Cash $4,328,794 $3,395,489 $2,663,919 $1,869,724 $867,408 ($212,235) $13,905,549 $22,846,783 $19,792,876 $28,354,077 $29,607,118 $28,143,555 $28,143,555 $27,835,332 $29,566,465 $31,516,175 $33,674,583 $36,098,882 $38,710,607 $39,734,801 $39,523,212 $41,095,793 $42,102,392 $41,277,417 $41,499,190 $41,499,190 $44,219,594 $48,894,442 $53,543,224 $58,112,273 $62,588,766 $66,968,242 $71,015,477 $74,767,297 $78,337,294 $81,560,808 $94,517,868 $103,798,907 $103,798,907 $109,327,993 $114,151,685 $119,066,633 $124,079,920 $129,203,946 $134,450,945 $139,834,591 $145,189,924 $150,517,557 $155,818,027 $161,092,201 $166,267,857 $166,267,857 $171,217,006 $176,353,186 $181,466,217 $186,556,881 $199,970,185 $210,639,800 $219,241,782 $227,097,254 $235,062,904 $243,149,216 $251,367,338 $259,651,584 $259,651,584 $28,143,555 $41,499,190 $103,798,907 $166,267,857 $259,651,584       259,651,584
 Accounts Receivable $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                     -  
 Pre-Paid Expense $0 $0 $0 $0 $0 $0 $1,559,287 $2,585,464 $2,334,714 $5,358,464 $6,989,814 $7,601,939 $7,601,939 $7,818,624 $8,002,605 $8,149,688 $8,263,558 $8,339,900 $8,374,754 $11,537,518 $13,647,038 $13,120,945 $16,025,757 $17,639,384 $18,254,703 $18,254,703 $15,699,932 $13,252,132 $10,917,612 $8,703,058 $6,615,553 $4,662,604 $3,124,831 $1,934,680 $884,175 $271,110 ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) $7,601,939 $18,254,703 ($0) ($0) ($0)                      (0)
 Other Current Assets $0 $0 $0 $0 $0 $0 $8,214 $14,375 $14,375 $31,625 $43,125 $50,313 $50,313 $56,063 $62,158 $68,618 $75,467 $82,726 $90,421 $98,269 $106,275 $114,441 $122,770 $131,265 $139,931 $139,931 $148,770 $157,785 $166,981 $176,361 $185,929 $195,688 $205,544 $215,499 $225,554 $235,709 $263,215 $267,824 $267,824 $273,975 $283,105 $294,123 $305,268 $316,543 $327,951 $339,493 $350,864 $362,351 $373,954 $385,675 $397,514 $397,514 $409,474 $421,555 $433,758 $446,085 $455,088 $465,366 $476,635 $488,223 $499,869 $511,571 $523,325 $535,128 $535,128 $50,313 $139,931 $267,824 $397,514 $535,128             535,128
 Total Current Assets $4,328,794 $3,395,489 $2,663,919 $1,869,724 $867,408 ($212,235) $15,473,050 $25,446,622 $22,141,965 $33,744,166 $36,640,057 $35,795,806 $35,795,806 $35,710,018 $37,631,228 $39,734,482 $42,013,607 $44,521,508 $47,175,781 $51,370,589 $53,276,525 $54,331,179 $58,250,918 $59,048,067 $59,893,824 $59,893,824 $60,068,296 $62,304,359 $64,627,818 $66,991,692 $69,390,248 $71,826,534 $74,345,851 $76,917,476 $79,447,024 $82,067,627 $94,781,083 $104,066,732 $104,066,732 $109,601,967 $114,434,790 $119,360,756 $124,385,189 $129,520,489 $134,778,896 $140,174,084 $145,540,788 $150,879,908 $156,191,981 $161,477,875 $166,665,372 $166,665,372 $171,626,480 $176,774,741 $181,899,975 $187,002,966 $200,425,273 $211,105,166 $219,718,417 $227,585,477 $235,562,773 $243,660,787 $251,890,663 $260,186,712 $260,186,712 $35,795,806 $59,893,824 $104,066,732 $166,665,372 $260,186,712       260,186,712
 Fixed Assets:
 Plant, Property, & Equipment $185,000 $519,000 $600,000 $628,000 $663,000 $663,000 $663,000 $663,000 $673,500 $673,500 $673,500 $673,500 $673,500 $684,000 $684,000 $687,500 $704,500 $704,500 $754,500 $754,500 $754,500 $754,500 $754,500 $1,054,500 $1,104,500 $1,104,500 $1,114,500 $1,124,500 $1,134,500 $1,134,500 $1,134,500 $1,134,500 $1,134,500 $1,134,500 $1,134,500 $1,134,500 $1,134,500 $1,134,500 $1,134,500 $1,274,500 $1,284,500 $1,284,500 $1,284,500 $1,284,500 $1,284,500 $1,284,500 $1,284,500 $1,284,500 $1,284,500 $1,284,500 $1,284,500 $1,284,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $1,424,500 $673,500 $1,104,500 $1,134,500 $1,284,500 $1,424,500          1,424,500
 Accumulated Depreciation $0 ($5,139) ($19,556) ($36,222) ($53,667) ($72,083) ($90,500) ($108,917) ($127,333) ($146,042) ($164,750) ($183,458) ($183,458) ($202,167) ($221,167) ($240,167) ($259,264) ($278,833) ($298,403) ($319,361) ($340,319) ($361,278) ($382,236) ($403,194) ($432,486) ($432,486) ($463,167) ($494,125) ($525,361) ($556,875) ($588,389) ($619,903) ($651,417) ($682,931) ($714,444) ($745,958) ($777,472) ($808,986) ($808,986) ($840,500) ($870,764) ($892,028) ($911,042) ($929,278) ($946,542) ($963,806) ($981,069) ($998,333) ($1,015,306) ($1,032,278) ($1,049,250) ($1,049,250) ($1,066,222) ($1,086,792) ($1,107,361) ($1,127,833) ($1,147,833) ($1,167,833) ($1,186,444) ($1,205,056) ($1,223,667) ($1,242,278) ($1,260,889) ($1,271,167) ($1,271,167) ($183,458) ($432,486) ($808,986) ($1,049,250) ($1,271,167)         (1,271,167)
 Total Fixed Assets $185,000 $513,861 $580,444 $591,778 $609,333 $590,917 $572,500 $554,083 $546,167 $527,458 $508,750 $490,042 $490,042 $481,833 $462,833 $447,333 $445,236 $425,667 $456,097 $435,139 $414,181 $393,222 $372,264 $651,306 $672,014 $672,014 $651,333 $630,375 $609,139 $577,625 $546,111 $514,597 $483,083 $451,569 $420,056 $388,542 $357,028 $325,514 $325,514 $434,000 $413,736 $392,472 $373,458 $355,222 $337,958 $320,694 $303,431 $286,167 $269,194 $252,222 $235,250 $235,250 $358,278 $337,708 $317,139 $296,667 $276,667 $256,667 $238,056 $219,444 $200,833 $182,222 $163,611 $153,333 $153,333 $490,042 $672,014 $325,514 $235,250 $153,333             153,333
