90% 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                   -                      -                      -                      -                      -                      -              171,429            128,571  QUIET            600,000            400,000            250,000         1,550,000            200,000            206,000            212,180            218,545            225,101            231,854            234,173            236,515            238,880            241,269            243,682            246,119          2,734,318            248,580            251,066            253,577            256,113            258,674            261,261            261,261            261,261            261,261            261,261            261,261            261,261          3,096,837            261,261            261,261            261,261            261,261            261,261            261,261            261,261            261,261            261,261            261,261            261,261            261,261         3,135,132              261,261            261,261            261,261              261,261              261,261              261,261              261,261              261,261              261,261              261,261              261,261              261,261           3,135,132         1,550,000          2,734,318          3,096,837         3,135,132           3,135,132        13,651,419
Revenue  $               -    $                -    $                -    $                -    $                 -    $                 -    $          83,786  $        146,625  $        146,625  $        439,875  $        635,375  $        757,563  $     2,209,848  $        853,670  $        953,120  $     1,056,823  $     1,157,887  $     1,264,072  $     1,374,994  $     1,487,530  $     1,601,152  $     1,715,872  $     1,831,697  $     1,948,640  $     2,066,708  $     17,312,165  $     2,185,958  $     2,306,400  $     2,428,046  $     2,550,909  $     2,675,001  $     2,800,334  $     2,925,643  $     3,050,928  $     3,176,189  $     3,301,426  $     3,714,138  $     3,743,493  $     34,858,464  $     3,796,805  $     3,898,034  $     4,026,097  $     4,154,246  $     4,282,483  $     4,410,812  $     4,539,236  $     4,665,534  $     4,791,844  $     4,918,165  $     5,044,497  $     5,170,841  $    53,698,595  $       5,297,196  $     5,423,563  $     5,549,942  $       5,676,333  $       5,687,735  $       5,737,483  $       5,815,994  $       5,902,848  $       5,988,552  $       6,073,072  $       6,156,372  $       6,238,415  $      69,547,506  $     2,209,848  $     17,312,165  $     34,858,464  $    53,698,595  $      69,547,506  $   177,626,578
Operating Expenses:
Registry Operator                   -                      -                      -                      -                      -                      -                42,986              75,225              75,225            225,675            325,975            388,663         1,133,748            437,970            488,992            542,196            594,046            648,524            705,432            805,310            895,211            954,067         1,013,490         1,073,487         1,134,061          9,292,786         1,195,241         1,257,033         1,319,443         1,382,477         1,446,142         1,510,443         1,536,803         1,572,634         1,636,898         1,568,400         1,632,639         1,700,554         17,758,708         1,757,405         1,805,554         1,853,221         1,900,391         1,947,050         1,993,181         2,035,581         2,078,859         2,125,119         2,156,450         2,148,266         2,158,336       23,959,415           2,180,513         2,206,042         2,230,789           2,254,732           2,330,952           2,388,629           2,432,856           2,472,430           2,512,305           2,552,493           2,548,758           2,560,116         28,670,615         1,133,748          9,292,786         17,758,708       23,959,415         28,670,615        80,815,273
Systems Development & Support                   -               29,688             43,229             43,229              43,229              43,229              43,229              43,229              43,229              43,229              43,229            131,979            550,729              45,391              45,391              45,391              45,391              45,391              45,391              45,391              45,391              45,391              45,391              45,391            134,141             633,438              47,660              47,660              47,660              47,660              47,660              47,660              47,660              47,660              47,660              47,660              47,660            136,410             660,672              50,043              50,043              50,043              50,043              50,043              50,043              50,043              50,043              50,043              50,043              50,043            138,793            689,268                52,545              52,545              52,545                52,545                52,545                52,545                52,545                52,545                52,545                52,545                52,545              141,295              719,294            550,729             633,438             660,672            689,268              719,294          3,253,400
Customer Service                   -                      -                 3,646             26,042              42,396              42,396              42,396              42,396              48,542              48,542              48,542            114,917            459,813              50,969              50,969              50,969              50,969              50,969              50,969              50,969              50,969              50,969              50,969              50,969            117,344             678,000              53,517              53,517              53,517              53,517              53,517              53,517              53,517              53,517              53,517              53,517              53,517            119,892             708,581              56,193              56,193              56,193              56,193              56,193              56,193              56,193              56,193              56,193              56,193              56,193            122,568            740,692                59,003              59,003              59,003                59,003                59,003                59,003                59,003                59,003                59,003                59,003                59,003              125,378              774,407            459,813             678,000             708,581            740,692              774,407          3,361,493
Sales & Marketing          300,000           319,271           332,813           432,813            632,813            732,813         1,132,813         1,132,813         2,140,625         2,990,625         2,890,625         2,848,750       15,886,771         1,233,964         1,233,964         1,233,964         1,233,964         1,233,964         1,233,964         1,233,964         1,233,964         1,233,964         1,233,964         1,233,964         1,292,089         14,865,697         1,053,937         1,053,937         1,053,937         1,053,937         1,053,937         1,053,937         1,053,937         1,053,937         1,053,937         1,053,937         1,053,937         1,112,062         12,705,367            850,658            850,658            850,658            850,658            850,658            850,658            850,658            850,658            850,658            850,658            850,658            908,783       10,266,015              985,019            985,019            985,019              985,019              985,019              985,019              985,019              985,019              985,019              985,019              985,019           1,043,144         11,878,352       15,886,771         14,865,697         12,705,367       10,266,015         11,878,352        65,602,202