 Total Assets $4,513,794 $3,909,350 $3,244,363 $2,461,502 $1,476,741 $378,682 $16,045,550 $26,000,706 $22,688,131 $34,271,624 $37,148,807 $36,285,848 $36,285,848 $36,191,852 $38,094,061 $40,181,815 $42,458,843 $44,947,175 $47,631,878 $51,805,728 $53,690,706 $54,724,401 $58,623,182 $59,699,372 $60,565,838 $60,565,838 $60,719,629 $62,934,734 $65,236,957 $67,569,317 $69,936,359 $72,341,131 $74,828,935 $77,369,045 $79,867,079 $82,456,168 $95,138,111 $104,392,246 $104,392,246 $110,035,967 $114,848,526 $119,753,228 $124,758,647 $129,875,711 $135,116,854 $140,494,779 $145,844,219 $151,166,074 $156,461,175 $161,730,098 $166,900,622 $166,900,622 $171,984,758 $177,112,449 $182,217,114 $187,299,633 $200,701,939 $211,361,833 $219,956,473 $227,804,922 $235,763,607 $243,843,009 $252,054,274 $260,340,046 $260,340,046 $36,285,848 $60,565,838 $104,392,246 $166,900,622 $260,340,046       260,340,046
 Current Liabilities:
 Accounts Payable          266,484           285,398           298,831           368,756            481,944            482,544         1,744,486         1,524,118         1,364,638         4,477,213         3,809,230         3,374,078 $3,374,078         1,598,469         1,636,737         1,679,188         1,728,231         1,773,808         1,833,727         3,537,368         3,134,221         1,888,585         3,677,608         3,162,371         2,828,314 $2,828,314         1,012,739         1,016,600         1,020,507         1,022,900         1,025,342         1,027,832         1,029,915         1,032,020         1,034,145         1,036,291         1,041,334         1,121,140 $1,121,140         1,008,101         1,012,295         1,014,628         1,016,986         1,019,372         1,021,784         1,024,224         1,026,641         1,029,082         1,031,548         1,034,038         1,115,129 $1,115,129           1,048,805         1,051,394         1,054,009           1,056,651           1,058,744           1,061,057           1,063,540           1,066,082           1,068,640           1,071,214           1,073,803           1,154,981 $1,154,981 $3,374,078 $2,828,314 $1,121,140 $1,115,129 $1,154,981          1,154,981
 Unearned Revenue                   -                      -                      -                      -                      -                      -         16,182,155       28,039,464       27,550,714       41,034,464       49,274,214       53,629,839 $53,629,839       56,582,190       59,622,599       62,751,994       65,987,211       69,330,076       72,783,713       76,104,218       79,289,082       82,335,749       85,241,630       88,004,090       90,620,456 $90,620,456       93,087,803       95,403,160       97,563,488       99,565,675      101,406,561      103,082,920      104,512,420      105,692,654      106,621,182      107,295,545      117,488,265      124,163,511 $124,163,511      128,133,271      131,024,092      133,843,419      136,600,316      139,304,516      141,966,473      144,597,410      147,034,943      149,278,004      151,325,547      153,176,517      154,829,876 $154,829,876        156,284,589      157,539,639      158,594,017        159,446,710        168,491,719        174,649,734        178,581,025        181,599,750        184,561,200        187,475,110        190,351,932        193,202,886 $193,202,886 $53,629,839 $90,620,456 $124,163,511 $154,829,876 $193,202,886       193,202,886
 Other Current Liabilities $0 $0 $0 $0 $0 $0 $5,476 $9,583 $9,583 $21,083 $28,750 $33,542 $33,542 $37,375 $41,438 $45,745 $50,311 $55,151 $60,280 $65,513 $70,850 $76,294 $81,846 $87,510 $93,287 $93,287 $99,180 $105,190 $111,321 $117,574 $123,953 $130,458 $137,029 $143,666 $150,369 $157,139 $175,477 $178,550 $178,550 $182,650 $188,736 $196,082 $203,512 $211,029 $218,634 $226,329 $233,909 $241,567 $249,303 $257,116 $265,009 $265,009 $272,983 $281,036 $289,172 $297,390 $303,392 $310,244 $317,757 $325,482 $333,246 $341,047 $348,883 $356,752 $356,752 $33,542 $93,287 $178,550 $265,009 $356,752             356,752
 Total Current Liabilities $266,484 $285,398 $298,831 $368,756 $481,944 $482,544 $17,932,117 $29,573,166 $28,924,935 $45,532,760 $53,112,194 $57,037,458 $57,037,458 $58,218,034 $61,300,773 $64,476,927 $67,765,753 $71,159,034 $74,677,721 $79,707,100 $82,494,153 $84,300,628 $89,001,084 $91,253,971 $93,542,057 $93,542,057 $94,199,721 $96,524,950 $98,695,315 $100,706,150 $102,555,855 $104,241,210 $105,679,365 $106,868,339 $107,805,695 $108,488,975 $118,705,076 $125,463,201 $125,463,201 $129,324,022 $132,225,124 $135,054,128 $137,820,815 $140,534,916 $143,206,890 $145,847,963 $148,295,493 $150,548,653 $152,606,397 $154,467,672 $156,210,014 $156,210,014 $157,606,376 $158,872,069 $159,937,199 $160,800,751 $169,853,856 $176,021,034 $179,962,322 $182,991,314 $185,963,086 $188,887,371 $191,774,618 $194,714,619 $194,714,619 $57,037,458 $93,542,057 $125,463,201 $156,210,014 $194,714,619       194,714,619
 Long-Term Liabilities:
 Bank Loans $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                     -  
 Other Long-Term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                     -  
 Total Long-Term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                     -  
 Owner Equity:
 Equity Contributions
 Retained Earnings / (Loss) - After Tax         (542,690)       (1,166,048)       (1,844,468)       (2,697,255)        (3,795,203)        (4,893,863)        (6,676,566)        (8,362,460)      (11,026,804)      (16,051,136)      (20,753,387)      (25,541,610) ($25,541,610)      (26,816,183)      (27,996,712)      (29,085,112)      (30,096,909)      (31,001,859)      (31,835,843)      (32,691,372)      (33,593,447)      (34,366,227)      (35,167,902)      (36,344,598)      (37,766,220) ($37,766,220)      (38,270,093)      (38,380,216)      (38,248,358)      (37,926,832)      (37,409,497)      (36,690,079)      (35,640,430)      (34,289,294)      (32,728,616)      (30,822,807)      (28,356,965)      (25,860,955) ($25,860,955)      (24,078,054)      (22,166,598)      (20,090,900)      (17,852,168)      (15,449,205)      (12,880,036)      (10,143,184)        (7,241,274)        (4,172,579)           (935,222)         2,472,426         5,900,607 $5,900,607           9,588,382       13,450,380       17,489,916         21,708,882         26,058,084         30,550,798         35,204,151         40,023,608         45,010,520         50,165,638         55,489,656         60,835,427 $60,835,427 ($25,541,610) ($37,766,220) ($25,860,955) $5,900,607 $60,835,427        60,835,427
 Total Owner Equity $4,247,310 $3,623,952 $2,945,532 $2,092,745 $994,797 ($103,863) ($1,886,566) ($3,572,460) ($6,236,804) ($11,261,136) ($15,963,387) ($20,751,610) ($20,751,610) ($22,026,183) ($23,206,712) ($24,295,112) ($25,306,909) ($26,211,859) ($27,045,843) ($27,901,372) ($28,803,447) ($29,576,227) ($30,377,902) ($31,554,598) ($32,976,220) ($32,976,220) ($33,480,093) ($33,590,216) ($33,458,358) ($33,136,832) ($32,619,497) ($31,900,079) ($30,850,430) ($29,499,294) ($27,938,616) ($26,032,807) ($23,566,965) ($21,070,955) ($21,070,955) ($19,288,054) ($17,376,598) ($15,300,900) ($13,062,168) ($10,659,205) ($8,090,036) ($5,353,184) ($2,451,274) $617,421 $3,854,778 $7,262,426 $10,690,607 $10,690,607 $14,378,382 $18,240,380 $22,279,916 $26,498,882 $30,848,084 $35,340,798 $39,994,151 $44,813,608 $49,800,520 $54,955,638 $60,279,656 $65,625,427 $65,625,427 ($20,751,610) ($32,976,220) ($21,070,955) $10,690,607 $65,625,427        65,625,427
                   -                        -                        -                        -                        -  
 Total Equity & Liabilities $4,513,794 $3,909,350 $3,244,363 $2,461,502 $1,476,741 $378,682 $16,045,550 $26,000,706 $22,688,131 $34,271,624 $37,148,807 $36,285,848 $36,285,848 $36,191,852 $38,094,061 $40,181,815 $42,458,843 $44,947,175 $47,631,878 $51,805,728 $53,690,706 $54,724,401 $58,623,182 $59,699,372 $60,565,838 $60,565,838 $60,719,629 $62,934,734 $65,236,957 $67,569,317 $69,936,359 $72,341,131 $74,828,935 $77,369,045 $79,867,079 $82,456,168 $95,138,111 $104,392,246 $104,392,246 $110,035,967 $114,848,526 $119,753,228 $124,758,647 $129,875,711 $135,116,854 $140,494,779 $145,844,219 $151,166,074 $156,461,175 $161,730,098 $166,900,622 $166,900,622 $171,984,758 $177,112,449 $182,217,114 $187,299,633 $200,701,939 $211,361,833 $219,956,473 $227,804,922 $235,763,607 $243,843,009 $252,054,274 $260,340,046 $260,340,046 $36,285,848 $60,565,838 $104,392,246 $166,900,622 $260,340,046       260,340,046
                                                                                                                                                         
 Balance Sheet Assumptions - Working Capital
 Accounts Receivable                     -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                    -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                    -                          -                      -                      -                        -                        -                        -                        -                        -                        -                        -                        -                        -                      -                      -                        -                        -                        -                        -  
 Accounts Receivable as a % of Revenue (Cash) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
 Accounts Receivable - Collection Days 0 0 0 0 0 0 0 0 0 0 0 0                    -   0 0 0 0 0 0 0 0 0 0 0 0                      -   0 0 0 0 0 0 0 0 0 0 0 0                      -   0 0 0 0 0 0 0 0 0 0 0 0                    -   0 0 0 0 0 0 0 0 0 0 0 0                      -                      -                        -                        -                        -                        -  
 Accts Payable Registry Operator (Core Registration Expense)                     -                      -                      -                      -                      -                      -            851,286            638,464                      -         1,787,700         1,191,800            744,875            744,875            595,900            631,654            669,553            709,726            752,309            797,447         2,499,112         2,093,949            846,257         2,633,182         2,060,445         1,635,554          1,635,554                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                    -                          -                      -                      -                        -                        -                        -                        -                        -                        -                        -                        -                        -                      -              744,875          1,635,554                      -                        -                        -  
 Accounts Payable as a % of Core Registry Expense (As Defined Above) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 50.0% 50.0% 0.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 50.0% 50.0% 0.0% 0.0% 0.0%
 Accounts Payable - Holding Days 15 15 15 15 15 15 15 15 15 15 15 15                    15 15 15 15 15 15 15 15 15 15 15 15 15                     15 15 15 15 15 15 15 15 15 15 15 15 15                     15 15 15 15 15 15 15 15 15 15 15 15 15                    15 15 15 15 15 15 15 15 15 15 15 15 15                      15                    15                     15                     15                      15                      15