General & Administrative          223,500           254,176           271,632           317,814            333,913            235,113            255,684            250,541            237,994            309,994            285,994            377,682         3,354,037            272,323            273,072            280,827            287,387            288,205            289,048            289,337            289,629            289,925            290,223            290,524            400,516          3,541,015            302,715            303,038            303,364            303,693            304,025            304,361            304,361            304,361            304,361            304,361            304,361            414,048          3,757,048            316,557            316,557            316,557            316,557            316,557            316,557            316,557            316,557            316,557            316,557            316,557            426,244         3,908,368              327,650            327,650            327,650              327,650              327,650              327,650              327,650              327,650              327,650              327,650              327,650              437,338           4,041,488         3,354,037          3,541,015          3,757,048         3,908,368           4,041,488        18,601,956
R&D                   -                      -                      -                      -                      -                      -                    821               1,438               1,438               4,313               6,229               7,427              21,665               8,385               9,373              10,389              22,374              23,452              24,563              25,686              26,819              27,963              29,120              30,287              31,467             269,878              33,205              34,408              35,623              36,850              38,089              39,341              40,593              41,845              43,097              44,349              48,476              48,769             484,643              49,876              50,889              52,169              53,451              54,733              56,016              57,301              58,564              59,827              61,090              62,353              63,617            679,886                65,483              66,747              68,011                69,275                69,389                69,886                70,671                71,540                72,397                73,242                74,075                74,895              845,611              21,665             269,878             484,643            679,886              845,611          2,301,683
Operating Expenses          523,500           603,134           651,320           819,898         1,052,350         1,053,550         1,517,929         1,545,641         2,547,053         3,622,378         3,600,594         3,869,417       21,406,763         2,049,002         2,101,760         2,163,736         2,234,131         2,290,505         2,349,367         2,450,657         2,541,983         2,602,279         2,663,156         2,724,622         3,109,617         29,280,814         2,686,275         2,749,593         2,813,544         2,878,134         2,943,370         3,009,259         3,036,871         3,073,954         3,139,470         3,072,224         3,140,590         3,531,735         36,075,020         3,080,732         3,129,894         3,178,841         3,227,293         3,275,234         3,322,648         3,366,333         3,410,873         3,458,397         3,490,990         3,484,070         3,818,341       40,243,644           3,670,213         3,697,006         3,723,016           3,748,224           3,824,558           3,882,732           3,927,744           3,968,187           4,008,918           4,049,952           4,047,050           4,382,166         46,929,767       21,406,763         29,280,814         36,075,020       40,243,644         46,929,767       173,936,008
                                                                                                                                             
EBITDA         (523,500)          (603,134)          (651,320)          (819,898)        (1,052,350)        (1,053,550)        (1,434,143)        (1,399,016)        (2,400,428)        (3,182,503)        (2,965,219)        (3,111,855)      (19,196,914)        (1,195,332)        (1,148,640)        (1,106,913)        (1,076,244)        (1,026,433)           (974,372)           (963,127)           (940,830)           (886,407)           (831,459)           (775,982)        (1,042,909)        (11,968,649)           (500,317)           (443,193)           (385,497)           (327,225)           (268,369)           (208,926)           (111,229)             (23,026)              36,719            229,202            573,548            211,757         (1,216,555)            716,073            768,141            847,256            926,953         1,007,250         1,088,164         1,172,903         1,254,661         1,333,448         1,427,174         1,560,428         1,352,500       13,454,951           1,626,983         1,726,557         1,826,925           1,928,109           1,863,177           1,854,752           1,888,249           1,934,661           1,979,634           2,023,121           2,109,322           1,856,249         22,617,739      (19,196,914)        (11,968,649)         (1,216,555)       13,454,951         22,617,739          3,690,570
Depreciation & Amortization                   -                 4,861             14,139             16,569              17,250              17,931              17,931              17,931              17,931              18,222              18,222              18,222            179,208              18,222              18,222              18,222              18,319              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694             222,542              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694             224,333              18,694              13,833               4,556               2,125               1,444                  764                  764                  764                  764                  472                  472                  472              45,125                    472                  472                  472                    375                      -                        -                        -                        -                        -                        -                        -                        -                   1,792            179,208             222,542             224,333              45,125                 1,792             673,000
                                                                                                                                             
EBIT         (523,500)          (607,995)          (665,459)          (836,467)        (1,069,600)        (1,071,481)        (1,452,074)        (1,416,947)        (2,418,358)        (3,200,725)        (2,983,441)        (3,130,077)      (19,376,123)        (1,213,554)        (1,166,862)        (1,125,136)        (1,094,563)        (1,045,128)           (993,067)           (981,821)           (959,525)           (905,101)           (850,153)           (794,676)        (1,061,603)        (12,191,191)           (519,012)           (461,887)           (404,192)           (345,919)           (287,064)           (227,620)           (129,923)             (41,720)              18,025            210,508            554,854            193,063         (1,440,889)            697,379            754,307            842,700            924,828         1,005,805         1,087,400         1,172,139         1,253,897         1,332,684         1,426,702         1,559,955         1,352,028       13,409,826           1,626,511         1,726,085         1,826,453           1,927,734           1,863,177           1,854,752           1,888,249           1,934,661           1,979,634           2,023,121           2,109,322           1,856,249         22,615,947      (19,376,123)        (12,191,191)         (1,440,889)       13,409,826         22,615,947          3,017,570
                   -                        -                        -                      -                        -                      -                        -                        -                      -                        -                       -  