 Accts Payable Labor              4,253             17,986             26,858             41,441              49,826              49,826              49,826              49,826              53,083              53,083              53,083            131,658            131,658              59,157              59,157              60,561              65,155              65,155              74,342              74,342              74,342              74,342              74,342            115,176            201,407             201,407            130,045            131,117            132,189            132,189            132,189            132,189            132,189            132,189            132,189            132,189            132,189            210,764             210,764            161,871            163,559            163,559            163,559            163,559            163,559            163,559            163,559            163,559            163,559            163,559            242,134            242,134              195,372            195,372            195,372              195,372              195,372              195,372              195,372              195,372              195,372              195,372              195,372              273,947              273,947            131,658             201,407             210,764              242,134              273,947
 Salaries Payable as a % of Total Salary Expense 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23.3% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23.3% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23.3% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23.3% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23.3% 23.3% 23.3% 23.3% 23.3% 23.3%
 Salaries Payable - Holding Days 7 7 7 7 7 7 7 7 7 7 7 7                      7 7 7 7 7 7 7 7 7 7 7 7 7                       7 7 7 7 7 7 7 7 7 7 7 7 7                       7 7 7 7 7 7 7 7 7 7 7 7 7                      7 7 7 7 7 7 7 7 7 7 7 7 7                        7                      7                       7                       7                        7                        7
 Accts Payable (All OPS Expense Excluding Labor, Registry Operator, and Depr. & Amort.)          262,230           267,412           271,974           327,316            432,118            432,718            843,373            835,828         1,311,555         2,636,430         2,564,346         2,497,544         2,497,544            943,412            945,925            949,074            953,351            956,344            961,938            963,915            965,930            967,986            970,083            986,750            991,353             991,353            882,694            885,483            888,318            890,711            893,153            895,643            897,726            899,831            901,956            904,102            909,145            910,376             910,376            846,231            848,736            851,069            853,427            855,813            858,225            860,665            863,082            865,523            867,989            870,479            872,995            872,995              853,433            856,022            858,638              861,279              863,373              865,685              868,168              870,711              873,269              875,843              878,431              881,034              881,034         2,497,544             991,353             910,376              872,995              881,034
 Accounts Payable as a % of Ops Expense (As Defined Above) 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
 Accounts Payable - Holding Days 15 15 15 15 15 15 15 15 15 15 15 15                    15 15 15 15 15 15 15 15 15 15 15 15 15                     15 15 15 15 15 15 15 15 15 15 15 15 15                     15 15 15 15 15 15 15 15 15 15 15 15 15                    15 15 15 15 15 15 15 15 15 15 15 15 15                      15                    15                     15                     15                      15                      15
 Other Current Assets                     -                      -                      -                      -                      -                      -               8,214              14,375              14,375              31,625              43,125              50,313              50,313              56,063              62,158              68,618              75,467              82,726              90,421              98,269            106,275            114,441            122,770            131,265            139,931             139,931            148,770            157,785            166,981            176,361            185,929            195,688            205,544            215,499            225,554            235,709            263,215            267,824             267,824            273,975            283,105            294,123            305,268            316,543            327,951            339,493            350,864            362,351            373,954            385,675            397,514            397,514              409,474            421,555            433,758              446,085              455,088              465,366              476,635              488,223              499,869              511,571              523,325              535,128              535,128              50,313             139,931             267,824              397,514              535,128
 Other Current Assets as a % of Revenue (Accrual) 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
 Other Current Liabilities                     -                      -                      -                      -                      -                      -               5,476               9,583               9,583              21,083              28,750              33,542              33,542              37,375              41,438              45,745              50,311              55,151              60,280              65,513              70,850              76,294              81,846              87,510              93,287               93,287              99,180            105,190            111,321            117,574            123,953            130,458            137,029            143,666            150,369            157,139            175,477            178,550             178,550            182,650            188,736            196,082            203,512            211,029            218,634            226,329            233,909            241,567            249,303            257,116            265,009            265,009              272,983            281,036            289,172              297,390              303,392              310,244              317,757              325,482              333,246              341,047              348,883              356,752              356,752              33,542               93,287             178,550              265,009              356,752
 Other Current Liabilities as a % of Revenue (Accrual) 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2.0% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2.0% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2.0% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2.0% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
                                                                                                                       
                                                                                                                                                               
gTLD CONSORTIUM gTLD CONSORTIUM gTLD CONSORTIUM gTLD CONSORTIUM gTLD CONSORTIUM gTLD CONSORTIUM
Cash Flow Statement Cash Flow Statement Cash Flow Statement Cash Flow Statement Cash Flow Statement Cash Flow Statement
 gTLD CASH FLOW STATEMENT                            
 Year 1  Year 2  Year 3  Year 4  Year 5
1 2 3 4 5 6 7 8 9 10 11 12 Year 1 1 2 3 4 5 6 7 8 9 10 11 12 Year 2 1 2 3 4 5 6 7 8 9 10 11 12 Year 3 1 2 3 4 5 6 7 8 9 10 11 12 Year 4 1 2 3 4 5 6 7 8 9 10 11 12 Year 5 Year 1 Year 2 Year 3 Year 4 Year 5 Total
 Cash From Operations:
 Net Income After Taxes         (542,690)          (623,359)          (678,420)          (852,787)        (1,097,949)        (1,098,659)        (1,782,704)        (1,685,893)        (2,664,344)        (5,024,332)        (4,702,251)        (4,788,224)      (25,541,610)        (1,274,573)        (1,180,530)        (1,088,400)        (1,011,797)           (904,950)           (833,983)           (855,530)           (902,075)           (772,779)           (801,675)        (1,176,696)        (1,421,622)        (12,224,609)           (503,873)           (110,123)            131,858            321,526            517,336            719,417         1,049,649         1,351,136         1,560,678         1,905,810         2,465,841         2,496,010         11,905,264         1,782,901         1,911,456         2,075,698         2,238,732         2,402,963         2,569,169         2,736,852         2,901,910         3,068,695         3,237,356         3,407,648         3,428,181       31,761,562           3,687,775         3,861,999         4,039,535           4,218,966           4,349,202           4,492,714           4,653,353           4,819,456           4,986,913           5,155,118           5,324,018           5,345,770         54,934,820      (25,541,610)        (12,224,609)         11,905,264         31,761,562         54,934,820        60,835,427
 Add-back:  Depreciation & Amortization                     -               5,139             14,417             16,667              17,444              18,417              18,417              18,417              18,417              18,708              18,708              18,708            183,458              18,708              19,000              19,000              19,097              19,569              19,569              20,958              20,958              20,958              20,958              20,958              29,292             249,028              30,681              30,958              31,236              31,514              31,514              31,514              31,514              31,514              31,514              31,514              31,514              31,514             376,500              31,514              30,264              21,264              19,014              18,236              17,264              17,264              17,264              17,264              16,972              16,972              16,972            240,264                16,972              20,569              20,569                20,472                20,000                20,000                18,611                18,611                18,611                18,611                18,611                10,278              221,917            183,458             249,028             376,500              240,264              221,917          1,271,167