Interest                   -                 6,348               5,004               3,939               2,802               1,387                    -                 4,834               7,428               4,242               9,265               9,289              54,538               7,234               6,191               6,593               7,062               7,577               8,190               8,890               8,871               8,327               8,551               8,067               6,754               92,308               5,865               5,803               6,101               6,403               6,709               7,020               7,333               7,213               6,777               6,727               6,685              13,035               85,671              17,765              20,463              22,549              24,508              26,417              28,278              30,093              31,496              32,538              33,861              35,361              36,341            339,670                37,683              38,925              40,029                41,012                41,910                46,921                50,968                53,393                54,989                56,860                58,960                60,978              582,627              54,538               92,308               85,671            339,670              582,627          1,154,815
                                                                                                                                                     -                        -                        -                      -                        -                       -  
Pretax Consortium Profit (Before Rebates)         (523,500)          (614,343)          (670,462)          (840,406)        (1,072,402)        (1,072,868)        (1,452,074)        (1,421,781)        (2,425,786)        (3,204,967)        (2,992,707)        (3,139,366)      (19,430,661)        (1,220,788)        (1,173,054)        (1,131,729)        (1,101,625)        (1,052,705)        (1,001,257)           (990,712)           (968,395)           (913,428)           (858,705)           (802,744)        (1,068,357)        (12,283,499)           (524,877)           (467,691)           (410,293)           (352,322)           (293,773)           (234,640)           (137,256)             (48,933)              11,247            203,781            548,169            180,028         (1,526,559)            679,613            733,844            820,151            900,320            979,388         1,059,122         1,142,047         1,222,402         1,300,146         1,392,841         1,524,594         1,315,687       13,070,155           1,588,828         1,687,159         1,786,424           1,886,722           1,821,268           1,807,830           1,837,282           1,881,268           1,924,645           1,966,261           2,050,362           1,795,271         22,033,320      (19,430,661)        (12,283,499)         (1,526,559)       13,070,155         22,033,320          1,862,756
Rebates                   -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                      -                      -                      -                      -                      -                      -                 2,812              50,945            137,042              45,007             235,806            169,903            183,461            205,038            225,080            244,847            264,780            285,512            305,600            325,036            348,210            381,149            328,922         3,267,539              397,207            421,790            446,606              471,680              455,317              451,958              459,320              470,317              481,161              491,565              512,590              448,818           5,508,330                    -                        -               235,806         3,267,539           5,508,330          9,011,675
Pretax Consortium Profit         (523,500)          (614,343)          (670,462)          (840,406)        (1,072,402)        (1,072,868)        (1,452,074)        (1,421,781)        (2,425,786)        (3,204,967)        (2,992,707)        (3,139,366)      (19,430,661)        (1,220,788)        (1,173,054)        (1,131,729)        (1,101,625)        (1,052,705)        (1,001,257)           (990,712)           (968,395)           (913,428)           (858,705)           (802,744)        (1,068,357)        (12,283,499)           (524,877)           (467,691)           (410,293)           (352,322)           (293,773)           (234,640)           (137,256)             (48,933)               8,436            152,836            411,127            135,021         (1,762,366)            509,710            550,383            615,113            675,240            734,541            794,341            856,535            916,801            975,109         1,044,631         1,143,446            986,765         9,802,617           1,191,621         1,265,369         1,339,818           1,415,041           1,365,951           1,355,873           1,377,961           1,410,951           1,443,484           1,474,695           1,537,771           1,346,453         16,524,990      (19,430,661)        (12,283,499)         (1,762,366)         9,802,617         16,524,990         (7,148,919)
Estimated Stockholder Taxes                   -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                      -                      -                      -                      -                      -                      -                 3,374              61,134            164,451              54,008             282,968            203,884            220,153            246,045            270,096            293,817            317,737            342,614            366,721            390,044            417,852            457,378            394,706         3,921,047              476,648            506,148            535,927              566,017              546,380              542,349              551,184              564,381              577,394              589,878              615,109              538,581           6,609,996                    -                        -               282,968         3,921,047           6,609,996        10,814,010
Estimated Consortium Net Income         (523,500)          (614,343)          (670,462)          (840,406)        (1,072,402)        (1,072,868)        (1,452,074)        (1,421,781)        (2,425,786)        (3,204,967)        (2,992,707)        (3,139,366)      (19,430,661)        (1,220,788)        (1,173,054)        (1,131,729)        (1,101,625)        (1,052,705)        (1,001,257)           (990,712)           (968,395)           (913,428)           (858,705)           (802,744)        (1,068,357)        (12,283,499)           (524,877)           (467,691)           (410,293)           (352,322)           (293,773)           (234,640)           (137,256)             (48,933)               5,061              91,701            246,676              81,013         (2,045,333)            305,826            330,230            369,068            405,144            440,725            476,605            513,921            550,081            585,066            626,778            686,067            592,059         5,881,570              714,973            759,222            803,891              849,025              819,570              813,524              826,777              846,571              866,090              884,817              922,663              807,872           9,914,994      (19,430,661)        (12,283,499)         (2,045,333)         5,881,570           9,914,994       (17,962,929)
Cumulative Net Income         (523,500)       (1,137,843)       (1,808,306)       (2,648,712)        (3,721,114)        (4,793,981)        (6,246,055)        (7,667,835)      (10,093,621)      (13,298,588)      (16,291,295)      (19,430,661)      (19,430,661)      (20,651,449)      (21,824,503)      (22,956,231)      (24,057,856)      (25,110,561)      (26,111,819)      (27,102,530)      (28,070,926)      (28,984,354)      (29,843,059)      (30,645,803)      (31,714,160)        (31,714,160)      (32,239,036)      (32,706,727)      (33,117,020)      (33,469,342)      (33,763,115)      (33,997,755)      (34,135,011)      (34,183,945)      (34,178,883)      (34,087,182)      (33,840,506)      (33,759,493)        (33,759,493)      (33,453,667)      (33,123,437)      (32,754,369)      (32,349,225)      (31,908,500)      (31,431,896)      (30,917,975)      (30,367,894)      (29,782,828)      (29,156,050)      (28,469,982)      (27,877,923)      (27,877,923)        (27,162,951)      (26,403,729)      (25,599,838)        (24,750,813)        (23,931,243)        (23,117,719)        (22,290,943)        (21,444,372)        (20,578,281)        (19,693,464)        (18,770,801)        (17,962,929)        (17,962,929)      (19,430,661)        (31,714,160)        (33,759,493)      (27,877,923)        (17,962,929)      (130,745,167)