 Change in Accounts Receivable                     -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                    -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                    -                          -                      -                      -                        -                        -                        -                        -                        -                        -                        -                        -                        -                      -                      -                        -                        -                        -                        -                       -  
 Change in Pre-Paid Expense                     -                      -                      -                      -                      -                      -        (1,559,287)        (1,026,177)            250,750        (3,023,750)        (1,631,350)           (612,125)        (7,601,939)           (216,685)           (183,982)           (147,083)           (113,869)             (76,343)             (34,853)        (3,162,765)        (2,109,520)            526,093        (2,904,812)        (1,613,627)           (615,319)        (10,652,764)         2,554,771         2,447,800         2,334,520         2,214,554         2,087,505         1,952,949         1,537,773         1,190,151         1,050,504            613,065            271,110                      -         18,254,703                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                    -                          -                      -                      -                        -                        -                        -                        -                        -                        -                        -                        -                        -                      -          (7,601,939)        (10,652,764)         18,254,703                      -                        -                         0
 Change in Other Current Assets                     -                      -                      -                      -                      -                      -              (8,214)              (6,161)                      -             (17,250)             (11,500)              (7,187)             (50,313)              (5,750)              (6,095)              (6,461)              (6,848)              (7,259)              (7,695)              (7,849)              (8,006)              (8,166)              (8,329)              (8,496)              (8,666)              (89,618)              (8,839)              (9,016)              (9,196)              (9,380)              (9,567)              (9,759)              (9,856)              (9,955)             (10,055)             (10,155)             (27,507)              (4,609)            (127,894)              (6,150)              (9,130)             (11,018)             (11,145)             (11,275)             (11,407)             (11,542)             (11,371)             (11,487)             (11,603)             (11,721)             (11,840)           (129,690)               (11,960)             (12,081)             (12,203)               (12,327)                (9,002)               (10,279)               (11,269)               (11,588)               (11,646)               (11,702)               (11,754)               (11,803)             (137,614)             (50,313)              (89,618)            (127,894)             (129,690)             (137,614)            (535,128)
 Change in Accounts Payable          266,484             18,914             13,433             69,925            113,188                  600         1,261,941           (220,367)           (159,480)         3,112,575           (667,983)           (435,152)         3,374,078        (1,775,608)              38,267              42,451              49,043              45,577              59,920         1,703,641           (403,147)        (1,245,636)         1,789,022           (515,237)           (334,057)            (545,764)        (1,815,575)               3,861               3,907               2,394               2,441               2,490               2,083               2,104               2,125               2,146               5,043              79,806         (1,707,174)           (113,039)               4,194               2,332               2,359               2,385               2,412               2,440               2,417               2,441               2,466               2,491              81,091              (6,011)               (66,324)               2,589               2,615                 2,642                 2,094                 2,312                 2,483                 2,542                 2,558                 2,574                 2,589                81,178                39,852         3,374,078            (545,764)         (1,707,174)                (6,011)                39,852          1,154,981
 Change in Unearned Revenue                     -                      -                      -                      -                      -                      -       16,182,155       11,857,309           (488,750)       13,483,750         8,239,750         4,355,625       53,629,839         2,952,351         3,040,408         3,129,395         3,235,217         3,342,865         3,453,637         3,320,506         3,184,864         3,046,667         2,905,881         2,762,460         2,616,366         36,990,617         2,467,347         2,315,357         2,160,328         2,002,187         1,840,886         1,676,359         1,429,500         1,180,234            928,528            674,363       10,192,720         6,675,246         33,543,055         3,969,760         2,890,822         2,819,327         2,756,897         2,704,199         2,661,957         2,630,938         2,437,532         2,243,061         2,047,543         1,850,970         1,653,359       30,666,365           1,454,713         1,255,050         1,054,379              852,693           9,045,009           6,158,014           3,931,291           3,018,725           2,961,450           2,913,910           2,876,822           2,850,954         38,373,010       53,629,839         36,990,617         33,543,055         30,666,365         38,373,010       193,202,886
 Change in Other Current Liabilities                     -                      -                      -                      -                      -                      -               5,476               4,107                      -              11,500               7,667               4,792              33,542               3,833               4,063               4,307               4,566               4,839               5,130               5,232               5,337               5,444               5,553               5,664               5,777               59,746               5,893               6,010               6,131               6,253               6,378               6,506               6,571               6,637               6,703               6,770              18,338               3,073               85,262               4,100               6,087               7,345               7,430               7,517               7,605               7,695               7,581               7,658               7,735               7,814               7,893              86,460                 7,973               8,054               8,136                 8,218                 6,002                 6,852                 7,513                 7,725                 7,764                 7,801                 7,836                 7,869                91,743                33,542                 59,746                 85,262                  86,460                  91,743               356,752
 Total Cash Flow from Operations ($276,206) ($599,306) ($650,570) ($766,195) ($967,316) ($1,079,643) $14,117,784 $8,941,234 ($3,043,408) $8,561,201 $1,253,041 ($1,463,563)       24,027,055 ($297,723) $1,731,133 $1,953,210 $2,175,408 $2,424,299 $2,661,725 $1,024,194 ($211,589) $1,572,581 $1,006,599 ($524,974) $271,772         13,786,635 $2,730,404 $4,684,848 $4,658,783 $4,569,048 $4,476,493 $4,379,477 $4,047,234 $3,751,820 $3,569,997 $3,223,513 $12,957,060 $9,281,040         62,329,718 $5,669,085 $4,833,692 $4,914,948 $5,013,287 $5,124,025 $5,247,000 $5,383,646 $5,355,333 $5,327,633 $5,300,470 $5,274,174 $5,175,657       62,618,950 $5,089,149 $5,136,180 $5,113,031 $5,090,664 $13,413,304 $10,669,615 $8,601,983 $7,855,472 $7,965,650 $8,086,312 $8,218,123 $8,284,246         93,523,727       24,027,055         13,786,635         62,329,718         62,618,950         93,523,727       256,286,084
 Cash From Investing Activities:
 Capital Expenditures ($185,000) ($334,000) ($81,000) ($28,000) ($35,000) $0 $0 $0 ($10,500) $0 $0 $0           (673,500) ($10,500) $0 ($3,500) ($17,000) $0 ($50,000) $0 $0 $0 $0 ($300,000) ($50,000)            (431,000) ($10,000) ($10,000) ($10,000) $0 $0 $0 $0 $0 $0 $0 $0 $0              (30,000) ($140,000) ($10,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0           (150,000) ($140,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0             (140,000)           (673,500)            (431,000)              (30,000)             (150,000)             (140,000)         (1,424,500)
                                                                                                                                                         
 Total Cash Flow from Investing Activities ($185,000) ($334,000) ($81,000) ($28,000) ($35,000) $0 $0 $0 ($10,500) $0 $0 $0           (673,500) ($10,500) $0 ($3,500) ($17,000) $0 ($50,000) $0 $0 $0 $0 ($300,000) ($50,000)            (431,000) ($10,000) ($10,000) ($10,000) $0 $0 $0 $0 $0 $0 $0 $0 $0              (30,000) ($140,000) ($10,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0           (150,000) ($140,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0             (140,000)           (673,500)            (431,000)              (30,000)             (150,000)             (140,000)         (1,424,500)
 Cash Flow Before Financing ($461,206) ($933,306) ($731,570) ($794,195) ($1,002,316) ($1,079,643) $14,117,784 $8,941,234 ($3,053,908) $8,561,201 $1,253,041 ($1,463,563)       23,353,555 ($308,223) $1,731,133 $1,949,710 $2,158,408 $2,424,299 $2,611,725 $1,024,194 ($211,589) $1,572,581 $1,006,599 ($824,974) $221,772         13,355,635 $2,720,404 $4,674,848 $4,648,783 $4,569,048 $4,476,493 $4,379,477 $4,047,234 $3,751,820 $3,569,997 $3,223,513 $12,957,060 $9,281,040         62,299,718 $5,529,085 $4,823,692 $4,914,948 $5,013,287 $5,124,025 $5,247,000 $5,383,646 $5,355,333 $5,327,633 $5,300,470 $5,274,174 $5,175,657       62,468,950 $4,949,149 $5,136,180 $5,113,031 $5,090,664 $13,413,304 $10,669,615 $8,601,983 $7,855,472 $7,965,650 $8,086,312 $8,218,123 $8,284,246         93,383,727         23,353,555           13,355,635           62,299,718           62,468,950           93,383,727         231,508,030