Net Cash*        4,353,250          (922,138)          (730,147)          (779,742)           (970,287)        (1,054,337)         3,417,987         1,778,755        (2,184,311)         3,444,268              16,407        (1,409,503)         4,960,202           (714,615)            275,378            321,422            353,466            420,428            479,961             (13,528)           (372,752)            153,744           (331,752)           (900,619)           (609,788)            (938,657)             (42,238)            204,058            207,270            210,152            212,689            214,873             (82,239)           (298,852)             (34,653)             (28,654)         4,354,327         3,243,464          8,160,197         1,850,211         1,430,411         1,342,964         1,309,094         1,276,429         1,244,015            962,164            714,710            907,448         1,028,312            672,225            920,033       13,658,017              851,958            756,896            673,919              615,480           3,436,706           2,774,659           1,662,696           1,094,366           1,283,257           1,439,852           1,383,803           1,311,667         17,285,259         4,960,202            (938,657)          8,160,197       13,658,017         17,285,259        43,125,019
                   -                        -                        -                      -                        -  
Cumulative Cash Balance*        4,353,250        3,431,112        2,700,965        1,921,223            950,936           (103,401)         3,314,586         5,093,341         2,909,030         6,353,298         6,369,705         4,960,202         4,960,202         4,245,587         4,520,965         4,842,387         5,195,853         5,616,281         6,096,241         6,082,713         5,709,960         5,863,704         5,531,952         4,631,333         4,021,545          4,021,545         3,979,307         4,183,365         4,390,635         4,600,787         4,813,476         5,028,349         4,946,111         4,647,259         4,612,605         4,583,951         8,938,279       12,181,743         12,181,743       14,031,953       15,462,364       16,805,329       18,114,423       19,390,852       20,634,868       21,597,031       22,311,742       23,219,189       24,247,501       24,919,726       25,839,760       25,839,760         26,691,718       27,448,613       28,122,532         28,738,013         32,174,719         34,949,378         36,612,074         37,706,440         38,989,697         40,429,549         41,813,352         43,125,019         43,125,019         4,960,202          4,021,545         12,181,743       25,839,760         43,125,019        90,128,269
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% 54% 56% 56% 55% 55% 55% 54% 55% 55% 54% 54% 54% 54% 53% 52% 52% 48% 44% 45% 51% 46% 46% 46% 46% 45% 45% 45% 45% 44% 44% 43% 42% 45% 41% 41% 40% 40% 41% 42% 42% 42% 42% 42% 41% 41% 41% 51% 54% 51% 45% 41% 45%
Sales & Marketing 0% 0% 0% 0% 0% 0% 1352% 773% 1460% 680% 455% 376% 719% 145% 129% 117% 107% 98% 90% 83% 77% 72% 67% 63% 63% 86% 48% 46% 43% 41% 39% 38% 36% 35% 33% 32% 28% 30% 36% 22% 22% 21% 20% 20% 19% 19% 18% 18% 17% 17% 18% 19% 19% 18% 18% 17% 17% 17% 17% 17% 16% 16% 16% 17% 17% 719% 86% 36% 19% 17% 37%
G&A 0% 0% 0% 0% 0% 0% 305% 171% 162% 70% 45% 50% 152% 32% 29% 27% 25% 23% 21% 19% 18% 17% 16% 15% 19% 20% 14% 13% 12% 12% 11% 11% 10% 10% 10% 9% 8% 11% 11% 8% 8% 8% 8% 7% 7% 7% 7% 7% 6% 6% 8% 7% 6% 6% 6% 6% 6% 6% 6% 6% 5% 5% 5% 7% 6% 152% 20% 11% 7% 6% 10%
S,G&A 0% 0% 0% 0% 0% 0% 1657% 943% 1622% 750% 500% 426% 871% 176% 158% 143% 131% 120% 111% 102% 95% 89% 83% 78% 82% 106% 62% 59% 56% 53% 51% 49% 46% 45% 43% 41% 37% 41% 47% 31% 30% 29% 28% 27% 26% 26% 25% 24% 24% 23% 26% 26% 25% 24% 24% 23% 23% 23% 23% 22% 22% 22% 21% 24% 23% 871% 106% 47% 26% 23% 47%
R&D 0% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 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% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 2% 1% 1% 1% 1%
                   -                        -                        -                      -                        -  
Gross Margin Equivalent 0% 0% 0% 0% 0% 0% -3% 19% 19% 39% 42% 31% 24% 43% 44% 44% 45% 45% 45% 43% 41% 42% 42% 43% 39% 43% 43% 43% 44% 44% 44% 44% 46% 47% 47% 51% 55% 51% 47% 52% 52% 53% 53% 53% 54% 54% 54% 55% 55% 56% 56% 54% 58% 58% 59% 59% 58% 57% 57% 57% 57% 57% 58% 57% 58% 24% 43% 47% 54% 58% 47%
Net Income 0% 0% 0% 0% 0% 0% -1733% -970% -1654% -729% -471% -414% -879% -143% -123% -107% -95% -83% -73% -67% -60% -53% -47% -41% -52% -71% -24% -20% -17% -14% -11% -8% -5% -2% 0% 3% 7% 2% -6% 8% 8% 9% 10% 10% 11% 11% 12% 12% 13% 14% 11% 11% 13% 14% 14% 15% 14% 14% 14% 14% 14% 15% 15% 13% 14% -879% -71% -6% 11% 14% -10%
*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 $4,353,250 $3,431,112 $2,700,965 $1,921,223 $950,936 ($103,401) $3,314,586 $5,093,341 $2,909,030 $6,353,298 $6,369,705 $4,960,202 $4,960,202 $4,245,587 $4,520,965 $4,842,387 $5,195,853 $5,616,281 $6,096,241 $6,082,713 $5,709,960 $5,863,704 $5,531,952 $4,631,333 $4,021,545 $4,021,545 $3,979,307 $4,183,365 $4,390,635 $4,600,787 $4,813,476 $5,028,349 $4,946,111 $4,647,259 $4,612,605 $4,583,951 $8,938,279 $12,181,743 $12,181,743 $14,031,953 $15,462,364 $16,805,329 $18,114,423 $19,390,852 $20,634,868 $21,597,031 $22,311,742 $23,219,189 $24,247,501 $24,919,726 $25,839,760 $25,839,760 $26,691,718 $27,448,613 $28,122,532 $28,738,013 $32,174,719 $34,949,378 $36,612,074 $37,706,440 $38,989,697 $40,429,549 $41,813,352 $43,125,019 $43,125,019 $4,960,202 $4,021,545 $12,181,743 $25,839,760 $43,125,019        43,125,019
 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 $467,787 $775,639 $700,414 $2,262,439 $3,128,264 $3,484,477 $3,484,477 $3,642,407 $3,767,192 $3,857,186 $3,914,295 $3,936,459 $3,921,837 $4,825,676 $5,393,730 $5,151,406 $6,626,777 $7,459,341 $7,796,091 $7,796,091 $7,931,494 $8,030,211 $8,092,232 $8,117,551 $8,106,176 $8,058,130 $8,546,851 $8,867,577 $8,713,802 $8,812,572 $9,857,222 $9,469,397 $9,469,397 $9,164,729 $9,034,892 $8,995,238 $8,948,476 $8,896,169 $8,839,928 $9,281,238 $9,579,880 $9,488,256 $9,400,933 $9,888,783 $9,650,661 $9,650,661 $9,441,825 $9,314,599 $9,234,888 $9,154,025 $9,656,859 $9,328,153 $9,571,208 $9,789,516 $9,687,124 $9,584,080 $9,524,683 $9,449,987 $9,449,987 $3,484,477 $7,796,091 $9,469,397 $9,650,661 $9,449,987          9,449,987
 Other Current Assets $0 $0 $0 $0 $0 $0 $2,464 $4,313 $4,313 $12,938 $18,688 $22,281 $22,281 $25,156 $28,118 $31,168 $34,309 $37,545 $40,878 $44,244 $47,644 $51,078 $54,546 $58,049 $61,587 $61,587 $65,160 $68,769 $72,415 $76,096 $79,815 $83,570 $87,326 $91,082 $94,837 $98,593 $110,973 $111,854 $111,854 $113,453 $116,490 $120,332 $124,177 $128,024 $131,874 $135,726 $139,515 $143,305 $147,094 $150,884 $154,675 $154,675 $158,465 $162,256 $166,048 $169,839 $170,181 $171,674 $174,029 $176,635 $179,206 $181,741 $184,240 $186,702 $186,702 $22,281 $61,587 $111,854 $154,675 $186,702             186,702
 Total Current Assets $4,353,250 $3,431,112 $2,700,965 $1,921,223 $950,936 ($103,401) $3,784,837 $5,873,292 $3,613,757 $8,628,674 $9,516,657 $8,466,960 $8,466,960 $7,913,151 $8,316,275 $8,730,741 $9,144,457 $9,590,285 $10,058,956 $10,952,632 $11,151,335 $11,066,189 $12,213,275 $12,148,723 $11,879,223 $11,879,223 $11,975,961 $12,282,346 $12,555,281 $12,794,434 $12,999,467 $13,170,049 $13,580,288 $13,605,917 $13,421,244 $13,495,117 $18,906,474 $21,762,993 $21,762,993 $23,310,136 $24,613,747 $25,920,899 $27,187,077 $28,415,046 $29,606,669 $31,013,995 $32,031,137 $32,850,750 $33,795,528 $34,959,393 $35,645,096 $35,645,096 $36,292,007 $36,925,469 $37,523,468 $38,061,877 $42,001,759 $44,449,205 $46,357,311 $47,672,591 $48,856,027 $50,195,370 $51,522,276 $52,761,708 $52,761,708 $8,466,960 $11,879,223 $21,762,993 $35,645,096 $52,761,708        52,761,708
 Fixed Assets:
 Plant, Property, & Equipment $175,000 $509,000 $596,500 $621,000 $645,500 $645,500 $645,500 $645,500 $656,000 $656,000 $656,000 $656,000 $656,000 $656,000 $656,000 $659,500 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $673,000 $656,000 $673,000 $673,000 $673,000 $673,000             673,000
 Accumulated Depreciation $0 ($4,861) ($19,000) ($35,569) ($52,819) ($70,750) ($88,681) ($106,611) ($124,542) ($142,764) ($160,986) ($179,208) ($179,208) ($197,431) ($215,653) ($233,875) ($252,194) ($270,889) ($289,583) ($308,278) ($326,972) ($345,667) ($364,361) ($383,056) ($401,750) ($401,750) ($420,444) ($439,139) ($457,833) ($476,528) ($495,222) ($513,917) ($532,611) ($551,306) ($570,000) ($588,694) ($607,389) ($626,083) ($626,083) ($644,778) ($658,611) ($663,167) ($665,292) ($666,736) ($667,500) ($668,264) ($669,028) ($669,792) ($670,264) ($670,736) ($671,208) ($671,208) ($671,681) ($672,153) ($672,625) ($673,000) ($673,000) ($673,000) ($673,000) ($673,000) ($673,000) ($673,000) ($673,000) ($673,000) ($673,000) ($179,208) ($401,750) ($626,083) ($671,208) ($673,000)            (673,000)
 Total Fixed Assets $175,000 $504,139 $577,500 $585,431 $592,681 $574,750 $556,819 $538,889 $531,458 $513,236 $495,014 $476,792 $476,792 $458,569 $440,347 $425,625 $420,806 $402,111 $383,417 $364,722 $346,028 $327,333 $308,639 $289,944 $271,250 $271,250 $252,556 $233,861 $215,167 $196,472 $177,778 $159,083 $140,389 $121,694 $103,000 $84,306 $65,611 $46,917 $46,917 $28,222 $14,389 $9,833 $7,708 $6,264 $5,500 $4,736 $3,972 $3,208 $2,736 $2,264 $1,792 $1,792 $1,319 $847 $375 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $476,792 $271,250 $46,917 $1,792 $0                     -  
 Total Assets $4,528,250 $3,935,251 $3,278,465 $2,506,654 $1,543,617 $471,349 $4,341,657 $6,412,181 $4,145,215 $9,141,911 $10,011,671 $8,943,752 $8,943,752 $8,371,720 $8,756,622 $9,156,366 $9,565,263 $9,992,396 $10,442,372 $11,317,355 $11,497,362 $11,393,522 $12,521,914 $12,438,667 $12,150,473 $12,150,473 $12,228,517 $12,516,207 $12,770,448 $12,990,906 $13,177,244 $13,329,133 $13,720,677 $13,727,611 $13,524,244 $13,579,422 $18,972,085 $21,809,910 $21,809,910 $23,338,358 $24,628,136 $25,930,732 $27,194,785 $28,421,310 $29,612,169 $31,018,732 $32,035,109 $32,853,958 $33,798,264 $34,961,657 $35,646,887 $35,646,887 $36,293,327 $36,926,316 $37,523,843 $38,061,877 $42,001,759 $44,449,205 $46,357,311 $47,672,591 $48,856,027 $50,195,370 $51,522,276 $52,761,708 $52,761,708 $8,943,752 $12,150,473 $21,809,910 $35,646,887 $52,761,708        52,761,708
 Current Liabilities:
 Accounts Payable          261,750           283,095           296,771           365,365            474,731            475,331            941,413            875,302         1,180,747         2,537,035         2,178,043         1,971,531 $1,971,531         1,045,541         1,055,348         1,067,336         1,082,153         1,092,868         1,103,905         1,613,781         1,491,552         1,116,511         2,005,797         1,715,126         1,573,600 $1,573,600         1,344,199         1,357,515         1,371,142         1,385,087         1,399,358         1,413,966         1,696,156         1,630,700         1,426,208         1,518,857         2,025,980         1,905,948 $1,905,948         1,598,311         1,559,119         1,569,684         1,580,474         1,591,492         1,602,748         1,862,566         1,802,380         1,615,791         1,618,868         1,887,470         1,877,448 $1,877,448           1,811,059         1,792,110         1,797,968           1,803,931           2,128,026           2,027,624           2,206,502           2,118,197           1,933,206           1,937,956           1,942,810           2,023,121 $2,023,121 $1,971,531 $1,573,600 $1,905,948 $1,877,448 $2,023,121          2,023,121
 Unearned Revenue                   -                      -                      -                      -                      -                      -           4,854,655         8,411,839         8,265,214       15,104,839       19,322,464       21,598,027 $21,598,027       23,170,857       24,717,032       26,234,483       27,728,093       29,195,059       30,633,034       31,986,608       33,254,974       34,437,314       35,532,812       36,540,645       37,459,975 $37,459,975       38,289,914       39,029,572       39,678,049       40,234,431       40,697,792       41,067,208       41,311,314       41,430,135       41,423,695       41,292,018       45,922,629       48,798,885 $48,798,885       50,328,079       51,324,794       52,245,196       53,090,752       53,862,968       54,563,401       55,193,656       55,717,613       56,135,459       56,447,384       56,653,581       56,754,246 $56,754,246         56,749,575       56,639,764       56,425,015         56,105,533         58,901,522         60,634,851         61,535,732         62,091,009         62,591,632         63,039,717         63,437,440         63,787,048 $63,787,048 $21,598,027 $37,459,975 $48,798,885 $56,754,246 $63,787,048        63,787,048
 Other Current Liabilities $0 $0 $0 $0 $0 $0 $1,643 $2,875 $2,875 $8,625 $12,458 $14,854 $14,854 $16,771 $18,745 $20,778 $22,873 $25,030 $27,252 $29,496 $31,763 $34,052 $36,364 $38,699 $41,058 $41,058 $43,440 $45,846 $48,276 $50,731 $53,210 $55,714 $58,217 $60,721 $63,225 $65,729 $73,982 $74,569 $74,569 $75,636 $77,660 $80,221 $82,784 $85,349 $87,916 $90,484 $93,010 $95,536 $98,063 $100,589 $103,116 $103,116 $105,643 $108,171 $110,698 $113,226 $113,454 $114,449 $116,019 $117,757 $119,471 $121,161 $122,827 $124,468 $124,468 $14,854 $41,058 $74,569 $103,116 $124,468             124,468
 Total Current Liabilities $261,750 $283,095 $296,771 $365,365 $474,731 $475,331 $5,797,711 $9,290,016 $9,448,836 $17,650,499 $21,512,965 $23,584,412 $23,584,412 $24,233,169 $25,791,125 $27,322,597 $28,833,119 $30,312,958 $31,764,191 $33,629,885 $34,778,288 $35,587,876 $37,574,973 $38,294,470 $39,074,633 $39,074,633 $39,677,553 $40,432,934 $41,097,468 $41,670,248 $42,150,360 $42,536,888 $43,065,688 $43,121,556 $42,913,128 $42,876,604 $48,022,591 $50,779,403 $50,779,403 $52,002,026 $52,961,573 $53,895,102 $54,754,010 $55,539,810 $56,254,065 $57,146,706 $57,613,003 $57,846,787 $58,164,314 $58,641,640 $58,734,811 $58,734,811 $58,666,278 $58,540,045 $58,333,681 $58,022,690 $61,143,002 $62,776,924 $63,858,254 $64,326,963 $64,644,308 $65,098,834 $65,503,077 $65,934,637 $65,934,637 $23,584,412 $39,074,633 $50,779,403 $58,734,811 $65,934,637        65,934,637
 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         (523,500)       (1,137,843)       (1,808,306)       (2,648,712)        (3,721,114)        (4,793,981)        (6,246,055)        (7,667,835)      (10,093,621)      (13,298,588)      (16,291,295)      (19,430,661) ($19,430,661)      (20,651,449)      (21,824,503)      (22,956,231)      (24,057,856)      (25,110,561)      (26,111,819)      (27,102,530)      (28,070,926)      (28,984,354)      (29,843,059)      (30,645,803)      (31,714,160) ($31,714,160)      (32,239,036)      (32,706,727)      (33,117,020)      (33,469,342)      (33,763,115)      (33,997,755)      (34,135,011)      (34,183,945)      (34,178,883)      (34,087,182)      (33,840,506)      (33,759,493) ($33,759,493)      (33,453,667)      (33,123,437)      (32,754,369)      (32,349,225)      (31,908,500)      (31,431,896)      (30,917,975)      (30,367,894)      (29,782,828)      (29,156,050)      (28,469,982)      (27,877,923) ($27,877,923)        (27,162,951)      (26,403,729)      (25,599,838)        (24,750,813)        (23,931,243)        (23,117,719)        (22,290,943)        (21,444,372)        (20,578,281)        (19,693,464)        (18,770,801)        (17,962,929) ($17,962,929) ($19,430,661) ($31,714,160) ($33,759,493) ($27,877,923) ($17,962,929)       (17,962,929)
 Total Owner Equity $4,266,500 $3,652,157 $2,981,694 $2,141,288 $1,068,886 ($3,981) ($1,456,055) ($2,877,835) ($5,303,621) ($8,508,588) ($11,501,295) ($14,640,661) ($14,640,661) ($15,861,449) ($17,034,503) ($18,166,231) ($19,267,856) ($20,320,561) ($21,321,819) ($22,312,530) ($23,280,926) ($24,194,354) ($25,053,059) ($25,855,803) ($26,924,160) ($26,924,160) ($27,449,036) ($27,916,727) ($28,327,020) ($28,679,342) ($28,973,115) ($29,207,755) ($29,345,011) ($29,393,945) ($29,388,883) ($29,297,182) ($29,050,506) ($28,969,493) ($28,969,493) ($28,663,667) ($28,333,437) ($27,964,369) ($27,559,225) ($27,118,500) ($26,641,896) ($26,127,975) ($25,577,894) ($24,992,828) ($24,366,050) ($23,679,982) ($23,087,923) ($23,087,923) ($22,372,951) ($21,613,729) ($20,809,838) ($19,960,813) ($19,141,243) ($18,327,719) ($17,500,943) ($16,654,372) ($15,788,281) ($14,903,464) ($13,980,801) ($13,172,929) ($13,172,929) ($14,640,661) ($26,924,160) ($28,969,493) ($23,087,923) ($13,172,929)       (13,172,929)
                   -                        -                        -                      -                        -  
 Total Equity & Liabilities $4,528,250 $3,935,251 $3,278,465 $2,506,654 $1,543,617 $471,349 $4,341,657 $6,412,181 $4,145,215 $9,141,911 $10,011,671 $8,943,752 $8,943,752 $8,371,720 $8,756,622 $9,156,366 $9,565,263 $9,992,396 $10,442,372 $11,317,355 $11,497,362 $11,393,522 $12,521,914 $12,438,667 $12,150,473 $12,150,473 $12,228,517 $12,516,207 $12,770,448 $12,990,906 $13,177,244 $13,329,133 $13,720,677 $13,727,611 $13,524,244 $13,579,422 $18,972,085 $21,809,910 $21,809,910 $23,338,358 $24,628,136 $25,930,732 $27,194,785 $28,421,310 $29,612,169 $31,018,732 $32,035,109 $32,853,958 $33,798,264 $34,961,657 $35,646,887 $35,646,887 $36,293,327 $36,926,316 $37,523,843 $38,061,877 $42,001,759 $44,449,205 $46,357,311 $47,672,591 $48,856,027 $50,195,370 $51,522,276 $52,761,708 $52,761,708 $8,943,752 $12,150,473 $21,809,910 $35,646,887 $52,761,708        52,761,708
                                                                                                                                                         
 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)                     -                      -                      -                      -                      -                      -            255,386            191,539                      -            893,850            595,900            372,438            372,438            297,950            306,889            316,095            325,577            335,344            345,404            854,575            731,633            355,871         1,244,430            953,025            735,406             735,406            665,322            677,876            690,732            703,898            717,384            731,198         1,012,762            946,680            741,562            833,585         1,338,645         1,143,114          1,143,114         1,006,619            966,921            976,846            986,995            997,372         1,007,986         1,267,163         1,206,345         1,019,124         1,021,570         1,289,540         1,203,535         1,203,535           1,139,679         1,120,099         1,125,325           1,130,656           1,454,694           1,354,043           1,532,529           1,443,789           1,258,369           1,262,698           1,267,134           1,271,683           1,271,683            372,438             735,406          1,143,114         1,203,535           1,271,683
 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% 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
 Accts Payable Labor                     -             16,163             25,278             39,010              45,014              45,014              45,014              45,014              48,271              48,271              48,271            123,623            123,623              50,684              50,684              52,088              55,533              55,533              55,533              55,533              55,533              55,533              55,533              55,533            130,885             130,885              58,310              58,310              58,310              58,310              58,310              58,310              58,310              58,310              58,310              58,310              58,310            133,662             133,662              61,226              61,226              61,226              61,226              61,226              61,226              61,226              61,226              61,226              61,226              61,226            136,578            136,578                64,287              64,287              64,287                64,287                64,287                64,287                64,287                64,287                64,287                64,287                64,287              139,639              139,639            123,623             130,885             133,662            136,578              139,639
 Salaries Payable as a % of Total Salary Expense 0% 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.)          261,750           266,932           271,493           326,355            429,717            430,317            641,013            638,750         1,132,476         1,594,914         1,533,872         1,475,471         1,475,471            696,907            697,775            699,153            701,042            701,991            702,967            703,673            704,386            705,106            705,833            706,567            707,309             707,309            620,567            621,330            622,100            622,878            623,664            624,458            625,084            625,710            626,336            626,962            629,025            629,172             629,172            530,466            530,972            531,612            532,253            532,894            533,536            534,178            534,810            535,441            536,073            536,704            537,336            537,336              607,093            607,725            608,356              608,988              609,045              609,294              609,687              610,121              610,550              610,972              611,389              611,799              611,799         1,475,471             707,309             629,172            537,336              611,799
 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                     -                      -                      -                      -                      -                      -               2,464               4,313               4,313              12,938              18,688              22,281              22,281              25,156              28,118              31,168              34,309              37,545              40,878              44,244              47,644              51,078              54,546              58,049              61,587               61,587              65,160              68,769              72,415              76,096              79,815              83,570              87,326              91,082              94,837              98,593            110,973            111,854             111,854            113,453            116,490            120,332            124,177            128,024            131,874            135,726            139,515            143,305            147,094            150,884            154,675            154,675              158,465            162,256            166,048              169,839              170,181              171,674              174,029              176,635              179,206              181,741              184,240              186,702              186,702              22,281               61,587             111,854            154,675              186,702
 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                     -                      -                      -                      -                      -                      -               1,643               2,875               2,875               8,625              12,458              14,854              14,854              16,771              18,745              20,778              22,873              25,030              27,252              29,496              31,763              34,052              36,364              38,699              41,058               41,058              43,440              45,846              48,276              50,731              53,210              55,714              58,217              60,721              63,225              65,729              73,982              74,569               74,569              75,636              77,660              80,221              82,784              85,349              87,916              90,484              93,010              95,536              98,063            100,589            103,116            103,116              105,643            108,171            110,698              113,226              113,454              114,449              116,019              117,757              119,471              121,161              122,827              124,468              124,468              14,854               41,058               74,569            103,116              124,468
 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         (523,500)          (614,343)          (670,462)          (840,406)        (1,072,402)        (1,072,868)        (1,452,074)        (1,421,781)        (2,425,786)        (3,204,967)        (2,992,707)        (3,139,366)      (19,430,661)        (1,220,788)        (1,173,054)        (1,131,729)        (1,101,625)        (1,052,705)        (1,001,257)           (990,712)           (968,395)           (913,428)           (858,705)           (802,744)        (1,068,357)        (12,283,499)           (524,877)           (467,691)           (410,293)           (352,322)           (293,773)           (234,640)           (137,256)             (48,933)               5,061              91,701            246,676              81,013         (2,045,333)            305,826            330,230            369,068            405,144            440,725            476,605            513,921            550,081            585,066            626,778            686,067            592,059         5,881,570              714,973            759,222            803,891              849,025              819,570              813,524              826,777              846,571              866,090              884,817              922,663              807,872           9,914,994      (19,430,661)        (12,283,499)         (2,045,333)         5,881,570           9,914,994       (17,962,929)
 Add-back:  Depreciation & Amortization                     -               4,861             14,139             16,569              17,250              17,931              17,931              17,931              17,931              18,222              18,222              18,222            179,208              18,222              18,222              18,222              18,319              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694             222,542              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694              18,694             224,333              18,694              13,833               4,556               2,125               1,444                  764                  764                  764                  764                  472                  472                  472              45,125                    472                  472                  472                    375                        -                        -                        -                        -                        -                        -                        -                        -                 1,792            179,208             222,542             224,333              45,125                 1,792             673,000
 Change in Accounts Receivable                     -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                    -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                        -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                      -                    -                          -                      -                      -                        -                        -                        -                        -                        -                        -                        -                        -                        -                      -                      -                        -                        -                      -                        -                       -  
 Change in Pre-Paid Expense                     -                      -                      -                      -                      -                      -           (467,787)           (307,852)              75,225        (1,562,025)           (865,825)           (356,213)        (3,484,477)           (157,930)           (124,785)             (89,994)             (57,109)             (22,165)              14,623           (903,839)           (568,055)            242,324        (1,475,371)           (832,564)           (336,750)         (4,311,614)           (135,403)             (98,718)             (62,020)             (25,319)              11,375              48,046           (488,721)           (320,726)            153,775             (98,771)        (1,044,650)            387,825         (1,673,306)            304,667            129,838              39,654              46,762              52,307              56,241           (441,310)           (298,642)              91,624              87,323           (487,850)            238,121           (181,265)              208,837            127,225              79,711                80,863             (502,834)              328,706             (243,055)             (218,309)              102,392              103,045                59,396                74,696              200,674        (3,484,477)         (4,311,614)         (1,673,306)           (181,265)              200,674         (9,449,987)
 Change in Other Current Assets                     -                      -                      -                      -                      -                      -              (2,464)              (1,848)                      -              (8,625)              (5,750)              (3,594)             (22,281)              (2,875)              (2,961)              (3,050)              (3,142)              (3,236)              (3,333)              (3,366)              (3,400)              (3,434)              (3,468)              (3,503)              (3,538)              (39,306)              (3,573)              (3,609)              (3,645)              (3,682)              (3,718)              (3,756)              (3,756)              (3,756)              (3,756)              (3,756)             (12,381)                 (881)              (50,267)              (1,599)              (3,037)              (3,842)              (3,844)              (3,847)              (3,850)              (3,853)              (3,789)              (3,789)              (3,790)              (3,790)              (3,790)             (42,820)                (3,791)              (3,791)              (3,791)                (3,792)                   (342)                (1,492)                (2,355)                (2,606)                (2,571)                (2,536)                (2,499)                (2,461)               (32,027)             (22,281)              (39,306)              (50,267)             (42,820)               (32,027)            (186,702)
 Change in Accounts Payable          261,750             21,345             13,676             68,594            109,365                  600            466,083             (66,111)            305,445         1,356,288           (358,992)           (206,511)         1,971,531           (925,990)               9,806              11,989              14,817              10,715              11,037            509,876           (122,229)           (375,041)            889,286           (290,671)           (141,526)            (397,931)           (229,401)              13,316              13,627              13,945              14,271              14,608            282,190             (65,457)           (204,492)              92,650            507,123           (120,032)             332,348           (307,638)             (39,192)              10,566              10,789              11,019              11,256            259,818             (60,186)           (186,589)               3,077            268,602             (10,021)             (28,500)               (66,389)             (18,948)               5,857                 5,963              324,096             (100,402)              178,878               (88,305)             (184,991)                 4,751                 4,853                80,311              145,673         1,971,531            (397,931)             332,348             (28,500)              145,673          2,023,121
 Change in Unearned Revenue                     -                      -                      -                      -                      -                      -         4,854,655         3,557,184           (146,625)         6,839,625         4,217,625         2,275,563       21,598,027         1,572,830         1,546,175         1,517,451         1,493,610         1,466,966         1,437,974         1,353,574         1,268,366         1,182,340         1,095,499         1,007,832            919,330         15,861,948            829,939            739,659            648,477            556,382            463,361            369,416            244,106            118,821              (6,440)           (131,677)         4,630,611         2,876,256         11,338,911         1,529,194            996,715            920,402            845,556            772,216            700,433            630,254            523,957            417,847            311,924            206,197            100,665         7,955,360                (4,671)           (109,811)           (214,749)             (319,482)           2,795,988           1,733,329              900,881              555,277              500,623              448,085              397,724              349,608           7,032,802       21,598,027         15,861,948         11,338,911         7,955,360           7,032,802        63,787,048
 Change in Other Current Liabilities                     -                      -                      -                      -                      -                      -               1,643               1,232                      -               5,750               3,833               2,396              14,854               1,917               1,974               2,033               2,094               2,157               2,222               2,244               2,267               2,289               2,312               2,335               2,359               26,204               2,382               2,406               2,430               2,454               2,479               2,504               2,504               2,504               2,504               2,504               8,254                  587               33,511               1,066               2,025               2,561               2,563               2,565               2,567               2,568               2,526               2,526               2,526               2,527               2,527              28,547                 2,527               2,527               2,528                 2,528                    228                    995                 1,570                 1,737                 1,714                 1,690                 1,666                 1,641                21,351                14,854                 26,204                 33,511                28,547                  21,351               124,468
 Total Cash Flow from Operations ($261,750) ($588,138) ($642,647) ($755,242) ($945,787) ($1,054,337) $3,417,987 $1,778,755 ($2,173,811) $3,444,268 $16,407 ($1,409,503)            826,202 ($714,615) $275,378 $324,922 $366,966 $420,428 $479,961 ($13,528) ($372,752) $153,744 ($331,752) ($900,619) ($609,788)            (921,657) ($42,238) $204,058 $207,270 $210,152 $212,689 $214,873 ($82,239) ($298,852) ($34,653) ($28,654) $4,354,327 $3,243,464          8,160,197 $1,850,211 $1,430,411 $1,342,964 $1,309,094 $1,276,429 $1,244,015 $962,164 $714,710 $907,448 $1,028,312 $672,225 $920,033       13,658,017 $851,958 $756,896 $673,919 $615,480 $3,436,706 $2,774,659 $1,662,696 $1,094,366 $1,283,257 $1,439,852 $1,383,803 $1,311,667         17,285,259            826,202            (921,657)          8,160,197       13,658,017         17,285,259        39,008,019
 Cash From Investing Activities:
 Capital Expenditures ($175,000) ($334,000) ($87,500) ($24,500) ($24,500) $0 $0 $0 ($10,500) $0 $0 $0           (656,000) $0 $0 ($3,500) ($13,500) $0 $0 $0 $0 $0 $0 $0 $0              (17,000) $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                      -             (656,000)              (17,000)                      -                      -                        -              (673,000)
                                                                                                                                                         
 Total Cash Flow from Investing Activities ($175,000) ($334,000) ($87,500) ($24,500) ($24,500) $0 $0 $0 ($10,500) $0 $0 $0           (656,000) $0 $0 ($3,500) ($13,500) $0 $0 $0 $0 $0 $0 $0 $0              (17,000) $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                      -             (656,000)              (17,000)                      -                      -                        -              (673,000)
 Cash Flow Before Financing ($436,750) ($922,138) ($730,147) ($779,742) ($970,287) ($1,054,337) $3,417,987 $1,778,755 ($2,184,311) $3,444,268 $16,407 ($1,409,503)            170,202 ($714,615) $275,378 $321,422 $353,466 $420,428 $479,961 ($13,528) ($372,752) $153,744 ($331,752) ($900,619) ($609,788)            (938,657) ($42,238) $204,058 $207,270 $210,152 $212,689 $214,873 ($82,239) ($298,852) ($34,653) ($28,654) $4,354,327 $3,243,464          8,160,197 $1,850,211 $1,430,411 $1,342,964 $1,309,094 $1,276,429 $1,244,015 $962,164 $714,710 $907,448 $1,028,312 $672,225 $920,033       13,658,017 $851,958 $756,896 $673,919 $615,480 $3,436,706 $2,774,659 $1,662,696 $1,094,366 $1,283,257 $1,439,852 $1,383,803 $1,311,667         17,285,259              170,202              (938,657)            8,160,197         13,658,017           17,285,259          38,164,817
 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 $4,353,250 ($922,138) ($730,147) ($779,742) ($970,287) ($1,054,337) $3,417,987 $1,778,755 ($2,184,311) $3,444,268 $16,407 ($1,409,503)         4,960,202 ($714,615) $275,378 $321,422 $353,466 $420,428 $479,961 ($13,528) ($372,752) $153,744 ($331,752) ($900,619) ($609,788)            (938,657) ($42,238) $204,058 $207,270 $210,152 $212,689 $214,873 ($82,239) ($298,852) ($34,653) ($28,654) $4,354,327 $3,243,464          8,160,197 $1,850,211 $1,430,411 $1,342,964 $1,309,094 $1,276,429 $1,244,015 $962,164 $714,710 $907,448 $1,028,312 $672,225 $920,033       13,658,017 $851,958 $756,896 $673,919 $615,480 $3,436,706 $2,774,659 $1,662,696 $1,094,366 $1,283,257 $1,439,852 $1,383,803 $1,311,667         17,285,259         4,960,202            (938,657)          8,160,197       13,658,017         17,285,259        43,125,019
 Beginning Cash Balance $0 $4,353,250 $3,431,112 $2,700,965 $1,921,223 $950,936 ($103,401) $3,314,586 $5,093,341 $2,909,030 $6,353,298 $6,369,705 $0 $4,960,202 $4,245,587 $4,520,965 $4,842,387 $5,195,853 $5,616,281 $6,096,241 $6,082,713 $5,709,960 $5,863,704 $5,531,952 $4,631,333 $4,960,202 $4,021,545 $3,979,307 $4,183,365 $4,390,635 $4,600,787 $4,813,476 $5,028,349 $4,946,111 $4,647,259 $4,612,605 $4,583,951 $8,938,279 $4,021,545 $12,181,743 $14,031,953 $15,462,364 $16,805,329 $18,114,423 $19,390,852 $20,634,868 $21,597,031 $22,311,742 $23,219,189 $24,247,501 $24,919,726 $12,181,743 $25,839,760 $26,691,718 $27,448,613 $28,122,532 $28,738,013 $32,174,719 $34,949,378 $36,612,074 $37,706,440 $38,989,697 $40,429,549 $41,813,352 $25,839,760 $0 $4,960,202 $4,021,545 $12,181,743 $25,839,760                     -  
 Net Increase/(Decrease) in Cash $4,353,250 ($922,138) ($730,147) ($779,742) ($970,287) ($1,054,337) $3,417,987 $1,778,755 ($2,184,311) $3,444,268 $16,407 ($1,409,503) $4,960,202 ($714,615) $275,378 $321,422 $353,466 $420,428 $479,961 ($13,528) ($372,752) $153,744 ($331,752) ($900,619) ($609,788) ($938,657) ($42,238) $204,058 $207,270 $210,152 $212,689 $214,873 ($82,239) ($298,852) ($34,653) ($28,654) $4,354,327 $3,243,464 $8,160,197 $1,850,211 $1,430,411 $1,342,964 $1,309,094 $1,276,429 $1,244,015 $962,164 $714,710 $907,448 $1,028,312 $672,225 $920,033 $13,658,017 $851,958 $756,896 $673,919 $615,480 $3,436,706 $2,774,659 $1,662,696 $1,094,366 $1,283,257 $1,439,852 $1,383,803 $1,311,667 $17,285,259 $4,960,202 ($938,657) $8,160,197 $13,658,017 $17,285,259        43,125,019
 Ending Cash Balance $4,353,250 $3,431,112 $2,700,965 $1,921,223 $950,936 ($103,401) $3,314,586 $5,093,341 $2,909,030 $6,353,298 $6,369,705 $4,960,202 $4,960,202 $4,245,587 $4,520,965 $4,842,387 $5,195,853 $5,616,281 $6,096,241 $6,082,713 $5,709,960 $5,863,704 $5,531,952 $4,631,333 $4,021,545 $4,021,545 $3,979,307 $4,183,365 $4,390,635 $4,600,787 $4,813,476 $5,028,349 $4,946,111 $4,647,259 $4,612,605 $4,583,951 $8,938,279 $12,181,743 $12,181,743 $14,031,953 $15,462,364 $16,805,329 $18,114,423 $19,390,852 $20,634,868 $21,597,031 $22,311,742 $23,219,189 $24,247,501 $24,919,726 $25,839,760 $25,839,760 $26,691,718 $27,448,613 $28,122,532 $28,738,013 $32,174,719 $34,949,378 $36,612,074 $37,706,440 $38,989,697 $40,429,549 $41,813,352 $43,125,019 $43,125,019   $4,960,202   $4,021,545   $12,181,743   $25,839,760   $43,125,019          43,125,019
 TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE  TRUE