 Cash Flow From Financing Activities:
 Proceeds from Equity Contributions
$4,790,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0         4,790,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -           4,790,000                      -                        -                        -                        -            4,790,000
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -                      -                        -                        -                        -                        -                       -  
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -                      -                        -                        -                        -                        -                       -  
 Debt (Bank Loans) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -                      -                        -                        -                        -                        -                       -  
 Debt (Other L-T) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -                        -                          -                          -                          -                          -                         -  
 Total Cash Flow From Financing Activities $4,790,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0         4,790,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                    -   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0                      -           4,790,000                      -                        -                        -                        -            4,790,000
                                                                                                                                                         
 Cash Flow from Ops, Investing & Financing $4,328,794 ($933,306) ($731,570) ($794,195) ($1,002,316) ($1,079,643) $14,117,784 $8,941,234 ($3,053,908) $8,561,201 $1,253,041 ($1,463,563)       28,143,555 ($308,223) $1,731,133 $1,949,710 $2,158,408 $2,424,299 $2,611,725 $1,024,194 ($211,589) $1,572,581 $1,006,599 ($824,974) $221,772         13,355,635 $2,720,404 $4,674,848 $4,648,783 $4,569,048 $4,476,493 $4,379,477 $4,047,234 $3,751,820 $3,569,997 $3,223,513 $12,957,060 $9,281,040         62,299,718 $5,529,085 $4,823,692 $4,914,948 $5,013,287 $5,124,025 $5,247,000 $5,383,646 $5,355,333 $5,327,633 $5,300,470 $5,274,174 $5,175,657       62,468,950 $4,949,149 $5,136,180 $5,113,031 $5,090,664 $13,413,304 $10,669,615 $8,601,983 $7,855,472 $7,965,650 $8,086,312 $8,218,123 $8,284,246         93,383,727       28,143,555         13,355,635         62,299,718         62,468,950         93,383,727       259,651,584
 Beginning Cash Balance $0 $4,328,794 $3,395,489 $2,663,919 $1,869,724 $867,408 ($212,235) $13,905,549 $22,846,783 $19,792,876 $28,354,077 $29,607,118 $0 $28,143,555 $27,835,332 $29,566,465 $31,516,175 $33,674,583 $36,098,882 $38,710,607 $39,734,801 $39,523,212 $41,095,793 $42,102,392 $41,277,417 $28,143,555 $41,499,190 $44,219,594 $48,894,442 $53,543,224 $58,112,273 $62,588,766 $66,968,242 $71,015,477 $74,767,297 $78,337,294 $81,560,808 $94,517,868 $41,499,190 $103,798,907 $109,327,993 $114,151,685 $119,066,633 $124,079,920 $129,203,946 $134,450,945 $139,834,591 $145,189,924 $150,517,557 $155,818,027 $161,092,201 $103,798,907 $166,267,857 $171,217,006 $176,353,186 $181,466,217 $186,556,881 $199,970,185 $210,639,800 $219,241,782 $227,097,254 $235,062,904 $243,149,216 $251,367,338 $166,267,857 $0 $28,143,555 $41,499,190 $103,798,907 $166,267,857                     -  
 Net Increase/(Decrease) in Cash $4,328,794 ($933,306) ($731,570) ($794,195) ($1,002,316) ($1,079,643) $14,117,784 $8,941,234 ($3,053,908) $8,561,201 $1,253,041 ($1,463,563) $28,143,555 ($308,223) $1,731,133 $1,949,710 $2,158,408 $2,424,299 $2,611,725 $1,024,194 ($211,589) $1,572,581 $1,006,599 ($824,974) $221,772 $13,355,635 $2,720,404 $4,674,848 $4,648,783 $4,569,048 $4,476,493 $4,379,477 $4,047,234 $3,751,820 $3,569,997 $3,223,513 $12,957,060 $9,281,040 $62,299,718 $5,529,085 $4,823,692 $4,914,948 $5,013,287 $5,124,025 $5,247,000 $5,383,646 $5,355,333 $5,327,633 $5,300,470 $5,274,174 $5,175,657 $62,468,950 $4,949,149 $5,136,180 $5,113,031 $5,090,664 $13,413,304 $10,669,615 $8,601,983 $7,855,472 $7,965,650 $8,086,312 $8,218,123 $8,284,246 $93,383,727 $28,143,555 $13,355,635 $62,299,718 $62,468,950 $93,383,727       259,651,584
 Ending Cash Balance $4,328,794 $3,395,489 $2,663,919 $1,869,724 $867,408 ($212,235) $13,905,549 $22,846,783 $19,792,876 $28,354,077 $29,607,118 $28,143,555 $28,143,555 $27,835,332 $29,566,465 $31,516,175 $33,674,583 $36,098,882 $38,710,607 $39,734,801 $39,523,212 $41,095,793 $42,102,392 $41,277,417 $41,499,190 $41,499,190 $44,219,594 $48,894,442 $53,543,224 $58,112,273 $62,588,766 $66,968,242 $71,015,477 $74,767,297 $78,337,294 $81,560,808 $94,517,868 $103,798,907 $103,798,907 $109,327,993 $114,151,685 $119,066,633 $124,079,920 $129,203,946 $134,450,945 $139,834,591 $145,189,924 $150,517,557 $155,818,027 $161,092,201 $166,267,857 $166,267,857 $171,217,006 $176,353,186 $181,466,217 $186,556,881 $199,970,185 $210,639,800 $219,241,782 $227,097,254 $235,062,904 $243,149,216 $251,367,338 $259,651,584 $259,651,584   $28,143,555   $41,499,190   $103,798,907   $166,267,857   $259,651,584         259,651,584
 TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE